Complaint,Petition: Longbridge Financial, Llc v. Marie A. Seyerlein AKA MARIE SEYERLEIN AKA MARIE ANN SEYERLEIN, United States Of America Acting On Behalf Of The Secretary Of Housing And Urban Development, American Express Centurion Bank, Velocity Investments, Llc Assignee Of Finwise Bank, John Doe #1 Through John Doe #10, Said Names Being Fictitious And Unknown To Plaintiff, Intended To Be Possible Tenants Or Occupants Of The Premises, Or Corporations, Persons, Or Other Entities Having Or Claiming A Lien Upon The Mortgaged Premises

On May 06, 2024 a Complaint,Petition was filed involving a dispute between Longbridge Financial, Llc, and American Express Centurion Bank, John Doe #1 Through John Doe #10, Said Names Being Fictitious And Unknown To Plaintiff, Intended To Be Possible Tenants Or Occupants Of The Premises, Or Corporations, Persons, Or Other Entities Having Or Claiming A Lien Upon The Mortgaged Premises, Marie A. Seyerlein Aka Marie Seyerlein Aka Marie Ann Seyerlein, United States Of America Acting On Behalf Of The Secretary Of Housing And Urban Development, Velocity Investments, Llc Assignee Of Finwise Bank, for Real Property - Mortgage Foreclosure - Residential in the District Court of Rensselaer County.

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FILED: RENSSELAER COUNTY CLERK 05/06/2024 01:07 PM INDEX NO. EF2024-276772
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 05/06/2024

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF RENSSELAER
-------------- —------------ -------------------- ---------- ----------------X
LONGBRIDGE FINANCIAL, LLC, COMPLAINT

Plaintiff,
-against- Index No.:

MARIE A. SEYERLEIN AKA MARIE SEYERLEIN MORTGAGED PREMISES:
AKA MARIE ANN SEYERLEIN; UNITED STATES 516MASHODACKRD
OF AMERICA ACTING ON BEHALF OF THE NASSAU, NY 12123
SECRETARY OF HOUSING AND URBAN
DEVELOPMENT; AMERICAN EXPRESS
CENTURION BANK; VELOCITY INVESTMENTS,
LLC ASSIGNEE OF FINWISE BANK; “JOHN DOE
#1” through “JOHN DOE #10,” said names being
fictitious and unknown to plaintiff, intended to be
possible tenants or occupants of the premises, or
corporations, persons, or other entities having or
claiming a lien upon the mortgaged premises,

Defendants.
...... ....... -................................................... -........ X

The Plaintiff herein, by its attorneys, GREENSPOON MARDER LLP, complains and

alleges upon information and belief as follows:

AS AND FOR A FIRST CAUSE OF ACTION

1. Plaintiff, LONGBRIDGE FINANCIAL, LLC, is a Company organized under the

laws of the United States of America.

2. On or about April 18, 2012, WILLIAM SEYERLEIN, now deceased and MARIE

A. SEYERLEIN AKA MARIE SEYERLEIN AKA MARIE ANN SEYERLEIN executed and

delivered to ONE REVERSE MORTGAGE, LLC an Adjustable-Rate Note (Home Equity

Conversion) bearing that date (the ‘Note”), whereby WILLIAM SEYERLEIN, now deceased and

MARIE A. SEYERLEIN AKA MARIE SEYERLEIN AKA MARIE ANN SEYERLEIN

(collectively, the “Borrowers”) covenanted and agreed to pay the sum of all loan advances, plus

interest, subject to the terms more fully set forth in the Note. The Note is annexed hereto as

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Exhibit A, collectively with the proper indorsements. As WILLIAM SEYERLEIN and MARIE

A. SEYERLEIN AKA MARIE SEYERLEIN AKA MARIE ANN SEYERLEIN held the

property as husband and wife, upon WILLIAM SEYERLEIN’s passing, MARIE A. SEYERLEIN

AKA MARIE SEYERLEIN AKA MARIE ANN SEYERLEIN became the sole owner of the

property under operation of law.

3. As security for the advances made under the Note, the Borrowers duly executed

and delivered to MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., AS

NOMINEE FOR ONE REVERSE MORTGAGE, LLC, an Adjustable Rate Mortgage Home

Equity Conversion Mortgage (the “Mortgage”), which was recorded in the Office of the

RENSSELAER County Clerk on April 27, 2012, bearing Instrument No. 2012-00407778. The

Mortgage is annexed hereto as Exhibit B. Any applicable recording tax was paid

contemporaneous therewith.

4. The Mortgaged Premises, more fully described in the Legal Description in

Schedule “A”, annexed hereto, is commonly known as 516 MASHODACK RD NASSAU, NY

12123, County of RENSSELAER (the “Premises”). Any applicable record tax was duly paid.

5. The Borrowers also executed and delivered a Home Equity Conversion Loan

Agreement, more commonly known as a “Reverse Mortgage Agreement,” which required the

lender to pay the sums secured by the Mortgage to the Borrowers. The Loan Agreement is

annexed hereto as Exhibit C.

6. The Mortgage was assigned from MORTGAGE ELECTRONIC

REGISTRATION SYSTEMS, INC. (“MERS”) AS NOMINEE FOR ONE REVERSE

MORTGAGE, LLC to LIVE WELL FINANCIAL, INC, by Assignment of Mortgage dated

March 11, 2016 and recorded in the Office of the RENSSELAER County Clerk on March 17,

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2016, bearing Instrument No. 2016-00491481. The Mortgage was further assigned from LIVE

WELL FINANCIAL, INC. to REVERSE MORTGAGE FUNDING, LLC, by Assignment of

Mortgage dated July 2, 2020 and recorded in the Office of the RENSSELAER County Clerk on

July 22, 2020, bearing Instrument No. 2020-571619. The Mortgage was assigned from LIVE

WELL FINANCIAL, INC. to REVERSE MORTGAGE FUNDING LLC by a duplicate

Assignment of Mortgage dated April 20, 2021 and recorded in the Office of the RENSSELAER

County Clerk on April 28, 2021, bearing Instrument No. 2021-588018. The Mortgage was

further assigned from REVERSE MORTGAGE FUNDING, LLC to LONGBRIDGE

FINANCIAL, INC, by Assignment of Mortgage dated April 9, 2024, which is to be recorded in

the Office of the RENSSELAER County Clerk. All Assignments of Mortgage are annexed

hereto as Exhibit D.

7. The Note, Mortgage, and Loan Agreement are more commonly known,

collectively, as a Reverse Mortgage. The Reverse Mortgage documents provide, in part, for the

events that cause a default by the borrowers.

8. LONGBRIDGE FINANCIAL, LLC is the owner and holder of the subject Note,

Mortgage, and Loan Agreement. The Note was indorsed by the original lender or its agent,

successor, or assign, and was delivered to plaintiff prior to the commencement of this action.

9. The Loan went into default on or about December 1, 2023, and was called due

and payable by HUD due to non-occupancy of the Property as the principal residence of the

Borrowers.

10. Although monies were advanced as required pursuant to the Reverse Mortgage

Documents, the Borrower and/or the Estate of the Borrower has failed to comply with the terms

and provisions of the Reverse Mortgage documents. -

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11. As of April 2, 2024, there is due, owing and unpaid to the Plaintiff, a balance of

$341,594.56, in addition to interest thereon, and necessary advances and expenditures as outlined

in the Reverse Mortgage Document.

12. Plaintiff has elected and hereby elects to declare immediately due and payable the

entire unpaid balance of principal, together with monies advanced for taxes, insurance, property

maintenance, as well as the costs, allowances and reasonable attorneys’ fees, to the extent

permitted by the mortgage. See, the demand letter which was sent to the Borrower(s)/Estate of

the Borrower(s), annexed hereto as Exhibit E.

13. Upon information and belief, to the extent applicable, Plaintiff is in compliance

with RPAPL § 1304. See 90 Day Notice, annexed hereto as Exhibit F.

14. Upon information and belief, to the extent applicable, Plaintiff is in compliance

with RPAPL § 1306. The tracking number provided by the New York State Department of

Financial Services is NYS6063921.

15. That in order to protect its security, the Plaintiff, or its agents, has paid or may be

compelled during the pendency of this action to pay local taxes, assessments, water rates,

insurance premiums and other charges affecting the Premises, and the Plaintiff requests that any

sums thus paid by it for said purposes (together with interest thereon), should be added to

the sum otherwise due and be deemed secured by the Mortgage and be adjudged a valid lien on

the Premises.

16. Each of the above-named defendants have, or may claim to have, some interest in

or lien upon the Premises or some part thereof, which interest or lien, if any, has accrued

subsequent to the lien of plaintiffs Mortgage. Pursuant to the provisions of CPLR § 5203(a)(2)

and/or RPAPL § 1311, any such interests or liens are subject and subordinate to plaintiffs

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mortgage.

17. The named party defendants are described and set out with specificity in the

annexed Schedule “B.”

18. The interest or lien of each of the named party defendant, if any, is set forth

specificity in the annexed Schedule “C.”

19. Plaintiff has complied with all of the provisions of Banking Law § 595-a, any

rules and regulations thereunder, as well as Banking Law §§ 6-1 and 6-m, if applicable.

20. Defendant, UNITED STATES OF AMERICA, ACTING ON BEHALF OF THE

SECRETARY OF HOUSING AND URBAN DEVELOPMENT, was granted a mortgage dated

on April 18, 2012 and recorded on April 27, 2012, bearing Instrument No. 2012-00407779, in

the Office of the RENSSELAER County Clerk, which purports to encumber the aforesaid real

property, but the lien thereof, if valid, is junior, inferior, and subordinate to the lien of Plaintiffs

Mortgage.

21. John Doe #1 through John Doe # 10 are fictitious and unknown to Plaintiff. Said

defendants are named to designate any and all persons or parties, if any, having or claiming an

interest in or lien upon the Premises. Said defendants may be judgment creditors or may have, or

claim to have, a subordinate mortgage, or may be tenants/occupants, or be heirs to the

Borrower’s estate, the possible interests of which are subordinate to the interest of Plaintiff

herein.

22. No other action or proceeding is currently pending at law or otherwise for the

foreclosure the Reverse Mortgage or for the recovery of the sum secured by the instant Reverse

Mortgage documents or any part thereof.

23. Plaintiff requests that in the event that this action proceeds to judgment of

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foreclosure and sale, the Premises shall be sold subject to the following:

i. Any state of facts that an inspection of the premises would disclose;

ii. Any state of facts that an accurate survey of the premises would show;

iii. Covenants, restrictions, easements and public utility agreements, if any;

iv. Building and zoning ordinances of the municipality in which the mortgage

premises are located and possible violations of same;

v. Any rights of tenants in possession of the subject premises;

vi. Any equity of redemption of the United States of America to redeem the

premises within 120 days from the date of sale;

vii. Prior mortgage liens of record, and any advances and arrears thereunder; and

viii. Prior lien(s) of record, if any.

24. Plaintiff shall not be deemed to have waived, altered, released or changed the

election hereinbefore made, by reason of any payment after the commencement of this action, of

any or all of the defaults mentioned herein, and such election shall continue and remain effective.

AS AND FOR A SECOND CAUSE OF ACTION

25. Pursuant to Article 15 of the Real Property Actions and Proceedings Law

(“RPAPL”) Plaintiff herein seeks to cancel, void, and/or expunge certain liens encumbering the

real property commonly known as 516 MASHODACK RD, County of RENSSELAER, bearing

tax map designation Parcel No. 212-1-68.14.

26. Said real property is encumbered by a prior mortgage held by the defendants set

forth in Schedule B and C, and annexed to this complaint.

27. On or about July 30, 2010, the Borrowers, WILLIAM SEYERLEIN, now

deceased and MARIE A. SEYERLEIN AKA MARIE SEYERLEIN AKA MARIE ANN

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SEYERLEIN executed and delivered a mortgage in favor of UNITED STATES OF AMERICA

ACTING ON BEHALF OF THE SECTRETARY OF HOUSING AND URBAN

DEVELOPMENT, recorded on August 27, 2010, bearing Instrument No. 2010-00365032 in the

Office of the RENSSELAER Clerk. The Mortgage is annexed hereto as Exhibit H.

28. On or about April 18, 2012, WILLIAM SEYERLEIN, now deceased and

MARIE A. SEYERLEIN AKA MARIE SEYERLEIN AKA MARIE ANN SEYERLEIN

executed and delivered to ONE REVERSE MORTGAGE, LLC, the Note, whereby the Borrower

covenanted and agreed to pay the sum of all loan advances, plus interest, subject to the terms more

fully set forth in the Note. See Exhibit A.

29. As security for the advances made under the Note, WILLIAM SEYERLEIN, now

deceased and MARIE A. SEYERLEIN AKA MARIE SEYERLEIN AKA MARIE ANN

SEYERLEIN duly executed and delivered to MORTGAGE ELECTRONIC REGISTRATION

SYSTEMS, INC., AS NOMINEE FOR ONE REVERSE MORTGAGE, LLC, a Mortgage,

bearing Instrument No. 2012-00407778, in the Office of the RENSSELAER Clerk. See Exhibit

30. It appears from review of the public records that UNITED STATES OF

AMERICA ACTING ON BEHALF OF THE SECTRETARY OF HOUSING AND URBAN

DEVELOPMENT might claim an interest or estate in the Mortgaged Premises that is adverse to

the Plaintiff.

31. Upon information and belief, the mortgage in favor of UNITED STATES OF

AMERICA ACTING ON BEHALF OF THE SECTRETARY OF HOUSING AND URBAN

DEVELOPMENT was satisfied at the origination of the loan that serves as the subject of this

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foreclosure proceeding. The necessary satisfaction of mortgage was not recorded, and said

mortgage is subordinate to the Note and Mortgage being foreclosed herein.

32. Upon information and belief, the defendants herein are of full age and sound mind

and are not absentees, infants, incompetent or an alcohol abuser.

33. A judgment will not affect a person or persons not in being or ascertained at the

commencement of this action, who by any contingency contained in a devise or grant, or

otherwise, could afterward become entitled to a beneficial estate or interest in the property

involved.

34. No personal claim is made, in this action, against the defendants other than a

defendant who shall assert a claim adverse to the claim of Plaintiff set forth in this complaint.

35. Plaintiff has no adequate remedy at law.

WHEREFORE, Plaintiff demands judgment, against the defendants as follows:

a. That each and all of the defendants in this action, and any and all persons

claiming by, through and under any of them, subsequent to the commencement

of this action and the filing of the Notice of Pendency thereof in the Office of

the RENSSELAER County in the State of New York, which is the county in

which the Premises are located, may be forever barred and foreclosed of any

and all right, title and interest, claim, lien and equity of redemption in the

Premises;

b. That a receiver of rents may be appointed without notice, to the extent provided

in the Mortgage;

c. That the Court direct that the Premises can be sold according to law, in one

parcel or otherwise as equity may require;

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d. That the monies arising from the sale of the Premises may be brought into

Court;

e. That the monies due to Plaintiff on the Note and Mortgage may be adjudged and

computed;

f. That Plaintiff may be paid the amount adjudged to be due on the Note and the

Mortgage with interest at the time of such payment, together with any monies

advanced and paid pursuant to any term of provision of the Note and Mortgage

so as to protect the lien of the Mortgage, and together with taxes, insurance

premiums and all other charges and liens paid thereon with interest upon said

amount from the date of the respective payments and advances, together with

all amounts due by virtue of statutory costs, allowances and attorney’s fees,

together with any reasonable attorney’s fees over and above the amounts

covered by the statutory attorney’s fees, together with the expenses of the sale

insofar as the amount of such monies properly applicable thereto will pay the

same;

g. That Plaintiff be awarded reasonable attorney’s fees as provided in the Note and

Mortgage, as well as the costs and disbursements of this action.

Dated: April 19,2024
New York, New York GREENSPOON MARDER, LLP
Attorneys for Plaintiff

By: /s/ Monica G. Christie
Monica G. Christie, Esq.
1345 Avenue of the Americas
Suite 2200
New York, NY 10105
P: (212) 524-5000
F: (212) 524-5050 (No Service by fax)

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Please respond to Cypress Creek office:

Trade Centre South
100 W. Cypress Creek Road, Suite 700
Fort Lauderdale, FL 33309
P: (888) 491-1120
F: (954)343-6982

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LEGAL DESCRIPTION

Land Situated In the Town of Nassau in the County of Rensselaer In lhe Slate of NY

ALL THAT PARCEL OF LAND TOGETHER WITH THE IMPROVEMENTS THEREON SITUATED IN THE TOWN OF
NASSAU, RENSSELAER COUNTY, N.Y. AND DESCRIBED AS FOLLOWS; BEGINNING AT AN IRON PIN ON THE
EASTERLY LINE OF MASHODACK ROAD THENCE ALONG SAID EASTERLY LINE N 14 DEGREES 36 MINUTES 00
SECOND E 149.72 FEET AND N 05 DEGREES 57 MINUTES 40 SECONDS E 90.49 FEET TO AN IRON PIN THENCE
S 89 DEGREES 18 MINUTES 27 SECONDS E 88,93 FEET TO AN IRON PIN THENCE CONTINUING S 89 DEGREES
18 MINUTES 27 SECONDS E AND BISECTING A POND, 388.88 FEET TO AN IRON PIN AT THE POND DAM THENCE
CONTINUING S 89 DEGREES 17 MINUTES 27 SECONDS E 117.77 FEET THENCE S 00 DEGREE 00 MINUTE 07
SECONDS E 227.68 FEET TO AN IRON PIN THENCE DUE WEST 642.68 FEET TO THE POINT OF BEGINNING.

EXCEPTING FROM THE ABOVE A20 FOOT WIDE RIGHT OF WAY LEADING FROM THE NORTHERLY BOUNDARY
OF PARCEL 3A TO THE EASTERLY BOUNDARY OF PARCEL 3ATHE CENTERLINE OF WHICH IS DESCRIBED AS
FOLLOWS: BEGINNING AT A POINT IN THE CENTER OF A POND DAM, SAID POINT BEARS S 89 DEGREES 18
MINUTES 27 SECONDS HAND IS DISTANT 10.11 FEET FROM AN IRON PIN ON THE EASTERLY SIDE OF THE
DAM THENCE ALONG THE CENTER OF SAID DAM AND A WOODS ROAD S 09 DEGREES 17 MINUTES 00
SECOND W 197.28 FEET AND N 79 DEGREES 29 MINUTES 34 SECONDS E 141.91 FEET.

ALSO ALL THAT CERTAIN PLOT, PIECE OR PARCEL OF LAND. WITH THE BUILDINGS AND IMPROVEMENTS
THEREON ERECTED, SITUATE, LYING AND BEING IN THE TOWN OF NASSAU, COUNTY OF RENSSELAER,
STATE OF NEW YORK BOUNDED AND DESCRIBED AS FOLLOWS:

BEGINNING AT AN IRON PIN SITUATED ON THE EASTERLY LINE OF MASHODACK ROAD SAID PIN BEING 2800
FEET MORE OR LESS SOUTHERLY OF THE INTERSECTION OF SAID ROAD AND U.S. ROUTE 20 THENCE DUE
EAST 642.68 FEET THENCE S 01 DEGREE 26 MINUTES 00 SECOND E 601.91 FEET TO AN IRON PINATASTONE
WALL THENCE ALONG THE SAME S 64 DEGREES 05 MINUTES 50 SECONDS W 432.56 FEET TO AN IRON PIN
THENCE N 13 DEGREES 20 MINUTES 45 SECONDS E 505.35 FEET TO AN IRON PIN THENCE S 66 DEGREES 23
MINUTES 15 SECONDS W 414.00 FEET TO AN IRON PIN ATTHE EASTERLY LINE OF MASHODACK ROAD
THENCE ALONG THE SAME N 12 DEGREES 42 MINUTES 00 SECOND E 45.85 FEET, N 05 DEGREES 24 MINUTES
00 SECOND E 86.00 FEET; N 04 DEGREES 45 MINUTES 00 SECOND W 84.00; N 01 DEGREE 04 MINUTES 00
SECOND W 63.00 FEET. N 03 DEGREES 28 MINUTES 00 SECOND E 65.00 FEET, N 06 DEGREES 15 MINUTES 00
SECOND E 77.00 FEET AND N 14 DEGREES 36 MINUTES 00 SECOND E 73.28 FEET TO THE POINT OF
BEGINNING.

BEING lhe same property conveyed to William Seyerlein and Marie A. Seyerleln, as husband and wife by Deed from
David S. Troy and John P. Hatch, joint tenants, dated 10/17/2008 and recorded 10/21/2008 In Book 4801, Page 278 of
Official Records.

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SCHEDULE B - PARTY DEFENDANTS

PARTY DEFENDANT(S)

MARIE A. SEYERLEIN AKA MARIE SEYERLEIN AKA MARIE ANN SEYERLEIN,
Defendant is the sole Owner/Borrower.

UNITED STATES OF AMERICA ACTING ON BEHALF OF THE SECRETARY OF
HOUSING AND URBAN DEVELOPMENT, Defendant is a Mortgagee.

AMERICAN EXPRESS CENTURION BANK, Defendant is a Lienor/Creditor.

VELOCITY INVESTMENTS, LLC ASSIGNEE OF FINWISE BANK, Defendant is a
Lienor/Creditor.

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SCHEDULE C - PARTY INTERESTS

PARTY DEFENDANT(S)

MARIE A. SEYERLEIN AKA MARIE SEYERLEIN AKA MARIE ANN SEYERLEIN,
Defendant has interest/is sole Owner of Record pursuant to Deed dated October 17, 2008 and
recorded on October 21, 2008, bearing Instrument No. 2008-00313629.

UNITED STATES OF AMERICA ACTING ON BEHALF OF THE SECRETARY OF
HOUSING AND URBAN DEVELOPMENT, Defendant has interest/is a Mortgagee by virtue of
mortgage recorded on April 27, 2012, bearing Instrument No. 2012-00407779.

AMERICAN EXPRESS CENTURION BANK, Defendant has interest/is a Judgment Creditor
by virtue of Judgment filed for record on July 2, 2015, in Book 7526, at Page 152, Index No.
247578-2014.

VELOCITY INVESTMENTS, LLC ASSIGNEE OF FINWISE BANK, Defendant has interest/is
a Judgment Creditor by virtue of Judgment recorded on filed February 8, 2016, in Index No.
002507682015.

1 All attachments corresponding with this Schedule are annexed hereto, collectively, at Exhibit G.

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EXHIBIT "A"

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ADJUSTABLE-RATE NOTE
HOME EQUITY CONVERSION
(LIBOR Ono-Month Indox (As Published In The Wall Street JournelJ-Rato Caps)

Date: April 18,2012
Property Address: 516 Mashodack Rd, Nassau, NY 12123

1. DEFINITIONS
‘Borrower" means each person signing al the end of (his Note. "Lender* means One Reverse Mortgage, LLC and
ils successors and assigns. "Secretary" means the Secretary of Housing and Urban Development or his or her
authorized representatives.

2. BORROWER'S PROMISE TO PAY: INTEREST
In return (or amounts to be advanced by Lender to or for the benefit of Borrower under the terms of a Home Equity
Conversion Loan Agreement dated April 18, 2012 ("Loan Agreement"), Borrower promises to pay to the order of
Lender a principal amount equal to the sum of all Loan Advances made under lhe Loan Agreement with interest All
amounts advanced by Lender, plus Interest, if not paid earlier, are due and payable on August 14,2096, Interest will
be charged on unpaid principal at lhe rate of TWO AND 740/1000 percent (2.740%) per year until the full amount of
principal has been paid. The Interest rate may change In accordance with Paragraph 5 of this Note. Accrued Interest
shall be added to the principal balance as a Loan Advance al (he end of each month,

3. PROMISE TO PAY SECURED
Borrower’s promise to pay Is secured by a mortgage, deed of trust or similar security Instrument that is dated the
same date as this Note and called the "Security Instrument." That Security Instrument protects the Lender from
losses which might result If Borrower defaults under this Note.

4. MANNER OF PAYMENT
(A) Time
Borrower shall pay all outstanding principal and accrued Interest to Lender upon receipt of a notice by Lender
requiring immediate payment-ln-full, as provided In Paragraph 7 of this Note.

(B) Place
Payment shall be made al: One Reverse Mortgage, LLC, 9920 Pacific Heights Blvd, Ste 350San Diego,
CA 92121 or any such other place as Lender may designate In writing by notice to Borrower.

(C) Limitation of Liability
Borrower sliall have no personal liability for payment of the debt. Lender shall enforce lhe debt only through
sale of the Property covered by (he Security Instrument ("Property"). If this Note Is assigned to the Secretary,
lhe Borrower shall not be liable for any difference between lhe mortgage Insurance benefits paid to Lender
and lhe outstanding Indebtedness, Including accrued Interest, owed by Borrower at the time of the assignment.

5. INTEREST RATE CHANGES
(A) Change Date
The interest rate may change on lhe first day of July, 2012, and on (] that day of each succeeding year (X]
lhe first day of each succeeding month. "Change Date" means each date on which the interest rate could
change.

(B) The Index
Beginning with the first Change Dale, the Interest rale will be based on an Index. "Index" means the interbank
offered rales for one month U.S. doilar-denomlnated deposits In the London market ("LIBOR"), as published In
The Wall Slreel Journal on the first business day of each week, which Is Monday, or Tuesday If Monday is a
non-publishing day. Any particular Index is valid until a New Index Is published lhe following Monday, or
Tuesday if Monday is a non-publishing day. "Current Index" means lhe most recent Index figure that Is valid 30
days before the Change Date, rounded to three digits to the right of the decimal point. If the Index (as defined
above) is no longer available, Lender will use as a naw Index any index prescribed by the Secretary. Lender
will give Borrower notice of lhe new Index.

(C) Calculation of Interest Rate Changes
Before each Change Date, Lender will calculate a new Interest rate by adding a margin of TWO AND 50/100
percentage points (2.500%) lo the currant Index. Subject to the limits slated in Paragraph 5(D) of this Note,
this amount will be the new Interest rate until lhe next Change Date.

(D) Limits on Interest Rate Changes
[ ] The Interest rale will never Increase or decrease by more than two percentage points (2.0%) on any single
Change Dale. The interest rate will never be more than five percentage points (5.0%) higher or lower than the
initial Interest rate stated In Paragraph 2 of (his Note.
(X] The interest rate will never increase above TWELVE AND 740/1000 percent (12.740%).

(E) Notice of Changes
Lender will give notice to Borrower of any change in (he interest rale. The notice must be given al least 25

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days before the new Interest rale takes effect, and must set forth (I) the date of the notice, (II) the Change
Date, (ill) the old interest rate, (Iv) the new Interest rate, (v) the Current Index and the date lt was published,
(vi) the method of calculating the adjusted interest rate, and (vll) any other Information which may be required
by law from time to time.

(F) Effective Date of Changes
A new Interest rate calculated in accordance with paragraphs 5(C) and 5(D) of this Note will become effective
on the Change Dale, unless the Change Date occurs less than 25 days after Lender has given the required
notice. If the Interest rate calculated In accordance with Paragraphs 5(C) and 5(D) of this Note decreased, but
Lender failed to give timely notice of the decrease and applied a higher rate than the rale which should have
been slated In a timely notice, then Lender shall recalculate the principal balance owed under this Note so It
does not reflect any excessive Interest.

6. BORROWER’S RIGHT TO PREPAY
A Borrower has the right to pay the debt evidenced by this Note, In whole or In part, without charge or penalty. Any
amount of debt prepaid will first be applied to reduce the principal balance of the Second Note described In
Paragraph 11 of this Note and then to reduce the principal balance of this Note.

All prepayments of the principal balance shall be applied by Lender as follows:

First, to that portion of the principal balance representing aggregate payments for mortgage Insurance
premiums;

Second, to that portion of the principal balance representing aggregate payments for servicing fees;

Third, to that portion of the principal balance representing accrued Interest due under the Note; and

Fourth, Io the remaining portion of the principal balance, A Borrower may specify whether a prepayment Is to
be credited to that portion of the principal balance representing monthly payments or the line of credit If
Borrower does nol designate which portion of the principal balance is to be prepaid, Lender shall apply any
partial prepayments to an existing line of credit or create a new line of credit.

7. IMMEDIATE PAYMENT-IN-FULL
(A) Death or Sale
Lender may require immediate payment-ln-full of all outstanding principal and accrued Interest if:

(I) A Borrower dies and the Property Is nol the principal residence of at least one surviving Borrower, or

(ii) All of a Borrower’s tilla In the Property (or his or her beneficial interest In a trust owning all or part of the
Property) is sold or otherwise transferred and no other Borrower retains Mie to the Property in fee simple
or retains a leasehold under a lease for nol less than 99 years which is renewable or a lease having a
remaining period of not less than 60 years beyond the dale of the 100th birthday of the youngest
Borrower or retains a life estate, (or retaining a beneficial interest in a trust with such an Interest In the
Property).

(B) Other Grounds
Lender may require Immediate payment-ln-full of all outstanding principal and accrued Interest, upon approval
by an authorized representative of the Secretary, if:

(I) The Property ceases to be the principal residence of a Borrower for reasons other than death and the
Property Is not the principal residence of al least one other Borrower,

(li) For a period of longer than 12 consecutive months, a Borrower faits to physically occupy the Property
because of physical or mental illness and the Property Is not the principal residence of al least one other
Borrower; or

(lii) An obligation of the Borrower under the Security Instrument is not performed.

(C) Payment of Costs and Expenses
If Lender has required immediate payment-ln-fuli as described above, the debt enforced through sale of the
Property may Include costs and expenses, Including reasonable and customary attorney’s fees, associated
with enforcement of this Note to lhe extent not prohibited by applicable law. Such fees and costs shall bear
Interest from (he date of disbursement at lhe same rate as the principal of this Note.

(D) Trusts
Conveyance of a Borrower's interest in (he Property to a trust which meets (he requirements of lhe Secretary,
or conveyance of a trust’s Interests In the Property to a Borrower, shall not be considered a conveyance for
purposes of this Paragraph. A trust shall nol be considered an occupant or be considered as having a principal
residence tor purposes of this Paragraph.

8. WAIVERS
Borrower waives lhe rights of presentment and notice of dishonor. "Presentment" means lhe right to require Lender
to demand payment of amounts due, “Notice of dishonor" means (he right to require Lender to give notice to other

(page 2 of 3 pages) Multsiate A^ustabte-Rale FfECM Note

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parsons that amounts due have not been paid.

9. GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to Borrower under this Note will be
given by delivering II or by mailing It by first class mail to Borrower at the property address above or at a different
address If Borrower has given Lender a notice of Borrower's different address.

Any notice that must be given lo Lender under this Note wifi be given by first class mall to Lender al the address
stated In Paragraph 4(B) or at an different address If Borrower is given a notice of that different address,

10. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully obligated lo keep all of the promises made in this Note.
Lender may enforce Its rights under this Note only through sale of lhe Property,

11. RELATIONSHIP TO SECOND NOTE
(A) Second Note
Because Borrower will be required lo repay amounts which lhe Secretary may make to or on behalf of
Borrower pursuant to Section 255(l)(1 )(A) of lhe National Housing Act and lhe Loan Agreement, the Secretary
has required Borrower lo grant a Second Note lo lhe Secretary.

(B) Relationship of Secretary Payments to this Note
Payments made by lhe Secretary shall not be Included In the debt due under this Note unless:

(i) This Note Is assigned to the Secretary; or

(ii) The Secretary accepts reimbursements by ths Lender lor all payments made by lhe Secretary.

If lhe circumstances described in (I) or (II) occur, than all payments by lhe Secretary, Including interest on the
payments, shall be included in the debt.

(C) Effect on Borrower
Where there Is no assignment or reimbursement as described in (B)(i) or (II), and the Secretary makes
payments to Borrower, then Borrower shall not:

(I) Ba required lo pay amounts owed under this Note until lhe Secretary has required paymenl-ln-full of all
outstanding principal and accrued interest under the Second Note held by the Secretary, notwithstanding
anything to the contrary In Paragraph 7 erf this Note; or

(li) Be obligated lo pay Interest or shared apprecialion under this Note at any lime, whether accrued before
or alter the payments by lhe Secretary, and whether or not accrued Interest has been included In the
principal balance of this Note, notwithstanding anything to lhe contrary in Paragraphs 2 or 5 of this Note
or any Allonge lo (his Note.

12. SHARED APPRECIATION (If Applicable)
If Borrower has executed a Shared Appreciation Allonge, the covenants of the Allonge shall be incorporated Into and
supplemenl lhe covenants of this Note as if lhe Allonge were a part of this Note.

BY SIGNING BELOW, Borrower accepts and agrees to lhe terms and covenants contained In this Note.

g------ - 4/18/12 (Seal) ___ <>^4/10/12 (Seal)
erleln Borro\

(MSO 3 rt 3 pages) Mulbstato Adjustable-Rale HECM Rota

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ALLONGE TO NOTE

ALLONGE TO NOTE DATED: April 18. 2012

LOAN NUMBER:

IN FAVOR OF: One Reverse Mortgage, LLC

LOAN AMOUNT: $420,000.00

AND EXECUTED BY: William Seyerlein
Marie A. Seyerlein

ADDRESS: 516 Mashodack Rd
Nassau, NY 12123-9201

WITHOUT RECOURSE
Pay to the Order of

One Reverse Mortgage, LLC

By /I - - _________________

Amy Christensen
Control'ier of One Reverse Mortgage, LLC

2008/05 allonge.pcl

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EXHIBIT "B"

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Rensselaer C

Case Info

Case No.

(Subscribe to View)

Document Filed Date

May 06, 2024

Case Filing Date

May 06, 2024

County

Parties

AMERICAN EXPRESS CENTURION BANK Defendant
CHRISTIE, MONICA G. Attorney for the Plaintiff
JOHN DOE #1 through JOHN DOE #10, said names being fictitious and unknown to plaintiff, intended to be possible tenants or occupants of the premises, or corporations, persons, or other entities having or claiming a lien upon the mortgaged premises Defendant
LONGBRIDGE FINANCIAL, LLC Plaintiff
Marie A. Seyerlein AKA MARIE SEYERLEIN AKA MARIE ANN SEYERLEIN Defendant
UNITED STATES OF AMERICA ACTING ON BEHALF OF THE SECRETARY OF HOUSING AND URBAN DEVELOPMENT Defendant
VELOCITY INVESTMENTS, LLC ASSIGNEE OF FINWISE BANK Defendant

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