Preview
FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667
NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022
EXHIBIT C
FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667
NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022
CHAUTAUQUA
9
Q0UNTY*StÂTErOFMEWYORK
SANDRAK. SOPAK COUNTY CLERK
1 NorthErieStrPS.Bw.°0,.Mayvice, New York 14757
COONTY CLGNK'S HECORD, ING PAGE
***TH)$ PAGE IS PART OF THE 000UMENT- DO NOT-DETACH***
Rece>rdi hg:
Cover Page 5 .00
II Recording Fee 80.00
Affidavit 5.00
Cul tural Ed 1445
Records Management - coun 1.00
Records Management - stat 4.75
INSTRUMENT # ! MT2013005081
sub Total : 110.00
Recei pt#: 201306093535
clerk: Ks Mortgage Tax
Rec Date: 10/22/|013 11: 59 t 54 AM Bas7 c 0.00
Doc G.rp: M SpecAddl 0.00
Descrip: MORTGAGE Addi ti onal 0.00
Num Pgs : 13 Local 0-.00
Rec'd Frnt: WNY AB S.TRACT
sub Total : 0.00
Party1: BELL HELEN J
Party2 : M+T BANK /MERS .. . .
Town : P0MFRET Tota : 110.00
**** NOTICE: ****
THIS IS NOT A BILL
***.** Mortgage *****
Tax
serial #1 DE-2132
Mtg Amt: 150000.00
. . Total: 0.00
WARND4O***
I hereby ortify that tie wmfin and fatgolog was
recorded In the Chautauqua. Clerk's
County 01fice,
StateofNew York,
This sheet constitutes
the CIedtsendorsement required
.M+T BANK
P ,0. ROX 4611
BUFFALO, NEW VORK 142.40 senm×..spragonvarycusne
chauTAUGUACougTY LEM
FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667
NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022
REVERSE MORTGAGE
(HOME EQUITY CONVERSION)
Record and Returnto:
M&T Bank
P.O. Box 4613
NY
Buffido, 14240 .
Stateof New Y ork
ADJUSTABLE RATE REVERSE MORTGAGE
TlilSMORTOAGE ("Security is given on October
instrurnent") 10, 2013.
The mortgagoris HelenJ. Bell,
whose
address is113 Howard Street,Fredonia,NY 14063 ("Borrower"). Instrument
Thip ScCurlty is given to
M&T
Bank, which and whosa address is One Fountain
is organized and exisdag under the laws of New York, Plaza, 6th
Floor,Buffalo,NY 14203 ("Lender").ne inortgagee
under®thisSecurityinsownent is Mortgage2ectrontg
Regis0adon Systenu,1nc.("MERS") (solely as nominee for
Leader and Lerider's
successors and assigns) and the
successors and assigns of MERS:
MERSis a separore corporation
that it acting solely as a nominee for
l.ender and
Lander'ssuccessor.r and asslgns. MERS is organt:ed
and existing
under the laws
ef Delaware,and has an addFess
and telephone number
of (901E, herbees Brest,&dte C, Danvllie, M1 48301-
IL 61834 or P.O. Box 2026, Flint,
Borrower
2026. rel. (888) 679-MERS, has ugreed to rephy to Lender amounts which
Lender 18obUgsted to advance,
Includingfuture advances, under the terms of a Fiome Equhy Loan Agreenient
Conversion dated the same date as
this Security
Instrument
("LoanAgreement"). 0 agreemem to repay la evidenced by Borrower's
Note dated the
same date as this Securhy Instrument
("Nota").
This Security secures to Leader:
Instrument (a) the tepayment ofthe
debt evidencedby the Note,
includingallfbture interest at a rate subject to
advances, with and
adjustment, all
renewals,extensions and modifications
of the Note,
up toa maximum amount
prinolpal of One Hundred Play
Thousand and 00/100 Dollars (b)the
(U.S.S150,000.00); payment of all other sums, with
Interest, advanced under
Paragraph of this
5 to prbtect the security Instrument
Security or otherwise
due under the terms
ofthis Security
and (c) the performance
lostrument; of Borrower's
covenants and agreements under this Secutity Instrument
and the
Note. all amounts described in·(a), (b), and (c) above, Ifnot
The fb11debt, including paid earlier, is due and payable -
on August 35;2080,For this purpose, Borrower
does hereby mortgage, grant and convey to Lender, with
power of
described property located in Chautauqua
sale, the following County, New York,
which has the address of:
n3 Roward Street,Fredents,NY, 14063, ãnd more fully
Is described on ExhibftA and hereby
attached to
Incorporated intothis
Mortgage("Propeny Address").
TOGETHER WITH allthe improvementsnow erected on the
or hereafter and all
property, easements, rights,
appunenances, and fixtures
now or hereafter
a part of
the property.
All and addidons
replacements shall also be
covered by this Security
Instrument.Alloftheforegoing Instrument asthe "Property."
is referred to in this Security
BORROWER COVENANTS that Borrower seized of the estate hereby .conveyed and has the right to
is lawfbily
grant and convey
inortgage, is unencumbered. Borrower
the Property and that the Property warrants and will
deibnd
generally the title m the Property
against all claims and demands,subject
to any eneumbrances of record.
CREDIT LINE MORTGAGE
This Instrument
Security secures the To the Securhy
debt described Note
Jnstrument, and Loao Agreement and
NewYorkP MnRSSeemrodnane,anr o BayDoes.lan06t10
FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667
NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022
contemplatesa series of advances which
will time m time from
be advanced from and after the date of this
Securhy
Instrumentnot toexceed in the aggregate at any one time
the maximum prtne1pal amount
stated in the
security
the Note and the Agmoment.
Instrument, .. . .
THIS SBCURITY INSTRUMENT combines unifotmcovenants for
nationaluse and non-tratform
covenantswith
limited
variations to constitute a urifform
by jurisdiction security Instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: .
L Payment of Principalan d InterestBarrowershallpay when due the principal
of, and interest on, the
debt
evidencedby the Note.
1 Payment ofProperty Charges. Borrower shallpay all
propertycharges consisting
of taxes, ground
rents,
floodand hazard insurance pmmiums,
and special assessments in a timely
manner, and shall
provideevidenceof
payment anless Lender
to Leader, pays property
charges by withholding
funds frommonthlypayments due to the
Borrower such payments to a line oferedit
or by charging as provided
for in the Loan Agreement.
3. Flood
Ff re, and OtherMn·zard Insurance.Borrowershall insure all improvements
on the Property,
whether
now In existence
or erected, against any hazards, casualties,
subsequently and contingencies, fire.
including This
. in the amounts, to the extent and for the periods required by Lender or the Secretary
insurance shalf be maintained of
Housing and Urban Development Borrower
("Secretary"). shallalsoinsureallimprovernentson the Property,
whether now in existence or subsecjuently crected, against loss by floods
to the extent required
by the Secretary..All
-
insuranceshall be carded
withcompaniesapproved by Lender.The insurance
policies
and any renewalsshall
be
held by Lender and shall include
loss payable clauses in favor
of, and in a form
acceptable to, Leader.
shall give
in the event of foss, Borrower Lender immediatenotice by mail.
Lender may make proofof loss if
not
made promptlyby Borrower. Each insurancecompany concerned ishereby authorizedand directed
to make
payment for such loss to Lander, instead of to Borrower Insurance proceeds shall be applied to
and Leader jointly.
or repair
restoration of thedamaged Property,ifthe restoration
or repair
iseconomicallyfeasibleand Lender's
securityis not
fessened. If or repair
the restoration is not feasible
economically orLender's would
security be
lessened, the insurance proceeds shsill be applied
first to the reduction
of any indebtedness under a Second Note
and .
Second Securityinstrument
held by the Secretary on the Property
and thento the aduc8onofthe indebtedness
under the Note arid this
SecurityInstrument.
Any excess insurance proceeds over an amount to
required pay all
outstandingIndebtedness under the Note
and this
SecurityInstrumentshallbe paid to the
entity entitled
legally
thereto.
In the event of foreclosure
of this Security
instrumentor other transfer of title
to the Property Ibat extinguishes
the
title and interest of Borrower
Indebtedness, all right, in and to insurance polloles
in fbrce shall pass to the purchaser.
Ocenpancy, Preservation,Maintenance and Protectionof theProperty;Borrower's Loan Application;
Leaseholds. Barrower skulloccupy, and use the Paperty
establish, as Barrower's
principal
residence after
the
executionof this Security
Instrumentand Borrower(or at least one Borrower,
If initially
more than one person are
Barrowers)shallcontinuetooccupy the Property
as Borrowers principal
residence for
the termof the Security
Instrument residencek shall have the same
"Principal meaning as in the Loan Agreement.
Borrower shall not commit
waste or destroy, damage or substantially
change the Property
or allowthe Pmpertyto
reasonable
deteriorate, wear and tearexcepted. Borrowershall
also be indefaultifBorrower,duringthe loan
application
process, false or inaccurate
gave rnaterially informsdon_orstatements to Londer
(or failed
to provide
Leader withany rastedal In conneerion with
information) the loan avidenced by the Note, but not limited
including,
to,representations
concerningBorrower'soccupancy ofthe Propertyas a principal
residence.
If this
Security
Instnanentis on a leasehold, Borrower
shall comply
wf th the provisions
ofthelease. If Borrower
acquites fee title to
Na vork Pt AGMSwahy
busrumem Ð ¼Doeshw. 10
Pase2
FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667
NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022
the Property, shall not be merged unless Leader agrees to the merger in writing,
the leasehold and fee title
5. Charges to Borrower an d Protectionof Leader'sRights in the Propérty. Borrower shallpay all
governmental charges, fines and impositions
or municipal that are not included
in Paragmph 2.Borrowershallpay
these obligations
on timedirectly is owed the payment
to the enthy which If failure
m pay would adversely affect
Lander'sinterest
In the Property,upon Leaders requestBorrower shallpromptlythmish to Leader receipts
evidencingthese payments.Borrower shan promptlydischargeany lieswhfch has priority
overthisSecurity
Instrument in Paragraph 12(c).
in the manner provlded
IfBonower faHs to make these payments or the propeny
charges required
by Paragraph 2, or fails
to performany
othercovenams and agreercentscontained
in this or there
lastrianent,
Security Is a legal
proceedingthatmay
affect
significantly Leader's in the Property
rights (such as a proceeding
in bankruptcy,
for condenmationor to
enforce laws then Leader may do and pay whatever
or regulations), is necessary to protect the value of the
Property
and Lender'srights
in thePropeity,
includingpayment of taxes, hazard
insuranceand otheriterns mentioned
in
Paragraph 2.
To protect
Lender's in the Property,
security Leader shaD advance and charge to
Borrowerallamounts due to the
Secretary far the Mortgage
insurancePremium ("MIP")as defined in the Loan Agreement
as we]I as all sums due to
the loanservicerforservielagactivities
("ServicingFee")as definedIn the Loan Agreement.Any amounts
under this Paragraph shall become an additional
disbursed by Lender debt of Borrower
as provided
for in the Loan
Agreement and shall be secured by thisSecurity
Insnument
.6. Inspection, Lenderor Itsagent maycateron, inspect or make of
appraisals the in
Property a reasonable
manner and provided
at reasonable times thatLandershallgive theBorrowernodce priortoany "mspection or
appraisal a purpose
specifying fbr the inspection
or which
appiaisal must be related
to Leader's Interest
in the
Property.Ifthe Property
is vacantor abandoned or the loan is in Lander
default, may take reasonable action
to
protect imd preserve such vacant or abandone notice to the Borrower.
Property without
7. Condemnation. The proceeds of any award or claim
for damages, direct
or consequential,
in connection
with
or other taking
any condemnation, ofany part of the Property, or for
conveyancein place of condenmation shall
be
paid to Leader.
The proceeds shall
be applied
first to the reduction of any indebtedness under the Second Note and
Second Securky instrument
held by the Secretary on the Property,
and then tothe reduction
of the indebtedness
under the Note
and this Security
Instrument.Any excess proceeds over an amount
requiredto pay all outstanding
indebtedness under the Note and this Security Instrument
shall be paid to the entityentitled thereto.
legally
8. Fees. fees and charges ashorized
Lender may collect by the Secretary.
9. Groun da for Acceleration
of Debt.
(a) Due and Payable. Leader may requireimmediatepayrnent in
fullofall sums secured by this .
Security
InstrumentiP
(1) A Borrowerdies and the Property is not the principal least one surviving
residence ofat Borrower;or
(ll)Allof a Borrower's In the Property (or his or her beneficial
title interest in a trust owning
all or part of
is sold or otherwise transf brred and no other Borrower
the Property) retains (a) title
to the Property
in fee .
simple,(b)a leasehold
under a lease for
not less than 99 years which-fs
renewable or a lease having
a
; remainingperiod of not less than 50 years beyond the date of the 100th birthdayofthe
youngestBorrower,
or (c)a life
estate in
the Property
(orretains a beneficial
interest
in a trust with
such an interest
in the
Property).
(b) Due and Payable withSecretaryApproval Lander may require
knmediatepaytaent in fbit
of all sums
secured by this Security apon approval
lastrumes, by ab ambarized represemative
of the Secrency, 12
(1) The Propertyceases to be the principal for reasons other than death and the
residence of a Borrower
#mYorkI"MR00uritylmtrumem OBayDoct,inc.0MO
Page3
FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667
NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022
residence of at least one other Borrower;
Property is not the prtncipal or
(ii)For a period
of longer than twelve (12) consecutive months, a Borrower
fails to pliysically
occupy the
Property because of physical
or mental Illness and the Property is not the princlpal
residence.of at least orie
other Borrower;
or
An obligaffon
(fli) oftheBorrowerunder this Security
Instrumentis not perfonned.
Notteeto Leader. · Borrower
shall Lender whenever of the events
listedin subparagraphs
(c) notify any
end (b) occur.
Paragraph 9(aXii)
(d) Nottee to Secretary
and Barrower. Lender shall notify
the Secretary
and Borrower whenever the loan
becomes due and payableunder Paragraph9(aXID and (b).
Lender shallnot havethe right
to commence
foreclosure
until
Borrowerhas had thirty
(30) days afternotice
to either:
(i) Correct the matter which resulted in the Security Instrument
coming due and payable; or
(II)Pay the balance in full;
or
Sell the Propedy
(Ill) forthe lesser of the balance or 95% of the
appraised value and apply the
net
proceeds of the sale toward the balancel or
(Iv)Provide the Leader with
a deed in lieu of foreclosure.
(e) Trusts.Conveyance of a Barrowers to a trust which meets the requirements
interest in the Propaty ofthe
or
Secretary, conveyance of. a trust's
interests
in thePropertyto a Bonower, not
shall be considereda
conveyance for purposes of this Paragrapli 9. A tnist
shall not be considered
an odetapant or be considered
as
residence for purposes of this Paragraph 9.
having a principal |
(f) Mortgage Net Insured.Borroweragrees that should this Security
Preview
FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022 EXHIBIT C FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022 CHAUTAUQUA 9 Q0UNTY*StÂTErOFMEWYORK SANDRAK. SOPAK COUNTY CLERK 1 NorthErieStrPS.Bw.°0,.Mayvice, New York 14757 COONTY CLGNK'S HECORD, ING PAGE ***TH)$ PAGE IS PART OF THE 000UMENT- DO NOT-DETACH*** Rece>rdi hg: Cover Page 5 .00 II Recording Fee 80.00 Affidavit 5.00 Cul tural Ed 1445 Records Management - coun 1.00 Records Management - stat 4.75 INSTRUMENT # ! MT2013005081 sub Total : 110.00 Recei pt#: 201306093535 clerk: Ks Mortgage Tax Rec Date: 10/22/|013 11: 59 t 54 AM Bas7 c 0.00 Doc G.rp: M SpecAddl 0.00 Descrip: MORTGAGE Addi ti onal 0.00 Num Pgs : 13 Local 0-.00 Rec'd Frnt: WNY AB S.TRACT sub Total : 0.00 Party1: BELL HELEN J Party2 : M+T BANK /MERS .. . . Town : P0MFRET Tota : 110.00 **** NOTICE: **** THIS IS NOT A BILL ***.** Mortgage ***** Tax serial #1 DE-2132 Mtg Amt: 150000.00 . . Total: 0.00 WARND4O*** I hereby ortify that tie wmfin and fatgolog was recorded In the Chautauqua. Clerk's County 01fice, StateofNew York, This sheet constitutes the CIedtsendorsement required .M+T BANK P ,0. ROX 4611 BUFFALO, NEW VORK 142.40 senm×..spragonvarycusne chauTAUGUACougTY LEM FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022 REVERSE MORTGAGE (HOME EQUITY CONVERSION) Record and Returnto: M&T Bank P.O. Box 4613 NY Buffido, 14240 . Stateof New Y ork ADJUSTABLE RATE REVERSE MORTGAGE TlilSMORTOAGE ("Security is given on October instrurnent") 10, 2013. The mortgagoris HelenJ. Bell, whose address is113 Howard Street,Fredonia,NY 14063 ("Borrower"). Instrument Thip ScCurlty is given to M&T Bank, which and whosa address is One Fountain is organized and exisdag under the laws of New York, Plaza, 6th Floor,Buffalo,NY 14203 ("Lender").ne inortgagee under®thisSecurityinsownent is Mortgage2ectrontg Regis0adon Systenu,1nc.("MERS") (solely as nominee for Leader and Lerider's successors and assigns) and the successors and assigns of MERS: MERSis a separore corporation that it acting solely as a nominee for l.ender and Lander'ssuccessor.r and asslgns. MERS is organt:ed and existing under the laws ef Delaware,and has an addFess and telephone number of (901E, herbees Brest,&dte C, Danvllie, M1 48301- IL 61834 or P.O. Box 2026, Flint, Borrower 2026. rel. (888) 679-MERS, has ugreed to rephy to Lender amounts which Lender 18obUgsted to advance, Includingfuture advances, under the terms of a Fiome Equhy Loan Agreenient Conversion dated the same date as this Security Instrument ("LoanAgreement"). 0 agreemem to repay la evidenced by Borrower's Note dated the same date as this Securhy Instrument ("Nota"). This Security secures to Leader: Instrument (a) the tepayment ofthe debt evidencedby the Note, includingallfbture interest at a rate subject to advances, with and adjustment, all renewals,extensions and modifications of the Note, up toa maximum amount prinolpal of One Hundred Play Thousand and 00/100 Dollars (b)the (U.S.S150,000.00); payment of all other sums, with Interest, advanced under Paragraph of this 5 to prbtect the security Instrument Security or otherwise due under the terms ofthis Security and (c) the performance lostrument; of Borrower's covenants and agreements under this Secutity Instrument and the Note. all amounts described in·(a), (b), and (c) above, Ifnot The fb11debt, including paid earlier, is due and payable - on August 35;2080,For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of described property located in Chautauqua sale, the following County, New York, which has the address of: n3 Roward Street,Fredents,NY, 14063, ãnd more fully Is described on ExhibftA and hereby attached to Incorporated intothis Mortgage("Propeny Address"). TOGETHER WITH allthe improvementsnow erected on the or hereafter and all property, easements, rights, appunenances, and fixtures now or hereafter a part of the property. All and addidons replacements shall also be covered by this Security Instrument.Alloftheforegoing Instrument asthe "Property." is referred to in this Security BORROWER COVENANTS that Borrower seized of the estate hereby .conveyed and has the right to is lawfbily grant and convey inortgage, is unencumbered. Borrower the Property and that the Property warrants and will deibnd generally the title m the Property against all claims and demands,subject to any eneumbrances of record. CREDIT LINE MORTGAGE This Instrument Security secures the To the Securhy debt described Note Jnstrument, and Loao Agreement and NewYorkP MnRSSeemrodnane,anr o BayDoes.lan06t10 FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022 contemplatesa series of advances which will time m time from be advanced from and after the date of this Securhy Instrumentnot toexceed in the aggregate at any one time the maximum prtne1pal amount stated in the security the Note and the Agmoment. Instrument, .. . . THIS SBCURITY INSTRUMENT combines unifotmcovenants for nationaluse and non-tratform covenantswith limited variations to constitute a urifform by jurisdiction security Instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: . L Payment of Principalan d InterestBarrowershallpay when due the principal of, and interest on, the debt evidencedby the Note. 1 Payment ofProperty Charges. Borrower shallpay all propertycharges consisting of taxes, ground rents, floodand hazard insurance pmmiums, and special assessments in a timely manner, and shall provideevidenceof payment anless Lender to Leader, pays property charges by withholding funds frommonthlypayments due to the Borrower such payments to a line oferedit or by charging as provided for in the Loan Agreement. 3. Flood Ff re, and OtherMn·zard Insurance.Borrowershall insure all improvements on the Property, whether now In existence or erected, against any hazards, casualties, subsequently and contingencies, fire. including This . in the amounts, to the extent and for the periods required by Lender or the Secretary insurance shalf be maintained of Housing and Urban Development Borrower ("Secretary"). shallalsoinsureallimprovernentson the Property, whether now in existence or subsecjuently crected, against loss by floods to the extent required by the Secretary..All - insuranceshall be carded withcompaniesapproved by Lender.The insurance policies and any renewalsshall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Leader. shall give in the event of foss, Borrower Lender immediatenotice by mail. Lender may make proofof loss if not made promptlyby Borrower. Each insurancecompany concerned ishereby authorizedand directed to make payment for such loss to Lander, instead of to Borrower Insurance proceeds shall be applied to and Leader jointly. or repair restoration of thedamaged Property,ifthe restoration or repair iseconomicallyfeasibleand Lender's securityis not fessened. If or repair the restoration is not feasible economically orLender's would security be lessened, the insurance proceeds shsill be applied first to the reduction of any indebtedness under a Second Note and . Second Securityinstrument held by the Secretary on the Property and thento the aduc8onofthe indebtedness under the Note arid this SecurityInstrument. Any excess insurance proceeds over an amount to required pay all outstandingIndebtedness under the Note and this SecurityInstrumentshallbe paid to the entity entitled legally thereto. In the event of foreclosure of this Security instrumentor other transfer of title to the Property Ibat extinguishes the title and interest of Borrower Indebtedness, all right, in and to insurance polloles in fbrce shall pass to the purchaser. Ocenpancy, Preservation,Maintenance and Protectionof theProperty;Borrower's Loan Application; Leaseholds. Barrower skulloccupy, and use the Paperty establish, as Barrower's principal residence after the executionof this Security Instrumentand Borrower(or at least one Borrower, If initially more than one person are Barrowers)shallcontinuetooccupy the Property as Borrowers principal residence for the termof the Security Instrument residencek shall have the same "Principal meaning as in the Loan Agreement. Borrower shall not commit waste or destroy, damage or substantially change the Property or allowthe Pmpertyto reasonable deteriorate, wear and tearexcepted. Borrowershall also be indefaultifBorrower,duringthe loan application process, false or inaccurate gave rnaterially informsdon_orstatements to Londer (or failed to provide Leader withany rastedal In conneerion with information) the loan avidenced by the Note, but not limited including, to,representations concerningBorrower'soccupancy ofthe Propertyas a principal residence. If this Security Instnanentis on a leasehold, Borrower shall comply wf th the provisions ofthelease. If Borrower acquites fee title to Na vork Pt AGMSwahy busrumem Ð ¼Doeshw. 10 Pase2 FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022 the Property, shall not be merged unless Leader agrees to the merger in writing, the leasehold and fee title 5. Charges to Borrower an d Protectionof Leader'sRights in the Propérty. Borrower shallpay all governmental charges, fines and impositions or municipal that are not included in Paragmph 2.Borrowershallpay these obligations on timedirectly is owed the payment to the enthy which If failure m pay would adversely affect Lander'sinterest In the Property,upon Leaders requestBorrower shallpromptlythmish to Leader receipts evidencingthese payments.Borrower shan promptlydischargeany lieswhfch has priority overthisSecurity Instrument in Paragraph 12(c). in the manner provlded IfBonower faHs to make these payments or the propeny charges required by Paragraph 2, or fails to performany othercovenams and agreercentscontained in this or there lastrianent, Security Is a legal proceedingthatmay affect significantly Leader's in the Property rights (such as a proceeding in bankruptcy, for condenmationor to enforce laws then Leader may do and pay whatever or regulations), is necessary to protect the value of the Property and Lender'srights in thePropeity, includingpayment of taxes, hazard insuranceand otheriterns mentioned in Paragraph 2. To protect Lender's in the Property, security Leader shaD advance and charge to Borrowerallamounts due to the Secretary far the Mortgage insurancePremium ("MIP")as defined in the Loan Agreement as we]I as all sums due to the loanservicerforservielagactivities ("ServicingFee")as definedIn the Loan Agreement.Any amounts under this Paragraph shall become an additional disbursed by Lender debt of Borrower as provided for in the Loan Agreement and shall be secured by thisSecurity Insnument .6. Inspection, Lenderor Itsagent maycateron, inspect or make of appraisals the in Property a reasonable manner and provided at reasonable times thatLandershallgive theBorrowernodce priortoany "mspection or appraisal a purpose specifying fbr the inspection or which appiaisal must be related to Leader's Interest in the Property.Ifthe Property is vacantor abandoned or the loan is in Lander default, may take reasonable action to protect imd preserve such vacant or abandone notice to the Borrower. Property without 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with or other taking any condemnation, ofany part of the Property, or for conveyancein place of condenmation shall be paid to Leader. The proceeds shall be applied first to the reduction of any indebtedness under the Second Note and Second Securky instrument held by the Secretary on the Property, and then tothe reduction of the indebtedness under the Note and this Security Instrument.Any excess proceeds over an amount requiredto pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entityentitled thereto. legally 8. Fees. fees and charges ashorized Lender may collect by the Secretary. 9. Groun da for Acceleration of Debt. (a) Due and Payable. Leader may requireimmediatepayrnent in fullofall sums secured by this . Security InstrumentiP (1) A Borrowerdies and the Property is not the principal least one surviving residence ofat Borrower;or (ll)Allof a Borrower's In the Property (or his or her beneficial title interest in a trust owning all or part of is sold or otherwise transf brred and no other Borrower the Property) retains (a) title to the Property in fee . simple,(b)a leasehold under a lease for not less than 99 years which-fs renewable or a lease having a ; remainingperiod of not less than 50 years beyond the date of the 100th birthdayofthe youngestBorrower, or (c)a life estate in the Property (orretains a beneficial interest in a trust with such an interest in the Property). (b) Due and Payable withSecretaryApproval Lander may require knmediatepaytaent in fbit of all sums secured by this Security apon approval lastrumes, by ab ambarized represemative of the Secrency, 12 (1) The Propertyceases to be the principal for reasons other than death and the residence of a Borrower #mYorkI"MR00uritylmtrumem OBayDoct,inc.0MO Page3 FILED: CHAUTAUQUA COUNTY CLERK 12/06/2022 12:50 PM INDEX NO. EK12017001667 NYSCEF DOC. NO. 26 RECEIVED NYSCEF: 12/06/2022 residence of at least one other Borrower; Property is not the prtncipal or (ii)For a period of longer than twelve (12) consecutive months, a Borrower fails to pliysically occupy the Property because of physical or mental Illness and the Property is not the princlpal residence.of at least orie other Borrower; or An obligaffon (fli) oftheBorrowerunder this Security Instrumentis not perfonned. Notteeto Leader. · Borrower shall Lender whenever of the events listedin subparagraphs (c) notify any end (b) occur. Paragraph 9(aXii) (d) Nottee to Secretary and Barrower. Lender shall notify the Secretary and Borrower whenever the loan becomes due and payableunder Paragraph9(aXID and (b). Lender shallnot havethe right to commence foreclosure until Borrowerhas had thirty (30) days afternotice to either: (i) Correct the matter which resulted in the Security Instrument coming due and payable; or (II)Pay the balance in full; or Sell the Propedy (Ill) forthe lesser of the balance or 95% of the appraised value and apply the net proceeds of the sale toward the balancel or (Iv)Provide the Leader with a deed in lieu of foreclosure. (e) Trusts.Conveyance of a Barrowers to a trust which meets the requirements interest in the Propaty ofthe or Secretary, conveyance of. a trust's interests in thePropertyto a Bonower, not shall be considereda conveyance for purposes of this Paragrapli 9. A tnist shall not be considered an odetapant or be considered as residence for purposes of this Paragraph 9. having a principal | (f) Mortgage Net Insured.Borroweragrees that should this Security