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FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021
EXHIBIT A
FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021
Account No.:
Credit Limit: S43,000.00
SECONDARY MORTGAGE LOAN
GMAC Mortgage, LLC GMAC
f/k/a Mortgage Corporation
HOME EQUITY LINE OF CREDIT
AGREEMENT AND DISCLOSURE STATEMENT
1. INTRODUCTION. In this GMAC Mortgage Home Equity Line of Credit AgreementandDisclosureStatement,
"GMAC" refers to GMAC Mortgage, LLC
asamendedand extended Exhibit A heretoandthe Addendum(this "Agreement"),
your" and "our"
"you," refer to the person or personswho sign this
f/k/a GMAC Mortgage Corporation.
"We","us",
Agreementasborrower(s).
GMAC will open a Home Equity Line of Credit account(the "Account") for us when we sign this Agreement. A
mortgageor deedof trust (collectively the "Mortgage") also mustbe signedso that advancesunderthe Account will besecured
by the mortgagedproperty (the "Property") identified in the Mortgage. This Agreementand the Mortgage, taken together,are
called the "Credit Documents". By signing, we acknowledgethat we have readthe Credit Documentsand we agreeto usethe
Account on the termsset forth below.
We acknowledgethat GMAC hasprovided us with the home equity brochurepublishedby the FederalReserveBoard
Account" (the "Important Terms Disclosure").
and a documententitled almportant Terms of your Home Equity Line of Credit
Further, we aA. that GMAC hasfulfilled all of its promisessetforth in the ImportantTerms Disclosurewith respectto
providing additional information uponour request.
AAer givingnotice ofdefault, GMAC may end our right to advancesunderthe Account, reducetheCredit Limit and/or
dernandrepaymentat once of all amountsoutstanding under the Account in the circumstancesdescribedin paragraph12(b).
GMAC may also halt advancesor reducethe Credit Limit, underthe circumstancesand for the period describedin paragraph
12(c).
2. PROMISE TO PAY. We promise to pay GMAC all moniesadvancedunder the Credit Documents,including
GMAC's out-of-pocket costs shownas Initial Chargeson Exhibit A. This amountat any time is called the "Earning Balance
Outstanding". We also promise to pay GMAC all FINANCE CHARGES under paragraph6 and all feesand chargesunder
This total of accrued Finance Charges and Special Charges at any time is called the
paragraph 7 ("Special Charges").
"Non-Earning BalanceOutstanding". The sum of the Earning BalanceOutstandingand the Non-Earning BalanceOutstanding
is calledthe "Total BalanceOutstanding".
3. OUR INDIVIDUAL LIABILITY. GMAC may enforceits rights underthis Agreementagainstany oneof us or
againstall of us.
4. USING THE ACCOUNT. consistof a "Borrowing Period" and a "Repayment
The term of this Account will
Period". During the "Borrowing Period", we may borrow any amounts,up to the Credit 1.imit shown on the first pageof this
Date" andendson the 10*
Agreement The "Borrowing Period" beginson the "Trr
er anniversaryof the "Agreement Date".
Date"
The "Repayment Period" beginson the day aner the 10
anniversaryof the "Agreementand will continueuntil the I S*
ofthe"Agreement
Date".The"AgreementDate" is date below our signatureson this Agreementor the datethe
anniversary
Mortgagewas notarized,whicheveris later. The "Trigger Date" is the lirst day alter our right to cancelthe Account expires.
During the Borrowing Periodwe may obtain cashadvancesand goods by presentingHome Equity checks("Checks")
issuedto us by a bankor banksselectedby GMAC (the "Check Bank(s)"). Eachinitial and subsequentCheck mustbe written
for at least S250 except for the residentsof Alabama and Mississippi, wherethe initial Check must be at leastS2000. For
residentsof Kentucky the initial Checkmustbeat leastS15,100. TheCheckBank will not cashChecksfor us.
Also, GMAC may with its prior approvalallow us to obtain from the CheckBank and if the servicesand/orprograms
areevailable: (a) wire transfers;(b) cashier'schecksand/or (c) a credit cardfor the Account which will allow you to obtain: (i)
cashadvancesand (ii) goodsand/orservices(*Purchases")from participating merchantsand ATMS to the extentpermitted by
law.
We may not borrowfrom the Account during the RepaymentPeriod.
GMAC is not responsibleif anyonerefusesto accepta Check, wire transfer, cashier'scheck and/or credit card from
your Account
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5. NATURE OF THE ACCOUNT.
(a)AVAILABLE CREDIT DURING THE BORROWING PERIOD. During the Borrowing Period the Account
is a revolving credit line. The maximum amountof credit availableto us ("Available Credit") is the Credit Limit lessthe sumof
the amount of all unpaid advancesunder the Credit Documentsand other unpaid fees and charges. Any payment which is
applied against the Earning Balance Outstanding increasesAvailable Credit 15 calendar days after the payment is received.
There is no Available Credit availableto us during the RepaymentPeriod.
(b)ADVANCES. notify GMAC daily of any Checks, wire transfers,cashier's checks,cash
The Check Bank will
advancesand/orPurchasesit haspaid and GMAC will promptly pay the CheckBank on our behalf for any of your Checks,wire
transfers,cashier's checks,cashadvancesand/or Purchasesthat it haspaid. However, GMAC may elect either to honor or to
refuse to honor· (i) any Check, wire transfer or cashier's check which is lessthan $250, is postdated,improperly completed,
presentedto the Check Bank more than six monthsafter the Check, wire transferor cashier'scheck is dated,or (ii) any Check,
wire transfer,cashier's check, cashadvanceand/or Purchasefor an amountwhich exceedsour Available Credit at the time the
any Check, wire
Check, wire transfer, cashier's check, cash advanceand/or Purchaseis presentedto the Check Bank (iii)
transfer, cashier's check, cash advanceand/or Purchaseif an Event of Default as defined in Section 12 has occurred,(iv) any
Check, wire transfer, cashier's check or cashadvanceintendedto be used in payment of all or part of the amount we owe
GMAC on the Account, or (v) any Check, wire transfer,cashier'scheck, cashadvanceand/orPurchasewhich is datedafter the
Borrowing Periodends,
6. FINANCE CHARGES.
(a)DAILY RATE. multiply the Earning Balance Oue:cr.diing (to get the
At the end of each day, GMAC will
Eaming Balance Outstanding,GMAC takesthe beginning balanceof the accounteachday (which includes any Initial Charges
60 days after the Trigger Date, monies previously advancedfor Checks,wire transfers,cashier's checks,cashadvancesand/or
Purchases)and adds all monies advancedon that day for Checks, wire transfers, cashier's checks, cash advancesand/or
Purchasesthen GMACsubtracts any payments or credits posted as of that day; this gives GMAC
the Earnings Balance
Outstanding)by a Daily Rate equal to the ANNUAL
PERCENTAGE RATE for that day divided by 365 (366 days in a leap
year). The result is the FINANCE CHARGE for that day. The sum of thesedaily FINANCE CHARGES during a monthly
billing cycle is the FINANCE CHARGE for the billing cycle.
The ANNUAL PERCENTAGE RATE is basedon the value of an index plus a margin and is calculated daily
accordingto the methodset forth in theAddendum. he
ANNUAL PERCENTAGE RATE is a simple interestrate. The index
is the Prime Rateasdefinedin paragraph6(c).
In addition, recent Daily Periodic Ratesand con-edag
ANNUAL PERCENTAGE RATES are shown on the
Addendum.
(b)MAXIMUM ANNUAL PERCENTAGE RATE. Notwithstandina any language in this Aareement to the
PERCENTAOERATE will neverexceedthe Maximum Annual Rateshownon the Addendum.
contrary.the ANNUAL
(c)PRIME RATE. The Prime Ratefor any date(the "Rate Date") is the "prime rate" (or high point of any rangeof
"prime rates") establishedfor the Rate Date by the financial institutionssurveyedby The Wall StreetJournal in publishing its
Rates" (or
"Money any replacement)Table. The Prime Rate for theRateDate will appearin We Wall StreetJournalon its first
publication date after the Rate Date. If for any reasonno such ½men
is publishedin he
Wall StreetJoumal for the four
consecutivedays immediately after the Rate Date, and if the plçw York Times is then publishing a similar table that only
includesthe "prime rates" of fmancial institutionssurveyedby he
Wall StreetJournal immediately prior to such time, GMAC
will usethe appropriateNew Yoriq Times table until The Wall StreetJountal resumespublishing the necessaryinformation. If
neithernewspaperpublishessuch information for the four consecutivedays L-.=.edhte!y after the Rate Date, GMAC will select
a substituteindex that producesa similar rate, that is publicly availableand that is beyondGMAC's control. We understandthat
a bank's "prime rate" isjust a pricing indexand is not necessarilythe lowestratechargedby a bank.
(d)VARIABLE RATE. Increasesor decreasesin the ANNUAL
PERCENTAGE RATE and the Daily Rate take
effect daily basedon changesin the PrimeRateand if provided in the Addendum in the Eaming BalanceOutstanding. We will
not be given any advancenotice of changesin theseRates. An increasein theseRateswill
increaseour minimum monthly
payment.
(e)WHEN FINANCE CHARGES BEGIN. FINANCE CHARGES on Initial Chargesshown on Exhibit A begin
60 days after the Trigger Date. FINANCE CHARGES on any payment except for checks begin on the date GMAC makes
payment. FINANCE CHARGESon aCheckbeginon thedateit is presentedto the Check Bank. Exceptfor the Initial Charges,
thereis no graceperiod when FINANCE CHARGES do not accrue.
(f)COMPLIANCE WITH RATE LIMITS,Notwithstandingany other provision of this Agreement, we will not
have to pay any FINANCE CHARGES, Initial Chargesor Special Chargeshigher than permitted by law.
Ifit is finally
determinedthat therewould be an overcharge,but for this paragraph6(f), the chargewill be reducedto the maximum allowed
by law.The amountof any prior overchargewill be usedto reducethe Total Balance Outstandingand the remainderwill be
refundedto us. No credit or refund will cureor waive any default by us.
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(g)NATURE OF FINANCE CHARGES. The ANNUAL PERCENTAGE RATE includes only interestand not
othercharges.
7. SPECIAL CHARGES.
(a) LATECHARGE.
(i) If you area residentof the District of Columbia,Florida, Indiana, lowa, Maine, Massachusetts,Michigan,
North Carolina, Ohio, Oklahoma,Rhodeisland, South Carolina, WestVirginia or Wyomingwe will not berequiredto
pay a latechargeevenif your paymentis not madeby thedue date.
(ii) If you are a residentof New Yorkand GMAC doesnot receive any month's minimum paymentwithin 15
daysafter thepaymentdue datewe will be required to pay a late chargeequalto the lesserof $20 or 2% of the excess
of (i) the unpaidamountof suchpastduepaymentminus (ii) the sum of any overduepaymentsfrom prior monthsand
any unpaid latecharge.
If you are a resident of Idaho, Kansas, Kentucky, Mississippi, Oregon or Utah and GMAC does not
(iii)
receiveany month's minimum within 15daysof the paymentduedatewe will be requiredto pay a late chargeequalto
the lesserof $20 or 4% of theexcess(i) the unpaidamountof suchpastduepaymentminus (ii) the sumof any overdue
paymentsfrom prior monthsand any unpaidlatecharge.
(iv) If you area residentof WisconsinandGMAC doesnot receive any month's minimum paymentwithin 15
daysof the paymentduedatewe must pay a latechargeequalto $10.
(v)Ifyou are a resident of Alabama, Alaska, Connecticut, Delaware, Maryland
Minnesota, Nebraska,
Nevada,New Mexico, New Hampshire, or Vermontand GMAC does not receive any month's minimum payment by
the due dateshownon statementfor the month we will pay a late chargeequalto the lesserof $20 or 5% of the excess
of (i) the unpaid amountof suchpastduepaymentminus (ii) the sumof any overduepaymentsfrom prior monthsand
any unpaidlate charge.
(vi) If you are a residentof Arizona, California, Colorado or Georgia and GMAC does not receive any
month's minimum paymentwithin 10days of the due date shown on the statementfor the month we will pay a late
chargeequalto the lesserof $20 or 5% of the excessof (i) the unpaidamountof suchpastduepaymentminus (ii) the
sumof any overduepaymentsfrom prior monthsand any unpaidlate charge.
(vii) If you area residentofTennesseeand GMAC doesnot receiveany month's minimum paymentwithin 5
daysof the duedate shownon the statementfor the month we will pay a late chargeequalto the lesserof S20or 5% of
the excessof (i) the unpaid amountof suchpastdue paymentminus (ii) the sum of any overduepaymentsfrom prior
monthsand any unpaidlate charge.
(viii) If you area residentof Virginia and GMAC doesnot receive any month's minimum paymentwithin 7
daysof the duedateshownon the statementfor the month we will pay a late chargeequalto the lesserof S20or 5% of
the excessof (i) the unpaid amountof suchpastdue paymentminus (ii) the sum of any overduepaymentsfrom prior
monthsand any unpaidlatecharge.
(ix) If you area residentof Hawaii, Illinois, Müsouri, New Jersey,Pennsylvaniaor Washingtonand GMAC
doesnot receiveany month's minimum paymentwithin 15daysof thepaymentduedateasshownon our statementfor
that month, we will pay a late chargeequal to the lesserof $20 or 5% of the excessof (i) the unpaid amountof such
pastduepaymentminus (ii) the sumof any overduepaymentsfrom prior monthsand any unpaidlate charge
(x) If you area residentof Louisiana and GMAC doesnot receive any month's minimum paymentwithin 10
daysof the paymentdue dateasshownon the statementfor that month, you will berequiredto pay a late chargeequal
to the lesserof S15or 5% of the amountof the delinquentminimum paymentdue.
(xi) If you area residentof North Dakota and GMAC doesnot receiveany month's minimum paymentwithin
I5 daysof the due dateyou will pay a late chargeequal to the lesserof $15.00or 5% of the excessof (i) the unpaid
amountof suchpaymentminus (ii) the sumof any overduepaymentsfrom prior monthsand any unpaidlate charge.
(xii) If you area residentofMontana andGMAC doesnot receive any month'sminimum paymentby the due
dateshownon statementfor the month we will pay a latechargeequalto the lesserof S15or 5% of the excessof (i) the
unpaid amount of such past due payment minus (ii) the sum of any overdue paymentsfrom prior months and any
unpaidlate charge.
(b)ANNUAL FEE. If you are a resident of Hawaii, Kansas, Kentucky, Maine, Maryland
Michigan, Missouri,
Momana, New Jersey, NewYork, North Carolina, Oklahoma, Pennsylvania, Rhode Island
South Carolina, Tennessee,
Vermont, Virginia, Wyoming, West Virginia or the District of Columbia you will
not have to pay an annual fee. If you are a
residentof: a.lilinois you will pay an annualfeeof $ $20.00; b. lowa you will pay an annualfeeof $15.00;c. Louisianayou will
pay an annualfee of 512.00; d. Florida you will pay an annual fee of $25.00; e. Ohio you will pay an annualfee equalto the
lesserof $35.00or ½% of your availablecredit on the datethe annualfee is chargedto your accountor f. if you are residentof
any other stateyour annual fee will be$35.00.The annualfee will be billed on the first anniversaryof this Agreement,is non-
refundableandconstitutesa FINANCE CHARGE.
The annual fee will
be billed to us eachyear in the samemonth this Agreement is signed. GMAC will waive the
annual fee if you accrueat least$100.00 of FINANCE CHARGES in the year immediately preceding the date in which the
Annual Feeis charged.
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(c)HANDLING COSTS. To the extentpermitted by law, we will pay the following fees:(i) $25.00for stoppingthe
paymentof any Check that you requestto be not paid and (ii) $2.00 for eachcopy of a Check, salesdraft or additional monthly
billing statementsthat we request. However, GMAC will not chargehandling costs for items requesteddue to a billing error
inquiry.
8. PAYMENTS.
(a)MINIMUM PAYMENT EACH MONTH. During the Borrowing and RepaymentPeriodswe agreeto pay at
leastthe amountof the minimum paymentshown on eachmonthly billing statementby the paymentdue dateon the statement.
To figure the minimum payment during the Borrowing Period for a billing cycle, GMAC will add all FINANCE CHARGES
andSpecialChargesaccruedunderparagraphs6 and7 respectivelyduring the billing cycle andall overduepaymentsfrom prior
billing cycle. The minimum paymentis the lesserof the sum of this amountdescribedimmediately aboveor the Total Balance
Outstandingat the end of the billing cycle period. The minimum paymentfor a billing cycle during the RepaymentPeriodwill
be the sum of: (i) all FINANCE CHARGES and SpecialChargesaccruedunder paragraphs6 and 7 accruedduring the billing
the greaterof
$50.00 or 1.667%of the Earning Balance
cycle; (ii) all overdue paymentsfrom prior billing cycles and (iii)
Outstandingat the end of the Borrowing Period. In addition, we will be required to repay GMAC any excessof the Earning
BalanceOutstandingover our Credit Limit.
(b)PREPAYMENT. We may prepaytheTotal BalanceOutstandingin full or in partat any time without penalty.
(c)MATURITY DATE. We understandthat making the minimum payment each month during the Borrowing
Period will not result in any reductionof the Earning BalanceOutstanding. Making the minimum paymenteachmonth during
the Repaymed Period will reducethe Eaming BalanceOutstanding. Unlesswe have paid off the Total Balance Outstanding
andcanceledthe Account or GMAC terminatesthe Account beforethe endof the RepaymentPeriod(the "Maturity Date") we
will pay the remainderof the Total BalanceOutstandingin a single paymentwhich may be a balloonpayment
Seeparagraphs
12(b) and 14. The Account will terminateafter this final payment.
(d)APPLICATION OF PAYMENTS. GMAC willapply our paymentsfirst againstFINANCE CHARGES and
SpecialChargesfrom prior billing periods, next againstadvancesin prior billing periods, then againstFINANCE CHARGES
and Special Chargesfrom the current billing period and finally againstadvancesobtained in the current billing period.
Any
Paymentsfor SpecialChargeswill be appliedin the following order· late charges,if any; annualfees,if any; any handling costs
and then to any insurancepremiums. However, any time the Earning Balance Outstanding is greaterthan our Credit Limit,
GMAC may elect to apply our paymentsfirst againstadvancesoutstanding,starting with the oldestadvance.
(e)STATEMENTS CONCERNING PAYMENTS. GMAC may ignore statementssuch as "payment in full"
on
any check (or which accompanyany check) which we send in paymentof any amountowed by us. GMAC may deposit such
checkwithout notifying us and without its deposit being a settlementof the amountowed. Any such check will be applied as
describedin paragraph8(d).
9. MONTHLY STATEMENT. GMAC will sendus a statementfor eachmonthly billing period in which we make
a paymenton the Account or in which theamountdue is $1.00 or more.
10. SECURITY. The Mortgagegives GMAC a lien on the Property to the extentof the Total BalanceOutstandingat
any time and is made a part of this Agreement by reference. The Mortgage describesinsurancewe must maintain on the
Property. Although we may choosethe insurancecompany, GMAC hasthe right to refuseto acceptour choice for reasonable
cause.
1l.TRANSFER OF RIGHTS AND DUTIES. The Account is our personalobligation, and GMAC is relying on us
to repay the amountsit advances.We agreenot to transferour credit privileges or our paymentdutiesto anotherpersonwithout
GMAC's prior written consent. However, GMAC may transfer its rights and duties at any time with or without notice. Our
heirs, successorsand assignsshall be bound by all of our duties, andour approvedassignswill haveall of our rights. GMAC's
successorsandassignsshall beboundby all of GMAC's dutiesandwill haveall of GMAC's rights.
12. EVENTS OF DEFAULT.
(a)NOTICE. The eventsset forth in paragraphs12(b) and 12(c) areEventsof Default if andwhen GMAC gives any
person (other than GMAC)
who has signed a Credit Document ("Signer") notice of default.
We agree to notify GMAC
promptly upon the happeningof any eventthatwould be an Event of Default.
(b)TERMINATION EVENTS. In any of the eventsdescribedin this paragraph 12(b), GMAC may give notice of
default. Upon or after giving such notice, GMAC may permanentlyend our right to advancesunderthe Account, may reduce
our Credit Limit and/or, either immediately or at such later time asGMAC elects,may demandrepaymentat onceof the Total
BalanceOutstanding.
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(i) Therehasbeenfraudor materialmisrepresentationby us in connectionwith the Account:
(ii) We havefailed to meetthe repaymenttermsof this Agreementfor any amountoutstanding;or
(iii)To the extent permitted by law, any action or inaction by you has adverselyaffected the Property or
any right of GMAC in the Property;to theextentpermitted by law, this will include, but not be limited to, (or any legal
representativeor successorof yours) you agreeingto sell, transfer, or assignor selling, transferring or assigningany
interestin the Propertywithout theprior written consentof GMAC.
(c) SUSPENSION EVENTS. In any of the events describedin this paragraph 12(c), GMAC may give notice of
default. GMAC may freezeadvances(not permit usto accessour Account for additional advances)or reducethe Credit Limit if
any of the eventsdescribedbelow occur. GMAC will notify us if our Account is frozen or if our Credit Limit is reduced. If the
reasonfor suchaction no longerexistsand we would like our credit privileges reinstated,thenit is our respons:bilityto deliver to
GMAC a written requestfor reinstatementof credit privileges, with evidencethat the event(s)causingthe suspensionhavebeen
cured. We promisethat we will includewith any requestfor reinstatementany evidencereasonablynecessatyto show that the
event(s)in questionhave ended. If, after reasonableMmtigeden,
GMAC agreesthat the event(s)resulting in such action no
longer exist and that no other conditions that would permit such action currently exist, then GMAC will reinstateour credit
privileges.
The following eventsgive rise to theseconsequences:
(i)The value of the Property declinessignificantly below the appraisedvalue of the Property usedby GMAC in
deciding to openthe Account;
GMAC reasonably believes that we will
(ii) be unable to fulfill
our repayment Obligaticrá under the Account
becauseof a materialchangein our financial circumstances;
Signersare in default of any of the following obligations under the Credit Documents, which we agreeare
(iii)
material:
(A) paragraph12(c)of the Agreement,requiring evidenceof the end of an Event of Default;
(B) paragraph15(c)of the Agreement,prohibiting conflicting instructions[or court orders];
(C) paragraph15(e)of the Agreement,requiring notice of lost or stolenChecksand/orcredit cards;
(D) paragraph15(g)(ii) of the Agreement,requiring notice of adversechangesin our credit or fmancial
condition or the valueof the Propertyand requiring compliancewith reasonableGMAC requestsfor Eferetien;
(E) paragraph15(i) of the Agreement,requiring notice of changesin our address,nameor employment
and noticeof death,imprisonmentor incompetency;
(F) paragraph3 of the Mortgage, -d±!±g
prior mortgages,deedsof trust, chargesand liens on the
Property;
(G) paragraph4 of the Mortgage,regardinghazardinsuranceand condemeties;
(H) paragraph5 of the Mortgage,regarding maintenanceof the Property;
(I) paragraph6 of the Mortgage,regardingprotecting GMAC's security;
(J) if applicable, paragraph1 of the C:nf:n!nins
Rider or PlannedUnit Development Rider to the
Mortgage,requiring paymentof condõminiumor plannedunit developmentobligations;
(K) if applicable, paragraph2 of the Condcmini==
Rider, regarding notice of a lapse of insurance
coverage;or
(L) ifapplicable, paragraph 4
ofthe Condominium Rider or
Planned Unit
Development Rider,
prohibiting certainactionswithout GMAC's consent;
(iv) The Maximum Annual PercentageRateprovided for in paragraph6(b) is reached;or
(v)The priority of the Mortgageis adverselyaffected by gcycmmcat action to theextentthat thevalueof the equity
in the Propertyafter liens prior to theMortgageis lessthan 120%of theCredit Limit
(vi) GMAC is preventedby any governmentaction from applying to my Account the Annual PercentageRatethat is
providedfor in this Agreement.
(vii)GMAC is notified by its regulatory agency that continued advanceswould constitutean unsafeand unsound
practice.
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(d)CURE, ETC. Notwithstandingany languagein this Agreementto the contrary, GMAC will not take any action
give us any grace period, right to cure and/or
upon an Event of Default unlesspermitted by applicable law and GMAC will
However, we understandand agreethat this paragraph12 is intendedto give
reinstatementright required by applicablelaw.
GMAC all rightspermitted by applicablelaw.
(e)RETURN OF CHECKS AND CREDIT CARDS. Upon the occurrenceof an Event of Default as set forth in
Paragraph12(b),we will promptly returnall unusedChecksandcredit cardsto GMAC.
(f)FORECLOSURE. If we do not repay the Total Balance Outstandingat once when due, GMAC may exercise
any right availableto it underapplicablelaw, including foreclosure.
13. AMENDMENT OF AGREEMENT. We agreethat GMAC may amend this A,,.a-=mentwithout any further
"in_•!gnMet"
(as defined under applicablefederal law) or (b) if the amendmentwill
consentfrom us, if (a) the amendmentis
unequivocallybenefit us throughouttheremainderof theterm of this Ag-eement. All other amendmentsto this Agreementshall
requirea written agreementbetweenGMAC and us.
14. CANCELLATION BY US. If we wish to close the Account, we must notify GMAC that we are closing our
Account and return all unusedChecksand any credit cards. The notice must specify the Account numberand an effective date
of cancellation. The dateof cancellationmustbeafter GMAC receivesthe Notice. We will be responsiblefor all Checkssigned
by us wheneverwritten as well asall credit card cashadvancesand/or Purchasesmadeby us whenevermade,and we will pay
GMAC the Total Balance Outstandingon the cancellationdate. We will not be releasedfrom our dutiesuntil this amount is
paid. If GMAC receivesa check which satisfiesthe Total BalanceOutstandingGMAC may at its solediscretionconsiderthe
Accountclosed.
15. OTHER PROVISIONS.
(a)WAlVER. We agreethat we will not be releasedfrom any of our obligations becauseGMAC releasesor takes
any additional security for the repaymentof amountsowed. GMAC may waive or delayenforcing its rights without limiting its
ability to exercisethem in the future. Any waiver by GMAC shall be in writing and shall apply only to the extentstatedin the
writing. No waiver shall be regardedasa waiver of any other event.
(b)SATISFACTION, COLLECTION AND FORECLOSURE COSTS. To the extent permitted by law, all
satisfactionfeeschargedby any recording office for cancelingthe Mortgagewill be billed to you, andto the extentpermitted by
law reasonableout-of-pocket costs (including attorneys' fees) incurredand projected by GMAC in enforcing its rights shall be
includedasadditional indebtednessin anyjudgment or decreeagainstus.
(c)JOINT ACCOUNTS; CONFLICTING INSTRUCTIONS. If more thanonepersonsignsthis Agreement,then
this Account is ajoint accountand eachsignerwill be individually responsibleand liable for the entire accountbalance. If this
is a joint Account, we agreenot to give conflicting instructionsregardingthe Account. Nevertheless,in the absenceof a court
order, GMAC may comply with a requestmade by any of us (even if it conflicts with a requestmade by anotherone of us) or
GMAC may refuse any request. GMAC may also give notice of an Event of Default under paragraph 12(c) if it receives
conflicting instructionson the Account. If GMAC receivesconflicting instructions, or a court order regardingthe Account, it
may refuseany requestor dishonor any Checkor credit cardcashadvanceor Purchase,without notice to any of us.
(d)STOPPING PAYMENTS. In order to stop paymenton a Check, we must call the telephonenumberfor customer
inquiriesshownon our most recent monthly billing statement WHILE GMAC W1LL MAKE A GOOD FAITH EFFORT TO
STOP PAYMENT, GMAC DOES NOT GUARANTEE THAT PAYMENT ON ANY CHECK W1LL IN FACT BE
STOPPED.
(e)LOST OR STOLEN CHECKS AND/OR CREDIT CARDS. We agreeto contactGMAC immediately at the
addressor telephonenumbershownon our mostrecentmonthly statementif we learnthat any Checkand/orcreditcardhasbeen
lostor stolen.
(f)GOVERNING LAW, be governed by federal and New York law.
This Agreement will If any provision is
invalid, illegal, or unenforceable,this Agreementwill be interpretedas if suchprovision had neverbeenincluded. We agreeto
fully cooperatein the correction andadjustmentof any errorsin the loandocumentsif deemednecessaryor desirableby GMAC
to comply with any law or regulationor to meetthe termsandconditionsof the loan approval.
(g)CREDIT INFORMATION. To theextentpermined by law, GMAC may discloseinformation about us. our
(i)
performanceunderthis Agreement,employment,credit, or other information: (1) to credit reporting agencies,(2) to affiliates of
GMAC unlessyou (ifthere is more than one borrower each borrower must notify GMAC
to prevent the sharing of that
borrower's information with affiliates) notify GMAC at 100 Witmer Road,Horsham,PA 19044-0963Attention: Home Equity
Departmentthat GMAC should not sharethis information with affiliates (upon receipt of this notice GMAC will stop sharing
information with affiliates), (3) if GMAC reasonablybelievesdisclosurenecessaryto ensureour compliancewith the Credit
Documents,or (4) if we give GMAC our written permission. We authorize GMAC to obtain reports from others (such as
employers,creditors, lendersand credit reporting agencies)from time to time bearing on our credit status. This appliesto each
of us if this is ajoint Account.
We agreeto notify GMAC promptly if there is any materialadversechangein our credit or financial condition
(ii)
or the valueof the Property. We alsoagreeto provideGMAC with any updatedinfonnation GMAC reasonablyrequestsfrom
time to time concerningour credit or financial condition or the valueof the Property.
(h)TIME OF THE ESSENCE. Time is of theessencein this Agreement.
(i)CHANGE OF ADDRESS, ETC. We will give GMAC prompt prior notice of any changein our address,name
or employmentand we will
give GMAC prompt notice if any of us dies by sending GMAC a certified death certificate if it
requestsone, is imprisonedor becomeslegally incompetent.
6
FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021
(j)NOTICES. Any GMAC notice shall be hand delivered or sent by first class, registeredor certified mail to the
addressofthe Property or suchother addressspecified by the addresseein a written notice given to GMAC.
Any GMAC notice
shall beconsideredgiven on the day it is depositedin the U.S. mail or is hand-delivered.
Any notice from us must be mailed to GMAC by first class, registeredor certified mail to the addressshown on our
most recent monthly statementor to such other addressspecified by GMAC in a written notice given to us. Any such notice
shall beconsideredgiven on the day it is receivedby GMAC.
(k)FAILURE TO MAKE ADVANCE We agree that GMAC not be respc:;sible if we cannot obtain an
will
advancebecauseof any causebeyond its reasonablecontrol or ifanyone refusesto accepta Check, wire transfer,cashiercheck
and/orcredit card.
(1)COPIES, ETC. If GMAC suesto enforcethis Agreement,GMAC may usea copy, microfilm, or microfiche of
any Check, monthly statementor other documentto prove what we owe GMAC.
The copy, microfilm or microfiche can be
usedjust like the original document
(m) CREDIT BALANCES. GMAC will not pay us intereston any credit balances.
(n)ANNUAL STATEMENT. Within ten days after receipt of a written requestfrom us, GMAC will deliver to us
onceper year and without chargea statementshowing the date and amountof all paymentson the accountfor the immediately
preceding 12month period, andthe Total BalanceOutstanding.
(o)USE OF FUNDS. We agreeto useall fundsadvancedto us for personal,family or householdpurposes.
(p)TAXES. If taxes on mortgagesor the debts they secureincreasein any way after the date of the Mortgage, we
shall pay the full amountof any suchincrease.
(q)TAX ADVICL We should consult a tax advisor regarding the deductibility of interestand chargesunder the
Account
(THISSPACE INTENTIONALLY LEFT BLANK)
7
FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021
NOTICE TO BORROWER
You have the right
to be represented of your
by an attorney own choosing at the time this Agreement
is
signed.
Agreemen t before you sign.
Read the entire
You are entitled
to a copy of this Agreement.
You may prepay balance at any time without
the unpaid penaltyand may be entitled of
to receive a refund
unearned charges in accordance
withthe law.
blank
if it contains
Do not sign this Agreemer.: spaces. All be ecmpleted
spaces should before you sign.
This LoanAgreement is secured by a iiicrtgage
on your real property.
Defaultin the payment
of this loan
may resultin loss of the property
securingthis loan.
Michaei Koran
BorrowerN BorrowerName
Borrower Signature Borrower Signature
1Millholiand Drive C
Fishkill, New York 12524
Address Address
August 8, 2007 August 8, 2007
Da e hte
• • • • • • • •
Borrower Name Borrower Name
Borrower Signature Borrower Signature
Address Address
August 8, 2007 August8, 2007
Date Date
PAY TO THE ORDER 0F
WITHOUT RECOURSE
D. HARKNESS
LIMITED SIGNING OFFICER
GMAC MOftTGAGE, LLC fNa
GMAC MORTGAGE CORPORATION
8
FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021
As usedin the following notice, the terms "we", "us" and "our" refer to QMAC ars| th, terPIs"You" and "your" rc[çr to
theperson(s)who signsthe Aareementasborrowcr(s).
FAIR CREDIT BILLING ActpISCLOSURES
Your Billing Rights
|(eep this Notice for Future Use
This notice containsimportant infennation aboutyour rights and our r:5pešibAl
3underthe Fair Credit Billing Act.
Platify Up la Caseof Errory or Questions About Your Bill
If you think your bill is wrong, or if you needmore hfe-arien
abouta transactionon your bill, write us on a separatesheetat
the addresslisted on your bill.
Write to us as soonaspossible. We musthearfrom you no later than 60 daysafter we sentyou
the first bill on which the error or problemappeared.You can telephoneus, but doing so will not preserveyour rights.
In your letter, give us the following information:
- Your nameandaccountnumber.
- The dollar amountof the suspected
- Describethe error and explain, if you can, why you believe
Preview
FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 EXHIBIT A FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 Account No.: Credit Limit: S43,000.00 SECONDARY MORTGAGE LOAN GMAC Mortgage, LLC GMAC f/k/a Mortgage Corporation HOME EQUITY LINE OF CREDIT AGREEMENT AND DISCLOSURE STATEMENT 1. INTRODUCTION. In this GMAC Mortgage Home Equity Line of Credit AgreementandDisclosureStatement, "GMAC" refers to GMAC Mortgage, LLC asamendedand extended Exhibit A heretoandthe Addendum(this "Agreement"), your" and "our" "you," refer to the person or personswho sign this f/k/a GMAC Mortgage Corporation. "We","us", Agreementasborrower(s). GMAC will open a Home Equity Line of Credit account(the "Account") for us when we sign this Agreement. A mortgageor deedof trust (collectively the "Mortgage") also mustbe signedso that advancesunderthe Account will besecured by the mortgagedproperty (the "Property") identified in the Mortgage. This Agreementand the Mortgage, taken together,are called the "Credit Documents". By signing, we acknowledgethat we have readthe Credit Documentsand we agreeto usethe Account on the termsset forth below. We acknowledgethat GMAC hasprovided us with the home equity brochurepublishedby the FederalReserveBoard Account" (the "Important Terms Disclosure"). and a documententitled almportant Terms of your Home Equity Line of Credit Further, we aA. that GMAC hasfulfilled all of its promisessetforth in the ImportantTerms Disclosurewith respectto providing additional information uponour request. AAer givingnotice ofdefault, GMAC may end our right to advancesunderthe Account, reducetheCredit Limit and/or dernandrepaymentat once of all amountsoutstanding under the Account in the circumstancesdescribedin paragraph12(b). GMAC may also halt advancesor reducethe Credit Limit, underthe circumstancesand for the period describedin paragraph 12(c). 2. PROMISE TO PAY. We promise to pay GMAC all moniesadvancedunder the Credit Documents,including GMAC's out-of-pocket costs shownas Initial Chargeson Exhibit A. This amountat any time is called the "Earning Balance Outstanding". We also promise to pay GMAC all FINANCE CHARGES under paragraph6 and all feesand chargesunder This total of accrued Finance Charges and Special Charges at any time is called the paragraph 7 ("Special Charges"). "Non-Earning BalanceOutstanding". The sum of the Earning BalanceOutstandingand the Non-Earning BalanceOutstanding is calledthe "Total BalanceOutstanding". 3. OUR INDIVIDUAL LIABILITY. GMAC may enforceits rights underthis Agreementagainstany oneof us or againstall of us. 4. USING THE ACCOUNT. consistof a "Borrowing Period" and a "Repayment The term of this Account will Period". During the "Borrowing Period", we may borrow any amounts,up to the Credit 1.imit shown on the first pageof this Date" andendson the 10* Agreement The "Borrowing Period" beginson the "Trr er anniversaryof the "Agreement Date". Date" The "Repayment Period" beginson the day aner the 10 anniversaryof the "Agreementand will continueuntil the I S* ofthe"Agreement Date".The"AgreementDate" is date below our signatureson this Agreementor the datethe anniversary Mortgagewas notarized,whicheveris later. The "Trigger Date" is the lirst day alter our right to cancelthe Account expires. During the Borrowing Periodwe may obtain cashadvancesand goods by presentingHome Equity checks("Checks") issuedto us by a bankor banksselectedby GMAC (the "Check Bank(s)"). Eachinitial and subsequentCheck mustbe written for at least S250 except for the residentsof Alabama and Mississippi, wherethe initial Check must be at leastS2000. For residentsof Kentucky the initial Checkmustbeat leastS15,100. TheCheckBank will not cashChecksfor us. Also, GMAC may with its prior approvalallow us to obtain from the CheckBank and if the servicesand/orprograms areevailable: (a) wire transfers;(b) cashier'schecksand/or (c) a credit cardfor the Account which will allow you to obtain: (i) cashadvancesand (ii) goodsand/orservices(*Purchases")from participating merchantsand ATMS to the extentpermitted by law. We may not borrowfrom the Account during the RepaymentPeriod. GMAC is not responsibleif anyonerefusesto accepta Check, wire transfer, cashier'scheck and/or credit card from your Account SidDraw/Repsy FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 5. NATURE OF THE ACCOUNT. (a)AVAILABLE CREDIT DURING THE BORROWING PERIOD. During the Borrowing Period the Account is a revolving credit line. The maximum amountof credit availableto us ("Available Credit") is the Credit Limit lessthe sumof the amount of all unpaid advancesunder the Credit Documentsand other unpaid fees and charges. Any payment which is applied against the Earning Balance Outstanding increasesAvailable Credit 15 calendar days after the payment is received. There is no Available Credit availableto us during the RepaymentPeriod. (b)ADVANCES. notify GMAC daily of any Checks, wire transfers,cashier's checks,cash The Check Bank will advancesand/orPurchasesit haspaid and GMAC will promptly pay the CheckBank on our behalf for any of your Checks,wire transfers,cashier's checks,cashadvancesand/or Purchasesthat it haspaid. However, GMAC may elect either to honor or to refuse to honor· (i) any Check, wire transfer or cashier's check which is lessthan $250, is postdated,improperly completed, presentedto the Check Bank more than six monthsafter the Check, wire transferor cashier'scheck is dated,or (ii) any Check, wire transfer,cashier's check, cashadvanceand/or Purchasefor an amountwhich exceedsour Available Credit at the time the any Check, wire Check, wire transfer, cashier's check, cash advanceand/or Purchaseis presentedto the Check Bank (iii) transfer, cashier's check, cash advanceand/or Purchaseif an Event of Default as defined in Section 12 has occurred,(iv) any Check, wire transfer, cashier's check or cashadvanceintendedto be used in payment of all or part of the amount we owe GMAC on the Account, or (v) any Check, wire transfer,cashier'scheck, cashadvanceand/orPurchasewhich is datedafter the Borrowing Periodends, 6. FINANCE CHARGES. (a)DAILY RATE. multiply the Earning Balance Oue:cr.diing (to get the At the end of each day, GMAC will Eaming Balance Outstanding,GMAC takesthe beginning balanceof the accounteachday (which includes any Initial Charges 60 days after the Trigger Date, monies previously advancedfor Checks,wire transfers,cashier's checks,cashadvancesand/or Purchases)and adds all monies advancedon that day for Checks, wire transfers, cashier's checks, cash advancesand/or Purchasesthen GMACsubtracts any payments or credits posted as of that day; this gives GMAC the Earnings Balance Outstanding)by a Daily Rate equal to the ANNUAL PERCENTAGE RATE for that day divided by 365 (366 days in a leap year). The result is the FINANCE CHARGE for that day. The sum of thesedaily FINANCE CHARGES during a monthly billing cycle is the FINANCE CHARGE for the billing cycle. The ANNUAL PERCENTAGE RATE is basedon the value of an index plus a margin and is calculated daily accordingto the methodset forth in theAddendum. he ANNUAL PERCENTAGE RATE is a simple interestrate. The index is the Prime Rateasdefinedin paragraph6(c). In addition, recent Daily Periodic Ratesand con-edag ANNUAL PERCENTAGE RATES are shown on the Addendum. (b)MAXIMUM ANNUAL PERCENTAGE RATE. Notwithstandina any language in this Aareement to the PERCENTAOERATE will neverexceedthe Maximum Annual Rateshownon the Addendum. contrary.the ANNUAL (c)PRIME RATE. The Prime Ratefor any date(the "Rate Date") is the "prime rate" (or high point of any rangeof "prime rates") establishedfor the Rate Date by the financial institutionssurveyedby The Wall StreetJournal in publishing its Rates" (or "Money any replacement)Table. The Prime Rate for theRateDate will appearin We Wall StreetJournalon its first publication date after the Rate Date. If for any reasonno such ½men is publishedin he Wall StreetJoumal for the four consecutivedays immediately after the Rate Date, and if the plçw York Times is then publishing a similar table that only includesthe "prime rates" of fmancial institutionssurveyedby he Wall StreetJournal immediately prior to such time, GMAC will usethe appropriateNew Yoriq Times table until The Wall StreetJountal resumespublishing the necessaryinformation. If neithernewspaperpublishessuch information for the four consecutivedays L-.=.edhte!y after the Rate Date, GMAC will select a substituteindex that producesa similar rate, that is publicly availableand that is beyondGMAC's control. We understandthat a bank's "prime rate" isjust a pricing indexand is not necessarilythe lowestratechargedby a bank. (d)VARIABLE RATE. Increasesor decreasesin the ANNUAL PERCENTAGE RATE and the Daily Rate take effect daily basedon changesin the PrimeRateand if provided in the Addendum in the Eaming BalanceOutstanding. We will not be given any advancenotice of changesin theseRates. An increasein theseRateswill increaseour minimum monthly payment. (e)WHEN FINANCE CHARGES BEGIN. FINANCE CHARGES on Initial Chargesshown on Exhibit A begin 60 days after the Trigger Date. FINANCE CHARGES on any payment except for checks begin on the date GMAC makes payment. FINANCE CHARGESon aCheckbeginon thedateit is presentedto the Check Bank. Exceptfor the Initial Charges, thereis no graceperiod when FINANCE CHARGES do not accrue. (f)COMPLIANCE WITH RATE LIMITS,Notwithstandingany other provision of this Agreement, we will not have to pay any FINANCE CHARGES, Initial Chargesor Special Chargeshigher than permitted by law. Ifit is finally determinedthat therewould be an overcharge,but for this paragraph6(f), the chargewill be reducedto the maximum allowed by law.The amountof any prior overchargewill be usedto reducethe Total Balance Outstandingand the remainderwill be refundedto us. No credit or refund will cureor waive any default by us. 2 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 (g)NATURE OF FINANCE CHARGES. The ANNUAL PERCENTAGE RATE includes only interestand not othercharges. 7. SPECIAL CHARGES. (a) LATECHARGE. (i) If you area residentof the District of Columbia,Florida, Indiana, lowa, Maine, Massachusetts,Michigan, North Carolina, Ohio, Oklahoma,Rhodeisland, South Carolina, WestVirginia or Wyomingwe will not berequiredto pay a latechargeevenif your paymentis not madeby thedue date. (ii) If you are a residentof New Yorkand GMAC doesnot receive any month's minimum paymentwithin 15 daysafter thepaymentdue datewe will be required to pay a late chargeequalto the lesserof $20 or 2% of the excess of (i) the unpaidamountof suchpastduepaymentminus (ii) the sum of any overduepaymentsfrom prior monthsand any unpaid latecharge. If you are a resident of Idaho, Kansas, Kentucky, Mississippi, Oregon or Utah and GMAC does not (iii) receiveany month's minimum within 15daysof the paymentduedatewe will be requiredto pay a late chargeequalto the lesserof $20 or 4% of theexcess(i) the unpaidamountof suchpastduepaymentminus (ii) the sumof any overdue paymentsfrom prior monthsand any unpaidlatecharge. (iv) If you area residentof WisconsinandGMAC doesnot receive any month's minimum paymentwithin 15 daysof the paymentduedatewe must pay a latechargeequalto $10. (v)Ifyou are a resident of Alabama, Alaska, Connecticut, Delaware, Maryland Minnesota, Nebraska, Nevada,New Mexico, New Hampshire, or Vermontand GMAC does not receive any month's minimum payment by the due dateshownon statementfor the month we will pay a late chargeequalto the lesserof $20 or 5% of the excess of (i) the unpaid amountof suchpastduepaymentminus (ii) the sumof any overduepaymentsfrom prior monthsand any unpaidlate charge. (vi) If you are a residentof Arizona, California, Colorado or Georgia and GMAC does not receive any month's minimum paymentwithin 10days of the due date shown on the statementfor the month we will pay a late chargeequalto the lesserof $20 or 5% of the excessof (i) the unpaidamountof suchpastduepaymentminus (ii) the sumof any overduepaymentsfrom prior monthsand any unpaidlate charge. (vii) If you area residentofTennesseeand GMAC doesnot receiveany month's minimum paymentwithin 5 daysof the duedate shownon the statementfor the month we will pay a late chargeequalto the lesserof S20or 5% of the excessof (i) the unpaid amountof suchpastdue paymentminus (ii) the sum of any overduepaymentsfrom prior monthsand any unpaidlate charge. (viii) If you area residentof Virginia and GMAC doesnot receive any month's minimum paymentwithin 7 daysof the duedateshownon the statementfor the month we will pay a late chargeequalto the lesserof S20or 5% of the excessof (i) the unpaid amountof suchpastdue paymentminus (ii) the sum of any overduepaymentsfrom prior monthsand any unpaidlatecharge. (ix) If you area residentof Hawaii, Illinois, Müsouri, New Jersey,Pennsylvaniaor Washingtonand GMAC doesnot receiveany month's minimum paymentwithin 15daysof thepaymentduedateasshownon our statementfor that month, we will pay a late chargeequal to the lesserof $20 or 5% of the excessof (i) the unpaid amountof such pastduepaymentminus (ii) the sumof any overduepaymentsfrom prior monthsand any unpaidlate charge (x) If you area residentof Louisiana and GMAC doesnot receive any month's minimum paymentwithin 10 daysof the paymentdue dateasshownon the statementfor that month, you will berequiredto pay a late chargeequal to the lesserof S15or 5% of the amountof the delinquentminimum paymentdue. (xi) If you area residentof North Dakota and GMAC doesnot receiveany month's minimum paymentwithin I5 daysof the due dateyou will pay a late chargeequal to the lesserof $15.00or 5% of the excessof (i) the unpaid amountof suchpaymentminus (ii) the sumof any overduepaymentsfrom prior monthsand any unpaidlate charge. (xii) If you area residentofMontana andGMAC doesnot receive any month'sminimum paymentby the due dateshownon statementfor the month we will pay a latechargeequalto the lesserof S15or 5% of the excessof (i) the unpaid amount of such past due payment minus (ii) the sum of any overdue paymentsfrom prior months and any unpaidlate charge. (b)ANNUAL FEE. If you are a resident of Hawaii, Kansas, Kentucky, Maine, Maryland Michigan, Missouri, Momana, New Jersey, NewYork, North Carolina, Oklahoma, Pennsylvania, Rhode Island South Carolina, Tennessee, Vermont, Virginia, Wyoming, West Virginia or the District of Columbia you will not have to pay an annual fee. If you are a residentof: a.lilinois you will pay an annualfeeof $ $20.00; b. lowa you will pay an annualfeeof $15.00;c. Louisianayou will pay an annualfee of 512.00; d. Florida you will pay an annual fee of $25.00; e. Ohio you will pay an annualfee equalto the lesserof $35.00or ½% of your availablecredit on the datethe annualfee is chargedto your accountor f. if you are residentof any other stateyour annual fee will be$35.00.The annualfee will be billed on the first anniversaryof this Agreement,is non- refundableandconstitutesa FINANCE CHARGE. The annual fee will be billed to us eachyear in the samemonth this Agreement is signed. GMAC will waive the annual fee if you accrueat least$100.00 of FINANCE CHARGES in the year immediately preceding the date in which the Annual Feeis charged. 3 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 (c)HANDLING COSTS. To the extentpermitted by law, we will pay the following fees:(i) $25.00for stoppingthe paymentof any Check that you requestto be not paid and (ii) $2.00 for eachcopy of a Check, salesdraft or additional monthly billing statementsthat we request. However, GMAC will not chargehandling costs for items requesteddue to a billing error inquiry. 8. PAYMENTS. (a)MINIMUM PAYMENT EACH MONTH. During the Borrowing and RepaymentPeriodswe agreeto pay at leastthe amountof the minimum paymentshown on eachmonthly billing statementby the paymentdue dateon the statement. To figure the minimum payment during the Borrowing Period for a billing cycle, GMAC will add all FINANCE CHARGES andSpecialChargesaccruedunderparagraphs6 and7 respectivelyduring the billing cycle andall overduepaymentsfrom prior billing cycle. The minimum paymentis the lesserof the sum of this amountdescribedimmediately aboveor the Total Balance Outstandingat the end of the billing cycle period. The minimum paymentfor a billing cycle during the RepaymentPeriodwill be the sum of: (i) all FINANCE CHARGES and SpecialChargesaccruedunder paragraphs6 and 7 accruedduring the billing the greaterof $50.00 or 1.667%of the Earning Balance cycle; (ii) all overdue paymentsfrom prior billing cycles and (iii) Outstandingat the end of the Borrowing Period. In addition, we will be required to repay GMAC any excessof the Earning BalanceOutstandingover our Credit Limit. (b)PREPAYMENT. We may prepaytheTotal BalanceOutstandingin full or in partat any time without penalty. (c)MATURITY DATE. We understandthat making the minimum payment each month during the Borrowing Period will not result in any reductionof the Earning BalanceOutstanding. Making the minimum paymenteachmonth during the Repaymed Period will reducethe Eaming BalanceOutstanding. Unlesswe have paid off the Total Balance Outstanding andcanceledthe Account or GMAC terminatesthe Account beforethe endof the RepaymentPeriod(the "Maturity Date") we will pay the remainderof the Total BalanceOutstandingin a single paymentwhich may be a balloonpayment Seeparagraphs 12(b) and 14. The Account will terminateafter this final payment. (d)APPLICATION OF PAYMENTS. GMAC willapply our paymentsfirst againstFINANCE CHARGES and SpecialChargesfrom prior billing periods, next againstadvancesin prior billing periods, then againstFINANCE CHARGES and Special Chargesfrom the current billing period and finally againstadvancesobtained in the current billing period. Any Paymentsfor SpecialChargeswill be appliedin the following order· late charges,if any; annualfees,if any; any handling costs and then to any insurancepremiums. However, any time the Earning Balance Outstanding is greaterthan our Credit Limit, GMAC may elect to apply our paymentsfirst againstadvancesoutstanding,starting with the oldestadvance. (e)STATEMENTS CONCERNING PAYMENTS. GMAC may ignore statementssuch as "payment in full" on any check (or which accompanyany check) which we send in paymentof any amountowed by us. GMAC may deposit such checkwithout notifying us and without its deposit being a settlementof the amountowed. Any such check will be applied as describedin paragraph8(d). 9. MONTHLY STATEMENT. GMAC will sendus a statementfor eachmonthly billing period in which we make a paymenton the Account or in which theamountdue is $1.00 or more. 10. SECURITY. The Mortgagegives GMAC a lien on the Property to the extentof the Total BalanceOutstandingat any time and is made a part of this Agreement by reference. The Mortgage describesinsurancewe must maintain on the Property. Although we may choosethe insurancecompany, GMAC hasthe right to refuseto acceptour choice for reasonable cause. 1l.TRANSFER OF RIGHTS AND DUTIES. The Account is our personalobligation, and GMAC is relying on us to repay the amountsit advances.We agreenot to transferour credit privileges or our paymentdutiesto anotherpersonwithout GMAC's prior written consent. However, GMAC may transfer its rights and duties at any time with or without notice. Our heirs, successorsand assignsshall be bound by all of our duties, andour approvedassignswill haveall of our rights. GMAC's successorsandassignsshall beboundby all of GMAC's dutiesandwill haveall of GMAC's rights. 12. EVENTS OF DEFAULT. (a)NOTICE. The eventsset forth in paragraphs12(b) and 12(c) areEventsof Default if andwhen GMAC gives any person (other than GMAC) who has signed a Credit Document ("Signer") notice of default. We agree to notify GMAC promptly upon the happeningof any eventthatwould be an Event of Default. (b)TERMINATION EVENTS. In any of the eventsdescribedin this paragraph 12(b), GMAC may give notice of default. Upon or after giving such notice, GMAC may permanentlyend our right to advancesunderthe Account, may reduce our Credit Limit and/or, either immediately or at such later time asGMAC elects,may demandrepaymentat onceof the Total BalanceOutstanding. 4 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 (i) Therehasbeenfraudor materialmisrepresentationby us in connectionwith the Account: (ii) We havefailed to meetthe repaymenttermsof this Agreementfor any amountoutstanding;or (iii)To the extent permitted by law, any action or inaction by you has adverselyaffected the Property or any right of GMAC in the Property;to theextentpermitted by law, this will include, but not be limited to, (or any legal representativeor successorof yours) you agreeingto sell, transfer, or assignor selling, transferring or assigningany interestin the Propertywithout theprior written consentof GMAC. (c) SUSPENSION EVENTS. In any of the events describedin this paragraph 12(c), GMAC may give notice of default. GMAC may freezeadvances(not permit usto accessour Account for additional advances)or reducethe Credit Limit if any of the eventsdescribedbelow occur. GMAC will notify us if our Account is frozen or if our Credit Limit is reduced. If the reasonfor suchaction no longerexistsand we would like our credit privileges reinstated,thenit is our respons:bilityto deliver to GMAC a written requestfor reinstatementof credit privileges, with evidencethat the event(s)causingthe suspensionhavebeen cured. We promisethat we will includewith any requestfor reinstatementany evidencereasonablynecessatyto show that the event(s)in questionhave ended. If, after reasonableMmtigeden, GMAC agreesthat the event(s)resulting in such action no longer exist and that no other conditions that would permit such action currently exist, then GMAC will reinstateour credit privileges. The following eventsgive rise to theseconsequences: (i)The value of the Property declinessignificantly below the appraisedvalue of the Property usedby GMAC in deciding to openthe Account; GMAC reasonably believes that we will (ii) be unable to fulfill our repayment Obligaticrá under the Account becauseof a materialchangein our financial circumstances; Signersare in default of any of the following obligations under the Credit Documents, which we agreeare (iii) material: (A) paragraph12(c)of the Agreement,requiring evidenceof the end of an Event of Default; (B) paragraph15(c)of the Agreement,prohibiting conflicting instructions[or court orders]; (C) paragraph15(e)of the Agreement,requiring notice of lost or stolenChecksand/orcredit cards; (D) paragraph15(g)(ii) of the Agreement,requiring notice of adversechangesin our credit or fmancial condition or the valueof the Propertyand requiring compliancewith reasonableGMAC requestsfor Eferetien; (E) paragraph15(i) of the Agreement,requiring notice of changesin our address,nameor employment and noticeof death,imprisonmentor incompetency; (F) paragraph3 of the Mortgage, -d±!±g prior mortgages,deedsof trust, chargesand liens on the Property; (G) paragraph4 of the Mortgage,regardinghazardinsuranceand condemeties; (H) paragraph5 of the Mortgage,regarding maintenanceof the Property; (I) paragraph6 of the Mortgage,regardingprotecting GMAC's security; (J) if applicable, paragraph1 of the C:nf:n!nins Rider or PlannedUnit Development Rider to the Mortgage,requiring paymentof condõminiumor plannedunit developmentobligations; (K) if applicable, paragraph2 of the Condcmini== Rider, regarding notice of a lapse of insurance coverage;or (L) ifapplicable, paragraph 4 ofthe Condominium Rider or Planned Unit Development Rider, prohibiting certainactionswithout GMAC's consent; (iv) The Maximum Annual PercentageRateprovided for in paragraph6(b) is reached;or (v)The priority of the Mortgageis adverselyaffected by gcycmmcat action to theextentthat thevalueof the equity in the Propertyafter liens prior to theMortgageis lessthan 120%of theCredit Limit (vi) GMAC is preventedby any governmentaction from applying to my Account the Annual PercentageRatethat is providedfor in this Agreement. (vii)GMAC is notified by its regulatory agency that continued advanceswould constitutean unsafeand unsound practice. 5 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 (d)CURE, ETC. Notwithstandingany languagein this Agreementto the contrary, GMAC will not take any action give us any grace period, right to cure and/or upon an Event of Default unlesspermitted by applicable law and GMAC will However, we understandand agreethat this paragraph12 is intendedto give reinstatementright required by applicablelaw. GMAC all rightspermitted by applicablelaw. (e)RETURN OF CHECKS AND CREDIT CARDS. Upon the occurrenceof an Event of Default as set forth in Paragraph12(b),we will promptly returnall unusedChecksandcredit cardsto GMAC. (f)FORECLOSURE. If we do not repay the Total Balance Outstandingat once when due, GMAC may exercise any right availableto it underapplicablelaw, including foreclosure. 13. AMENDMENT OF AGREEMENT. We agreethat GMAC may amend this A,,.a-=mentwithout any further "in_•!gnMet" (as defined under applicablefederal law) or (b) if the amendmentwill consentfrom us, if (a) the amendmentis unequivocallybenefit us throughouttheremainderof theterm of this Ag-eement. All other amendmentsto this Agreementshall requirea written agreementbetweenGMAC and us. 14. CANCELLATION BY US. If we wish to close the Account, we must notify GMAC that we are closing our Account and return all unusedChecksand any credit cards. The notice must specify the Account numberand an effective date of cancellation. The dateof cancellationmustbeafter GMAC receivesthe Notice. We will be responsiblefor all Checkssigned by us wheneverwritten as well asall credit card cashadvancesand/or Purchasesmadeby us whenevermade,and we will pay GMAC the Total Balance Outstandingon the cancellationdate. We will not be releasedfrom our dutiesuntil this amount is paid. If GMAC receivesa check which satisfiesthe Total BalanceOutstandingGMAC may at its solediscretionconsiderthe Accountclosed. 15. OTHER PROVISIONS. (a)WAlVER. We agreethat we will not be releasedfrom any of our obligations becauseGMAC releasesor takes any additional security for the repaymentof amountsowed. GMAC may waive or delayenforcing its rights without limiting its ability to exercisethem in the future. Any waiver by GMAC shall be in writing and shall apply only to the extentstatedin the writing. No waiver shall be regardedasa waiver of any other event. (b)SATISFACTION, COLLECTION AND FORECLOSURE COSTS. To the extent permitted by law, all satisfactionfeeschargedby any recording office for cancelingthe Mortgagewill be billed to you, andto the extentpermitted by law reasonableout-of-pocket costs (including attorneys' fees) incurredand projected by GMAC in enforcing its rights shall be includedasadditional indebtednessin anyjudgment or decreeagainstus. (c)JOINT ACCOUNTS; CONFLICTING INSTRUCTIONS. If more thanonepersonsignsthis Agreement,then this Account is ajoint accountand eachsignerwill be individually responsibleand liable for the entire accountbalance. If this is a joint Account, we agreenot to give conflicting instructionsregardingthe Account. Nevertheless,in the absenceof a court order, GMAC may comply with a requestmade by any of us (even if it conflicts with a requestmade by anotherone of us) or GMAC may refuse any request. GMAC may also give notice of an Event of Default under paragraph 12(c) if it receives conflicting instructionson the Account. If GMAC receivesconflicting instructions, or a court order regardingthe Account, it may refuseany requestor dishonor any Checkor credit cardcashadvanceor Purchase,without notice to any of us. (d)STOPPING PAYMENTS. In order to stop paymenton a Check, we must call the telephonenumberfor customer inquiriesshownon our most recent monthly billing statement WHILE GMAC W1LL MAKE A GOOD FAITH EFFORT TO STOP PAYMENT, GMAC DOES NOT GUARANTEE THAT PAYMENT ON ANY CHECK W1LL IN FACT BE STOPPED. (e)LOST OR STOLEN CHECKS AND/OR CREDIT CARDS. We agreeto contactGMAC immediately at the addressor telephonenumbershownon our mostrecentmonthly statementif we learnthat any Checkand/orcreditcardhasbeen lostor stolen. (f)GOVERNING LAW, be governed by federal and New York law. This Agreement will If any provision is invalid, illegal, or unenforceable,this Agreementwill be interpretedas if suchprovision had neverbeenincluded. We agreeto fully cooperatein the correction andadjustmentof any errorsin the loandocumentsif deemednecessaryor desirableby GMAC to comply with any law or regulationor to meetthe termsandconditionsof the loan approval. (g)CREDIT INFORMATION. To theextentpermined by law, GMAC may discloseinformation about us. our (i) performanceunderthis Agreement,employment,credit, or other information: (1) to credit reporting agencies,(2) to affiliates of GMAC unlessyou (ifthere is more than one borrower each borrower must notify GMAC to prevent the sharing of that borrower's information with affiliates) notify GMAC at 100 Witmer Road,Horsham,PA 19044-0963Attention: Home Equity Departmentthat GMAC should not sharethis information with affiliates (upon receipt of this notice GMAC will stop sharing information with affiliates), (3) if GMAC reasonablybelievesdisclosurenecessaryto ensureour compliancewith the Credit Documents,or (4) if we give GMAC our written permission. We authorize GMAC to obtain reports from others (such as employers,creditors, lendersand credit reporting agencies)from time to time bearing on our credit status. This appliesto each of us if this is ajoint Account. We agreeto notify GMAC promptly if there is any materialadversechangein our credit or financial condition (ii) or the valueof the Property. We alsoagreeto provideGMAC with any updatedinfonnation GMAC reasonablyrequestsfrom time to time concerningour credit or financial condition or the valueof the Property. (h)TIME OF THE ESSENCE. Time is of theessencein this Agreement. (i)CHANGE OF ADDRESS, ETC. We will give GMAC prompt prior notice of any changein our address,name or employmentand we will give GMAC prompt notice if any of us dies by sending GMAC a certified death certificate if it requestsone, is imprisonedor becomeslegally incompetent. 6 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 (j)NOTICES. Any GMAC notice shall be hand delivered or sent by first class, registeredor certified mail to the addressofthe Property or suchother addressspecified by the addresseein a written notice given to GMAC. Any GMAC notice shall beconsideredgiven on the day it is depositedin the U.S. mail or is hand-delivered. Any notice from us must be mailed to GMAC by first class, registeredor certified mail to the addressshown on our most recent monthly statementor to such other addressspecified by GMAC in a written notice given to us. Any such notice shall beconsideredgiven on the day it is receivedby GMAC. (k)FAILURE TO MAKE ADVANCE We agree that GMAC not be respc:;sible if we cannot obtain an will advancebecauseof any causebeyond its reasonablecontrol or ifanyone refusesto accepta Check, wire transfer,cashiercheck and/orcredit card. (1)COPIES, ETC. If GMAC suesto enforcethis Agreement,GMAC may usea copy, microfilm, or microfiche of any Check, monthly statementor other documentto prove what we owe GMAC. The copy, microfilm or microfiche can be usedjust like the original document (m) CREDIT BALANCES. GMAC will not pay us intereston any credit balances. (n)ANNUAL STATEMENT. Within ten days after receipt of a written requestfrom us, GMAC will deliver to us onceper year and without chargea statementshowing the date and amountof all paymentson the accountfor the immediately preceding 12month period, andthe Total BalanceOutstanding. (o)USE OF FUNDS. We agreeto useall fundsadvancedto us for personal,family or householdpurposes. (p)TAXES. If taxes on mortgagesor the debts they secureincreasein any way after the date of the Mortgage, we shall pay the full amountof any suchincrease. (q)TAX ADVICL We should consult a tax advisor regarding the deductibility of interestand chargesunder the Account (THISSPACE INTENTIONALLY LEFT BLANK) 7 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 NOTICE TO BORROWER You have the right to be represented of your by an attorney own choosing at the time this Agreement is signed. Agreemen t before you sign. Read the entire You are entitled to a copy of this Agreement. You may prepay balance at any time without the unpaid penaltyand may be entitled of to receive a refund unearned charges in accordance withthe law. blank if it contains Do not sign this Agreemer.: spaces. All be ecmpleted spaces should before you sign. This LoanAgreement is secured by a iiicrtgage on your real property. Defaultin the payment of this loan may resultin loss of the property securingthis loan. Michaei Koran BorrowerN BorrowerName Borrower Signature Borrower Signature 1Millholiand Drive C Fishkill, New York 12524 Address Address August 8, 2007 August 8, 2007 Da e hte • • • • • • • • Borrower Name Borrower Name Borrower Signature Borrower Signature Address Address August 8, 2007 August8, 2007 Date Date PAY TO THE ORDER 0F WITHOUT RECOURSE D. HARKNESS LIMITED SIGNING OFFICER GMAC MOftTGAGE, LLC fNa GMAC MORTGAGE CORPORATION 8 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 As usedin the following notice, the terms "we", "us" and "our" refer to QMAC ars| th, terPIs"You" and "your" rc[çr to theperson(s)who signsthe Aareementasborrowcr(s). FAIR CREDIT BILLING ActpISCLOSURES Your Billing Rights |(eep this Notice for Future Use This notice containsimportant infennation aboutyour rights and our r:5pešibAl 3underthe Fair Credit Billing Act. Platify Up la Caseof Errory or Questions About Your Bill If you think your bill is wrong, or if you needmore hfe-arien abouta transactionon your bill, write us on a separatesheetat the addresslisted on your bill. Write to us as soonaspossible. We musthearfrom you no later than 60 daysafter we sentyou the first bill on which the error or problemappeared.You can telephoneus, but doing so will not preserveyour rights. In your letter, give us the following information: - Your nameandaccountnumber. - The dollar amountof the suspected - Describethe error and explain, if you can, why you believe