366 FOURTH ST. CORP. v. FOXFIRE ENTERPRISES

Ordered that the order is affirmed, without costs or disbursements.

Under Real Property Law § 254 (10), where, as in this case, the parties to a mortgage agree that a receiver may be appointed in the event of default, the appointment of a receiver without notice and without regard to the adequacy of security is proper (see, Clinton Capital Corp. v. One Tiffany Place Developers, 112 A.D.2d 911, 912; 500 W. 172nd St. Realty v. Romax Props. Corp., 126 Misc.2d 268, 270). Although under appropriate circumstances, a court of equity may deny such application (see, Clinton Capital Corp. v. One Tiffany Place Developers, supra; Mancuso v Kambourelis, 72 A.D.2d 636, 637), such an exercise of discretion is unwarranted upon this record.

We have reviewed the appellant's remaining contentions and find them to be without merit. Thompson, J.P., Bracken, Kunzeman and Spatt, JJ., concur.