Preview
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020
NYSCEF DOC. NO. 183 RECEIVED NYSCEF: 03/08/2022
EXHIBIT N
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020
NYSCEF
Page 1 ofDOC.
16 NO. 183 RECEIVED NYSCEF: 03/08/2022
e: LAN
a
Return To: JPMorgan Chase Bank,
N.A. Chase Records Center Attn:
Collateral
TrailingDocuments, RE:MC 8000
.700 Kansas Lane
LA 71203
Monroeq
Prepared By: KristleHerbert Netzler
11I1 Polaris Parkway
Columbus, OH 43240-2050
Open-End Mortgage Deed
Definitions. Words used in multiple sections of thisdocument are defined below and other words are
defined in Sections 3, 11,13, 18, 20 and 21. Certain rules regarding the usage of words used in thisdocument
are alsoprovided in Section 16.
Instrument"
(1) "Security means thisdocument, which isdated August 6, 2021, together with allRiders
to thisdocument.
"Borrower"
(B) is David E. Chelsea and Gonca Chelsea . Borrower isthe mortgagor under thisSecurity
Instrument.
"Lender"
(C) isJPMorgan Chase Bank, N.A.. Lender is a National Banking Association organized
and existing under thelaws ofthe United Statesof America. Lender's address is 1111 Polaris Parkway.
Columbus, OH 43240-2050. Lender isthe mortgagee under thisSecurity Instrument.
"Note"
(D) means the promissory note signed by Borrower and dated August 6, 2021. The Note states
that Borrower owes Lender One million two hundred fifty four thousand and 00/100 Dollars (U.S.
$1,254,000.00) plus interest.Borrower has promised topay this debt inregular Periodic Payments and to
pay the debt in fullnot laterthan September 1, 205l.
"Property"
(E) means the property that isdescribed below under the heading "Transfer of Rights inthe
Property."
"Loan"
(F) means the debt evidenced by the Note, plus interest,any prepayment charges and latecharges
due under theNote, and allsums due under thisSecurity Instrument, plus interest.
" Riders"
(G) means allRiders to thisSecurity instrument that areexecuted by Borrower. The following
Riders are to be executed by Borrower [check box as applicable]:
O Adjustable Rate Rider O Condominium Rider O Second Home Rider
O Balloon Rider O Planned Unit Development Rider O l-4 Family Rider
O VA Rider O Biweekly Payment Rider ¡ Other(s) [specify]
1399500336
CONNECTICUT-S1rigfe
Family-Fannie MacUNIFORM
Maa/Freddie fNSTRUMENT Form3007imi
KluwerFinancial
WoRers Services.
2021080521.1.0.3665J20210526Y Inflials. . .age1of 15
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020
NYSCEF
Page 2 ofDOC.
16 NO. 183 RECEIVED NYSCEF: 03/08/2022
"
(H) "Applicable Law means allcontrolling applicable federal,state and local statutes,regulations,
ordinances and administrative rules and orders (thathave the effectof law) as weli as allapplicable final,
non-appealable judicial opinions.
Assessments"
(1) "Community Association Dues, Fees, and means alldues, fees,assessments and other
charges that are imposed on Borrower orthe Property by a condominium association, homeowners
association or similar organization.
Transfer"
(J) "Electronic Funds means any transferof funds, other than a transactionoriginated by
check, draft,or similar paper instrument, which is initiatedthrough.an electronic terrninal,telephonic
instrument, computer, or magnetic tape so as toorder, instruct,orauthorize a financial institutionto
debit orcredit an account. Such term includes, but isnot limited to,point-of-sale transfers,automated
tellermachine transactions, transfersinitiatedby telephone. wire transfers, and automated clearinghouse
transfers.
Items"
(K) "Escrow means those items that aredescribed in Section3.
Proceeds"
(L) "Miscellaneous means any compensation, settlement, award of damages, or proceeds paid
by any third party (other than insurance proceeds paid under thecoverages described inSection 5)for:
(i)damage to,or destruction of,the Property; (ii)condemnation or othertaking ofall orany partof the
Property; (iii)conveyance in lieuof condemnation; or (iv)misrepresentations of,or omissions as to,the
value and/or condition of the Property.
Insurance"
(M) "Mortgage means insurance protecting Lender against the nonpayment of,or default on,
the Loan.
Payment"
(N) "Periodic means the regularly scheduled amount due for (i)principal and interest
under the
Note, plus(ii) any amounts under Section 3 of thisSecurity instrument.
"RESPA"
(0) means the Real Estate Settlement Procedures Act (12 U.S.C. Section 260I etseq.) and its
implementing regulation, Regulation X (12 C.F.R. Part 1024), as they might be amended from time to
time, orany additional or successor legislationor regulation thatgoverns the same subject matter. As used
in thisSecurity Instrument, RESPA refersto allrequirements and restrictionsthat are imposed in regard
loan"
to a "federallyrelated mortgage even ifthe Loan does not qualify as a "federallyrelated mortgage
loan"
under RESPA.
ofBorrower"
(P) "Successor in Interest means any party that has taken title
to the Property, whether or
not thatparty has assumed Borrower's obligations under the Note and/or thisSecurity instrument.
Transfer of Rights in the Property. This Security Instrurnent secures to Lender: (i)the·repayment of
the Loan, and allrenewals, extensions and modifications of the Note; and (ii)the performance of Borrower's
covenants and agreements under thisSecurity Instrument and the Note, For thispurpose, Borrower in
consideration of thisdebt does hereby grant and convey to Lender and Lender's successors and assigns, the
following described property located in theTown [Type of Recording Jurisdiction]of New Canaan [Name of
Recording Jurisdiction]:See Legal Description
Parcel ID Number: 47-124-33 which currentlyhas the address of 873 North Wilton Road [Street]New
Canaan [City], Connecticut 06840 [Zip Code] ("Property Address"):
CONNECTICUT-Single
Family-Fannle
Mae/Freddie
MacUNIFORMINSTRUMENT Fo 71
WollersKluwerFinandalServices,
Inc. 0521
202108052L1.0
3685-J20210526Y IniiiaT Page2of 15
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020
NYSCEF
Page 3 ofDOC.
16 NO. 183 RECEIVED NYSCEF: 03/08/2022
TO HAVE AND TO HOLD thisproperty unto Lender and Lender's successors and assigns, forever, together
with allthe improvements now or hereafter erected on the property,and alleasements, appurtenances, and
fixturesnow or hereafter a partof the property.All replacements and additions shallalso be covered by this
"Property."
Security Instrument. All of the foregoing is referredto inthis Security Instrument as the
BORROWER COVENANTS that Borrower is lawfully seised ofthe estate hereby conveyed and has
the rightto mortgage, grant and convey the Property and thatthe Property is unencumbered, except for
encumbrances of record. Borrower warrants and will defend generally the titleto theProperty against all
claims and demands, subject toany encumbrances of record,
THIS SECURITY [NSTRUMENT combines uniform covenants for nationaluse and non-uniform covenants
with limited variationsby jurisdiction to constitutea uniform security instrument covering real property.
Uniform Covenants. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, interest, Escrow Items, Prepayment Charges, and Late Charges.
Borrower shall pay when due the principalof, and intereston, the debt evidenced by the Note and any
prepayment charges and latecharges due under the Note. Borrower shallalso pay funds forEscrow Items
pursuant to Section 3. Payments due under the Note and this Security Instrument shallbe made in U.S.
currency. However, ifany check or other instrument received by Lender aspayment under the Note or this
Security instrument is returned toLender unpaid, Leader may require thatany or allsubsequent payments
due under the Note and this.Security Instrument be made in one or more of thefollowing forms, as selected
by Lender: (a)cash; (b) money order; (c) certifiedcheck, bank check, treasurer'scheck orcashier's check,
provided any such check isdrawn upon an institutionwhose deposits are insured by a federal agency,
instrumentality,or entity;or (d) Electronic Funds Transfer,
Payments are deemed received by Lender when received at the locationdesignated in theNote or atsuch
otherlocation as may be designated by Lender inaccordance with the notice provisions inSection 15.Lender
may returnany payment or partialpayment ifthe payment or partialpayments are insufficientto bring the
Loan current.Lender may accept any payment or partialpayment insufficientto bring the Loan current,
without waiver of any rights hereunder or prejudice toits rightsto refusesuch payment or partialpayments
in thefuture, but Lender isnot obligated to apply such payments at thetime such payments are accepted. If
each Periodic Payment is appliedas of itsscheduled due date,then Lender need not pay intereston unapplied
funds. Lender may hold such unapplied ftmds untilBorrower makes payment to bring theLoan current. If
Borrower does not do so within a reasonable period oftime, Lender shalleither apply such funds or return
them toBorrower. If not applied such
earlier, funds will be applied to theoutstanding principal balance under
the Note immediately priorto foreclosure. No offset or claim which Borrower might have now or inthe
future against Lender shallrelieve Borrower firommaking payments due under the Note and thisSecurity
Instrument or performing the covenants and agreements secured by this Security Instrument.
2. Application of Payments or Proceeds. Except as otherwise described inthis Section 2, allpayments
accepted and applied by Leader shallbe applied in the following order of priority:(a) interestdue under the
Note; (b) principal due under the Note; (c)amounts due imder Section 3.Such payments shallbe applied to
each Periodic Payment in theorder in which itbecame due. Any remaining amounts shall be applied firstto
latecharges, second to any other amounts due under thisSecurity Instrument, and then toreduce the principal
balance of the Note.
1399500336
Family-Fannie
CONNEcTICUT-Single Mee/Freddie
MacUNIFORMINSTRUMENT mn30071/01
vUbilers Iric
KluwerFln ncialServices, 05/21
2021080521.1.0.3665420210526Y Initial Pege3of 15
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020
NYSCEF
Page
DOC.
4 of16
NO. 183 RECEIVED NYSCEF: 03/08/2022
IfLender receives a payment from Borrower for a delinquent Peri.odicPayment which includes a sufficient
amount to pay any latecharge due, the payment may be applied tothe delinquent payment and the late
charge. Ifmom than one Periodic Payment is outstanding, Lender may apply any payment received from
Borrower to the repayment of the Periodic Payments if,and tothe extent that,each payment can be paid
in full.
To the extent that any excess exists afterthe payment is applied tothe fullpayment of one or more
Periodic Payments, such excess may be applied to any latecharges due. Voluntary prepayments shallbe
applied firsttoany prepayment charges and then as described in the Note.
Any applicationof payments, insurance proceeds, or Miscellaneous Proceeds to principaldue under the Note
shallnot extend or postpone the due date,or change the amount, of thePeriodic Payments.
3. Funds for Escrow Items. Borrower shallpay to Lender on the day Periodic Payments are due under
the Note, untilthe Note ispaid in a sum
full, (the "Funds") to provide forpayment ofamounts due for:(a)
taxes and assessments and other items ivhichcan attainpriorityover this.Security Instrument as a lienor
encumbrance on the Property; (b) leasehold payments orground rents on the Property, ifany; (c) premiums
for any and allinsurance required by Lender under Section 5;and (d)Mortgage Insurance premiums,if
any, or any sums payable by Borrower to Lender inlieuof the payment of Mortgage Insurance premiums
Items."
in accordance with the provisions of Section 10. These items arecalled "Escrow At origination or
at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and
Assessments, ifany, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item.
Borrower shall promptly furnish toLender allnotices of amounts to be paid under this Section. Borrower
shallpay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds
for any or allEscrow Items. Lender may waive Borrower's obligation topay toLeader Funds for any or all
Escrow Items atany time. Any such waiver may only be inwriting. Inthe event of such waiver, Borrower
shall pay directly,when and where payable, the amounts due forany Escrew Items for which payment of
Funds has been waived by Lender and, ifLender requires,shall furnish toLender receipts evidencing such
payment within such time period as Lender may require. Borrower's obligation tomake such payments
and to provide receiptsshall for allpurposes be deemed to be a covenant and agreement contained inthis
agreement"
Security Instrument, as the phrase "covenant and isused in Section 9. IfBorrower is obligated
to pay Escrow items directly,pursuant toa waiver. and Borrower failsto pay the amount due foran Escrow
Item. Lender may exercise itsrightsunder Section 9 and pay such amount and Borrower shall then be
obligated under Section 9 torepay toLender any such amount. Lender may revoke the waiver as toany or
allEscrow Items at any time by a notice given in accordance with Section 15 and, upon such myocation,
Borrower shallpay to Lender allFunds, and in such amounts, thatare then required under thisSection 3.
Lender may, at any time,collect and hold Funds in an amount (a) sufficientto permit Lender toapply the
Funds at thetime specified under RESPA, and (b) not to exceed the maximum amount a lender can require
under RESPA, Lender shallestimate the amount of Punds due on thebasis of current data and reasonable
estimates of expenditures of futureEscrow Items or otherwise in accordance with Applicable Law.
The Funds shallbe held in an institutionwhose deposits are insured by a federal agency, instrumentality.
or entity(including Lender, if Lender is aninstitutionwhose deposits areso insured) or in any Federal
Home Loan Bank. Leader shallapply the Funds to pay the Escrow Items no laterthan thetime specified
under RESPA. Lender shall not charge Borrower forholding and applying the Funds, annually analyzing
the escrow account, or verifying theEscrow items. unless Lender pays Borrower intereston the Funds
and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or
Applicable Law requires interestto be paid on the Funds, Lender shall not be required to pay Borrower any
1399500336
CONNECTICUT-Single MacUNIFoAMINSTRUMENT
MaelFreddie
Family-Fannie 3007121
Wouers
KluwerFinancial inc.
ServiC96, 0521
2021080521.1.0.3665,120210526Y Inifid Page4o 15
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020
NYSCEF
Page 5 ofDOC.
16 NO. 183 RECEIVED NYSCEF: 03/08/2022
interestor earnings on the Funds. Borrower and Lender can agree in writing,however, that interestshall
be paid on the Funds. Lender shall give to Borrower, without chame, an annual accounting of theFunds as
required by RESPA.
Ifthere is a surplusof Funds held in escrow, as defined under RESPA, Lender shall account toBorrower for
the excess funds in accordance with RESPA. Ifthere is a shortage of Funds held inescrow, as defined under
RESPA, Leader shallnotify Borrower as requiredby RESPA, and Borrower shall pay to Lender the amount
necessary to make up the shortage inaccordance with RESPA, but inno more than 12 monthly payments.
Ifthere isa deficiency of Funds held in escrow, as defined under RESPA, Lender shallnotify Borrower as
required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in
accordance with RESPA, but in no more than 12 monthly payments.
Upon payment in fullof allsums secured by thisSecurity Instrument, Lender shallpromptly refund to
Borrower any Funds held by Lender.
4. Charges; Llens. Borrower shall pay alltaxes, assessments, charges, fines, and impositions attributable
to theProperty which can attainpriority over thisSecurity instrument, leasehold payments or ground rents
on the Property, ifany, and Community Association Dues, Fees, and Assessments, ifany. To theextent that
these items are Escrow Items, Borrower shall pay them inthe manner provided in Section 3.
Borrower shall promptly discharge any lienwhich has priorityover thisSecurity Instrument unless
Borrower: (a)agrees inwriting to the payment of the obligation secured by thelien ina manner acceptable
to Lender, but only so long as Borrower is performing such agreement; (b) contests the lienin good faith
by. ordefends against enforcement of the lienin, legalproceedings which in Lender's opinion operate to
prevent the enforcement of the lienwhile those proceedings are pending, but only until such proceedings are
concluded; or (c)secures from the holder of the lienan agreement satisfactory toLender subordinating the
lien tothisSecurity Instrument. IfLender determines thatany partof the Property is subject toa lien which
can attainpriority over thisSecurity Instrument, Leader may give Borrower a notice identifying thelien.
Within 10 days of the dateon which thatnotice is given,Borrower shallsatisfythe lien ortake one ormore
of theactions set forthabove in thisSection 4.
Lender may require Borrower to pay a one-time charge for a realestatetax verification and/or reporting
service used by Lender in connection with thisLoan.
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
coverage,"
Property insured against lossby hazards
fire, included within the term "extended and any other
hazards including, but not limited to,earthquakes and floods,for which Lender requires insurance. This
insurance shall be maintained in theamounts (including deductible levels) and for the periods that Lender
requires.What Lender requirespursuant tothe preceding sentences can change during the term of theLoan.
The insurance carrierproviding the insurance shall be chosen by Borrower subject to Lender's rightto
disapprove Borrower's choice, which rightshall not be exercised unreasonably. Lender may require Borrower
to pay, inconnection with this Loan, either:(a) a one-time charge forflood zone determination, certification
and tracking services; or (b)a one-time charge for flood zone determination and certificationservices and
subsequent charges each time remappings orsimilar changes occur which reasonably might affectsuch
determination or certification.
Borrower shallalso be responsible for the payment of any fees imposed by
the Federal Emergency Management Agency in connection with the review of any flood zone determination
resulting from an objection.by Borrower.
1399500336
cONNECTICUT-Single Mae/Freddie
Family-Fannie MacUNIFORMINSTRUMENT orm30071M1
KlowerFinancial
Walters Inc.
Services, 05/21
2021080521.1.0.3685420210526Y Initial Page5of 15
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020
NYSCEF DOC. NO. 183 RECEIVED NYSCEF: 03/08/2022
Page 6 of16
IfBorrower failsto maintain any of the coverages described above, Lender may obtain insurance coverage,
at Lender'soption and Borrower's expense. Lender isunder no obligation topurchase any particular type or
amount of coverage. Therefore, such coverage shallcover Lender, but might or might not protect Borrower,
Borrower's equity inthe Property, or the contents of theProperty, against any risk,hazard or and
liability
might provide greateror lesser coverage than was previously ineffect Bor ower acknowledges that the
cost ofthe insurance coverage so obtained might significantly exceed the cost of insurance that Borrower
could have obtained. Any amounts disbursed by Lender under thisSection 5 shall become additional debt
of Borrower secured by this Security Instrument. These amounts shall bear interestat theNote rate from
t,he dateofdisbursement and shall be payable, with such interest,upon notice from Lender to Borrower
requesting payment.
All insurance policies required by Lender and renewals of such policies shallbe subject to Lender's right
to disapprove such policies,shallinclude a standard mortgage clause,and shallname Lender as mortgagee
and/or as an additional losspayee. Lender shall have the rightto hold the policies and renewal certificates.
If
Lender requires,Borrower shallpromptly give to Lender allreceipts of paid premiums and renewal notices.
IfBorrower obtainsany form of insurance coverage, not otherwise required by Lender, for damage to,or
destruction of,the Property, such policy shallinclude a standard mortgage clause and shall name Lender as
mortgagee and/or as an additional losspayee.
In theevent of loss.Borrower shall give prompt notice to theinsurance carrierand Lender. Lender may make
proof of Iossif not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing,
any insurance proceeds. whether or not theunderlying insurance was required by Lender, shall be applied to
restorationor repair of theProperty, ifthe restoration or repairiseconomically feasibleand Lender'ssecurity
isnot lessened. such repair and restoration period, Lender shall have the right tohold such insurance -
During
proceeds untilLender has had an opportunity to inspectsuch Property to ensure the work has been completed
to Lender's satisfaction,provided that such inspection shallbe undertaken promptly, Lender.may disburse
proceeds for therepairs and restoration in a singlepayment or ina series of progress payments as thework
iscompleted. Unless an agreement is made inwriting or Applicable Law requires interestto be paid on such
insurance proceeds, Lender shall not be required to pay Borrower any interestor earnings on such proceeds.
Fees for public adjusters,or other thirdparties,retained by Borrower shallnot be paid out of the insurance
proceeds and shallbe the sole obligation of Borrower. Ifthe restorationor repair isnot economically feasible
or Lender's security would be Tessened, the insurance pmceeds shall be applied to the sums secured by this
Security Instrument, whether or not then due, with the excess, ifany, paid toBorrower. Such insurance
proceeds shallbe applied in the order provided for in Section 2.
ifBorrower abandons the Property, Lender may negotiate
file, and settle any available insurance claim and
related matters.IfBorrower does notrespond within 30 days toa notice from Lender thatthe insurance
carrierhas offered to settlea claim, then Lender may negotiate and settlethe claim. The 30-day period
will begin when the notice isgiven. In eitherevent, or ifLender acquires the Property under Section 22 or
otherwise, Barrower hereby assigns to Lender (a)Borrower's rights to any insurance proceeds in an amount
not toexceed the amounts unpaid under the Note orthis Security Instrument, and (b)any otherof Borrower's
rights(other than the rightto any refund ofunearned premiums paid by Borrower) under all insurance
policies covering the Property, insofar as such rightsare applicable to thecoverage of the Property. Lender
may use the insurance proceeds eitherto repair orrestore the Property or to pay amounts unpaid under the
Note orthis Security Instrument, whether or not then due.
.
Family-Fannie
CONNECTICUT-Single Mae/Freddie
MacUNIFORMINSTRUMENT Fonn30D71101
veiters8iuwerFinancialInc.
Services. 05/21
202108002L1.0.3665-J202
t0528Y ' Inilid Page6of16
ilEINilllEllRI$1IMI111115
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020
NYSCEF
Page DOC.
7 oM6 NO. 183 RECEIVED NYSCEF: 03/08/2022
6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence
within 60 days after the execution of this Security Instrument and shallcontinue tooccupy the Property as
Borrower's principalresidence for atleastone year afterthe date of occupancy, unless Lender otherwise
agrees inwriting, which consent shall not be unreasonably withheld, or unlessextenuating circumstances
existwhich are beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property ; Inspections. Borrower shallnot
destroy, damage or impair the Property, allow the Property todeteriorate or commit waste on the Property.
Whether or not Borrower isresiding inthe Property, Borrower shallmaintain theProperty in order toprevent
the Property from deterioratingor decreasing invalue due to itscondition. Unless itis determined pursuant
to Section 5 thatrepair or restorationis noteconomically feasible,Borrower shallpromptly repair the
Property if damaged to avoid further deteriorationor damage. Ifinsurance or condemnation proceeds are
paid in connection with damage to,or the taking of. theProperty, Borrower shallbe responsible forrepairing
or restoringthe Property only if Lender has released proceeds forsuch purposes. Lender may disburse
proceeds forthe repairsand restoration in a singlepayment or ina series ofprogress payments as the work
is completed. Ifthe insurance or condemnation proceeds are not sufficientto repairor restore the Property,
Borrower isnot relieved of Borrower's obligation for thecompletion of such repair or restoration.
Lender or itsagent may make reasonable entriesupon and inspections of the Property. Ifithas reasonable
cause, Lender may inspect the interiorof theimprovements on the Property.Lender shall give Borrower
notice at thetime of or prior tosuch an interiorinspection specifying such reasonable cause.
8. Borrower's Loan Application. Borrower shall be indefault if,during the Loan application process,
Borrower or any persons orentities actingat the directionof Borrower orwith Borrower's knowledge or
consent gave materially false,misleading, or inaccurate information or statements to Lender (orfailed to
provide Lender with material information) inconnection with the Loan, Material representations include, but
are not limited to,representations concerning Borrower's occupancy of the Property as Borrower's principal
residence.
9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument.
if(a) Borrower fails to perform the covenants and agreements contained inthis Security Instrument, (b)
there is a legal
proceeding that might significantlyaffect Lender's interestin the Property and/or rights
under this Security Instrument (such as a proceeding inbankruptcy, probate, forcondemnation orforfeiture,
for enforcement of a lienwhich may attainpriority over thisSecurity Instrument or to enforce laws or
regulations),or (c) Borrower has abandoned the Property, then Lender may do and pay forwhatever
isreasonable or appropriate to protectLender's interestinthe Property and rights under thisSecurity
Instrument, including protecting and/or assessing the value of the Property,and securing and/or repairing the
Property. Lender's actions can include, but are not limitedto: (a)paying any sums secured by a lienwhich
attorneys'
has priorityover this Security Instrument; (b) appearing incourt; and (c) paying reasonable feesto
protect itsinterest inthe Property and/or rightsunder this Security Instrument, including itssecured position
in a bankruptcy proceeding. Securing theProperty includes, but is notlimitedto,entering theProperty
to make repairs, change focks,replace or board up doors and windows, drainwater from pipes, eliminate
building or other code violations or dangerous conditions, and have turned
utilities on or off. Although
Leader may take action under this Section 9,Lender does not have to do so and isnot under any duty or
obligation to do so.It isagreed that Lender incurs no liabilityfornot taking any or allactions authorized
under this Section 9.
1399500336
cONNECTIcUT-Single
Family-Fannie MacUNIFORM
Mas/Freddle INSTRUMENT F rm30071/01
WbilersKlUwer
Financial inc
Services, 05/21
202108052L1.0.3665-J20210525Y Initial Page7of15
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020
NYSCEF
Page
DOC.
8 of16
NO. 183 RECEIVED NYSCEF: 03/08/2022
Any amounts disbursed by Lender under this Sectiori9 shallbecome additional debt of Borrower secured by
thisSecurity Instrument. These amounts shallbear interestat the Note rate from the date of disbursement and
shallbe payable, with such interest,upon notice from Lender to Borrower requesting payment.
Ifthis Security Instrument is on a leasehold, Borrower shallcomply with allthe provisions of the lease.
IfBorrower acquires fee title
to the Property,the leasehold and the fee title
shall not merge unless Lender
agrees to themerger in writing.
10. Mortgage Insurance. IfLender required Mortgage insurance as a condition ofmaking the Loan,
Borrower shallpay the premiums required to maintain the Mortgage Insurance in effect.If,for any reason,
the Mortgage Insurance coverage required by Lender ceases to be availablefrom themortgage insurerthat
previously provided such insurance and Borrower was required to make separately designated payments
toward thepremiums for Mortgage Insurance, Borrower shall pay the premiums required toobtain coverage
substantiallyequivalent to theMortgage Insurance previously ineffect,at a costsubstantially equivalent
to thecost to Borrower of the Mortgage Insurance previously in effect,from an alternate mortgage insurer
selected by Lender. If substantiallyequivalent Mortgage Insurance coverage is not available,Borrower
shallcontinue topay toLender the amount of the separately designated payments thatwere due when
the insurance coverage ceased to be ineffect.Lender will accept, use and retain these payments as a
non-refundable loss reservein lieu of Mortgage Insurance. Such loss reserve shallbe non-refundable,
notwithstanding the factthat the Loan is ultimately paid infull.and Lender shall not be required to pay
Borrower any interestorearnings on such loss reserve. Lender can no longer require loss reserve payments if
Mortgage Insurance coverage (inthe arnount and forthe period that Lender requires)provided by an insurer
selectedby Lender again becomes available, is obtained,and Lender requires separately designated payments
toward the premiums forMortgage Insurance. IfLender required Mortgage Insurance as a condition of
making the Loan and Borrower was required to make separately designated payments toward the premiums
for Mortgage Insurance, Borrower shallpay the premiums required to maintain Mortgage Insurance ineffect,
or toprovide a non-refundable lossreserve, untilLender's requirement forMortgage Insurance ends in
accordance with any written agreement between Borrower and Lender providing forsuch termination or until
termination is required by Applicable Law. Nothing inthisSection 10 affectsBorrower's obligation to pay
interestatthe rate provided in the Note.
Mortgage Insurance reimburses Lender (or any entitythat purchases theNote) forcertain losses itmay incur
ifBorrower does not repay the Loan as agreed. Borrower is nota party to the Mortgage Insurance.
Mortgage insurers evaluate theirtotalriskon allsuch insurance inforce from time totime. and may enter
intoagreements with other partiesthat share or modify their risk,or reduce losses. These agreements are
on terms and conditions that aresatisfactory tothe mortgage insurer and the other party (or parties)to these
agreements. These agreements may require themortgage insurerto make payments using any source of funds
thatthe mortgage insurer may have available (which may include funds obtained from Mortgage Insurance
premiums).
As a result
of these agreements. Lender, any purchaser of the Note, another insurer, any reinsurer,any other
entity,or any of
affiliate any ofthe foregoing, may receive (directly orindirectly) amounts that derive from
(or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for
sharing or modifying the mortgage insurer'srisk,or reducing losses.Ifsuch agreement provides thatan
affiliate
of Lender takes a share of theinsurer'srisk in exchange fora share of the premiums paid tothe
reinsurance."
insurer.the arrangement is often termed "captive Further:
1399500336
CONNECTICUT-Single
Family-Fannie MacUNIFORMINSTRUMENT
Mae/Freddle Fo 30071/01
WollersKluwerFinancialInc.
Services, 05/21
2021000521.1.0.3665-J20210526Y Inmal Page8of16
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX
Preview
FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020 NYSCEF DOC. NO. 183 RECEIVED NYSCEF: 03/08/2022 EXHIBIT N FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020 NYSCEF Page 1 ofDOC. 16 NO. 183 RECEIVED NYSCEF: 03/08/2022 e: LAN a Return To: JPMorgan Chase Bank, N.A. Chase Records Center Attn: Collateral TrailingDocuments, RE:MC 8000 .700 Kansas Lane LA 71203 Monroeq Prepared By: KristleHerbert Netzler 11I1 Polaris Parkway Columbus, OH 43240-2050 Open-End Mortgage Deed Definitions. Words used in multiple sections of thisdocument are defined below and other words are defined in Sections 3, 11,13, 18, 20 and 21. Certain rules regarding the usage of words used in thisdocument are alsoprovided in Section 16. Instrument" (1) "Security means thisdocument, which isdated August 6, 2021, together with allRiders to thisdocument. "Borrower" (B) is David E. Chelsea and Gonca Chelsea . Borrower isthe mortgagor under thisSecurity Instrument. "Lender" (C) isJPMorgan Chase Bank, N.A.. Lender is a National Banking Association organized and existing under thelaws ofthe United Statesof America. Lender's address is 1111 Polaris Parkway. Columbus, OH 43240-2050. Lender isthe mortgagee under thisSecurity Instrument. "Note" (D) means the promissory note signed by Borrower and dated August 6, 2021. The Note states that Borrower owes Lender One million two hundred fifty four thousand and 00/100 Dollars (U.S. $1,254,000.00) plus interest.Borrower has promised topay this debt inregular Periodic Payments and to pay the debt in fullnot laterthan September 1, 205l. "Property" (E) means the property that isdescribed below under the heading "Transfer of Rights inthe Property." "Loan" (F) means the debt evidenced by the Note, plus interest,any prepayment charges and latecharges due under theNote, and allsums due under thisSecurity Instrument, plus interest. " Riders" (G) means allRiders to thisSecurity instrument that areexecuted by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: O Adjustable Rate Rider O Condominium Rider O Second Home Rider O Balloon Rider O Planned Unit Development Rider O l-4 Family Rider O VA Rider O Biweekly Payment Rider ¡ Other(s) [specify] 1399500336 CONNECTICUT-S1rigfe Family-Fannie MacUNIFORM Maa/Freddie fNSTRUMENT Form3007imi KluwerFinancial WoRers Services. 2021080521.1.0.3665J20210526Y Inflials. . .age1of 15 FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020 NYSCEF Page 2 ofDOC. 16 NO. 183 RECEIVED NYSCEF: 03/08/2022 " (H) "Applicable Law means allcontrolling applicable federal,state and local statutes,regulations, ordinances and administrative rules and orders (thathave the effectof law) as weli as allapplicable final, non-appealable judicial opinions. Assessments" (1) "Community Association Dues, Fees, and means alldues, fees,assessments and other charges that are imposed on Borrower orthe Property by a condominium association, homeowners association or similar organization. Transfer" (J) "Electronic Funds means any transferof funds, other than a transactionoriginated by check, draft,or similar paper instrument, which is initiatedthrough.an electronic terrninal,telephonic instrument, computer, or magnetic tape so as toorder, instruct,orauthorize a financial institutionto debit orcredit an account. Such term includes, but isnot limited to,point-of-sale transfers,automated tellermachine transactions, transfersinitiatedby telephone. wire transfers, and automated clearinghouse transfers. Items" (K) "Escrow means those items that aredescribed in Section3. Proceeds" (L) "Miscellaneous means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under thecoverages described inSection 5)for: (i)damage to,or destruction of,the Property; (ii)condemnation or othertaking ofall orany partof the Property; (iii)conveyance in lieuof condemnation; or (iv)misrepresentations of,or omissions as to,the value and/or condition of the Property. Insurance" (M) "Mortgage means insurance protecting Lender against the nonpayment of,or default on, the Loan. Payment" (N) "Periodic means the regularly scheduled amount due for (i)principal and interest under the Note, plus(ii) any amounts under Section 3 of thisSecurity instrument. "RESPA" (0) means the Real Estate Settlement Procedures Act (12 U.S.C. Section 260I etseq.) and its implementing regulation, Regulation X (12 C.F.R. Part 1024), as they might be amended from time to time, orany additional or successor legislationor regulation thatgoverns the same subject matter. As used in thisSecurity Instrument, RESPA refersto allrequirements and restrictionsthat are imposed in regard loan" to a "federallyrelated mortgage even ifthe Loan does not qualify as a "federallyrelated mortgage loan" under RESPA. ofBorrower" (P) "Successor in Interest means any party that has taken title to the Property, whether or not thatparty has assumed Borrower's obligations under the Note and/or thisSecurity instrument. Transfer of Rights in the Property. This Security Instrurnent secures to Lender: (i)the·repayment of the Loan, and allrenewals, extensions and modifications of the Note; and (ii)the performance of Borrower's covenants and agreements under thisSecurity Instrument and the Note, For thispurpose, Borrower in consideration of thisdebt does hereby grant and convey to Lender and Lender's successors and assigns, the following described property located in theTown [Type of Recording Jurisdiction]of New Canaan [Name of Recording Jurisdiction]:See Legal Description Parcel ID Number: 47-124-33 which currentlyhas the address of 873 North Wilton Road [Street]New Canaan [City], Connecticut 06840 [Zip Code] ("Property Address"): CONNECTICUT-Single Family-Fannle Mae/Freddie MacUNIFORMINSTRUMENT Fo 71 WollersKluwerFinandalServices, Inc. 0521 202108052L1.0 3685-J20210526Y IniiiaT Page2of 15 FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020 NYSCEF Page 3 ofDOC. 16 NO. 183 RECEIVED NYSCEF: 03/08/2022 TO HAVE AND TO HOLD thisproperty unto Lender and Lender's successors and assigns, forever, together with allthe improvements now or hereafter erected on the property,and alleasements, appurtenances, and fixturesnow or hereafter a partof the property.All replacements and additions shallalso be covered by this "Property." Security Instrument. All of the foregoing is referredto inthis Security Instrument as the BORROWER COVENANTS that Borrower is lawfully seised ofthe estate hereby conveyed and has the rightto mortgage, grant and convey the Property and thatthe Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the titleto theProperty against all claims and demands, subject toany encumbrances of record, THIS SECURITY [NSTRUMENT combines uniform covenants for nationaluse and non-uniform covenants with limited variationsby jurisdiction to constitutea uniform security instrument covering real property. Uniform Covenants. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principalof, and intereston, the debt evidenced by the Note and any prepayment charges and latecharges due under the Note. Borrower shallalso pay funds forEscrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shallbe made in U.S. currency. However, ifany check or other instrument received by Lender aspayment under the Note or this Security instrument is returned toLender unpaid, Leader may require thatany or allsubsequent payments due under the Note and this.Security Instrument be made in one or more of thefollowing forms, as selected by Lender: (a)cash; (b) money order; (c) certifiedcheck, bank check, treasurer'scheck orcashier's check, provided any such check isdrawn upon an institutionwhose deposits are insured by a federal agency, instrumentality,or entity;or (d) Electronic Funds Transfer, Payments are deemed received by Lender when received at the locationdesignated in theNote or atsuch otherlocation as may be designated by Lender inaccordance with the notice provisions inSection 15.Lender may returnany payment or partialpayment ifthe payment or partialpayments are insufficientto bring the Loan current.Lender may accept any payment or partialpayment insufficientto bring the Loan current, without waiver of any rights hereunder or prejudice toits rightsto refusesuch payment or partialpayments in thefuture, but Lender isnot obligated to apply such payments at thetime such payments are accepted. If each Periodic Payment is appliedas of itsscheduled due date,then Lender need not pay intereston unapplied funds. Lender may hold such unapplied ftmds untilBorrower makes payment to bring theLoan current. If Borrower does not do so within a reasonable period oftime, Lender shalleither apply such funds or return them toBorrower. If not applied such earlier, funds will be applied to theoutstanding principal balance under the Note immediately priorto foreclosure. No offset or claim which Borrower might have now or inthe future against Lender shallrelieve Borrower firommaking payments due under the Note and thisSecurity Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described inthis Section 2, allpayments accepted and applied by Leader shallbe applied in the following order of priority:(a) interestdue under the Note; (b) principal due under the Note; (c)amounts due imder Section 3.Such payments shallbe applied to each Periodic Payment in theorder in which itbecame due. Any remaining amounts shall be applied firstto latecharges, second to any other amounts due under thisSecurity Instrument, and then toreduce the principal balance of the Note. 1399500336 Family-Fannie CONNEcTICUT-Single Mee/Freddie MacUNIFORMINSTRUMENT mn30071/01 vUbilers Iric KluwerFln ncialServices, 05/21 2021080521.1.0.3665420210526Y Initial Pege3of 15 FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020 NYSCEF Page DOC. 4 of16 NO. 183 RECEIVED NYSCEF: 03/08/2022 IfLender receives a payment from Borrower for a delinquent Peri.odicPayment which includes a sufficient amount to pay any latecharge due, the payment may be applied tothe delinquent payment and the late charge. Ifmom than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if,and tothe extent that,each payment can be paid in full. To the extent that any excess exists afterthe payment is applied tothe fullpayment of one or more Periodic Payments, such excess may be applied to any latecharges due. Voluntary prepayments shallbe applied firsttoany prepayment charges and then as described in the Note. Any applicationof payments, insurance proceeds, or Miscellaneous Proceeds to principaldue under the Note shallnot extend or postpone the due date,or change the amount, of thePeriodic Payments. 3. Funds for Escrow Items. Borrower shallpay to Lender on the day Periodic Payments are due under the Note, untilthe Note ispaid in a sum full, (the "Funds") to provide forpayment ofamounts due for:(a) taxes and assessments and other items ivhichcan attainpriorityover this.Security Instrument as a lienor encumbrance on the Property; (b) leasehold payments orground rents on the Property, ifany; (c) premiums for any and allinsurance required by Lender under Section 5;and (d)Mortgage Insurance premiums,if any, or any sums payable by Borrower to Lender inlieuof the payment of Mortgage Insurance premiums Items." in accordance with the provisions of Section 10. These items arecalled "Escrow At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, ifany, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish toLender allnotices of amounts to be paid under this Section. Borrower shallpay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or allEscrow Items. Lender may waive Borrower's obligation topay toLeader Funds for any or all Escrow Items atany time. Any such waiver may only be inwriting. Inthe event of such waiver, Borrower shall pay directly,when and where payable, the amounts due forany Escrew Items for which payment of Funds has been waived by Lender and, ifLender requires,shall furnish toLender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation tomake such payments and to provide receiptsshall for allpurposes be deemed to be a covenant and agreement contained inthis agreement" Security Instrument, as the phrase "covenant and isused in Section 9. IfBorrower is obligated to pay Escrow items directly,pursuant toa waiver. and Borrower failsto pay the amount due foran Escrow Item. Lender may exercise itsrightsunder Section 9 and pay such amount and Borrower shall then be obligated under Section 9 torepay toLender any such amount. Lender may revoke the waiver as toany or allEscrow Items at any time by a notice given in accordance with Section 15 and, upon such myocation, Borrower shallpay to Lender allFunds, and in such amounts, thatare then required under thisSection 3. Lender may, at any time,collect and hold Funds in an amount (a) sufficientto permit Lender toapply the Funds at thetime specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA, Lender shallestimate the amount of Punds due on thebasis of current data and reasonable estimates of expenditures of futureEscrow Items or otherwise in accordance with Applicable Law. The Funds shallbe held in an institutionwhose deposits are insured by a federal agency, instrumentality. or entity(including Lender, if Lender is aninstitutionwhose deposits areso insured) or in any Federal Home Loan Bank. Leader shallapply the Funds to pay the Escrow Items no laterthan thetime specified under RESPA. Lender shall not charge Borrower forholding and applying the Funds, annually analyzing the escrow account, or verifying theEscrow items. unless Lender pays Borrower intereston the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interestto be paid on the Funds, Lender shall not be required to pay Borrower any 1399500336 CONNECTICUT-Single MacUNIFoAMINSTRUMENT MaelFreddie Family-Fannie 3007121 Wouers KluwerFinancial inc. ServiC96, 0521 2021080521.1.0.3665,120210526Y Inifid Page4o 15 FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020 NYSCEF Page 5 ofDOC. 16 NO. 183 RECEIVED NYSCEF: 03/08/2022 interestor earnings on the Funds. Borrower and Lender can agree in writing,however, that interestshall be paid on the Funds. Lender shall give to Borrower, without chame, an annual accounting of theFunds as required by RESPA. Ifthere is a surplusof Funds held in escrow, as defined under RESPA, Lender shall account toBorrower for the excess funds in accordance with RESPA. Ifthere is a shortage of Funds held inescrow, as defined under RESPA, Leader shallnotify Borrower as requiredby RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage inaccordance with RESPA, but inno more than 12 monthly payments. Ifthere isa deficiency of Funds held in escrow, as defined under RESPA, Lender shallnotify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in fullof allsums secured by thisSecurity Instrument, Lender shallpromptly refund to Borrower any Funds held by Lender. 4. Charges; Llens. Borrower shall pay alltaxes, assessments, charges, fines, and impositions attributable to theProperty which can attainpriority over thisSecurity instrument, leasehold payments or ground rents on the Property, ifany, and Community Association Dues, Fees, and Assessments, ifany. To theextent that these items are Escrow Items, Borrower shall pay them inthe manner provided in Section 3. Borrower shall promptly discharge any lienwhich has priorityover thisSecurity Instrument unless Borrower: (a)agrees inwriting to the payment of the obligation secured by thelien ina manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lienin good faith by. ordefends against enforcement of the lienin, legalproceedings which in Lender's opinion operate to prevent the enforcement of the lienwhile those proceedings are pending, but only until such proceedings are concluded; or (c)secures from the holder of the lienan agreement satisfactory toLender subordinating the lien tothisSecurity Instrument. IfLender determines thatany partof the Property is subject toa lien which can attainpriority over thisSecurity Instrument, Leader may give Borrower a notice identifying thelien. Within 10 days of the dateon which thatnotice is given,Borrower shallsatisfythe lien ortake one ormore of theactions set forthabove in thisSection 4. Lender may require Borrower to pay a one-time charge for a realestatetax verification and/or reporting service used by Lender in connection with thisLoan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the coverage," Property insured against lossby hazards fire, included within the term "extended and any other hazards including, but not limited to,earthquakes and floods,for which Lender requires insurance. This insurance shall be maintained in theamounts (including deductible levels) and for the periods that Lender requires.What Lender requirespursuant tothe preceding sentences can change during the term of theLoan. The insurance carrierproviding the insurance shall be chosen by Borrower subject to Lender's rightto disapprove Borrower's choice, which rightshall not be exercised unreasonably. Lender may require Borrower to pay, inconnection with this Loan, either:(a) a one-time charge forflood zone determination, certification and tracking services; or (b)a one-time charge for flood zone determination and certificationservices and subsequent charges each time remappings orsimilar changes occur which reasonably might affectsuch determination or certification. Borrower shallalso be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection.by Borrower. 1399500336 cONNECTICUT-Single Mae/Freddie Family-Fannie MacUNIFORMINSTRUMENT orm30071M1 KlowerFinancial Walters Inc. Services, 05/21 2021080521.1.0.3685420210526Y Initial Page5of 15 FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020 NYSCEF DOC. NO. 183 RECEIVED NYSCEF: 03/08/2022 Page 6 of16 IfBorrower failsto maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender'soption and Borrower's expense. Lender isunder no obligation topurchase any particular type or amount of coverage. Therefore, such coverage shallcover Lender, but might or might not protect Borrower, Borrower's equity inthe Property, or the contents of theProperty, against any risk,hazard or and liability might provide greateror lesser coverage than was previously ineffect Bor ower acknowledges that the cost ofthe insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under thisSection 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interestat theNote rate from t,he dateofdisbursement and shall be payable, with such interest,upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shallbe subject to Lender's right to disapprove such policies,shallinclude a standard mortgage clause,and shallname Lender as mortgagee and/or as an additional losspayee. Lender shall have the rightto hold the policies and renewal certificates. If Lender requires,Borrower shallpromptly give to Lender allreceipts of paid premiums and renewal notices. IfBorrower obtainsany form of insurance coverage, not otherwise required by Lender, for damage to,or destruction of,the Property, such policy shallinclude a standard mortgage clause and shall name Lender as mortgagee and/or as an additional losspayee. In theevent of loss.Borrower shall give prompt notice to theinsurance carrierand Lender. Lender may make proof of Iossif not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds. whether or not theunderlying insurance was required by Lender, shall be applied to restorationor repair of theProperty, ifthe restoration or repairiseconomically feasibleand Lender'ssecurity isnot lessened. such repair and restoration period, Lender shall have the right tohold such insurance - During proceeds untilLender has had an opportunity to inspectsuch Property to ensure the work has been completed to Lender's satisfaction,provided that such inspection shallbe undertaken promptly, Lender.may disburse proceeds for therepairs and restoration in a singlepayment or ina series of progress payments as thework iscompleted. Unless an agreement is made inwriting or Applicable Law requires interestto be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interestor earnings on such proceeds. Fees for public adjusters,or other thirdparties,retained by Borrower shallnot be paid out of the insurance proceeds and shallbe the sole obligation of Borrower. Ifthe restorationor repair isnot economically feasible or Lender's security would be Tessened, the insurance pmceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, ifany, paid toBorrower. Such insurance proceeds shallbe applied in the order provided for in Section 2. ifBorrower abandons the Property, Lender may negotiate file, and settle any available insurance claim and related matters.IfBorrower does notrespond within 30 days toa notice from Lender thatthe insurance carrierhas offered to settlea claim, then Lender may negotiate and settlethe claim. The 30-day period will begin when the notice isgiven. In eitherevent, or ifLender acquires the Property under Section 22 or otherwise, Barrower hereby assigns to Lender (a)Borrower's rights to any insurance proceeds in an amount not toexceed the amounts unpaid under the Note orthis Security Instrument, and (b)any otherof Borrower's rights(other than the rightto any refund ofunearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rightsare applicable to thecoverage of the Property. Lender may use the insurance proceeds eitherto repair orrestore the Property or to pay amounts unpaid under the Note orthis Security Instrument, whether or not then due. . Family-Fannie CONNECTICUT-Single Mae/Freddie MacUNIFORMINSTRUMENT Fonn30D71101 veiters8iuwerFinancialInc. Services. 05/21 202108002L1.0.3665-J202 t0528Y ' Inilid Page6of16 ilEINilllEllRI$1IMI111115 FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020 NYSCEF Page DOC. 7 oM6 NO. 183 RECEIVED NYSCEF: 03/08/2022 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shallcontinue tooccupy the Property as Borrower's principalresidence for atleastone year afterthe date of occupancy, unless Lender otherwise agrees inwriting, which consent shall not be unreasonably withheld, or unlessextenuating circumstances existwhich are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property ; Inspections. Borrower shallnot destroy, damage or impair the Property, allow the Property todeteriorate or commit waste on the Property. Whether or not Borrower isresiding inthe Property, Borrower shallmaintain theProperty in order toprevent the Property from deterioratingor decreasing invalue due to itscondition. Unless itis determined pursuant to Section 5 thatrepair or restorationis noteconomically feasible,Borrower shallpromptly repair the Property if damaged to avoid further deteriorationor damage. Ifinsurance or condemnation proceeds are paid in connection with damage to,or the taking of. theProperty, Borrower shallbe responsible forrepairing or restoringthe Property only if Lender has released proceeds forsuch purposes. Lender may disburse proceeds forthe repairsand restoration in a singlepayment or ina series ofprogress payments as the work is completed. Ifthe insurance or condemnation proceeds are not sufficientto repairor restore the Property, Borrower isnot relieved of Borrower's obligation for thecompletion of such repair or restoration. Lender or itsagent may make reasonable entriesupon and inspections of the Property. Ifithas reasonable cause, Lender may inspect the interiorof theimprovements on the Property.Lender shall give Borrower notice at thetime of or prior tosuch an interiorinspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be indefault if,during the Loan application process, Borrower or any persons orentities actingat the directionof Borrower orwith Borrower's knowledge or consent gave materially false,misleading, or inaccurate information or statements to Lender (orfailed to provide Lender with material information) inconnection with the Loan, Material representations include, but are not limited to,representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. if(a) Borrower fails to perform the covenants and agreements contained inthis Security Instrument, (b) there is a legal proceeding that might significantlyaffect Lender's interestin the Property and/or rights under this Security Instrument (such as a proceeding inbankruptcy, probate, forcondemnation orforfeiture, for enforcement of a lienwhich may attainpriority over thisSecurity Instrument or to enforce laws or regulations),or (c) Borrower has abandoned the Property, then Lender may do and pay forwhatever isreasonable or appropriate to protectLender's interestinthe Property and rights under thisSecurity Instrument, including protecting and/or assessing the value of the Property,and securing and/or repairing the Property. Lender's actions can include, but are not limitedto: (a)paying any sums secured by a lienwhich attorneys' has priorityover this Security Instrument; (b) appearing incourt; and (c) paying reasonable feesto protect itsinterest inthe Property and/or rightsunder this Security Instrument, including itssecured position in a bankruptcy proceeding. Securing theProperty includes, but is notlimitedto,entering theProperty to make repairs, change focks,replace or board up doors and windows, drainwater from pipes, eliminate building or other code violations or dangerous conditions, and have turned utilities on or off. Although Leader may take action under this Section 9,Lender does not have to do so and isnot under any duty or obligation to do so.It isagreed that Lender incurs no liabilityfornot taking any or allactions authorized under this Section 9. 1399500336 cONNECTIcUT-Single Family-Fannie MacUNIFORM Mas/Freddle INSTRUMENT F rm30071/01 WbilersKlUwer Financial inc Services, 05/21 202108052L1.0.3665-J20210525Y Initial Page7of15 FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX NO. 657193/2020 NYSCEF Page DOC. 8 of16 NO. 183 RECEIVED NYSCEF: 03/08/2022 Any amounts disbursed by Lender under this Sectiori9 shallbecome additional debt of Borrower secured by thisSecurity Instrument. These amounts shallbear interestat the Note rate from the date of disbursement and shallbe payable, with such interest,upon notice from Lender to Borrower requesting payment. Ifthis Security Instrument is on a leasehold, Borrower shallcomply with allthe provisions of the lease. IfBorrower acquires fee title to the Property,the leasehold and the fee title shall not merge unless Lender agrees to themerger in writing. 10. Mortgage Insurance. IfLender required Mortgage insurance as a condition ofmaking the Loan, Borrower shallpay the premiums required to maintain the Mortgage Insurance in effect.If,for any reason, the Mortgage Insurance coverage required by Lender ceases to be availablefrom themortgage insurerthat previously provided such insurance and Borrower was required to make separately designated payments toward thepremiums for Mortgage Insurance, Borrower shall pay the premiums required toobtain coverage substantiallyequivalent to theMortgage Insurance previously ineffect,at a costsubstantially equivalent to thecost to Borrower of the Mortgage Insurance previously in effect,from an alternate mortgage insurer selected by Lender. If substantiallyequivalent Mortgage Insurance coverage is not available,Borrower shallcontinue topay toLender the amount of the separately designated payments thatwere due when the insurance coverage ceased to be ineffect.Lender will accept, use and retain these payments as a non-refundable loss reservein lieu of Mortgage Insurance. Such loss reserve shallbe non-refundable, notwithstanding the factthat the Loan is ultimately paid infull.and Lender shall not be required to pay Borrower any interestorearnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (inthe arnount and forthe period that Lender requires)provided by an insurer selectedby Lender again becomes available, is obtained,and Lender requires separately designated payments toward the premiums forMortgage Insurance. IfLender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shallpay the premiums required to maintain Mortgage Insurance ineffect, or toprovide a non-refundable lossreserve, untilLender's requirement forMortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing forsuch termination or until termination is required by Applicable Law. Nothing inthisSection 10 affectsBorrower's obligation to pay interestatthe rate provided in the Note. Mortgage Insurance reimburses Lender (or any entitythat purchases theNote) forcertain losses itmay incur ifBorrower does not repay the Loan as agreed. Borrower is nota party to the Mortgage Insurance. Mortgage insurers evaluate theirtotalriskon allsuch insurance inforce from time totime. and may enter intoagreements with other partiesthat share or modify their risk,or reduce losses. These agreements are on terms and conditions that aresatisfactory tothe mortgage insurer and the other party (or parties)to these agreements. These agreements may require themortgage insurerto make payments using any source of funds thatthe mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements. Lender, any purchaser of the Note, another insurer, any reinsurer,any other entity,or any of affiliate any ofthe foregoing, may receive (directly orindirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer'srisk,or reducing losses.Ifsuch agreement provides thatan affiliate of Lender takes a share of theinsurer'srisk in exchange fora share of the premiums paid tothe reinsurance." insurer.the arrangement is often termed "captive Further: 1399500336 CONNECTICUT-Single Family-Fannie MacUNIFORMINSTRUMENT Mae/Freddle Fo 30071/01 WollersKluwerFinancialInc. Services, 05/21 2021000521.1.0.3665-J20210526Y Inmal Page8of16 FILED: NEW YORK COUNTY CLERK 03/08/2022 10:38 AM INDEX