Although Section 22 provides for the need to submit modifications to construction loans, it is remarkable that New York courts have recognized an exception for “non-material” modifications to the construction loan.iii “An amendment to a construction loan agreement is `essential` if it is: 22nd Construction Savings Agreement. A construction loan agreement with or without sale of land, and any modification thereof, must be duly recognized and contain an affidavit, verified by the borrower, indicating the consideration paid or payable for the loan described and listing any other expenses that may be incurred. or, in that context, the net amount available to the borrower for the improvement and, on the day or before the date of registration of the construction loans made in accordance with that hypothec, must be deposited with the office of the administrator of the county where part of the land is located, except for any subsequent amendment to such a construction loan agreement within ten days after the execution of such an amendment. Such a construction loan contract or an amendment thereto may not be submitted to the office of the register of a borough. If this is not the case, the interest of each party in the property concerned shall be subject to the right of pledge and the claim of a person who must then file a declaration of deposit under this Chapter. Any modification of such a contract does not affect or affect the right or interests of a person who, prior to submitting such an amendment, had supplied or mandated materials to supply materials, or who had carried out or commissioned work to improve real property, but such right or interest is determined by the original contract. Clerk County is entitled to a fee of twenty-five dollars, except in districts within New York City, where the fee must be fifty dollars, for the filing of such a contract or amendment. Except in areas where the district officer shall keep a register of blocks, such contracts and their amendments shall be indexed in a book provided for that purpose in alphabetical order of the names of the persons to whom such loans are to be granted. .

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