Preview
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF DUTCHESS
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PARK TREE INVESTMENTS 19, LLC INDEX NO.: 2021-54271
SUPPLEMENTAL SUMMONS
Plaintiff (s) ,
-against- Plaintiff designates
DUTCHESS County as the
MICHAEL KORAN A/K/A MICHAEL D. KORAN, if living, and if place of trial
he be dead, any and all persons unknown to plaintiff,
claiming, or who may claim to have an interest in, or
generally or specific lien upon the real property
described in this action; such unknown persons being PremiseS:
herein generally described and intended to be included
in the namely: the
1 C MILLHOLLAND DRIVE
following designation, wife, widow,
husband, widower, heirs-at-law, next of kin, descendants, FISHKILL, NY 12524
executors, administrators, devisees, legatees,
creditors, trustees, committees, lienors, and assignees
of such deceased, any and all persons deriving interest
in or lien upon, or title to said real property by,
through, or under them and their respective wives,
widows, husbands, widowers, heirs-at-law, next of kin,
descendants, executors, administrators, devisees,
legatees, creditors, trustees, committees, lienors, and Venue is based upon
assigns, all of whom and whose names, except as stated, in which
County the
are unknown to plaintiff,
premises are situated
UNIFUND CCR PARTNERS
ST. FRANCIS HOSPITAL
MIDLAND FUNDING LLC A/P/O CITIBANK (SOUTH DAKOTA), N.A.
BOARD OF MANAGERS OF GREEN HILLS AT GLENHAM CONDOMINIUM
NEW YORK STATE DEPARTMENT OF TAXATION AND FINANCE
UNITED STATES OF AMERICA - INTERNAL REVENUE SERVICE
#1" #12,"
"JOHN DOE through "JOHN DOE the
last twelve names being fictitious and
unknown to plaintiff, the persons or
parties intended being the tenants,
occupants, persons or corporations, if
any, having or claiming an interest in or
lien upon the premises, described in the
complaint,
Defendant (s) .
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To the above-named Defendants
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022
NOTICE
YOU ARE IN DANGER OF LOSING YOUR HOME
If you do not respond to this summons and complaint by serving a
copy of the answer on the attorneys for the mortgage company who
filed this foreclosure proceeding against you and filing the
answer with the court, a default judgment may be entered, and you
can lose your home.
Speak to an attorney or go to the court where your case is pending
for further information on how to answer the summons and protect
your property.
Sending a payment to your mortgage company will not stop this
foreclosure action.
YOU MUST RESPOND BY SERVING A COPY OF THE ANSWER ON THE ATTORNEY
FOR THE PLAINTIFF (MORTGAGE COMPANY) AND FILING THE ANSWER WITH
THE COURT.
YOU ARE HEREBY SUMMONED to answer the complaint in this
action and to serve a copy of your answer, or, if the complaint
is not served with this summons, to serve a notice of appearance
on the Plaintiff's Attorney within 20 days after the service of
this summons, exclusive of the day of service (or within 30 days
after the service is complete if this summons is not personally
delivered to you within the State of New York); and in case of
your failure to appear or answer, judgment will be taken against
you by default for the relief demanded in the complaint.
Dated: April 29, 2022
Syosset, New York
ROACH & LIN, P.C.
BY: enni er R. Brennan
Attorneys for Plaintiff
6901 Jericho Turnpike, Suite 240
Syosset, New York 11791
Telephone 516-938-3100
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF DUTCHESS
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PARK TREE INVESTMENTS 19, LLC INDEX NO.: 2021-54271
Plaintiff(s),
-against- AMENDED COMPLAINT FOR
FORECLOSURE OF A
MORTGAGE
MICHAEL KORAN A/K/A MICHAEL D. KORAN, if living, and if
he be dead, any and all persons unknown to plaintiff,
claiming, or who may claim to have an interest in, or
generally or specific lien upon the real property
described in this action; such unknown persons being
herein generally described and intended to be included
in the following designation, namely: the wife, widow,
husband, widower, heirs-at-law, next of kin, descendants,
executors, administrators, devisees, legatees,
creditors, trustees, committees, lienors, and assignees
of such deceased, any and all persons deriving interest
in or lien upon, or title to said real property by,
through, or under them and their respective wives,
widows, husbands, widowers, heirs-at-law, next of kin,
descendants, executors, administrators, devisees,
legatees, creditors, trustees, committees, lienors, and
assigns, all of whom and whose names, except as stated,
are unknown to plaintiff,
UNIFUND CCR PARTNERS
ST. FRANCIS HOSPITAL
MIDLAND FUNDING LLC A/P/O CITIBANK (SOUTH
DAKOTA), N.A.
BOARD OF MANAGERS OF GREEN HILLS AT GLENHAM
CONDOMINIUM
NEW YORK STATE DEPARTMENT OF TAXATION AND
FINANCE
UNITED STATES OF AMERICA - INTERNAL
REVENUE SERVICE
#1" "
"JOHN DOE through "JOHN DOE #12, the
last twelve names being fictitious and
unknown to plaintiff, the persons or
parties intended being the tenants,
occupants, persons or corporations, if
any, having or claiming an interest in or
lien upon the premises, described in the
complaint,
Defendant(s).
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NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022
Plaintiff(s) by its/their attorneys Roach & Lin, P.C., hereby
allege(s) upon information and belief:
1. On or about August 8, 2007, defendant, MICHAEL KORAN,
borrowed the sum of up to $43,000.00 from GMAC MORTGAGE LLC F/K/A
GMAC MORTGAGE CORPORATION, and executed and delivered a certain
note dated the same date. A copy of the Note is annexed hereto
as Exhibit "A".
2. Said note provided, among other things, that in the event
of default by the maker of the note, MICHAEL KORAN, in the payment
of any of the above-described payments, the entire balance
hereunder shall be immediately due and payable.
3. In order to collaterally secure the aforesaid obligation,
defendant, MICHAEL KORAN, on the same day, duly executed,
acknowledged and delivered to the plaintiff or plaintiff's
assignor a mortgage, whereby said defendant mortgaged the
following real property with the appurtenances thereto, described
in the mortgage as follows:
- Description"
See Schedule A "Legal annexed hereto and made
a part hereof. Said premises being known as and by 1 C MILLHOLLAND
DRIVE, FISHKILL, NY 12524.
TOGETHER with all right, title and interest of the defendant
in and to the land lying in the streets and roads in front of and
adjoining said premises.
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4. Said mortgage provided for the following:
a) In case of foreclosure sale said premises or so
much thereof as may be affected by this mortgage,
may be sold in one parcel.
b) That the mortgagor will pay all taxes,
assessments, sewer rents or water rates and in
default thereof, the mortgagee may pay the same.
c) That the whole of said principal sum and interest
shall become due at the option of the mortgagee
after default in the payment of any installment
of principal or of interest.
5. That the said mortgage was duly recorded in Document
# 01 2007 13082 of Mortgages in the Office of the CLERK of the
County of DUTCHESS on September 18, 2007, and the New York State
recording tax was duly paid thereon. A copy of the Mortgage is
annexed hereto as Exhibit "B".
6. The subject mortgage was assigned to THE BANK OF NEW YORK
MELLON TRUST COMPANY, NATIONAL ASSOCIATION, FKA THE BANK OF NEW
YORK TRUST COMPANY N.A. SUCESSOR TO JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, AS TRUSTEE FOR GMAC HOME EQUITY LOAN TRUST 2006-HE1
by assignment of mortgage dated February 10, 2014 and which was
recorded in the Office of the CLERK of the County of DUTCHESS in
Document # 01 2014 1567A on May 28, 2014, which mortgage was
assigned to THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL
ASSOCIATION, FKA THE BANK OF NEW YORK TRUST COMPANY N.A. SUCESSOR
TO JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC., GMACM HOME EQUITY LOAN
TRUST 2006-HE1, by a corrective assignment of mortgage dated
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022
October 21, 2016 and which was recorded in the Office of the CLERK
of the County of DUTCHESS in Document # 01-2017-201A on January
30, 2017, which mortgage was assigned to PARK TREE INVESTMENTS
19, LLC, by assignment of mortgage dated October 21, 2016 and
which was recorded in the Office of the CLERK of the County of
DUTCHESS in Document # 01 2017 204A on January 30, 2017. Plaintiff
has standing to commence the within action by virtue of being the
Transferee of the original Note, heretofore validly transferred
and currently in its possession and is the current holder of both
the Note and the Mortgage it secures. Copies of the Assignments
are annexed hereto as Exhibit "C".
7. Defendant, MICHAEL KORAN A/K/A MICHAEL D. KORAN, is the
owner of the equity of redemption herein foreclosed and is joined
as necessary party defendant to foreclose all his rights, title,
interest and equity of redemption in the mortgaged premises.
8. Plaintiff verily believes that during the pendency of
this action, in order to protect the security of the within
mortgage, it may be compelled to make advances to prior
mortgagees, if any, for installments of principal and interest,
taxes, assessments, water rates, and/or fire insurance premiums
that are or may become due under said prior mortgage or to the
receiver of taxes, or to the fire insurance company, which
advances are to be included in the balance due to plaintiff, plus
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
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interest, as provided for in the within mortgage foreclosed and
deemed further secured thereby
9. MICHAEL KORAN A/K/A MICHAEL D. KORAN has defaulted
under his note for $43,000.00 owing to plaintiff by failing to
make the required payments when due. By virtue thereof, plaintiff
herein elects to accelerate the entire principal balance of
$42,450.69 to be immediately due and payable under the mortgage
herein foreclosed, plus interest and any advances made or to be
made to protect Plaintiffs Mortgage, all to be computed by the
Referee to be appointed for the purpose, together with a
reasonable sum representing legal fees if same is authorized by
the Note or Mortgage to be awarded by the Court.
10. Plaintiff is still the owner and holder of the mortgage
herein foreclosed and of the note secured thereby. At the time
the proceeding was commenced, the plaintiff was the owner and
holder of the subject mortgage and note or has been delegated the
authority to institute a foreclosure action by the owner and
holder of the note. Originals of the subject mortgage and note
are in the plaintiff's possession and control or that of the
custodian.
11. Plaintiff is a Limited Liability Company.
12. That a prior action was commenced for the recovery of
said sum secured said note and mortgage under index no. 2017-
by
51434; however, said action has been discontinued.
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13. That each and all of the defendants herein have or claim
to have some interest in, or lien upon the said mortgaged premises
or some part thereof, which interest or lien, if any, has accrued
subsequently to the lien of the said mortgage, and is subject and
subordinate thereto.
14. That plaintiff shall not be deemed to have waived,
altered, released or changed the election hereinbefore made by
reason of any payment after the date of commencement of this
action.
15. The Plaintiff has complied with all the provisions of
RPAPL 1304.
16. That Plaintiff has complied with all the provisions of
Banking Law 9-x.
17. Defendant NEW YORK STATE DEPARTMENT OF TAXATION AND
FINANCE is named as a necessary party defendant to bar and
foreclose it from all right, title, and interest it has or may
claim to have in the premises being foreclosed by virtue of
possible inheritance taxes due and owing from the defendant; said
taxes are subordinate to the mortgage held by Plaintiff.
Defendant UNITED AMERICA -
18. STATES OF INTERNAL REVENUE
SERVICE is named as a necessary party defendant to bar and
foreclose it from all right, title, and interest it has or may
claim to have in the premises being foreclosed by virtue of
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
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possible inheritance taxes due and owing from the defendant; said
taxes are subordinate to the mortgage held by Plaintiff.
19. That Plaintiff has complied with the provisions of the
COVID-19 Emergency Eviction and Foreclosure Prevention Act. Proof
of mailing of the Hardship Declaration is attached hereto as
Exhibit "D". Upon information and belief, the Hardship Declaration
has not been returned.
20. Plaintiff is the owner and holder of the subject
Mortgage and Note, or has been delegated authority to institute a
Mortgage foreclosure action by the owner and holder of the subject
Mortgage and Note; and has complied with all of the provisions of
section five hundred ninety-five-a of the banking law and rules
and regulations promulgated thereunder, section six-I of six-m of
the banking law, for loan governed by those provisions, and
section thirteen hundred four of this article.
21. Plaintiff has complied with RPAPL 1306 by forwarding the notice
required by RPAPL 1304(1) to the borrower and by electronically filing same
with the Superintendent of New York State Department of Financial Services.
WHEREFORE, the plaintiff demands judgment that the defendant
herein and all persons claiming under them or any or either of
them subsequent to the commencement of this action may be forever
barred and foreclosed of all right, claim, lien and equity of
redemption in the said mortgaged premises; that the said premises
is"
may be decreed to be sold according to law in "as physical
order and condition, subject to any covenants, easements,
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NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022
restrictions and reservations of record; any violations of record;
any state of facts an accurate survey may show; any zoning
regulations or amendments thereto; rights of tenants or persons
in possession of the subject premises; any prior mortgage liens
of record; any prior lien of record; and any advances or arrears
thereunder; any equity of redemption of the UNITED STATES OF
AMERICA to redeem the premises within 120 days from date of sale;
that this Court forthwith appoint a receiver of the rents and
profits of said premises, during the pendency of this action with
the usual powers and duties; that monies arising from the sale
may be brought into court; that plaintiff may be paid the amount
due on said note and Mortgage with interest to the time of such
payment, attorney's fees, as set forth in the Mortgage, the costs
of this action and the expenses of said sale so far as the amount
of such monies properly applicable thereto will pay the same; and
That the plaintiff may have such other and further
relief in the premises as may be deemed just and equitable.
Dated: April 29, 2022
Syosset, New York
ROACH & LIN, P.C.
BY: J nni R. Brennan
Attorneys for Plaintiff
6851 Jericho Turnpike, Suite 185
Syosset, New York 11791
Telephone 516-938-3100
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
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(FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 A INDEX NO. 2021-54271
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021
EXHIBIT A
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NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022
-
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N Y S CE FDOC . NO . 2 RECE IVE D N Y SCE F : 10 / 1 9 / 2 0 2 1
AccoungNo.:
CreditLimit: $41000.00
SECONDARY MORTGAGE LOAN
GMAC Mortgage, LLC f/k/a
GMAC Mortgage Corporation
HOME EQUITY LINE OF CREDIT
AGREEMENT AND DISCLOSURE STATEMENT
1.INTRODUCTION. in this GMAC MortgageHome Equity Line of CreditAgreementandDisclosureStatement,
asamendedand extended,Exhibit A heretoandthe Addendum(this "Agreemem"),"GMAC" refersto GMAC Mortgage,LLC
f/k/a GMAC Mortgage Corporation. "We" "you," your" and "our" refer to the personor personswho
"us", sign this
Agreementasbonower(s).
GMAC will opena Home Equity Line of Credit account(the "Account") for us when we sign this Agreement, A
mortgageor deedof trust (collectively the "Mortgage")alsomustbesignedso thatadvancesundertheAccountwill besecured
by the mortgagedproperty(the "Property") identifiedin the Mortgage. ŠhisAgreementandthe Mortgage,takentogether,are
calledthe"Credit Documents", By signing.we acknowledgethat wehavereadthe Credit Documentsandwe agreeto usethe
Accountonthetermsset forthbelow.
WeacknowledgethatGMAC hasprovideduswith thehomeequitybrochurepublishedby the FederalReserveBoard
anda documententitled"ImportantTermsoiyour Home Equity Lineof Credil Account" (the"ImportantTermsDisclosure"),
Further,weecknowledgethatGMAC hasfulfilled all of its promisessetforth in the ImportantTermsDisclosurewith respectto
providingadditionalinformationuponour request.
After giving noticeof default,GMAC may endourright to advancesunderthe Account,reducetheCreditLimit and/or
demandrepaymentat onceof oil amountsoutstandingunderthe Accountin the circumstancesdescribedin paragraph12(b).
GMAC may alsohalt advancesor reducethe Credit Limit, underthecircumstances
and for the perioddescribedin paragraph
12(c).
2, PROMISE TO PAY. We promiseto pay GMAC all moniesadvancedunderthe Credit Documents,including
GMAC's out-of-pocketcostsshownas Initial Chargeson Exhibit A. This amountat any time is called the "Earning Balance
Outstanding". We alsopromiseto pay GMAC all FINANCE CliARGES underparagraph6 and all feesand chargesunder
paragraph7 ("Special Charges"). This total of accruedFinanceChargesand SpecialChargesat any time is called the
"Non-EarningBalanceOutstanding".Thesumof the EarningBalanceOutstandingandthe Non-EamingBolanceOutstanding
is calledthe"Total BalanceOutstanding".
3. OUR INDIVIDUAL LIABILITY, GMAC may enforceits rightsunderthis Agreementagainstany oneof usor
againstall of us.
4. USING 'INE ACCOUNT. The termof this Accountwill consistof a "Borrowing Perio#' anda "Repayment
Period". During the "Borrowing Period", we may borrow any amounts,up to the Credit I.imit shownon the first pageof this
Agreement The "Borrowing Period" beginson the"Triper
Date" andendson the 10*
anniversaryof the"AgreementData".
The"RepaymentPeriod"beginson the day aller the 10 anniversaryof the"AgreementDate" andwill continueuntil the 1
Date"
onniversaryof the "AgreementDate". The "Agreement
is datebelowour signatureson this Agreementor thedatethe
Mortgagewasnotarized.whicheveris later. The"Trigger Date" is thelirst dayafterourright to cancelthe Accountexpires.
During the Donowing Periodwe may obtaincashadvancesandgoodsby presentingHome Equity checks("Checks")
issuedto us by a bankor banksselectedby GMAC (the"Check Dank(s)"). Eachirtitial andsubsequent
Checkmustbe written
for at leastS250exceptfor the residentsof Alabamaand Mississippi.wherethe initial Check must be at least$2000.For
residentsof KentuckythaInitial Checkmustbeat leastS15,100.TheCheckBankwill notcashChecksfor us.
Also, OMAC rnaywith its prior approvalallow usto obtainfrom theCheckBankandif the servicesand/orprograrns
oreevailable: (a) wire transfersl(b) cashier'schecksand/or(c) a creditcardfor theAccountwhich will allow you to obtain:
(i)
cashadvancesand (ii) goodsand/orservices("Purchases")from participatingmerchantsandATMS to the extentpermitted
by
law.
We may notborrowfrom theAccountduring theRepaymentPeriod.
GMAC is not responsibleif anyonerefusesto accepta Check,wire transfer,cashier'scheckand/orcredit card from
your Account.
SidDraw/Repay
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I NDEX NO . 2 O2 1 -54271
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5. NATURE OF THE ACCOUNT.
(a)AVAILABLE CREDIT DURING THE BORROWING PERIOD. During the Borrowing Periodthe Account
is a revolvingcreditline. Themaximumamountof creditavailableto us("Available Credit") is theCreditLimit lessthesumof
the amountof all unpaidadvancesunderthe Credit Documentsand other unpaid feesandcharges. Any paymentwhich Is
appliedagainstthe EarningBalanceOutstandingincreasesAvailableCredit 15 calendardaysaRerthe paymentis received.
Thereis noAvailableCreditavailableto us during theRepaymentPeriod.
(b) ADVANCES. The CheckBank will notify GMAC dally of any Checks,wire transfers,cashier'schecks,cash
it haspaidandGMAC will promptlypay theCheckBankon our behalffor any ofyour Checks,wire
advancesand/orPurchases
that it haspaid. However,GMAC may electeitherto honoror to
transfers,cashier'schecks,cashadvancesand/orPurchases
refuseto honor (i) any Check,wire transferor cashier'scheckwhich is lessthan $250, is postdated,impropertycompleted,
presentedto theCheckBankmorethansix monthsaftertheCheck,wire transferor cashier'scheckis dated,or (ii) any Check,
wire transfer,cashier'scheck,cashadvanceand/orPurchasefor anamountwhich exceedsour AvailableCreditat the time the
Check, wire transfer,cashler'scheck, cashadvanceand/orPurchaseis presentedto the CheckBank (iii) any Check, wire
transfer,cashier'scheck,cashadvanceand/orPurchaseif an Eventof Defaultasdefinedin Section12hasoccurred,(iv) any
Check, wire transfer,cashier'scheckor cashadvanceintendedto be usedin paymentof all or part of the amountwe owe
cashier'
s check,cashadvanceand/orPurchasewhich is datedafterthe
GMAC on the Account,or (v) any Check,wire transfer,
Periodends.
Borrowing
6. FINANCE CHARGES.
(a) DAl LY RATE. At the end of each day, GMAC will multiply the Earning BalanceOutstanding(to get the
EarningBalanceOutstanding,GMAC takesthe beginningbalanceof theaccounteachday (which Includesany Initial Charges
60 daysafterthe Trigger Date,moniespreviouslyadvancedfor Checks,wire transfers,cashiefs checks,cashadvancesand/or
Purchases)and addsall moniesadvancedon that day for Checks,wire transfers,cashicr's checks,cash advancesand/or
Purchasesthen GMAC subtractsany paymentsor credits postedas of that day; this gives OMAC the EatningsBalance
Outstanding)by a Daily Rateequalto the ANNUAL PERCENTAGERATE for that day divided by 365 (366 daysin a leap
sumof thesedaily FINANCE CHARGESduring a monthly
year). The result is the FINANCE CHARGE for that day. he
billing cycleis theFINANCECHARGE for thebilling cycle.
The ANNUAL PERCENTAGERATE is basedon the value of an index plus a margin and is calculateddaily
accordingto themethodsetforth in theAddendum,The ANNUAL PERCENTAGERATE is a simpleinterestrate. The index
is thePrimeRateasdefinedin paragraph6(c).
In addition, recent Daily PeriodicRatesand correspondingANNUAL PERCENTAGERATES are shownon the
Addendum.
(b) MAX)MUM ANNUAL PERCENTAGE RATE. Norwithstandinaany lanauanein thh Aareementto the
contrary.theANNUAL PERCElffAGE RATE will neverexceedtheMaximumAnnualRateshownon theAddendum.
(c) PRIME RATE. The PrimeRatefor any date(the"Rate Date") is the "prime rate" (or highpointof any rangeof
"prime rates")establishedfor the RateDateby the financialinstitutionssurveyedhy he
Wall StreetJoumalin publishingits
Rates"(or
"Money anyreplacement)Table. The PrimeRatefor theRateDatewill appearin TheWall SaeetJournalon its first
publicationdateaAct theRateDate. If for ony reasonno suchinformationis publishedin The Wall SaeetJoumalfor the four
consecutivedays immediatelyaGerthe Rate Date,and if the New York Times is then publishinga similar table that only
includesthe"prime rates"of financialinstitutionssurveyedby ne
Wall StreetJournalimmediatelyprior to suchtime, GMAC
will usethe appropriateNew York Timestableuntil The Wall StreetJournalresumespublishingthe necessaryinformation. If
neithernewspaperpublishessuchinformationfor the four consecutivedaysimmediatelyaAertheRateDate,GMAC will select
a substituteindexthatproducesasimilar rate,thatis publicly availableandthat is beyondGMAC's control. We understandthat
abank's"prime rate" isjust a pricing indexandis not necessarilythelowestratechargedby abank.
(d) VARIABLE RATE. Increasesor decreasesin the ANNUAL PERCENTAGERATE and the Daily Ratetake
e
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FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF DUTCHESS - - - - - - - - - - - - - - - - - - - - - x PARK TREE INVESTMENTS 19, LLC INDEX NO.: 2021-54271 SUPPLEMENTAL SUMMONS Plaintiff (s) , -against- Plaintiff designates DUTCHESS County as the MICHAEL KORAN A/K/A MICHAEL D. KORAN, if living, and if place of trial he be dead, any and all persons unknown to plaintiff, claiming, or who may claim to have an interest in, or generally or specific lien upon the real property described in this action; such unknown persons being PremiseS: herein generally described and intended to be included in the namely: the 1 C MILLHOLLAND DRIVE following designation, wife, widow, husband, widower, heirs-at-law, next of kin, descendants, FISHKILL, NY 12524 executors, administrators, devisees, legatees, creditors, trustees, committees, lienors, and assignees of such deceased, any and all persons deriving interest in or lien upon, or title to said real property by, through, or under them and their respective wives, widows, husbands, widowers, heirs-at-law, next of kin, descendants, executors, administrators, devisees, legatees, creditors, trustees, committees, lienors, and Venue is based upon assigns, all of whom and whose names, except as stated, in which County the are unknown to plaintiff, premises are situated UNIFUND CCR PARTNERS ST. FRANCIS HOSPITAL MIDLAND FUNDING LLC A/P/O CITIBANK (SOUTH DAKOTA), N.A. BOARD OF MANAGERS OF GREEN HILLS AT GLENHAM CONDOMINIUM NEW YORK STATE DEPARTMENT OF TAXATION AND FINANCE UNITED STATES OF AMERICA - INTERNAL REVENUE SERVICE #1" #12," "JOHN DOE through "JOHN DOE the last twelve names being fictitious and unknown to plaintiff, the persons or parties intended being the tenants, occupants, persons or corporations, if any, having or claiming an interest in or lien upon the premises, described in the complaint, Defendant (s) . - - - - - - - - - - - - - - - - - - - - - x To the above-named Defendants FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 NOTICE YOU ARE IN DANGER OF LOSING YOUR HOME If you do not respond to this summons and complaint by serving a copy of the answer on the attorneys for the mortgage company who filed this foreclosure proceeding against you and filing the answer with the court, a default judgment may be entered, and you can lose your home. Speak to an attorney or go to the court where your case is pending for further information on how to answer the summons and protect your property. Sending a payment to your mortgage company will not stop this foreclosure action. YOU MUST RESPOND BY SERVING A COPY OF THE ANSWER ON THE ATTORNEY FOR THE PLAINTIFF (MORTGAGE COMPANY) AND FILING THE ANSWER WITH THE COURT. YOU ARE HEREBY SUMMONED to answer the complaint in this action and to serve a copy of your answer, or, if the complaint is not served with this summons, to serve a notice of appearance on the Plaintiff's Attorney within 20 days after the service of this summons, exclusive of the day of service (or within 30 days after the service is complete if this summons is not personally delivered to you within the State of New York); and in case of your failure to appear or answer, judgment will be taken against you by default for the relief demanded in the complaint. Dated: April 29, 2022 Syosset, New York ROACH & LIN, P.C. BY: enni er R. Brennan Attorneys for Plaintiff 6901 Jericho Turnpike, Suite 240 Syosset, New York 11791 Telephone 516-938-3100 FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF DUTCHESS - - - - - - - - - - - - - - - - - - - - - x PARK TREE INVESTMENTS 19, LLC INDEX NO.: 2021-54271 Plaintiff(s), -against- AMENDED COMPLAINT FOR FORECLOSURE OF A MORTGAGE MICHAEL KORAN A/K/A MICHAEL D. KORAN, if living, and if he be dead, any and all persons unknown to plaintiff, claiming, or who may claim to have an interest in, or generally or specific lien upon the real property described in this action; such unknown persons being herein generally described and intended to be included in the following designation, namely: the wife, widow, husband, widower, heirs-at-law, next of kin, descendants, executors, administrators, devisees, legatees, creditors, trustees, committees, lienors, and assignees of such deceased, any and all persons deriving interest in or lien upon, or title to said real property by, through, or under them and their respective wives, widows, husbands, widowers, heirs-at-law, next of kin, descendants, executors, administrators, devisees, legatees, creditors, trustees, committees, lienors, and assigns, all of whom and whose names, except as stated, are unknown to plaintiff, UNIFUND CCR PARTNERS ST. FRANCIS HOSPITAL MIDLAND FUNDING LLC A/P/O CITIBANK (SOUTH DAKOTA), N.A. BOARD OF MANAGERS OF GREEN HILLS AT GLENHAM CONDOMINIUM NEW YORK STATE DEPARTMENT OF TAXATION AND FINANCE UNITED STATES OF AMERICA - INTERNAL REVENUE SERVICE #1" " "JOHN DOE through "JOHN DOE #12, the last twelve names being fictitious and unknown to plaintiff, the persons or parties intended being the tenants, occupants, persons or corporations, if any, having or claiming an interest in or lien upon the premises, described in the complaint, Defendant(s). FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 Plaintiff(s) by its/their attorneys Roach & Lin, P.C., hereby allege(s) upon information and belief: 1. On or about August 8, 2007, defendant, MICHAEL KORAN, borrowed the sum of up to $43,000.00 from GMAC MORTGAGE LLC F/K/A GMAC MORTGAGE CORPORATION, and executed and delivered a certain note dated the same date. A copy of the Note is annexed hereto as Exhibit "A". 2. Said note provided, among other things, that in the event of default by the maker of the note, MICHAEL KORAN, in the payment of any of the above-described payments, the entire balance hereunder shall be immediately due and payable. 3. In order to collaterally secure the aforesaid obligation, defendant, MICHAEL KORAN, on the same day, duly executed, acknowledged and delivered to the plaintiff or plaintiff's assignor a mortgage, whereby said defendant mortgaged the following real property with the appurtenances thereto, described in the mortgage as follows: - Description" See Schedule A "Legal annexed hereto and made a part hereof. Said premises being known as and by 1 C MILLHOLLAND DRIVE, FISHKILL, NY 12524. TOGETHER with all right, title and interest of the defendant in and to the land lying in the streets and roads in front of and adjoining said premises. FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 4. Said mortgage provided for the following: a) In case of foreclosure sale said premises or so much thereof as may be affected by this mortgage, may be sold in one parcel. b) That the mortgagor will pay all taxes, assessments, sewer rents or water rates and in default thereof, the mortgagee may pay the same. c) That the whole of said principal sum and interest shall become due at the option of the mortgagee after default in the payment of any installment of principal or of interest. 5. That the said mortgage was duly recorded in Document # 01 2007 13082 of Mortgages in the Office of the CLERK of the County of DUTCHESS on September 18, 2007, and the New York State recording tax was duly paid thereon. A copy of the Mortgage is annexed hereto as Exhibit "B". 6. The subject mortgage was assigned to THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, FKA THE BANK OF NEW YORK TRUST COMPANY N.A. SUCESSOR TO JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR GMAC HOME EQUITY LOAN TRUST 2006-HE1 by assignment of mortgage dated February 10, 2014 and which was recorded in the Office of the CLERK of the County of DUTCHESS in Document # 01 2014 1567A on May 28, 2014, which mortgage was assigned to THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, FKA THE BANK OF NEW YORK TRUST COMPANY N.A. SUCESSOR TO JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC., GMACM HOME EQUITY LOAN TRUST 2006-HE1, by a corrective assignment of mortgage dated FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 October 21, 2016 and which was recorded in the Office of the CLERK of the County of DUTCHESS in Document # 01-2017-201A on January 30, 2017, which mortgage was assigned to PARK TREE INVESTMENTS 19, LLC, by assignment of mortgage dated October 21, 2016 and which was recorded in the Office of the CLERK of the County of DUTCHESS in Document # 01 2017 204A on January 30, 2017. Plaintiff has standing to commence the within action by virtue of being the Transferee of the original Note, heretofore validly transferred and currently in its possession and is the current holder of both the Note and the Mortgage it secures. Copies of the Assignments are annexed hereto as Exhibit "C". 7. Defendant, MICHAEL KORAN A/K/A MICHAEL D. KORAN, is the owner of the equity of redemption herein foreclosed and is joined as necessary party defendant to foreclose all his rights, title, interest and equity of redemption in the mortgaged premises. 8. Plaintiff verily believes that during the pendency of this action, in order to protect the security of the within mortgage, it may be compelled to make advances to prior mortgagees, if any, for installments of principal and interest, taxes, assessments, water rates, and/or fire insurance premiums that are or may become due under said prior mortgage or to the receiver of taxes, or to the fire insurance company, which advances are to be included in the balance due to plaintiff, plus FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 interest, as provided for in the within mortgage foreclosed and deemed further secured thereby 9. MICHAEL KORAN A/K/A MICHAEL D. KORAN has defaulted under his note for $43,000.00 owing to plaintiff by failing to make the required payments when due. By virtue thereof, plaintiff herein elects to accelerate the entire principal balance of $42,450.69 to be immediately due and payable under the mortgage herein foreclosed, plus interest and any advances made or to be made to protect Plaintiffs Mortgage, all to be computed by the Referee to be appointed for the purpose, together with a reasonable sum representing legal fees if same is authorized by the Note or Mortgage to be awarded by the Court. 10. Plaintiff is still the owner and holder of the mortgage herein foreclosed and of the note secured thereby. At the time the proceeding was commenced, the plaintiff was the owner and holder of the subject mortgage and note or has been delegated the authority to institute a foreclosure action by the owner and holder of the note. Originals of the subject mortgage and note are in the plaintiff's possession and control or that of the custodian. 11. Plaintiff is a Limited Liability Company. 12. That a prior action was commenced for the recovery of said sum secured said note and mortgage under index no. 2017- by 51434; however, said action has been discontinued. FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 13. That each and all of the defendants herein have or claim to have some interest in, or lien upon the said mortgaged premises or some part thereof, which interest or lien, if any, has accrued subsequently to the lien of the said mortgage, and is subject and subordinate thereto. 14. That plaintiff shall not be deemed to have waived, altered, released or changed the election hereinbefore made by reason of any payment after the date of commencement of this action. 15. The Plaintiff has complied with all the provisions of RPAPL 1304. 16. That Plaintiff has complied with all the provisions of Banking Law 9-x. 17. Defendant NEW YORK STATE DEPARTMENT OF TAXATION AND FINANCE is named as a necessary party defendant to bar and foreclose it from all right, title, and interest it has or may claim to have in the premises being foreclosed by virtue of possible inheritance taxes due and owing from the defendant; said taxes are subordinate to the mortgage held by Plaintiff. Defendant UNITED AMERICA - 18. STATES OF INTERNAL REVENUE SERVICE is named as a necessary party defendant to bar and foreclose it from all right, title, and interest it has or may claim to have in the premises being foreclosed by virtue of FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 possible inheritance taxes due and owing from the defendant; said taxes are subordinate to the mortgage held by Plaintiff. 19. That Plaintiff has complied with the provisions of the COVID-19 Emergency Eviction and Foreclosure Prevention Act. Proof of mailing of the Hardship Declaration is attached hereto as Exhibit "D". Upon information and belief, the Hardship Declaration has not been returned. 20. Plaintiff is the owner and holder of the subject Mortgage and Note, or has been delegated authority to institute a Mortgage foreclosure action by the owner and holder of the subject Mortgage and Note; and has complied with all of the provisions of section five hundred ninety-five-a of the banking law and rules and regulations promulgated thereunder, section six-I of six-m of the banking law, for loan governed by those provisions, and section thirteen hundred four of this article. 21. Plaintiff has complied with RPAPL 1306 by forwarding the notice required by RPAPL 1304(1) to the borrower and by electronically filing same with the Superintendent of New York State Department of Financial Services. WHEREFORE, the plaintiff demands judgment that the defendant herein and all persons claiming under them or any or either of them subsequent to the commencement of this action may be forever barred and foreclosed of all right, claim, lien and equity of redemption in the said mortgaged premises; that the said premises is" may be decreed to be sold according to law in "as physical order and condition, subject to any covenants, easements, FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 restrictions and reservations of record; any violations of record; any state of facts an accurate survey may show; any zoning regulations or amendments thereto; rights of tenants or persons in possession of the subject premises; any prior mortgage liens of record; any prior lien of record; and any advances or arrears thereunder; any equity of redemption of the UNITED STATES OF AMERICA to redeem the premises within 120 days from date of sale; that this Court forthwith appoint a receiver of the rents and profits of said premises, during the pendency of this action with the usual powers and duties; that monies arising from the sale may be brought into court; that plaintiff may be paid the amount due on said note and Mortgage with interest to the time of such payment, attorney's fees, as set forth in the Mortgage, the costs of this action and the expenses of said sale so far as the amount of such monies properly applicable thereto will pay the same; and That the plaintiff may have such other and further relief in the premises as may be deemed just and equitable. Dated: April 29, 2022 Syosset, New York ROACH & LIN, P.C. BY: J nni R. Brennan Attorneys for Plaintiff 6851 Jericho Turnpike, Suite 185 Syosset, New York 11791 Telephone 516-938-3100 FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 (FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 A INDEX NO. 2021-54271 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 EXHIBIT A FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 - FILED : DUTCHE S S COUNTY CLERK 10/19/2021 10:55 AM IN DEX NO . 2 O2 1 54271 N Y S CE FDOC . NO . 2 RECE IVE D N Y SCE F : 10 / 1 9 / 2 0 2 1 AccoungNo.: CreditLimit: $41000.00 SECONDARY MORTGAGE LOAN GMAC Mortgage, LLC f/k/a GMAC Mortgage Corporation HOME EQUITY LINE OF CREDIT AGREEMENT AND DISCLOSURE STATEMENT 1.INTRODUCTION. in this GMAC MortgageHome Equity Line of CreditAgreementandDisclosureStatement, asamendedand extended,Exhibit A heretoandthe Addendum(this "Agreemem"),"GMAC" refersto GMAC Mortgage,LLC f/k/a GMAC Mortgage Corporation. "We" "you," your" and "our" refer to the personor personswho "us", sign this Agreementasbonower(s). GMAC will opena Home Equity Line of Credit account(the "Account") for us when we sign this Agreement, A mortgageor deedof trust (collectively the "Mortgage")alsomustbesignedso thatadvancesundertheAccountwill besecured by the mortgagedproperty(the "Property") identifiedin the Mortgage. ŠhisAgreementandthe Mortgage,takentogether,are calledthe"Credit Documents", By signing.we acknowledgethat wehavereadthe Credit Documentsandwe agreeto usethe Accountonthetermsset forthbelow. WeacknowledgethatGMAC hasprovideduswith thehomeequitybrochurepublishedby the FederalReserveBoard anda documententitled"ImportantTermsoiyour Home Equity Lineof Credil Account" (the"ImportantTermsDisclosure"), Further,weecknowledgethatGMAC hasfulfilled all of its promisessetforth in the ImportantTermsDisclosurewith respectto providingadditionalinformationuponour request. After giving noticeof default,GMAC may endourright to advancesunderthe Account,reducetheCreditLimit and/or demandrepaymentat onceof oil amountsoutstandingunderthe Accountin the circumstancesdescribedin paragraph12(b). GMAC may alsohalt advancesor reducethe Credit Limit, underthecircumstances and for the perioddescribedin paragraph 12(c). 2, PROMISE TO PAY. We promiseto pay GMAC all moniesadvancedunderthe Credit Documents,including GMAC's out-of-pocketcostsshownas Initial Chargeson Exhibit A. This amountat any time is called the "Earning Balance Outstanding". We alsopromiseto pay GMAC all FINANCE CliARGES underparagraph6 and all feesand chargesunder paragraph7 ("Special Charges"). This total of accruedFinanceChargesand SpecialChargesat any time is called the "Non-EarningBalanceOutstanding".Thesumof the EarningBalanceOutstandingandthe Non-EamingBolanceOutstanding is calledthe"Total BalanceOutstanding". 3. OUR INDIVIDUAL LIABILITY, GMAC may enforceits rightsunderthis Agreementagainstany oneof usor againstall of us. 4. USING 'INE ACCOUNT. The termof this Accountwill consistof a "Borrowing Perio#' anda "Repayment Period". During the "Borrowing Period", we may borrow any amounts,up to the Credit I.imit shownon the first pageof this Agreement The "Borrowing Period" beginson the"Triper Date" andendson the 10* anniversaryof the"AgreementData". The"RepaymentPeriod"beginson the day aller the 10 anniversaryof the"AgreementDate" andwill continueuntil the 1 Date" onniversaryof the "AgreementDate". The "Agreement is datebelowour signatureson this Agreementor thedatethe Mortgagewasnotarized.whicheveris later. The"Trigger Date" is thelirst dayafterourright to cancelthe Accountexpires. During the Donowing Periodwe may obtaincashadvancesandgoodsby presentingHome Equity checks("Checks") issuedto us by a bankor banksselectedby GMAC (the"Check Dank(s)"). Eachirtitial andsubsequent Checkmustbe written for at leastS250exceptfor the residentsof Alabamaand Mississippi.wherethe initial Check must be at least$2000.For residentsof KentuckythaInitial Checkmustbeat leastS15,100.TheCheckBankwill notcashChecksfor us. Also, OMAC rnaywith its prior approvalallow usto obtainfrom theCheckBankandif the servicesand/orprograrns oreevailable: (a) wire transfersl(b) cashier'schecksand/or(c) a creditcardfor theAccountwhich will allow you to obtain: (i) cashadvancesand (ii) goodsand/orservices("Purchases")from participatingmerchantsandATMS to the extentpermitted by law. We may notborrowfrom theAccountduring theRepaymentPeriod. GMAC is not responsibleif anyonerefusesto accepta Check,wire transfer,cashier'scheckand/orcredit card from your Account. SidDraw/Repay FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 05/04/2022 I NDEX NO . 2 O2 1 -54271 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021 5. NATURE OF THE ACCOUNT. (a)AVAILABLE CREDIT DURING THE BORROWING PERIOD. During the Borrowing Periodthe Account is a revolvingcreditline. Themaximumamountof creditavailableto us("Available Credit") is theCreditLimit lessthesumof the amountof all unpaidadvancesunderthe Credit Documentsand other unpaid feesandcharges. Any paymentwhich Is appliedagainstthe EarningBalanceOutstandingincreasesAvailableCredit 15 calendardaysaRerthe paymentis received. Thereis noAvailableCreditavailableto us during theRepaymentPeriod. (b) ADVANCES. The CheckBank will notify GMAC dally of any Checks,wire transfers,cashier'schecks,cash it haspaidandGMAC will promptlypay theCheckBankon our behalffor any ofyour Checks,wire advancesand/orPurchases that it haspaid. However,GMAC may electeitherto honoror to transfers,cashier'schecks,cashadvancesand/orPurchases refuseto honor (i) any Check,wire transferor cashier'scheckwhich is lessthan $250, is postdated,impropertycompleted, presentedto theCheckBankmorethansix monthsaftertheCheck,wire transferor cashier'scheckis dated,or (ii) any Check, wire transfer,cashier'scheck,cashadvanceand/orPurchasefor anamountwhich exceedsour AvailableCreditat the time the Check, wire transfer,cashler'scheck, cashadvanceand/orPurchaseis presentedto the CheckBank (iii) any Check, wire transfer,cashier'scheck,cashadvanceand/orPurchaseif an Eventof Defaultasdefinedin Section12hasoccurred,(iv) any Check, wire transfer,cashier'scheckor cashadvanceintendedto be usedin paymentof all or part of the amountwe owe cashier' s check,cashadvanceand/orPurchasewhich is datedafterthe GMAC on the Account,or (v) any Check,wire transfer, Periodends. Borrowing 6. FINANCE CHARGES. (a) DAl LY RATE. At the end of each day, GMAC will multiply the Earning BalanceOutstanding(to get the EarningBalanceOutstanding,GMAC takesthe beginningbalanceof theaccounteachday (which Includesany Initial Charges 60 daysafterthe Trigger Date,moniespreviouslyadvancedfor Checks,wire transfers,cashiefs checks,cashadvancesand/or Purchases)and addsall moniesadvancedon that day for Checks,wire transfers,cashicr's checks,cash advancesand/or Purchasesthen GMAC subtractsany paymentsor credits postedas of that day; this gives OMAC the EatningsBalance Outstanding)by a Daily Rateequalto the ANNUAL PERCENTAGERATE for that day divided by 365 (366 daysin a leap sumof thesedaily FINANCE CHARGESduring a monthly year). The result is the FINANCE CHARGE for that day. he billing cycleis theFINANCECHARGE for thebilling cycle. The ANNUAL PERCENTAGERATE is basedon the value of an index plus a margin and is calculateddaily accordingto themethodsetforth in theAddendum,The ANNUAL PERCENTAGERATE is a simpleinterestrate. The index is thePrimeRateasdefinedin paragraph6(c). In addition, recent Daily PeriodicRatesand correspondingANNUAL PERCENTAGERATES are shownon the Addendum. (b) MAX)MUM ANNUAL PERCENTAGE RATE. Norwithstandinaany lanauanein thh Aareementto the contrary.theANNUAL PERCElffAGE RATE will neverexceedtheMaximumAnnualRateshownon theAddendum. (c) PRIME RATE. The PrimeRatefor any date(the"Rate Date") is the "prime rate" (or highpointof any rangeof "prime rates")establishedfor the RateDateby the financialinstitutionssurveyedhy he Wall StreetJoumalin publishingits Rates"(or "Money anyreplacement)Table. The PrimeRatefor theRateDatewill appearin TheWall SaeetJournalon its first publicationdateaAct theRateDate. If for ony reasonno suchinformationis publishedin The Wall SaeetJoumalfor the four consecutivedays immediatelyaGerthe Rate Date,and if the New York Times is then publishinga similar table that only includesthe"prime rates"of financialinstitutionssurveyedby ne Wall StreetJournalimmediatelyprior to suchtime, GMAC will usethe appropriateNew York Timestableuntil The Wall StreetJournalresumespublishingthe necessaryinformation. If neithernewspaperpublishessuchinformationfor the four consecutivedaysimmediatelyaAertheRateDate,GMAC will select a substituteindexthatproducesasimilar rate,thatis publicly availableandthat is beyondGMAC's control. We understandthat abank's"prime rate" isjust a pricing indexandis not necessarilythelowestratechargedby abank. (d) VARIABLE RATE. Increasesor decreasesin the ANNUAL PERCENTAGERATE and the Daily Ratetake e