Preview
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NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021
EXHIBIT B
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NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021
DUTCHESS COUNTY CLERK RECORDING PAGE
RECORDGRETURN TO:
RECORDED: 09/18/2007
GMAC MORTGAGE CORP
100 WITMER ROAD AT: 15:02:28
ATTN: CAPITAL MARKETS
HORSHAM PA 19044 DOCUMENT #: 01 2007 13082
RECEIVED FROM: ARLINGTON ABSTRACT
MORTGAGOR: KORAN MICHAEL
MORTGAGEE: GMAC MORTGAGE LLC
RECORDED IN: MORTGAGE TAX
INSTRUMENT TYPE: DISTRICT: FISHKILL
EXAMINED AND CHARGED AS FOLLOWS:
RECORDING CHARGE: 54.00 NUMBER OF PAGES:
MORTGAGE AMOUNT: 43,000.00
MORTGAGE TYPE: 1-2 FAMILY RESIDENCE
COUNTY TAX: 215.00 *** DO NOT DETACH THIS
MTA TAX: 99.00 *** PAGE
SPECIAL ADDL TAX: *** THIS IS NOT A BILL
1-6 FAMILY TAX: 107.50
TOTAL TAX: 421.50
SERIAL NUMBER: CY007556
AFFIDAVIT: N
COUNTY CLERK BY: RLP /
RECEIPT NO: R62620
BATCH RECORD: CO0009
FORDKENDALL
CountyClerk
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AccolmsNo. p4M‡/ y75
BranchNo.: 492
Loan Product: 100%CLTV Credit Only Piggyback
Lor:, 13lock:
, Section:
MIN
CREDIT LINE MORTGAGE
THIS MORTGAGE SECURES FUTURE ADVANCES
THIS MORTCAGE, as amendedand extended(this "Mortgage") is signed to secure advancesunder a GMAC
Mortgage, LI C f/k/a GMAC Mongage CorporationHome Equity Line of Credit Agreement(the"Agreememy; it is dated
asof Aultust S.2007.and is made by Michael Koran who reside(s)at I Millholland Drive C , Fishkill, New York 12524,as
and the Mortgage Electronic Registration Systems,Inc., (113trirxd
mortgagpr(s),in favor of , Flint, M1 48501-2026
("MERS") acting solely asnominee for GMAC and GMAC's su-cessorsand assignsunder this Mortgage,as mortgagee.
"our" "GMAC"
Throughout this Mortgage, "we", "us" and
refer to mortgagor(s). refers to GMAC Mortgage, LLC
f/k/a GMAC Modgage Corporation or its assigns. The "Account" refers to the Home Equity Line of Credit account
establishedby GMAC underthe Agreement. "Borrowct" referstoeach personwho signsthe Agreementas borrower. The
Agreementand this Mortgage,taken together,arecalledthe "Credit Documents." "Signer" refersto any person(other than
GMAC) who hassigneda Credit Document.
DESCRIPTION OF SECURITY
By signing this Mortgage,we mortgage,grantand convey to MERS acting solcly as a nominee for GMAC, subjectto
the termsofthis Mortgage,(a) the real estatelocatedat 1 Millholland Drive C, Fishkill, County of Dutchess,StateofNew
York 12524,more fully describedin ScheduleA, (b) all buildingsand other struclureson the property;(c) all rights we may
havein any mad, alley, easementor licenseregardingthe propeny or in any Inineral, oil, gasor water which is part of the
property;(d) all rentsand royalties from the property; (c) all proceedsof any insuranceon the property and all refundsof
premiumson such insurance;(1) all proceedsof any taking (or threatenedtaking) of the property by any governmental
authority ("condemnation9; and (g) all lixtureson the propcity at any time (collectively,Jhe"Property9. This property is or
will be improved by a oneor two family bouseor dwelling only.
'Ihe Propertyincludesall rights and interestswhich we now haveor which we may acquirein the future. For example,
if the security mortgagedunderthis Mortgageis a leaseholdesta1cand we subsequentlyacquirefeetitle to the Property,the
rights and interestsgrantedto MERS acting solely as a nominee for GMAC by this Mortgagewill includethe fec title that
we acquire. This Mortgageis also a Security Agreernentunder the New YorkUniform
CommercialCodeand we hereby
grant MERS acting solely as a nominee for GMAC a security interestin the personalproperty describedin (d) through (f)
above.
SECURED OHLIGATIONS
THIS MORTGAGE IS A CREDIT LINE MORTGAGE AS DEFINED IN SECTION 281 OF THE NEW YORK
REAL PROPERTY LAW. IT SECURES FUTURE ADVANCES MA DE UNDER AN AGREEMENT WHICH
REFLECTSTIlE FACT THAT GMAC AND BORROWER(S)REASONABLY CONTEMPLATE ENTERING INTO A
SERIESOF ADVANCES (OR ADVANCES, PAYMENTS AND READVANCES) UNDER THE AGREEMENT.
We have signed this Mortgage to securepaymentto GMAC of up to S43,000.00,plus FINANCE CHARGES (the
"Total BotanceGutstanding"). By signing this Mortgagewe havealso given to GMAC the rights statedin this document
and in addition, any righu that the law gives to lenderswho hold mortgageson real property in New York, including
without limitatiori, the rights provided under Sections254, 271 and 272 of the New York Real Property Law.
We give
theserights to GMAC to: protect it from possiblelossesthat might result if we fail to pay all amountsthat we owe GMAC
as statedin the Agreement;to pay with linance chargesat the rate set forth in the Agreememor if not permittedat the
Agreementrate the highest permitted by law any amountsthat GMAC spendsunder the Agreementand this Mortgage
including Sections3,4 and6 of this Mortgage;to proteerthe valueof the property andGMAC's rights in the property and to
keepall of our other promisesandagreementsunderthis Mortgageand the Agreement.
PRIORITY OF ADVANCES
The lien of this Mortgage will attachon the datethis Mortgage is recordedand will not be impaired by virtue of our
repaymentin full ofthe Total BalanceOutstandingat any fime prior10 terminationof the Agreement.
GMAC-NY
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United General Title Insurance Company
TrTLE
SCHEDULE A4 (Description)
The Unit known as Unit No.1C inBuilding 1 on Route 52 in the Town ofFishkill,County of Dutchess and State of
New York. as the same isdesignated and described in the Declaration establishing e plan forccndam!n!um
ownership ofthe buildingand the land on which ItIs erected (hereInafter called the #Property"), made by the
Grantor under the Condominium Act ofthe State of New York (Article98 of the Real Property Law of the State
of New York), dated February 13, 1978, and filed inthe County Clerk's Office ofDutchess County in Clerk's
Minutes File No. 197615 15 (hereinafter called the 'Declaration").which Unit is also designated as Grid No.
6155-39-264669 inthe Assessor's Office of the Town of Fishkill,and as Unit No. 1C.on the Floor Plans of the
Building. certified by Gismondi & Amold, Architects, on the 30th day of December, 1974, and filed
sim•±:neousy with said Declaration in theOffice of theCounty Clerk ofDutchess County insaid Clerk's
Minutes.
THE land described Inthe aforesaid DecIsration and the juus::Griof the buMing Inwhich the afbresaid unitis
located are shown on a certaln map entitled'Survey of Property Prepared for Green Hillsof G!enham (formerly
Glenham Green) Town of Fishkill,Dutchess County, N.Y ", dated Septsmbsr 6, 1974, made by Marano,
Johnson and Quinn and illedin the Dutchess County Oerk's OfBce on February 20, 1976 as Map No.4819 and
designated therein as Parcel I, Phase l.
TOGETHER withan undivided .01010 percentinterest in thecemmen elements of the Propertyd4sciibsd
in said Declaration (hereinaftercalled the "common interest'').
!
THE POLICY TO BE ISSUED under this comittitiñõütwillinsure the to
title such buildings and improvements on
the premises which by law constituterealproperty.
FOR CONVEYANCfNG ONL½ Together with allthe tRIe
tight, and interest of theparty of the first
part,of inand
to thefand lying Inthe streetIn frontofand edfolning saidpremises.
SCHEDULE A-1 (DescrÞtkm) (AA-12761,PFD/AA-12761/19)
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REPRESENTATIONS AND DUTIES
We promise that, exceptfor PerrnittedLiens: (a) we own the Property;(b) we havethe right to mortgagethe Property
Lien" means
to GMAC; and (c) there are no outstanding claims or chargesagainstthe Property. The term "Permitted
(x)
deedto
any mortgage, or
securedebtdeedoftrust disclosedto
("security instrument") GMAC Signerin
by any applying for
notexceedtheamount
the Account, to the extent that the amount securedby such security instrumentdoesdisclosedon
or collectively havea material
suchapplication; and (y) any liens, claims and restrictionsof recordthat do not indM±=!!y
adverseimpactuponGM AC's security, the valueofthe Propertyor the Property'scurrent use.
This meansthat each of us will be fully responsiblefor any
Each of us gives a general warranty of title to GMAC.
losseswhich GMAC suffers becausesomeonehas rights in the Property other than Pemlitted Licns.
We promisethat we
will defendour ownershipof the Property againstany claimsof suchright.
We will neithertakenor permit any action to partition, subdivideor changethe condition of title to all or any part of the
Property. We will not amendany PermittedLien without GMAC's prior written consent.
CERTAIN PROVISIONS OF THE AGREEMENT
We understandthat GMAC may, undercertaincircumstancesset forth in the Agreement,cancelits obligation to make
future advancesand/orrequire repaymentat onceofthe Total BalanceOutstanding.
rate" published in the Wall Street
Underthe Agreement,FINANCE CHARGES arebasedon the "prime Joumal or in
certaincircumstancesthe "prime rate" publishedin The New York Timcs or a similar index selectedby GMAC. The rateof
FINANCE CHARGES changeson a daily basisas the index or the amount outstanding underlhe Agreementincreasesor
decreases.We understandthat Borrower will not receiveadvancenoticeofsuch changes.
PROMISES AND AGREEMENTS
We agreewith GMAC as follows:
1. TIMELY PAYMENT. Except as limited by paragraph10 below, Borrower shall pay when due all sumsowed
GM AC underthe Credit Documents.
2. APPLICATION OF PAYMENTS. All paymentsshall beapplied by GMAC asset forth in the Agreement.
3. MORTGAGES AND DEEDS OF TRUST; CHARGES; LIENS. We shall make paymentswhen due and
perform all our obligationsunder any mortgage,deedoftrust or other security agreementon the Property.
We shall pay or causeto be paid when due all loans,taxes,assessments,
charges,fines, impositionsand rentsof any
kind relating to the Property ("Assessments").Receiptsevidencing such paymentsshall be delivered to GMAC upon its
request. Exceptfor Pennitted Liens, we shall not allow any encumbrance,chargeor lien on the Propertyto becomeprior to
this Mortgage.
4. HAZARD INSURANCE; CONDEMNATION.
(a) We shall, at our cost, keepall improvementson the Property insuredagainsllosscausedby hazardsincluded
in the terrn "extendedcoverage" or by other hazardsGMAC may reasonablyspecify.
Hazard insuranceshall be in an
amountequalto the lesserof (i) the full replacementcostof the building that is part of the 'Propertyor (ii) the amountof this
Mongage plus the total amountof all PermittedLiens; but never lessthanthe amount necessaryto satisfy any co-insurance
requirementcontainedin the insurancepolicy.
We may choosethe insurancecompany,subjectto approval by GMAC which may not be eereeseeablywithheld. All
insurancepolicies and renewalsmust be in a form acceptableto GMAC and must include a standardmongageeclausein
favor of GMAC.
GMAC shall havethe right to hold the policiesand renewals,subjectto the termsof any PermittedLiens.
If we pay the premiums directly, we shall provide GMAC with all renewalnotices and, if requestedby GMAC, all receipts
for premiums. If policies and renewalsare held by any other person,we shall supply copiesof them to GMAC within ten
calendardaysaner they areissued.
In the eventof loss, we shall give prompt noticeto the insurancecompanyand GMAC.
GMAC may file a proof of loss
if we fail to do so promptly.
(b) The proceedsof any condemnationof the Propertyshall be paid to GMAC, subjectto any PermittedLiens.
We shall give GMAC notice of any threatenedcondemnationandsign all documentsrequiredto carry out this paragraph4.
No condemnationsettlement may be rnade withoul GMAC's prior written approval which shall not be unreasonably
withheld.
(c) Subject to the terms of any Permitted Lien, GMAC
may elect that the proceedsof any insuranceor
condemnation(aner paymentof all reasonablecosts,expensesand attomeys' feespaid or incurred by GMAC and us) shall
beapplied to pay the SecuredObligations, to repairor reconstructthe Property,and/or pay us for our loss. In the eventthat
suchproceedsarenot usedentirely for repair and reconstruction,we shall provide GMAC with a new appraisalor valuation
of the Property,conductedby a personor entity and in a form reasonablyacceptableto GMAC, unlessGMAC waivesthis
requirementin writing. The receiptof proceedsshall not cure or waive any default or notice of default underthis Mongage
or invalidate any act donepursuantto such notice.
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If the Property is abandonedby us, or if we fail to respondto GMAC in writing within 30 calendardays from the date
noticeof a proposedinsumnceor condemnationsettlementis given to us, GMAC may settlethe claim, collect the proceeds
and apply them asset forth above,
If the Property is acquired by GMAC, all of our right, title and interest in and to any insuranceor condemnation
proceedsshall becomethe property of GMAC to the extentof thesumssecuredby this Mortgage.
5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDOMIN1UMS; PLANNED UNIT
DEVELOPMENTS. We shall: use, improve and maintainthe Propertyin compliancewith law; keep the Property in good
repair and pay when due all repair costs; prevent waste,impairmentand/or deteriorationof the Property; and comply with
the provisionsofany leaseofthe Property.
If the Property is part of a condominium project or a plannedunit development,we shall promptly perform all of our
obligationsunderthe governing documentsof the projector development.
6. PROTECTION OF GMAC SECURITY. We shall appearin and defend any action or proceedingwhich may
alTectthe security of GMAC underthis Mortgageor resultin a violation of paragraph3 above. If suchan action is filed, we
violate this Mortgageor Borrowers violate the Agreement,then GMAC may disbursefunds and do whateverit believes
necessaryto protectthe security of this Mortgage. in doing so, GMAC shall give us notice but it neednot makedemandor
releaseus from any obligation.
Any amountspaid by GMAC under this paragraph6, with FINANCE CHARGES at the variable rate in effect under
the Agreement,shadbe paid by us upon demand. Until paid by us, suchamountsare securedby this Mortgage. GMAC is
not requiredto incur any expenseor take any action underthis Mortgageand no action takenshall releaseus from any duty.
7. INSPECTION. Representativesof GMAC may inspectthe Property from time to time.
Exceptin an emergency,
GMAC must first give notice specifying reasonablecausefor the inspection.
8. FINANCE CHARGES AFTER END OF ACCOUNT AND/OR JUDGMENT. To the extent permittedby law,
we agreethat FINANCE CHARGES after the endof theAccountand/orafter ajudgment is enteredshall continueto accrue
at the ratesand in the mannerspecified in the Agreement.
9. OUR CONTINU1NG DUTIES AND GMAC'S R1GHTS; WAIVERS. No waiver of any GMAC right underthe
Credit Documentsshall releaseor limit our liability, Borrower's liability or that of our successorsor Borrower'ssuccessors,
nor shall any waiver affect the lien or priority of this Mortgage. GMAC shall not be requiredto start proceedingsagainst
any successoror modify paymentterms by reasonofany demandmadeby usor any successor.
No GMAC act or failure to act shall waive any right underthis Mortgage.All waivers must be in writing andsigned by
GMAC; they shall apply only to the extent and with respectto the eventspecified in the writing.
Obtaining insurance,or
paying taxes,other liens or chargesshall not be a waiver of GMAC's right to demandpaymentat onceof the sumssecured
by this Mortgagein theeventofa default undertheCredit Documents.
10. SUCCESSORS AND ASSIGNS; JOINT AND SEVERA L LIABILITY; COSIGNERS. This Mortgageshall
bind us and our respectivesuccessorsand permittedassignsfor the benefit of GMAC and its successorsand assigns. All
agreementsmadeby us or any successorarejoint andseveraland may beenforcedagainsteachof usor any successor.
Any Signer who does not execute the Agreement (a) is co-signing only to encumber that person'sinterest in the
Property and to
release all
homestead,dower, courtesy, appraisement,evaluation, redemption, reinstatement,stay,
extension,exemptionand moratorium laws now existing or hereafterenacted,(b) is not personally liable underthe Credit
Documents,and (c) agreesthat GMAC and any Signer may modify cither Credit Document, without consentand without
modifying the interestsof therestof us underthis Mortgage.
11. NOTICES.All noticesshall be in writing. Exceptwhereapplicablelaw requiresotherwise:
(a) GMAC noticesshall be handdeliveredor mailed by first class,registeredor cenified mail to the addressof
the Propertyor to 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.
(b) Our notices shall be mailed to GMAC by first class, registeredor certified mail to the addressfor such
noticesspecifiedon our most recent monthly statementunderthe Agreementor to such other addressspecified by GMAC
in a written notice given to us. Any suchnoticeshall beconsideredgiven on the day it is receivedby GMAC.
12. GOVERNING LAW. This Mortgagewill begovernedby federaland New York law. If any provision is invalid,
illegal, or unenforceable,this Mortgageshall be interpretedasif suchprovision hadneverbeenincluded.
13. COPlES. We shall receivecopics of the Credit Documentsat the time they are signed or after this Mortgage is
recorded.
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14. EX ERCISING REMEDIES. GMAC may exercise all of the rights and remedies provided by the Credit
once or a number of
Documentsor law, and any of theserights and remediesmay be exercised individually or jointly,
times.
15. EVENTS OF DEFAULT.
(a) The eventsset forth in paragraph15(b) areEventsof Default ifand when GMAC gives any Signernoticeofdefault.
We agreeto notify GMAC promptly upon the happeningof any eventthat would be an Eventof Default undereitherCredit
Documentuponthe giving of notice by GMAC.
(b) After giving noticeof default, GMAC may endthe Account and/ordemandrepaymentat onceof the Total Balance
Outstandingin any of the following events:
(i) Therehasbeenfraud or materialmisrepresentationby any Signerin connectionwith the Account;
(ii) Borrowershavefailed to meetthe repayment1ermsof the Ag-comentfor any amountoutstanding;or
(iii)Any action or inaction by any Signerhas adverselyaffectedthe Property or any right of GMAC in the
Property; to the extent pemlitted by law, this will include, but not be limited to, any Signer(or any legal representativeor
successorof any Signer)agreeingto sell, transferor assignor selling, transferring or assigningany interestin the Property,
without the prior wrilten consentof GMAC.
(c) Notwithstanding any languagein this Mortgage to the contrary, GMAC will
not give notice of default unless
permitted by applicablelaw and GMAC will give us any grace period, right to cure and/or reinstatementright required by
applicablelaw. This paragraph15 is intendedto give GMAC all rights permitted by applicablelaw.
16. REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSTANDING
WHEN DUE, GMAC MAY EXERCISE ANY REMEDY AVAILABLE TO IT UNDER APPLICABLE LAW,
INCLUDING FORECLOSURE.
17. APPOINTMENT OF RECEIVER. Upon an Event ofa Default or our failure to pay taxesassessedagainstthe
Propertyand/or insurancePremiumson the Property(which we agreeshall constitutewaste),GMAC shall beentitled to the
appointmentofa receiverif pemlitted by law.
18. SATISFACTION OF MORTGAGE. Upon Payrnentand dischargeof all sumssecuredby this Mongage and
terminationof the Account, this Mortgage shall be void and GMAC shall satisfy this Mortgage, file a dischargeor release
and pay any recordingcosts.
19. REQUEST FOR NOTICES. GMAC requeststhat copies of noticesof default, sale and foreclosurefrom the
holderof any lien which has priority over this Mortgagebe sentto GMAC at 100Witmer Road, Horsham,PA 19027-1590.
20. EXHlBITS,SCHEDULES AND RIDERS, ETC. The terrnsof any Exhibit, Scheduleor Rider attachedto this
Mortgage or executedand recordedwith this Mortgage shall be treatedas if fully set forth in this Mortgage. All of the
termsof the Agreementaremadepartof this Mortgage.
21. TIMEOF ESSENCE. Time is of theessencein this Mortgage.
22. ACTUAL KNOWLEDGE. For purposesof the Credit Documents,GMAC shall not be deemedto haveactual
knowledgeof any fact until it actually receivesnoticeas set forth in paragraph1I or until it actually receiveswritten notice
thereoffrom a sourceGMAC reasonablybelievesto be reliable. The dateofreceipt shall bedeterminedby referenceto the
"Received"datestampedon suchwritten notice
by GMAC or its agent.
23. TAXES. If taxeson mortgagesor the debts they secureincreasein any way after the dateof this Mortgage, we
shall pay the full amountof any such increase.
24. WAlVER OF STATUTORY R1GHTS. To the extent permitted by law, for ourselvesand our successorsand
assigns,we hereby waive the benefit ofall
homestead,dower, courtesy,uppraisement,valuation,redemption,reinstatement,
stay, extension, exemption and moratorium laws now existing or hereafterenactedand any right to have the Property
marshalledupon foreclosure. We further agreethat any court havingjurisdiction may order the Propertysoldasan entirety.
25, ASSIGNMENT OF RENTS; RECElVERS; GMAC POSSESSION OF THE PROPERTY. As additional
security, we hereby assignto GMAC any rents due on the Property alter an Event of Defaub or abandonmentof the
Property. In any actionto foreclosethis Mortgage,GMAC shall beentitled to the appointmentofa receiver.
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I
If an Eventof Default occursor we abandonthe Property,GMAC, without notice,may enterupon,takepossessionof,
and managethe Property. GMAC may then collect or suein its own namefor any rentsdue on the Property. All rentsso
collected shall be applied first to paymentof the reasonablecostsof operationand rnanagementof the Property(suchas
collection costs funher agreethat any court havingjurisdiction may order the Propertysold, receiversfees,bond premiums
and attorneys'feesand then to the Total BalanceOutstanding,GMAC and the receivermust accountonly for rentsactually
received.
Acts taken by GMAC underthis paragraph25 shall not cureor waive any Eventof DefauStor invalidateany act done
pursuantto notice of default.
We will not, without the written consentof GMAC, receiveor collect rent from any tenanton the Propertymore than
one month in advance. Upon an Event of Default, we will pay monthly in advanceto GMAC or any receiverthe fair and
reasonablerental value of the Property or that part of the Property in our possession.If we fail to pay such rent, we will
vacateandsurrenderthe Propertyto GMAC or to suchreceiver. We may beevicted by sumrnaryproceedings.
26. RELEASE. To the extent permitted by law, for ourselvesand our successorsand assigns,we herebyreleaseall
homesteadanddowerrights andbenefits.
27. ATTORNEYS' FEES. In any proceedingto enforceany remedy of GMAC under the Credit Documentsrhere
shall be allowed and included, to the extent permitted by law, as additional indebtednessin the judgment or decree.
GMAC's reasonableattorneys' fees up to
15% of the Total Balance Outstanding, if GMAC refers the Agreementfor
collection to any attorney who is not a salariedGMAC employee.
28. CAPTIONS; GENDER; ETC. The headingsin this Mortgage are not to be used to interpret or define its
provisions. In this Mortgage, the masculine gender includes the feminine and/or neuter, singular numbersinclude the
plurals,andplurals includethe singular.
29. TRUST FUNDS, We will, in compliancewith Section13 of the New York Lien Law, makesurethat advances
securedby this Mortgageare receivedin trust to be applied first to pay the cost of any improvementsto the Propertyand
only later for any otherpurpose.
30. NOTICE. DEFAULT IN THE PAYMENT OF THIS MORTGAGE MAY RESULT 1NTHE LOSS OF THE
PROPERTY SECURING THE ACCOUNT. UNDER FEDERAL LAW, YOU MAY HAVE THE R1GHTTO CANCEL
THIS MORTGAGE. IF YOU HAVE THIS RIGHT, GMAC IS REQUIRED TO PROVIDE YOU WITH A SEPARATE
WRITTEN NOTICE SPEClFYING THE CIRCUMSTANCES AND TIMES UNDER WHICH YOU CAN EXERCISE
THIS RIGHT.
31. NATURE OF PROPERTY. THE PROPERTY IS IMPROVED BY A 1-2 FAMILY OWNER OCCUPIED
RESIDENCEOR DWELLING.
32. MERS. Borrower understandsand agreesthat MERS holds only legal title to the interestsgranted by Borrower
! in this Mortgage, but, if necessaryto comply with local law or custom MERS (as nomince for GMAC and GMAC's
succes-sors
and assigns) has the right: to exercise any or all of these interests,including, but not limited to, the right to
foreclose and sell the property; and to take any action required of Lender including but not limited to, releasing and
cancelingthis Mortgage.
By signing this Mongage, we agreeto all of theabove.
Michael Koran
MORTGAGOR MORTGAGOR
MORTGAGOR MORTGAGOR
StateOf New York, u County ss:
On the day of in the ye;uÛ7 before me,the undersigned,a
notary public in and for saidstate,persona
a earedMichael Koran personallyknown to me or provedto meon the basis
of satisfactoryevidenceto be the individual(s)
hosenamc(s)is( subscribedto the within instrumentandacknowledged
to me that he/shc/they executed the same in his/hcr/their cap • y(ics), and that by his/her/their signaturc(s) on the
instrument,the individual(s), or the personuponbehalfof which t c
ividual(s) acted,executedthe instrument.
Witnessmy handandofficial seal.
(Thisareaforomcialnotarialscal)
' (Seal)
Notary Pu h
My CommissionExpires:
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THIS INSTRUMENT PREPARED BY
DainaSamuel
GMAC Mortgage, LLC
7 CarnegiePlaza
Cherry Hill, NJ 08003
MORTGAGE
(,l55
Section
Titly No. Block
County or TownDutchess
TO
RecordedAt Requestof
GMAC Mortgage,LLC
RETURN BY MAIL TO:
GMAC Mortgage, LLC
RecordsManagement
100Witmer Road
Horsham, PA19044-0963
RESERVETHIS SPACEFOR USEOFRECORDING OFFICE
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Account No
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER ismade as of August 8. 2007: itis partof and amends and supplenicñts
the Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument7 of even date herewith from the
undersigned to GMAC Mortgage, LLC f/k/aGMAC Mortgage Corporation ("GMAC"). All terms defined in theSecurity
instrument shall have the same meaning when used in thisRider.
The Property is a unit ina condemie?um projectknown as (the"Condominium Project"), and includes an
elements"
undivided interestinthe common areas and facilities
or "common of the Condominium Project.
ADDITIONAL AGREEMENTS. In addition to the agreements in the Security Instrument, we agree with
GMAC as follows:
.
1. ASSESSMENTS AND OTHER OBLIGATIONS. We shall promptly pay, when due, allassessments
imposed by the owners essociation or other govêrñing body of the CandP22 Project (/he "Owners Association¶.
We shall perform allof our other obligations under applicable law and the declaration, by-laws, code of regulations
and/or other constituent documents of the Condnminium Project (the "Coud0,u;,Ã ,m; Documents"L
"master" "blanket"
2. HAZARD INSURANCE. So long as theOwners Association maintains a or policy on
the Con/nminium Project which provides insurance coverage against hazards included in the term "extended
coverage"
and such coverage as GMAC may reacnnably request against other hazards, in such amounts and for such
periods as GMAC may require:
(a) Our obligation under paragraph 5 of the Security Instrument to maintain hazard insurance coverage on
the Property isdeemed satisfied,but only tothe extent of thecoverage maintained; and
(b) To the extent of any conflict between the provisions inparagraph 5 of the Security Instrument regarding
application ofhazard insurance proceeds and any provisions of theCondominium Documents or of applicable law, the
provisions of theCondominium Documents and applicable law shall control.
Any hazard insurance proceeds payable to us in lieu of restoration or repairof the Property, whether to.the
unit orto common clcmcats, arehereby assigned to GMAC and shall be applied as setforth in theSecurity Instrument.
...
FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021
Forany periodof timeduringwhich the hazard insurance coverage specified
by this
paragraph 2 is not maintained by the Owners Association, this paragraph 2 shall be deemed to have
no forceor effect.
We give
shall GMAC prompt notice of
any hazard insurance
lapse in this
coverage.
3. CONDEMNATION. Our entire interest in the proceeds of any condemnation
ofthe
Project is hereby assigned to GMAC.
common elements of the Condominium Such proceeds shall
be applied as set forth in the Security Instrument.
4. GMAC'S PRIOR CONSENT. Absent GMAC's priorwritten not
consent, we shall
partition or subdivide the Property or consent to:
(a) The abandonment or termination
of the Condominium except
Project, for
abandonment or termi=tion
under law substantial destruction by
in the case of (i) fire or other
casualty or (ii) condemnation;
(b) Any amendment to the Cendeinkm Documents including,
but not limited
to, any
ests .t whichwouldchange the percentage interest of the unit owners in the Condominium
Project;
(c) Anydecision by the Owners Association
to terminate professional manage ..c..: and
assume self-management of the Condominium
Project; or
(d) The transfer, release, cacürebrance, partition of all or any part of the
or cubdivi:ien
Cceder!n!um Project's common elements, except for easementsfor utilities and the like.
5.REMEDIES. WE GRANT AN IRREVOCABLE POWER OF ATTORNEY TO
GMAC TO VOTE IN ITSDISCRETION ON ANY MATTER THAT MAY COME BEFORE
THE MEMBERS OF THE OWNERS ASSOCIATION. GMAC SHALL HAVE THE RIGHT
TO EXERCISE THIS POWER OF ATIORNEY ONLY AFTER A DEFAULT IS
DECLARED UNDER THE SECURITY INSTRUMENT OR THIS RIDER. HOWEVER, IT
MAY DECLINE TO EXERCISE THIS POWER.
In Witness Whereof, we have executed this Cendeminium
Rider.
MichaelKoran
MORTGAGOR MORTGAGOR
MORTGAGOR MORTGAGOR
MORTGAGOR MORTGAGOR
MORTGAGOR
Preview
FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 EXHIBIT B FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 DUTCHESS COUNTY CLERK RECORDING PAGE RECORDGRETURN TO: RECORDED: 09/18/2007 GMAC MORTGAGE CORP 100 WITMER ROAD AT: 15:02:28 ATTN: CAPITAL MARKETS HORSHAM PA 19044 DOCUMENT #: 01 2007 13082 RECEIVED FROM: ARLINGTON ABSTRACT MORTGAGOR: KORAN MICHAEL MORTGAGEE: GMAC MORTGAGE LLC RECORDED IN: MORTGAGE TAX INSTRUMENT TYPE: DISTRICT: FISHKILL EXAMINED AND CHARGED AS FOLLOWS: RECORDING CHARGE: 54.00 NUMBER OF PAGES: MORTGAGE AMOUNT: 43,000.00 MORTGAGE TYPE: 1-2 FAMILY RESIDENCE COUNTY TAX: 215.00 *** DO NOT DETACH THIS MTA TAX: 99.00 *** PAGE SPECIAL ADDL TAX: *** THIS IS NOT A BILL 1-6 FAMILY TAX: 107.50 TOTAL TAX: 421.50 SERIAL NUMBER: CY007556 AFFIDAVIT: N COUNTY CLERK BY: RLP / RECEIPT NO: R62620 BATCH RECORD: CO0009 FORDKENDALL CountyClerk FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 AccolmsNo. p4M‡/ y75 BranchNo.: 492 Loan Product: 100%CLTV Credit Only Piggyback Lor:, 13lock: , Section: MIN CREDIT LINE MORTGAGE THIS MORTGAGE SECURES FUTURE ADVANCES THIS MORTCAGE, as amendedand extended(this "Mortgage") is signed to secure advancesunder a GMAC Mortgage, LI C f/k/a GMAC Mongage CorporationHome Equity Line of Credit Agreement(the"Agreememy; it is dated asof Aultust S.2007.and is made by Michael Koran who reside(s)at I Millholland Drive C , Fishkill, New York 12524,as and the Mortgage Electronic Registration Systems,Inc., (113trirxd mortgagpr(s),in favor of , Flint, M1 48501-2026 ("MERS") acting solely asnominee for GMAC and GMAC's su-cessorsand assignsunder this Mortgage,as mortgagee. "our" "GMAC" Throughout this Mortgage, "we", "us" and refer to mortgagor(s). refers to GMAC Mortgage, LLC f/k/a GMAC Modgage Corporation or its assigns. The "Account" refers to the Home Equity Line of Credit account establishedby GMAC underthe Agreement. "Borrowct" referstoeach personwho signsthe Agreementas borrower. The Agreementand this Mortgage,taken together,arecalledthe "Credit Documents." "Signer" refersto any person(other than GMAC) who hassigneda Credit Document. DESCRIPTION OF SECURITY By signing this Mortgage,we mortgage,grantand convey to MERS acting solcly as a nominee for GMAC, subjectto the termsofthis Mortgage,(a) the real estatelocatedat 1 Millholland Drive C, Fishkill, County of Dutchess,StateofNew York 12524,more fully describedin ScheduleA, (b) all buildingsand other struclureson the property;(c) all rights we may havein any mad, alley, easementor licenseregardingthe propeny or in any Inineral, oil, gasor water which is part of the property;(d) all rentsand royalties from the property; (c) all proceedsof any insuranceon the property and all refundsof premiumson such insurance;(1) all proceedsof any taking (or threatenedtaking) of the property by any governmental authority ("condemnation9; and (g) all lixtureson the propcity at any time (collectively,Jhe"Property9. This property is or will be improved by a oneor two family bouseor dwelling only. 'Ihe Propertyincludesall rights and interestswhich we now haveor which we may acquirein the future. For example, if the security mortgagedunderthis Mortgageis a leaseholdesta1cand we subsequentlyacquirefeetitle to the Property,the rights and interestsgrantedto MERS acting solely as a nominee for GMAC by this Mortgagewill includethe fec title that we acquire. This Mortgageis also a Security Agreernentunder the New YorkUniform CommercialCodeand we hereby grant MERS acting solely as a nominee for GMAC a security interestin the personalproperty describedin (d) through (f) above. SECURED OHLIGATIONS THIS MORTGAGE IS A CREDIT LINE MORTGAGE AS DEFINED IN SECTION 281 OF THE NEW YORK REAL PROPERTY LAW. IT SECURES FUTURE ADVANCES MA DE UNDER AN AGREEMENT WHICH REFLECTSTIlE FACT THAT GMAC AND BORROWER(S)REASONABLY CONTEMPLATE ENTERING INTO A SERIESOF ADVANCES (OR ADVANCES, PAYMENTS AND READVANCES) UNDER THE AGREEMENT. We have signed this Mortgage to securepaymentto GMAC of up to S43,000.00,plus FINANCE CHARGES (the "Total BotanceGutstanding"). By signing this Mortgagewe havealso given to GMAC the rights statedin this document and in addition, any righu that the law gives to lenderswho hold mortgageson real property in New York, including without limitatiori, the rights provided under Sections254, 271 and 272 of the New York Real Property Law. We give theserights to GMAC to: protect it from possiblelossesthat might result if we fail to pay all amountsthat we owe GMAC as statedin the Agreement;to pay with linance chargesat the rate set forth in the Agreememor if not permittedat the Agreementrate the highest permitted by law any amountsthat GMAC spendsunder the Agreementand this Mortgage including Sections3,4 and6 of this Mortgage;to proteerthe valueof the property andGMAC's rights in the property and to keepall of our other promisesandagreementsunderthis Mortgageand the Agreement. PRIORITY OF ADVANCES The lien of this Mortgage will attachon the datethis Mortgage is recordedand will not be impaired by virtue of our repaymentin full ofthe Total BalanceOutstandingat any fime prior10 terminationof the Agreement. GMAC-NY FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 United General Title Insurance Company TrTLE SCHEDULE A4 (Description) The Unit known as Unit No.1C inBuilding 1 on Route 52 in the Town ofFishkill,County of Dutchess and State of New York. as the same isdesignated and described in the Declaration establishing e plan forccndam!n!um ownership ofthe buildingand the land on which ItIs erected (hereInafter called the #Property"), made by the Grantor under the Condominium Act ofthe State of New York (Article98 of the Real Property Law of the State of New York), dated February 13, 1978, and filed inthe County Clerk's Office ofDutchess County in Clerk's Minutes File No. 197615 15 (hereinafter called the 'Declaration").which Unit is also designated as Grid No. 6155-39-264669 inthe Assessor's Office of the Town of Fishkill,and as Unit No. 1C.on the Floor Plans of the Building. certified by Gismondi & Amold, Architects, on the 30th day of December, 1974, and filed sim•±:neousy with said Declaration in theOffice of theCounty Clerk ofDutchess County insaid Clerk's Minutes. THE land described Inthe aforesaid DecIsration and the juus::Griof the buMing Inwhich the afbresaid unitis located are shown on a certaln map entitled'Survey of Property Prepared for Green Hillsof G!enham (formerly Glenham Green) Town of Fishkill,Dutchess County, N.Y ", dated Septsmbsr 6, 1974, made by Marano, Johnson and Quinn and illedin the Dutchess County Oerk's OfBce on February 20, 1976 as Map No.4819 and designated therein as Parcel I, Phase l. TOGETHER withan undivided .01010 percentinterest in thecemmen elements of the Propertyd4sciibsd in said Declaration (hereinaftercalled the "common interest''). ! THE POLICY TO BE ISSUED under this comittitiñõütwillinsure the to title such buildings and improvements on the premises which by law constituterealproperty. FOR CONVEYANCfNG ONL½ Together with allthe tRIe tight, and interest of theparty of the first part,of inand to thefand lying Inthe streetIn frontofand edfolning saidpremises. SCHEDULE A-1 (DescrÞtkm) (AA-12761,PFD/AA-12761/19) FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 REPRESENTATIONS AND DUTIES We promise that, exceptfor PerrnittedLiens: (a) we own the Property;(b) we havethe right to mortgagethe Property Lien" means to GMAC; and (c) there are no outstanding claims or chargesagainstthe Property. The term "Permitted (x) deedto any mortgage, or securedebtdeedoftrust disclosedto ("security instrument") GMAC Signerin by any applying for notexceedtheamount the Account, to the extent that the amount securedby such security instrumentdoesdisclosedon or collectively havea material suchapplication; and (y) any liens, claims and restrictionsof recordthat do not indM±=!!y adverseimpactuponGM AC's security, the valueofthe Propertyor the Property'scurrent use. This meansthat each of us will be fully responsiblefor any Each of us gives a general warranty of title to GMAC. losseswhich GMAC suffers becausesomeonehas rights in the Property other than Pemlitted Licns. We promisethat we will defendour ownershipof the Property againstany claimsof suchright. We will neithertakenor permit any action to partition, subdivideor changethe condition of title to all or any part of the Property. We will not amendany PermittedLien without GMAC's prior written consent. CERTAIN PROVISIONS OF THE AGREEMENT We understandthat GMAC may, undercertaincircumstancesset forth in the Agreement,cancelits obligation to make future advancesand/orrequire repaymentat onceofthe Total BalanceOutstanding. rate" published in the Wall Street Underthe Agreement,FINANCE CHARGES arebasedon the "prime Joumal or in certaincircumstancesthe "prime rate" publishedin The New York Timcs or a similar index selectedby GMAC. The rateof FINANCE CHARGES changeson a daily basisas the index or the amount outstanding underlhe Agreementincreasesor decreases.We understandthat Borrower will not receiveadvancenoticeofsuch changes. PROMISES AND AGREEMENTS We agreewith GMAC as follows: 1. TIMELY PAYMENT. Except as limited by paragraph10 below, Borrower shall pay when due all sumsowed GM AC underthe Credit Documents. 2. APPLICATION OF PAYMENTS. All paymentsshall beapplied by GMAC asset forth in the Agreement. 3. MORTGAGES AND DEEDS OF TRUST; CHARGES; LIENS. We shall make paymentswhen due and perform all our obligationsunder any mortgage,deedoftrust or other security agreementon the Property. We shall pay or causeto be paid when due all loans,taxes,assessments, charges,fines, impositionsand rentsof any kind relating to the Property ("Assessments").Receiptsevidencing such paymentsshall be delivered to GMAC upon its request. Exceptfor Pennitted Liens, we shall not allow any encumbrance,chargeor lien on the Propertyto becomeprior to this Mortgage. 4. HAZARD INSURANCE; CONDEMNATION. (a) We shall, at our cost, keepall improvementson the Property insuredagainsllosscausedby hazardsincluded in the terrn "extendedcoverage" or by other hazardsGMAC may reasonablyspecify. Hazard insuranceshall be in an amountequalto the lesserof (i) the full replacementcostof the building that is part of the 'Propertyor (ii) the amountof this Mongage plus the total amountof all PermittedLiens; but never lessthanthe amount necessaryto satisfy any co-insurance requirementcontainedin the insurancepolicy. We may choosethe insurancecompany,subjectto approval by GMAC which may not be eereeseeablywithheld. All insurancepolicies and renewalsmust be in a form acceptableto GMAC and must include a standardmongageeclausein favor of GMAC. GMAC shall havethe right to hold the policiesand renewals,subjectto the termsof any PermittedLiens. If we pay the premiums directly, we shall provide GMAC with all renewalnotices and, if requestedby GMAC, all receipts for premiums. If policies and renewalsare held by any other person,we shall supply copiesof them to GMAC within ten calendardaysaner they areissued. In the eventof loss, we shall give prompt noticeto the insurancecompanyand GMAC. GMAC may file a proof of loss if we fail to do so promptly. (b) The proceedsof any condemnationof the Propertyshall be paid to GMAC, subjectto any PermittedLiens. We shall give GMAC notice of any threatenedcondemnationandsign all documentsrequiredto carry out this paragraph4. No condemnationsettlement may be rnade withoul GMAC's prior written approval which shall not be unreasonably withheld. (c) Subject to the terms of any Permitted Lien, GMAC may elect that the proceedsof any insuranceor condemnation(aner paymentof all reasonablecosts,expensesand attomeys' feespaid or incurred by GMAC and us) shall beapplied to pay the SecuredObligations, to repairor reconstructthe Property,and/or pay us for our loss. In the eventthat suchproceedsarenot usedentirely for repair and reconstruction,we shall provide GMAC with a new appraisalor valuation of the Property,conductedby a personor entity and in a form reasonablyacceptableto GMAC, unlessGMAC waivesthis requirementin writing. The receiptof proceedsshall not cure or waive any default or notice of default underthis Mongage or invalidate any act donepursuantto such notice. -2- FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 If the Property is abandonedby us, or if we fail to respondto GMAC in writing within 30 calendardays from the date noticeof a proposedinsumnceor condemnationsettlementis given to us, GMAC may settlethe claim, collect the proceeds and apply them asset forth above, If the Property is acquired by GMAC, all of our right, title and interest in and to any insuranceor condemnation proceedsshall becomethe property of GMAC to the extentof thesumssecuredby this Mortgage. 5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDOMIN1UMS; PLANNED UNIT DEVELOPMENTS. We shall: use, improve and maintainthe Propertyin compliancewith law; keep the Property in good repair and pay when due all repair costs; prevent waste,impairmentand/or deteriorationof the Property; and comply with the provisionsofany leaseofthe Property. If the Property is part of a condominium project or a plannedunit development,we shall promptly perform all of our obligationsunderthe governing documentsof the projector development. 6. PROTECTION OF GMAC SECURITY. We shall appearin and defend any action or proceedingwhich may alTectthe security of GMAC underthis Mortgageor resultin a violation of paragraph3 above. If suchan action is filed, we violate this Mortgageor Borrowers violate the Agreement,then GMAC may disbursefunds and do whateverit believes necessaryto protectthe security of this Mortgage. in doing so, GMAC shall give us notice but it neednot makedemandor releaseus from any obligation. Any amountspaid by GMAC under this paragraph6, with FINANCE CHARGES at the variable rate in effect under the Agreement,shadbe paid by us upon demand. Until paid by us, suchamountsare securedby this Mortgage. GMAC is not requiredto incur any expenseor take any action underthis Mortgageand no action takenshall releaseus from any duty. 7. INSPECTION. Representativesof GMAC may inspectthe Property from time to time. Exceptin an emergency, GMAC must first give notice specifying reasonablecausefor the inspection. 8. FINANCE CHARGES AFTER END OF ACCOUNT AND/OR JUDGMENT. To the extent permittedby law, we agreethat FINANCE CHARGES after the endof theAccountand/orafter ajudgment is enteredshall continueto accrue at the ratesand in the mannerspecified in the Agreement. 9. OUR CONTINU1NG DUTIES AND GMAC'S R1GHTS; WAIVERS. No waiver of any GMAC right underthe Credit Documentsshall releaseor limit our liability, Borrower's liability or that of our successorsor Borrower'ssuccessors, nor shall any waiver affect the lien or priority of this Mortgage. GMAC shall not be requiredto start proceedingsagainst any successoror modify paymentterms by reasonofany demandmadeby usor any successor. No GMAC act or failure to act shall waive any right underthis Mortgage.All waivers must be in writing andsigned by GMAC; they shall apply only to the extent and with respectto the eventspecified in the writing. Obtaining insurance,or paying taxes,other liens or chargesshall not be a waiver of GMAC's right to demandpaymentat onceof the sumssecured by this Mortgagein theeventofa default undertheCredit Documents. 10. SUCCESSORS AND ASSIGNS; JOINT AND SEVERA L LIABILITY; COSIGNERS. This Mortgageshall bind us and our respectivesuccessorsand permittedassignsfor the benefit of GMAC and its successorsand assigns. All agreementsmadeby us or any successorarejoint andseveraland may beenforcedagainsteachof usor any successor. Any Signer who does not execute the Agreement (a) is co-signing only to encumber that person'sinterest in the Property and to release all homestead,dower, courtesy, appraisement,evaluation, redemption, reinstatement,stay, extension,exemptionand moratorium laws now existing or hereafterenacted,(b) is not personally liable underthe Credit Documents,and (c) agreesthat GMAC and any Signer may modify cither Credit Document, without consentand without modifying the interestsof therestof us underthis Mortgage. 11. NOTICES.All noticesshall be in writing. Exceptwhereapplicablelaw requiresotherwise: (a) GMAC noticesshall be handdeliveredor mailed by first class,registeredor cenified mail to the addressof the Propertyor to 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. (b) Our notices shall be mailed to GMAC by first class, registeredor certified mail to the addressfor such noticesspecifiedon our most recent monthly statementunderthe Agreementor to such other addressspecified by GMAC in a written notice given to us. Any suchnoticeshall beconsideredgiven on the day it is receivedby GMAC. 12. GOVERNING LAW. This Mortgagewill begovernedby federaland New York law. If any provision is invalid, illegal, or unenforceable,this Mortgageshall be interpretedasif suchprovision hadneverbeenincluded. 13. COPlES. We shall receivecopics of the Credit Documentsat the time they are signed or after this Mortgage is recorded. -3- FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 14. EX ERCISING REMEDIES. GMAC may exercise all of the rights and remedies provided by the Credit once or a number of Documentsor law, and any of theserights and remediesmay be exercised individually or jointly, times. 15. EVENTS OF DEFAULT. (a) The eventsset forth in paragraph15(b) areEventsof Default ifand when GMAC gives any Signernoticeofdefault. We agreeto notify GMAC promptly upon the happeningof any eventthat would be an Eventof Default undereitherCredit Documentuponthe giving of notice by GMAC. (b) After giving noticeof default, GMAC may endthe Account and/ordemandrepaymentat onceof the Total Balance Outstandingin any of the following events: (i) Therehasbeenfraud or materialmisrepresentationby any Signerin connectionwith the Account; (ii) Borrowershavefailed to meetthe repayment1ermsof the Ag-comentfor any amountoutstanding;or (iii)Any action or inaction by any Signerhas adverselyaffectedthe Property or any right of GMAC in the Property; to the extent pemlitted by law, this will include, but not be limited to, any Signer(or any legal representativeor successorof any Signer)agreeingto sell, transferor assignor selling, transferring or assigningany interestin the Property, without the prior wrilten consentof GMAC. (c) Notwithstanding any languagein this Mortgage to the contrary, GMAC will not give notice of default unless permitted by applicablelaw and GMAC will give us any grace period, right to cure and/or reinstatementright required by applicablelaw. This paragraph15 is intendedto give GMAC all rights permitted by applicablelaw. 16. REMEDIES. IF BORROWERS DO NOT REPAY AT ONCE THE TOTAL BALANCE OUTSTANDING WHEN DUE, GMAC MAY EXERCISE ANY REMEDY AVAILABLE TO IT UNDER APPLICABLE LAW, INCLUDING FORECLOSURE. 17. APPOINTMENT OF RECEIVER. Upon an Event ofa Default or our failure to pay taxesassessedagainstthe Propertyand/or insurancePremiumson the Property(which we agreeshall constitutewaste),GMAC shall beentitled to the appointmentofa receiverif pemlitted by law. 18. SATISFACTION OF MORTGAGE. Upon Payrnentand dischargeof all sumssecuredby this Mongage and terminationof the Account, this Mortgage shall be void and GMAC shall satisfy this Mortgage, file a dischargeor release and pay any recordingcosts. 19. REQUEST FOR NOTICES. GMAC requeststhat copies of noticesof default, sale and foreclosurefrom the holderof any lien which has priority over this Mortgagebe sentto GMAC at 100Witmer Road, Horsham,PA 19027-1590. 20. EXHlBITS,SCHEDULES AND RIDERS, ETC. The terrnsof any Exhibit, Scheduleor Rider attachedto this Mortgage or executedand recordedwith this Mortgage shall be treatedas if fully set forth in this Mortgage. All of the termsof the Agreementaremadepartof this Mortgage. 21. TIMEOF ESSENCE. Time is of theessencein this Mortgage. 22. ACTUAL KNOWLEDGE. For purposesof the Credit Documents,GMAC shall not be deemedto haveactual knowledgeof any fact until it actually receivesnoticeas set forth in paragraph1I or until it actually receiveswritten notice thereoffrom a sourceGMAC reasonablybelievesto be reliable. The dateofreceipt shall bedeterminedby referenceto the "Received"datestampedon suchwritten notice by GMAC or its agent. 23. TAXES. If taxeson mortgagesor the debts they secureincreasein any way after the dateof this Mortgage, we shall pay the full amountof any such increase. 24. WAlVER OF STATUTORY R1GHTS. To the extent permitted by law, for ourselvesand our successorsand assigns,we hereby waive the benefit ofall homestead,dower, courtesy,uppraisement,valuation,redemption,reinstatement, stay, extension, exemption and moratorium laws now existing or hereafterenactedand any right to have the Property marshalledupon foreclosure. We further agreethat any court havingjurisdiction may order the Propertysoldasan entirety. 25, ASSIGNMENT OF RENTS; RECElVERS; GMAC POSSESSION OF THE PROPERTY. As additional security, we hereby assignto GMAC any rents due on the Property alter an Event of Defaub or abandonmentof the Property. In any actionto foreclosethis Mortgage,GMAC shall beentitled to the appointmentofa receiver. -4- FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 I If an Eventof Default occursor we abandonthe Property,GMAC, without notice,may enterupon,takepossessionof, and managethe Property. GMAC may then collect or suein its own namefor any rentsdue on the Property. All rentsso collected shall be applied first to paymentof the reasonablecostsof operationand rnanagementof the Property(suchas collection costs funher agreethat any court havingjurisdiction may order the Propertysold, receiversfees,bond premiums and attorneys'feesand then to the Total BalanceOutstanding,GMAC and the receivermust accountonly for rentsactually received. Acts taken by GMAC underthis paragraph25 shall not cureor waive any Eventof DefauStor invalidateany act done pursuantto notice of default. We will not, without the written consentof GMAC, receiveor collect rent from any tenanton the Propertymore than one month in advance. Upon an Event of Default, we will pay monthly in advanceto GMAC or any receiverthe fair and reasonablerental value of the Property or that part of the Property in our possession.If we fail to pay such rent, we will vacateandsurrenderthe Propertyto GMAC or to suchreceiver. We may beevicted by sumrnaryproceedings. 26. RELEASE. To the extent permitted by law, for ourselvesand our successorsand assigns,we herebyreleaseall homesteadanddowerrights andbenefits. 27. ATTORNEYS' FEES. In any proceedingto enforceany remedy of GMAC under the Credit Documentsrhere shall be allowed and included, to the extent permitted by law, as additional indebtednessin the judgment or decree. GMAC's reasonableattorneys' fees up to 15% of the Total Balance Outstanding, if GMAC refers the Agreementfor collection to any attorney who is not a salariedGMAC employee. 28. CAPTIONS; GENDER; ETC. The headingsin this Mortgage are not to be used to interpret or define its provisions. In this Mortgage, the masculine gender includes the feminine and/or neuter, singular numbersinclude the plurals,andplurals includethe singular. 29. TRUST FUNDS, We will, in compliancewith Section13 of the New York Lien Law, makesurethat advances securedby this Mortgageare receivedin trust to be applied first to pay the cost of any improvementsto the Propertyand only later for any otherpurpose. 30. NOTICE. DEFAULT IN THE PAYMENT OF THIS MORTGAGE MAY RESULT 1NTHE LOSS OF THE PROPERTY SECURING THE ACCOUNT. UNDER FEDERAL LAW, YOU MAY HAVE THE R1GHTTO CANCEL THIS MORTGAGE. IF YOU HAVE THIS RIGHT, GMAC IS REQUIRED TO PROVIDE YOU WITH A SEPARATE WRITTEN NOTICE SPEClFYING THE CIRCUMSTANCES AND TIMES UNDER WHICH YOU CAN EXERCISE THIS RIGHT. 31. NATURE OF PROPERTY. THE PROPERTY IS IMPROVED BY A 1-2 FAMILY OWNER OCCUPIED RESIDENCEOR DWELLING. 32. MERS. Borrower understandsand agreesthat MERS holds only legal title to the interestsgranted by Borrower ! in this Mortgage, but, if necessaryto comply with local law or custom MERS (as nomince for GMAC and GMAC's succes-sors and assigns) has the right: to exercise any or all of these interests,including, but not limited to, the right to foreclose and sell the property; and to take any action required of Lender including but not limited to, releasing and cancelingthis Mortgage. By signing this Mongage, we agreeto all of theabove. Michael Koran MORTGAGOR MORTGAGOR MORTGAGOR MORTGAGOR StateOf New York, u County ss: On the day of in the ye;uÛ7 before me,the undersigned,a notary public in and for saidstate,persona a earedMichael Koran personallyknown to me or provedto meon the basis of satisfactoryevidenceto be the individual(s) hosenamc(s)is( subscribedto the within instrumentandacknowledged to me that he/shc/they executed the same in his/hcr/their cap • y(ics), and that by his/her/their signaturc(s) on the instrument,the individual(s), or the personuponbehalfof which t c ividual(s) acted,executedthe instrument. Witnessmy handandofficial seal. (Thisareaforomcialnotarialscal) ' (Seal) Notary Pu h My CommissionExpires: FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 THIS INSTRUMENT PREPARED BY DainaSamuel GMAC Mortgage, LLC 7 CarnegiePlaza Cherry Hill, NJ 08003 MORTGAGE (,l55 Section Titly No. Block County or TownDutchess TO RecordedAt Requestof GMAC Mortgage,LLC RETURN BY MAIL TO: GMAC Mortgage, LLC RecordsManagement 100Witmer Road Horsham, PA19044-0963 RESERVETHIS SPACEFOR USEOFRECORDING OFFICE FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 Account No CONDOMINIUM RIDER THIS CONDOMINIUM RIDER ismade as of August 8. 2007: itis partof and amends and supplenicñts the Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument7 of even date herewith from the undersigned to GMAC Mortgage, LLC f/k/aGMAC Mortgage Corporation ("GMAC"). All terms defined in theSecurity instrument shall have the same meaning when used in thisRider. The Property is a unit ina condemie?um projectknown as (the"Condominium Project"), and includes an elements" undivided interestinthe common areas and facilities or "common of the Condominium Project. ADDITIONAL AGREEMENTS. In addition to the agreements in the Security Instrument, we agree with GMAC as follows: . 1. ASSESSMENTS AND OTHER OBLIGATIONS. We shall promptly pay, when due, allassessments imposed by the owners essociation or other govêrñing body of the CandP22 Project (/he "Owners Association¶. We shall perform allof our other obligations under applicable law and the declaration, by-laws, code of regulations and/or other constituent documents of the Condnminium Project (the "Coud0,u;,à ,m; Documents"L "master" "blanket" 2. HAZARD INSURANCE. So long as theOwners Association maintains a or policy on the Con/nminium Project which provides insurance coverage against hazards included in the term "extended coverage" and such coverage as GMAC may reacnnably request against other hazards, in such amounts and for such periods as GMAC may require: (a) Our obligation under paragraph 5 of the Security Instrument to maintain hazard insurance coverage on the Property isdeemed satisfied,but only tothe extent of thecoverage maintained; and (b) To the extent of any conflict between the provisions inparagraph 5 of the Security Instrument regarding application ofhazard insurance proceeds and any provisions of theCondominium Documents or of applicable law, the provisions of theCondominium Documents and applicable law shall control. Any hazard insurance proceeds payable to us in lieu of restoration or repairof the Property, whether to.the unit orto common clcmcats, arehereby assigned to GMAC and shall be applied as setforth in theSecurity Instrument. ... FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 Forany periodof timeduringwhich the hazard insurance coverage specified by this paragraph 2 is not maintained by the Owners Association, this paragraph 2 shall be deemed to have no forceor effect. We give shall GMAC prompt notice of any hazard insurance lapse in this coverage. 3. CONDEMNATION. Our entire interest in the proceeds of any condemnation ofthe Project is hereby assigned to GMAC. common elements of the Condominium Such proceeds shall be applied as set forth in the Security Instrument. 4. GMAC'S PRIOR CONSENT. Absent GMAC's priorwritten not consent, we shall partition or subdivide the Property or consent to: (a) The abandonment or termination of the Condominium except Project, for abandonment or termi=tion under law substantial destruction by in the case of (i) fire or other casualty or (ii) condemnation; (b) Any amendment to the Cendeinkm Documents including, but not limited to, any ests .t whichwouldchange the percentage interest of the unit owners in the Condominium Project; (c) Anydecision by the Owners Association to terminate professional manage ..c..: and assume self-management of the Condominium Project; or (d) The transfer, release, cacürebrance, partition of all or any part of the or cubdivi:ien Cceder!n!um Project's common elements, except for easementsfor utilities and the like. 5.REMEDIES. WE GRANT AN IRREVOCABLE POWER OF ATTORNEY TO GMAC TO VOTE IN ITSDISCRETION ON ANY MATTER THAT MAY COME BEFORE THE MEMBERS OF THE OWNERS ASSOCIATION. GMAC SHALL HAVE THE RIGHT TO EXERCISE THIS POWER OF ATIORNEY ONLY AFTER A DEFAULT IS DECLARED UNDER THE SECURITY INSTRUMENT OR THIS RIDER. HOWEVER, IT MAY DECLINE TO EXERCISE THIS POWER. In Witness Whereof, we have executed this Cendeminium Rider. MichaelKoran MORTGAGOR MORTGAGOR MORTGAGOR MORTGAGOR MORTGAGOR MORTGAGOR MORTGAGOR