Preview
FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024
Note Dol an , Richard
MERS MIN:
F=A case No.
August 30, 2016 Glen Oaks NY
(Date) (City) (State)
78-55 266th St
Glen Oaks, NY 11004-1324
(Property Address)
1. BORROWER'SPROMISE TO PAY. In return for a loan that I have received, I promise to pay U.S. $ 577 , 176.00
(this amount is called "Principal"), plus interest to the order of the Lender. The Lender is QUi Cken Loans Inc.
I will make all payments under this Note in the form of cash, check or money order.
I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled
Holder."
to receive payments under this Note is called the "Note
2. INTEREST.Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at
a yearly rate of 3.875%.
The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of
this Note.
3. PAYMENTS
Time and Place of Payments. I will pay principal and interest by making a payment every month.
(A)
I will make
my monthly payment on the 1St day of each month beginning on November 1, 2016 . I will make
these payments every month until I have paid all of the principal and interest and any other charges described below
that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be
applied to interest and other items in the order described in the Security Instrument before Principal. If, on
October 1, 2046 , I still owe amounts under this Note, I will pay those amounts in full on that date, which is
Date."
called the "Maturity
I will make my monthly payments at P.0. Box 6577, Carol Stream, IL 60197
or at a different place if
required by the Note Holder.
(B) Amount of Monthly Payments. My monthly payment will be in the amount of U.S. $2,714.10
4. BORROWER'SRIGHT TO PREPAY.I have the right to make payments of Principal at any time before they are due. A
"Prepayment."
payment of Principalonly is known as a When I make a Prepayment, I will tell the Note IIolder in writing that
I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due under the
Note.
I may make a full Prepayment or partial Prepayments paying a Prepayment
without charge. The Note Holder will use my
Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my
Prepayment to any accrued and unpaid interest on the Prepayment amount before applying my Prepayment to reduce the
Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due date or in the amount of my
monthly payment unless the Note Holder agrees in writing to those changes.
FHAFixedRateNote-NY 1/21/2015
BankersSystemdruVMP® VMP1R(NY)(1502).01
WoltersKluwerFinancialServices Page1of 3
FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024
5. LOAN CHARGES. If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that
the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted then: (a)
limits,
any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted and (b) any sums
limit;
already collected from me which exceeded permitted limits 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. If a refund reduces Principal, the
reduction will be treated as a partial Prepayment.
6. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late Chargefor Overdue Payments.
If the Note Holder has not received the full amount of any monthly payment by
the end of Fifteen calendar
days after the date it is due, I will pay a late charge to the Note Holder. The
amount of the charge will be 4.000% of my overdue payment of principal and interest. I will pay this late charge
promptly but only once on each late payment.
(B) Default. If I do not pay the full amount of each monthly payment on the date it is due, I will 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
overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal
which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on
which the notice is mailed to me or delivered by other means.
(D) No Waiver By Note Holder. Even if, at a time when I am in default, the Note Holder does not require me to pay
immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time.
(E) Paymentof Note Holder's Costs and Expenses.If the Note Holder has required me to pay immediately in full as
described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing
attorneys'
this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable fees.
7. GIVING OF NOTICES. Unless applicable law requires a different method, any notice that must be given to me under this
Note will be given by delivering it or by mailing it by first class mail to me at the Property 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 will be given by delivering it or by mailing it by first class
mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that
different address.
8. OBLIGATIONSOF PERSONSUNDERTHIS NOTE. If more than one person signs this Note, each person is fully and
personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any
person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over
these obligations, including the obligations surety or endorser of this Note, is also obligated
of a guarantor, to keep all of the
promises made in this Note, The Note Holder
may its under
enforce
rights this Note against each person individually or
against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note.
9. WAIVERS. I and any other person who has obligations under this Note waive the rights of Presentment and Notice of
"Presentment" payment due. of
Dishonor. means the right to require the Note Holder to demand of amounts "Notice
Dishonor"
means the right to require the Note Holder to give notice to other persons that amounts due have not been paid.
FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024
10. UNIFORM SECUREDNOTE. This Note is a uniform instrument with limited variations in some jurisdictions. In addition to
the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security
Instrument"), dated the same date as this Note, protects the Note Holder from possible losses which might result if I do not
keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be
required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as
follows:
Lender may require Immediate Payment in Full of all Sums Secured by this Security Instrument if all or any
part of the Property, or if any right in the Property, is sold or transferred without Leader's prior written
permission. If Borrower is not a natural Person and a beneficial interest in Borrower is sold or transferred
without Lender's prior written permission, Leader also may require Immediate Payment in Full. However,
this option shall not be exercised by Leader if such exercise is prohibited by Applicable Law.
If Lender requires Immediate Payment in Full under this Section 17, Lender will give me a notice which states
this requirement: The notice will give me at least 30 days to make the required payment. The 30-day period
will begin on the date the notice is given to me in the manner required by Section 14 of this Security
Instrument. If I do not make the required payment during that period, Leader may act to enforce its rights
under this Security Instrument without giving me any further notice or demand for payment.
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.
c
08/30/2016 (SeaQ (SeaQ
ichard J. Dolan -2orrower -Borrower
. (SeaQ (SeaQ
-2orrower -Borrower
(Sign Original Only)
Refer to the attached Signature Addendum for additional parties and signatures.
Loan Origination Organization0ui Cken Loans Inc.
NMLS ID: 3030
Loan Originator:Kevin Hofman
ID· 1077013
NMLS Recourse
Without
To the Order of
Pay
**"'--~ ¯UTC2ENN~[OANS INC.
'
By
1 ADINE BORJA
CAPTURE MANAGER
FHAFixedRateNote-NY 1/21/2015
BankersSystemg' VMPB VMP4M(NY)(ISM).0O
WoMti Miww FlntncJal S«ivlc*s PagarofZt)
https://a836-acris.nyc.gov/OS/OocumentSearch/OocumentlmageView?doc_id=2016090601207001 4/23
FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024
telephonic instrument, computer,or magnetic tape so as to order, instruct, or authorize a financial
institution to debit or credit an account. Some common examples ofan Electronic Funds Transfer are
point-of-sale transfers(where a card such as an asset or debit card is used at a merchant), automated
teller machine (or ATM)transactions, transfers initiated by telephone, wire transfers, and automated
clearinghouse transfers.
(M) "EscrowItems." Those items that are described in Section 3 will be called "Escrow Items."
(N) "MiscellaneousProceeds.""Miscellaneous Proceeds" means any compensation, settlement, award of
damages, or proceeds paid by any third party (other than Insurance Proceeds, as defined in. and paid
under the coverage described in Section 5)for (i)damage to, or destruction of. the Property;(ii)
Condemnation or other taking of all or any part of the Property;(iii) conveyance in lieu of
Condemnation or sale to avoid Condemnation; or(iv) misrepresentations of. or omissions as to. the
value and/or condition ofthe Property. A taking of the Property by any governmental authority by
eminent domain is known as "Condemnation.”
(O) "Mortgage Insurance.""Mortgage Insurance" means insurance protecting Lender against the
nonpayment of. or default on, the Loan.
(P) "PeriodIcPayroent." The regularly scheduled amount due for(i) principal and interest under the
Note, and (ii) any amounts under Section 3 will be called "Periodic Payment."
(Q) "RESPA.""RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section2601 et
seq.)and its implementing regulation. Regulation X (12 C.F.R. Part 1024), as they might be
amended from time to time, or any additional or successor legislation or regulation that governs the
same subject matter. As used in this Security Instrument,"RESPA" refers to ail requirements and
restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does
not qualify as a "federally related mortgage loan" under RESPA.
(R) "Secretary"mcans the Secretary ofthe United Slates Department of Housing and Urban
Development or his designee.
BORROWER’S TRANSFER TO LENDER OF RIGHTS IN THE PROPERTY
I mortgage, grant and convey the Property to MERS (solely as nominee for Lender and Lender's
successors and assigns)and its successors and assigns subject to the terms of this Security Instrument. This
means(hat, by signing this Security Instrument, I am giving Lender those rights that are stated in this
Security Instrument and also those rights that Applicable Law gives to lenders who hold mortgages on real
property. I nm giving Lenderthese rights to protect Lender from possible losses that might result ifl fail to:
(A) Pay all the amounts that I owe Lender as staled in the Note including, but not limited to. all
renewals, extensions and modifications of the Note;
(B) Pay, with interest, any amounts that Lender spends under this Security Instrument to protect the
value of the Property and Lender’s rights in the Property; and
(C) Keep all of my other promises and agreements under this Security Instrument and the Note.
1 understand and agree that MERS holds only legal title to the rights granted by me in this Security
Instrument, but, if necessary to comply with law or custom. MERS(as nominee for Lender and Lender’s
successors and assigns) has the ri^t;
fHA UertOM WHh MERS-NY vxmu
BftnktO VUP 9
VMP4N«S^iri’>‘ VMPe VMP4N(NY)I'60S).00
Woltxi Kknx'PtnvKlil SenK** P««*Sol20
htlps://a836-acfis.nyc.gov/DS/DocumentSearch/DocumentlmageView?doc_id=2016090601207001 8/23
FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024
payable, che amouDis due for any Escrow Items for which payment of Escrow Funds has been
waived by Lender and, if Lender requires, will promptly send to Lender receipts showing such
payment within such time period as Lender may require. My obligation to make such payments
and to provide receipts will be considered to be a promise and agreement contained in this
Security Instrument, as the phrase "promises and agreements" is used in Section 9 of this
Security Instrument. IfI am obligated to pay Escrow Items directly, pursuant to a waiver, and I
fail to pay the amount due for an Escrow Item, Lender may pay that amount and I will then be
obligated under Section 9 of this Security Instrument to repay to Lender. Lender may revoke the
waiver as to any or ail Escrow Items at any time by a notice given in accordance with Section 14
of this Security Instrument and, upon the revocation,1 will pay to Lender all Escrow Funds, and
in amounts, that are then required under this Section 3.
I promise to promptly send to Lender any notices that I receive ofEscrow Item amounts to be
paid. Lender will estimate from time to time the amount of Escrow Funds I will have to pay by
using existing assessments and bills and reasonable estimates of the amount I will have to pay
for Escrow Items in the future, unless Applicable Law requires Lender to use another method
for determining the amount I am to pay.
Lender may, at any time, collect and bold Escrow Funds in an amount sufficient to permit
Lender to apply the Escrow Funds at the time specified under RESPA. Applicable Law puts
limits on the toul amount of Escrow Funds Lender can at any time collect and hold. This total
amount cannot be more than the maximum amount a lender could require under RESPA. If there
is another Applicable Law that imposes a lower limit on the total amount of Escrow Funds
Lender can collect and hold, Lender will be limited to the lower amount,
(b) Lender's Obligations. Lender will keep the Escrow Funds in a savings or banking institution
which has its deposits insured by a federal agency, instrumentality, or entity, or in any Federal
Home Loan Bank. IfLender is such a savings or banking institution. Lender may hold the
Escrow Funds. Lender will use the Escrow Funds to pay the Escrow Items no later than the lime
allowed under RESPA or other Applicable Law. Lender will give to me, without charge, an
annual accounting of the Escrow Funds. That accounting will show all additions to and
deductions from the Escrow Funds and the reason for each deduction.
Lender may not charge me for holding or keeping the Escrow Funds, for using the Escrow
Funds to pay Escrow Items, for making a yearly analysis of my payment of Escrow Funds or for
receiving, or for verifying and lottling assessments and bills. However, Lender may charge me
for these services if Lender pays me interest on the Escrow Funds and if Applicable Lawpennits
Lender to make such a charge. Lender will not be required to pay me any interest or earnings on
the Escrow Funds unless either(1)Lender and I agree in writing that Lender will pay interest on
the Escrow Funds, or(2)Applicable Law requires Lender to pay interest on the Escrow Funds,
(c) Adjustments to the Escrow Funds. Under Applicable Law, there is a limit on the amount of
Escrow Funds Lender may bold. If the amount of Escrow Funds held by Lender exceeds this
limit, then (here will be an excess amount and RESPA requires Lender to account to me in a
special manner for the excess amount of Escrow Funds.
THA Umm vVftft M€R$>NY
VUP9 VMP4h^NY)(16O0).OO
FferwfKMI P*0«rof30
hUps://a836-acfis,nyc.gov/DS/DocumenlSearchyDocumentlmageVlew?docJd=2016090601207001 9/23
FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024
If, at any (ime. Lender has not received enough Escrow Funds to make (he payments of Escrow
Items when the payments are due, Leader may tell me in writing that an additional amount is
necessary. I will pay to Lender whatever additional amount is necessary to pay the Escrow Items
when the payments are due, but the number of payments will not be more than 12.
When I have paid all ofthe Sums Secured, Lender will promptly refund to me any Escrow
Funds that are then being held by Lender.
4. Borrower's Obllgatlonto Pay Charges,Assessmentsand Claims.I will pay all taxes,
assessments, water charges, sewer rents and other similar charges, and any other charges and fines
that may be imposed on the Property and that may be superior to this Security Instrument. I will also
make ground rents or payments due under my lease ifl am a tenant on the Property and Community
Association Dues, Fees, and Assessments(if any)due on the Property. If these items are Escrow
Items, I will do this by making the payments as described in Section 3 of this Security Instrument.
In this Security Instrument, the word "Person” means any individual, organization, governmental
authority or other party.
I will promptly pay or satisfy all Liens against the Property that may be superior to this Security
Instrument. However, this Security Instrument does not require me to satisfy a superior Lien if:(a)I
agree, in writing, to pay the obligation which gave rise to the superior Lien and Lender approves the
way in which I agree to pay that obligation, but only so long as I am performing such agreement;(b)
in good faith, I argue or defend against the superior Lien in a lawsuit so that in Lender's opinion,
during the lawsuit, the superior Lien may not be enforced, but only until the lawsuit ends; or(c)I
secure from the holder of that other Lien an agreement, approved in writing by Lender, that the Lien
of this Security Instrument is superior to the Lien held by that Person. If Lender determines that any
part of the Property is subject to a superior Lien, Lender may give Borrower a notice identifying(he
superior Lien. Within 10 days ofthe dale on which the notice is given. Borrower shall pay or satisfy
the superior Lien or take one or more of the actions mentioned in this Section 4.
5. Borrower’s Obllgationto Maintain Hazard Insuranceor Propertylnsurance.I will obtain
hazard or property insurance to cover all buildings and other improvements that now are, or in the
future wilt be, located on the Property. The insurance will cover loss or damage caused by fire,
hazards normally covered by "Extended Coverage" hazard Insurance policies, and any other hazards
for which Leader requires coverage, including, but not limited to earthquakes and floods. The
insurance will be in the amounts (including, but not limited to, deductible levels) and for the periods
of time required by Lender. What Lender requires under the last sentence can change during the term
of the Loan. I may choose the insurance company, but my choice is subject to Lender's right to
disapprove. Lender may not disapprove my choice unless the disapproval is reasonable. Lender may
require me to pay cither(a)a one-time charge for flood zone determination, certification and tracking
services, or (b)a one-time charge for flood zone determination and certification services and
subsequent charges each lime remappings or similar changes occur which reasonably might affect the
flood zone determination or certification. Ifl disagree with the flood zone determination, I may
request the Federal Emergency Management Agency to review the flood zone determination and I
promise to pay any fees charged by the Federal Emergency Management Agency for its review.
FKA Uct%*g» WV M El^S-NY V3tf20l4
VMP 6 VMP4N(NYH1SOe).0O
KKNi«rPiA»ncl«l Sefvic«« P«9«aof20
https://a836-acfjs,nyc.gov/DS/OocumentSearch/DocumentImagoVjew?docJd*2016090601207001 10/23
FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024
in fail io maintain any of the insurance coverages described above. Lender may obtain insurance
coverage, at Lender's option and my expense. Lender is under no obligation to purchase any
particular type or amount of coverage. Therefore, such coverage will cover Lender, but might or
might not protect me, my equity in the Property,or the contents ofthe Property,against any risk,
hazard or liability and might provide greater or lesser coverage than was previously in effect. I
acknowledge that the cost ofthe insurance coverage so obtained might significantly exceed the cost of
insurance that I could have obtained. Any amounts disbursed by Lender under this Section 5 will
become my additional debt secured by this Security Instrument, These amounts will bear interest at
the interest rate set forth in the Note from the date ofdisbursement and will be payable with such
interest, upon notice from Lender to me requesting payment.
All of the insurance policies and renewals of those policies will include what is known as a "Standard
Mortgage Clause" to protect Lender and will name Lender as mortgagee and/or as an additional loss
payee. The form of ail policies and renewals will be acceptable to Lender. Lender will have the right
to hold the policies and renewal certificates. If Lender requires, I will promptly give Lender all
receipts of paid premiums and renewal notices that I receive.
Iflobtainany form ofinsurance coverage, not otherwise required by Lender, for damage to, or
destruction of, the Property, such policy will include a Standard Mortgage Clause and will name
Lender as mortgagee and/or as an additional loss payee.
If there is a loss or damage to the Property, I will promptly notify the insurance company and
Leader. If I do not promptly prove to the insurance company that the loss or damage occurred, then
Lender may do so.
The amount paid by the insurance company for loss or damage to the Property is called "Insurance
Proceeds." Unless Lender and I otherwise agree in writing, any Insurance Proceeds, whether or not
the underlying insurance was required by Lender, will be used to repair or to restore the damaged
Property unless;(a)it is not economically feasible to make the repairs or restoration;(b)the use of
the Insurance Proceeds for that purpose would lessen the protection given to Lender by this Security
Instrument; or(c) Lender and I have agreed in writing not to use the Insurance Proceeds for that
puipose. During the period that any repairs or restorations are being made. Lender may hold any
Insurance Proceeds until it has had an opportunity to inspect the Property to verify that the repair
work has been completed to Lender's satisfaction. However, this inspection will be done promptly.
Lender may make payments for the repairs and restorations io a single payment or in a series of
progress payments as the work is completed. Unless Lender and I agree otherwise in writing or unless
Applicable Law requires otherwise, Lender is not required to pay me any interest or earnings on the
Insurance Proceeds. I will pay for any public adjusters or other third parties that I hire, and their fees
will not be paid out ofthe Insurance Proceeds. If the repair or restoration is not economically feasible
or if it would lessen Lender's protection under this Security Instrument, then the Insurance Proceeds
will be used to reduce the amount that 1 owe to Lender under this Security Instrument. Such Insurance
Proceeds will be applied in the order provided for in Section 2. Ifany ofthc Insurance Proceeds
remain after the amount that I owe to Lender has been paid in full, the remaining Insurance Proceeds
will be paid to me.
If I abandon the Property, Lender may file, negotiate and settle any available insurance claim and
related matters. IfI do not answer, within 30 days, a notice from Lender slating that the insurance
company has offered to settle a claim. Lender may negotiate and settle the claim. The 30-day period
f=HA MongMaWVl UEOSJ4Y »3uriQg such repair and restoration period, Lender will
have the right to bold such Miscellaneous Proceeds until Lender has had an opportunity to inspect the
Property to verify that the work has been convicted to Lender's satisfaction. However, the inspection
will be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement
or in a scries of progress payments as the work is completed. Unless Lender and I agree otherwise in
writing or unless Applicable Law requires interest to be paid on such Miscellaneous Proceeds. Lender
will not be required to pay Bonower any interest or earnings on the Miscellaneous Proceeds. If the
restoration or repair is not economically feasible or Lender's security given in this Security
F KA UonotM wan M E RSMT
eo'kanSrUMH'* VMP• VMP4N(Kr)(1SM).00
WMars KkMW FntncUl 8*>vlc«> P*9al1e(20
https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentlmageView?doc_id=2016090601207001 13/23
FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024
Instniment would be lesseaed, the Miscellaneous Proceeds will be applied to the Sums Secured,
whether or not then due. The excess, ifany, will be paid to me. Such Miscellaneous Proceeds will be
applied in the order provided for in Section 2.
In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous
Proceeds will be applied to the Sums Secured, whether or not then due. The excess, if any, will be
paid to me.
In the event of a partial taking, destruction, or loss in value of the Property in which the fair market
value of the Property immediately before the partial taking, destruction, or loss in value is equal to or
greater than the amount of the Sums Secured immediately before the partial taking, destruction, or
loss in value, the Sums Secured will be reduced by the amount of the Miscellaneous Proceeds
multiplied by the following fraction:(a)the total amount of the Sums Secured immediately before the
partial taking, destniciion. or loss in value divided by (b)the fair market value of the Property
immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to me.
In the event of a partial taking, destructiOD, or loss in value of the Property in which the fair market
value of the Property immediately before the partial taking, destruction, or loss in value is less than
the amount of the Sums Secured immediately before the partial taking, destruction, or loss in value,
the Miscellaneous Proceeds will be applied to the Sums Secured whether or not the sums are then
due.
IfI abandon the Property, or iC after Lender sends me notice that the Opposing Party (as defined in
the next sentence)offered to make an award to settle a claim for damages, I fail to respond to Lender
within 30 days after the date Lender gives notice. Lender is authorized to collect and apply the
Miscellaneous Proceeds either to restoration or repair of the Property or to the Sums Secured,
whether or not then due. "Opposing Party" means the third party that owes me Miscellaneous
Proceeds or the party against whom I have a right of action in regard to Miscellaneous Proceeds.
1 will be in default under this Security Instrument if any civil or criminal action or proceeding that
Lender determmes could result in a court ruling(a) that would require Forfeiture of the Property, or
(b)that could damage Lender's interest in the Property or rights under this Security Instrument.
"Forfeiture" is a court action to require the Property, or any part ofthe Property, to be given up. I
may correct the default by obtaining a court ruling that dismisses the court action, if Lender
determines that this court ruling prevents Forfeiture of the Property and also prevents any damage to
Lender's interest in the Property or rights under this Security Instrument. IfI correct the default, I
will have the right to have enforcement ofthis Security Instrument discontinued, as provided in
Section 18 oftbis Security Instrument, even ifLender has required Immediate Payment in Full(as
defined in Section 22). The proceeds of any award or claim for damages that arc attributable to the
damage or reduction of Lender's interest in the Property are assigned, and will be paid, to Lender.
All Miscellaneous Proceeds that arc not applied to restoration or repair of the Property will be applied
in (be order provided for in Section 2.
11. Continuation of Borrower's Obligations and of Lender's Rights,
(a) Borrower's Obligations. Lender may allow me, or a Person who takes over my rights and
obligations, to delay or to change the amount of the Periodic Payments. Even if Len
Preview
FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024 Note Dol an , Richard MERS MIN: F=A case No. August 30, 2016 Glen Oaks NY (Date) (City) (State) 78-55 266th St Glen Oaks, NY 11004-1324 (Property Address) 1. BORROWER'SPROMISE TO PAY. In return for a loan that I have received, I promise to pay U.S. $ 577 , 176.00 (this amount is called "Principal"), plus interest to the order of the Lender. The Lender is QUi Cken Loans Inc. I will make all payments under this Note in the form of cash, check or money order. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled Holder." to receive payments under this Note is called the "Note 2. INTEREST.Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at a yearly rate of 3.875%. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note. 3. PAYMENTS Time and Place of Payments. I will pay principal and interest by making a payment every month. (A) I will make my monthly payment on the 1St day of each month beginning on November 1, 2016 . I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to interest and other items in the order described in the Security Instrument before Principal. If, on October 1, 2046 , I still owe amounts under this Note, I will pay those amounts in full on that date, which is Date." called the "Maturity I will make my monthly payments at P.0. Box 6577, Carol Stream, IL 60197 or at a different place if required by the Note Holder. (B) Amount of Monthly Payments. My monthly payment will be in the amount of U.S. $2,714.10 4. BORROWER'SRIGHT TO PREPAY.I have the right to make payments of Principal at any time before they are due. A "Prepayment." payment of Principalonly is known as a When I make a Prepayment, I will tell the Note IIolder in writing that I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due under the Note. I may make a full Prepayment or partial Prepayments paying a Prepayment without charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my Prepayment to any accrued and unpaid interest on the Prepayment amount before applying my Prepayment to reduce the Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes. FHAFixedRateNote-NY 1/21/2015 BankersSystemdruVMP® VMP1R(NY)(1502).01 WoltersKluwerFinancialServices Page1of 3 FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024 5. LOAN CHARGES. If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted then: (a) limits, any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted and (b) any sums limit; already collected from me which exceeded permitted limits 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. If a refund reduces Principal, the reduction will be treated as a partial Prepayment. 6. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Chargefor Overdue Payments. If the Note Holder has not received the full amount of any monthly payment by the end of Fifteen calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be 4.000% of my overdue payment of principal and interest. I will pay this late charge promptly but only once on each late payment. (B) Default. If I do not pay the full amount of each monthly payment on the date it is due, I will 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 overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means. (D) No Waiver By Note Holder. Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. (E) Paymentof Note Holder's Costs and Expenses.If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing attorneys' this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable fees. 7. GIVING OF NOTICES. Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property 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 will be given by delivering it or by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address. 8. OBLIGATIONSOF PERSONSUNDERTHIS NOTE. If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations surety or endorser of this Note, is also obligated of a guarantor, to keep all of the promises made in this Note, The Note Holder may its under enforce rights this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. 9. WAIVERS. I and any other person who has obligations under this Note waive the rights of Presentment and Notice of "Presentment" payment due. of Dishonor. means the right to require the Note Holder to demand of amounts "Notice Dishonor" means the right to require the Note Holder to give notice to other persons that amounts due have not been paid. FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024 10. UNIFORM SECUREDNOTE. This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Instrument"), dated the same date as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as follows: Lender may require Immediate Payment in Full of all Sums Secured by this Security Instrument if all or any part of the Property, or if any right in the Property, is sold or transferred without Leader's prior written permission. If Borrower is not a natural Person and a beneficial interest in Borrower is sold or transferred without Lender's prior written permission, Leader also may require Immediate Payment in Full. However, this option shall not be exercised by Leader if such exercise is prohibited by Applicable Law. If Lender requires Immediate Payment in Full under this Section 17, Lender will give me a notice which states this requirement: The notice will give me at least 30 days to make the required payment. The 30-day period will begin on the date the notice is given to me in the manner required by Section 14 of this Security Instrument. If I do not make the required payment during that period, Leader may act to enforce its rights under this Security Instrument without giving me any further notice or demand for payment. WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED. c 08/30/2016 (SeaQ (SeaQ ichard J. Dolan -2orrower -Borrower . (SeaQ (SeaQ -2orrower -Borrower (Sign Original Only) Refer to the attached Signature Addendum for additional parties and signatures. Loan Origination Organization0ui Cken Loans Inc. NMLS ID: 3030 Loan Originator:Kevin Hofman ID· 1077013 NMLS Recourse Without To the Order of Pay **"'--~ ¯UTC2ENN~[OANS INC. ' By 1 ADINE BORJA CAPTURE MANAGER FHAFixedRateNote-NY 1/21/2015 BankersSystemg' VMPB VMP4M(NY)(ISM).0O WoMti Miww FlntncJal S«ivlc*s PagarofZt) https://a836-acris.nyc.gov/OS/OocumentSearch/OocumentlmageView?doc_id=2016090601207001 4/23 FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024 telephonic instrument, computer,or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Some common examples ofan Electronic Funds Transfer are point-of-sale transfers(where a card such as an asset or debit card is used at a merchant), automated teller machine (or ATM)transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (M) "EscrowItems." Those items that are described in Section 3 will be called "Escrow Items." (N) "MiscellaneousProceeds.""Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than Insurance Proceeds, as defined in. and paid under the coverage described in Section 5)for (i)damage to, or destruction of. the Property;(ii) Condemnation or other taking of all or any part of the Property;(iii) conveyance in lieu of Condemnation or sale to avoid Condemnation; or(iv) misrepresentations of. or omissions as to. the value and/or condition ofthe Property. A taking of the Property by any governmental authority by eminent domain is known as "Condemnation.” (O) "Mortgage Insurance.""Mortgage Insurance" means insurance protecting Lender against the nonpayment of. or default on, the Loan. (P) "PeriodIcPayroent." The regularly scheduled amount due for(i) principal and interest under the Note, and (ii) any amounts under Section 3 will be called "Periodic Payment." (Q) "RESPA.""RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section2601 et seq.)and its implementing regulation. Regulation X (12 C.F.R. Part 1024), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument,"RESPA" refers to ail requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (R) "Secretary"mcans the Secretary ofthe United Slates Department of Housing and Urban Development or his designee. BORROWER’S TRANSFER TO LENDER OF RIGHTS IN THE PROPERTY I mortgage, grant and convey the Property to MERS (solely as nominee for Lender and Lender's successors and assigns)and its successors and assigns subject to the terms of this Security Instrument. This means(hat, by signing this Security Instrument, I am giving Lender those rights that are stated in this Security Instrument and also those rights that Applicable Law gives to lenders who hold mortgages on real property. I nm giving Lenderthese rights to protect Lender from possible losses that might result ifl fail to: (A) Pay all the amounts that I owe Lender as staled in the Note including, but not limited to. all renewals, extensions and modifications of the Note; (B) Pay, with interest, any amounts that Lender spends under this Security Instrument to protect the value of the Property and Lender’s rights in the Property; and (C) Keep all of my other promises and agreements under this Security Instrument and the Note. 1 understand and agree that MERS holds only legal title to the rights granted by me in this Security Instrument, but, if necessary to comply with law or custom. MERS(as nominee for Lender and Lender’s successors and assigns) has the ri^t; fHA UertOM WHh MERS-NY vxmu BftnktO VUP 9 VMP4N«S^iri’>‘ VMPe VMP4N(NY)I'60S).00 Woltxi Kknx'PtnvKlil SenK** P««*Sol20 htlps://a836-acfis.nyc.gov/DS/DocumentSearch/DocumentlmageView?doc_id=2016090601207001 8/23 FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024 payable, che amouDis due for any Escrow Items for which payment of Escrow Funds has been waived by Lender and, if Lender requires, will promptly send to Lender receipts showing such payment within such time period as Lender may require. My obligation to make such payments and to provide receipts will be considered to be a promise and agreement contained in this Security Instrument, as the phrase "promises and agreements" is used in Section 9 of this Security Instrument. IfI am obligated to pay Escrow Items directly, pursuant to a waiver, and I fail to pay the amount due for an Escrow Item, Lender may pay that amount and I will then be obligated under Section 9 of this Security Instrument to repay to Lender. Lender may revoke the waiver as to any or ail Escrow Items at any time by a notice given in accordance with Section 14 of this Security Instrument and, upon the revocation,1 will pay to Lender all Escrow Funds, and in amounts, that are then required under this Section 3. I promise to promptly send to Lender any notices that I receive ofEscrow Item amounts to be paid. Lender will estimate from time to time the amount of Escrow Funds I will have to pay by using existing assessments and bills and reasonable estimates of the amount I will have to pay for Escrow Items in the future, unless Applicable Law requires Lender to use another method for determining the amount I am to pay. Lender may, at any time, collect and bold Escrow Funds in an amount sufficient to permit Lender to apply the Escrow Funds at the time specified under RESPA. Applicable Law puts limits on the toul amount of Escrow Funds Lender can at any time collect and hold. This total amount cannot be more than the maximum amount a lender could require under RESPA. If there is another Applicable Law that imposes a lower limit on the total amount of Escrow Funds Lender can collect and hold, Lender will be limited to the lower amount, (b) Lender's Obligations. Lender will keep the Escrow Funds in a savings or banking institution which has its deposits insured by a federal agency, instrumentality, or entity, or in any Federal Home Loan Bank. IfLender is such a savings or banking institution. Lender may hold the Escrow Funds. Lender will use the Escrow Funds to pay the Escrow Items no later than the lime allowed under RESPA or other Applicable Law. Lender will give to me, without charge, an annual accounting of the Escrow Funds. That accounting will show all additions to and deductions from the Escrow Funds and the reason for each deduction. Lender may not charge me for holding or keeping the Escrow Funds, for using the Escrow Funds to pay Escrow Items, for making a yearly analysis of my payment of Escrow Funds or for receiving, or for verifying and lottling assessments and bills. However, Lender may charge me for these services if Lender pays me interest on the Escrow Funds and if Applicable Lawpennits Lender to make such a charge. Lender will not be required to pay me any interest or earnings on the Escrow Funds unless either(1)Lender and I agree in writing that Lender will pay interest on the Escrow Funds, or(2)Applicable Law requires Lender to pay interest on the Escrow Funds, (c) Adjustments to the Escrow Funds. Under Applicable Law, there is a limit on the amount of Escrow Funds Lender may bold. If the amount of Escrow Funds held by Lender exceeds this limit, then (here will be an excess amount and RESPA requires Lender to account to me in a special manner for the excess amount of Escrow Funds. THA Umm vVftft M€R$>NY VUP9 VMP4h^NY)(16O0).OO FferwfKMI P*0«rof30 hUps://a836-acfis,nyc.gov/DS/DocumenlSearchyDocumentlmageVlew?docJd=2016090601207001 9/23 FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024 If, at any (ime. Lender has not received enough Escrow Funds to make (he payments of Escrow Items when the payments are due, Leader may tell me in writing that an additional amount is necessary. I will pay to Lender whatever additional amount is necessary to pay the Escrow Items when the payments are due, but the number of payments will not be more than 12. When I have paid all ofthe Sums Secured, Lender will promptly refund to me any Escrow Funds that are then being held by Lender. 4. Borrower's Obllgatlonto Pay Charges,Assessmentsand Claims.I will pay all taxes, assessments, water charges, sewer rents and other similar charges, and any other charges and fines that may be imposed on the Property and that may be superior to this Security Instrument. I will also make ground rents or payments due under my lease ifl am a tenant on the Property and Community Association Dues, Fees, and Assessments(if any)due on the Property. If these items are Escrow Items, I will do this by making the payments as described in Section 3 of this Security Instrument. In this Security Instrument, the word "Person” means any individual, organization, governmental authority or other party. I will promptly pay or satisfy all Liens against the Property that may be superior to this Security Instrument. However, this Security Instrument does not require me to satisfy a superior Lien if:(a)I agree, in writing, to pay the obligation which gave rise to the superior Lien and Lender approves the way in which I agree to pay that obligation, but only so long as I am performing such agreement;(b) in good faith, I argue or defend against the superior Lien in a lawsuit so that in Lender's opinion, during the lawsuit, the superior Lien may not be enforced, but only until the lawsuit ends; or(c)I secure from the holder of that other Lien an agreement, approved in writing by Lender, that the Lien of this Security Instrument is superior to the Lien held by that Person. If Lender determines that any part of the Property is subject to a superior Lien, Lender may give Borrower a notice identifying(he superior Lien. Within 10 days ofthe dale on which the notice is given. Borrower shall pay or satisfy the superior Lien or take one or more of the actions mentioned in this Section 4. 5. Borrower’s Obllgationto Maintain Hazard Insuranceor Propertylnsurance.I will obtain hazard or property insurance to cover all buildings and other improvements that now are, or in the future wilt be, located on the Property. The insurance will cover loss or damage caused by fire, hazards normally covered by "Extended Coverage" hazard Insurance policies, and any other hazards for which Leader requires coverage, including, but not limited to earthquakes and floods. The insurance will be in the amounts (including, but not limited to, deductible levels) and for the periods of time required by Lender. What Lender requires under the last sentence can change during the term of the Loan. I may choose the insurance company, but my choice is subject to Lender's right to disapprove. Lender may not disapprove my choice unless the disapproval is reasonable. Lender may require me to pay cither(a)a one-time charge for flood zone determination, certification and tracking services, or (b)a one-time charge for flood zone determination and certification services and subsequent charges each lime remappings or similar changes occur which reasonably might affect the flood zone determination or certification. Ifl disagree with the flood zone determination, I may request the Federal Emergency Management Agency to review the flood zone determination and I promise to pay any fees charged by the Federal Emergency Management Agency for its review. FKA Uct%*g» WV M El^S-NY V3tf20l4 VMP 6 VMP4N(NYH1SOe).0O KKNi«rPiA»ncl«l Sefvic«« P«9«aof20 https://a836-acfjs,nyc.gov/DS/OocumentSearch/DocumentImagoVjew?docJd*2016090601207001 10/23 FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024 in fail io maintain any of the insurance coverages described above. Lender may obtain insurance coverage, at Lender's option and my expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage will cover Lender, but might or might not protect me, my equity in the Property,or the contents ofthe Property,against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. I acknowledge that the cost ofthe insurance coverage so obtained might significantly exceed the cost of insurance that I could have obtained. Any amounts disbursed by Lender under this Section 5 will become my additional debt secured by this Security Instrument, These amounts will bear interest at the interest rate set forth in the Note from the date ofdisbursement and will be payable with such interest, upon notice from Lender to me requesting payment. All of the insurance policies and renewals of those policies will include what is known as a "Standard Mortgage Clause" to protect Lender and will name Lender as mortgagee and/or as an additional loss payee. The form of ail policies and renewals will be acceptable to Lender. Lender will have the right to hold the policies and renewal certificates. If Lender requires, I will promptly give Lender all receipts of paid premiums and renewal notices that I receive. Iflobtainany form ofinsurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy will include a Standard Mortgage Clause and will name Lender as mortgagee and/or as an additional loss payee. If there is a loss or damage to the Property, I will promptly notify the insurance company and Leader. If I do not promptly prove to the insurance company that the loss or damage occurred, then Lender may do so. The amount paid by the insurance company for loss or damage to the Property is called "Insurance Proceeds." Unless Lender and I otherwise agree in writing, any Insurance Proceeds, whether or not the underlying insurance was required by Lender, will be used to repair or to restore the damaged Property unless;(a)it is not economically feasible to make the repairs or restoration;(b)the use of the Insurance Proceeds for that purpose would lessen the protection given to Lender by this Security Instrument; or(c) Lender and I have agreed in writing not to use the Insurance Proceeds for that puipose. During the period that any repairs or restorations are being made. Lender may hold any Insurance Proceeds until it has had an opportunity to inspect the Property to verify that the repair work has been completed to Lender's satisfaction. However, this inspection will be done promptly. Lender may make payments for the repairs and restorations io a single payment or in a series of progress payments as the work is completed. Unless Lender and I agree otherwise in writing or unless Applicable Law requires otherwise, Lender is not required to pay me any interest or earnings on the Insurance Proceeds. I will pay for any public adjusters or other third parties that I hire, and their fees will not be paid out ofthe Insurance Proceeds. If the repair or restoration is not economically feasible or if it would lessen Lender's protection under this Security Instrument, then the Insurance Proceeds will be used to reduce the amount that 1 owe to Lender under this Security Instrument. Such Insurance Proceeds will be applied in the order provided for in Section 2. Ifany ofthc Insurance Proceeds remain after the amount that I owe to Lender has been paid in full, the remaining Insurance Proceeds will be paid to me. If I abandon the Property, Lender may file, negotiate and settle any available insurance claim and related matters. IfI do not answer, within 30 days, a notice from Lender slating that the insurance company has offered to settle a claim. Lender may negotiate and settle the claim. The 30-day period f=HA MongMaWVl UEOSJ4Y »3uriQg such repair and restoration period, Lender will have the right to bold such Miscellaneous Proceeds until Lender has had an opportunity to inspect the Property to verify that the work has been convicted to Lender's satisfaction. However, the inspection will be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a scries of progress payments as the work is completed. Unless Lender and I agree otherwise in writing or unless Applicable Law requires interest to be paid on such Miscellaneous Proceeds. Lender will not be required to pay Bonower any interest or earnings on the Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security given in this Security F KA UonotM wan M E RSMT eo'kanSrUMH'* VMP• VMP4N(Kr)(1SM).00 WMars KkMW FntncUl 8*>vlc«> P*9al1e(20 https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentlmageView?doc_id=2016090601207001 13/23 FILED: QUEENS COUNTY CLERK 04/22/2024 11:14 AM INDEX NO. 708532/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 04/22/2024 Instniment would be lesseaed, the Miscellaneous Proceeds will be applied to the Sums Secured, whether or not then due. The excess, ifany, will be paid to me. Such Miscellaneous Proceeds will be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds will be applied to the Sums Secured, whether or not then due. The excess, if any, will be paid to me. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the Sums Secured immediately before the partial taking, destruction, or loss in value, the Sums Secured will be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction:(a)the total amount of the Sums Secured immediately before the partial taking, destniciion. or loss in value divided by (b)the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to me. In the event of a partial taking, destructiOD, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the Sums Secured immediately before the partial taking, destruction, or loss in value, the Miscellaneous Proceeds will be applied to the Sums Secured whether or not the sums are then due. IfI abandon the Property, or iC after Lender sends me notice that the Opposing Party (as defined in the next sentence)offered to make an award to settle a claim for damages, I fail to respond to Lender within 30 days after the date Lender gives notice. Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the Sums Secured, whether or not then due. "Opposing Party" means the third party that owes me Miscellaneous Proceeds or the party against whom I have a right of action in regard to Miscellaneous Proceeds. 1 will be in default under this Security Instrument if any civil or criminal action or proceeding that Lender determmes could result in a court ruling(a) that would require Forfeiture of the Property, or (b)that could damage Lender's interest in the Property or rights under this Security Instrument. "Forfeiture" is a court action to require the Property, or any part ofthe Property, to be given up. I may correct the default by obtaining a court ruling that dismisses the court action, if Lender determines that this court ruling prevents Forfeiture of the Property and also prevents any damage to Lender's interest in the Property or rights under this Security Instrument. IfI correct the default, I will have the right to have enforcement ofthis Security Instrument discontinued, as provided in Section 18 oftbis Security Instrument, even ifLender has required Immediate Payment in Full(as defined in Section 22). The proceeds of any award or claim for damages that arc attributable to the damage or reduction of Lender's interest in the Property are assigned, and will be paid, to Lender. All Miscellaneous Proceeds that arc not applied to restoration or repair of the Property will be applied in (be order provided for in Section 2. 11. Continuation of Borrower's Obligations and of Lender's Rights, (a) Borrower's Obligations. Lender may allow me, or a Person who takes over my rights and obligations, to delay or to change the amount of the Periodic Payments. Even if Len