§ 777. Application by mortgagee or lienor of record or other person
having an interest in the property. a. If, after a trial, the court
shall determine that the facts alleged in the petition have been
affirmatively established by the petitioners, that no defense thereto
specified in section seven hundred seventy-five of this article has been
affirmatively established by the owner or a mortgagee or lienor of
record, and that the facts alleged in the petition warrant the granting
of the relief sought, and if the owner or any mortgagee or lienor of
record or other person having an interest in the property, shall apply
to the court to be permitted to remove or remedy the conditions
specified in such petition and shall (1) demonstrate the ability
promptly to undertake the work required; and (2) post security for the
performance thereof within the time, and in the amount and manner,
deemed necessary by the court, then the court, in lieu of rendering
judgment as provided in section seven hundred seventy-six of this
article, may issue an order permitting such person to perform the work
within a time fixed by the court but in no event more than sixty days
from the date of the order of the court unless the court grants an
extension of time for good cause shown. The provisions of this
subdivision shall only be available to the mortgagee or lienor once with
respect to any petition filed pursuant to this article.