AND WHEREAS, the party of the first part, at the request of the party of the second part, has agreed to give up and surrender, the lands hereinafter described unto the party of the second part, and to hold and retain, the residue of the mortgaged lands as security for the money remaining due on said mortgage.

NOW THIS INDENTURE WITNESSETH, that the party of the first part, in pursuance of said agreement, and in consideration of five thousand ($5,000) dollars, lawful money of the United States, to him paid by the party of the second part, does grant, release, and quitclaim unto the party of the second part, all that part of said mortgaged lands described as follows:

BEGINNING *

Together with the hereditaments and appurtenances thereunto belonging, and all the right, title and interest of the party of the first part, of, in and to the same, to the intent that the lands hereby conveyed may be discharged from said mortgage, and that the rest of the land in said mortgage specified may remain to the party of the first part as heretofore.

To have the lands and premises hereby released and conveyed to the party of the second part, his heirs and assigns, to his and their own proper use, benefit and behoof forever, free, clear and discharged of and from all lien and claim under and by virtue of the indenture of mortgage aforesaid.

IN WITNESS WHEREOF, the party of the first part has signed and sealed these presents, the day and year first above written. John Doe (L.S.).

In the presence of

John Jones.

No. 319.

Satisfaction of mortgage-statutory form.18

KNOW ALL MEN BY THESE PRESENTS, that I, John Doe, residing at No. 111⁄2 Broadway, Borough of Manhattan, New York City, hereby certify that a certain indenture of mortgage, bearing date the 5th day of January, 1920, made and executed by Richard Roe, residing at No. 372 Broadway, Borough of Manhattan, New York City, to secure the payment of the principal sum of five thousand ($5,000) dollars, and interest, and duly recorded in the office of

13 Adapted from New York Laws (1917), Ch. 681, Schedule Q.

the register of the county of New York, in Liber 274B of Mortgages, of section 6, page 39, on the 5th day of January, 1920, is paid, and do hereby consent that the same be discharged of record. Dated, the 5th day of January, 1923.

In the presence of

John Doe (L.S.).

Henry Koe.

No. 320.

Certificate of mortgagee of amount due and unpaid on chattel mortgage.1

I, Richard Roe, the mortgagee within named, do hereby certify and state that there remains due and unpaid on the mortgage, of which the foregoing is a true copy, the sum of five hundred ($500) dollars, with interest thereon from January 5, 1922, and this copy and statement are filed to continue the notice required by the statute made and provided for the renewal of chattel mortgages. Dated, this 5th day of January, 1923.

No. 321.

Richard Roe.

Clause accelerating maturity of principal, upon altering building, without consent of mortgagee.15

No alteration shall be made to the present building on the premises covered by this mortgage, without the consent of the holder of this mortgage; and, should any alterations be made without first obtaining such consent, then, at the option of the mortgagee, the whole amount of the principal sum shall immediately become due and payable.

No. 322.

Clause accelerating maturity of principal of subordinate mortgage, upon default in interest or foreclosure of prior mortgage.16

This mortgage is subject and subordinate to a mortgage given to secure the payment of one hundred and thirty thousand ($130,

14 Cf. McCrea v. Hopper (1898), 35 App. Div. 572, 55 N. Y. Supp. 136. 15 Adapted from Loughrey v. Catalano (1921), 117 Misc. 393, 191 N. Y. Supp. 436.

Adapted from Trowbridge v. Maler Realty Corporation (1921), 198 App. Div. 656, 191 N. Y. Supp. 97.

000) dollars (originally one hundred and forty thousand [$140,000] dollars), and interest, recorded in the office of the register of the county of New York in Liber 7A of section 8 of Mortgages, page 456, now a prior lien on said premises; and it is hereby expressly agreed that, should any default be made in the payment of the interest on said prior mortgage, and should such interest remain unpaid and in arrears for the space of ten (10) days, or should any suit be commenced to foreclose said mortgage, then the amount secured by this mortgage and the accompanying bond shall become and be due and payable, at any time thereafter, at the option of the owner, or holder, of this mortgage.

No. 323.

Covenant providing mortgagees shall hold as joint tenants.17

It is understood and agreed that the second parties shall receive, accept and hold this mortgage as joint tenants, and that, upon the death of one, the survivor of them shall absolutely own the

same.

No. 324.

Covenant giving mortgagee option, upon request of mortgagor, to satisfy mortgage and make a larger loan to be secured by new mortgage, or mortgages.18

Upon the request of the mortgagor, or any other owner of the premises described herein, the holder of this mortgage, at its option, may satisfy and discharge this mortgage of record and loan said mortgagor, or such owner, a larger sum than the sum secured to be paid by this mortgage, which said additional sum, together with the amount secured by this mortgage, shall constitute a loan and a lien on said premises, to be secured by one or more mortgages to be then executed and in form similar to this mortgage, and recorded, and to run for a length of time and at such rate of interest as the mortgagee may determine and to the extent of the amount of this mortgage shall be in lieu of the mortgage satisfied and discharged.

17 Adapted from In re Wintjen's Estate (1917), 99 Misc. 471, 165 N. Y. Supp. 927.

is Adapted from People ex. rel. U. S. Title Guaranty Co. v. State Tax Commission (1920), 230 N. Y. 120, 129 N. E. 222.

No. 325.

Reservation by mortagor to cut standing timber.19

The mortgagor may cut any and all standing timber upon the premises.

19 Adapted from Fox v. Domino Lumber Co. (1921), 116 Misc. 567, 190 N. Y. Supp. 305.

CHAPTER XVI

OPTIONOR AND OPTIONEE

No. 326-Agreement of corporation granting option to purchase its factory, merchandise, trade-marks, etc.

No. 327-Agreement of corporation granting option to purchase its treasury stock, with a right of cancellation, if the brokers fail to sell stipulated amounts at stated intervals.

No. 328-Agreement of corporation to purchase from promoters businesses and properties of various partnerships and corporations, which promoters propose to acquire. No. 329-Agreement of corporation to purchase from syndicate manager bonds and stocks of various corporations, which syndicate proposes to acquire.

No. 330-Agreement of employer granting to employee prior option to purchase his business, upon his election to sell, or at his death, if employee then is in his employ. No. 331-Agreement of principal stockholder of corporation and one of its stock-owning employees, whereunder former guaranties a minimum return to the employee upon his stock, and former, also, is given an option to purchase the stock of employee, if employee ceases to work for the corporation, and employee is granted an option to sell his shares of stock to former, at any time, with a covenant by employee not otherwise to alienate his shares of stock.

No. 326.

Agreement of corporation granting option to purchase its factory, merchandise, trade-marks, etc.1

AGREEMENT, made January 5, 1923, between Doe Glucose Company, a corporation, duly organized under the laws of the State of

Adapted from Corn Products Refining Co. v. U. S. (1919), 249 U. S. 621, 39 Sup. Ct. Rep. 291, 63 Law ed. 805.