Preview
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
ADJUSTABLE RATE NOTE
(LIBOR Index - Rate
Caps)
THIS NOTE CONTAINS PRCMSIONS ALLDWING FOR CHANGES. IN NY INTEREST RATE AND NY MONTHLY
PAYMENT. THIS NOTE LIMITS THE AMOUNT MY INTEREST RATE CAN CHANGG AT ANY 0Nll TIME AND THE
MAXIMUM RATE I MUST PAY.
Decenter 23, 2004 Orange CA
IDatal lony] Isistag
3141 Broad Street, Port henry, NY 12974
Prop"ry Addr"""l
t BORROWER'S PROMISE TO PAY
In return 1be a loan that I have received, I promise to pay U.5, $ 08400.00 (this arnount is cated "principel"), plus
Interest, to the order of the Lender. The Lender Is Ameriquest Mortgage Company .
I understand that the Lender may transfer tNs Note. The Lender or anyone who takes this Note by transfer and who is
entitled to receive payments under this Note is caNed t.he "Note Holder?
2. INTEREST
Interest will be charged On unpaid princ5al uMil the full amount of principal has been paid. I wlA pay Interest at a
yearly rate of 10.500 %. This interest rate I will pay may change inacerdance with Section 4 ofthis Nots.
The interest rate required by this Section 2 and Section 4 of this Note is the.tate I wil pay both befbre and aRer any
defoolt described in Secllon 7(B) of this. Note.
3. PAYMENTS
(A) Time and Place of Payments
J will pay principal and interest by making payments every month.
1will make my rnonthly payments on the first day of each month beginning on February % 2005 .
I wAl make these paymeNs every month untA I have paid all of the principal and Interest and any other charges
described bekny that I Inay owe under this Note. My Inomhly payments will be upplied10 interest before pr¾cipal.
If, on January 1, 2025 , I still owe arnounts (sider tNs Note, I wid pay those smounts in full on that date, which is
caled the "Maturity Date",
I will make my payments at: 509 CRy Parlesay West, SuIts 100, Orange, CA 92888
or at a.different place If sequired by the Note Holder.
(B) Amount of My Iriitlel Monthly Payments
Each of my inMial monthly payments will be in the amount of U.S. 5 625.89 . This amount may change.
(C) Monthly Payment Changee
Changes In my monthly payment wig reflect changes In the unpaid principal of my loan and In the interest rate
that I must pay. The Note Holder wGI deterrnine my new interest rate and the anged amount of my monthly
payment in secord.ance with Secton 4 of this Hote.
4 INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The biterest rate I will pay may change on the first day of January, 2007 , and on that day every abdh month
Date."
thereafter. Each date on which my Interest rate muld change is caHed a "Change
(B) The Index
"Index"
Beginning with the first Change Date, my interest rate will be based on an Index. The is the average of
hterbank offered rates for sk-rnonth U.S. doBar-denominated deposits in the London market ("LIBOR"). as
platshed in The Wall Street Joumal. The most recent Index figure avansble as of the date 45 daya before the
Index."
Change Date is caAed the "Current
If at any point in time the Index is no longer available, the Note Hokler will choose a new Index that Is based upon
comparable information, The Note Holder will give me notice of this choice,
(C) Calculason of Changes
safore each charge Date, the Note Holder wit calcidate roy new Interest rate by adding six
percentage poi)s) ( 6.000 %) to the Currest Index. The Note Holder will then found the ress of this addldon to
the nearest one-eight of one percent (0.125%). Subject to the Ilmits elated In Section 4(D) below, this rounded
amount win be my new interest rate unt1the next Change Date. The Note Holder wIN then determine the amount
of the morthly payrnent that would be sufAdent to repay the unpaid principal ths I arn expected to owe at the
Change Date In M on the Matugty Date at my now interest rate in substentiaNy equel payments, The result of
this calculation win be the new amout of my monthly paymerA
Innials
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
(D) IJmits on Interest nges
The interest mte I am seqWred to pay at.the first Change Date wM not be greater than 12.S00 % or less than
10.500 %. ThenBafter, Iny interest fate w I never be increased of decreased on any single Change Date by
more then One percentage point(s) ( 1.000 %) imm the rate of Interest I have been paying for the preceding six
rnonths. My Interest cate wiAnever be greater than 10.500 n or less than 10.500 %.
E) Effootfve Dete of Changes
My new interest rate wm besme effective on each C.henge Date. I win pay the amount of my new monthly
payment beginning on the first monthly payment date alter the Change Date until the amount of my Inonthly
payment changes again.
(F) Notice of Changes
The Note Holder wM de#ver or mail to me a notice of any dances In my Interest rate and the amount of my
monthly payment before the effective date of any change, The notice wlA Include 2 ormation required by law to
be given me and also the title and telephone nunter of a person who win answer any question I Inay have
regarding the notice.
5. PREPAYMENT PRNLEGE
I rosy topsy all or any part of the prhcipal balance of thls Note in accordance with the terms of this Sedlon without
"prepayrnent"
Incuning a prepayment charge. A is any amount that I pay In excess of my reggarly scheduled
payments of principal and interest that the Lender wiR apply to reduce the outstanding principal balance on this
Note in accordance with this Section.
(A) Application of Funds
I agree that when I indicate in writing inst I am making a prepayment, the Lander shaH apply funds It receives In
accordance with the order of sppBostion of payments set forth in Section 2 of the Security It
(B) Monthly Payments
If I make a prepayment of an amount less then the amount needed to completely repay sA smounts due under this
Note and Secudty Instrument. my regulady schedided payments of principal and Interest will not change as a
result.
5. LOAN CHARGES
if a law, which applies to this loan and which sets maximum loan charges, is finally integrated so that the|nterest or
other loan charg es collected or to be miladed in connedlon with this loan exceed the permitted IImits,11terr 0) any
such loan charge shall be reduced by the emount necessery to reduce the charge to the permitted Hmit; and GI) any
sums already conected from me which exceeded perrpitted tirnks will be refunded to. me. The Note Holder may
choose to make this refund by reducing the principal I owe under this Note or by making a direct payment to me. II
a refmd reduces the principal, the reduction win be treated as a partial prepayment
7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late Charges for Overdue Payments
If the Note Holder has not received the fun amount of any monthly payment by the end of Afteen calendar days
after the date it is due, I wUI pay a late charge to the Note Holder. The arnount of the charge wiA be ag00 % of my
overdue payment of principal and Interest I wM pay this iste charge prompdy but only once on each late payment.
B) Default
If t do not pay the ful amount of each monthly paymert on the date it is due. I wlA be In default.
(C) Notice of Default
If I am In default, the Note Holder may send me a written notice telling me that if I do not pay the ovenlue amount
by a Certain date, the Note Holder may require me to pay knmediately the fuU amount of prindpal whis has not
been paid and an the interest that I ows on that amount. The date must be at least 30 days ofter the date on whi
01s nodce is delivered or mdled to me.
(D) No Walver by Note Holder
Even lf. at a time when 1am h default. the Note Holder does not require me to pay Immediately in full as described
above, the Note Holder wig stAl have the right to do so If I am In default at a later time.
(E) Payment of Note Holders Costs and Expenses
If the Note Holder has reqtfred me to pay knmediately in fuA as descreed above, the Note Holder wiH have the
IIght to be paid back by me for all of its Costs and expenses in enforcing 11% Note to the extent not pmhibited by
attomeys'
appAcatile law. Those expenses include, for example. seasonable fees.
8, GIVING OF NOTICES
Unless applicable law requires a different method, any no8ce that must be given to me under this Note will be given
by deHvering It or by maging it by first class InaB to me g the PNÁerty Address above or at.a different address if I
give the Note Holder a notice of my different address.
Any notice that must be given to the Note Holder under this Note wlB be given by mailing it by first dass mall to the
Note Holder at the eddress stated In Sedlan 3(A) above or at a dIllerent address N 1 am given notim of that
different address.
9. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If rrnm then one person signs this Note, each person is fully and personally obligated to keep aA of the promises
made in this Note, Including the promise to pay the fuE smount owed. Any person who Is a guarantor, surely or
endorser of this Note is also obligated to do these things. Any person who takes over these obligations, Including
the obagations of a guaranton surety or endorser of this Note, 4 also obligated to keep at of the pmmises rnade In
this Note. The Note Holder may enforce Rs rights under this Note against each person Individually of against sA of
us together. This means that any one of us may be required to pay aHof the amounts owed under this Note.
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
to, MAIVERS
I and any other person who has otdlgations under this Note waive me rights of presentrnent and notim of dishonor,
"Presentment"
means the right to require the Note Holder to demand payment of smounts due. 'Notite of
Dishonor"
means the right to require the Note Holder in give notice to other penions that amounts due have not
been paid.
11, UMlFORM SECURED NOTE
This Note is a uniform instrument with limited variations in some judsdictions. In addition, to the pmtections given to
the Note l-lolder under this Note, A Mortgage, Dead of Trust or Security Deed (the *Security Instrumeiff, dated the
same as this Note, pmtects the Note Holder from possible losses which might result If 1do not keepthe promises that
I make in this Note. That the Seculity Instrument describes how and under what conditions I Inay be required to
make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as
foGows.
Transfer of the Pmpedy or a Benellcial INerest in Bormwer. If all or any part of the Pmperty or any Interest in It is
sold pr transferred (or if a beneficial interest in Borrower Is sold or transfened and Borrower Is not a naturd person)
without the Lenders prfur written onsent, Lender may, at its option, require Immediate payment In full of all sums
secured by this Security Instrument. However, thls opUon shpt not be eMennised by Lander if exercise is prDhibited
if·
by federal law as of the date of this Securhy Instrument. Lender also shaG not CMUScisethis option (a) Bonower
causes to be subrnitted to lender MIormation reqtdred by Leader to evaluate the Intended transferee as if a new loan
were being made to the trar and (b) Lander reasonable determines that Landers security wA not be impaired
by the leari assumption and that the risk of a breach of any covenant or agreement in this Security Instrument Is
acceptable to Londer.
To the extent perrnRted by applicable law, Lender may charge a reasonable fee as a condition of Leaders consent 10
the loan assumption. Lender may sino require die tensferee to sign an assumption agreement that is acceptatAs m
lender and that obligates the transferee to keep sil the promises and agreements made in the Note and in this
Securty instrument. Bormwer will corninue to be oblgated under the Note and this Security instrument untees
Londer releases Bormwer in writing,
If Lender exercises the option to require immedlete payment In full, Lender shdi give Borrower notice of acceleration.
The notice shall provide a period of not less than 30 days imm the date the notice is delivemd or maged within which
the Bonnwer rnust pay all sums secured by this Security Instrument If Bormwer fails to pay these sums prior tp the
expiration of this pedod, Lander may invoke any remedies permitted by this Security Instrtrnent without further notice
or demand on Borrower.
Š2. GOVERNING LAW PROVISION
This Note and the related Secudly [nterest are govemed by Federal and State law applicable to the jurisdiction of
the Property.
Oral agreements,. pmmlass or commitments to lend money, extend credit, or forbear fitm enfbrcing repayment
of a debt, including promless to extend, modify, renew or waive such debt, are not enforceable. This written
agreement contains all the terms the Borrower{s) and the Leader have agreed to. Any subsequent agreement
between us regarding this Note or the Instnginent which secures this Note, must be- in a signed writing to be
legally enforceable.
WITNESS THE HAND(S) AND SEA&S) OF THE UNDERSIGhlED.
(S**S fa
Borrower Bonower
3ggs 12/23f20044·20:32PM
20taNY su.RiOq
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
/AY TO THE ORDER OF
WITHouT RECOURS
AMERIQ U TMO
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
- EHS PROPERTYIS IMPROVED OR WHL BE BY A I OR 2 FAMILY DWE)NG
O Mongage Tax Exemption Regas
COUNTYCLERK Instrument#
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Tune Stamp/Assignment/Discharge/Release Info
111 John Street Suite 645
New York; NY 10038
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Cop
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Cover Page fee $1010 1/04
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
BOOK 1452 PAGE0156
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Ame' SearchNY,Inc
cm 111.1ohnStreetSuite645
P. O.
NewYork,NY 10038
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PreparedBy-Ameriquest Hortg.age Company
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10600 White Rock Road,
suite 200-10
Rancho Cordova , CA
95670
[8pass Above TAh DueFor Recordhg Datm|
MORTGAGE
WORDS USEDOFTENINTHISDOCUMENT
"SecurityInstrument."Thindocumentwhichisdatednamesaber 23, 2004 ,
(A) Instmment-"
together with all Ridas to this docutnent, wiQ be called the "Security
(B)"Borrower." URBAN AND DONNA HUSBAND AND WIFE,
JOE URBAN,
. JOINT TENANTS
whoseaddressis3141 arcad street, PORT MEMCE,NT 12974
sometimeswillbecalled"Borrower"andsometimessimply*I"or"me."
(C)"Leader." Ameriques t Mortgage Company
Leader is a. corporation or association which exists under the laws of
will be called "Leader?
Delaware . Leader's address is 1100 Town and country
Road, Suite 200 orange, CA 92968
Porm3833 1791
HEW YORK - singia Pangy-Fannis MasIFred a Mac UMFORM INSTRUMEN
12/23/2004 4:20:32 PM
AMONY exces
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page t eI 17
VMPMarigageSchmers.1re (6d($121-7291
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
BOOK 1 452 PA6E 0157
"Note." and dmed December 23 , 200 4 , will be called
(D) The note signed by Borrower
"Note." sixty-eight thousand four hundred and
the The Note shows that I owe Leader
00/100
Dollars (U.S. $ 68, 400. 00 ) plus interest
and other amounts that may be payable. I have promised to pay this debt in Periodic Payments and to pay 0ic
debt in full by January 1, 2 D35 .
"Property." a
The property that is described below in the section titled "Description of the Property will
(E) Propaty."
be called the
"Lonn." "Loan" charges and
(F) The means the debt evidenced by the 140teq1us interest, any prepayment
late charges due under the Note, and all sums due under this Securty Instrument, plus mterest
Secured." below in the section titled "Borrower's hansfer to Leader of
(G) "Sums The amounts described
Property" Smured,"
Rights in the sometimes will be called the "Sums
"Riders." All Riders attached to this Security Instrument that are signed by Borrower will be called
(B)
"Riders." [cbeck as applicable];
The following Riders are to be signal ty Borrower
A4justable Rate Rider Condominium Rider Second Home Rider
Balloon Rider Planned Unit Development Rider l-4 Farnily Rider
VA Rider Biweekly Payment Rider Other(s) [specify]
Law." applicable state and local statutes, regulations, ordinances
(1) "Applicable All controlling federal,
and administrative rnles and orders (that have the effect of law) as well as all applicable fmal,
" Law."
non-appealable, judicial opinions will be called Applicable
Assessments."
Association Dues, Fees, and All dues, fees, assessments and other charges
(J) "Community
that are imposed on Borrower or the Property a condominium association, horneowners association or
by Assessments."
sirailar orgamzation will be called "Community Association Dues, Fees, and
Transfer." Transfer"
Funds "Electronic Funds means any transfer of money, other than by
(K) "Electronic
or similar paper instmment, which is initiated through an electmnic termmal, telephonic
check, draft,
instnunent, computer, or magnetic tape so as to order, instruct, or authoriz.e a fmancial institation to debit or
c edit an account. Some common examples of an Electmnic Punds Transfer are point’f-sale transfers
(where a card such as an asset or debit card is used at a merchant), automated teller machine (or ATM)
transfers initiated wire transfers, and autotnated clearinghouse transfers.
transactions, by telephone, Items."
Items." in Section 3 will be called "Escrow
(L) "Escrow Those items that are described
Proceeds." Proceeds" award of
"MisceManeous "Miscellaneous means any compensation, settlement,
(M)
damages, or proceeds paid by any third party (other than Insurance Peceeds, as defmed in, and paid under
in Section 5) for. (i) damage to, or destruction of. the Property; (ii) Condemitation or
the coverage described
other of all or any part of the Property1 (sii) conveyance in lica of Condenmation or sale to avoid
taking
Condemnation; or (iv) misreprescalations of, or omissions as to, the value and/or condition of the Property.
"Condemnation,"
A taking of the Property by any governmental authority by eminent donlain is known as
" "Mortgage Insurance" Leader against the
"Mortgage Insurance means insurance protecting
(N)
nonpayment of, or default on, the Loan.
Payment." scheduled amount due for (i) principal and interest under the Note.
(0) "Periodic The
regularly Payment.'
and (ii) any amounts under Section 3 wdl be called "Periodic
"RESPA." "RESPA" Act (L2 U.S.C. Section 2601 et seq.)
(P) means the Real Estate Settlement Procedures
and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from tune
to time, or any additional or successor legislation or repdation that governs the same subject matter. As used
"RESPA" that are imposed in regard to
in this Security Instrument, refers to all reqmrements and restrictions
loan° loan"
a "federally related mortgage even if the Loan does not qualify as a "federally related mortgage
under RESPA.
AMONY moos).on Feø"N o bb Farm 3033 1/91
·
12 /23/ 200 4 4 20 :.32
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
BOOK 1 452 PAGE O158
BORROWER'S TRANSFER TO LENDER OF RIGHTSIN THE PROPERTY
I mortgage, grantand convey the Property to Leader subject to the terms of this Security Instrument.
This means that, by signing this Security Instrument, I am grvag Lender those rights that are stated in this
Instrument and also those rights that Applicab@e Law gives to leaders who hold mortgages on real
Security
property. I am giving Lender these rights to protect Lender from possible losses that might resuh if I fail to:
all the amounts that I owe Leader as stated in the Note including, but not 1hnited to, all renewals.
(A) Pay
extensions and modifications of the Note;
Instrument to protect the value of
(B) Pay, with interest, any amounts that Leader spends under this Secunty
the Property and Leader's rights in the Paperty; and
(C) Keep all of my other promises and agreenients underthis Security Instrument and theNote.
DESCRIPTION OF THE FROPERTY
I giveLaider rights in the Property described in (A) through (G) below:
(A) The Pmperty which is located at 3141 stroad street
[Stimatj
Port hanzy [City, 79wn ur ViEage< New York 12 974 (zip code).
This is in 1882X County. R has the following Legal
Pmperty
description: LegaI Des cr i pti cn At tached Heret o and Na d e a Par t He reo f .
(B) All buttdings and other improvements that ans located on the Property described in subsection (A) of this
section;
(C) All rights in other property that I have as owner of the Property described in subsection (A) of this
Property¡"
section. These rights are known as "easements and appurtenances attached to the
or roads in front of, or next to, the Paperty
(D) All rights that I have in the land which lies in me streets
described m subsection (A) of this section;
All fixtures that arc now or in the future win be on the Property described in subsections (A) and (B)-of
(E)
tlus sechon;
(F) AM of the rights and property described in subsections (B) through (E) of this section that 1 acquire in the
future; and
(G) All replacement s of or additions to the Propaty described in.subsections (B) through (F) of this section
and all Insurance Proceeds for loss or damage to, and all Miscellaneous Proceeds of the Property described
in subsections through (F) of this secuon.
(A)
- ' Form 3033 tfD1
AMONY(coos)-os pups of 17
12 / 23 /20 04 4: 2 0 : 32 PM
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NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
BG0K 1452 PAGE O159
BORROWER'S RIGHT TO MORTGAGE THE PROPERTY AND BORROWER'S OBLICATIOM
To DEFEND OWNERSEP OF THE PROPERTY
I pmmise that (A) I lawfully own the Pmporty; (B) Ihave the right to marty4ge, grant and convey the
to Leader; and there are no outstanding claims or charges against the Property, except for those
Property (C)
which are of public record.
I.give a general warranty of title to Leader. This means that I will be fblly responsible for any fosses
whicit Lender suffers because someone other than myself has some of the rights in the Property which I
pmmise that 1 have. I promise that I will defend my ownership of the Property against any claims of such
rights.
PLAIN LANGUAGE SECURITY INSTRUMENT
This
Security Instrument contains promises and agreements that are used in real property security
inawnents all over the country. It also contains other promises and agreements that vary m different par.ts
language."
of the country. My promises and agreements are stated in "plain
COVENANTS
I promise and I agree with Leader as follows:
1. Borrower's Promise to Pay. 1 will pay to Leader on time principal and interest due under the Note
and any prepayment, late charges and other amounts due under the Note. I win also pay all amounts for
Escrew Items under Section 3 ofthis Security Instrument.
Payments due under the Note and this Security Instrumem shall be made in U.S. currency. If any of my
payments check or other payment instrument is retamed to Lender unpaid, Leader may require my
by
payntent be made by: (a) cash; (b) money order; (c) certified check, bank check, treasurws check or cashiefs
check, drawn upon an institution whose deposits are insured by a federal agency, instmmentality, or enti-ty
or (d) Electronic Punds Transfer.
Payments are deemed received by Leader when received at the location required in the Note, or at
another location designated Leader under Section 15 of this Security Instrument. Leader may return or
by
accept any payment or partial payEnent if Ït is for an amOHDt that iS lesS than the amOURt that is then due. If
Lader accepts a lesser payment, Leader may refuse to accept a lesser payment that 1may make in the future
and does not waive any of its rights, Lender is not obligated to apply such lesser payments when it accepts
such payments. if imerest on principal accraes as if all Periodic Payments had becn paid when due,. then
Lender need not pay interest on unapplied funds. 1.ender may hold such anapplied funds until I otake
payments to bring the Loan current. If I do not do so within a reasonable period of time, Lender will either
funds will be spplied to the
apply such funds or return them to me. In the event of foreclosure, any unapplied
principal balance immediately prior to foreclosure. No otTset or claim which I might have now
outstanding
or in the future against Lender will relieve me ftom making payments due under the Note and this Security
Instnunent or keeping all of my other promises and agreements secured by this Security Instrutuent-
1 Application of Borrowesds Payments and Insurance Proceeds. Unless Applicable Law or this
Section 2 requires otherwise, Leader will apply each of my payments that Leader accepts in the following
order:
First, to pay interest due under the Note;
Next, to pay principal due under the Note; and
Next, to pay the announts due Leader under Section 3 of this Security Instmment
Such payments will be applied to each Periodic Payment in the order in which it became due.
Any remaining amounts will be applied as follows:
First to pay any late charges;
Next, to pay any other amonuts due uIder this Security Instrument; and
Next, to reduce the principal balance ofthe Note.
enam HJ.
AMSNY pesjas Newsa Û . C . Ferra 3038 m
12/23/ 200 4 4: 20 : 32
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023
BOOK 1452 PMiE O160
If Leader receives a payment frofn me for a late Periodic Payment which includes a sufficient amount
to pay any late charge due, the payment may be applied to the late Periodic Payment and the late charge. If
more than one Periodic Payment is due, Lender may apply any payment received fNm me: First, to the
repayment of the Periodic Payments that are due if, and to the extent that, each payment can be paid in fall;
Next, to the extent that any excess exists after the payment is applied to the full payment of one or more
Periodic Payments, such excess may be applied to any late charges due.
Vehmtary prepayments will be applied as follows: First, to any prepayment charges; and Next, as
described in the Note.
Any application of payments, Insurance Proceeds, or Miscellanets Proceeds to principal due under
the Note will not extend or postpone the due date of the Periodic Payments or change the smount of those
payments.
3. Monthly Payments For Taxes And Insurames.
(a) Barrower's Obligations.
I will pay to Leader all arnounts necessary to pay for taxes, assessments, water charges, sewer rents and
other similar charges, ground leasehold payments or rents (if any), hazard or property insurance covering the
Propegty, flood insurance (if my), and any required Mortgage insurance, or a Loss Reserve as described in
Section I0 in the place of Mortgage Insurance. Bach Periodic Payment will include an amount to be spplied
toward payment of the following items which are called "Escrow Items'
water charges. sewer rents and other similar charges, on the Property which
(1) The taxes, assessments,
under Applicable Law may be superior to this Security Instrument as a Lien on the Property. Any claim,
demand or charge that is made agains
Preview
FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 ADJUSTABLE RATE NOTE (LIBOR Index - Rate Caps) THIS NOTE CONTAINS PRCMSIONS ALLDWING FOR CHANGES. IN NY INTEREST RATE AND NY MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY INTEREST RATE CAN CHANGG AT ANY 0Nll TIME AND THE MAXIMUM RATE I MUST PAY. Decenter 23, 2004 Orange CA IDatal lony] Isistag 3141 Broad Street, Port henry, NY 12974 Prop"ry Addr"""l t BORROWER'S PROMISE TO PAY In return 1be a loan that I have received, I promise to pay U.5, $ 08400.00 (this arnount is cated "principel"), plus Interest, to the order of the Lender. The Lender Is Ameriquest Mortgage Company . I understand that the Lender may transfer tNs Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is caNed t.he "Note Holder? 2. INTEREST Interest will be charged On unpaid princ5al uMil the full amount of principal has been paid. I wlA pay Interest at a yearly rate of 10.500 %. This interest rate I will pay may change inacerdance with Section 4 ofthis Nots. The interest rate required by this Section 2 and Section 4 of this Note is the.tate I wil pay both befbre and aRer any defoolt described in Secllon 7(B) of this. Note. 3. PAYMENTS (A) Time and Place of Payments J will pay principal and interest by making payments every month. 1will make my rnonthly payments on the first day of each month beginning on February % 2005 . I wAl make these paymeNs every month untA I have paid all of the principal and Interest and any other charges described bekny that I Inay owe under this Note. My Inomhly payments will be upplied10 interest before pr¾cipal. If, on January 1, 2025 , I still owe arnounts (sider tNs Note, I wid pay those smounts in full on that date, which is caled the "Maturity Date", I will make my payments at: 509 CRy Parlesay West, SuIts 100, Orange, CA 92888 or at a.different place If sequired by the Note Holder. (B) Amount of My Iriitlel Monthly Payments Each of my inMial monthly payments will be in the amount of U.S. 5 625.89 . This amount may change. (C) Monthly Payment Changee Changes In my monthly payment wig reflect changes In the unpaid principal of my loan and In the interest rate that I must pay. The Note Holder wGI deterrnine my new interest rate and the anged amount of my monthly payment in secord.ance with Secton 4 of this Hote. 4 INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The biterest rate I will pay may change on the first day of January, 2007 , and on that day every abdh month Date." thereafter. Each date on which my Interest rate muld change is caHed a "Change (B) The Index "Index" Beginning with the first Change Date, my interest rate will be based on an Index. The is the average of hterbank offered rates for sk-rnonth U.S. doBar-denominated deposits in the London market ("LIBOR"). as platshed in The Wall Street Joumal. The most recent Index figure avansble as of the date 45 daya before the Index." Change Date is caAed the "Current If at any point in time the Index is no longer available, the Note Hokler will choose a new Index that Is based upon comparable information, The Note Holder will give me notice of this choice, (C) Calculason of Changes safore each charge Date, the Note Holder wit calcidate roy new Interest rate by adding six percentage poi)s) ( 6.000 %) to the Currest Index. The Note Holder will then found the ress of this addldon to the nearest one-eight of one percent (0.125%). Subject to the Ilmits elated In Section 4(D) below, this rounded amount win be my new interest rate unt1the next Change Date. The Note Holder wIN then determine the amount of the morthly payrnent that would be sufAdent to repay the unpaid principal ths I arn expected to owe at the Change Date In M on the Matugty Date at my now interest rate in substentiaNy equel payments, The result of this calculation win be the new amout of my monthly paymerA Innials FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 (D) IJmits on Interest nges The interest mte I am seqWred to pay at.the first Change Date wM not be greater than 12.S00 % or less than 10.500 %. ThenBafter, Iny interest fate w I never be increased of decreased on any single Change Date by more then One percentage point(s) ( 1.000 %) imm the rate of Interest I have been paying for the preceding six rnonths. My Interest cate wiAnever be greater than 10.500 n or less than 10.500 %. E) Effootfve Dete of Changes My new interest rate wm besme effective on each C.henge Date. I win pay the amount of my new monthly payment beginning on the first monthly payment date alter the Change Date until the amount of my Inonthly payment changes again. (F) Notice of Changes The Note Holder wM de#ver or mail to me a notice of any dances In my Interest rate and the amount of my monthly payment before the effective date of any change, The notice wlA Include 2 ormation required by law to be given me and also the title and telephone nunter of a person who win answer any question I Inay have regarding the notice. 5. PREPAYMENT PRNLEGE I rosy topsy all or any part of the prhcipal balance of thls Note in accordance with the terms of this Sedlon without "prepayrnent" Incuning a prepayment charge. A is any amount that I pay In excess of my reggarly scheduled payments of principal and interest that the Lender wiR apply to reduce the outstanding principal balance on this Note in accordance with this Section. (A) Application of Funds I agree that when I indicate in writing inst I am making a prepayment, the Lander shaH apply funds It receives In accordance with the order of sppBostion of payments set forth in Section 2 of the Security It (B) Monthly Payments If I make a prepayment of an amount less then the amount needed to completely repay sA smounts due under this Note and Secudty Instrument. my regulady schedided payments of principal and Interest will not change as a result. 5. LOAN CHARGES if a law, which applies to this loan and which sets maximum loan charges, is finally integrated so that the|nterest or other loan charg es collected or to be miladed in connedlon with this loan exceed the permitted IImits,11terr 0) any such loan charge shall be reduced by the emount necessery to reduce the charge to the permitted Hmit; and GI) any sums already conected from me which exceeded perrpitted tirnks will be refunded to. me. The Note Holder may choose to make this refund by reducing the principal I owe under this Note or by making a direct payment to me. II a refmd reduces the principal, the reduction win be treated as a partial prepayment 7. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charges for Overdue Payments If the Note Holder has not received the fun amount of any monthly payment by the end of Afteen calendar days after the date it is due, I wUI pay a late charge to the Note Holder. The arnount of the charge wiA be ag00 % of my overdue payment of principal and Interest I wM pay this iste charge prompdy but only once on each late payment. B) Default If t do not pay the ful amount of each monthly paymert on the date it is due. I wlA be In default. (C) Notice of Default If I am In default, the Note Holder may send me a written notice telling me that if I do not pay the ovenlue amount by a Certain date, the Note Holder may require me to pay knmediately the fuU amount of prindpal whis has not been paid and an the interest that I ows on that amount. The date must be at least 30 days ofter the date on whi 01s nodce is delivered or mdled to me. (D) No Walver by Note Holder Even lf. at a time when 1am h default. the Note Holder does not require me to pay Immediately in full as described above, the Note Holder wig stAl have the right to do so If I am In default at a later time. (E) Payment of Note Holders Costs and Expenses If the Note Holder has reqtfred me to pay knmediately in fuA as descreed above, the Note Holder wiH have the IIght to be paid back by me for all of its Costs and expenses in enforcing 11% Note to the extent not pmhibited by attomeys' appAcatile law. Those expenses include, for example. seasonable fees. 8, GIVING OF NOTICES Unless applicable law requires a different method, any no8ce that must be given to me under this Note will be given by deHvering It or by maging it by first class InaB to me g the PNÁerty Address above or at.a different address if I give the Note Holder a notice of my different address. Any notice that must be given to the Note Holder under this Note wlB be given by mailing it by first dass mall to the Note Holder at the eddress stated In Sedlan 3(A) above or at a dIllerent address N 1 am given notim of that different address. 9. OBLIGATIONS OF PERSONS UNDER THIS NOTE If rrnm then one person signs this Note, each person is fully and personally obligated to keep aA of the promises made in this Note, Including the promise to pay the fuE smount owed. Any person who Is a guarantor, surely or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, Including the obagations of a guaranton surety or endorser of this Note, 4 also obligated to keep at of the pmmises rnade In this Note. The Note Holder may enforce Rs rights under this Note against each person Individually of against sA of us together. This means that any one of us may be required to pay aHof the amounts owed under this Note. FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 to, MAIVERS I and any other person who has otdlgations under this Note waive me rights of presentrnent and notim of dishonor, "Presentment" means the right to require the Note Holder to demand payment of smounts due. 'Notite of Dishonor" means the right to require the Note Holder in give notice to other penions that amounts due have not been paid. 11, UMlFORM SECURED NOTE This Note is a uniform instrument with limited variations in some judsdictions. In addition, to the pmtections given to the Note l-lolder under this Note, A Mortgage, Dead of Trust or Security Deed (the *Security Instrumeiff, dated the same as this Note, pmtects the Note Holder from possible losses which might result If 1do not keepthe promises that I make in this Note. That the Seculity Instrument describes how and under what conditions I Inay be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as foGows. Transfer of the Pmpedy or a Benellcial INerest in Bormwer. If all or any part of the Pmperty or any Interest in It is sold pr transferred (or if a beneficial interest in Borrower Is sold or transfened and Borrower Is not a naturd person) without the Lenders prfur written onsent, Lender may, at its option, require Immediate payment In full of all sums secured by this Security Instrument. However, thls opUon shpt not be eMennised by Lander if exercise is prDhibited if· by federal law as of the date of this Securhy Instrument. Lender also shaG not CMUScisethis option (a) Bonower causes to be subrnitted to lender MIormation reqtdred by Leader to evaluate the Intended transferee as if a new loan were being made to the trar and (b) Lander reasonable determines that Landers security wA not be impaired by the leari assumption and that the risk of a breach of any covenant or agreement in this Security Instrument Is acceptable to Londer. To the extent perrnRted by applicable law, Lender may charge a reasonable fee as a condition of Leaders consent 10 the loan assumption. Lender may sino require die tensferee to sign an assumption agreement that is acceptatAs m lender and that obligates the transferee to keep sil the promises and agreements made in the Note and in this Securty instrument. Bormwer will corninue to be oblgated under the Note and this Security instrument untees Londer releases Bormwer in writing, If Lender exercises the option to require immedlete payment In full, Lender shdi give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days imm the date the notice is delivemd or maged within which the Bonnwer rnust pay all sums secured by this Security Instrument If Bormwer fails to pay these sums prior tp the expiration of this pedod, Lander may invoke any remedies permitted by this Security Instrtrnent without further notice or demand on Borrower. Š2. GOVERNING LAW PROVISION This Note and the related Secudly [nterest are govemed by Federal and State law applicable to the jurisdiction of the Property. Oral agreements,. pmmlass or commitments to lend money, extend credit, or forbear fitm enfbrcing repayment of a debt, including promless to extend, modify, renew or waive such debt, are not enforceable. This written agreement contains all the terms the Borrower{s) and the Leader have agreed to. Any subsequent agreement between us regarding this Note or the Instnginent which secures this Note, must be- in a signed writing to be legally enforceable. WITNESS THE HAND(S) AND SEA&S) OF THE UNDERSIGhlED. (S**S fa Borrower Bonower 3ggs 12/23f20044·20:32PM 20taNY su.RiOq FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 /AY TO THE ORDER OF WITHouT RECOURS AMERIQ U TMO FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 - EHS PROPERTYIS IMPROVED OR WHL BE BY A I OR 2 FAMILY DWE)NG O Mongage Tax Exemption Regas COUNTYCLERK Instrument# ESSEX cou Y 000337 """' Recording Stamp Recorded Of Time Book Document Type A' O C Te Essex Clerk County O Consideration (, 2. Transfer Tax Stamp Party(ies); Grantor/Mortgagor/Assignor Received .\oe Or ha n s ' Real Estate Transfer Tax no Or han Essex County Party(ies): F;antee/Mortgagee/Assignee rt È tP ] 0ÏI“x f Mortage Tax Stamp Recorded by A 1 90 Addel Tu s 1 . gg T90 dh o Record & Return to: lissex County Clerk Search NY, Inc Tune Stamp/Assignment/Discharge/Release Info 111 John Street Suite 645 New York; NY 10038 - ladex Masse .. Cop seen Misso Cover Page fee $1010 1/04 FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 BOOK 1452 PAGE0156 - Rear Ame' SearchNY,Inc cm 111.1ohnStreetSuite645 P. O. NewYork,NY 10038 so PreparedBy-Ameriquest Hortg.age Company Samantha canady 10600 White Rock Road, suite 200-10 Rancho Cordova , CA 95670 [8pass Above TAh DueFor Recordhg Datm| MORTGAGE WORDS USEDOFTENINTHISDOCUMENT "SecurityInstrument."Thindocumentwhichisdatednamesaber 23, 2004 , (A) Instmment-" together with all Ridas to this docutnent, wiQ be called the "Security (B)"Borrower." URBAN AND DONNA HUSBAND AND WIFE, JOE URBAN, . JOINT TENANTS whoseaddressis3141 arcad street, PORT MEMCE,NT 12974 sometimeswillbecalled"Borrower"andsometimessimply*I"or"me." (C)"Leader." Ameriques t Mortgage Company Leader is a. corporation or association which exists under the laws of will be called "Leader? Delaware . Leader's address is 1100 Town and country Road, Suite 200 orange, CA 92968 Porm3833 1791 HEW YORK - singia Pangy-Fannis MasIFred a Mac UMFORM INSTRUMEN 12/23/2004 4:20:32 PM AMONY exces Irmeix " e page t eI 17 VMPMarigageSchmers.1re (6d($121-7291 FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 BOOK 1 452 PA6E 0157 "Note." and dmed December 23 , 200 4 , will be called (D) The note signed by Borrower "Note." sixty-eight thousand four hundred and the The Note shows that I owe Leader 00/100 Dollars (U.S. $ 68, 400. 00 ) plus interest and other amounts that may be payable. I have promised to pay this debt in Periodic Payments and to pay 0ic debt in full by January 1, 2 D35 . "Property." a The property that is described below in the section titled "Description of the Property will (E) Propaty." be called the "Lonn." "Loan" charges and (F) The means the debt evidenced by the 140teq1us interest, any prepayment late charges due under the Note, and all sums due under this Securty Instrument, plus mterest Secured." below in the section titled "Borrower's hansfer to Leader of (G) "Sums The amounts described Property" Smured," Rights in the sometimes will be called the "Sums "Riders." All Riders attached to this Security Instrument that are signed by Borrower will be called (B) "Riders." [cbeck as applicable]; The following Riders are to be signal ty Borrower A4justable Rate Rider Condominium Rider Second Home Rider Balloon Rider Planned Unit Development Rider l-4 Farnily Rider VA Rider Biweekly Payment Rider Other(s) [specify] Law." applicable state and local statutes, regulations, ordinances (1) "Applicable All controlling federal, and administrative rnles and orders (that have the effect of law) as well as all applicable fmal, " Law." non-appealable, judicial opinions will be called Applicable Assessments." Association Dues, Fees, and All dues, fees, assessments and other charges (J) "Community that are imposed on Borrower or the Property a condominium association, horneowners association or by Assessments." sirailar orgamzation will be called "Community Association Dues, Fees, and Transfer." Transfer" Funds "Electronic Funds means any transfer of money, other than by (K) "Electronic or similar paper instmment, which is initiated through an electmnic termmal, telephonic check, draft, instnunent, computer, or magnetic tape so as to order, instruct, or authoriz.e a fmancial institation to debit or c edit an account. Some common examples of an Electmnic Punds Transfer are point’f-sale transfers (where a card such as an asset or debit card is used at a merchant), automated teller machine (or ATM) transfers initiated wire transfers, and autotnated clearinghouse transfers. transactions, by telephone, Items." Items." in Section 3 will be called "Escrow (L) "Escrow Those items that are described Proceeds." Proceeds" award of "MisceManeous "Miscellaneous means any compensation, settlement, (M) damages, or proceeds paid by any third party (other than Insurance Peceeds, as defmed in, and paid under in Section 5) for. (i) damage to, or destruction of. the Property; (ii) Condemitation or the coverage described other of all or any part of the Property1 (sii) conveyance in lica of Condenmation or sale to avoid taking Condemnation; or (iv) misreprescalations of, or omissions as to, the value and/or condition of the Property. "Condemnation," A taking of the Property by any governmental authority by eminent donlain is known as " "Mortgage Insurance" Leader against the "Mortgage Insurance means insurance protecting (N) nonpayment of, or default on, the Loan. Payment." scheduled amount due for (i) principal and interest under the Note. (0) "Periodic The regularly Payment.' and (ii) any amounts under Section 3 wdl be called "Periodic "RESPA." "RESPA" Act (L2 U.S.C. Section 2601 et seq.) (P) means the Real Estate Settlement Procedures and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from tune to time, or any additional or successor legislation or repdation that governs the same subject matter. As used "RESPA" that are imposed in regard to in this Security Instrument, refers to all reqmrements and restrictions loan° loan" a "federally related mortgage even if the Loan does not qualify as a "federally related mortgage under RESPA. AMONY moos).on Feø"N o bb Farm 3033 1/91 · 12 /23/ 200 4 4 20 :.32 FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 BOOK 1 452 PAGE O158 BORROWER'S TRANSFER TO LENDER OF RIGHTSIN THE PROPERTY I mortgage, grantand convey the Property to Leader subject to the terms of this Security Instrument. This means that, by signing this Security Instrument, I am grvag Lender those rights that are stated in this Instrument and also those rights that Applicab@e Law gives to leaders who hold mortgages on real Security property. I am giving Lender these rights to protect Lender from possible losses that might resuh if I fail to: all the amounts that I owe Leader as stated in the Note including, but not 1hnited to, all renewals. (A) Pay extensions and modifications of the Note; Instrument to protect the value of (B) Pay, with interest, any amounts that Leader spends under this Secunty the Property and Leader's rights in the Paperty; and (C) Keep all of my other promises and agreenients underthis Security Instrument and theNote. DESCRIPTION OF THE FROPERTY I giveLaider rights in the Property described in (A) through (G) below: (A) The Pmperty which is located at 3141 stroad street [Stimatj Port hanzy [City, 79wn ur ViEage< New York 12 974 (zip code). This is in 1882X County. R has the following Legal Pmperty description: LegaI Des cr i pti cn At tached Heret o and Na d e a Par t He reo f . (B) All buttdings and other improvements that ans located on the Property described in subsection (A) of this section; (C) All rights in other property that I have as owner of the Property described in subsection (A) of this Property¡" section. These rights are known as "easements and appurtenances attached to the or roads in front of, or next to, the Paperty (D) All rights that I have in the land which lies in me streets described m subsection (A) of this section; All fixtures that arc now or in the future win be on the Property described in subsections (A) and (B)-of (E) tlus sechon; (F) AM of the rights and property described in subsections (B) through (E) of this section that 1 acquire in the future; and (G) All replacement s of or additions to the Propaty described in.subsections (B) through (F) of this section and all Insurance Proceeds for loss or damage to, and all Miscellaneous Proceeds of the Property described in subsections through (F) of this secuon. (A) - ' Form 3033 tfD1 AMONY(coos)-os pups of 17 12 / 23 /20 04 4: 2 0 : 32 PM FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 BG0K 1452 PAGE O159 BORROWER'S RIGHT TO MORTGAGE THE PROPERTY AND BORROWER'S OBLICATIOM To DEFEND OWNERSEP OF THE PROPERTY I pmmise that (A) I lawfully own the Pmporty; (B) Ihave the right to marty4ge, grant and convey the to Leader; and there are no outstanding claims or charges against the Property, except for those Property (C) which are of public record. I.give a general warranty of title to Leader. This means that I will be fblly responsible for any fosses whicit Lender suffers because someone other than myself has some of the rights in the Property which I pmmise that 1 have. I promise that I will defend my ownership of the Property against any claims of such rights. PLAIN LANGUAGE SECURITY INSTRUMENT This Security Instrument contains promises and agreements that are used in real property security inawnents all over the country. It also contains other promises and agreements that vary m different par.ts language." of the country. My promises and agreements are stated in "plain COVENANTS I promise and I agree with Leader as follows: 1. Borrower's Promise to Pay. 1 will pay to Leader on time principal and interest due under the Note and any prepayment, late charges and other amounts due under the Note. I win also pay all amounts for Escrew Items under Section 3 ofthis Security Instrument. Payments due under the Note and this Security Instrumem shall be made in U.S. currency. If any of my payments check or other payment instrument is retamed to Lender unpaid, Leader may require my by payntent be made by: (a) cash; (b) money order; (c) certified check, bank check, treasurws check or cashiefs check, drawn upon an institution whose deposits are insured by a federal agency, instmmentality, or enti-ty or (d) Electronic Punds Transfer. Payments are deemed received by Leader when received at the location required in the Note, or at another location designated Leader under Section 15 of this Security Instrument. Leader may return or by accept any payment or partial payEnent if Ït is for an amOHDt that iS lesS than the amOURt that is then due. If Lader accepts a lesser payment, Leader may refuse to accept a lesser payment that 1may make in the future and does not waive any of its rights, Lender is not obligated to apply such lesser payments when it accepts such payments. if imerest on principal accraes as if all Periodic Payments had becn paid when due,. then Lender need not pay interest on unapplied funds. 1.ender may hold such anapplied funds until I otake payments to bring the Loan current. If I do not do so within a reasonable period of time, Lender will either funds will be spplied to the apply such funds or return them to me. In the event of foreclosure, any unapplied principal balance immediately prior to foreclosure. No otTset or claim which I might have now outstanding or in the future against Lender will relieve me ftom making payments due under the Note and this Security Instnunent or keeping all of my other promises and agreements secured by this Security Instrutuent- 1 Application of Borrowesds Payments and Insurance Proceeds. Unless Applicable Law or this Section 2 requires otherwise, Leader will apply each of my payments that Leader accepts in the following order: First, to pay interest due under the Note; Next, to pay principal due under the Note; and Next, to pay the announts due Leader under Section 3 of this Security Instmment Such payments will be applied to each Periodic Payment in the order in which it became due. Any remaining amounts will be applied as follows: First to pay any late charges; Next, to pay any other amonuts due uIder this Security Instrument; and Next, to reduce the principal balance ofthe Note. enam HJ. AMSNY pesjas Newsa Û . C . Ferra 3038 m 12/23/ 200 4 4: 20 : 32 FILED: ESSEX COUNTY CLERK 09/19/2023 04:47 PM INDEX NO. CV23-0451 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 09/19/2023 BOOK 1452 PMiE O160 If Leader receives a payment frofn me for a late Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the late Periodic Payment and the late charge. If more than one Periodic Payment is due, Lender may apply any payment received fNm me: First, to the repayment of the Periodic Payments that are due if, and to the extent that, each payment can be paid in fall; Next, to the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Vehmtary prepayments will be applied as follows: First, to any prepayment charges; and Next, as described in the Note. Any application of payments, Insurance Proceeds, or Miscellanets Proceeds to principal due under the Note will not extend or postpone the due date of the Periodic Payments or change the smount of those payments. 3. Monthly Payments For Taxes And Insurames. (a) Barrower's Obligations. I will pay to Leader all arnounts necessary to pay for taxes, assessments, water charges, sewer rents and other similar charges, ground leasehold payments or rents (if any), hazard or property insurance covering the Propegty, flood insurance (if my), and any required Mortgage insurance, or a Loss Reserve as described in Section I0 in the place of Mortgage Insurance. Bach Periodic Payment will include an amount to be spplied toward payment of the following items which are called "Escrow Items' water charges. sewer rents and other similar charges, on the Property which (1) The taxes, assessments, under Applicable Law may be superior to this Security Instrument as a Lien on the Property. Any claim, demand or charge that is made agains