i N.Y. Link Gesetz nr. 22.ii Id.; Parties to a construction loan agreement and those considering an amendment should consult with their lawyer and legal firm on the effect of submitting a loan notification or amending that loan statement, in accordance with New York Law 73.iii MLF3 Airitan LLC/ New York. 2338 Second Ave. Mazal LLC, 55 Misc.3d 241, 247, 45 N.Y.S.3d 759, 766 (N.Y. Sup. 2016).iv Id.v See id.vi Id. at 768.vii Id. (under the distinction of Yankee Bank for Fin.
and Sav. , FSB vs. Taskc., Inc., 731 F.Supp. 64 [N.D.N.N.1990]); See also Howard Sav. Bank v. Lefcon Partnership, 209 A.D.2d 473, 475, 618 N.Y.S.2d 910 (2d Dept.1994). Therefore, as of the date of this letter, both lenders and borrowers are unsure of how construction credit contracts are amended and, if so, what protections are available if the requirements of Section 22 of the New York Connection Act cannot be met. New York officials have not yet given any indication of the possibility of reducing the 10-day time limit in Section 22, nor was there any indication as to whether some closed offices could be reopened in some capacity to deal with such notifications. In addition, title companies may not be able to provide a bypass to protect lenders. The closure of the offices of local recorder and district agents under COVID-19 and the prospect of future closures have had a profound impact on commercial real estate transactions. This is especially true in New York, where closures prevent the deposit of pawn and construction loans and, in some cases, prevent the start of new construction projects. 22.
Construction loan contract. A construction loan agreement, with or without the sale of land, and any modification of it, must be written and duly recognized and contain a statement, verified by the borrower under oath, indicating the consideration paid or payable for the loan described in it and any other expenses, if it exists, incurred or incurred about it. , and the net amount available to the borrower for improvement and, on or before the date of registration of the construction credit mortgage granted under that mortgage, must be submitted to the office of the administrator of the county in which part of the land is located, except that any subsequent modification of such a construction loan contract, which is thus filed, must be filed within ten days from the date of this modification.