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FILED: QUEENS COUNTY CLERK 10/23/2018 10:17 AM INDEX NO. 703763/2018
NYSCEF DOC. NO. 32 RECEIVED NYSCEF: 10/23/2018
EXHIBIT A
FILED: QUEENS COUNTY CLERK 10/23/2018 10:17 AM INDEX NO. 703763/2018
NYSCEF DOC. NO. 32 RECEIVED NYSCEF: 10/23/2018
ADJUSTABLE RATE NOTE
(LIBOR Six-MonthIndex (As PublishedIn The Wall
StreetJournal)-Rate
Caps)
THIS blOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND MY
MONTHLY PAYMENT. THIS NOTE LIMITSTHEAMOUNT MY INTEREST RATECAN CHANGEATANY ONE
TIME AND THE MAXIMUM RATE I MUST PAY.
APRIL 28 ,2006 JAMAICA, NEW YORK
[Date] [City] . [State]
106-38 156TN STREET, JANAICA, . NY 11433
[Property Address]
. .
1.BORROWER'S PROMISE TO PAY
In return for a loan that I have received,
I promise to pay U.S. $528,000.00 (this amount
is called
plus interest, to the order of Lender. Lender is
"Principal"), GRIFFIN unnemanE CORPORATION, .A NEW YORR
CORPORATION.
I will make all payments
under this Note in the form of cash, check or money order.
Iunder•½nd*•etLender maytransferthis
Note. Lender or anyone who takes this Note by transferand
whois entitled
under this Note is called the "Note Holder."
to receive payments
2. INTEREST
Interest will be charged
on unpaid until the full amount
principal of Principal has been paid. I will pay interest at a
7 . 470%.
yearly rate of The interest rate I will pay may change
in accordance
with Section 4 of this Note.
The interest rate required
by this Section 2 and Section 4 of thisNote
is the rate I will pay both before and after.any
default described
in Section 7(B) of this Note.
3. PAYMENTS
(A) Time and Place of Payments
I will pay principal and interest by making
a payment every month.
I will make my monthly
paymentson the 1ST JUNE
day of each month beginning on 1, 2006.
twill make these payments every month until Ihave paid all of the principe! £nd M'srest and any other charges described
below that I may owe under this Note. Each monthly
payment will be applied as of its scheduled
due date and will be
applied to interest before Principal.
MAY 1,
If, on 2036 , I still owe amounts
under this Note, I will
Date."
pay those amounts
in full on that date, which
is called the "Maturity
I will make my monthly
payments at150-20 HILLSIDE AVE.
JAMAICA, NY 11432
or at a different place If required
by the Note Holder.
(B) Amount of My Initial
Monthly Payments
Each of my initial monthly payments will be in the amount of U.S.
$3 , 681. 01. This amountmay change.
(C) MonthlyPayment Changes
Changes in my monthly payment will reflect changes in the unpaid principal of my loan and in the interest rate that
I must pay. The Note Holder will determine
my new interest rate and the changed
amount of my monthly payment
In
accordancewith Section 4 of this Note.
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change
on the 1ST day of MAY, 2008 and on that day every
Date."
6TH month thereafter. my interest rate could change
Each date on which is called a "Change
(B) The Index "Index"
Beginning Date, rny interest rate will be based on an Index. The
with the first Change is the average of
offered rates for six month
interbank U.S. dollar-denominated in the London market
deposits ("LIBOR"), as published
in The Wall Street Journal.
The most recent Index figure available as of the first business day of the month immediately
Index."
precedingthe month in which the Change
Date occurs is called the "Current
If theIndex is no longer the
available, Note Holder will choose
a new indexthatis basedupon c::;r:
The Note Holder will give me notice of this choice.
information.
of Changes
(C) Calculation
Before each ChangeDate, the Note Holder will calculate my new interest rate by adding
SIX AND
THREE-FOURTHS percentagepoint(s)
( 6.750% ) to the Current
Index. The Note
Holder will then round the result of this addition of one percentage
to the nearest one-eighth point (0.125%). Subject
to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date.
The Note Holder will then Crds the unpe!d
the amount of the monthly payment that would be sufficient torepay
principal that Iam expected to owe at the Change Date in full on the Maturity Date at my r swinterest
mivin substantially
equal payments. The result of this calculation payment.
will be the new amount of my monthly
(D) Limits Rate Changes
on interest
to pay at the first Change
The interest rate I am required Date will not be greater than
10 . 470% or less than
7 . 470%. Thereafter, my interest rate will never be increased or decreased
on any single Change
Date by more
than ONE percentage (
point(s) 1. 000% ) from the rate of interest I have
been paying for the preceding 6 month(s). 13 . 970%
My interest rate will never be greater than nor
less than 7 . 470%.
Initials:
MULTlsTATEADJUsTABLERATENOTE-LIBOR
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© 1999-2003
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FILED: QUEENS COUNTY CLERK 10/23/2018 10:17 AM INDEX NO. 703763/2018
NYSCEF DOC. NO. 32 RECEIVED NYSCEF: 10/23/2018
(E) Effective
Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment
beginning on thefirst monthly paymentdate
after the Change Da:euntiitha
amount of my monthly payment changes again.
. (F) Noticeof Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly
payment before the effective date of any change. The notice will include information
required by law to be given to me
and also the title and telephone
number of a person who will answer any question
I may have regarding
the notice.
5. BORROWER'S RIGHT TO PREPAY
I have the right to make payments of Principal at any time before they are due. A payment
of Principal only is known
"
as a "PrepaymentWhen Imake aPrepayment,Iwillte!!the
NotaHolderinwriting thatI am doing so. I may notdesignate
a payment as a Prepayment
if I have not made all the monthly
payments due under this Note.
I may make a full Prepayment
or partial Prepayments
without
paying a Prepayment The Note Holder will
charge.
use my P=payments toreducetheamount of Principalthat
lowe under this Note. However, the Note Holder may apply
my Prepayment to the accrued
and unpaidinterest on the Prepayment
amount beforeapplyingmy Prepaymentto
reduce the Principal amount
of this Note. If I make a partial Prepayment,
there will be no changes
in the due dates of
my monthly paymentsunless the Note Holder agrees in writing to those changes.
My partial Prepayment
may reduce
the amountof my monthlypayments after the first
Change Date following
my partial
Prepayment. However,any
due to my partial
reduction Prepayment may be offset by an interest rate increase.
6. LOAN CHARGES
If a law, which applies to this.Ioan and which sets maximum so that the interest .
loan charges, is finally interpreted
or other loan charges collected
or to be collected
In connection
with this loan exceed the perniitted
limits, then: (a) any
such loan charge shall b.ereduced
by the amountnecessary to reduce the charge to the immitted
IImit; and (b) any
sums already collected
from me that exceeded
permittedlimits will be refunded
to me. The Note Holder may choose
to make this refund the Principal I owe under this Note or by making a direct
by reducing payment to me. If a refund
reduces the reduction
Principal, will be treated
as a partial Prepayment
7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late ChargesforOverdue Payments
If the Note Holder has not received the full amount
of any monthly
payment by the end of 15 . calendar
days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be
2 .000%
of my overdue payment of principal and interest. I will pay this late charge promptly
but only once on each late payment.
(B) Default
If I do not pay the full amount payment on the date it is due, I will be in default
of each monthly
(C) Notice
of Default
If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount
by a certain date, the Note Holder may require me to pay immediately the full amount of Principal that has not been paid
That date must be at least 30 days after the date on which the notice is
and all the interest that I owe on that amount.
malled to me or delivered
by other means.
(D) No WaiverBy NoteHolder
Even if, at a time when I am in default, the Note Holder does not require me to pay imm:d':::'y
in full as described
above, the Note Holder will still have the right to do so if I am in default at a later time.
(E) Paymentof Note Holder's
Coats and Expenses
If the Note Holder has required
me to pay immediately above, the Note Holder will have the right
in full as dascribed
to be paid back by me for all of its costs and expenses in.enforcing this Note to the extent not prohib|tad
by =pp!icob:6
attorneys'
.law. Those expenses
include, for example,
reasonable fees.
8. GIVING OF NOTICES
law requires a different method, any notice that must be given to me under this Note will be given
Unless applicable
by delivering it or by mailing it by first class mail to me at the Property Address
above or at a different address if I give
the Note Holder a notice of my different
address.
Unless the Note Holder requires a different method, any notice that must be given to the Nets Maidarunder
this Note
will be given by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different
address if I am given a notice of that different address.
9.OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully and personally ±!!geted
to keep all of the promises
surety or endorser
made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor,
of this Note is also obligated to do these things. Any person who takes over these ab::gations,
the obligations
including
made in this Note. The Note
of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises
Holder may enforce its rights under this Note against each person individually or against all of us together. This means
to pay all of the amounts
that any one of us may be required owed under this Note.
. .
10. WAlVERS
Iand any other person who has eb!!gedens under this Note waive the rights of Presentment and Notice of Dishonor.
"Presentment" due. "Notice of Dishonor"
means the right to require the Note Holder to demand payment of amounts
due have not been paid.
means the right to require the Note Holder to give notice to other persons that amounts
11. UNIFORM SECURED NOTE
with limited variations
This Note is a uniform instrument in some jurisdictions. to the protections
In addition given
Deed of Trust, or Security Deed (the "Security
to the Note Holder under this Note, a Mortgage, dated the
Instrument"),
might result if I do not keep the promises
same date as this Note, protects the Note Holder from possible losses.that
how and under what =ñ2|:-:
that I make in this Note. That Security Instrument describes I may be required to make
immediatepayment in full of all amounts read as follows:
I owe under this Note. Some of those conditions
Initials:
MULTISTATEADJUSTABLERATENOTE-LIBOR
S1X-MONTH Famliy-
INTHEWALLSTREETJOuRNAL)--Single
INDEX(As PUBLISHED
FannieMaeUniformInstrumentForm35201/01 . .
© 1sse-2008
OnlineDocumerits,
Inc. Page 2 of 3 F3520NOT03c7'
FILED: QUEENS COUNTY CLERK 10/23/2018 10:17 AM INDEX NO. 703763/2018
NYSCEF DOC. NO. 32 RECEIVED NYSCEF: 10/23/2018
Transferof the Property
or a Beneficial in Borrower.
Interest As used in this Section 18, "Interest in the
Property"
means any legal or h=n=±!=!
interest in the Property, including,
but not limited to, those beneficial
nterests I ± :sferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the
, intent of which is the transfer of title by Borrower at a future date to a purchaser.
If all or any part of the Property
or any Interest in the Property is sold or transferred
(or if Borrower is not a
in Borroweris
nature person and a beneficialintaract sold or transferred) without Lender's prior written consent,
Lender may require immediate
payment in full of all sums secured by this Security lr=Wment
However, this
option shall not be exercised
by Lender if such exercise is prohibited Law. Lender also shall not .
by Applicable
exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate
the intended
transfereeas if a new
loan werebeing made to the transferee;
and (b) Lender
reasonably
dote.-nin=a that Lender's security will not be impaired
by the loan assumption
and that the risk of a breach of
any covenant or agreement
in this Security
Instrumentis acceptable
to Lender.
To the extent permitted by Applicable
Law, Lender may charge a reasoriable fee as a condition to Lender's
Lender also may require the transferee to sign an assumption
consent to the loan eecump"en. ag-::mentthat
is acceptable to Lender and that obligates
the transferee to keep all the promises and agreements
made in the
Note and in this Security Borrower will continue to be abligated
Instrument. under the Note and this Security
unless Lender releases
Instrument Borrower in writing.
If Lender exercises the option to require immediate
payment in full, Lender shall give Borrower notice of
The notice
ecceler:"on. shall provide
a periodof not less than 30 days from the date the notice is given in
accordancewith Section Borrower must pay all sums secured
15 within which by this Security instrument.
If
Borrowerfalls to pay these sums prior tc the s;:piration of this period, Lender may invoke any remedies permitted
by this Security Instrument
without notice or demand on Borrower.
further
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.
(seal)
MO b S. ISLAN
[SignOriginalOnly]
MULTISTATE
ADJUSTABLE RATENOTE-LIBOR
SlX-MONTH Family-
INDEX(As PuBLisHEDINTHEWALLSTREETJOURNAL)--Single
FannieMaeUniformInstrumentForm352D1/01
© 1999-2003 Inc.
OnlineDocuments, Page 3 of 3 F3520NOT0307.
FILED: QUEENS COUNTY CLERK 10/23/2018 10:17 AM INDEX NO. 703763/2018
NYSCEF DOC. NO. 32 RECEIVED NYSCEF: 10/23/2018
ALLONGE TO THE PROM-ISSORY NOTE
Loan #:
Date: April28, 2006
Borrower(s): Mohammed S. Islam
106-38 156*
Property: Street
Jamaica, New York 11433
Loan Amount: $528,0aa an
Without Recourse, Pay to theOrder of:
wmc Modpope
ItsSuccessors An Or ignsAs Their InterestMay Appear.
From: Grillih o ge orporation
SY:
A. sser
resident . /
Pay to the e
withoyf
redc e
Andr Jenkins, Asst. $ect.
C M ttgage rp.