Preview
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
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AccountNo.:
CreditLimit: S43,000.00
SECONDARY MORTGAGE LOAN
GMAC Mortgage, LLC GMAC
f/k/a Mortgage Corporation
HOME EQUITY LINE OF CREDIT
AGREEMENT AND DISCLOSURE STATEMENT
1. INTRODUCTION. in this GMAC MortgageHomeEquity Line of CreditAgreementandDisclosureStatement,
"GMAC" refersto GMAC
asamendedand extended,Exhibit A heretoandthe Addendum(this "Agreement"), Mortgage,LLC
"you," your" and "our" refer to the personor personswho sign this
f/k/a GMAC Mortgage Corporation. "We", "us",
Agreementasborrower(s).
GMAC will opena Home Equity Line of Credit account(the "Account") for us when we sign this Agreement. A
mortgageor deedof trust(collectivelythe "Mortgage")alsomustbesignedso thatadvancesundertheAccountwill besecured
by the mortgagedproperty(the "Property") identinedin the Mongsge. This Apeement andthe Mortgage,takentogether,are
calledthe"Credit Documents". By signing.we acknowledgethatwe havereadthe Credit Documentsandwe spee to usethe
Accounton thetermssetforth below.
We acknowledgethatGMAC hasprovideduswith thebomeequitybrochurepublishedby theFederalReserveBoard
Account" (the"ImportantTermsDisclosure").
anda documententitled"ImportantTermsof your Home Equity Line of Credil
we
Further,acknowledge
thatGMAC hasfulfilled
all
ofits
promises in
setforththeImpodantTermsDisclosurewith respectto
providingadditionalinformationuponourrequest.
After givingnotice of default,GMAC may endour right to advancesunderthe Account,reducetheCreditLimit and/or
demandrepaymentat onceof all amountsoutstandingunderthe Accountin the circumstancesdescribedin paragraph12(b).
GMAC may alsohalt advancesor reducethe Credit Limit, underthe circumstancesand for the perioddescribedin paragraph
12(c).
2. PROMISE TO PAY. We promiseto pay GMAC all moniesadvancedundertheCredit Documents,including
GMAC's out-of-pocketcostsshownas Initial Chargeson Exhibh A. This amountat any time is calledthe "Earning Balance
Outstanding". We alsopromiseto pay GMAC all FINANCE CHARGESunderparagraph6 and all feesandchargesunder
paragraph7 ("Special Charges"). This total of accruedFinanceChargesand SpecialChargesat any time is called the
"Non-Eaming BalanceOutstanding".Thesumof the EarningBalanceOutstandingandthe Non-FarningBalanceOutstanding
is calledthe"Total BalanceOutstanding".
3. OUR INDIVIDUAL LIABILITY. GMAC may enforceItsrightsunderthis Agreementagainstanyoneof usor
againstall of us.
4. USING TNE ACCOUNT. The term of this Accountwill consistof a "Borrowing Period' anda "Repayment
Period". During the "Borrowing Period", we may borrow any amounts,up to theCredit 1.imitshownon the first pageof dils
Date" andendson the 106
Agreement 'the "Borrowing Period"beginson the"Triper anniversaryof the"AgreementDate".
The"RepaymentPeriod' beginson the day after the 10 anniversaryof the"Agicement Date" andwill continueuntil the 15*
Date"
anniversaryof the "AgreementDate". The "Agreement Date"is datebelow our signatureson this Agreementor thedatethe
Mortgagewas notarized,whicheveris later. The"Trigger
is the lirst day niler our right to canceltheAccountexpires.
During the Borrowing Periodwe mayobtaincashadvancesandgoodsby presentingHome Equity checks("Checks")
issuedto us by a bankor banksselectedby GMAC (the"Check Dank(s)"). Eachinitial andsubsequent
Checkmustbewritten
for at least$250 exceptfor the residentsof Alabamaand Mississippi,wherethe initial Checkmust be at leastS2000.For
of Kentuckytheinitial Checkmustbeat least515,100.TheCheckBankwill notcashChecksfor us.
residengs
Also, GMAC may with its prior approvalallow us to obtainfrom theCheckBankandif theservicesand/orprograms
areevailable: (a) wire transfers;(b) cashier'schecksand/or(c) acreditcardfor theAccountwhichwill allow you to obtain:(i)
cashadvancesand (ii) goodsand/orservices("Purchases")from participatingmerchamsandATMS to the extentpermittedby
law.
We may not borrowfrom theAccountduring theRepaymentPeriod.
GMAC is not responsibleif anyonerefusesto accepta Check,wire transfer,cashier'scheckand/orcreditcard from
your Account.
SidDraw/Reps
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5. NATURE OF THE ACCOUNT.
(a) AVAILABLE CREDIT DURING THE BORROWING PERIOD. During the Borrowing PeriodtheAccount
is a revolvingcreditline. Themaximumamountof creditavailableto us("Available Credit") is theCredit Limit lessthesumof
the amountof all unpaidadvancesunderthe Credit Documentsand otherunpaid feesand charges. Any paymentwhich is
applied againstthe Earning BalanceOutstandingincreasesAvailableCredit 15 calendardaysaRerthe paymentis received.
Thereis noAvailableCreditavailableto us during theRepaymentPeriod.
(b) ADVANCES. The CheckBank will notify GMAC daily of any Checks,wire transfers,cashier'schecks,cash
it haspaidandGMAC will promptlypay theCheckBankon our behalffor any of your Checks,wire
advancesand/orPurchases
transfers,cashier'schecks,cashadvancesand/orPurchasesthat it haspaid. However,GMAC may elect eitherto honoror to
refuseto honor (i) any Check,wire transferor cashier'scheckwhich is lessthan $250, is postdated,improperlycompleted,
presentedto theCheckBankmorethansix monthsafterthe Check,wire transferor cashier'scheckis dated,or (ii) anyCheck,
wire transfer,cashier'scheck,cashadvanceand/orPurchasefor anamountwhich exceedsour AvailableCredit at thetime the
Check, wire transfer,cashler'scheck,cashadvanceand/or Purchaseis presentedto the CheckBank (iii) any Check, wire
transfer,cashier'scheck,cashadvanceand/orPurchaseif an Eventof Defaultasdefinedin Section12has occurred,(iv) any
Check,wire transfer,cashier'scheckor cashadvanceintendedto be usedin paymentof all or part of the amountwe owe
GMAC on the Account,or (v) anyCheck,wire transfer,cashier'scheck,cashadvanceand/orPurchasewhich is datedafterthe
Borrowing Periodends.
6. FINANCE CHARGES.
(a) DA1LY RATE. At the end of each day, GMAC will multiply the Earning BalanceOutstanding(to get the
EarningBalanceOutstanding,GMAC takesthe beginningbalanceof the accounteachday (which includesany Initial Charges
60 daysaftertheTrigger Date,moniespreviouslyadvancedfor Checks,wire transfers,cashier'schecks,cashadvancesand/or
Purchases)and addsall moniesadvancedon that day for Checks,wire transfers,cashier's checks,cash advancesand/or
Purchasesthen GMAC subtractsany paymentsor credits postedas of that day; this gives GMAC the EarningsBalance
Outstanding)by a Daily Rateequalto the ANNUAL PERCENTAGERATE for that day divided by 365 (366 daysin a leap
result is the FINANCE CHARGE for that day. The sumof thesedaily FINANCE CHARGES during a monthly
year). De
billing cycleis theFINANCE CHARGE for thebilling cycle.
The ANNUAL PERCENTAGERATE is basedon the value of an index plus a margin and is calculateddaily
ANNUAL PERCENTAGERATE is asimpleinterestrate. he
accordingto themethodsetforthin theAddendum.Re Index
is thePrimeRateasdefinedin paragraph6(c).
In addition, recent Daily PeriodicRatesand correspondingANNUAL PERCENTAGERATES are shownon the
Addendum.
(b) MAX1MUM ANNUAL PERCENTAGE RATE. Notwithstandinaany lanauate in this Aareementto the
contrary.theANNUAL PERCENTAGERATE will neverexceedtheMaximumAnnualRateshownon theAddendunL
(c) PRIME RATE ThePrimeRatefor any date(the "Rate Date") is the"prime rate" (or high point of any rangeof
"prime rates")establishedfor the RateDate by the financialinstitutionssurveyedby Å he Wall StreetJoumalin publishingits
Rates"(or
"Money anyreplacement)Tabic. The PrimeRatefor theRateDatewill appearin TheWall StreetJournalon Its first
publicationdateafter theRaleDate. If for any reasonno suchinformationis publishedin he
Wall SnectJournalfor the four
consecutivedays immediatelyafter the Rate Date, and if the New York Times is then publishinga similar table that only
rates"
includesthe"prime of financialinstitutionssurveyedby he
Wall StreetJotumi immediatelyprior to such time, GMAC
will usetheappropriateNew York Timestableuntil The Wall StreetJournalresumespublishingthe necessaryinformation. If
neithernewspaperpublishessuchinformationfor the four consecutivedaysimmediatelyaftertheRate Date,GMAC will select
a substituteindexthatproducesa similar rate,thatIs publicly availableandthatIsbeyondGMAC's control. We understand
that
abank's"prime rate" isjust a pricing indexandis not necessarilythelowestratechargedby abank.
(d) VARIABLE RATE. Increasesor decreasesin the ANNUAL PERCENTAGERATE and the Daily Ratetake
effect daily basedon changesin thePrimeRateandif providedin theAddendumin the EarningBalanceOutstanding.We will
not be given any advancenoticeof changesin theseRates. An increasein theseRateswill increaseour minimum monthly
payment.
(e) WHEN FINANCE CHARGES BEGIN. FINANCE CHARGESon Initial Chargesshownon Exhibit A begin
60 daysafter the Trigger Date. FINANCE CHARGESon any paymentexceptfor checksbeginon the date GMAC makes
payment.FINANCE CHARGESon aCheckbeginon thedateit is presentedto theCheckBank. Exceptfor the initial Charges,
thereis nograceperiodwhenFINANCECHARGESdo not accrue.
(f) COMPLIANCE WITH RATE LIMITS. Notwithstandingany otherprovisionof this Agreement,we will not
have to pay any FINANCE CHARGES, Initial Chargesor SpecialChargeshigher than permittedby law.
If it is finally
determinedthattherewould bean overcharge,but for this paragraph6(f), thechargewill bereducedto themaximumallowed
by law. The amountof any prior overchargewil l be usedto reducetheTotal BalanceOutstandingandtheremainderwill be
refundedto us. No creditor refundwill cureor waive any defaultby us.
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(g) NATURE OF FINANCE CHARGES. The ANNUAL PERCENTAGERATE includesonly interestand not
othercharges.
7. SPECIAL CHARGES.
(a) LATE CHARGE.
(i) If you area residentof theDistrict of Columbia,Florida, Indiana,lowa, Maine,Massachusetts,
Michigan,
North Carolina, Ohio,Oklahoma,RhodeIsland,SouthCarolina, WestYirginfo orWyomingwe will not berequiredto
pay a latechargeevenif yourpaymentis not madeby theduedate.
(ii) if you area residentof New YorkandGMAC doesnot receiveany month'sminimumpaymentwithin 15
daysafter thepaymentduedatewe will berequiredto pay a latechargeequalto thelesserof $20 or 2% of theexcess
of (i) the unpaidamountof suchpastduepaymentminus(ii) thesumof any overduepaymentsfrom prior monthsand
any unpaidlatecharge.
(111)If you are a residentof idaho, Kansas,Kentucky,Mississippi,Oregonor Utah and GMAC doesnot
receiveany month'sminimumwithin 15daysof thepaymentduedatewewill berequiredto pay a latechargeequalto
thelesserof $20or 4% of theexcess(i) theunpaidamountof suchpastduepaymentminus(ii) thesumof any overdue
paymentsfromprior monthsandany unpaidIntecharge.
(iv) If you area residentof WisconsinandGMAC doesnotreceiveany month'sminimumpaymentwithin 15
daysof thepaymentduedatewe mustpay a latechargeequaltoS10.
(v) If you are a residentof Alabama,Alaska, Connecticut,Delaware,Maryland, Minnesota,Nebraska,
Nevada,New Mexico,NewHampshire,or Vermontand GMAC doesnot receiveany month'sminimumpaymentby
theduedateshownon statementfor themonthwe will pay a latechargeequalto thelesserof $20or 5% of theexcess
of (i) theunpaidamountof suchpastduepaymentminus (11)thesumof any overduepaymentsfrom prior monthsand
any unpaidlatecharge.
(vi) If you are a residentof Arizona, Calfornia, Colorado or Georgiaand GMAC doesnot receiveany
month's minimumpaymentwithin 10daysof the due dateshownon the statementfor the monthwe will pay a late
chargeequalto thelesserof $20or 5% of theexcessof (i) theunpaidamountof suchpastduepaymentminus(ii) the
sumof any overduepaymentsfromprior monthsandany unpaidlatecharge.
(vil) If you area residentof Tennessee
andGMAC doesnot receiveany month'sminimumpaymentwithin 5
daysof theduedateshownon thestatementfor themonthwe will pay a latechargeequalto thelesserof S20or 5%of
theexcessof (i) the unpaidamountof suchpastduepaymentminus (ii) thesumof any overduepaymentsfrom prior
monthsandany unpaidlatecharge.
(viii) If you area residentof VirginloandGMAC doesnot receiveany month'sminimumpaymentwithin 7
daysof theduedateshownon thestatementfor the monthwe will pay a latechargeequalto thelesserof S20or 5%of
theexcessof (i) theunpaidamountof suchpastduepaymentminus (ii) thesumof any overduepaymentsfrom prior
monthsandany unpaidlatecharge.
(ix) If you area residentof Hawaii, filinois, Missouri,NewJersey,Pennsylvaniaor WashingtonandGMAC
doesnot receiveany month'sminimumpaymentwithin 15daysof thepaymentduedateasshownonour statementfor
that month, we will pay a latechargeequalto the lesserof S20or 5% of the excessof (i) the unpaidamountof such
pastduepaymentminus(ii) thesumofany overduepaymentsfrom prior monthsandany unpaidlatecharge
(x) If you area residentof LouisianaandGMAC doesnotreceiveany month'sminimumpaymentwithin 10
daysof thepaymentduedateasshownon thestatementfor that month,you will berequiredto pay a latechargeequal
to thelesserof S15or 5%of theamountof thedelinquentminimumpaymentdue.
(xi) If you area residentofNorth DakotaandGMAC doesnot receiveany month'sminimumpaymentwithin
15daysof the duedateyou will pay a latechargeequalto the lesserof $15.00or 5% of theexcessof (i) the unpaid
amountof suchpaymentminus(ii) thesumof any overduepaymentsfrom priormonthsandany unpaidlatecharge.
(xii) If you area residentof MontanaandGMAC doesnotreceiveany month'sminimumpaymentby thedue
dateshownon statementfor themonthwewill pay a latechargeequalto thelesserof SI5 or 5%of theexcessof(i) the
unpaidamountof suchpastduepaymentminus (ii) the sum of any overduepaymentsfrom prior monthsand any
unpaidlatecharge,
(b) ANNUAL FEE. If you are a residentof Hawaii, Kansas,Kentucky,Maine, Marylanµ(Michigan,Missourt,
Montana, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania,Rhode Island South Carolina, Tennessee,
Vermont,Virginia, Wyoming,WestVirginiaor the District of Columka you will not haveto pay an annualfee. If you area
residentof: a.lilinois you will payanannualfeeof $ $20.00;b.lowa you will pay anannualfeeofS15.00;c. Louisianayou will
pay an annualfeeof Sl2.00; d. Florida you will pay an annualfeeof S25.00;e. Ohio you will pay an annualfeeequalto the
Icsserof S35.00or ½%of your availablecrediton thedatetheannualfee is chargedto your accountor f. if you areresidentof
eannualfee will be billed on the first anniversaryof this Agreement,is non-
any otherstateyour annualfeewill beS35.00.Å
refundableandconstitutesa FINANCECHARGE.
The annualfee will be billed to us eachyear in the samemonth this Agreementis signed. GMAC will waive the
annualfee if you accrueat leastS100.00of FfNANCE CHARGESin the year immediatelyprecedingthe datein which the
AnnualFecis charged.
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(c) HANDLING COSTS. To theextentpermittedby law, we will pay the following fees:(i) S25.00for stoppingthe
paymentof any Checkthatyou requestto benot paidand (ii) S2.00for eachcopy of a Check,salesdraft or additionalmonthly
billing statementsthat we request. However,GMAC will not chargehandlingcostsfor itemsrequesteddueto a billing error
inquiry.
8. PAYMENTS.
(a) MINIMUM PAYMENT EACH MONTH. During the Borrowing and RepaymentPeriodswe agreeto pay at
leasttheamountof the minimumpaymentshownon eachmonthlybilling statementby the paymentduedateon the statement.
To figure the minirnum paymentduring the Borrowing Period for a billing cycle,GMAC will add all FINANCE CHARGES
andSpecialChargesaccruedunderparagraphs
6 and7 respectivelyduringthe billing cycle andall overduepaymentsfrom prior
billing cycle. The minimumpaymentis thelesserof thesumof this amountdescribedimmediatelyaboveor theTotal Balance
Outstandingat the endof the billing cycleperiod. The minimumpaymentfor a billing cycle during theRepaymentPeriodwill
be the sumof: (1) all FINANCE CHARGESandSpecialChargesaccruedunderparagraphs6 and 7 accruedduring the billing
cycle; (ii) all overduepaymentsfrom prior billing cyclesand (iii) the greaterof
S50.00or 1.667%of the EarningBalance
Outstandingat the end of the Borrowing Period. In addition,we will be requiredto repayGMAC any excessof the Eaming
BalanceOutstandingoverour CreditLimit.
(b)PREPAYMENT. We mayprepaytheTotal BalanceOutstandingin full or in partat any time withoutpenalty.
(c) MATURITY DATE. We tmderstandthat making the minimum paymenteachmonth during the Borrowing
Periodwill not resultin any reductionof the EamingBalanceOutstanding,Making the minimumpaymenteachmonth during
the RepaymentPeriodwill reducethe EamingBalanceOutstanding. Unlesswe havepaidoff theTotal Balance
Outstanding
andcanceledthe Accountor GMAC terminatestheAccountbeforethe endof the RepaymentPeriod(the "Maturity Date") wa
will pay the remainderof theTotal BalanceOutstandingin a singlepaymentwhich may bea balloonpayment.Seeparagraphs
12(b)and14.*Ihe Accountwill terminateafterthisimal payment.
(d) APPLICATION OF PAYMENTS. GMAC will apply our paymentsfirst againstFINANCE CHARGESand
SpecialChargesfrom prior billing periods,nextagainstadvancesin prior billing periods,thenagainstFINANCE CHARGES
and SpecialChargesfrom the current billing periodand finally againstadvancescbtainedin the currentbil)lng period.
Any
Paymentsfor SpecialChargeswill beappliedin the following order
latecharges,if anytannualfees,if any;any handlingcosts
andthen to any Insurancepremiums, However,any time the EarningBalanceOutstandingis greaterthanour Credit Limit,
GMAC mayelectto apply ourpaymentsfirst againstadvancesoutstanding,startingwith theoldestadvance.
(a) STATEMENTS CONCERNING PAYMENTS. GMAC may ignorsstatementssuchas "psymentin thil" on
any check(or which accompanyany check)which we sendin paymentof any amountowed by us. GMAC may depositsuch
checkwithout notifying us andwithout its depositbeinga settlementof theamountowed. Any suchcheckwlil be appliedas
describedin paragraph8(d).
9. MONTHLY STATEMENT. GMAC will sendusa statementfor eachmonthlybilling periodin whichwe make
a paymenton the Accountor in whichtheamountdueis 31.00or more.
10. SECURITY.The MortgagegivesGMAC a lien on the Propertyto theextentof theTotalBalanceOutstandingat
any time and is madea part of this Agreementby reference. ne
Mortgagedescdbesinsurancewe mustmaintainon the
Property. Although we may choosethe insurancecompany,GMAC hastheright to refuseto acceptcur choicefor reasonable
1l.TRANSFER OF RIGHTS AND DUTIES. The Accountis our personalobligation,andGMAC is selyingon us
to repaytheamountsit advances.Weagreenot to transferourcreditprivilegesor our paymentdutiesto anotherpersonwithout
GMAC's prior written consent. However,GMAC may transferits rights anddutiesat uny time with or withoutnotice. Our
heirs,successors
andassignsshallbeboundby all of our duties,andour approvedassignswill haveall of ourrights. GMAC's
successors
andassignsshallbeboundby all of GMAC's dutiesandwill haveall of GMAC's rights.
12. EVENTS OF DEFAULT.
(a) NOTICE. Theeventssetforth in paragraphs12(b)and 12(c)areEventsof Defaultif andwhenGMAC givesany
person(other than GMAC) who has signeda Credit Document("Signer") notice of default. We agreeto
notify GMAC
uponthe
promptly happeningof any eventthatwouldbeanEventof Default.
(b) TERMINATION EVENTS. In any of the eventsdescribedin this paragraph12(b),GMAC may give noticeof
default. Uponor after giving suchnotice,OMAC maypermanentlyend our dght to advancesunderthe Account,
may reduce
ourCredit Limit and/or.either immediatelyor at suchIntertime asGMAC elects,maydemandrepaymentat onceof
theTotal
BalanceOutstanding.
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(i) Therehasbeenfraudor materialmisrepresentation
by us in connectionwith theAccount:
(ii) We havefailedto meettherepaymenttermsof thisAgreementfor any amountoutstanding;or
(iii)To theextentpermittedby law, any actionor inaction by you has adverselyaffectedthe Propertyor
any right of GMAC in the Property;to theextentpermittedby law, thiswill include,but not be limited to, (or any legal
representativeor successorof yours) you agreeingto sell, transfer,or assignor selling, transferringor assigningany
interestin the Propertywithouttheprior writtenconsentof GMAC.
(c) SUSPENSION EVENTS. In any of the eventsdescribedIn this paragraph12(c), GMAC may give notice of
default.GMAC may freezeadvances(not permitusto accessour Accountfor additionaladvances)or reducetheCreditLimit if
any of theeventsdescribedbelowoccur. GMAC will notify us ifour Accountis frozenor ifour CreditLimit Isreduced.If the
reasonfor suchactionno longerexistsandwewouldlilceour creditprivilegesreinstated,thenit is ourresponsibilityto deliverto
GMAC a writtenrequestfor reinstatementof creditprivileges,with evidencethatthe event(s)causingthesuspensionhavebeen
cured. We promisethatwe will includewith any requestfor reinstatementany evidencereasonablynecessaryto showthat the
event(s)in questionhaveended. If, afterreasonableinvestigation,GMAC agreesthat the event(s)resultingin suchactionno
Tongerexist and that no otherconditionsthat would permit such action currentlyexist, then GMAC will reinstateour credit
privileges.
The following eventsgive riseto theseconsequences:
(i)The valueof the Propertydeclinessignificantly below the appraisedvalueof the Propertyusedby GMAC in
decidingto opentheAccount;
GMAC reasonablybelievesthat we win be unableto fulfill
(ii) our repaymentobligationsunder the Account
becauseof a materialchangein our financialeircumstances;
(iii) Signersare in default of any of the following obligationsunderthe Credit Documents,which we agreeare
material:
(A) paragraph12(c)of theAgreement,requiringevidenceof theendof anEventof Default;
(B) paragraph15(c)of theAgreement,prohibitingconhictinginstructions[or courtorders];
(C) paragraph15(e)of theAgreement,requiringnoticeof lostor stolenChecksand/orcreditcards;
(D) paragraph15(g)(ii)of the Agreement,requiringnoticeof adversechangesin our creditor fmancial
conditionor thevalueof ghePropertyandrequidngcompliancewith reasonable
GMAC requestsfor information;
(E) paragraph15(i) of the Agreement,requiring noticeof changesIn our address,nameor employment
andnoticeof death,imprisonmentor 'meompetency;
(P) paragraph3 of the Mortgage,prohibiting prior mortgages,deedsof trust,chargesandliens on the
Property;
(G) paragraph4 of theMortgage,regardinghazardinsuranceandcondemnation;
(H) paragraph5 of theMortgage,regardingmaintenance
of theProperty;
(I) paragraph6 of the Mortgage,regardingprotectingGMAC's security;
(J) if applicable,paragraphI of the CondominiumRider or PlannedUnit DevelopmentRider to the
Mortgage,requiringpaymentof condominiumor plannedunit developmentobligations;
(K) if applicable,paragraph2 of the Condominium Rider, regardingnotice of a lapseof insurance
coverage;or
(L) if applicable, paragraph4
of the Condominium Rider or PlannedUnit DevelopmentRider,
prohibitingcertainactionswithoutGMAC's consent;
(iv) TheMaximumAnnualPercentage
Rateprovidedfor in paragraph6(b) is reached;or
(v)The priority of the Mortgageis adverselyaffectedby governmentactionto theextentthatthevalueof the
equity
in the Propertyafter liensprior to theMortgageis lessthan 120%of theCreditLirnit.
(vi) GMAC is preventedby any governmentactionfrom applyingto my AccounttheAnnual Percentage
Ratethatis
providedfor in thisAgreement.
(vii) GMAC is notified by its regulatoryagencythat continuedadvanceswould constitutean unsafeand unsound
practice.
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(d) CURE, ETC. Notwithstandingany languagein this Agreementto the contrary,GMAC will not take any action
uponan Eventof Default unlesspermittedby applicablelaw andGMAC will give us any graceperiod,right to cure and/or
right requiredby applicablelaw. However,we understandandagreethat this paragraph12is intendedto give
reinstatement
GMAC all rightspermittedby applicablelaw.
(e)RETURN OF CHECKS AND CREDIT CARDS. Upon the occurrenceof an Eventof Defaultasset forth in
Paragraph12(b),we will promptly returnall unusedChecksandcreditcardsto GMAC.
(f)FORECLOSURE. If we do not repay the Total BalanceOutstandingat oncewhen due,GMAC may exercise
anyright availableto it underapplicablelaw, includingforeclosure.
13. AMENDMENT OF AGREEMENT. We agreethat GMAC may amendthis Agreement,without any further
consentfrom us, if (a) the amendmentis "insignificant" (asdefmedunderapplicablefederallaw) or (b) if the amendmentwill
thetermof
unequivocallybenefitusthroughouttheremainderof
thisAgreement.All otheramendments
to thisAgreementshall
requirea writtenagreementbetweenGMAC andus.
14. CANCELLATION BY US. If we wish to closethe Account, we must notify GMAC that we are closing our
Accountandreturnall unusedChecksandany creditcards. Thenoticemustspecify theAccountnumberandan effectivedate
ofcancellation.Thedateof cancellationmustbeafterGMAC receivestheNotice, Wewill beresponsiblefor all Checkssigned
by us wheneverwritten aswell asall creditcardcashadvancesand/orPurchasesmadeby uswhenevermade,andwe will pay
OMAC theTotal BalanceOutstandingon the cancellationdate. We will not be releasedfrom our dutiesuntil this amountis
paid. If GMAC receivesa checkwhichsatisfiestheTotal BalanceOutstandingGMAC may at its solediscretionconsiderthe
Accountclosed.
15, OTHER PROVISIONS.
(a)WA1VER. We agreethatwe will not be releasedfrom any of our obligationsbecauseGMAC releasesor takes
any additionalsecurityfor therepaymentof amountsowed, GMAC may waiveor delayenforcingits rightswithout limiting its
ability to exercisethem in the future. Any waiverby OMAC shall be in writing andshall applyonly to theextentstatedin the
writing. No waivershallberegardedasa waiverof any otherevent.
(b) SATISFACTION, COLLECTION AND FORECLOSURE COSTS. To the extent perminedby law, all
satisfactionfeeschargedby anyrecordingoffice for cancelingtheMortgagewill bebilled to you, andto theextentpermittedby
attorneys'
law reasonableout-of-pocketcosts(including
fees)incurredandprojectedby GMAC in enforcingits rightsshall be
includedasadditionalindebtedness
in anyjudgmentor decreeagainstus.
(c)JOINT ACCOUNTS; CONFLICTING INSTRUCTIONS. If morethanonepersonsignsthis Agreement,then
thisAccountis ajoint accountandeachsignerwill be individually responsibleandliable for theentireaccountbalance.If this
is ajoint Account,we agreenot to give con)cting instructionsregardingthe Account. Nevertheless,
in theabsenceof a court
order,GMAC maycomply with a requestmadeby any of us(evenif it conflicts with a requestmadeby anotheroneof us) or
GMAC may refuseany request GMAC may alsogive notice of an Event of Default underparagraph12(c) if it receives
conflicting instructionson the Account. If GMAC receivesconflicting instructions,or a courtorder regardingthe Account, it
mayreibseany requestor dishonorany Checkor creditcardcashadvanceor Purchase,
withoutnoticetoany ofus.
(d) 5'rOPPING PAYMENTS. In orderto stoppaymenton a Check,we mustcall thetelephonenumberfor customer
inquiriesshownon our mostrecentmonthlybillingstatement WHILE GMAC W11,1,MAKE A GOODFAITH EFFORTTO
STOP PAYMENT, GMAC DOES NOT GUARANTEE THAT PAYMENT ON ANY CHECK WILL IN FACT BE
STOPPED.
(e)IA)ST OR STOLEN CHECKS AND/OR CREDIT CARDS. We agreeto contactGMAC immediatelyat the
addressor telephonenumbershownonour mostrecentmonthly statementif we learnthat any Checkand/orcreditcardhasbeen
lostor stolen.
(f)GOVERNING LAW. This Agreementwill be governedby federstand New York law.
If any provision is
invalid,megal,or unenforceable,this Agreementwill be interpretedas if suchprovisionbadneverbeenincluded. We agreeto
fbily cooperatein thecar1rection
andadjustmentof anycrrorsin theloandocumentsif deemednecessary
or desirableby OMAC
to complywith any law or regulationor to meetthe termsandconditionsof the loanapproval.
(g) CREDIT INFORMATION, (i) To theextentpermittedby law, GMAC may discloseinformationaboutus,our
performanceunderthis Agreement,employment,credit,or otherinformation: (1) to credit reportingagencies,
(2) to affiliatesof
OMAC unlessyou (if there is more than one borrowereachborrower must notify GMAC to preventthe
sharing of that
borrower'sinformationwith affiliates)notify GMAC at 100WarmerRoad,Horsham,PA 19044-0963Attention: Home
Equity
Departmentthat GMAC shouldnot sharethis informationwith affiliates(upon receiptof thisnoticeGMAC will
stopsharing
informationwith affiliates),(3) if GMAC reasonablybelievesdisclosurenecessaryto ensureour compliancewith the Credit
Documents,or (4) if we give GMAC our written permission. We authorizeGMAC to obtainreportsfrom others(suchas
employers,creditors,lendersandcredit reportingagencies)from time to time bearingon our creditstatus.Å hisappliesto each
of usif thisis ajoint Account
We agreeto notify GMAC promptlyif thereis any magerialadversechangein our creditor linancialcondition
(ii)
or thevalueof theProperty. We alsoagreeto provideGMAC with
any updatedinformationGMAC reasonably
requestsfrom
timeto time concerningour creditor financialconditionor the valueof thePtoperty.
(b) TIME OF THE ESSENCE. Time is of theessencein thisAgreement.
(i)CHANGE OF ADDRESS, ETC. Wewill give GMAC promptprlor noticeof any changein our address,name
or employmentand we will give GMAC promptnotice if any of us dics by sendingGMAC a certifieddeathcertificate if it
requestsone,is imprisonedor becomeslegally incompetent.
6
FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 25 RECEIVED NYSCEF:
I N DEX NO . 05/04/2022
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2 0 2 1-5
FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM|
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021
(j) NOTICES. Any GMAC noticeshall be handdeliveredor sent by first class,registeredor certified mail to the
in a written noticegivento GMAC. Any GMAC notice
addressof the Propertyor suchotheraddressspecifiedby the addressee
shallbeconsideredgivenon the day it is depositedin theU.S.mail or is hand-delivered.
Any noticefrom us mustbe mailedto GMAC by first class,registeredor certified mail to the addressshownon our
mostrecentmonthly statementor to suchotheraddressspecifiedby GMAC in a written noticegiven to us. Any suchnotice
shallbeconsideredgivenon the day it is receivedby GMAC.
(k) FAILURE TO MAKE ADVANCE We agreethat GMAC will
not be responsibleif we cannotobtain an
controlor if anyonereibsesto accepta Check,wire inmsfbr,cashiercheck
advancebecauseof any causebeyondits reasonab1c
and/orcreditcard.
(1) COPIES, ETC.If GMAC suesto enforcethis Agreement,GMAC may usea copy,microfilm, or microficheof
any Check,monthly statementor otherdocumentto provewhat we owe GMAC.
The copy, microfilm or microfichecan be
usedjust like theoriginaldocument.
(m) CREDIT BALANCES. GMAC will not pay usintereston any creditbalances.
(n) ANNUAL STATEMENT. Within tendaysafterreceiptof a written requestfrom us,GMAC will deliver to us
onceper yearandwithout chargea statementshowingthedateandamountof all paymentson theaccountfor the irnmediately
preceding12month period.andtheTotal BalanceOutstanding.
(c)USE OF FUNDS. Weagreeto useall fundsadvancedto usfor personal,family or householdpurposes.
(p)TAXES. If taxeson mortgagesor thedebtsthey secureincreasein any way alter thedateof the Mortgage,we
shall pay thefull amountof any suchincrease.
(q) TAX ADVICL We shouldconsulta tax advisor regardingthe deductibility of interestandchargesunderthe
Account
(THIS SPACEINTENDONALLY LEFT BLANS
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FILED: DUTCHESS COUNTY CLERK 05/04/2022 11:49 AM INDEX NO. 2021-54271
NYSCEF DOC. NO. 25 RECEIVED NYSCEF:
I NDEX NO .
05/04/2022
2 O21-54271
FILED: DUTCHESS COUNTY CLERK 10/19/2021 10:55 AM)
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 10/19/2021
NOTICE TOBORROWER
to be represented by an attorney of your own choosing at the time this Agreement is
You have the right
signed.
Read t