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DATE: 8/19/2020
TRUTH IN LENDING DISCLOSURE STATEMENT
Lender Borrower
Cross River Bank GEORGE GROSVENOR
885 Teaneck Road
Teaneck, NJ 07666
ANNUAL FINANCE CHARGE Amount Financed Total of Payments
PERCENTAGE RATE The dollar amount the The amount of credit The amount you will
The cost of your credit
credit will cost you provided to you or on have paid after you
at a yearly rate
your behalf have made all
payments as scheduled
16.99% $12,691.67 $25,852.75 $38,544.42
Your payment schedule will be as follows:
Number of Payments Amounts When payments are due
59 First payment is due on 9/18/2020,
$642.30
and then monthly on the same date
1 $648.72 thereafter.
Late charges: If your payment arrives after your 3-day grace period, you will be charged a late fee in
the amount of $15. This fee is charged only once per late payment.
Prepayment policy: If you pay off your loan in advance, you will not be charged a penalty. In the event
of a prepayment, you will not be entitled to a refund of any pre-paid finance charges or other fees.
See your Loan Agreement for any additional information about nonpayment, default or other matters
related to your loan.
Version 04-2017 {S0622598.1}
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Itemization of amount financed:
Amount of Your Loan: $27,500.00
Origination Fee: $1,647.25
Amount Given to You Directly: $25,852.75
Annual Loan Interest Rate: 14.17%. Interest at this Loan Interest Rate plus the Origination Fee results
in the Finance Charge and Annual Percentage Rate disclosed above.
Version 04-2017 {S0622598.1}
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Loan Agreement
GEORGE GROSVENOR
Cross River Bank
Best Egg Loan Agreement and Promissory Note
The terms and conditions of this Loan Agreement and Promissory Note (this "Agreement") are a
binding contract between Cross River Bank ("we," "us," or "our") and the borrower ("you" and
"your"), whose name and address are listed above. The terms of this Agreement affect your
rights and you should read them carefully and print a copy for your records. Your agreement to
these terms means you agree to borrow and repay the money if your loan is approved under the
terms of this Agreement, and agree to have any dispute with us resolved by binding arbitration to
extent permitted by law.
1. Loan Terms.
a. The principal Amount of Your Loan is: $27,500.00
b. The Origination Fee is: $1,647.25
c. The Amount Given to You Directly is: $25,852.75
d. The Interest Rate is: 14.17%.
e. Your Payment Schedule is: 59 consecutive monthly payments of $642.30 and one final
payment of the unpaid principal balance, all unpaid interest, and all unpaid fees and
charges. The first payment will be approximately one calendar month after the loan is
funded. See paragraph 7. Payments, below, for more details.
f. Your loan is unsecured.
2. Credit Reports. You hereby authorize us (and our service providers) to obtain consumer
reports (also called credit reports) and related information about you from one or more consumer
reporting agencies. We may also obtain additional consumer reports at any time in connection
with the origination, servicing, administration, collection, or enforcement of the loan.
3. Verification of Information. We may verify any information you submit by requiring you to
produce appropriate documentation or other proof, and also reserve the right to conduct such
verification through third parties. You hereby authorize us to request and obtain data from any
third parties to verify any information you provide to us in connection with your application.
Verification of information may cause a delay in the disbursement of loan proceeds. We may
terminate consideration of your application at any time in our sole discretion.
4. Loan Funding and Closing.
Funding. You authorize us to disburse the loan proceeds by Automated Clearing House
("ACH") transfer to your designated account or on your behalf to your selected designee.
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Closing. BY ELECTRONICALLY SIGNING OR AGREEING TO THIS AGREEMENT
IN ANOTHER WAY, YOU ARE COMMITTING TO OBTAIN A LOAN FROM US IN
THE AMOUNT AND ON THE TERMS SET FORTH IN THIS AGREEMENT. YOU
GENERALLY HAVE NO RIGHT TO RESCIND THE LOAN ONCE MADE BUT
YOU MAY PREPAY THE LOAN AT ANY TIME WITHOUT PENALTY. WE HAVE
NOT AGREED TO MAKE A LOAN TO YOU UNLESS AND UNTIL WE INFORM
YOU THAT WE HAVE APPROVED YOUR LOAN APPLICATION.
5. Promise to Pay. You promise to pay to us the Amount of Your Loan set forth in paragraph 1,
including Loan Terms, above, together with interest and fees as provided in this Agreement.
6. Interest. You agree to pay interest on the unpaid principal balance of the Amount of Your
Loan from the date the loan proceeds are disbursed until the loan is paid in full, at the fixed
Annual Loan Interest Rate set forth in paragraph 1. Loan Terms, above. Interest is calculated on
a daily basis, on the unpaid principal balance, at the interest rate, and for the number of days that
balance was unpaid. This is a simple interest obligation, and interest is not charged on unpaid
interest. The Total Payments and amount of the Finance Charge set forth in the Truth in Lending
Disclosure Statement assume that each payment is made on its due date. Late payments will
result in more interest (and fees as set out in paragraph 12); early payments will result in less
interest.
7. Payments. You agree to make monthly payments of principal and interest in the amounts set
forth in the payment schedule in paragraph 1. Loan Terms, above. The last payment may be a
different amount because of rounding and because of when you made your prior payments and
whether you paid them in full.
8. Making Your Loan Payments. If you authorize us and our successors and assigns (and any
of our successors' and assigns' affiliates, agents or service providers) and in consideration of our
disbursement of loan proceeds to you more rapidly by ACH than by check, we will debit your
designated account by ACH transfer for the amount of the payment due on its due date. With
regard to payments made by automatic withdrawal, you have the right to stop payment of
automatic withdrawals or revoke your prior authorization for automatic withdrawals by notifying
us or your financial institution at least three (3) banking days before the scheduled date of
transfer. You may elect at any time to make payments by check or another method by contacting
our customer service department at 844-825-2608. If you elect to make payments by check or
any method other than automatic withdrawal by ACH transfer, you must send such payments as
directed on your monthly billing statements. If you do not provide authorization to debit your
designated account by ACH transfer, then you will be deemed to have elected to pay by another
method in accordance with the foregoing provisions. If you elect to make payments by ACH
transfer, you authorize us and our successors and assigns (and any of our successors' and assign'
affiliates, agents or service providers) to debit your designated account by ACH transfer for the
amount of each remaining payment due on its due date. However, if your payment due date
occurs on a non-business day, your account will be debited the next business day. You will
maintain sufficient funds in your designated account to make these payments. This authorization
does not affect your obligation to pay when due all amounts payable on your loan, whether or not
there are sufficient funds in your accounts. The foregoing authorization is in addition to, and not
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in limitation of, any rights of setoff we may have. You have the right to have any unauthorized
debit credited to your bank account in accordance with the applicable provisions of the
Electronic Funds Transfer Act as implemented by Federal Reserve System Regulation E. If you
stop the automatic withdrawals, you are still obligated to make each payment that is due. You
will receive a monthly statement advising of your payment amount. You may contact us for
instructions on how to make payments by other payment options.
9. Prepayments and Partial Payments. You may make any payment early, in whole or in part,
without penalty or premium at any time. Any partial prepayment is to be applied to any
applicable payment or returned payment fees, interest, and then to the principal, and does not
postpone the due date of any subsequent monthly installments, unless we otherwise agree in
writing. If you prepay in part, you agree to continue to make regularly scheduled payments until
all amounts due under this Agreement are paid. We may accept late payments or partial
payments, even though marked “paid in full” or with similar language, without losing any
rights under this Agreement. We will use any payment we receive to pay any payment then
due, in whole or in part. If no payment is then due, we will use any payment of the regularly
scheduled payment amount to pay the next scheduled payment. If the next scheduled payment
has been paid, or if the payment is in another amount, we will treat the payment as a partial
prepayment, unless you and we agree otherwise.
10. Application of Payments. All regularly scheduled payments are to be applied first to any
applicable payment or returned payment fees, interest, and then to the principal, and then to
collection and other permitted expenses provided; however, that after an Event of Default (as
defined below), payments will be applied to your obligations as we determine in our sole
discretion.
11. Other Borrower Obligations. You agree that you (A) are a US citizen or permanent
resident and (B) did not and will not, in connection with your loan application: (i) make any
false, misleading or deceptive statements or omissions of fact in your application; (ii)
misrepresent your identity, or describe, present or portray yourself as a person other than
yourself; (iii) use any of the loan proceeds to fund any post-secondary educational expenses,
including, but not limited to, tuition, fees, books, supplies, miscellaneous expenses, or room and
board. You acknowledge and agree that we may rely without independent verification on the
accuracy, authenticity, and completeness of all information you provide to us. You certify that
the proceeds of the loan will not be used for the purpose of purchasing or carrying any securities
or to fund any illegal activity.
12. Fees.
Origination Fee. If applicable, you agree to pay a non-refundable Origination Fee to us,
as set forth in paragraph 1. Loan Terms, above. This fee will be deducted from your loan
proceeds, so the Amount Given to You Directly or on your behalf may be less than the
full principal Amount of Your Loan. You acknowledge that the Origination Fee will be
considered part of the principal on your loan and is subject to the accrual of interest.
Returned Check or ACH Fee. You agree to pay a fee of $15 if ACH transfers or checks
are returned or fail due to insufficient funds in your account or for any other reason. The
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bank that holds your designated account may assess its own fee in addition to the fee we
assess.
Late Fee. If your payment is not received by us within three days of the due date, we will
charge a late fee in the amount of $15. We will charge only one late fee on each late
payment. These fees may be collected using ACH transfers initiated by us from your
designated account. Any such late fee assessed is immediately due and payable (subject
to application of payments in paragraph 10. Any payment received after 6:00 P.M.,
Eastern Time, on a banking day is deemed received on the next succeeding banking day.
13. Default. You may be deemed in default on your loan (each, an "Event of Default") if you: (1)
fail to pay timely any amount due on your loan; (2) file or have instituted against you any
bankruptcy or insolvency proceedings or make any assignment for the benefit of creditors; (3)
die; (4) commit fraud or make any material misrepresentation in this Agreement, or any other
documents, applications or related materials delivered to us in connection with your loan; or (5)
fail to abide by the terms of this Agreement. Upon the occurrence of an Event of Default, and
after any notice and opportunity to cure the default, if such notice and right to cure is required by
applicable law, we may exercise all remedies available to us under applicable law and this
Agreement including, without limitation, demand that you or your estate immediately pay all
amounts owed on your loan.
14. Collection & Reporting of Delinquent Loans. You agree to pay all costs of collecting any
delinquent payments, as permitted by applicable law, including, if we file suit in court,
reasonable attorneys' fees for an attorney who is not our salaried employee. We may report
information about your account to credit bureaus. Late payments, missed payments, or other
defaults on your account may be reflected in your credit report.
15. Communications Consent: You agree that we and any of our affiliates, agents, service
providers or assigns (and any of our assigns' affiliates, agents or service providers) may call you,
leave you a voice prerecorded, or artificial voice message, or send a text, e-mail, or other
electronic message to you for any purpose related to the processing, servicing and collection of
your loan, for surveys or research or for any other informational purpose related to your loan
(each a "Communication") using an automatic telephone dialing system or otherwise. You agree
that we and any of our affiliates, agents, service providers or assigns (and any of our assigns'
affiliates, agents or service providers) may call or text you at any telephone number associated
with your loan, including cellular telephone numbers, and may send an e-mail to any email
address associated with your loan. You also agree that we and any of our affiliates, agents,
service providers or assigns (and any of our assigns' affiliates, agents or service providers) may
include your personal information in a Communication and may conduct a Communication using
an automatic telephone dialing system. We will not charge you for a Communication, but your
data service provider may. In addition, you understand and agree that we and any of our
affiliates, agents, service providers or assigns (and any of our assigns' affiliates, agents or service
providers) may always communicate with you in any manner permissible by law that does not
require your prior consent.
16. Assignment of Your Loan. You agree that we may, without further prior notice to or
consent from you, assign any or all of our right, title and interest in this Agreement and your
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loan, including record of this loan, the debt incurred, any transfer of the obligation and your
promise to repay, to anyone. Marlette Funding, LLC or its agents or designees, acting solely for
this purpose as your agent, shall maintain at one of its offices in Wilmington, Delaware a copy of
each assignment delivered to it and a register for the recordation of the name and address of the
holder of your loan (including any assign, if any, who becomes the holder of your loan pursuant
to an assignment), and principal amounts (and stated interest) of your loan or loans owing to,
such holder pursuant to the terms hereof from time to time (the "Register"). The entries in the
Register shall be conclusive absent manifest error, and you, Cross River Bank or its agents or
designees, and the holder of your loan (including any assign, if any, who becomes the holder of
your loan pursuant to an assignment) shall treat the person whose name is recorded in the
Register pursuant to the terms hereof as a holder of your loan hereunder for all purposes of this
Agreement. Recordation in the Register is the sole means of assignment or transfer of the
holder’s (or its assign’s) interest in your loan. The Register shall be available for inspection by
you and any holder (including assigns), at any reasonable time and from time to time upon
reasonable prior notice.
17. Entire Agreement. This Agreement represents the entire agreement between you and us
regarding the subject matter hereof and supersedes all prior or contemporaneous
communications, promises and proposals, whether oral, written or electronic, between us with
respect to your application and loan.
18. Electronic Transactions. THIS AGREEMENT IS FULLY SUBJECT TO YOUR
CONSENT TO ELECTRONIC TRANSACTIONS AND DISCLOSURES, WHICH YOU
AGREED TO AT THE TIME OF YOUR APPLICATION. YOU EXPRESSLY AGREE THAT
THIS AGREEMENT IS A "TRANSFERABLE RECORD" FOR ALL PURPOSES UNDER
THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT AND
THE UNIFORM ELECTRONIC TRANSACTIONS ACT.
19. Notices. All notices and other communications to you hereunder may be given by email to
your email address on file with us or by regular mail to your address on file with us, and shall be
deemed to have been duly given and effective upon transmission. You acknowledge that you
have sole access to the email account on file and that communications from us may contain
sensitive, confidential, and collections-related communications. If your email address changes,
you must notify us of the change. You also agree to update your residence address and telephone
number if they change. You may send written correspondence to us at the following address:
Best Egg, P.O. Box 42912, Philadelphia, PA 19101. You may also reach us by phone by
dialing 844-825-2608 during normal business hours.
20. NO WARRANTIES. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT,
WE MAKE NO REPRESENTATIONS OR WARRANTIES TO YOU, INCLUDING, BUT
NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE.
21. LIMITATION ON LIABILITY. IN NO EVENT SHALL WE BE LIABLE TO YOU FOR
ANY LOST PROFITS OR SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE
DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES.
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FURTHERMORE, WE MAKE NO REPRESENTATION OR WARRANTY TO YOU
REGARDING THE EFFECT THAT THE AGREEMENT MAY HAVE UPON YOUR
FOREIGN, FEDERAL, STATE OR LOCAL TAX LIABILITY.
22. Waiver of Demand. You hereby waive demand, notice of non-payment, protest, and all
other notices or demands whatsoever, unless such waiver is prohibited by law.
23. Amendments. Any changes to this Agreement must be in writing signed by you and us.
24. Miscellaneous. The parties acknowledge that there are no third party beneficiaries to this
Agreement. You may not assign, transfer, sublicense or otherwise delegate your rights or
obligations under this Agreement to another person without our prior written consent. Any such
assignment, transfer, sublicense or delegation in violation of this paragraph 24 shall be null and
void. We are located in the State of New Jersey and this Agreement will be entered into in the
State of New Jersey. The provisions of this Agreement will be governed by federal laws and, to
the extent that state law applies, the laws of the State of New Jersey, without regard to any
principle of conflicts of laws that would require or permit the application of the laws of any other
jurisdiction. Any waiver of a breach of any provision of this Agreement will not be deemed a
waiver of any other subsequent breach. Failure or delay by either party to enforce any term or
condition of this Agreement will not constitute a waiver of such term or condition. If at any time
after the date of this Agreement, any of the provisions of this Agreement shall be held by any
court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no
force and effect, but the illegality and unenforceability of such provision shall have no effect
upon and shall not impair the enforceability of any other provisions of this Agreement. The
headings in this Agreement are for reference purposes only and shall not affect the interpretation
of this Agreement in any way.
25. NOTICE TO ACTIVE DUTY MILITARY SERVICEMEMBERS AND THEIR
DEPENDENTS:
Federal law provides important protections to members of the Armed Forces and their
dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a
member of the Armed Forces and his or her dependent may not exceed an annual percentage rate
of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs
associated with credit insurance premiums; fees for ancillary products sold in connection with
the credit transaction; any application fee charged (other than certain application fees for
specified credit transactions or accounts); and any participation fee charged (other than certain
participation fees for a credit card account).
For more information regarding your rights as a covered borrower under the Military Lending
Act, please call 855-282-6353.
26. Arbitration.
a. Either party to this Agreement, or any subsequent assign of this Agreement, may, at its
sole election, require that the sole and exclusive forum and remedy for resolution of a
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Claim be final and binding arbitration pursuant to this paragraph 25 (the "Arbitration
Provision"), unless you opt out as provided in paragraph 25(b) below. As used in this
Arbitration Provision, "Claim" shall include any past, present, or future claim, dispute, or
controversy involving you (or persons claiming through or connected with you), on the
one hand, and us and/or any assign (or persons claiming through or connected with us
and/or any assign), on the other hand, relating to or arising out of this Agreement and/or
the activities or relationships that involve, lead to, or result from this Agreement,
including (except to the extent provided otherwise in the last sentence of paragraph 25(f)
below) the validity or enforceability of this Arbitration Provision, any part thereof, or the
entire Agreement. Claims are subject to arbitration regardless of whether they arise from
contract; tort (intentional or otherwise); a constitution, statute, common law, or principles
of equity; or otherwise. Claims include matters arising as initial claims, counter-claims,
cross-claims, third-party claims, or otherwise. The scope of this Arbitration Provision is
to be given the broadest possible interpretation that is enforceable.
b. You may opt out of this Arbitration Provision for all purposes by sending an arbitration
opt-out notice to Best Egg, P.O. Box 42912, Philadelphia, PA 19101, only if received at
the specified address within 30 days of the date of your electronic acceptance of the terms
of this Agreement. The opt-out notice must clearly state that you are rejecting arbitration;
identify the Agreement to which it applies by date; provide your name, address, and
social security number; and be signed by you. You may send the opt-out notice in any
manner you see fit as long as it is received at the specified address within the specified
time. No other methods can be used to opt-out of this Arbitration Provision. If the opt-out
notice is sent on your behalf by a third party, such third party must include evidence of
his or her authority to submit the opt out notice on your behalf.
c. The party initiating arbitration shall do so with the American Arbitration Association (the
"AAA") or JAMS. The arbitration shall be conducted according to, and the location of
the arbitration shall be determined in accordance with, the rules and policies of the
administrator selected, except to the extent the rules conflict with this Arbitration
Provision or any countervailing law. In the case of a conflict between the rules and
policies of the administrator and this Arbitration Provision, this Arbitration Provision
shall control, subject to countervailing law, unless all parties to the arbitration consent to
have the rules and policies of the administrator apply.
d. If we (or any assign) elect arbitration, we (or the assign, as the case may be) shall pay all
the administrator's filing costs and administrative fees (other than hearing fees). If you
elect arbitration, filing costs and administrative fees (other than hearing fees) shall be
paid in accordance with the rules of the administrator selected, or in accordance with
countervailing law if contrary to the administrator’s rules. We (or the assign, as the case
may be) shall pay the administrator's hearing fees for one full day of arbitration hearings.
Fees for hearings that exceed one day will be paid by the party requesting the hearing,
unless the administrator's rules or applicable law require otherwise, or you request that
we (or the assign) pay them and we agree (or the assign agrees) to do so. Each party shall
bear the expense of its own attorneys' fees, except as otherwise provided by law. If a
statute gives you the right to recover any of these fees, these statutory rights shall apply
in the arbitration notwithstanding anything to the contrary herein.
e. Within 30 days of a final award by the arbitrator, any party may appeal the award for
reconsideration by a three-arbitrator panel selected according to the rules of the arbitrator
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administrator. In the event of such an appeal, any opposing party may cross-appeal within
30 days after notice of the appeal. The panel will reconsider de novo all aspects of the
initial award that are appealed. Costs and conduct of any appeal shall be governed by this
Arbitration Provision and the administrator’s rules, in the same way as the initial
arbitration proceeding. Any award by the individual arbitrator that is not subject to
appeal, and any panel award on appeal, shall be final and binding, except for any appeal
right under the Federal Arbitration Act ("FAA"), and may be entered as a judgment in
any court of competent jurisdiction.
f. We agree not to invoke our right to arbitrate an individual Claim you may bring in Small
Claims Court or an equivalent court, if any, so long as the Claim is pending only in that
court. NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE,
OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON
BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE
SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR
COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS REPRESENTATIVE,
OR COLLECTIVE ACTIONS IN A COURT. Unless consented to in writing by all
parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise
bring claims for or on behalf of two or more individuals or unrelated corporate entities in
the same arbitration unless those persons are parties to a single transaction. Unless
consented to in writing by all parties to the arbitration, an award in arbitration shall
determine the rights and obligations of the named parties only, and only with respect to
the claims in arbitration, and shall not (a) determine the rights, obligations, or interests of
anyone other than a named party, or resolve any Claim of anyone other than a named
party; nor (b) make an award for the benefit of, or against, anyone other than a named
party. No administrator or arbitrator shall have the power or authority to waive, modify,
or fail to enforce this paragraph 25(f), and any attempt to do so, whether by rule, policy,
arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the
validity of this paragraph 25(f) shall be determined exclusively by a court and not by the
administrator or any arbitrator.
g. This Arbitration Provision is made pursuant to a transaction involving interstate
commerce and shall be governed by and enforceable under the FAA. The arbitrator will
apply substantive law consistent with the FAA and applicable statutes of limitations. The
arbitrator may award damages or other types of relief permitted by applicable substantive
law, subject to the limitations set forth in this Arbitration Provision. The arbitrator will
not be bound by judicial rules of procedure and evidence that would apply in a court. The
arbitrator shall take steps to reasonably protect confidential information.
h. This Arbitration Provision shall survive (i) suspension, termination, revocation, closure,
or amendments to this Agreement and the relationship of the parties and/or assignee; (ii)
the bankruptcy or insolvency of any party or other person; and (iii) any transfer of any
loan or this Agreement to any other person or entity. If any portion of this Arbitration
Provision other than paragraph 25(f) is deemed invalid or unenforceable, the remaining
portions of this Arbitration Provision shall nevertheless remain valid and in force. If an
arbitration is brought on a class, representative, or collective basis, and the limitations on
such proceedings in paragraph 25(f) are finally adjudicated pursuant to the last sentence
of paragraph 25(f) to be unenforceable, then no arbitration shall be had. In no event shall
any invalidation be deemed to authorize an arbitrator to determine Claims or make
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awards beyond those authorized in this Arbitration Provision. THE PARTIES
ACKNOWLEDGE THAT THEY HAVE A RIGHT TO LITIGATE CLAIMS
THROUGH A COURT BEFORE A JUDGE OR JURY, BUT WILL NOT HAVE THAT
RIGHT IF ANY PARTY ELECTS ARBITRATION PURSUANT TO THIS
ARBITRATION PROVISION. THE PARTIES HEREBY KNOWINGLY AND
VOLUNTARILY WAIVE THEIR RIGHTS TO LITIGATE SUCH CLAIMS IN A
COURT BEFORE A JUDGE OR JURY UPON ELECTION OF ARBITRATION BY
ANY PARTY.
i. EXCEPTION: Active duty military servicemembers and their dependents are exempt
from arbitration to the extent provided for in the Military Lending Act.
NOTICE TO CONSUMER:
1. Do not sign this Agreement before you read it.
2. You are entitled to a copy of this Agreement.
3. You may prepay the unpaid balance at any time without penalty.
IMPORTANT: READ BEFORE SIGNING. The terms of this agreement should be read
carefully because only those terms in writing are enforceable. No other terms or oral
promises not contained in this written contract may be legally enforced. You may change
the terms of this Agreement only by another written agreement. IT IS IMPORTANT
THAT YOU THOROUGHLY READ THE CONTRACT BEFORE YOU SIGN IT.
Signature: GEORGE GROSVENOR, Signature Date: 8/13/2020
IP Address:
You can contact us for purposes of this Agreement at Best Egg, P.O. Box 42912, Philadelphia,
PA 19101. For customer service, our telephone number is 844-825-2608.
STATE LAW NOTICES:
ALL BORROWERS: Oral agreements or commitments to loan money, extend credit, or to
forbear from enforcing repayment of a debt, are not enforceable. To protect you and us from
misunderstanding or disappointment, any agreements we reach covering such matters are
contained in this writing, which is the complete and exclusive statement of the agreement
between us, except as we later may agree in writing to modify.
CALIFORNIA RESIDENTS: A married applicant may apply for a separate account. If we take
any adverse action as defined by § 1785.3 of the California Civil Code and the adverse action is
based, in whole or in part, on any information contained in a consumer credit report, you have
the right to obtain within 60 days a free copy of your consumer credit report from the consumer
reporting agency who furnished the consumer credit report and from any other consumer credit
reporting agency that complies and maintains files on consumers on a nationwide basis.
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CALIFORNIA and UTAH RESIDENTS: As required by California and Utah law, you are
hereby notified that a negative credit report reflecting on your credit record may be submitted to
a credit reporting agency if you fail to fulfill the terms of your credit obligations.
KANSAS (and IOWA residents if the principal amount of this loan exceeds $20,000): Important:
read before signing. The terms of this agreement should be read carefully because only those
terms in writing are enforceable. No other terms or oral promises not contained in this written
contract may be legally enforced. We may change the terms of this agreement only by another
written agreement.
MARYLAND RESIDENTS: To the extent that any court determines that this Agreement is
subject to Maryland law concerning consumer credit, you and we agree and elect to make this
loan pursuant to Subtitle 10 (Credit Grantor Closed End Credit provisions) of Title 12 of the
Maryland Commercial Law Article only to the extent that such provisions are not inconsistent
with our authority under federal law (12 U.S.C. § 1831d) and related regulations and
interpretations, which authority we expressly reserve.
MASSACHUSETTS RESIDENTS: Massachusetts law prohibits discrimination based upon
marital status or sexual orientation.
MISSOURI AND NEBRASKA RESIDENTS: Oral loan agreements or commitments to loan
money, extend credit or to forbear from enforcing repayment of such debt, including promises to
extend or renew such debt, are not enforceable. To protect you and us and any holder of this
agreement from misunderstanding or disappointment, any agreements we reach covering such
matters are contained in this writing, which is the complete and exclusive statement of the
agreement between us, except as we may later agree in writing to modify it.
NEW HAMPSHIRE RESIDENTS: You are not required to sign this agreement (directly or
indirectly), or agree to enter into such an agreement as a condition of purchasing any property,
goods or services. Reasonable attorney fees shall be awarded to the prevailing party in any action
you bring against us or we bring against you. If we successfully assert a partial defense or set-
off, recoupment, or counterclaim to an action brought by you, the court may withhold from you
the entire amount or such portion of the attorney’s fees as the court considers equitable.
NEW JERSEY RESIDENTS: The paragraph headings of this Agreement are a table of contents
and not contract terms. Portions of this Agreement with references to actions taken to the extent
of applicable law apply to acts or practices that New Jersey law permits or requires. In this
Agreement, actions or practices (i) which are or may be permitted by "applicable law" are
permitted by New Jersey law, and (ii) that may be or will be taken by us unless prohibited by
"applicable law" are permitted by New Jersey law.
NEW YORK, RHODE ISLAND and VERMONT RESIDENTS: You understand and agree that
we may obtain a consumer credit report in connection with this application and in connection
with any update, renewals for extension of any credit as a result of this application. If you ask,
you will be informed whether or not such a report was obtained, and if so, the name and address
of the agency that furnished the report. You also understand and agree that Lender may obtain a
FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024
consumer credit report in connection with the review or collection of any loan made to you as a
result of this application or for other legitimate purposes related to such loans.
NORTH DAKOTA RESIDENTS ONLY: Notice: Money brokers are licensed and regulated by
the Department of Financial Institutions, 2000 Schafer Street, Suite G, Bismarck, North Dakota
58501-1204. The Department of Financial Institutions has not passed on the merits of the
contract and licensing does not constitute an approval of the terms or of the broker's ability to
arrange any loan. Complaints regarding the services of money brokers should be directed to the
Department of Financial Institutions. (NDAC 13-05-01-09)
OHIO RESIDENTS: The Ohio laws against discrimination require that all creditors make credit
equally available to all creditworthy customers, and that credit reporting agencies maintain
separate credit histories on each individual upon request. The Ohio Civil Rights Commission
administers compliance with the law.
SOUTH DAKOTA RESIDENTS: Any improprieties in making the loan or in loan practices may
be referred to the South Dakota Division of Banking, located at 1601 N. Harrison Avenue, Suite
1, Pierre, SD 57501, or by phone at 605.773.3421.
WISCONSIN RESIDENTS: For married Wisconsin residents, your signature confirms that this
loan obligation is being incurred in the interest of your marriage or family. No provision of any
marital property agreement (pre-marital agreement), unilateral statement under § 766.59 of the
Wisconsin statutes or court decree under § 766.70 adversely affects our interest unless, prior to
the time that the loan is approved, we are furnished with a copy of the marital property
agreement, statement, or decree or have actual knowledge of the adverse provision. If this loan
for which you are applying is granted, you will notify us if you have a spouse who needs to
receive notification that credit has been extended to you.
Preview
FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 DATE: 8/19/2020 TRUTH IN LENDING DISCLOSURE STATEMENT Lender Borrower Cross River Bank GEORGE GROSVENOR 885 Teaneck Road Teaneck, NJ 07666 ANNUAL FINANCE CHARGE Amount Financed Total of Payments PERCENTAGE RATE The dollar amount the The amount of credit The amount you will The cost of your credit credit will cost you provided to you or on have paid after you at a yearly rate your behalf have made all payments as scheduled 16.99% $12,691.67 $25,852.75 $38,544.42 Your payment schedule will be as follows: Number of Payments Amounts When payments are due 59 First payment is due on 9/18/2020, $642.30 and then monthly on the same date 1 $648.72 thereafter. Late charges: If your payment arrives after your 3-day grace period, you will be charged a late fee in the amount of $15. This fee is charged only once per late payment. Prepayment policy: If you pay off your loan in advance, you will not be charged a penalty. In the event of a prepayment, you will not be entitled to a refund of any pre-paid finance charges or other fees. See your Loan Agreement for any additional information about nonpayment, default or other matters related to your loan. Version 04-2017 {S0622598.1} FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 Itemization of amount financed: Amount of Your Loan: $27,500.00 Origination Fee: $1,647.25 Amount Given to You Directly: $25,852.75 Annual Loan Interest Rate: 14.17%. Interest at this Loan Interest Rate plus the Origination Fee results in the Finance Charge and Annual Percentage Rate disclosed above. Version 04-2017 {S0622598.1} FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 Loan Agreement GEORGE GROSVENOR Cross River Bank Best Egg Loan Agreement and Promissory Note The terms and conditions of this Loan Agreement and Promissory Note (this "Agreement") are a binding contract between Cross River Bank ("we," "us," or "our") and the borrower ("you" and "your"), whose name and address are listed above. The terms of this Agreement affect your rights and you should read them carefully and print a copy for your records. Your agreement to these terms means you agree to borrow and repay the money if your loan is approved under the terms of this Agreement, and agree to have any dispute with us resolved by binding arbitration to extent permitted by law. 1. Loan Terms. a. The principal Amount of Your Loan is: $27,500.00 b. The Origination Fee is: $1,647.25 c. The Amount Given to You Directly is: $25,852.75 d. The Interest Rate is: 14.17%. e. Your Payment Schedule is: 59 consecutive monthly payments of $642.30 and one final payment of the unpaid principal balance, all unpaid interest, and all unpaid fees and charges. The first payment will be approximately one calendar month after the loan is funded. See paragraph 7. Payments, below, for more details. f. Your loan is unsecured. 2. Credit Reports. You hereby authorize us (and our service providers) to obtain consumer reports (also called credit reports) and related information about you from one or more consumer reporting agencies. We may also obtain additional consumer reports at any time in connection with the origination, servicing, administration, collection, or enforcement of the loan. 3. Verification of Information. We may verify any information you submit by requiring you to produce appropriate documentation or other proof, and also reserve the right to conduct such verification through third parties. You hereby authorize us to request and obtain data from any third parties to verify any information you provide to us in connection with your application. Verification of information may cause a delay in the disbursement of loan proceeds. We may terminate consideration of your application at any time in our sole discretion. 4. Loan Funding and Closing. Funding. You authorize us to disburse the loan proceeds by Automated Clearing House ("ACH") transfer to your designated account or on your behalf to your selected designee. FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 Closing. BY ELECTRONICALLY SIGNING OR AGREEING TO THIS AGREEMENT IN ANOTHER WAY, YOU ARE COMMITTING TO OBTAIN A LOAN FROM US IN THE AMOUNT AND ON THE TERMS SET FORTH IN THIS AGREEMENT. YOU GENERALLY HAVE NO RIGHT TO RESCIND THE LOAN ONCE MADE BUT YOU MAY PREPAY THE LOAN AT ANY TIME WITHOUT PENALTY. WE HAVE NOT AGREED TO MAKE A LOAN TO YOU UNLESS AND UNTIL WE INFORM YOU THAT WE HAVE APPROVED YOUR LOAN APPLICATION. 5. Promise to Pay. You promise to pay to us the Amount of Your Loan set forth in paragraph 1, including Loan Terms, above, together with interest and fees as provided in this Agreement. 6. Interest. You agree to pay interest on the unpaid principal balance of the Amount of Your Loan from the date the loan proceeds are disbursed until the loan is paid in full, at the fixed Annual Loan Interest Rate set forth in paragraph 1. Loan Terms, above. Interest is calculated on a daily basis, on the unpaid principal balance, at the interest rate, and for the number of days that balance was unpaid. This is a simple interest obligation, and interest is not charged on unpaid interest. The Total Payments and amount of the Finance Charge set forth in the Truth in Lending Disclosure Statement assume that each payment is made on its due date. Late payments will result in more interest (and fees as set out in paragraph 12); early payments will result in less interest. 7. Payments. You agree to make monthly payments of principal and interest in the amounts set forth in the payment schedule in paragraph 1. Loan Terms, above. The last payment may be a different amount because of rounding and because of when you made your prior payments and whether you paid them in full. 8. Making Your Loan Payments. If you authorize us and our successors and assigns (and any of our successors' and assigns' affiliates, agents or service providers) and in consideration of our disbursement of loan proceeds to you more rapidly by ACH than by check, we will debit your designated account by ACH transfer for the amount of the payment due on its due date. With regard to payments made by automatic withdrawal, you have the right to stop payment of automatic withdrawals or revoke your prior authorization for automatic withdrawals by notifying us or your financial institution at least three (3) banking days before the scheduled date of transfer. You may elect at any time to make payments by check or another method by contacting our customer service department at 844-825-2608. If you elect to make payments by check or any method other than automatic withdrawal by ACH transfer, you must send such payments as directed on your monthly billing statements. If you do not provide authorization to debit your designated account by ACH transfer, then you will be deemed to have elected to pay by another method in accordance with the foregoing provisions. If you elect to make payments by ACH transfer, you authorize us and our successors and assigns (and any of our successors' and assign' affiliates, agents or service providers) to debit your designated account by ACH transfer for the amount of each remaining payment due on its due date. However, if your payment due date occurs on a non-business day, your account will be debited the next business day. You will maintain sufficient funds in your designated account to make these payments. This authorization does not affect your obligation to pay when due all amounts payable on your loan, whether or not there are sufficient funds in your accounts. The foregoing authorization is in addition to, and not FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 in limitation of, any rights of setoff we may have. You have the right to have any unauthorized debit credited to your bank account in accordance with the applicable provisions of the Electronic Funds Transfer Act as implemented by Federal Reserve System Regulation E. If you stop the automatic withdrawals, you are still obligated to make each payment that is due. You will receive a monthly statement advising of your payment amount. You may contact us for instructions on how to make payments by other payment options. 9. Prepayments and Partial Payments. You may make any payment early, in whole or in part, without penalty or premium at any time. Any partial prepayment is to be applied to any applicable payment or returned payment fees, interest, and then to the principal, and does not postpone the due date of any subsequent monthly installments, unless we otherwise agree in writing. If you prepay in part, you agree to continue to make regularly scheduled payments until all amounts due under this Agreement are paid. We may accept late payments or partial payments, even though marked “paid in full” or with similar language, without losing any rights under this Agreement. We will use any payment we receive to pay any payment then due, in whole or in part. If no payment is then due, we will use any payment of the regularly scheduled payment amount to pay the next scheduled payment. If the next scheduled payment has been paid, or if the payment is in another amount, we will treat the payment as a partial prepayment, unless you and we agree otherwise. 10. Application of Payments. All regularly scheduled payments are to be applied first to any applicable payment or returned payment fees, interest, and then to the principal, and then to collection and other permitted expenses provided; however, that after an Event of Default (as defined below), payments will be applied to your obligations as we determine in our sole discretion. 11. Other Borrower Obligations. You agree that you (A) are a US citizen or permanent resident and (B) did not and will not, in connection with your loan application: (i) make any false, misleading or deceptive statements or omissions of fact in your application; (ii) misrepresent your identity, or describe, present or portray yourself as a person other than yourself; (iii) use any of the loan proceeds to fund any post-secondary educational expenses, including, but not limited to, tuition, fees, books, supplies, miscellaneous expenses, or room and board. You acknowledge and agree that we may rely without independent verification on the accuracy, authenticity, and completeness of all information you provide to us. You certify that the proceeds of the loan will not be used for the purpose of purchasing or carrying any securities or to fund any illegal activity. 12. Fees. Origination Fee. If applicable, you agree to pay a non-refundable Origination Fee to us, as set forth in paragraph 1. Loan Terms, above. This fee will be deducted from your loan proceeds, so the Amount Given to You Directly or on your behalf may be less than the full principal Amount of Your Loan. You acknowledge that the Origination Fee will be considered part of the principal on your loan and is subject to the accrual of interest. Returned Check or ACH Fee. You agree to pay a fee of $15 if ACH transfers or checks are returned or fail due to insufficient funds in your account or for any other reason. The FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 bank that holds your designated account may assess its own fee in addition to the fee we assess. Late Fee. If your payment is not received by us within three days of the due date, we will charge a late fee in the amount of $15. We will charge only one late fee on each late payment. These fees may be collected using ACH transfers initiated by us from your designated account. Any such late fee assessed is immediately due and payable (subject to application of payments in paragraph 10. Any payment received after 6:00 P.M., Eastern Time, on a banking day is deemed received on the next succeeding banking day. 13. Default. You may be deemed in default on your loan (each, an "Event of Default") if you: (1) fail to pay timely any amount due on your loan; (2) file or have instituted against you any bankruptcy or insolvency proceedings or make any assignment for the benefit of creditors; (3) die; (4) commit fraud or make any material misrepresentation in this Agreement, or any other documents, applications or related materials delivered to us in connection with your loan; or (5) fail to abide by the terms of this Agreement. Upon the occurrence of an Event of Default, and after any notice and opportunity to cure the default, if such notice and right to cure is required by applicable law, we may exercise all remedies available to us under applicable law and this Agreement including, without limitation, demand that you or your estate immediately pay all amounts owed on your loan. 14. Collection & Reporting of Delinquent Loans. You agree to pay all costs of collecting any delinquent payments, as permitted by applicable law, including, if we file suit in court, reasonable attorneys' fees for an attorney who is not our salaried employee. We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. 15. Communications Consent: You agree that we and any of our affiliates, agents, service providers or assigns (and any of our assigns' affiliates, agents or service providers) may call you, leave you a voice prerecorded, or artificial voice message, or send a text, e-mail, or other electronic message to you for any purpose related to the processing, servicing and collection of your loan, for surveys or research or for any other informational purpose related to your loan (each a "Communication") using an automatic telephone dialing system or otherwise. You agree that we and any of our affiliates, agents, service providers or assigns (and any of our assigns' affiliates, agents or service providers) may call or text you at any telephone number associated with your loan, including cellular telephone numbers, and may send an e-mail to any email address associated with your loan. You also agree that we and any of our affiliates, agents, service providers or assigns (and any of our assigns' affiliates, agents or service providers) may include your personal information in a Communication and may conduct a Communication using an automatic telephone dialing system. We will not charge you for a Communication, but your data service provider may. In addition, you understand and agree that we and any of our affiliates, agents, service providers or assigns (and any of our assigns' affiliates, agents or service providers) may always communicate with you in any manner permissible by law that does not require your prior consent. 16. Assignment of Your Loan. You agree that we may, without further prior notice to or consent from you, assign any or all of our right, title and interest in this Agreement and your FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 loan, including record of this loan, the debt incurred, any transfer of the obligation and your promise to repay, to anyone. Marlette Funding, LLC or its agents or designees, acting solely for this purpose as your agent, shall maintain at one of its offices in Wilmington, Delaware a copy of each assignment delivered to it and a register for the recordation of the name and address of the holder of your loan (including any assign, if any, who becomes the holder of your loan pursuant to an assignment), and principal amounts (and stated interest) of your loan or loans owing to, such holder pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive absent manifest error, and you, Cross River Bank or its agents or designees, and the holder of your loan (including any assign, if any, who becomes the holder of your loan pursuant to an assignment) shall treat the person whose name is recorded in the Register pursuant to the terms hereof as a holder of your loan hereunder for all purposes of this Agreement. Recordation in the Register is the sole means of assignment or transfer of the holder’s (or its assign’s) interest in your loan. The Register shall be available for inspection by you and any holder (including assigns), at any reasonable time and from time to time upon reasonable prior notice. 17. Entire Agreement. This Agreement represents the entire agreement between you and us regarding the subject matter hereof and supersedes all prior or contemporaneous communications, promises and proposals, whether oral, written or electronic, between us with respect to your application and loan. 18. Electronic Transactions. THIS AGREEMENT IS FULLY SUBJECT TO YOUR CONSENT TO ELECTRONIC TRANSACTIONS AND DISCLOSURES, WHICH YOU AGREED TO AT THE TIME OF YOUR APPLICATION. YOU EXPRESSLY AGREE THAT THIS AGREEMENT IS A "TRANSFERABLE RECORD" FOR ALL PURPOSES UNDER THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT AND THE UNIFORM ELECTRONIC TRANSACTIONS ACT. 19. Notices. All notices and other communications to you hereunder may be given by email to your email address on file with us or by regular mail to your address on file with us, and shall be deemed to have been duly given and effective upon transmission. You acknowledge that you have sole access to the email account on file and that communications from us may contain sensitive, confidential, and collections-related communications. If your email address changes, you must notify us of the change. You also agree to update your residence address and telephone number if they change. You may send written correspondence to us at the following address: Best Egg, P.O. Box 42912, Philadelphia, PA 19101. You may also reach us by phone by dialing 844-825-2608 during normal business hours. 20. NO WARRANTIES. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE MAKE NO REPRESENTATIONS OR WARRANTIES TO YOU, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 21. LIMITATION ON LIABILITY. IN NO EVENT SHALL WE BE LIABLE TO YOU FOR ANY LOST PROFITS OR SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 FURTHERMORE, WE MAKE NO REPRESENTATION OR WARRANTY TO YOU REGARDING THE EFFECT THAT THE AGREEMENT MAY HAVE UPON YOUR FOREIGN, FEDERAL, STATE OR LOCAL TAX LIABILITY. 22. Waiver of Demand. You hereby waive demand, notice of non-payment, protest, and all other notices or demands whatsoever, unless such waiver is prohibited by law. 23. Amendments. Any changes to this Agreement must be in writing signed by you and us. 24. Miscellaneous. The parties acknowledge that there are no third party beneficiaries to this Agreement. You may not assign, transfer, sublicense or otherwise delegate your rights or obligations under this Agreement to another person without our prior written consent. Any such assignment, transfer, sublicense or delegation in violation of this paragraph 24 shall be null and void. We are located in the State of New Jersey and this Agreement will be entered into in the State of New Jersey. The provisions of this Agreement will be governed by federal laws and, to the extent that state law applies, the laws of the State of New Jersey, without regard to any principle of conflicts of laws that would require or permit the application of the laws of any other jurisdiction. Any waiver of a breach of any provision of this Agreement will not be deemed a waiver of any other subsequent breach. Failure or delay by either party to enforce any term or condition of this Agreement will not constitute a waiver of such term or condition. If at any time after the date of this Agreement, any of the provisions of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality and unenforceability of such provision shall have no effect upon and shall not impair the enforceability of any other provisions of this Agreement. The headings in this Agreement are for reference purposes only and shall not affect the interpretation of this Agreement in any way. 25. NOTICE TO ACTIVE DUTY MILITARY SERVICEMEMBERS AND THEIR DEPENDENTS: Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account). For more information regarding your rights as a covered borrower under the Military Lending Act, please call 855-282-6353. 26. Arbitration. a. Either party to this Agreement, or any subsequent assign of this Agreement, may, at its sole election, require that the sole and exclusive forum and remedy for resolution of a FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 Claim be final and binding arbitration pursuant to this paragraph 25 (the "Arbitration Provision"), unless you opt out as provided in paragraph 25(b) below. As used in this Arbitration Provision, "Claim" shall include any past, present, or future claim, dispute, or controversy involving you (or persons claiming through or connected with you), on the one hand, and us and/or any assign (or persons claiming through or connected with us and/or any assign), on the other hand, relating to or arising out of this Agreement and/or the activities or relationships that involve, lead to, or result from this Agreement, including (except to the extent provided otherwise in the last sentence of paragraph 25(f) below) the validity or enforceability of this Arbitration Provision, any part thereof, or the entire Agreement. Claims are subject to arbitration regardless of whether they arise from contract; tort (intentional or otherwise); a constitution, statute, common law, or principles of equity; or otherwise. Claims include matters arising as initial claims, counter-claims, cross-claims, third-party claims, or otherwise. The scope of this Arbitration Provision is to be given the broadest possible interpretation that is enforceable. b. You may opt out of this Arbitration Provision for all purposes by sending an arbitration opt-out notice to Best Egg, P.O. Box 42912, Philadelphia, PA 19101, only if received at the specified address within 30 days of the date of your electronic acceptance of the terms of this Agreement. The opt-out notice must clearly state that you are rejecting arbitration; identify the Agreement to which it applies by date; provide your name, address, and social security number; and be signed by you. You may send the opt-out notice in any manner you see fit as long as it is received at the specified address within the specified time. No other methods can be used to opt-out of this Arbitration Provision. If the opt-out notice is sent on your behalf by a third party, such third party must include evidence of his or her authority to submit the opt out notice on your behalf. c. The party initiating arbitration shall do so with the American Arbitration Association (the "AAA") or JAMS. The arbitration shall be conducted according to, and the location of the arbitration shall be determined in accordance with, the rules and policies of the administrator selected, except to the extent the rules conflict with this Arbitration Provision or any countervailing law. In the case of a conflict between the rules and policies of the administrator and this Arbitration Provision, this Arbitration Provision shall control, subject to countervailing law, unless all parties to the arbitration consent to have the rules and policies of the administrator apply. d. If we (or any assign) elect arbitration, we (or the assign, as the case may be) shall pay all the administrator's filing costs and administrative fees (other than hearing fees). If you elect arbitration, filing costs and administrative fees (other than hearing fees) shall be paid in accordance with the rules of the administrator selected, or in accordance with countervailing law if contrary to the administrator’s rules. We (or the assign, as the case may be) shall pay the administrator's hearing fees for one full day of arbitration hearings. Fees for hearings that exceed one day will be paid by the party requesting the hearing, unless the administrator's rules or applicable law require otherwise, or you request that we (or the assign) pay them and we agree (or the assign agrees) to do so. Each party shall bear the expense of its own attorneys' fees, except as otherwise provided by law. If a statute gives you the right to recover any of these fees, these statutory rights shall apply in the arbitration notwithstanding anything to the contrary herein. e. Within 30 days of a final award by the arbitrator, any party may appeal the award for reconsideration by a three-arbitrator panel selected according to the rules of the arbitrator FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 administrator. In the event of such an appeal, any opposing party may cross-appeal within 30 days after notice of the appeal. The panel will reconsider de novo all aspects of the initial award that are appealed. Costs and conduct of any appeal shall be governed by this Arbitration Provision and the administrator’s rules, in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final and binding, except for any appeal right under the Federal Arbitration Act ("FAA"), and may be entered as a judgment in any court of competent jurisdiction. f. We agree not to invoke our right to arbitrate an individual Claim you may bring in Small Claims Court or an equivalent court, if any, so long as the Claim is pending only in that court. NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT. Unless consented to in writing by all parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in the same arbitration unless those persons are parties to a single transaction. Unless consented to in writing by all parties to the arbitration, an award in arbitration shall determine the rights and obligations of the named parties only, and only with respect to the claims in arbitration, and shall not (a) determine the rights, obligations, or interests of anyone other than a named party, or resolve any Claim of anyone other than a named party; nor (b) make an award for the benefit of, or against, anyone other than a named party. No administrator or arbitrator shall have the power or authority to waive, modify, or fail to enforce this paragraph 25(f), and any attempt to do so, whether by rule, policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the validity of this paragraph 25(f) shall be determined exclusively by a court and not by the administrator or any arbitrator. g. This Arbitration Provision is made pursuant to a transaction involving interstate commerce and shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or other types of relief permitted by applicable substantive law, subject to the limitations set forth in this Arbitration Provision. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court. The arbitrator shall take steps to reasonably protect confidential information. h. This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or amendments to this Agreement and the relationship of the parties and/or assignee; (ii) the bankruptcy or insolvency of any party or other person; and (iii) any transfer of any loan or this Agreement to any other person or entity. If any portion of this Arbitration Provision other than paragraph 25(f) is deemed invalid or unenforceable, the remaining portions of this Arbitration Provision shall nevertheless remain valid and in force. If an arbitration is brought on a class, representative, or collective basis, and the limitations on such proceedings in paragraph 25(f) are finally adjudicated pursuant to the last sentence of paragraph 25(f) to be unenforceable, then no arbitration shall be had. In no event shall any invalidation be deemed to authorize an arbitrator to determine Claims or make FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 awards beyond those authorized in this Arbitration Provision. THE PARTIES ACKNOWLEDGE THAT THEY HAVE A RIGHT TO LITIGATE CLAIMS THROUGH A COURT BEFORE A JUDGE OR JURY, BUT WILL NOT HAVE THAT RIGHT IF ANY PARTY ELECTS ARBITRATION PURSUANT TO THIS ARBITRATION PROVISION. THE PARTIES HEREBY KNOWINGLY AND VOLUNTARILY WAIVE THEIR RIGHTS TO LITIGATE SUCH CLAIMS IN A COURT BEFORE A JUDGE OR JURY UPON ELECTION OF ARBITRATION BY ANY PARTY. i. EXCEPTION: Active duty military servicemembers and their dependents are exempt from arbitration to the extent provided for in the Military Lending Act. NOTICE TO CONSUMER: 1. Do not sign this Agreement before you read it. 2. You are entitled to a copy of this Agreement. 3. You may prepay the unpaid balance at any time without penalty. IMPORTANT: READ BEFORE SIGNING. The terms of this agreement should be read carefully because only those terms in writing are enforceable. No other terms or oral promises not contained in this written contract may be legally enforced. You may change the terms of this Agreement only by another written agreement. IT IS IMPORTANT THAT YOU THOROUGHLY READ THE CONTRACT BEFORE YOU SIGN IT. Signature: GEORGE GROSVENOR, Signature Date: 8/13/2020 IP Address: You can contact us for purposes of this Agreement at Best Egg, P.O. Box 42912, Philadelphia, PA 19101. For customer service, our telephone number is 844-825-2608. STATE LAW NOTICES: ALL BORROWERS: Oral agreements or commitments to loan money, extend credit, or to forbear from enforcing repayment of a debt, are not enforceable. To protect you and us from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we later may agree in writing to modify. CALIFORNIA RESIDENTS: A married applicant may apply for a separate account. If we take any adverse action as defined by § 1785.3 of the California Civil Code and the adverse action is based, in whole or in part, on any information contained in a consumer credit report, you have the right to obtain within 60 days a free copy of your consumer credit report from the consumer reporting agency who furnished the consumer credit report and from any other consumer credit reporting agency that complies and maintains files on consumers on a nationwide basis. FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 CALIFORNIA and UTAH RESIDENTS: As required by California and Utah law, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligations. KANSAS (and IOWA residents if the principal amount of this loan exceeds $20,000): Important: read before signing. The terms of this agreement should be read carefully because only those terms in writing are enforceable. No other terms or oral promises not contained in this written contract may be legally enforced. We may change the terms of this agreement only by another written agreement. MARYLAND RESIDENTS: To the extent that any court determines that this Agreement is subject to Maryland law concerning consumer credit, you and we agree and elect to make this loan pursuant to Subtitle 10 (Credit Grantor Closed End Credit provisions) of Title 12 of the Maryland Commercial Law Article only to the extent that such provisions are not inconsistent with our authority under federal law (12 U.S.C. § 1831d) and related regulations and interpretations, which authority we expressly reserve. MASSACHUSETTS RESIDENTS: Massachusetts law prohibits discrimination based upon marital status or sexual orientation. MISSOURI AND NEBRASKA RESIDENTS: Oral loan agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of such debt, including promises to extend or renew such debt, are not enforceable. To protect you and us and any holder of this agreement from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it. NEW HAMPSHIRE RESIDENTS: You are not required to sign this agreement (directly or indirectly), or agree to enter into such an agreement as a condition of purchasing any property, goods or services. Reasonable attorney fees shall be awarded to the prevailing party in any action you bring against us or we bring against you. If we successfully assert a partial defense or set- off, recoupment, or counterclaim to an action brought by you, the court may withhold from you the entire amount or such portion of the attorney’s fees as the court considers equitable. NEW JERSEY RESIDENTS: The paragraph headings of this Agreement are a table of contents and not contract terms. Portions of this Agreement with references to actions taken to the extent of applicable law apply to acts or practices that New Jersey law permits or requires. In this Agreement, actions or practices (i) which are or may be permitted by "applicable law" are permitted by New Jersey law, and (ii) that may be or will be taken by us unless prohibited by "applicable law" are permitted by New Jersey law. NEW YORK, RHODE ISLAND and VERMONT RESIDENTS: You understand and agree that we may obtain a consumer credit report in connection with this application and in connection with any update, renewals for extension of any credit as a result of this application. If you ask, you will be informed whether or not such a report was obtained, and if so, the name and address of the agency that furnished the report. You also understand and agree that Lender may obtain a FILED: WESTCHESTER COUNTY CLERK 03/05/2024 01:03 PM INDEX NO. 58054/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 03/05/2024 consumer credit report in connection with the review or collection of any loan made to you as a result of this application or for other legitimate purposes related to such loans. NORTH DAKOTA RESIDENTS ONLY: Notice: Money brokers are licensed and regulated by the Department of Financial Institutions, 2000 Schafer Street, Suite G, Bismarck, North Dakota 58501-1204. The Department of Financial Institutions has not passed on the merits of the contract and licensing does not constitute an approval of the terms or of the broker's ability to arrange any loan. Complaints regarding the services of money brokers should be directed to the Department of Financial Institutions. (NDAC 13-05-01-09) OHIO RESIDENTS: The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with the law. SOUTH DAKOTA RESIDENTS: Any improprieties in making the loan or in loan practices may be referred to the South Dakota Division of Banking, located at 1601 N. Harrison Avenue, Suite 1, Pierre, SD 57501, or by phone at 605.773.3421. WISCONSIN RESIDENTS: For married Wisconsin residents, your signature confirms that this loan obligation is being incurred in the interest of your marriage or family. No provision of any marital property agreement (pre-marital agreement), unilateral statement under § 766.59 of the Wisconsin statutes or court decree under § 766.70 adversely affects our interest unless, prior to the time that the loan is approved, we are furnished with a copy of the marital property agreement, statement, or decree or have actual knowledge of the adverse provision. If this loan for which you are applying is granted, you will notify us if you have a spouse who needs to receive notification that credit has been extended to you.