Preview
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NYSCEF DOC. NO. 26 RECEIVED NYSCEF:
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NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021
DUTCHESS COUNTY CLERK RECORDING PAGE
RECORDURETURNTO:
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
1-5 FAMILY TAX: 107.50
TOTAL TAX: 421.50
SERIAL NUMBER: CY007556
AFFIDAVIT: N
COUNTY CLERK BY: RLP /
RECEIPT NO: R62620
BATCH RECORD: C00009
FORDKENDALL
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st/
.
AccountNo. pNMW y75
BranchNo.: 492
LoanProduct:100%CLTV Credit Only Piggyback
Lor:, Block:
, Section:
MIN
CREDIT LINE MORTGAGE
THIS MORTGAGE SECURESFUTURE ADVANCES
THIS MORTCAGE, "Mortgage") is signedto secureadvancesundera GMAC
as amendedand extended(thir
Mortgage,LLC f/lda GMAC MongageCorporationHome Equity Line of CreditAgreement(the"Agreement
); it is dated
asof AnnusiR.2007.andis madeby MichaelKoranwho reside(s)at l Millholland Drive C , Pishkill,New York 12524,as
andthe MortgageElectronicRegistrationSystems,Inc., lil
mortgagpr(s),in favorof IferfrxJ, Flint, MI
48501-2026
("MERS") actingsolely asnomineefor GMAC andGMAC s su cessorsandassignsunderthis Mongage,asmortgagee.
Throughoutthis Mortgage,"we", "us" and "our" refer to mortgagor(s)."GMAC" refersto GMAC Mortgage, LLC
Elk/aGMAC MortgageCorporationor its assigns. The "Account" refers lo the Home Equity Line of Credit account
establishedby GMAC undertheAgreement."Borrower"refersro eachpersonwhosignstheAgreementas borrower. The
andthis Mortgage,takenlogelher,arecalledthe"Credii Documents.""Signer" refersto any person(olherthan
Agreemeng
GMA C) who hassigneda CreditDocument.
DESCRIPTION OF SECURITY
By signingthis Mortgage,we mortgage,grantandconveyto MERS actingsolely asa nomincefor GMAC, subjectto
thetermsof1his Mortgage,(a) therealestatelocatedat I Millholland Drive C , Fishkill, Countyof Dutchess,StateofNew
York 12524,more fully describedin ScheduleA; (b) all buildingsandotherslructureson Iheproperty:(c) all rightswe may
havein anyroad,alley, easementor licenseregardingthe propertyor in any Inineral,oil, gasor waterwhich is part of the
property;(d) all rentsandroyaltiesfromtheproperty:(e) all proceedsof any insuranceon the propertyandall refundsof
premiumson such insurance;(1) all proceedsof any usking(or threatenedtaking) of the propertyby any governmental
outhority("condenmation");and(g) all Fixturesonthe propertyat any time (collectively,the "Property"LThis propertyis or
will beimprovedby a oneor two family houseor dwellingonly.
l e Propertyincludesall rightsandinterestswhich we nowhaveor which we may ocquirein the future. For example,
if the securitymortgagedunderthis Mortgageis a leaseholdesta1cand wesubsequentlyacquirefeetitle to the Property,the
rightsandinteresisgrantedto MERS actingsolely asa nomineefor GMAC by this Mortgagewill includethe reetitle that
we acquire. 'I
is Mortgageis alsoa SecurityAgreernenIunderthe New York Uniform CommercialCodeand we hereby
grantMERS octingsolely as a nomineefor GMAC a securityinterestin the personalpropertydescribedin (d) through(f)
above.
SECURED OHLIGATIONS
THIS MORTGAGE IS A CREDIT LINE MORTGAGE AS DEFIN@:DIN SECTloN 28I OF THE NEW YORK
REAL PROPERTY LAW, IT SECURESFUTURE ADVANCES MADE UNDER AN AGREEMENT WHICH
REFLECTSTllE FACT THAT GMAC AND BORROWER(S)REASONABLY CONTEMPLATEENTERINGINTO A
SERIESOF ADVANCES(OR ADVANCES,PAYMENTSAND READVANCES)UNDERTH.EAGREEMENT.
We havesignedthis Mortgageto securepaymentto GMAC of up to S43,000.00,plus FINANCE CHARGES(the
"TotalBalanceOutstanding"1.By signingthis Mortgagewe havealsogivento GMAC the rightsstatedin this document
and in addition, any rights that the law gives to lenderswho hold mongagesun real property in New York, including
without limitation, the rights providedunderSections254, 271 and 272 of the New York Real PropertyLaw.
We give
theserightsto GMAC to: prolectit frompossiblelossesthatmight resultifwe fail to payall amountsthatwe oweGMAC
asstatedin the Agreement;to pay with financechargesat the rateset forth in the Agreememor if not permittedat the
Agreementratethe highestpermittedby law any amountsthat GMAC spendsunderthe Agreementond thB Mortgage
includingSections3, d and6 of this Mortppe; to protectthevalueorcheproperty andGMAC'srightsin thepropertyandto
keepall ofour otherpromisesandagreements
underthisMortgageandthe Agreement.
PRIORITY OF ADVANCES
The lien of this Mongogewill attachon thedatethis Mortgageis recordedand will not be impairedby virtue of our
repaymentin full of gheTotal BalanceOutstandingat any lime prior to terminationof theAgreement,
GMAC-NY
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United General Title Insurance Company -
TITLE NO. l .
SCHEDULE A4 (Description)
The Unitknown as Unit No.10 1 on
in Building Route 52 Inthe Town ofFishkill,
County ofDutchess and State of
New York. as the same is designated and described inthe Declaration establishing a plan for condomInlum
ownership of the buildingand the land on which It15 erected(herelnaftercalled the made
"Property''), by the
Grantor under the Condominium Act ofthe State of New York (Article
98 ofthe Real Property Law of the State
of New York). dated February 13. 1976, and filedIn the County Clerk'sOffice of Dutchess County InClerk's
Minutes File No. 19761S 15 (here)naftercalledthe "Declaration").which Unit laalso designated as Grid No.
6155-39-264669 In the Assessor's officeof the Town of and
Fishkill, as Unit No. 1C .on the Floor Plans of the
Bufiding. certified by Glemondi & Amold, Architects, on the 30th day of December, 1974, and filed
simultaneousty with saidDeclaration in theOfficeof theCounty Clerkof Dutchess County in saidClerk's
Minutes.
THE land described Inthe aforesald Declaration and thelocation ofthe building Inwhich the afbresaid unitis
located are shown on a certainmap endtled 'Suntey of Property Prepared IbrGreen HillsofGlenham (formerly
Glenham Green) Town of Rshkill, Dutchess County, N.Y.", dated September 6, 1974. made by Marano,
Johrison and Quinn and in
flied the Dutchess County Oet10s OfBee on 20, 1976 as No.4819 and
February Map
designated thereinas Percel I, PhaseI.
TOGETHER with an undivided.01010 percent interestin thecommon elements of theProperty described
in soldDeclaration called
(hereinafter the "common interest").
.
ly y/
,
dwelling or,gy
THE POL)CY TO BE ISSUED under thismmmitment willinsurethe to such
title buildings and improvements on
the premises which by law constituterealproperty.
FOR CONVEYANCING ONLY: Together with all
the right,title
and interest
ofthe party ofthe of
Mrst part, inand
to thelend lyinginthe streetIn imntof and edJoiningsaidpremises.
SCHEDULEA-1 (DoscÆffon) (AA-12761 PFD/AA-12761/19)
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.
-I
REPRESENTATIONS AND DUTIES
We promiscthat,exceptfor PermittedLiens: (a) weown the Property;(b) we havetheright to mortgagethe Property
to GMAC; and (c) thereareno outstandingclaimsor chargesagainstthe Property. The term "PermittedLien" means(x)
any mortgage,deedto securedebtor deedof trust ("securityinstrumenr")disclosedto GMAC by any Signerin applyingfor
the Account,to the extentthat the amountsecuredby such securityinstrumentdoesnot exceedthe amountdisclosedon
suchapplication;and (y) any liens, claimsandrestrictionsof recordthatdo not individually or collectively havea material
adverseimpactuponGMAC's security,thevalueofthe Propertyor theProperty'scurrentuse.
Eachof us givesa generalwarranty of title to GMAC. This meansthat eachof us will be fully responsiblefor any
losseswhich GMAC suffersbecausesomeonehasrightsin the Propertyotherthan Pem1ittedLiens. We promiscthat we
will defendour ownershipof the Propertyagainstany claimsof suchright
We will neithertakenor permit any actionto partition,subdivideor changetheconditionof title to all or any panof the
Property,Wewill notamendany PermittedLien withoutGMAC'sprior writtenconsent.
CERTAIN PROVISIONS OF THE AGREEMENT
setforth in the Agreement,cancelits obligationto make
We understandthatGMAC may, undercertaincircumstances
futureadvancesavid/orrequirerepaymentatonceof theTotal BalanceOutstanding.
Under1heAgreement,FINANCE CHARGESarebasedon the"prime rate" publishedin The Wall StreetJoumalor in
the"prirne rate" publishedin TheNew York Timesor a similar indexselectedby GMAC. Theraleof
certaincircumslances
FINANCE CHARGESchangeson a daily basisasthe indexor theamountoutstandingunderIheAgreement increasesor
decreases.Weunderstandthat Barrowerwill not receiveadvancenoliceofsuch changes.
PROMISESAND AGREEMENTS
Weagreewith GMAC asfollows:
1. TIMELY PAYMENT. Exceptas limited by paragraph10 below, Borrowershall pay whendue all sumsowed
GMAC undertheCreditDocuments.
2. APPLICATION OF PAYMENTS. All paymentsshallbeappliedby GMAC assetforth in theAgreement.
3. MORTGAGES AND DEEDS OF TRUST; CHARGES; LIENS, We shall rnakepaymentswhen due and
performall ourobligationsunderany mongsge,deedoftrust or othersecurityagreementonthe Property.
We shall pay or causeto be paid whendueall loans,taxes,assessments,
charges,fines, impositionsand rentsof any
kind relatingto the Property("Assessments").Receiptsevidencingsuchpaymentsshall be deliveredto GMAC upon its
chargeor lien on the Propertyto becomeprior to
request.Exceptfor PermittedLiens, we shall notallow anyencumbrance,
thisMortgage. ,
4. HAZARD INSURANCE; CONDEMNATION.
.
(a) We shall, atour cost,keepall improvements
on thePropertyinsuredagainsilosscausedby hazardsincluded
in the term "extendedcoverage"or by other hazardsGMAC mayreasonablyspecify. HazardInsuranceshall be in an
amountequalto thelesserof (i) thefull replacementcostof the buildingthatis partofthe 'Propertyor (ii) theamountof this
Mongageplusthetotal amountof all PermittedLiens;but neverlessthantheamountnecessaryto satisfyany co-insurance
requirementcontainedin the insurancepolicy.
We may choosethe insurancecompany,subjectto approvalby GMAC which may not be unreasonably
withheld. All
insurancepoliciesandrenewalsmust be in a form acceptableto GMAC and must includea standardmortgageeclausein
favorof GMAC. GMAC shall havetheright to holdthepoliciesandrenewals,subjectto thetermsof any PermittedLiens.
,
If we pay thepremiurnsdirectly, we shall provideGMAC with all renewalnoticesand, irrequesledby GMAC, all receipts
for premiums.If policiesand renewalsarc held by any other person,weshall supply copicsof themto GMAC within ten
calendardaysunergheyareissued.
In theeventof loss,we shallgive promptnoticeto theinsurancecompanyandGMAC. GMAC may file a proofof loss
if we fail to do sopromptly.
(b) The proceedsof any condemnationof the Propertyshall bepaid to GMAC, subjectto any PermittedLicns.
WeshallgiveGMAC noticeof any threatenedcondemnation
andsignall documentsrequiredto carry ougthis paragraph4.
No condemnationsettlementmay be made withoul GMAC's prior written approval which shall not be unreasonably
withheld.
(c) Subjectto the icrms of uny PermiltedLien, GMAC may elect that the proceedsof any insuranceor
condemnation(aher paymentof all reasonablecosis,expensesandattomeys'feespaidor incurredby GMAC and us) shall
beappliedto pay theSecuredObligations,gorepaircrreconstructthe Property,and/orpay usfor our loss. In theeventthat
suchproceedsarenot usedentirely for repairand reconstruction,
weshallprovideGMAC with a newappraisalor valuation
of the Property,conductedby a personor entity andin a form reasonablyacceptableto GMAC, unlessGMAC waivesthis
requirementin writing. The receiptof proceedsshallnot cureor waiveany defaultor noticeof defaultunderthisMongage
or invalidateany actdonepursuantto suchnotice.
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10thePropertyis abandonedby us,or if we fail to respondto GMAC in writing within 30 calendordaysfrom the date
noticeof a proposedinsuranceor condemnationsettlementis givento us, GMAC may settlethe claim, collecttheproceeds
andapplythemassetfor1habove.
If the Propertyis acquiredby GMAC, all of our right, title and interestin and to any insuranceor condemnation
proceedsshallbecomethe propertyofGMAC to theextentof thesumssecuredby this Mortgage.
5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDDMIN )UMS; PLANNED UNIT
.
DEVELOPMENTS. We shall: use,improveandmaintainthe Propertyin compliancewith law; keepthe Propertyin good
repairand pay whendueall repair costs;preventwaste,impairmentand/ordeteriorationof the Property;and comply with
theprovisionsofany leaseof theProperty.
If the Propertyis partof a condominiumprojector a plannedunit development,we shall promptly performall of our
obligationsunderthegoverningdocumentsof theprojector development.
6. PROTECTION OF GMAC SECURiTY. We shall appearin and defendany actionor proceedingwhich may
affectthe securityofGMAC underthis Mortgageor resultin a violationof paragraph3 above. If suchanactionis filed, we
violatethis Mortgageor Borrowersviolate the Agreement,thenGMAC may disbursefundsand do whateverit believes
to protectthesecurityof this Mortgage. In doingso, GMAC shajJgive us noticebul it neednotmakedemandor
necessary
releaseus from any obligation.
Any amountspaid by GMAC underthis paragraph6, with FINANCE CHARGESat the variableratein effect under
the Agreement,shallbepaid by usupondemand. Until paid by us, suchamountsaresecuredby thIsMortgage.GMAC is
notrequiredto incur anyexpenseor takeany actionunderthis Mortgageand no actiontakenshallreleaseus fromany duty.
7, ofGMAC may inspectthe Propertyfrom time to time. Exceptin an emergency,
INSPECTION. Representatives
GMAC mustfirst givenoticespecifyingreasonablecausefor the inspection.
8. FINANCE CHARGES AFTER END OF ACCOUNT AND/OR JUDCMENT. To theextentpermittedby law,
weagreethatFINANCECHARGESaftertheendof theAccountand/orafterajudgmentis enteredshallcontinueto accrue
at theratesandin themannerspecifiedin theAgreement.
9. OUR CONTINU1NG DUTIES A ND GMAC'S RIGHTS; WAIVERS. No waiver ofany GMAC right underthe
CreditDocumentsshallreleaseor limit our liability, Borrower'sliability or thatofour successors
or Borrower'ssuccessors,
nor shall any waiveraffectthe lien or priority of this Mortgage. GMAC shall not be requiredto startproceedingsagainst
or modify paymenttermsby reasonofany demandmadeby usor any successor.
any successor
No GMAC actor failureto actshallwaive any right underthis Mongage.All waiversmustbeIn writing andsignedby
I GMAC; they shall applyonly to the extentandwith respectto the eventspeciGedin the writing. Obtaininginsurance,or
payingtaxes,other liensor chargesshallnot bea waiverof GMAC'sright to demandpaymental onceof thesumssecured
I
by this Mortgagein theeventofa defaultundertheCreditDocuments.
10. SUCCESSORSAND ASSIGNS; JOINT AND SEVERAL LIABILITY; COSIGNERS.This Mortgageshall
bind us andour respectivesuccessors
and permittedassignsfor the benefitof GMAC and its successors
andassigns.All
madeby usor any successorarejoim andseveralundmay beenforcedagainsteachof usor anysuccessor.
agreements
Any Signerwho doesnot executethe Agreement(a) is co-signingonly to encumberthat person'sinterestin the
Propeny and to releaseall homestead,dower, courtesy,appraisement,evaluation, redemption,reinstatement,stay,
extension,exemptionand maratoriumlawsnow existingor hereafterenacted,(b) is not personally11uble
underthe Credit
Documents,and(c) agreesthatGMAC and any Signermaymodify citherCredit Document,withoutconsentand without
modifying theInterestsof therestof usunderthisMortgage. .
11, NOTICES. All nolicesshallbe in writing. Exceptwhereapplicablelaw requiresotherwise:
(a) GMAC noticesshall be handdeliveredor mailedby first class,registeredor certifiedmail to theaddressof
the Propertyor to suchotheraddressspecifiedby theaddresseein a written noticegiven to GMAC. Any GMAC notice
shallbeconsideredgivenon the day it is depositedin theU.S.mail or is hand-delivered.
(b) Our noticesshall be mailed to GMAC by first class,registeredor certified mail to the addressfor such
noticesspecifiedon our mostrecent monthly statementunderthe Agreementor to suchotheraddressspecifiedby GMAC
in a writtennoticegivento us. Any suchnoticeshallbeconsideredgivenon theday it is receivedby GMAC.
12. GOVERNING LAW. 'Ihis Mortgagewill begovemedby federalandNew York law. lfany provisionis invalid,
illegal, or unenforceable,
this Mortgageshall beinterpretedasifsuch provisionhadneverbeenincluded.
13. COPIES. We shall receivecopiesof the Credit Documentsat the time they aresignedor afterthis Mortgageis
recorded.
.3.
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14. EXERCISING REMEDIES. GMAC may exerciseall of the rights and remediesprovided by the Credit
Documentsor law, and any of theserights and remediesmay be exercisedindividually or jointly, onceor a numberof
times.
IS. EVENTS OF DEFAULT.
(a) Theeventssetforth In paragraph15(b)areEventsof Defaultifand whenGMAC gives any Signernoticeof default.
Weagreeto notify GMAC promptly uponthe happeningof any eventthatwould bean Eventof DefaultundercitherCredit
Documentuponthe giving of noticeby GMAC.
(b) Af1crgiving noticeof default,GMAC may endtheAccountand/ordemandrepaymentat onceof theTotal Balance
Outstandingin any of the following events:
(i) by any Signerin connectionwith theAccount;
Therehasbeenfraudor materialmisrepresentation
(ii) Borrowershavefailedto meettherepayment1ermsof theAgreementfor any amountoutstanding;or
(iii) Any aclionor inactionby any Signerhasadverselyaffectedthe Propertyor any right of GMAC in the
Property;to theextentpemlittedby law, this will include,but not be limited to, any Signer(or any legalrepresentative
or
successorof any Signer)agreeingto sell, transferor assignor selling,transferringor assigningany interestin theProperty,
without theprior wriItenconsentof GMAC.
(c) Notwithstandingany languagein this Mortgageto the contrary,GMAC will
not give notice of default unless
permittedby applicablelaw andGMAC will give us any graceperiod,right to cureand/orreinstatementright requiredby
applicablelaw. This paragraph15is intendedto give GMAC all rightspermittedby 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 RECElVER. Uponan Eventof a Defaultor our failureto pay taxesassessed
againstthe
Propertyand/orinsurancePremiumson the Property(which weagreeshallconstitutewaste),GMAC shallbeentitledto the
appointmentof areceiverif permittedby law.
18. SATISFACTION OF MORTGAGE. Upon Paymentanddischargeof all sumssecuredby this Montgngeand
terminationof the Account,this Mortgageshall be void andGMAC shall sailsfy this Mortgage,file a dischargeor release
andpayanyrecordingcosts
19. REQUEST FOR NOTICES. GMAC requeststhat copiesof noticesof default, saleand roreclosurefrom the
holderofany lien whichhaspriority over thisMortgagebesentto GMACat 100Witmer Road,Horsham,PA 19027-1590.
20. EXHIBITS,SCHEDULES AND RIDERS, ETC. The termsof any Exhibit, Scheduleor Riderattachedto this
Mongageor executedandrecordedwith this Mortgageshall be treatedas if fully set forth in this Mortgage. All of the
termsofthe Agreementaremadepartof thisMortgage.
21. TIME OF ESSENCE.Time is of theessencein thisMortgage.
22. ACrUAL KNOWLEDGE For purposesof the Credit Documents,GMAC shall not bedeemedto haveactual
knowledgeof any factuntil it actually receivesnoticeassetforth in paragraphI I or until it actuallyreceiveswritten notice
thereoffrom a sourceGMAC reasonablybelievesto bereliable. Thedateofreceipt shall bedeterminedby referenceto the
"Received"datestampedon suchwritten notice
by GMAC or itsagent.
23. TAXES. If taxeson mortgagesor thedebtsthey secureIncreaseIn any way after Ihedateof this Mortgage,we
shall pay the ftill amountof any suchincrease.
24. WAIVER OF STATUTORY RIGHTS. To theextentpermittedby inw, for ourselvesandoursuccessors
and
assigns,we herebywaivethebenefitofall homestead,
dower,courtesy,appraisement,
valuation,redemption,reinstatement,
stay,extension,exemptionand moratoriumlaws now existing or hereafterenactedund any right to havethe Property
marshalleduponforeclosure.We furtheragreethatany court havingjurisdiction may orderthe Propertysoldasanentirety.
25. ASSIGNMENT OF RENTS; RECEIVERS; GMAC POSSESSIONOF THE PROPERTY. As additional
security, we herebyassign10GMAC uny rentsdue on the Propertyalter an Event of Defaull or abandonmentof the
Property.In any actionto foreclosethis Mortgage,GMAC shullbeentitledto theuppointmentof a receiver.
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[f an Eventof Defaultoccursor we abandonthe Property,GMAC, without notice,may enterupon,takepossession
of,
andmanagethe Property.GMAC may thencollector suein its own namefor any rentsdue on the Property. All rentsso
to operationandmanagement
paymentof the reasonablecostsof
collectedshall be appliedfirst of the Property(suchas
collectioncostsfurtheragreethat any court havingjurisdiction may orderthe Propertysold, receiversfees,bondpremiums
andattomeys' the
feesandthento Total BalanceOutstanding,GMAC andthereceivermustaccountonly for rentsactually
received.
Acts takenby GMAC underthis paragraph25 shall notcureor waiveany Eventof Default or invalidateany act done
pursuantto noticeof default.
We will not, withoutthe written consentof GMAC, receiveor collectrent from any tenanton the Propertymorethan
onemonthin advance.Upon anEventof Default, we will paymonthly in advanceto GMAC or any receiverthe fair and
reasonablerentalvalueof the Propertyor thatpart of the Propertyin our possession.If we fail to pay suchrent,we will
vacateandsurrenderthe Propertyto GMAC or tosuchreceiver.We maybeevictedby summaryproceedings.
26. RELEASE. To the extentpermittedby law, for ourselvesandour successors
and assigns,we herebyreleaseall ,
homestead
anddowerrightsandbenefits.
27. ATTORNEYS' FEES. In any proceedingto enforceany remedyof GMAC underthe Credit Documentsrhere
shall be allowed and Included,to the extent permittedby law, as additional IndebtednessIn thejudgment or decree.
GMAC's reasonableattorneys'fees up to 15%of the Total BalanceOutstanding,if GMAC refers1heAgreementfor
collectionto anyattorneywho is not asalariedGMAC employec.
28. CAPTIONS; GENDER; ETC. The headingsin this Mortgageare not to be usedto Interpretor define its
provisions. In this Mortgage,the masculinegenderincludesthe feminineand/or neuter,slngular numbersincludethe
plurals,andpluralsincludethesingular.
29. TRUST FUNDS, We will, in compliancewith Section13of theNew York Lien Law, makesurethatadvances
securedby this Mortgagearereceivedin trust to be appliedfirst to pay thecostof any improvementsto the Propertyand
only laterfor anyotherpurpose.
30. NOTICE. DEPAULT IN THE PAYMENT OF THIS MORTGAGEMAY RESULT IN THE I.OSSOF THE
PROPERTYSECURfNGTHE ACCOUNT. UNDER FEDERAL LAW, YOU MAY HAVE THE R1011TTO CANCEL
THIS MORTGAGE. IF YOU HAVE THIS RIGHT, GMAC IS REQUIREDTO PROVIDE YOU WITH A SEPARATE
WRHTEN NOTICE SPECIFYTNGTHE CIRCUMSTANCESAND TIMES UNDER WHICH YOU CAN EXERCISE
THIS RIGHT.
31. NATURE OF PROPERTY. THE PROPERTYIS IMPROVED BY A I-2 FAMILY OWNER OCCUPIED
RESIDENCEOR DWELLING.
32. MERS. BorrowerunderstandsandagreesthatMERSholdsonly legaltitle to the interestsgrantedby Borrower
in this Mortgage,but, if necessaryto comply with local law or customMERS (as nomineefor GMAC and GMAC's
succes'sors
and assigns)hasthe right: to exerciseany or all of theseinterests,including, but not limited to, the right to
forecloseand sell the property; and to lake any action requiredof Lender including but not limited to, releasingand
cancelingthis Mortgage.
By signingthis Mor1gage,weagreeto all of theabove.
MichaelKoran
MORTGAGOR MORTGAGOR
MORTGAGOR MORTGAGOR
StateOf New York, u Countyss:
On the day of in the
a . beforeme.theundersi
d, a
notarypublic in andfor saidstate,perso
agipeared
MichaelKoranpersonal knownto meor provedto meonth
basis
of satisfactoryevidenceto bethe individual(s)whosename(s)is(
subscribedto thewithin imtrumentandacknowicaged
to me that he/shc/theyexecutedthe same in his/hcr/theircap " y(ics), and that by his/her/their signature(s)on the
t
he
instrument, thepersonuponbehalfof whicht c
or
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FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 26 RECEIVED INDEX
NYSCEF:
NO .
05/04/2022
2 021-·542 7 1
FILED : DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM
NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021
THISINSTRUMENT PREPARED BY:
DainnSamuel
GMAC Mongage,LLC
7 CamcgiePlaza
CherryHill, NJ 08003
MORTGAGE
Seelion
Titly Ng, Block
County or Town
Dutchess
TO
RecordedAt Requestof
GMAC Mortgage,LLC
RETURN BY MAIL TO:
GMAC Mortgage,LLC
RecordsManagement
100Witmer Road
Horsham,PA 19044-0963
RESERVETHIS SPACEFORUSEOF RECORDINGOFFlCE
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 26 RECEIVED INDEX
NYSCEF:
NO.
05/04/2022
2021-54271
FILED : DUTCHESS COUNTY CLERK 10 /19 / 2 021 10 : 55 AM|
NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021
Account No
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER ismade as of Aunust 8. 2007; itis partof and amends and supplements
the Mortgage, Deed of Trust or Deed toSecure Debt (the "Security Instrument') of even date herewith from the
undersigned toGMAC Mortgage, LLC f/k/a
GMAC Mortgage Corporation ("GMAC"). Allterms defined inthe Security
instmment shallhave the same meaning when use
Preview
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: INDEX NO. 05/04/2022 2021-54271 (FILED : DUTCHESS COUNTY CLERK 10/19/2021 10: 55 AM| NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 DUTCHESS COUNTY CLERK RECORDING PAGE RECORDURETURNTO: 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 1-5 FAMILY TAX: 107.50 TOTAL TAX: 421.50 SERIAL NUMBER: CY007556 AFFIDAVIT: N COUNTY CLERK BY: RLP / RECEIPT NO: R62620 BATCH RECORD: C00009 FORDKENDALL FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 05/04/2022 FILED: DUTCHESS COUNTY CLERK 10/19/2021 AM INDEX NO. 2021-5 4271 10:55 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 st/ . AccountNo. pNMW y75 BranchNo.: 492 LoanProduct:100%CLTV Credit Only Piggyback Lor:, Block: , Section: MIN CREDIT LINE MORTGAGE THIS MORTGAGE SECURESFUTURE ADVANCES THIS MORTCAGE, "Mortgage") is signedto secureadvancesundera GMAC as amendedand extended(thir Mortgage,LLC f/lda GMAC MongageCorporationHome Equity Line of CreditAgreement(the"Agreement ); it is dated asof AnnusiR.2007.andis madeby MichaelKoranwho reside(s)at l Millholland Drive C , Pishkill,New York 12524,as andthe MortgageElectronicRegistrationSystems,Inc., lil mortgagpr(s),in favorof IferfrxJ, Flint, MI 48501-2026 ("MERS") actingsolely asnomineefor GMAC andGMAC s su cessorsandassignsunderthis Mongage,asmortgagee. Throughoutthis Mortgage,"we", "us" and "our" refer to mortgagor(s)."GMAC" refersto GMAC Mortgage, LLC Elk/aGMAC MortgageCorporationor its assigns. The "Account" refers lo the Home Equity Line of Credit account establishedby GMAC undertheAgreement."Borrower"refersro eachpersonwhosignstheAgreementas borrower. The andthis Mortgage,takenlogelher,arecalledthe"Credii Documents.""Signer" refersto any person(olherthan Agreemeng GMA C) who hassigneda CreditDocument. DESCRIPTION OF SECURITY By signingthis Mortgage,we mortgage,grantandconveyto MERS actingsolely asa nomincefor GMAC, subjectto thetermsof1his Mortgage,(a) therealestatelocatedat I Millholland Drive C , Fishkill, Countyof Dutchess,StateofNew York 12524,more fully describedin ScheduleA; (b) all buildingsandotherslructureson Iheproperty:(c) all rightswe may havein anyroad,alley, easementor licenseregardingthe propertyor in any Inineral,oil, gasor waterwhich is part of the property;(d) all rentsandroyaltiesfromtheproperty:(e) all proceedsof any insuranceon the propertyandall refundsof premiumson such insurance;(1) all proceedsof any usking(or threatenedtaking) of the propertyby any governmental outhority("condenmation");and(g) all Fixturesonthe propertyat any time (collectively,the "Property"LThis propertyis or will beimprovedby a oneor two family houseor dwellingonly. l e Propertyincludesall rightsandinterestswhich we nowhaveor which we may ocquirein the future. For example, if the securitymortgagedunderthis Mortgageis a leaseholdesta1cand wesubsequentlyacquirefeetitle to the Property,the rightsandinteresisgrantedto MERS actingsolely asa nomineefor GMAC by this Mortgagewill includethe reetitle that we acquire. 'I is Mortgageis alsoa SecurityAgreernenIunderthe New York Uniform CommercialCodeand we hereby grantMERS octingsolely as a nomineefor GMAC a securityinterestin the personalpropertydescribedin (d) through(f) above. SECURED OHLIGATIONS THIS MORTGAGE IS A CREDIT LINE MORTGAGE AS DEFIN@:DIN SECTloN 28I OF THE NEW YORK REAL PROPERTY LAW, IT SECURESFUTURE ADVANCES MADE UNDER AN AGREEMENT WHICH REFLECTSTllE FACT THAT GMAC AND BORROWER(S)REASONABLY CONTEMPLATEENTERINGINTO A SERIESOF ADVANCES(OR ADVANCES,PAYMENTSAND READVANCES)UNDERTH.EAGREEMENT. We havesignedthis Mortgageto securepaymentto GMAC of up to S43,000.00,plus FINANCE CHARGES(the "TotalBalanceOutstanding"1.By signingthis Mortgagewe havealsogivento GMAC the rightsstatedin this document and in addition, any rights that the law gives to lenderswho hold mongagesun real property in New York, including without limitation, the rights providedunderSections254, 271 and 272 of the New York Real PropertyLaw. We give theserightsto GMAC to: prolectit frompossiblelossesthatmight resultifwe fail to payall amountsthatwe oweGMAC asstatedin the Agreement;to pay with financechargesat the rateset forth in the Agreememor if not permittedat the Agreementratethe highestpermittedby law any amountsthat GMAC spendsunderthe Agreementond thB Mortgage includingSections3, d and6 of this Mortppe; to protectthevalueorcheproperty andGMAC'srightsin thepropertyandto keepall ofour otherpromisesandagreements underthisMortgageandthe Agreement. PRIORITY OF ADVANCES The lien of this Mongogewill attachon thedatethis Mortgageis recordedand will not be impairedby virtue of our repaymentin full of gheTotal BalanceOutstandingat any lime prior to terminationof theAgreement, GMAC-NY FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 05/04/2022 FILED : DUTCHESS COUNTY CLERK 10 /19/2021 10 : 55 INDEX NO. 2021-54271 AH NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 United General Title Insurance Company - TITLE NO. l . SCHEDULE A4 (Description) The Unitknown as Unit No.10 1 on in Building Route 52 Inthe Town ofFishkill, County ofDutchess and State of New York. as the same is designated and described inthe Declaration establishing a plan for condomInlum ownership of the buildingand the land on which It15 erected(herelnaftercalled the made "Property''), by the Grantor under the Condominium Act ofthe State of New York (Article 98 ofthe Real Property Law of the State of New York). dated February 13. 1976, and filedIn the County Clerk'sOffice of Dutchess County InClerk's Minutes File No. 19761S 15 (here)naftercalledthe "Declaration").which Unit laalso designated as Grid No. 6155-39-264669 In the Assessor's officeof the Town of and Fishkill, as Unit No. 1C .on the Floor Plans of the Bufiding. certified by Glemondi & Amold, Architects, on the 30th day of December, 1974, and filed simultaneousty with saidDeclaration in theOfficeof theCounty Clerkof Dutchess County in saidClerk's Minutes. THE land described Inthe aforesald Declaration and thelocation ofthe building Inwhich the afbresaid unitis located are shown on a certainmap endtled 'Suntey of Property Prepared IbrGreen HillsofGlenham (formerly Glenham Green) Town of Rshkill, Dutchess County, N.Y.", dated September 6, 1974. made by Marano, Johrison and Quinn and in flied the Dutchess County Oet10s OfBee on 20, 1976 as No.4819 and February Map designated thereinas Percel I, PhaseI. TOGETHER with an undivided.01010 percent interestin thecommon elements of theProperty described in soldDeclaration called (hereinafter the "common interest"). . ly y/ , dwelling or,gy THE POL)CY TO BE ISSUED under thismmmitment willinsurethe to such title buildings and improvements on the premises which by law constituterealproperty. FOR CONVEYANCING ONLY: Together with all the right,title and interest ofthe party ofthe of Mrst part, inand to thelend lyinginthe streetIn imntof and edJoiningsaidpremises. SCHEDULEA-1 (DoscÆffon) (AA-12761 PFD/AA-12761/19) FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 05/04/2022 IN DEX NO . 2 O2 1-5 4271 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 . -I REPRESENTATIONS AND DUTIES We promiscthat,exceptfor PermittedLiens: (a) weown the Property;(b) we havetheright to mortgagethe Property to GMAC; and (c) thereareno outstandingclaimsor chargesagainstthe Property. The term "PermittedLien" means(x) any mortgage,deedto securedebtor deedof trust ("securityinstrumenr")disclosedto GMAC by any Signerin applyingfor the Account,to the extentthat the amountsecuredby such securityinstrumentdoesnot exceedthe amountdisclosedon suchapplication;and (y) any liens, claimsandrestrictionsof recordthatdo not individually or collectively havea material adverseimpactuponGMAC's security,thevalueofthe Propertyor theProperty'scurrentuse. Eachof us givesa generalwarranty of title to GMAC. This meansthat eachof us will be fully responsiblefor any losseswhich GMAC suffersbecausesomeonehasrightsin the Propertyotherthan Pem1ittedLiens. We promiscthat we will defendour ownershipof the Propertyagainstany claimsof suchright We will neithertakenor permit any actionto partition,subdivideor changetheconditionof title to all or any panof the Property,Wewill notamendany PermittedLien withoutGMAC'sprior writtenconsent. CERTAIN PROVISIONS OF THE AGREEMENT setforth in the Agreement,cancelits obligationto make We understandthatGMAC may, undercertaincircumstances futureadvancesavid/orrequirerepaymentatonceof theTotal BalanceOutstanding. Under1heAgreement,FINANCE CHARGESarebasedon the"prime rate" publishedin The Wall StreetJoumalor in the"prirne rate" publishedin TheNew York Timesor a similar indexselectedby GMAC. Theraleof certaincircumslances FINANCE CHARGESchangeson a daily basisasthe indexor theamountoutstandingunderIheAgreement increasesor decreases.Weunderstandthat Barrowerwill not receiveadvancenoliceofsuch changes. PROMISESAND AGREEMENTS Weagreewith GMAC asfollows: 1. TIMELY PAYMENT. Exceptas limited by paragraph10 below, Borrowershall pay whendue all sumsowed GMAC undertheCreditDocuments. 2. APPLICATION OF PAYMENTS. All paymentsshallbeappliedby GMAC assetforth in theAgreement. 3. MORTGAGES AND DEEDS OF TRUST; CHARGES; LIENS, We shall rnakepaymentswhen due and performall ourobligationsunderany mongsge,deedoftrust or othersecurityagreementonthe Property. We shall pay or causeto be paid whendueall loans,taxes,assessments, charges,fines, impositionsand rentsof any kind relatingto the Property("Assessments").Receiptsevidencingsuchpaymentsshall be deliveredto GMAC upon its chargeor lien on the Propertyto becomeprior to request.Exceptfor PermittedLiens, we shall notallow anyencumbrance, thisMortgage. , 4. HAZARD INSURANCE; CONDEMNATION. . (a) We shall, atour cost,keepall improvements on thePropertyinsuredagainsilosscausedby hazardsincluded in the term "extendedcoverage"or by other hazardsGMAC mayreasonablyspecify. HazardInsuranceshall be in an amountequalto thelesserof (i) thefull replacementcostof the buildingthatis partofthe 'Propertyor (ii) theamountof this Mongageplusthetotal amountof all PermittedLiens;but neverlessthantheamountnecessaryto satisfyany co-insurance requirementcontainedin the insurancepolicy. We may choosethe insurancecompany,subjectto approvalby GMAC which may not be unreasonably withheld. All insurancepoliciesandrenewalsmust be in a form acceptableto GMAC and must includea standardmortgageeclausein favorof GMAC. GMAC shall havetheright to holdthepoliciesandrenewals,subjectto thetermsof any PermittedLiens. , If we pay thepremiurnsdirectly, we shall provideGMAC with all renewalnoticesand, irrequesledby GMAC, all receipts for premiums.If policiesand renewalsarc held by any other person,weshall supply copicsof themto GMAC within ten calendardaysunergheyareissued. In theeventof loss,we shallgive promptnoticeto theinsurancecompanyandGMAC. GMAC may file a proofof loss if we fail to do sopromptly. (b) The proceedsof any condemnationof the Propertyshall bepaid to GMAC, subjectto any PermittedLicns. WeshallgiveGMAC noticeof any threatenedcondemnation andsignall documentsrequiredto carry ougthis paragraph4. No condemnationsettlementmay be made withoul GMAC's prior written approval which shall not be unreasonably withheld. (c) Subjectto the icrms of uny PermiltedLien, GMAC may elect that the proceedsof any insuranceor condemnation(aher paymentof all reasonablecosis,expensesandattomeys'feespaidor incurredby GMAC and us) shall beappliedto pay theSecuredObligations,gorepaircrreconstructthe Property,and/orpay usfor our loss. In theeventthat suchproceedsarenot usedentirely for repairand reconstruction, weshallprovideGMAC with a newappraisalor valuation of the Property,conductedby a personor entity andin a form reasonablyacceptableto GMAC, unlessGMAC waivesthis requirementin writing. The receiptof proceedsshallnot cureor waiveany defaultor noticeof defaultunderthisMongage or invalidateany actdonepursuantto suchnotice. -2- FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: I NDEX NO. 05/04/2022 2 O2 1-54271 FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 10thePropertyis abandonedby us,or if we fail to respondto GMAC in writing within 30 calendordaysfrom the date noticeof a proposedinsuranceor condemnationsettlementis givento us, GMAC may settlethe claim, collecttheproceeds andapplythemassetfor1habove. If the Propertyis acquiredby GMAC, all of our right, title and interestin and to any insuranceor condemnation proceedsshallbecomethe propertyofGMAC to theextentof thesumssecuredby this Mortgage. 5. MAINTENANCE OF THE PROPERTY; LEASEHOLDS; CONDDMIN )UMS; PLANNED UNIT . DEVELOPMENTS. We shall: use,improveandmaintainthe Propertyin compliancewith law; keepthe Propertyin good repairand pay whendueall repair costs;preventwaste,impairmentand/ordeteriorationof the Property;and comply with theprovisionsofany leaseof theProperty. If the Propertyis partof a condominiumprojector a plannedunit development,we shall promptly performall of our obligationsunderthegoverningdocumentsof theprojector development. 6. PROTECTION OF GMAC SECURiTY. We shall appearin and defendany actionor proceedingwhich may affectthe securityofGMAC underthis Mortgageor resultin a violationof paragraph3 above. If suchanactionis filed, we violatethis Mortgageor Borrowersviolate the Agreement,thenGMAC may disbursefundsand do whateverit believes to protectthesecurityof this Mortgage. In doingso, GMAC shajJgive us noticebul it neednotmakedemandor necessary releaseus from any obligation. Any amountspaid by GMAC underthis paragraph6, with FINANCE CHARGESat the variableratein effect under the Agreement,shallbepaid by usupondemand. Until paid by us, suchamountsaresecuredby thIsMortgage.GMAC is notrequiredto incur anyexpenseor takeany actionunderthis Mortgageand no actiontakenshallreleaseus fromany duty. 7, ofGMAC may inspectthe Propertyfrom time to time. Exceptin an emergency, INSPECTION. Representatives GMAC mustfirst givenoticespecifyingreasonablecausefor the inspection. 8. FINANCE CHARGES AFTER END OF ACCOUNT AND/OR JUDCMENT. To theextentpermittedby law, weagreethatFINANCECHARGESaftertheendof theAccountand/orafterajudgmentis enteredshallcontinueto accrue at theratesandin themannerspecifiedin theAgreement. 9. OUR CONTINU1NG DUTIES A ND GMAC'S RIGHTS; WAIVERS. No waiver ofany GMAC right underthe CreditDocumentsshallreleaseor limit our liability, Borrower'sliability or thatofour successors or Borrower'ssuccessors, nor shall any waiveraffectthe lien or priority of this Mortgage. GMAC shall not be requiredto startproceedingsagainst or modify paymenttermsby reasonofany demandmadeby usor any successor. any successor No GMAC actor failureto actshallwaive any right underthis Mongage.All waiversmustbeIn writing andsignedby I GMAC; they shall applyonly to the extentandwith respectto the eventspeciGedin the writing. Obtaininginsurance,or payingtaxes,other liensor chargesshallnot bea waiverof GMAC'sright to demandpaymental onceof thesumssecured I by this Mortgagein theeventofa defaultundertheCreditDocuments. 10. SUCCESSORSAND ASSIGNS; JOINT AND SEVERAL LIABILITY; COSIGNERS.This Mortgageshall bind us andour respectivesuccessors and permittedassignsfor the benefitof GMAC and its successors andassigns.All madeby usor any successorarejoim andseveralundmay beenforcedagainsteachof usor anysuccessor. agreements Any Signerwho doesnot executethe Agreement(a) is co-signingonly to encumberthat person'sinterestin the Propeny and to releaseall homestead,dower, courtesy,appraisement,evaluation, redemption,reinstatement,stay, extension,exemptionand maratoriumlawsnow existingor hereafterenacted,(b) is not personally11uble underthe Credit Documents,and(c) agreesthatGMAC and any Signermaymodify citherCredit Document,withoutconsentand without modifying theInterestsof therestof usunderthisMortgage. . 11, NOTICES. All nolicesshallbe in writing. Exceptwhereapplicablelaw requiresotherwise: (a) GMAC noticesshall be handdeliveredor mailedby first class,registeredor certifiedmail to theaddressof the Propertyor to suchotheraddressspecifiedby theaddresseein a written noticegiven to GMAC. Any GMAC notice shallbeconsideredgivenon the day it is depositedin theU.S.mail or is hand-delivered. (b) Our noticesshall be mailed to GMAC by first class,registeredor certified mail to the addressfor such noticesspecifiedon our mostrecent monthly statementunderthe Agreementor to suchotheraddressspecifiedby GMAC in a writtennoticegivento us. Any suchnoticeshallbeconsideredgivenon theday it is receivedby GMAC. 12. GOVERNING LAW. 'Ihis Mortgagewill begovemedby federalandNew York law. lfany provisionis invalid, illegal, or unenforceable, this Mortgageshall beinterpretedasifsuch provisionhadneverbeenincluded. 13. COPIES. We shall receivecopiesof the Credit Documentsat the time they aresignedor afterthis Mortgageis recorded. .3. FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 05/04/2022 FILED COUNTY CLERK 10/19/2021 AM INDEX NO. 2 021-5 4 2 71 : DUTCHESS 10 : 55 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 14. EXERCISING REMEDIES. GMAC may exerciseall of the rights and remediesprovided by the Credit Documentsor law, and any of theserights and remediesmay be exercisedindividually or jointly, onceor a numberof times. IS. EVENTS OF DEFAULT. (a) Theeventssetforth In paragraph15(b)areEventsof Defaultifand whenGMAC gives any Signernoticeof default. Weagreeto notify GMAC promptly uponthe happeningof any eventthatwould bean Eventof DefaultundercitherCredit Documentuponthe giving of noticeby GMAC. (b) Af1crgiving noticeof default,GMAC may endtheAccountand/ordemandrepaymentat onceof theTotal Balance Outstandingin any of the following events: (i) by any Signerin connectionwith theAccount; Therehasbeenfraudor materialmisrepresentation (ii) Borrowershavefailedto meettherepayment1ermsof theAgreementfor any amountoutstanding;or (iii) Any aclionor inactionby any Signerhasadverselyaffectedthe Propertyor any right of GMAC in the Property;to theextentpemlittedby law, this will include,but not be limited to, any Signer(or any legalrepresentative or successorof any Signer)agreeingto sell, transferor assignor selling,transferringor assigningany interestin theProperty, without theprior wriItenconsentof GMAC. (c) Notwithstandingany languagein this Mortgageto the contrary,GMAC will not give notice of default unless permittedby applicablelaw andGMAC will give us any graceperiod,right to cureand/orreinstatementright requiredby applicablelaw. This paragraph15is intendedto give GMAC all rightspermittedby 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 RECElVER. Uponan Eventof a Defaultor our failureto pay taxesassessed againstthe Propertyand/orinsurancePremiumson the Property(which weagreeshallconstitutewaste),GMAC shallbeentitledto the appointmentof areceiverif permittedby law. 18. SATISFACTION OF MORTGAGE. Upon Paymentanddischargeof all sumssecuredby this Montgngeand terminationof the Account,this Mortgageshall be void andGMAC shall sailsfy this Mortgage,file a dischargeor release andpayanyrecordingcosts 19. REQUEST FOR NOTICES. GMAC requeststhat copiesof noticesof default, saleand roreclosurefrom the holderofany lien whichhaspriority over thisMortgagebesentto GMACat 100Witmer Road,Horsham,PA 19027-1590. 20. EXHIBITS,SCHEDULES AND RIDERS, ETC. The termsof any Exhibit, Scheduleor Riderattachedto this Mongageor executedandrecordedwith this Mortgageshall be treatedas if fully set forth in this Mortgage. All of the termsofthe Agreementaremadepartof thisMortgage. 21. TIME OF ESSENCE.Time is of theessencein thisMortgage. 22. ACrUAL KNOWLEDGE For purposesof the Credit Documents,GMAC shall not bedeemedto haveactual knowledgeof any factuntil it actually receivesnoticeassetforth in paragraphI I or until it actuallyreceiveswritten notice thereoffrom a sourceGMAC reasonablybelievesto bereliable. Thedateofreceipt shall bedeterminedby referenceto the "Received"datestampedon suchwritten notice by GMAC or itsagent. 23. TAXES. If taxeson mortgagesor thedebtsthey secureIncreaseIn any way after Ihedateof this Mortgage,we shall pay the ftill amountof any suchincrease. 24. WAIVER OF STATUTORY RIGHTS. To theextentpermittedby inw, for ourselvesandoursuccessors and assigns,we herebywaivethebenefitofall homestead, dower,courtesy,appraisement, valuation,redemption,reinstatement, stay,extension,exemptionand moratoriumlaws now existing or hereafterenactedund any right to havethe Property marshalleduponforeclosure.We furtheragreethatany court havingjurisdiction may orderthe Propertysoldasanentirety. 25. ASSIGNMENT OF RENTS; RECEIVERS; GMAC POSSESSIONOF THE PROPERTY. As additional security, we herebyassign10GMAC uny rentsdue on the Propertyalter an Event of Defaull or abandonmentof the Property.In any actionto foreclosethis Mortgage,GMAC shullbeentitledto theuppointmentof a receiver. -4- FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: INDEX NO 2 05/04/2022 71 FILED DUTCHESS COUNTY CLERK 10/19/2021 10 AM . 0 2 1 -5 42 : : 55 NYSCEF DOC. - NO. 3 RECEIVED NYSCEF: 10/19/2021 I I [f an Eventof Defaultoccursor we abandonthe Property,GMAC, without notice,may enterupon,takepossession of, andmanagethe Property.GMAC may thencollector suein its own namefor any rentsdue on the Property. All rentsso to operationandmanagement paymentof the reasonablecostsof collectedshall be appliedfirst of the Property(suchas collectioncostsfurtheragreethat any court havingjurisdiction may orderthe Propertysold, receiversfees,bondpremiums andattomeys' the feesandthento Total BalanceOutstanding,GMAC andthereceivermustaccountonly for rentsactually received. Acts takenby GMAC underthis paragraph25 shall notcureor waiveany Eventof Default or invalidateany act done pursuantto noticeof default. We will not, withoutthe written consentof GMAC, receiveor collectrent from any tenanton the Propertymorethan onemonthin advance.Upon anEventof Default, we will paymonthly in advanceto GMAC or any receiverthe fair and reasonablerentalvalueof the Propertyor thatpart of the Propertyin our possession.If we fail to pay suchrent,we will vacateandsurrenderthe Propertyto GMAC or tosuchreceiver.We maybeevictedby summaryproceedings. 26. RELEASE. To the extentpermittedby law, for ourselvesandour successors and assigns,we herebyreleaseall , homestead anddowerrightsandbenefits. 27. ATTORNEYS' FEES. In any proceedingto enforceany remedyof GMAC underthe Credit Documentsrhere shall be allowed and Included,to the extent permittedby law, as additional IndebtednessIn thejudgment or decree. GMAC's reasonableattorneys'fees up to 15%of the Total BalanceOutstanding,if GMAC refers1heAgreementfor collectionto anyattorneywho is not asalariedGMAC employec. 28. CAPTIONS; GENDER; ETC. The headingsin this Mortgageare not to be usedto Interpretor define its provisions. In this Mortgage,the masculinegenderincludesthe feminineand/or neuter,slngular numbersincludethe plurals,andpluralsincludethesingular. 29. TRUST FUNDS, We will, in compliancewith Section13of theNew York Lien Law, makesurethatadvances securedby this Mortgagearereceivedin trust to be appliedfirst to pay thecostof any improvementsto the Propertyand only laterfor anyotherpurpose. 30. NOTICE. DEPAULT IN THE PAYMENT OF THIS MORTGAGEMAY RESULT IN THE I.OSSOF THE PROPERTYSECURfNGTHE ACCOUNT. UNDER FEDERAL LAW, YOU MAY HAVE THE R1011TTO CANCEL THIS MORTGAGE. IF YOU HAVE THIS RIGHT, GMAC IS REQUIREDTO PROVIDE YOU WITH A SEPARATE WRHTEN NOTICE SPECIFYTNGTHE CIRCUMSTANCESAND TIMES UNDER WHICH YOU CAN EXERCISE THIS RIGHT. 31. NATURE OF PROPERTY. THE PROPERTYIS IMPROVED BY A I-2 FAMILY OWNER OCCUPIED RESIDENCEOR DWELLING. 32. MERS. BorrowerunderstandsandagreesthatMERSholdsonly legaltitle to the interestsgrantedby Borrower in this Mortgage,but, if necessaryto comply with local law or customMERS (as nomineefor GMAC and GMAC's succes'sors and assigns)hasthe right: to exerciseany or all of theseinterests,including, but not limited to, the right to forecloseand sell the property; and to lake any action requiredof Lender including but not limited to, releasingand cancelingthis Mortgage. By signingthis Mor1gage,weagreeto all of theabove. MichaelKoran MORTGAGOR MORTGAGOR MORTGAGOR MORTGAGOR StateOf New York, u Countyss: On the day of in the a . beforeme.theundersi d, a notarypublic in andfor saidstate,perso agipeared MichaelKoranpersonal knownto meor provedto meonth basis of satisfactoryevidenceto bethe individual(s)whosename(s)is( subscribedto thewithin imtrumentandacknowicaged to me that he/shc/theyexecutedthe same in his/hcr/theircap " y(ics), and that by his/her/their signature(s)on the t he instrument, thepersonuponbehalfof whicht c or individual(s), ividual(s)acted,executedthe inurument. 'Witnessmy handandomcial seal. (Thisareafororncialnotarlalscal.) (Scal) NouuyPu h My CommissionExpires FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 26 RECEIVED INDEX NYSCEF: NO . 05/04/2022 2 021-·542 7 1 FILED : DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 THISINSTRUMENT PREPARED BY: DainnSamuel GMAC Mongage,LLC 7 CamcgiePlaza CherryHill, NJ 08003 MORTGAGE Seelion Titly Ng, Block County or Town Dutchess TO RecordedAt Requestof GMAC Mortgage,LLC RETURN BY MAIL TO: GMAC Mortgage,LLC RecordsManagement 100Witmer Road Horsham,PA 19044-0963 RESERVETHIS SPACEFORUSEOF RECORDINGOFFlCE FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271 NYSCEF DOC. NO. 26 RECEIVED INDEX NYSCEF: NO. 05/04/2022 2021-54271 FILED : DUTCHESS COUNTY CLERK 10 /19 / 2 021 10 : 55 AM| NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 10/19/2021 Account No CONDOMINIUM RIDER THIS CONDOMINIUM RIDER ismade as of Aunust 8. 2007; itis partof and amends and supplements the Mortgage, Deed of Trust or Deed toSecure Debt (the "Security Instrument') of even date herewith from the undersigned toGMAC Mortgage, LLC f/k/a GMAC Mortgage Corporation ("GMAC"). Allterms defined inthe Security instmment shallhave the same meaning when use