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FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF SARATOGA
CARRINGTON MORTGAGE SERVICES LLC, CERTIFICATE OF MERIT
PlaintitT, INDEX NO.
vs.
RHONDA NYLAND, AS HEIR AND
DISTRIBUTEE OF THE ESTATE OF WILLIAM M.
MEHAN; JERI MEHAN, AS HEIR AND
DISTRIBUTEE OF THE ESTATE OF WILLIAM M.
MEHAN; BRENDA LARKIN, AS HE1R AND
DISTRIBUTEE OF THE ESTATE OF WILLIAM M.
MEHAN; LORI MEHAN, AS HEIR AND
DISTRIBUTEE OF THE ESTATE OF WILLIAM M.
MEHAN; WILLIAM MEHAN, JR. A/K/A
WILLIAM MEHAN, AS HEIR AND DISTRIBUTEE
OF THE ESTATE OF WILLIAM M. MEHAN;
HEIRS AND DISTRIBUTEES OF THE ESTATE OF
WILLIAM M. MEHAN; SECRETARY OF
HOUSING AND URBAN DEVELOPMENT; NEW
YORK STATE DEPARTMENT OF TAXATION
AND FINANCE; UNITED STATES OF AMERICA,
#1" #12,"
"JOHN DOE thmugh "JOHN DOE the
last twelve names being fictitious and unknown to
plaintiff, the persons or parties intended being the
tenants, occupants, persons or corporations, if any,
having or claiming an interest in or lien upon the
premises, described in the complaint,
Defendant(s).
1. I am an attorney duly licensed to practice in the state of New York and am affiliated
with the law firm of Robertson, Anschutz, Schneid, Crane & Partners, PLLC, the
attorneys for the above-named plaintiff.
2. Kinsey Bartlett, an Assistant Secretary of plaintiff or plaintiffs servicer, confirmed
that he personally reviewed plaintiffs documents and records-relating to this case for
factual accuracy.
1111111H11111111111111A111111H IIIllllIIHIElllIlllllHAIAllilllH ll11111Hil1111H11111111ll
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3. Based upon my review of the communication with plaintiffs representative, as well as
upon my own inspection of the documents and other diligent inquiry, I certify that to
the best. of my knowledge, information and belief, there exists a reasonable basis for
the commencement of a mortgage foreclosure action and that plaintifFor its nominee
is entitled to enforce its rights under the loan documents in accordance with
applicable law.
4. All of the relevant documents, all of which have been reviewed by me, are attached to
this Certificate of Merit.
Dated: April 25, 2024
Westbury, New
BY:
[ Z. BO KIN, ESQ.
[X] ANTHONY CELLUCCI, ESQ.
[ ] SCOTT R. WEISS, ESQ.
[ ] KELLY R. FABER, ESQ.
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State of NEW YORK
ADJUSTABLE-RATE NOTE
(Home Equity Conversion)
June 4, 2015 FHA Case No.
Loan No.
MIN:
22 LAKE STREET, STILLWATER. New Yort 12176 (Prooetty Address)
1. DEFINITIONS
"Borrower"
means each person
signing at the end of this Note, The term does not include his.or her
"Lender"
successors or assigns. means Homestead Funding Corp. and its successors and assigns.
"Secretary"
means the Secretary of liousing and Urban Developatent or his or her authorized
Spouse"
representatives. "Non-Borrowing means N/A, who is legally married to Borrower N/A.
Spouse"
"Eligible Non-Borrowing means a Non-Borrowing Spouse who meets the Qualifying Attributes
Spouse"
requirements defined in ML 2014-07 for a Defenal Feriod. "Ineligible Non¬Borrowing means a
Non-Borrowing Spouse who does not meet the Qualifying Attributes requirerments defmed in ML
2014-07 for a Deferral Period.
2. BORROWER'S PROMISE TO PAY: INTEREST
In return for amounts to be advanced
by Lender to or for the benefit of Borrower under the terms of a
Home Equity Conversion Loan Agmernent dated June 4, 2015 ("Loan Agreement"), Borrower promises
to pay to the order of Lender a principal amount equal to the sum of all Loan Advances made under the
Loan Agreement with inte est. All amounts advarmed by Lender, plus interest, if not due earlier, are due
and payable on February 11, 2087. interest will be charged on unpaid principal at the mte of Three
AND Two Hundred Fifty Thousandth percent (3.250%) 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 at the 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
Instrument."
dated the some date as this Note and called the "Security The Security Instrument protects
the 1.ender 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 ofa
notice by Lender requiring immediate payment-in-full, as provided in Paragraph 7 of this Note.
(B) PInce
Payment shall be made at Homes.dead Funding Corps 5 Airline Drive, Albany, NY 12205 or
at such other place as Lender may designate in writing by notice to Barrower.
(C) Limitation of Liability
Borrower shall have no personal liability for payment of the debt Lamder shall ertforce the debt
only through sale of the Propelty covered by the Security Instrument ("Paperty"). If this Note is
assigned to the Secretary, the Borrower shall not be hable for any difference between the
mortgage insurance benefits paid to Lender and the outstanding indebtedness, including accrued
interest, owed by Borrower st the time of the assignment.
hse lef5 HECMFM 20M
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5. INTEREST RATE CHANGES
(A) Change Date
The interest rate may change on July 1, 2016 and on that day of each succeeding year. "Change
Date"
means each date on which the interest rate could change,
(B) The Index
with the first Change Date, the mterest ate will be based on an Index. "Indexª
Begirming The
means the average of interbank offered rates for one-year U.S. dollar-denominated deposits in
London market ("LIBOR"), as published in The Wall Street Journal, rounded to three digits to
Index"
the right of the decimal point. The "Current means the most recent Index figure available
30 days before the Change Date, and if the day that is 30 days before the Change Date is not a
Smiday or Monday and not the first business day of the week, the Cunent Index win be112 index.
as published the first business day of that week. If the day that is 30 days before the Change Date
is a Sunday or Monday and not the lirst business day of the week, the Current Index will be the
Index as published the first business day of the immediately prior week. If the Index (as defmed
above) is no longer available, Lender will use as a new Index any index pmscribed by the
Secretary. Leader will give Borrower notice of the new Index.
(C) Calculation of laterest Rate Changes
Before each Change Date, Leader will calculate a new interest rate by adding a margin of Two
AND Five Hundred Thousandth percentage points (2.500%) to the current Index. Subject to
the limit stated in Pamgraph 5(D) of this Note, this amount will be the new mterest rate until the
next Change Date.
(D) Limit en interest Rate Changes
Šhe interest rate will never increase or decrease by more than two percentage points (2.0%) on
any single Change Date. The interest rate will never be more than five percentage points (S.0%)
higher or lower than the initial interest rate stated in Paragraph 2 of this Note.
(E) Notice at Changes
Leader will give notice of any change in the interest rate. The notice must be given
to Borrower
at least 25 days before the new interest
rate takes effect, and must set forth (i) the date of the
notice, (ii) the Change Date, (iii) the old interest rate, (iv) the new interest rate, (v) the Current
Index and the date it was published, (vi) the method of calculating the adjusted interest rate, and
(vn) any other information which may be required by taw 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 Date, 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 rate which should have been stated 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 FREPAY
A Borrower receiving monthly payments under the Loan Agreement has the rightfo pay the debt
evidenced by this Note, in whole or in part, without chaJge or penalty on the first day of any month.
Otherwise, a Borrower bas the right to pay the debt evidenced by this Note, in whole orin part, without
charge or penalty after giving Leader two weeks notice. Any amount of debt prepaid will fist 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.
Fe 2 of s HECNMnthMM
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All prepayments ofthe principal balance shall be applied by Lenderas follows
f_ig to that portion of the principal balance iepresenting aggregate payments for mortgage
msurance premmms;
Second, to that portion of the principal balance representmg aggregate payments for servicing
fees;
7hird. to that portion of the principal balance representing acensed interest due onder #te Note;
and
Fourth, to the rentaimng portion of the principal balance. A Borrower may specify whether a
prepayment is to be credited to that portion of the principal balance representmg monthly payments or
the line of credit. If Borrower does not designate which portion of the principal balance is to be prepaid,
Lender shaH apply any partial prepayments to an existing line of credit or create a new line of eredit
7. IMMEDIATE PAYMENT.IN-FULL
(A) Death
(i) Except as provided itt Paragraph 7(AXii), Lender may require munediate payntent in
full of all mitstanding principal and accrued mterest if a Borrower dies and the Property is
not the Principal Residence of at least one surviving Borrower.
(ii) Deferral of Due and Payable Status. Lender may not requite imrnediate payment in
full ofall outstanding principal and accrued interest if the Property is the Principal
Residence of a Nod-Bo«owing Spouse identified in this Note and pmvided the following
conditions are, arxi continue to be, met:
a. Such Non-Borrowing Spouse remained the spouse of the HBCM borrower,
identified in this document, for the duration of the HECM Barrower's lifetime;
b. Such Non-Borrowing Spouse has occupied, and contirwes to occupy, tim
property securinji thus Note as [his/her] Principal Residence
c. Such Non-Borrowing Spouse has established legal ownership or other .ongoing
legal right to remain in the property securing this Note;
d. Al.I other obligaious of un- Berrower under this Note, the Loan Agreement
and the Security Instrument continue to be satisfied; and
e. This Note is not eligible to be called Due and Payable for any other reason.
This Paragraph is inapplicable or null and void if a Non-Borrowing Spouse is or becomes
ineligible, at any time. INrther, durmg a Deferral Period, should any of the conditions fbe
deferral Listed in this Fatagraph cease to be rnet, such n deferral shall immediately cease
and this Note will become immediately due and payable in accordance with the
provisions of Paragraph 7(AXi) of this Note.
(B) Sale
Lender may require immediate
payrnent in full of all outstanding prgncipal and accrued interest if
a Borrower conveys di of his ur her title to the Property and no other Borrower retains title to the
Property in fee simple or on a leasehold interest as set forth in 24 CFR 206.45(a). A deferral of
Due and Payable is not permitted when a Lender requnes immediate payment under this
paragraph.
(C) Other Grannds
Leader may requite immediatepavment-in-full of all outstanding principal and accrued interest.
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uportapproval by an authorized representative of the Secretary, if
(i) The Property ceases to be the Principal Residence of a Barrower for reasons other than
death and the Property is not the Principal Residence ofat least one other Borrowet
(ii) For a period of longer than 12 consecutive months, a Borrower fails to physically
occupy the Property because of physical or mental inness and the Property is not the
Principal Residence of at leasi one othet Borrower; or
(iii) An obligation of the Borrower under the Security Instrument is rmt perfontuxt
A deferral of Due and Payable is not permitted when a Lander requires.immediate
payment in full ender Paragraph 7(C).
(D) Payment of Costs and Expenses
If Lender has required immediate payment-in-full, as described above, the debt enforced through
sale of the Property may include costs and expenses, including reasonable and customary
attorney's fees for enforcing this Note to the extent not prohibited by applicable law. Such fees
and costs shall bear interest from the date of disbursement at the same rate as the principal of this
Note.
(E) Trusts
Conveyance of a Borrower's interest in the Property to a trust which meets the requirements of
the Secretary, or conveyance of a trusts interests in the Property to a Borrower, shan not be
considered a conveyance for purposes of this Paragraph. A trust shall not be corsidered an
occupant cr be considered as having a Principal Residence for purposes of this Paragraph.
8. WAlVERS
of presentrnent "Presentment"
Borrower waives the rights and notice of dishonor. means the right to
require Lender to demand payment of amounts due. "Notice of dishonor"
means the right to require
Lender to give notice to other persons 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 it or by mailing it by first class mail to Boucwer at the property address
above or at a different address if Borrower he given Lender a notice of Bornner's different address.
Any notice to Non-Borrowing Spouse provided for under this Note will be given by delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The totice shall be
directed to the Property Address.
Any notice that must be given to Leader under this Note will be given by first class mail to Londer at the
address stated in Paragraph 4(B) or at a different address if Bonower is given anotice ofthat different
address,
10. OBLIGATIONS OFPERSONS UNDER THIS NOTE
if more than one person signs this Note, each person is fully obligated to keep all of the promises rnade
in this Note. Leader may enforce its rights under this Note through sale of the Properly.
only
11. RELATIONSMP TO SECOND NOTE
(A) Second Note
Because Borrower will be required to repay amounts which the Secretary may make to oron
behalf of Borrower pursuant to Section 255 (iki XA) of fhe National Housing Act and the I an
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Agreement, the Secretmy has required Barrower to grant a Second Note to the Secretary,
(B) Relatiesship of Secretary Payments to this Nege
Payments made by the Secrmmy 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 the Lender for all payments made by the
Secretaly.
If the circumstances described in (i) or (ii) occur, then all payments by the Secretary,
including interest on the payrnents, shall be included itt the debt.
(C) Effect en Borrower
Where there is no assignment or reimbursement as described in (B)(i) or (ii) and the Secretary
makes payments to Barrower, then Borrower shall not
(i) Be required to pay amounts owed imder this Note uritil the Secretmy has required
payment-in-full of an outstanding principal and accrued interest under the Second Note
held by the Secretary, notwithstanding anything to the contrary in Paragraph 7 of this
Note; or
(ii) Be obligated to pay interest under this Note at any time, whether norued before or
after the payments by the Secretary, and whether or not accrued interest has been included
in the principal balance of this Note, notwithstanding to the contrary in
anything
Paragraphs 2 or 5 of this Note or any Allonge to this Note.
12. THIRD-PARTY BENEFICIARY
Except as set forth in Paragraph 7(A)(ii) only for an Eligible Spouse in this Note, this
NorPBorrowing
Note does not and is not intended to confer any rights or remedies upon any person other than the
parties Borrower agrees that it is not a thisti-party beneficiary to the Contract of Insurance between
HUD and Lender.
BY SENING BELOW, Bar ac and agrees to the terms and covenants contained in this Note.
(SEAL)
William M, Mehan Daf e
Lean Origiester Organization
Mortgage Loan Originator Organization. Homestead Funding Carp.
Nationwide Mortgage Licensing system and Registry Identification Number.
Individual Lenn OrtEinator
Mortgage Loan Origmator: Timothy P. Keeham
Nationwide Mortgage Licensing system and Registry Identification Number:
PAY ra THE Onoan
op
or5 HECMFWNW-20M
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ALLONGE
LoanNumber:
BORROWER(S): WHRam M Mohan
ADDRESS: 22 Lake Street
88Rwater, NY 12170
AMOUND $225,000.00
Dated: 0644/15
to the arder of
Pay
Whout Reconse
Reverse Funding LLC
By
AVP, in Fact for
Jay Skinner,
Reverse Mortpge Funding IJE
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SARATOGACOUNTY-STATEOFNEWYORK
SARATOGACOUNTYCLERK
.f CRAIG A. HAYNER
40MCMASTERSTREET,BALLSTON SPA,NY12020
COUNTYCLERK'S RECORDINGPAGE
DOCUMENT-DONOTDETACH***
*"THISPAGE ISPART OF THE
Recording:
Pages 75.00
Cover Sheet Fee 5.00
I I lillll I 11111 Ill
Recording Fee 20.00
Cultural Ed 14.25
Records Management - Coun 1.00
Records Management - Stat 4.75
INSTRUMENT #: 2015016558 Names 0.00
255 Affidavit 5.00
Receipt#: 2015211977934
Cl erk: GW Sub Total: 125.00
Reg Date: 06/10/2015 12:10:14 PM
Doc Grp: X Mortgage Tax
Descrip: MORTGAGE Basic 0.00
Num Pgs: 16 SONYMA 0.00
CDTA 0.00
Party1: MEHAN WILLIAM M Local 0.00
Party2: MORTGAGE ELECTRONIC
REGISTRATION SYSTEMS AS NOMINEE FOR Sub Total: 0.00
LENDER
Town: STILLWATER
Total: 125.00
**** THIS IS NOT A ****
NOTICE: BILL
***** Mortgage *****
Tax
Serial #: DG-1747
Exempt
Mtg Amt : 225000.00
Total: 0.00
Record and Return To:
HOMESTEAD FUNDING CORP
8 AIRLINE DR
ALBANY NY 12205
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I a
record and retum to: Homestead Funding Corp.
8 Airline Drive
Albany, NY 12205
This instrument pmpared by: Romestead Funding Corp.
8 Airline Drive
Albany, NY 12205
2016016668
08/10t2015 12:10:14 PM
16 Pages RECORDED
MORTGAGE
Saratoga Comty clerk
[Space Above This Line For Recording Datal
State of NEW YORK FHA Case No.
Loan No.
MIN:
ADJUSTABLE RATE
HOME EQUITY CONVERSION MORTGAGE
THIS MOR GAGE
("Security Instrument") is given on June 4, 2015. The mortgagor is
William M. Maban, whose address is 22 LAKE STREET, STILLWATER, New York 12170
"Borrower" successors or assigns.This
("Borrower") The term does not include the Borrowers Security
(a which
Instrument is given to Mortgage Electronic Registration Systems, Inc. MERS"), is
organized and existing under the laws of Delaware, and whose address is P.O. Box 2026, Flint, MI
Corp. is organized and
48501-2026, telephone (888) 679-MERS. Homestead Funding existing
under the laws of United States of America, and has an address of 8 Airline Drive, Albany, NT
(2205("Lender"). Borrower has agreed to repay to Lender amounts which Lender is obligated to
future advances, under the terms of a Home Bquity Conversion Loan Agreement
advance, including
dated the same date as this Security Instrmnent ("Loan Agreement"). The agreement to repay is
Note dated the same date as this Instrument ("Note'').
evidenced by Borrowers Adjustable-Rate Secmity
of this Security Instrument is MERS (selely as nominee for IAnder and Leader's
The mortgagee
successors and assigns) and the successors and assigns of MERS. This security Ins.trument secures
of the debt evidenced the with interest at a rate subject to
to IAnder: (a) the repayrnent by Note,
adjustment (interest), and all renewals, extensions and modifications of the Note, up to a maximum
principal amount of Two Hundred Twenty Five Thousand Donars and Zero Cents (U.S.
of all other sums, with advanced under paragraph 5 to protect
$225,000.00 ); (b) the payrnent interest,
Instrument or otherwise due under the terms of this Security Instrument; and
the security of this Security
performance of Borrower's covenants and agreements under this Security Instrument and the
(c) the
Note. The full debt, includmg amounts described in (a), (b), and (c) above. if not due earlier, is due and
on February For this Bormwer does mortgage, grant and convey to
payable 11, 2007, purpose, hereby
MERS and to the successors and assigns of MERS, the following described property located in
SARATOGA County, NEW YORK:
Paget pr Ed HECM First Mort|page.2014.
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See legnI description as Exhlhit A attached hereto.and made a part hereof for all intents and
purposes
which has the address of
22 LAKE STREET, STILLWATER, New tork 12170, ("Property Address")
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
rights, appurtenances, and fixtures now or hereaAer a part of the property. All
Preview
FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF SARATOGA CARRINGTON MORTGAGE SERVICES LLC, CERTIFICATE OF MERIT PlaintitT, INDEX NO. vs. RHONDA NYLAND, AS HEIR AND DISTRIBUTEE OF THE ESTATE OF WILLIAM M. MEHAN; JERI MEHAN, AS HEIR AND DISTRIBUTEE OF THE ESTATE OF WILLIAM M. MEHAN; BRENDA LARKIN, AS HE1R AND DISTRIBUTEE OF THE ESTATE OF WILLIAM M. MEHAN; LORI MEHAN, AS HEIR AND DISTRIBUTEE OF THE ESTATE OF WILLIAM M. MEHAN; WILLIAM MEHAN, JR. A/K/A WILLIAM MEHAN, AS HEIR AND DISTRIBUTEE OF THE ESTATE OF WILLIAM M. MEHAN; HEIRS AND DISTRIBUTEES OF THE ESTATE OF WILLIAM M. MEHAN; SECRETARY OF HOUSING AND URBAN DEVELOPMENT; NEW YORK STATE DEPARTMENT OF TAXATION AND FINANCE; UNITED STATES OF AMERICA, #1" #12," "JOHN DOE thmugh "JOHN DOE the last twelve names being fictitious and unknown to plaintiff, the persons or parties intended being the tenants, occupants, persons or corporations, if any, having or claiming an interest in or lien upon the premises, described in the complaint, Defendant(s). 1. I am an attorney duly licensed to practice in the state of New York and am affiliated with the law firm of Robertson, Anschutz, Schneid, Crane & Partners, PLLC, the attorneys for the above-named plaintiff. 2. Kinsey Bartlett, an Assistant Secretary of plaintiff or plaintiffs servicer, confirmed that he personally reviewed plaintiffs documents and records-relating to this case for factual accuracy. 1111111H11111111111111A111111H IIIllllIIHIElllIlllllHAIAllilllH ll11111Hil1111H11111111ll 24-197484 - · jg 1 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 3. Based upon my review of the communication with plaintiffs representative, as well as upon my own inspection of the documents and other diligent inquiry, I certify that to the best. of my knowledge, information and belief, there exists a reasonable basis for the commencement of a mortgage foreclosure action and that plaintifFor its nominee is entitled to enforce its rights under the loan documents in accordance with applicable law. 4. All of the relevant documents, all of which have been reviewed by me, are attached to this Certificate of Merit. Dated: April 25, 2024 Westbury, New BY: [ Z. BO KIN, ESQ. [X] ANTHONY CELLUCCI, ESQ. [ ] SCOTT R. WEISS, ESQ. [ ] KELLY R. FABER, ESQ. 24-197484 - jg 2 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 State of NEW YORK ADJUSTABLE-RATE NOTE (Home Equity Conversion) June 4, 2015 FHA Case No. Loan No. MIN: 22 LAKE STREET, STILLWATER. New Yort 12176 (Prooetty Address) 1. DEFINITIONS "Borrower" means each person signing at the end of this Note, The term does not include his.or her "Lender" successors or assigns. means Homestead Funding Corp. and its successors and assigns. "Secretary" means the Secretary of liousing and Urban Developatent or his or her authorized Spouse" representatives. "Non-Borrowing means N/A, who is legally married to Borrower N/A. Spouse" "Eligible Non-Borrowing means a Non-Borrowing Spouse who meets the Qualifying Attributes Spouse" requirements defined in ML 2014-07 for a Defenal Feriod. "Ineligible Non¬Borrowing means a Non-Borrowing Spouse who does not meet the Qualifying Attributes requirerments defmed in ML 2014-07 for a Deferral Period. 2. BORROWER'S PROMISE TO PAY: INTEREST In return for amounts to be advanced by Lender to or for the benefit of Borrower under the terms of a Home Equity Conversion Loan Agmernent dated June 4, 2015 ("Loan Agreement"), Borrower promises to pay to the order of Lender a principal amount equal to the sum of all Loan Advances made under the Loan Agreement with inte est. All amounts advarmed by Lender, plus interest, if not due earlier, are due and payable on February 11, 2087. interest will be charged on unpaid principal at the mte of Three AND Two Hundred Fifty Thousandth percent (3.250%) 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 at the 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 Instrument." dated the some date as this Note and called the "Security The Security Instrument protects the 1.ender 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 ofa notice by Lender requiring immediate payment-in-full, as provided in Paragraph 7 of this Note. (B) PInce Payment shall be made at Homes.dead Funding Corps 5 Airline Drive, Albany, NY 12205 or at such other place as Lender may designate in writing by notice to Barrower. (C) Limitation of Liability Borrower shall have no personal liability for payment of the debt Lamder shall ertforce the debt only through sale of the Propelty covered by the Security Instrument ("Paperty"). If this Note is assigned to the Secretary, the Borrower shall not be hable for any difference between the mortgage insurance benefits paid to Lender and the outstanding indebtedness, including accrued interest, owed by Borrower st the time of the assignment. hse lef5 HECMFM 20M 3 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 5. INTEREST RATE CHANGES (A) Change Date The interest rate may change on July 1, 2016 and on that day of each succeeding year. "Change Date" means each date on which the interest rate could change, (B) The Index with the first Change Date, the mterest ate will be based on an Index. "Indexª Begirming The means the average of interbank offered rates for one-year U.S. dollar-denominated deposits in London market ("LIBOR"), as published in The Wall Street Journal, rounded to three digits to Index" the right of the decimal point. The "Current means the most recent Index figure available 30 days before the Change Date, and if the day that is 30 days before the Change Date is not a Smiday or Monday and not the first business day of the week, the Cunent Index win be112 index. as published the first business day of that week. If the day that is 30 days before the Change Date is a Sunday or Monday and not the lirst business day of the week, the Current Index will be the Index as published the first business day of the immediately prior week. If the Index (as defmed above) is no longer available, Lender will use as a new Index any index pmscribed by the Secretary. Leader will give Borrower notice of the new Index. (C) Calculation of laterest Rate Changes Before each Change Date, Leader will calculate a new interest rate by adding a margin of Two AND Five Hundred Thousandth percentage points (2.500%) to the current Index. Subject to the limit stated in Pamgraph 5(D) of this Note, this amount will be the new mterest rate until the next Change Date. (D) Limit en interest Rate Changes Šhe interest rate will never increase or decrease by more than two percentage points (2.0%) on any single Change Date. The interest rate will never be more than five percentage points (S.0%) higher or lower than the initial interest rate stated in Paragraph 2 of this Note. (E) Notice at Changes Leader will give notice of any change in the interest rate. The notice must be given to Borrower at least 25 days before the new interest rate takes effect, and must set forth (i) the date of the notice, (ii) the Change Date, (iii) the old interest rate, (iv) the new interest rate, (v) the Current Index and the date it was published, (vi) the method of calculating the adjusted interest rate, and (vn) any other information which may be required by taw 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 Date, 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 rate which should have been stated 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 FREPAY A Borrower receiving monthly payments under the Loan Agreement has the rightfo pay the debt evidenced by this Note, in whole or in part, without chaJge or penalty on the first day of any month. Otherwise, a Borrower bas the right to pay the debt evidenced by this Note, in whole orin part, without charge or penalty after giving Leader two weeks notice. Any amount of debt prepaid will fist 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. Fe 2 of s HECNMnthMM 4 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 All prepayments ofthe principal balance shall be applied by Lenderas follows f_ig to that portion of the principal balance iepresenting aggregate payments for mortgage msurance premmms; Second, to that portion of the principal balance representmg aggregate payments for servicing fees; 7hird. to that portion of the principal balance representing acensed interest due onder #te Note; and Fourth, to the rentaimng portion of the principal balance. A Borrower may specify whether a prepayment is to be credited to that portion of the principal balance representmg monthly payments or the line of credit. If Borrower does not designate which portion of the principal balance is to be prepaid, Lender shaH apply any partial prepayments to an existing line of credit or create a new line of eredit 7. IMMEDIATE PAYMENT.IN-FULL (A) Death (i) Except as provided itt Paragraph 7(AXii), Lender may require munediate payntent in full of all mitstanding principal and accrued mterest if a Borrower dies and the Property is not the Principal Residence of at least one surviving Borrower. (ii) Deferral of Due and Payable Status. Lender may not requite imrnediate payment in full ofall outstanding principal and accrued interest if the Property is the Principal Residence of a Nod-Bo«owing Spouse identified in this Note and pmvided the following conditions are, arxi continue to be, met: a. Such Non-Borrowing Spouse remained the spouse of the HBCM borrower, identified in this document, for the duration of the HECM Barrower's lifetime; b. Such Non-Borrowing Spouse has occupied, and contirwes to occupy, tim property securinji thus Note as [his/her] Principal Residence c. Such Non-Borrowing Spouse has established legal ownership or other .ongoing legal right to remain in the property securing this Note; d. Al.I other obligaious of un- Berrower under this Note, the Loan Agreement and the Security Instrument continue to be satisfied; and e. This Note is not eligible to be called Due and Payable for any other reason. This Paragraph is inapplicable or null and void if a Non-Borrowing Spouse is or becomes ineligible, at any time. INrther, durmg a Deferral Period, should any of the conditions fbe deferral Listed in this Fatagraph cease to be rnet, such n deferral shall immediately cease and this Note will become immediately due and payable in accordance with the provisions of Paragraph 7(AXi) of this Note. (B) Sale Lender may require immediate payrnent in full of all outstanding prgncipal and accrued interest if a Borrower conveys di of his ur her title to the Property and no other Borrower retains title to the Property in fee simple or on a leasehold interest as set forth in 24 CFR 206.45(a). A deferral of Due and Payable is not permitted when a Lender requnes immediate payment under this paragraph. (C) Other Grannds Leader may requite immediatepavment-in-full of all outstanding principal and accrued interest. Page3of5 HECharstNa - M 5 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 uportapproval by an authorized representative of the Secretary, if (i) The Property ceases to be the Principal Residence of a Barrower for reasons other than death and the Property is not the Principal Residence ofat least one other Borrowet (ii) For a period of longer than 12 consecutive months, a Borrower fails to physically occupy the Property because of physical or mental inness and the Property is not the Principal Residence of at leasi one othet Borrower; or (iii) An obligation of the Borrower under the Security Instrument is rmt perfontuxt A deferral of Due and Payable is not permitted when a Lander requires.immediate payment in full ender Paragraph 7(C). (D) Payment of Costs and Expenses If Lender has required immediate payment-in-full, as described above, the debt enforced through sale of the Property may include costs and expenses, including reasonable and customary attorney's fees for enforcing this Note to the extent not prohibited by applicable law. Such fees and costs shall bear interest from the date of disbursement at the same rate as the principal of this Note. (E) Trusts Conveyance of a Borrower's interest in the Property to a trust which meets the requirements of the Secretary, or conveyance of a trusts interests in the Property to a Borrower, shan not be considered a conveyance for purposes of this Paragraph. A trust shall not be corsidered an occupant cr be considered as having a Principal Residence for purposes of this Paragraph. 8. WAlVERS of presentrnent "Presentment" Borrower waives the rights and notice of dishonor. means the right to require Lender to demand payment of amounts due. "Notice of dishonor" means the right to require Lender to give notice to other persons 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 it or by mailing it by first class mail to Boucwer at the property address above or at a different address if Borrower he given Lender a notice of Bornner's different address. Any notice to Non-Borrowing Spouse provided for under this Note will be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The totice shall be directed to the Property Address. Any notice that must be given to Leader under this Note will be given by first class mail to Londer at the address stated in Paragraph 4(B) or at a different address if Bonower is given anotice ofthat different address, 10. OBLIGATIONS OFPERSONS UNDER THIS NOTE if more than one person signs this Note, each person is fully obligated to keep all of the promises rnade in this Note. Leader may enforce its rights under this Note through sale of the Properly. only 11. RELATIONSMP TO SECOND NOTE (A) Second Note Because Borrower will be required to repay amounts which the Secretary may make to oron behalf of Borrower pursuant to Section 255 (iki XA) of fhe National Housing Act and the I an 6 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 Agreement, the Secretmy has required Barrower to grant a Second Note to the Secretary, (B) Relatiesship of Secretary Payments to this Nege Payments made by the Secrmmy 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 the Lender for all payments made by the Secretaly. If the circumstances described in (i) or (ii) occur, then all payments by the Secretary, including interest on the payrnents, shall be included itt the debt. (C) Effect en Borrower Where there is no assignment or reimbursement as described in (B)(i) or (ii) and the Secretary makes payments to Barrower, then Borrower shall not (i) Be required to pay amounts owed imder this Note uritil the Secretmy has required payment-in-full of an outstanding principal and accrued interest under the Second Note held by the Secretary, notwithstanding anything to the contrary in Paragraph 7 of this Note; or (ii) Be obligated to pay interest under this Note at any time, whether norued before or after the payments by the Secretary, and whether or not accrued interest has been included in the principal balance of this Note, notwithstanding to the contrary in anything Paragraphs 2 or 5 of this Note or any Allonge to this Note. 12. THIRD-PARTY BENEFICIARY Except as set forth in Paragraph 7(A)(ii) only for an Eligible Spouse in this Note, this NorPBorrowing Note does not and is not intended to confer any rights or remedies upon any person other than the parties Borrower agrees that it is not a thisti-party beneficiary to the Contract of Insurance between HUD and Lender. BY SENING BELOW, Bar ac and agrees to the terms and covenants contained in this Note. (SEAL) William M, Mehan Daf e Lean Origiester Organization Mortgage Loan Originator Organization. Homestead Funding Carp. Nationwide Mortgage Licensing system and Registry Identification Number. Individual Lenn OrtEinator Mortgage Loan Origmator: Timothy P. Keeham Nationwide Mortgage Licensing system and Registry Identification Number: PAY ra THE Onoan op or5 HECMFWNW-20M 7 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 ALLONGE LoanNumber: BORROWER(S): WHRam M Mohan ADDRESS: 22 Lake Street 88Rwater, NY 12170 AMOUND $225,000.00 Dated: 0644/15 to the arder of Pay Whout Reconse Reverse Funding LLC By AVP, in Fact for Jay Skinner, Reverse Mortpge Funding IJE 8 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 SARATOGACOUNTY-STATEOFNEWYORK SARATOGACOUNTYCLERK .f CRAIG A. HAYNER 40MCMASTERSTREET,BALLSTON SPA,NY12020 COUNTYCLERK'S RECORDINGPAGE DOCUMENT-DONOTDETACH*** *"THISPAGE ISPART OF THE Recording: Pages 75.00 Cover Sheet Fee 5.00 I I lillll I 11111 Ill Recording Fee 20.00 Cultural Ed 14.25 Records Management - Coun 1.00 Records Management - Stat 4.75 INSTRUMENT #: 2015016558 Names 0.00 255 Affidavit 5.00 Receipt#: 2015211977934 Cl erk: GW Sub Total: 125.00 Reg Date: 06/10/2015 12:10:14 PM Doc Grp: X Mortgage Tax Descrip: MORTGAGE Basic 0.00 Num Pgs: 16 SONYMA 0.00 CDTA 0.00 Party1: MEHAN WILLIAM M Local 0.00 Party2: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS AS NOMINEE FOR Sub Total: 0.00 LENDER Town: STILLWATER Total: 125.00 **** THIS IS NOT A **** NOTICE: BILL ***** Mortgage ***** Tax Serial #: DG-1747 Exempt Mtg Amt : 225000.00 Total: 0.00 Record and Return To: HOMESTEAD FUNDING CORP 8 AIRLINE DR ALBANY NY 12205 9 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 I a record and retum to: Homestead Funding Corp. 8 Airline Drive Albany, NY 12205 This instrument pmpared by: Romestead Funding Corp. 8 Airline Drive Albany, NY 12205 2016016668 08/10t2015 12:10:14 PM 16 Pages RECORDED MORTGAGE Saratoga Comty clerk [Space Above This Line For Recording Datal State of NEW YORK FHA Case No. Loan No. MIN: ADJUSTABLE RATE HOME EQUITY CONVERSION MORTGAGE THIS MOR GAGE ("Security Instrument") is given on June 4, 2015. The mortgagor is William M. Maban, whose address is 22 LAKE STREET, STILLWATER, New York 12170 "Borrower" successors or assigns.This ("Borrower") The term does not include the Borrowers Security (a which Instrument is given to Mortgage Electronic Registration Systems, Inc. MERS"), is organized and existing under the laws of Delaware, and whose address is P.O. Box 2026, Flint, MI Corp. is organized and 48501-2026, telephone (888) 679-MERS. Homestead Funding existing under the laws of United States of America, and has an address of 8 Airline Drive, Albany, NT (2205("Lender"). Borrower has agreed to repay to Lender amounts which Lender is obligated to future advances, under the terms of a Home Bquity Conversion Loan Agreement advance, including dated the same date as this Security Instrmnent ("Loan Agreement"). The agreement to repay is Note dated the same date as this Instrument ("Note''). evidenced by Borrowers Adjustable-Rate Secmity of this Security Instrument is MERS (selely as nominee for IAnder and Leader's The mortgagee successors and assigns) and the successors and assigns of MERS. This security Ins.trument secures of the debt evidenced the with interest at a rate subject to to IAnder: (a) the repayrnent by Note, adjustment (interest), and all renewals, extensions and modifications of the Note, up to a maximum principal amount of Two Hundred Twenty Five Thousand Donars and Zero Cents (U.S. of all other sums, with advanced under paragraph 5 to protect $225,000.00 ); (b) the payrnent interest, Instrument or otherwise due under the terms of this Security Instrument; and the security of this Security performance of Borrower's covenants and agreements under this Security Instrument and the (c) the Note. The full debt, includmg amounts described in (a), (b), and (c) above. if not due earlier, is due and on February For this Bormwer does mortgage, grant and convey to payable 11, 2007, purpose, hereby MERS and to the successors and assigns of MERS, the following described property located in SARATOGA County, NEW YORK: Paget pr Ed HECM First Mort|page.2014. 10 of 42 FILED: NASSAU COUNTY CLERK 05/07/2024 11:51 PM INDEX NO. 608034/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/07/2024 See legnI description as Exhlhit A attached hereto.and made a part hereof for all intents and purposes which has the address of 22 LAKE STREET, STILLWATER, New tork 12170, ("Property Address") TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, and fixtures now or hereaAer a part of the property. All