Preview
FILED: NASSAU COUNTY CLERK 12/02/2020 12:26 PM INDEX NO. 613956/2020
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 12/02/2020
EXHIBIT A
FILED: NASSAU COUNTY CLERK 12/02/2020 12:26 PM INDEX NO. 613956/2020
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 12/02/2020
MORTGAGE NOTE
$240,300.00
December 27, 2018
Westbury, New York
FOR VALUE RECEIVED, LEGACY INV. & MANAGEMENT GROUP, LLC, a New
York Limited Liability Company, located at 50 Clinton Street, Suite 99, Hempstead, NY 11550
("Maker"),
Promises to pay to LOAN FUNDER LLC, SERIES 5917, a Delaware Limited Liability
Company, or order, at its office at 645 Madison Avenue, 19th Floor, New York, NY 10022
("Lender"), or at such other place as may be designated in writing by the holder of this Note, the
principal sum of TWO HUNDRED FORTY THOUSAND THREE HUNDRED AND
00/100 DOLLARS ($240,300.00) on December 27, 2019 ("Maturity Date") with interest
thereon, payable in arrears, to be computed from the date hereof untilsaid principal sum shall be
fully paid on a daily basis and on the basis of a three hundred sixty (360) day year and the actual
number of days elapsed, at the rate of Ten Percent (10.00%) per annum. Maker shall pay to
the Lender consecutive monthly installments of interest only commencing on the date hereof for
the period from the date hereof through December 31, 2018 and thereafter in arrears on February
1, 2019 and on thefirst day of each and every month thereafter through and until the Maturity
Date. Maker shall direct allmonthly payments to Superior Loan Servicing located at 24013
W. Ventura Blvd., Suite 200, Calabasas CA 91302
1. Default Interest Rate: Ifthe principal balance ofthis Note shall not be paid at itsmaturity,
or on its acceleration pursuant to the provisions hereof or of the Mortgage (as hereinafter
defined), interest thereon shall thereafter be computed and paid at the rate of twenty-four (24%)
percent per annum ("Default Rate") but in no event in excess of the maximum rate allowed by
law to be charged to the Mortgagor.
2. Default: IT IS HEREBY EXPRESSLY AGREED that the said principal sum and all
accrued interest thereon shall become due at the option of the holder of this Note on the
happening of any default or event by which, under the terms of the Mortgage, said principal sum
may or shall become due and payable; also, that all of the terms, covenants, conditions and
agreements contained in said Mortgage are hereby made part of this instrument.
3. Voluntary Prepayment: The indebtedness evidenced by this Note may be prepaid in
whole or in part without penalty upon not less than five (5) days prior written notice to Lender
together with payment to Lender of all accrued and unpaid interest,late charges and other sums
then due and payable under thisNote or the Mortgage.
4. Late Charee: Notwithstanding any grace period set forth in the Mortgage, Lender may
collect a late charge, not to exceed five cents for each dollar of each installment of principal
FILED: NASSAU COUNTY CLERK 12/02/2020 12:26 PM INDEX NO. 613956/2020
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 12/02/2020
and/or interest or any other sums due under this Note or the Mortgage which is received more
than ten (10) days in arrears from itsdue date, which late charge shall be due and payable with
the next payment due under this Note.
5. Payments Past Maturity. Maker hereby authorizes Lender, at Lender's sole discretion,
to instruct Lender's servicer or subservicer to continue accepting payments from Maker past
the then original Maturity Date of this Note at the original terms stated herein and in the
associated Loan Documents. Maker hereby authorizes Lender and itsservicer and subservicer
to cither (i) initiate, and/or continue the initiation of, ACH direct debit transactions from
Maker's bank account supplied to Lender or its servicer or subservicer, and/or (ii)otherwise
accept monthly payments due and owing on this Note in the form of paper checks or as
otherwise agreed by and between Maker and Lender's servicer or subservicer. If the then
original Maturity Date of this Note has passed, the continued acceptance of payments by
Lender shall be at the sole and absolute discretion of Lender, and Lender shall not be obligated
to accept such payments. Lender reserves the right to cease or discontinue acceptance of any
such payments from Maker at any time and to pursue all of it available remedies under this
Note and the associated Loan Documents.
6. Miscellaneous:
(a) Presentment for payment, notice of dishonor, protest and notice of protest are
hereby waived.
(b) Payments received by the Lender pursuant to the tenus of this Note or any
other document or instrument executed and delivered by Maker to the Lender in
comlection with Maker's obligations to the Lender hereunder (hereinafter collectively
referred to as the "Loan Documents") shall be applied in the following manner: (i)first,
to the payment of allexpenses, charges, costs and fees incuned by or payable to the
Lender and for which Maker is obligated pursuant to the terms of this Note or the other
Loan Documents; (ii)second, to the payment of all interest accrued hereunder through
and including the date of such payment; and (iii)third, to the payment of the principal
amount of thisNote.
(c) Without limiting any other rights that the Lender may have, the Maker
hereby authorizes the Lender from time to time to charge any account of the Maker
with the Lender for interest or principal or any other sums coming due under thisNote
or the Mortgage, but if any such charge creates an overdraft in such account, interest,
principal and/or any such other sum shall be deemed not to have been paid to the extent
of such overdraft, notwithstanding any internal treatment by the Lender to the
contrary.
(d) No failure on the part of the Lender to exercise, and no delay in exercising,
any right or remedy hereunder, under the Mortgage or the Loan documents shall
operate as a waiver thereof; nor shall any single or partial exercise by the Lender of
any right or remedy hereunder, under the Mortgage or the Loan Documents preclude
any other or further exercise thereof or the exercise of any other right or remedy that
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the Lender may have under this Note, the Mortgage, the Loan Documents, or
applicable law or otherwise. The receipt by the Lender of payments of interest or
principal hereunder or any other sums due hereunder or under the Mortgage or the
Loan Documents with knowledge on the part of the Lender of the existence of a default
hereunder or under the Mortgage or the Loan Documents shall not be deemed a waiver
of such default. Any payment by the Maker or receipt by the Lender of less than the
full amount of interest, principal and/or other sums due hereunder or under the
Mortgage or the Loan Documents shall be deemed to be on account of allsuch interest,
principal and other sums and shall be applied against such interest, principal and/or
other sums in such manner and order as the Lender shall choose in itssole and absolute
discretion. The rights and remedies provided in this Note, the Mortgage and the Loan
Documents are cumulative, not exclusive and are in addition to all others that may be
provided by other agreements and documents and applicable law.
(e) The Maker hereby further agrees, on demand, to pay, reimburse and satisfy
in fullany and allexpenses that may be paid or incurred by the Lender in the collection
of all or any portion of the indebtedness evidenced hereby or the exercise or
enforcement of any one or more of the other rights, powers, privileges, and remedies
of the Lender hereunder, under the Mortgage or any other instrument executed and
delivered in connection herewith, irrespective of the manner or success of any such
collection, exercise or enforcement. Any such expenses shall bear interest at the
Default Rate from the date the same are incurred by the Lender until repaid to itby the
Maker.
(f) The Maker agrees that this Note shall be construed in accordance with and
governed by the laws of the State of New York. The Maker fudher agrees that in any
action or proceeding brought by the Lender against the Maker in connection with this
Note (i)the Maker and, by its acceptance hereof, the Lender, shall and do hereby waive
trialby jury, (ii)service of any summons and complaint or other process in any action
or proceeding may be made by registered or certified mail directed to the Maker at its
address hereinabove set forth, the Maker hereby waiving personal service thereof, and
(iii)within thirty (30) days after such mailing the Maker shall appear or answer to any
summons and complaint or other process, and should the Maker fail to appear or
answer within said thirty-day period, the Maker shall be deemed in default and
judgment may be entered by the Lender against the Maker for the amount as demanded
in any summons or complaint or other process so served.
(g) The Maker hereby waives the right to assert a counterclaim, other than a
mandatory or compulsory counterclaim, in any action or proceeding brought against
it by the Lender arising out of, or in any way connected with, this Note or the
Mortgage.
(b) The terms and provisions of this Note are severable and, ifany term or
provision shall be determined to be superseded, illegal, invalid or otherwise
unenforceable in whole or in part pursuant to applicable law by a governmental
authority having jurisdiction, such determination shall not in any manner impair or
FILED: NASSAU COUNTY CLERK 12/02/2020 12:26 PM INDEX NO. 613956/2020
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 12/02/2020
otherwise affect the validity, legality or enforceability of that term or provision in any
other jurisdiction or any of the remaining terms and provisions of this Note in any
· jurisdiction.
(i)In the event of a judgment on thisNote, Maker agrees to pay to Lender on
demand all reasonable costs and expenses incurred by Lender in satisfying such
judgment, including without limitation, reasonable fees and costs of Lender's counsel;
itbeing expressly understood that such agreement by Maker to pay allpost-judgment
costs and expenses of Lender is absolute and unconditional and (i)shall survive (and
not merge into) the entry of a judgment for amounts owing hereunder, and (ii)shall
not be limited regardless of whether this Note is secured or unsecured, and regardless
of whether Lender exercises any available rights or remedies against any collateral for
this Note.
(j)If the holder of this Note retains legal counsel to collect on this Note or any
interest thereon or on any other obligation owed by the Maker on the Note, the
Mortgage or the Loan Documents, including but not limited to a foreclosure
proceeding or an action on any guaranty, or to defend the lien of the Mortgage or other
collateral, then in such event the Maker agrees to additionally pay to the holder of this
Note the reasonable fees of the attorney for the Holder hereof which sums shall be
included in any judgment of foreclosure or otherwise, and shall be in addition to the
recovery of costs, disbursements and allowances otherwise recoverable in such action
pursuant to the applicable provisions of New York law.
(k) This Note is secured by a first Mortgage ("Mortgage") made by the Maker to
the Lender of even date herewith, covering property in the County of Nassau, State of
New York and being commonly known as and by street 572 Clark Pla ce,
Uniondale, NY 11553 (Section: 50 Block: 384 Lot: 17, County of Nassau, State of
New York)
(1)Payment of this Note is guaranteed by NELSON HERNANDEZ, pursuant to
his guaranty of even date herewith.
(m) Upon receipt of an affidavit of an officerof the Lender as to the loss,theft,
destruction, or mutilation of this Note, or any other security document which is not of
public record, and, in the case of any such loss, theft, destruction or mutilation, upon
cancellation of such Note or other security document, Maker will issue, in lieu thereof, a
replacement note or other security document in the same principal amount thereof and
otherwise of like tenor.
(n) This Note may not be changed or terminated orally. This Note shall bind the
heirs, legal representatives, successors and assigns of the Maker and shall inure to the
benefit of the holder hereof and itssuccessors and assigns.
(0) Cross-Default. Any default under the terms of any loan agreement,
promissory note, deed of trust, mortgage, lease, conditional sale contract or other
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agreement, document or instrument evidencing, governing or securing any
indebtedness owing by Borrower or any Affiliate of Borrower to Lender or any
Affiliate of Lender, shall, at Lender's option, constitute a default under this Note. The
"Affiliate"
following definitions shall apply to this Section: (a) means, with respect to
any Person, any other Person that is directly or indirectly Controlling, Controlled by
"Control"
or under common Control with, such Person; (b) and derivative terms means
the possession, directly or indirectly, and acting either alone or together with others,
of the power or authority to direct or cause the direction of the management, material
policies, material business decisions or the affairs of a Person, whether through the
ownership of equity securities or interests, by contract or other means; and (c)
"Person"
means any natural person, business, corporation, company, and or
association, limited liability company, partnership, limited partnership, limited
liabilitypartnership, joint venture, business enterprise, trust, government authority or
other legal entity.
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SIGNATURE PAGES TO FOLLOW
FILED: NASSAU COUNTY CLERK 12/02/2020 12:26 PM INDEX NO. 613956/2020
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 12/02/2020
IN WITNESS WHEREOF, Maker has duly executed this Promissory Note as of the day and year
firstabove written.
Maker:
LEGACY INV MAN GEMENT GROUP, LLC
ELSON ÚERNANDEZ, Member
STATE OF NEW YORK )
) ss.:
COUNTY OF NASSAU )
On the 27th day of December in the year 2018 before me, the undersigned, personally
appeared NELSON HERNANDEZ, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his capacity, and that by his signature
on the instrument, the individual, or the person upon behalf of which the individual acted,
executed the instrument.
Notary P d
ROBERT J FINN
NotaryPuh!;c tP'sof New York
No 01F!4/81022
Oualñ÷a in Suffolk
County
Commissba Expiw January 31 2022
FILED: NASSAU COUNTY CLERK 12/02/2020 12:26 PM INDEX NO. 613956/2020
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 12/02/2020
NOTE ALLONGE
ALLONGE TO THAT CERTAIN NOTE DATED: December 27, 2018
LOAN NUMBER: 5917
IN THE AMOUNT OF: $240,300.00
BORROWER NAME: Legacy Inv. & Managemeñt Group LLC
COLLATERAL ADDRESS: 572 Clark Place, Uniondale, NY 11553
FROM: Loan Funder LLC, Series 5917
TO: HOF I Grantor Trust 5
PAY TO THE ORDER OF HOF I Grantor Trust 5, itssuccessors and/or assigns, without
recourse and without representation or waiiañty of any kind, express or ünplied.
ON THE 18th DAY OF August, 2020
Loan Funder LLC, Series 5917
By:
Name: Amar Shah
Title: Authorized Signatory