This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
New York Mortgage Securing Guaranty of Performance of Lease
State:
Multi-State
Control #:
US-01084BG
Format:
Word;
Rich Text
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How to fill out Mortgage Securing Guaranty Of Performance Of Lease?
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FAQ
How much is the Mortgage Recording Tax in NYC? The NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. The MRT is the largest buyer closing cost in NYC.
In a refinance situation, the mortgage recording tax can be greatly reduced or avoided when the original lender agrees to assign the existing mortgage to the new lender and the new lender agrees. The mortgage recording tax will only be calculated based on the difference between the old loan and the new money.
In NYC, the buyer pays a mortgage recording tax rate of 1.8% if the loan is less than $500,000 and 1.925% if more than $500,000 or more. Buyers of commercial property pay 2.55%. These rates are what the buyer is responsible for. Your mortgage lender will also contribute 0.25%.
For borrowers in New York who are refinancing their mortgage, the mortgage tax may be reduced if the original lender and the new lender cooperate. The process is called a Consolidation Extension and Modification Agreement (CEMA).
The guarantor unconditionally guarantees the payment obligations of the obligor (the borrower or debtor) for the benefit of the beneficiary (the lender or creditor). This Standard Clause has integrated notes with important explanations and drafting and negotiating tips.
Taxpayers can deduct the interest paid on qualified residences for up to $750,000 in total mortgage debt (the limit is $375,000 if married and filing separately). Any interest paid on first, second or home equity mortgages over this amount is not tax-deductible.
If this happens and additional funds are advanced or re-advanced, the guarantee secures the additional funds up to the fixed amount. When a mortgage secures a guarantee, it secures the guarantor's obligation to repay the funds advanced related to the other party's debt, up to the guarantee amount.
This Guaranty is an absolute, unconditional, present and continuing guaranty of payment and performance and not of collection and is in no way conditioned or contingent upon any attempt to enforce Lender's rights against Borrowers or to collect from the Borrowers or upon any other condition or contingency; ingly, ...