Preview
FILED: DUTCHESS COUNTY CLERK 01/17/2023 11:06 AM INDEX NO. 2022-54027
NYSCEF DOC. NO. 16 RECEIVED NYSCEF: 01/17/2023
EXHIBIT B
FILED: DUTCHESS COUNTY CLERK 01/17/2023 11:06 AM INDEX NO. 2022-54027
NYSCEF DOC. NO. 16 RECEIVED NYSCEF: 01/17/2023
Dutchess County Clerk Recording Page
mm To :
Date Recorded '
04/13/2009
Eme Recorded : 2:4610
M&T BANK
PO BOX 4613 Document # : 01 2009 2957
BUFFALO, NY 14240-
Received From : MCDONALD & MMBALL
Mortgagor : CHAMBERS GLORIA B
Mortgagee ' M&T BANK
Recorded In: Mortgage Tax District : Clinton
Insbument Type : REVERSE
Examined and Charged As Follows :
Recording Charge : $100 OD Number of Pager: 11
Mortgage Amount : 30 0 .
** Do Not Detach This Page
Mortgage Type : No Tax / Serial
*" This la Not A BE
Mortgage Tax County : 50.00
Total Tax : 50.00
Serial Number "DA294
AfAdavit : Y
County Clerk By : ace /
Receipt #. R18522
Estch Record . - B15
FILED: DUTCHESS COUNTY CLERK 01/17/2023 11:06 AM INDEX NO. 2022-54027
NYSCEF DOC. NO. 16 RECEIVED NYSCEF: 01/17/2023
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EEVERSE MORTGA E.... .. ...
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ME·ENTY COMMO
Record and Returnto:
M&T Bank
P.O. Box 4613 .
Buffalo,NY 14240
.
Prepared By:
M&T Bank
313 Ushers Road
BallstonLake, NY 12019- .. ....-
..-...... ..-...,.,...
-. .. .,, .... .. .. .- . .......... .......
.. .. . ...
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FHA Case Number: 371-3926557. 952-255
12971354
stateorNewYork ADJUSTABLERATEREVERSEMORTGAGE
THIS MORTGAGE ("SecurityInstrument")is givenon April06, 2009.The mortgagor is GloriaB Chambers, whose address is
1539 Hollow Road, Clinton Corners.,NY 12514 ('!Borrower").This Instrument is giventoM & T
Security Bank, which is
organizedand existingunder thelaws of NEW YORK,. and whose address is One Fountain Plaza - 6th
Moor, Bumdo, NY
14203 ("Lender"). Borrower has agreed to repay toLeader amounts which Leader is ebligatedto advance, includingfuture
advances,under the terms
of a Home Equity Conversion Loan Agreement datedthe same date as this
SecurityInstrumet ("Loan
Agreement"). The agreement to repayis evidenced
by Borrowers Note datedthe same date as this
Security Instrmnent.("Note").
This SecurityInstrument securesto Lender:(a) therepayment of the debtevidaced the Note, all
by including futureadvances,
with at a rate subject
interest to adjustment,
and allrenewals,extensionsand modincationsof the Note,up to a maximum principal
amount of FourHundred Sixty-Mve Thousand and 06/100 Dollars (U.S.$465,000.00);(b) the paymentof all
othersums, with
advanced
interest, under Paragraph 5 to protect
the of this Instrumentor otherwisedue
security Security under the termsof this
SecurityInstmment; and (c)the performance ofBorrower's covenants and agreements under this Instrumet
Security and the
Note. The full
debt,inchidingallamounts describedin(a),(b),and (c) ifnot paid isdue
above, earlier, and payableon August
23, 2980. For thispmpose, Borrower does hereby mortgage, grantand to with power of
convey Leader, sale,thefollowing
describedpropertylocatedin DutchessCounty, New York, which bas the address of:
1539 Hollow Road, CIfnton Corners, NY, 12514, and is described
more on ExhibitA attached
fully to and herebyincorporated
intothis Mortgage("PropertyAddress").
TOGETHER WITH aH the improvements now or henalterelectedon the property,
and alleasements,rights, and
appurtenances,
Extures now or hereafter
a partof the property.
Allreplacements and additions
shallalso be coveredby thisSecurityInstrument.
All of the foregoing
is referred
to in this "Property."
SecurityInstrmnentas the
BORROWER COVENANTS thatBarrower is lawfully
seised ofthe estate hereby
conveyed and has the right
to mortgage,grant
and convey the Property and thatthe Propertyisunencumbered. Berrower wanants and willdefend generallythe title
to the
Propertyagainstallclaimsand demands, subjectto any encumbrancesof record.
CREDIT LINE MORTGAGE ·
This SecurityInstrument securesthedebt describedin the Note and Loan
SecurityInstrument, Agreement and contemplatesa
seriesof advanceswhich willbe advanced from tiinetotime fmm and after
the dateof thisSecurityInstnunentnotto exceed in
the aggregateat any
one time themaximum priticipal
amount stated in the Security
Instrument,the Noteand the Agreement
TFHS SECURITY INSTRUMENT combines uniform covenants for nationaluse and with·
non-uniform covenants limited
New Yorkl"'
Mortgage
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FILED: DUTCHESS COUNTY CLERK 01/17/2023 11:06 AM INDEX NO. 2022-54027
NYSCEF DOC. NO. 16 RECEIVED NYSCEF: 01/17/2023
.
SCHEDULE C
PROPERTY DESCRIPTION
File Number 200820544
The land referred to lnthisCommitment is descgibed as follows:
PARCEL 1
ALL THAT TRACT OR PARCEL OF LAND situate on the north side of the West Hibemia Road in Town of
the Clinton,
County of Dutchess, State of New York, bounded and described as follows:
Beginning at a pointon the north side of the West Hibemia Road, said point on the fenced division linebetween
being lands
of WilliamBudd reputed owner on the west and the lands to be conveyed on the east, said point also 45.5
being feetdistant
northeasterly fmm the north top center and 54.3 feet distant from the south comer of the face of-the
northeasterly top east
.abutment of a bridge on the above mentioned road;
. :14°40'
Thence North East, -175,9 feetalong the said dMsion linebetween William Budd reputed owner on the west ancithe
lands to be conveyed on the east to a stump and stake; _
63° 10'
Thence South East, 272.3 feet toapoint on a rock;
23° 50'
Thence South West..179.5 feet to is point
inthe center of the above mentioned West plibemia I last
osd, mentioned
course running 11.6 feet east imm the center ofan elm tree located on the north side of the said road;
65° 49'
Thence North West, 231.1 feet the center lineof the said road to a point;
along
14° 14'
Thence North West, 20.0 feet tothe pointor place of beginning.
PARCEL 2
ALL THAT CERTAIN LOT OR PARCEL OF LAND situate, and situate at Clinton
lying being Comers in the Township of
Clinton,County of Dutchess and State of New York, more bounded and described as follows:
particularly
Beginning at a point inthe easterly line of land now or of Beck where the same is
formerly intersected by the dividing line
between land now or formerly of theparties of the second partand the paricalherein being conveyed;
Thence mnning from said point of beginning said line of land now or of 3° 24'
along easterly formerly Beck, North East,
102.35 feet toa point and an ironpin set inthe ground;
Thence leaving said easterly line of land now or of Beck and through
formerly running other land of the parties of the tirst
74° 28'
part,South East, 224.12 feet toa point and an imn pin set in theground;
50° 16'
Thence South East, 72.32 feet toa point and an ironpin set inthe ground;
12° 32'
Thence South West, 70.48 feet toa point and land now or of the
formerly parties of the second past atxwe redened
to;
Thence running along the said line ofland now or of the parties of 74° 28'
northerly formerly the second part,North
272.30 West,
feet tothe point and place ofbeginning.
..
Town/CityNillage: Clinton
County: Dutobess
Section -Block- Lot 6560-00-241321
ALTA ShortForm Residential
Loan Policy
se1minie c
FILED: DUTCHESS COUNTY CLERK 01/17/2023 11:06 AM INDEX NO. 2022-54027
NYSCEF DOC. NO. 16 RECEIVED NYSCEF: 01/17/2023
variations
by jurisdiction
to constitute
a aniform instrument
security real property.
covering
UNIFORM COVENANTS. Barrower and Leader covenantand agree as follows:
L Payment ofPrincipal and Interest Bermwor shall when due the principal
pay of, andinterest
on, the debt
evidenced by the
Note.
1 Payment of Property Charges. Borrower shallpay aH pmperty charges of ground
consisting taxes, rents,floodand hazard
insurancepremiums, and specialassessmentsin a timely
manner, and shallprovideevidence of paymentto Leader,unlessLender
pays·pmperty chargesby withholding fundsfrom monthly payments due to the Barroweror by chargingsuch payments to a line
of credit
as providedforin the LoanAgreement
3. Mre, Nood and Other Hazard Insurance. Barrower shallinsureallimpmvements en the Property,
v4ether now in existence
or subsequentlyerected,againstanyhazards, and contingencies, fire.This
casualties, including insurance shallhe maintainedin
the amounts, to the extentand. forthe periods required Leader or the of
by Secretary Nonsing and Urban Development
("Secretary").Bonower shallalsoinsureall improvements on theProperty,whether now inexistence orsubsequently erected,
againstlossby floodsto the extent
requiredby the Secretmy.Allinsurance shallbe carried
with companies approved by Leader.
Å he insurancepoliciesand anyrenewals shallbe heldby Lender and shallincludeloss payable
clausesin favorof, andin a form
acceptableto, Lender.
in the eventof loss,
Barrower thallgiveLeader.immediate notice mail. Lender make proof
by may of loss if
notmade pmmptly
by Borrower. Each insurancecompany concemed is herebyauthorizedand to
directed make payment forsuch Ices toLeader,
insteadof to Borrowerand Leader jointly.
Insuranceproceeds shallbe appliedto restoration
or repair
of the damaged Propertyif
the restorationorrepair iseconomi::allyfeasibleand hadws -isnot lessened. If the
security restorationor repairis not
economically feasible
or Lend#s securitywonid be lessened,
the insuranceproceedsshallbe appliedfirst
to the reduction
ofany
indebtednessunder a Second Noteand Second SecurityInstrumentheld the on the Property
and then to the reduction
by Secretary
of the indebtedness
ander the Noteand this Instrument excessinsuranceproceeds
Security Any over an anNunt requiredto pay
alloutstandingindebtednessumder the Note
and this Instrumentshallbe paidto the tntity
Security legallyentitled
thereto.
In the event
of foreclosureof this
Seemity Instrumentor othertransferoftitle
to the Property
thatextinguishesthe indebtedness,
all right,
title
and interest
of Berrowerin and to insurance
policiesin force
shallpass to the purchaser.
4. Occupancy, Preservation,Maintenance and Protection of the Borrower's Loan
Property; AppHeation; I maseholds.
Barrower shalloccupy, and
establish, use the as Barrow#s principalresidenceaf ter
Property the executionof thisSecurity
Instrumentand Borrower (or at least
one Borrower,if more
initially than one personare Borrowers)shallcontinueto occupy the
Property as Borrower'sprincipalresidenceforthe term ofthe Instrumenti residence"
''Principal
Security shallhave the same
meaning as in the Loan
Agreement
Bòrrower shallnot cormnitwaste or destroy,damage or cha®ge the ce allow
substantially Property thePmperty todeteriorate,
reasonablewear and tear excepted. Berrower shallalsobe in defaultifBorrower, during theloan applicatim process,gave
false
materially or inaccurateinformationcr statements
to Leader (orfailedto provideLeader with any material in
information)
connecdce withthe loanevidenced by the Note,
including,but notlimitedto,.representations
concerning Borrower'soccupancy of
as'a
the-Property principaFresideneerIfthisSeceity Instannent is·ona ·leaseholds
Barrower shallcomply with theprovisiensof
the lease.
IfBorrower acquiresfee title
to the Property,
the leasehold
and fee title
shall
not be merged unlessLeader agreesto the
·mergerin writing... .
. .... .. ...w
5. Charges to Barrower and Protection of Lendefs Rights in the Property. Borrower shallpay allgovernmental or
municipal charges,finesand impositionsthatare not. included
inParagraph 2..Barrower shallpay these obligationson time
to the
directly entitywhich is owed the payment Iffailureto paywould affect
adversely Lender'sinterest
in theProperty,upon
Lendws requestBomiwer shallpromptly furnish to Leader receipts these
evidencing payrnents. Barrower shall
discharge promptly
any lienwhich has priority
over thisSecurityInstmment in the mannerprovidedin Pamgraph 12(c).
New York 18Mortgage
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FILED: DUTCHESS COUNTY CLERK 01/17/2023 11:06 AM INDEX NO. 2022-54027
NYSCEF DOC. NO. 16 RECEIVED NYSCEF: 01/17/2023
If Borrowerfidisto makethese payments or the property
charges requiredby Paragraph2, crfailsto performany othercovenants
and agreements containedinthis or there is a legal
SecurityInstrument, proceedingthat may affectLender's
the significandy rightsin
Property(suchas a proceedingin bankruptcy,forcademnation or toenforce or regulations),
laws then Leader do and-
whatever is necessary may
pay to protect
the valueof thePropertyand Lender'srightsinthe Propaty, includingpayment oftaxes,
hazardinsuranceand otheritems mentioned in Paragraph
2.
To protectLeader'ssecurityin the Property,
Lender shalladvanceand charge to Borrowerall amountsdue to the forthe
Mortgage Secretary
InsurancePremium ("MIP") as defmed in the Loan
Agreement as wellas all
sums due to the loanservicer
forservicing
activities
("ServicingFee")as defined inthe Loan Agreement. amounts
Any disbursedby Leader under thisParagraph shall
becane an additional
debt ofBarrower as providedfor inthe loanAgreement and shallbe securedby this Security
Instrument
6, Inspection. Leader cr itsagent enter on,inspector make appraisals
of
may the Propertyin a reasonablemanner and at
reasonable4imes providedthatLender shallgivethe Borrower noticepriorto anyinspectionor appraisal
specifyinga purposefor
the irispection
or appraisal
which must be related
to Lender'sinterest
in the Property.
Ifthe Property
is vacantor abandonedor the
Icon isin defaulty
Leader may>takereasonable.action-to
protectand-preserve-such-vacant
or-abandoned without noticeto-.
the Barrower. . Property
. . .
7. Condemnation. The proceeds of award cr claim for
any damages, direeror consequential,inconnection with
or other any
condemnation, takin!of any partof the Propaty,or forconveyance in placeof condemnation shallbe paidto Letider.
The proceeds-shallbe appliedfirst
to thereductionof indebtedness
any under theSecond Note and Second Instrument
held Security
by theSecretaryon theProperty,and thento the reduction
ofthe indebtednessunder the Noteand thisSecurityInstrumat.
Any excessproceeds overan amount requiredto all indebtedness
pay outstanding under.theNote and this Instrument
shallbe paidto the entity Security
entitled
legally thereto.
8. Fees. Lendermay collect
fees and charges
authorizedby the Secretary.
9. Grounds forAcceleration ofDebt.
(a) Due and Payable. Lender may requireimmediate payment in thll
of allsurns secured
by thisSecurityInstrumentift
(i)A Barrower diesand the Propertyis not the principal
residenceof at least one surviving
Borrower; or
(i0All of a Borrower's
title
in the Property
(or hisor her beneficial
interest
in a trust
owning allor part
of the Property)
is
sold or otherwise
transferredand no otherBorrowerretains(a) title
to the Property
in fee simple,
(b)a leaseholdunder
a leasefornot lessthan 99 yearswhich is renewableor a lease
having a ranaining periodof notless than50 years
beyond thedate of the 100th of theyoungest or
birthday Borrower, (c) a life
estatein the (or retainsa
beneficial Property
interestin a trust
with such an -interest in the Property).
(b) Due and Payable with ApprovnL Lender
Secretary may require immediate payment in fullofallsums securedby this
SecurityInstrument,upon approvalby an authorized of
representative the Secretary,
it:
(i)'thePropertyceases tobe the principal
residenceof a Barrower forreasonsotherthan deathand the Property
is not the
principal
residenceof at least one other Borrower,
or
For
(ii) a periodof longer than twelve consecutive a
(12) nNnths, Barrower failsto physically the
of physical occupy Property
because or mentalillnessand the Property
is not
the principal
residenceof at least
one other Borrower,
cr
(iii) An obligationof the Barrowerunder this Instrument is not performed.
Secmity
(c)Notice toKander. Berrower shall Inder whenever
Dctify any ofthe events in
listed subparagraphsParagmph and (b)
occur. 9(a)(ii)
(d)Notice to Secretary and-Borrower. Leader shall the Secretary
notify and Borrower whenever the loan becomes due and
payable under.Paragraph and (b).Leader shallnot have the
9(a)(ii) rightto conunence foreclosure
untilBorrower has had
thirty
(30)days afternoticero either:
New York !" Mertgage
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FILED: DUTCHESS COUNTY CLERK 01/17/2023 11:06 AM INDEX NO. 2022-54027
NYSCEF DOC. NO. 16 RECEIVED NYSCEF: 01/17/2023
.. Correctthe matter.which-resultedin.the-Securitylnstrmnent
(i) coming dae and payable;or,.....-, ....
..,.....-.. .. ..-.. ..
(ii) Pay ïhe battinc(iii
IBHid
(iii)Sellthe Propertyforthe lesser
of me balance or 95% ofthe appraisedvalue and the net proceedsof thesale
apply
towardthe balance;or
(iv) Providethe Leaderwith a deed in lieu
of foreclosure.
(e) Trusts. Conveyance of a Borrower'sinterestinthe Propertyto a trust
which meets therequirements of the. Secretary,
or
conveyance of a trustsinterests
in theProperty to a Bormwer, not
sliall be considered a conveyance for pmposes of this
Paragraph 9.A trust
shallnotbe considered an occupantor be considered
as having a principal
residenceforpmposes ofthis
Paragraph9.
(1) MortgageNot Insured. Borrower agees thatshould aisSenurityInstomwnt and me Note notbe eligible
forinsuranceunder
the NationalHousingAct within eight(8) monthsfrom &e date hereofIander may, at its eption,
requireimmediatepayment
infullof allsums secured by thisSecurityInstrument. A writtenstatement of aWhorized agentof the
any dated
Secretary
subsequentto eight
(8) months from thedatehereoC decliningto insure
thisSecurityInstrumentand the Note,shall be deemed
conclusiveproofof such ineligibility.
Notwithstanding the foregoing,
thisoptioninay not be exercised Leader when the
by
ofinsurance
unavailability is solely
due to Leader's
failure
to.remita mortgageinsurancepremium to the Secretary..
. .
10. No DeficiencyJudgments. Borrower shallhave no personal for
liability paymat of thedebt secured this
by Security
Instrument. Leadermay enforcetliedebtonly through-sale
of the Property.Leader shall
not be permittedto obtaina deficiency
judgment againstBorrower ifthe SecurityInstrumentis foreclosed.
IfthisSecurityInstrument.isassignedto theSecretaryupon
demand by the Secretary,
Barrower shall
not be liable
forany differencebetween the mortgage insurancebenefits
paid to Leader
. and the outstanding
indebtedness,
includingaccrued owed
interest, by Barrower at-the
time of the assigmnent.
11L Reinstatement. Borrower has a right
to if
be reinstated lander has requiredimmediate payment in fulL Thisrightapplies
even af ter
foreclosure
proceedingsare instituted.
To reinstage this
Security
Instnanent,Barrower shallcorrectthe condition
which
resultedinthe requirementfor immediate payment in fuit Foreclosurecostsand reasonable and attorneys'
customary fees and
expenses properlyassociatedwith a foreclosure
proceeding shallbe added to theprincipalbalance. Upon reinslatementby
Borrower, thisSecurity Inistrumentand the obligationsthatitsecures shallremain in effectas if Leader had not required
immediate payment in full.
However, Lender is not required
to permitreinstatement Lender