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FILED: BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024
EXHIBIT A
FILED: BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024
JPMorgan Chase Bank, N.A
OMEEQUITY LINE OF CREDITAGREE AND
DISCLOSURESTATEMENT
This Agreement (the "Agreement") goveming your HomeEquity Line of Credi "Credit Account") with
is the
JPMorgan Chase Bank, N.A. . Read this Agreement carefully so that you know how your Credit Account works.
As you read this Agreement remember that the terms
"we," "us,"
and "our" refer toJPMorgan Chase Bank, N.A.
"You," "your,"
and to any other creditor to whom this Agreement is assigned. and "yours" refer to each person
"Mortgage" means the
who signs this Agreement or has authority to use it. mortgage, deed of trust or deed to
secure debt you are giving us on your house or condominium. Your account, any amount you owe, and our
Mortgage on your home may be sold or transferred to another creditor at anytime. If this happens, this Agreement
and the Mortgage will remain in effect.
1. WHAT YOURHOME
IS EQUITYLINE OF CREDIT?
It a credit arrangement in which we make loans to you by advancing funds ("Advances")
is from your Credit
Account at your direction, allowing you to repay such Advances and take additional Advances. You promise and
agree to repay these Advances, any interest which accrues on them, and all other charges for which you are
responsible under the terms of this Agreement.
2. USINGYOURCREDITACCOUNT/MINIMUMINITIAL ADVANCE.
You may request Advances from your Credit Account by writing a Home Equity Line of Credit Check ("Draw
Check"). You may also obtain advances at the closing by completing a loan request form or other form of
authorization that we may require. If available in your state, you may also obtain Advances using the credit card
access device to your Credit Account ("Credit Card"), and by using your Credit Card as an ATM card access
device to your Credit Account ("ATM Card"). You may also request Advances at any of our authorized locations.
You may take Advances for a period of 120 Monthly Statement Periods after the date your Credit Account is
opened ("Advance Period"). After such Advance Period, unless extended, you may not take further advances.
Your principal balance will then be fixed and you will be required to repay it and any interest and other charges
which accrue over the next 240 Monthly Statement Periods ("Repayment Period').
If your Credit Limit, as described in Section 5 of this Agreement, is between $500,001 and $750,000 and
you are not being asked to pay any Closing Costs as described in Section 12 of this Agreement, then you must
take a minimum initial Advance on your Credit Account in an amount equal to or greater than $100,000. If your
Credit Limit is between $750,001 and $1,000,000 and you are not being asked to pay any Closing Costs as
described in Section 12 of this Agreement, then you must take a minimum initial Advance on your Credit
Account in an amount equal to or greater than $200,000.
A Monthly Statement Period is defined as successive intervals of approximately one month beginning on
the date your Credit Account is opened and recurring regularly until your Credit Account is finally closed. Monthly
Statement Periods occur regardless of whether there is a balance or any activity in your Credit Account or
whether we have sent you a statement for the period. Your first Monthly Statement Period may be shorter than a
month depending on when your Credit Account is opened.
3. ACCESSDEVICELIMITATIONS ANDRESTRICTIONS.
a) Lost or Stolen Access Device. You agree any of your Draw Checks, Credit Card
to notify us promptly if
ATM Card is lost or stolen. The quickest way to notify us is to You also agree to
call us at (800)-836-5656.
cooperate with us or any law enforcement agency in any effort to investigate the circumstances surrounding the
incident and to minimize potential losses to you or us stemming from the unauthorized use of your Draw Checks,
Credit Card or ATMCard. You agree to keep your Draw Checks, Credit Card and ATMCard safe from loss, theft
and unauthorized use.
b) Draw Checks. You may present Draw Checks to other parties in payment of goods and services.
You may write a Draw Check in the exact amount you desire as long as it is in a minimum amount of $250. We
may refuse to honor requests for advances below the minimum amount. When you use the Draw Checks, you
agree to waive any right you may have to notice of dishonor, presentment, provisional or final settlement within a
given time or any other related right. Wemay dishonor any Draw Check presented to us if you are in default
under this Agreement.
c) Credit Card. You may request Advances by using your Credit Card for cash transactions and in paymert ·.d
goods and services. The maximumamount that you may request in any transaction (each day) is the lesser of an
amount that would cause you to exceed the amount of your Credit Limit or $99,999.99. There may be occasions
when this amount is further limited, authentication of your identity is required, or we may decline the transaction
for security purposes. You agree that you will not request Advances for any transaction that involves Internet
gambling. Wereserve the right to refuse a transaction that we reasonably believe involves Internet gambling. We
may dishonor any Credit Card transaction if you are in default under this Agreement.
d) ATM Card. Requests for Advances using your ATM Card are subject to the limitations and fees of the
owner of the ATM. Wemay dishonor any ATMtransaction if you are in default under this Agreement.
e) Requests in Person. You may also request advances at any of our authorized locations or at the closing by
completing a loan request form or other form of authorization that we may require. If you take Advances at closing
by signing a loan request or other form of authorization, we will disburse the amount to you promptly but no earlier
than the end of any applicable period during which you could exercise a right to rescind.
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4. LIABILITY USE OFYOURCREDITCARD.
FORUNAUTHORIZED
You may be liable use of your Credit Card that accesses your Credit Account. You will not be
for the unauthorized
liable for unauthorized use that occurs after you notify us by telephone at (800)-836-5656, or in writing at
JPMorgan Chase Bank, N.A. , P.O. Box 901008, Fort Worth, Texas 76101-2008, of the loss, theft, or possible
unauthorized use. Regardless, your liability for unauthorized use of your Credit Card will not exceed $50.00.
you use a Credit Card or ATMCard that deducts funds from a checking account or another consu ner
If
deposit account, but that you have also established to borrow from this Credit Account, Electronic Fund Transfer
Act and Regulation E provisions apply, as well Regulation Z provisions adopted under the Truth-in-Lending Act. If
so, you might be liable for up to $50.00 under Regulation Z. You might also be liable for a different or an unlimited
amount under Regulation E, or a lesser amount if state law applies. Please read your Electronic Fund Transfer
Act disclosure carefully.
5. CREDITLIMIT.
Wehave assigned a Credit Limit of $ 400,000.00 on your Credit Account. You may not request an Advance that
would cause your unpaid balance to exceed your Credit Limit. We are not required to pay any item which would
cause you to exceed the amount of your Credit Limit. If we do make the Advance, it does not mean your Credit
Limit has been raised. Wemay require you to repay the amount over your Credit Limit at once. If you exceed
your Credit Limit, you agree to pay a fee of $25 for each advance in excess of your Credit Limit.
6. PROMISETO PAY.
You promise to repay to us in U.S. Dollars all Advances charged to your Credit Account, plus finance charges and
all other amounts due under this Agreement or the Mortgage. To avoid being in default, you must pay us at least
Date"
the minimum payment (described below) by the "Payment Due shown on each billing statement we will
send to you. in any event, you promise to pay the balance of your Credit Account at the termination of this
Agreement.
7. MINIMUMPAYMENT.
Each billing statement we send you will reflect a minimum monthly payment amount that you must pay. During
the Advance Period or any extension thereof, your minimum monthly payments will be the amount of finance
charge accrued plus any fees and any amounts past due. After the Advance Period and during the Repayment
Period, your minimum monthly payments wiH be (a) the unpaid principal balance divided by the remaining number
of scheduled payments, plus (b) the amount of finance charge accrued plus any fees and any amounts past due.
If you have failed to pay real property taxes, assessments, ground rents (if any) or hazard insurance when due,
we may require you to make monthly payments to us for all amounts necessary for taxes, assessments, ground
rents (if any), or hazard insurance on the Property, as further described in Section 11 of this Agreement and in the
Mortgage or we may charge such amounts to your Credit Account as Advances.
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8. FINANCECHARGES.
FINANCECHARGESbegin to accrue on the day an Advance is charged to your Credit Account and continue
until balance on such Advance is paid in full. FINANCECHARGES
the outstanding on your Credit Account will
be determined by applying a daily periodic rate to the daily balance (as described below) of your Credit Account,
an amount that will include current transactions. To calculate the daily balance, we take the beginning principal
balance of your Credit Account each day, add any new Advances, and subtract any payments or credits applied
to this principal balance. This gives us the daily balance. Wethen apply the applicable daily periodic rate to
each daily balance and add up the results of this daily interest computation for each day of the Monthly
Statement Period. This total is the periodic FINANCECHARGE for the Monthly Statement Period.
The daily periodic rate and its corresponding ANNUALPERCENTAGE RATE are variable rates based
Rate" means the prime rate as published in the Rates" table in
on changes in the Prime Rate. "Prime "Money
The Wall Street Journal on each publication date. The daily periodic rate and its corresponding ANNUAL
PERCENTAGE RATE may increase or decrease on the first calendar day following a change in the Prime Rate.
Wewill use the highest Prime Rate if more than one is published. The Prime Rate is merely a pricing index. It
is not intended, and you should not consider it, to represent the lowest or the best interest rate that we, our
affiliated organizations or any other financial institution charge to any borrowers. If the Prime Rate becomes
unavailable during the term of this Agreement, we may designate a substitute index upon notice to you. An
increase in the ANNUALPERCENTAGE RATE and the daily periodic rate will result in a higher FINANCE
CHARGEand higher minimum payments, while a decrease in those rates will result in a lower FINANCE
CHARGEand lower minimum payments, assuming the same principal balance and number of days in the
Monthly Statement Period.
the Prime Rate changes, the daily periodic rate will be increased
If or decreased on the first calendar
day following a change in the Prime Rate. If you have a special introductory rate, your ANNUAL
PERCENTAGE RATE may increase when the special introductory rate ends even if the Prime Rate does not.
Except for any period in which a special introductory rate is in effect, we will determine your daily periodic rate by
subtracting .300 percentage points to the Prime Rate and dividing the result by 365 (366 in leap years). We
refer to this subtraction as the "Standard Rate Margin".
On the day we prepared this document, the Prime Rate was 8.250%, and therefore the initial daily
periodic rate ("Initial
Rate") and corresponding ANNUAL PERCENTAGE R ATE on your Credit Account are
estimated below. Your Initial Rate and corresponding ANNUALPERCENTAGE RATEwill be based on the
value of the Prime Rate in effect on your closing date.
The estimated Initial Rate is .02178% (corresponding ANNUALPERCENTAGE
RATE: 7.950%). The
ANNUALPERCENTAGE
RATEdoes not include costs other than interest.
At no time will your ANNUALPERCENTAGE
RATE ever exceed 21%. Other than this cap there are no
limits the amount by which your ANNUALPERCENTAGE
on RATEcan change over the life of your Credit
Account or on any individual date on which your ANNUALPERCENTAGERATE changes.
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9. FIXED RATE CHANGE
OPTION. n
You may change the variable rate to a fixed rate as described below.
a) Your ANNUALPERCENTAGE RATE May Increase. Your ANNUALPERCENTAGE
RATE may increase
if you change to a fixed rate.
b) General Rate Change Rules. You may change to a fixed rate with our written permission at any time
during the Draw Period. You may change the repayment schedule for the entire outstanding balance on the
Credit Account or any portion of it, but not less than $1,000.00, for a term up to the lesser of 30 years or the
remaining originally scheduled term of your Credit Account (a "Lock"). Therefore, you can take a Lock of up to 30
years only if you obtain a lock on the date you opened this Credit Account. You may have up to five Locks open -1
any time but you cannot increase the amount of a Lock once we establish it. Your Lock wili not be subject to ti a
Payment"
Account"
"Using Your Credit (Section 2) and "Minimum (Section 7) sections of this Agreement.
Instead, when we establish each Lock, we will calculate the required monthly payment to fully pay-off that Lock
over the term of the Lock at the fixed rate applicable to that Lock. Therefore, your minimum payment that you
owe each month will be your payment for each Lock plus any amounts past due on each Lock, plus the minimum
| payment amount for your Credit Account which has not been locked (the "Credit Line"), calculated as set forth in
the "Minimum Payment" section (Section 7) of this Agreement. The outstanding balance on each Lock will accrue
Determination"
interest at a fixedrate as established in the "Rate section (Section 9(d)), and will pay-off in full
over the period we establish for your Lock.
c) Additional Principal Payments on Lock(s). Additional principal payments for a Lock may be madeat any
time but not change your responsibility
will to pay future Lock payments as long as any amount is still owing on
the Lock unless we agree otherwise in writing. Any principal payment made on any Lock will be available on the
Credit Line for you to borrow against upon our posting of that payment. If your outstanding balance includes one
or more Locks as well as a balance on your Credit Line, unless you properly designate otherwise on a payment
coupon we provide you, then each additional payment we receive will be first applied to the Credit Line until paid
in full. Also, unless you properly designate otherwise on a payment coupon we provide you, if there is no Credit
Line to which to apply an additional principal payment, then the additional principal payment will be applied to the
Lock first opened until paid in full. Additional principal payments for a Lock may be made at any time but will not
affect your obligation to pay future Lock payments as long as any amount is still owing on the Lock unless w.e
otherwise agree in writing. - ,
d) Rate Determination. We
offer Locks at competitive rates. When you request a Lock, we will review the
rates and terms available for a comparable Home Equity Loan offered by us at the time of your request based
upon a like loan to value ratio, loan term and your credit profile. will We
offer you that rate unless it would be
higher than the rate calculated in accordance with the formula below, in which case you would get the rate
calculated in accordance with that formula. Our standard rates are generally significantly lower than rates arrived
Index,"
at through the following calculation: will We
start with the "Lock which is the yield on U.S. Treasury
securities having a comparable period of maturity to the scheduled maturity of the requested Lock as of the 15th
day of the month immediately preceding the month in which you request your Lock as made available by the
Federal Reserve Board. If the Lock Index becomes unavailable during the term of this Agreement, we may
designate a substitute index after notice to you. Wewill then add 10 percentage points to the Lock Index. Your
fixed lock rate (the "Fixed Lock Rate") will be the lowest of the following: the amount arrived at from the foregoing
calculation, 21%, or the maximum rate we are allowed to charge you at the time of your lock under federal law,
which for the purposes of 12 U.S.C. Section 85 incorporates Ohio law. As stated above, if our standard rate is
lower than the Fixed Lock Rate, you will get the lower rate. Wewill provide a complete disclosure of the terms of
the Lock at the time the Lock is established.
e) Cancellation of Lock. If you later request that we cancel a Lock, we may permit you to do so if you agree to
pay the Lock cancellation fee that is in effect at Me time of cancellation for each Lock you cancel. You will be
required to sign an amendment to this Agreemen which will contain the amount of the agreed upon cancellation
fee.
f) Fee Waivers. If you Lock an initial advar ce of at least $25,000 immediately upon opening this Credit
Account, we will waive the Annual Fee described Section 15 for as long as that initial Lock remains open.
10. PAYMENTS.
AII payments on your Credit Account made by check or money order must be delivered to us at the address
indicated on your billing statement. Any paymern may be returned without applying it to your Credit Account if the
check or money order is: (1) not drawn on the U S. Postal Service or a financial institution located in the United
States of America; (2) not payable in U.S. Doll,ars; (3) drawn with different numeric and written amounts; (4)
missing a signature; (5) postdated; or (6) unacceptable for any other reason. may apply all payments and We
credits in accordance with our standard operating. procedures and with the requirements of applicable law. Unless
otherwise required by applicable law, we may apply your payments to principal, interest, fees and other charges in
any order.
lf we receive payments at locations other than indicated on your billing statement, such payments will be
credited promptly to your Credit Account, but crediting may be delayed for up to 5 days after receipt.
Wemay apply our standard operational procedures to verify that we have received good funds after we
receive your payments before releasing the payment amounts as available credit on your Credit Account.
We do not process payments on Saturcayb, Sundays or bank holidays, and if the Payment Due Date falls
on one of these days, you will incur an additional Finance Charge if your payment is not posted on or before the
preceding bank business day. can We
accept. late payments, partial payments, checks or money orders marked
full"
"paid in or containing similar language without losing any of our rights under this Agreement. You agree to
pay us $25 for each payment check or automatic ebit to your account which is returned unpaid. You also agree
to pay a fee of $0.00 per copy for providing photocopies of monthly statements or canceled Draw Checks.
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11. SECURITYINTEREST.
As a part of this transaction, you are granting us a Mortgage on the property, as further described in the Mortgµúc..,
which is located at
4455 DOUGLASAVE, #14B, BRONX,NY10471-3525
(the"Property"). All of the terms and conditions of the Mortgage are very important and should be read in
conjunction with this Agreement.
12. CLOSINGCOSTS.
Your closing costs are listed below. You may pay these costs in cash at the closing or charge them to your Credit
Account as Advances.
Loan Origination Fee (FINANCE CHARGE) 0.00
Loan Discount (FINANCE CHARGE) 0.00
Appraisal Fee 0.00
Credit Report Fee 0.00
Mortgage Broker Fee (FINANCE CHARGE) 0.00
Attorney Review Trust Documents (FINANCE CHARGE) 0.00
-
Flood Zone Certification Fee (FINANCE CHARGE) 0.00
Underwriting Fee (FINANCE CHARGE) 0.00
Processing Fee (FINANCE CHARGE) 0.00
Document Preparation Fee - Lender (FINANCE CHARGE) 0.00
Courier Fee - Lender (FINANCE CHARGE) 0.00
Courier Fee - Broker (FINANCE CHARGE) 0.00 ,,
Wire Fee - Lender (FINANCE CHARGE) 0.00
Wire Fee - Broker (FINANCE CHARGE) 0.00
Condo Review Fee (FINANCE CHARGE) 0.00
Other Fee 0.00
Other Fee 0.00
Other Fee (FINANCE CHARGE) 422.50
Other Fee - Broker 0.00
Other Fee - Broker 0.00
Settlement or Closing Fee (FINANCE CHARGE) 226.00
or Title Search
Abstract 80.00
Document Preparation Fee - Settlement Agent 0.00
Notary Fee 0.00
Closing Attorney Fee (FINANCE CHARGE) 0.00
Bank Closing Attorney 0.00
Title Insurance 0.00
UCCPreparation Fee 0.00
Attorney's Fees to (FINANCE CHARGE) 0.00
Recording/Filing Fees 117.00
City/County Tax/Stamps (Mortgage Tax) 0.00
State Tax/Stamps (Mortgage Tax) 8,170.00
Co-op Lien Search 0.00
Georgia Per Loan Fee 0.00
Survey Fee 0.00
Survey Inspection Fee 0.00
Lender's Insurance against loan defaults to
of NewYork, Inc.$17,00
Willis POC
Pest Inspection Fee 0.00
Mortgage Satisfaction Fee 0.00
Total Cost
of Closing 8,015.50
Minus Closing Cost Paid by us 8,015.50
0.00
Total of Closing Costs due from you
TAX. The term "Mortgage Tax" means the
CONDITIONALWAIVEROF MORTGAGE borrower's portion of any
tax paid to a state, county or other government office as a condition to record the Mortgage. You acknowledge
that you had the option to pay the Mortgage Tax disclosed above at closing, and you elected to have us pay the
Mortgage Tax. We
agree to conditionally waive the Mortgage Tax unless you close or terminate your Credit
Account within three years from the date of this Agreement. If you close or terminate your Credit Account within
18 months from the date of this Agreement, you will repay to us 100% of the Mortgage Tax. If you close or
terminate your Credit Account after 18 months from the date of this Agreement but within three years from the
date of this Agreement, you will repay to us 50% of the Mortgage Tax. You will not be required to repay any
portion of the Mortgage Tax if we suspend or terminate your Credit Account. You may prepay your Credit
Account without repaying any portion of the Mortgage Tax as long as you do not close or terminate your Credit
Account. The Fee to Close Account described in Section 16 is in addition to any amount you must repay under
this paragraph.
At any time we may obtain an appraisal on the Property, including an internal inspection, at ot r sale
option and expense. You agree that you will cooperate with us in obtaining such an appraisal. The cost of the
follow-up appraisal and other permitted third party charges will be treated as Advances under this Agreement, as
allowed by applicable law.
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13. RELEASE.
Wewill release the Mortgage when all amounts due under the Mortgage and this Agreement have been paid.
When we discharge or release the Mortgage or siny other documents recorded or filed to perfect our security
interest in the Property, you shall pay any recordation or filing costs. Recordation or filing costs are estimated to
be $ 25.00 .
14. LATE FEES.
If you do not make the full current Minimum Payment within 15 days after the date it is due a late fee of $25.00
will be charged.
15. ANNUALFEE.
You agree to pay us a non-refundable Annual Fee of $ 50.00during the Draw Period and any extension of the
Draw Period. Unless you terminate your Credit Account and pay the outstanding balance, the Annual Fee will be
charged to your Credit Account annually during the Draw Period in the Monthly Statement Period ending in your
anniversary month which we assign to your Credit Account.
16. FEE TOCLOSEACCOUNT.
Your may be charged the lesser of 1 %of your Credit Limit or $400.00 if you close or terminate
Credit Account
your Credit Account within three years from the date of this Agreement. You will not be charged this fee if we
suspend or terminate your Credit Account. You may prepay your Credit Account without paying this fee as long
as you do not close or terminate your Credit Account.
17. RETURNDRAW
ACCOUNT CHECKCHARGE.
Wemay charge you a fee
of $25.00 for the return of a Draw Check because you are delinquent or in default in any
respect concerning the Credit Account.
18. DEFAULT.
You will be in default if:
a) You engage in fraud or material misrepresentation at any time in connection with your Credit.Account.
b) You faii to meet the repayment terms of this Agreement.
c) Your action or inaction adversely affects the Property or our rights in it. Examples of these actions and
inactions include, but are not limited to circumstances in which:
1. You are the sole borrower on this Credit Account and you die.
2. The Property is used for an illegal purpose.
3. You transfer or attempt to transfer all or part of your interest in the Property without our written
consent.
4. All or part of the Property is taken by condemnation or eminent domain.
5. You are in default on any mortgage or lien on the Property.
6. You fail to keep the Property properly insured.
7. You fail to pay real property taxes and assessments on the Property when they are due.
8. You fail to keep the Property properly maintained and in good repair.
you default, we have the right, at our option, to cancel your credit privileges,
If to require the immediate
payment of the entire amount owed to us, and/or to cause your home to be sold at foreclosure sale. If we refer
your account to an attorney for collection or foreclosure, you agree to pay our reasonable attomey's fees as
permitted by applicable law, but not to exceed 20 %
of the amount owed, plus court costs and the costs related to
foreclosure.
19. CANCELLATIONOF CREDITPRIVILEGES.
Wecan refuse to make additional extensions of credit, or reduce your Credit Limit if:
a) The value of the Property declines significantlW below its original appraised value for purposes of this
Credit Account.
b.) We reasonably believe you will not be able 3 meet the repayment requirements set forth in this
Agreement due to a material change in your finsncial circumstances.
c.) You fail to meet any material obligation you have under this Agreement.
d.) You are in default under Section 18 above.
e.) Government action prevents us from imposing (1e ANNUALPERCENTAGE RATEprovided for in this
Agreement.
f.) Government action impairs our security interet.t such that the value of our interest is less than 120
percent of your Credit Limit.
g.) A regulatory agency which supervises us has notified us that continued Advances would constitute an
unsafe and unsound practice.
b.) You become the subject of a proceeding in bankruptcy.
i.) There is more than one borrower on tl- s Credit Account, one of you dies, and that adversely affecu
our interest in the Property.
J.) The maximumANNUALPERCENTAGE
RATE (or rate cap) is reached.
If we refuse to make additional Advances or reduce your Credit Limit under this provision, we may refuse
to honor any requests for Advances, including those requests madebefore but presented to us after we madeour
decision. will We
send you a written notice statirg the reason for our action. If for any reason you believe your
Credit Limit should be reinstated, you must send .fs a written request for reinstatement and include in the request
the reasons why you believe your credit privilege o- Credit Limit should be reinstated.
20. FORECLOSURE.
The Mortgage signed in connection with this Agreement gives us certain rights to your property. The law gives us
other rights you also agree to give us. .If you defatit, we mhyforeclose on the Mortgage. This means that the real
property covered by the Mortgage will be sold in order to pay the amount owed to us under this Agreement.
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21. PERIODIC REVIEWSANDINFORMATION.
Wewill conduct periodic reviews of your Credit Account based on financial and credit information we receive
about you. You agree to provide us with updated financial information, in writing, if we request it. We may
request a new credit report on you without telling you. If you ask, we will tell you the name and address of the
consumer reporting agency that furnished it. We may furnish information about your performance under this
Agreement to our affiliates and other persons as allowed by law.
You also agree to sign any additional or corrective documents in connection with this Agreement, at our
request and as allowed by law.
22. ASSUMPTION.
Someonebuying your Property may not assume this loan on these terms.
23. SENDINGOF NOTICES.
Any statement or notice to you under this Agreement will be sufficiently given if sent to your address on file in
connection with this account or to a new address of which you have notified us in writing at least 20 days before
the sending of the statement or notice.
24. SUPPLEMENT CHARGES
REGARDING TO YOURCREDITACCOUNT.
If you do not pay the fees and charges for which you are obligated or that we may charge under the terms of this
Agreement at the time you are required to pay them, we have the right, but not the obligation, to charge your
Credit Limit for those past due fees and charges to the extent permitted by the law governing this transaction. Any
amount so charged to your Credit Limit will be a credit advance, bear interest at the Periodic Rate and the
corresponding ANNUALPERCENTAGE RATEuntil paid, and will decrease the funds available, if any, under the
Credit Limit.
25. AMENDMENT.
We may change the terms of this Agreement in accordance with the requirements of applicable law.
26. DELAYIN ENFORCEMENT.
Wemay waive our rights under this Agreement without losing them or relieving
or delay enforcing you of any of
your obligations. Wemay waive
or delay enforcing a right as to one of you without waiving it as to the others. We
may release any security or any one of you from responsibility under this Agreement without releasing the othes.
We need not give anyone notice of our waiver, delay or release. We
may sue any one of you without suing the
others.
27. OTHERRULES REGARDING ACCESSDEVICES.
You may not use Draw Checks or your Credit Card to make payments on your Credit Account. You agree that
the Draw Checks, the Credit Card and the ATMCard we supply you with are our property and that you will return
them to us at our request.
We are not responsible if anyone refuses to honor a Draw Check or Credit Card. may honor We
postdated Draw Checks and are not responsible if we do so. Weare not required to certify Draw Checks.
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FILED: BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024 EXHIBIT A FILED: BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024 JPMorgan Chase Bank, N.A OMEEQUITY LINE OF CREDITAGREE AND DISCLOSURESTATEMENT This Agreement (the "Agreement") goveming your HomeEquity Line of Credi "Credit Account") with is the JPMorgan Chase Bank, N.A. . Read this Agreement carefully so that you know how your Credit Account works. As you read this Agreement remember that the terms "we," "us," and "our" refer toJPMorgan Chase Bank, N.A. "You," "your," and to any other creditor to whom this Agreement is assigned. and "yours" refer to each person "Mortgage" means the who signs this Agreement or has authority to use it. mortgage, deed of trust or deed to secure debt you are giving us on your house or condominium. Your account, any amount you owe, and our Mortgage on your home may be sold or transferred to another creditor at anytime. If this happens, this Agreement and the Mortgage will remain in effect. 1. WHAT YOURHOME IS EQUITYLINE OF CREDIT? It a credit arrangement in which we make loans to you by advancing funds ("Advances") is from your Credit Account at your direction, allowing you to repay such Advances and take additional Advances. You promise and agree to repay these Advances, any interest which accrues on them, and all other charges for which you are responsible under the terms of this Agreement. 2. USINGYOURCREDITACCOUNT/MINIMUMINITIAL ADVANCE. You may request Advances from your Credit Account by writing a Home Equity Line of Credit Check ("Draw Check"). You may also obtain advances at the closing by completing a loan request form or other form of authorization that we may require. If available in your state, you may also obtain Advances using the credit card access device to your Credit Account ("Credit Card"), and by using your Credit Card as an ATM card access device to your Credit Account ("ATM Card"). You may also request Advances at any of our authorized locations. You may take Advances for a period of 120 Monthly Statement Periods after the date your Credit Account is opened ("Advance Period"). After such Advance Period, unless extended, you may not take further advances. Your principal balance will then be fixed and you will be required to repay it and any interest and other charges which accrue over the next 240 Monthly Statement Periods ("Repayment Period'). If your Credit Limit, as described in Section 5 of this Agreement, is between $500,001 and $750,000 and you are not being asked to pay any Closing Costs as described in Section 12 of this Agreement, then you must take a minimum initial Advance on your Credit Account in an amount equal to or greater than $100,000. If your Credit Limit is between $750,001 and $1,000,000 and you are not being asked to pay any Closing Costs as described in Section 12 of this Agreement, then you must take a minimum initial Advance on your Credit Account in an amount equal to or greater than $200,000. A Monthly Statement Period is defined as successive intervals of approximately one month beginning on the date your Credit Account is opened and recurring regularly until your Credit Account is finally closed. Monthly Statement Periods occur regardless of whether there is a balance or any activity in your Credit Account or whether we have sent you a statement for the period. Your first Monthly Statement Period may be shorter than a month depending on when your Credit Account is opened. 3. ACCESSDEVICELIMITATIONS ANDRESTRICTIONS. a) Lost or Stolen Access Device. You agree any of your Draw Checks, Credit Card to notify us promptly if ATM Card is lost or stolen. The quickest way to notify us is to You also agree to call us at (800)-836-5656. cooperate with us or any law enforcement agency in any effort to investigate the circumstances surrounding the incident and to minimize potential losses to you or us stemming from the unauthorized use of your Draw Checks, Credit Card or ATMCard. You agree to keep your Draw Checks, Credit Card and ATMCard safe from loss, theft and unauthorized use. b) Draw Checks. You may present Draw Checks to other parties in payment of goods and services. You may write a Draw Check in the exact amount you desire as long as it is in a minimum amount of $250. We may refuse to honor requests for advances below the minimum amount. When you use the Draw Checks, you agree to waive any right you may have to notice of dishonor, presentment, provisional or final settlement within a given time or any other related right. Wemay dishonor any Draw Check presented to us if you are in default under this Agreement. c) Credit Card. You may request Advances by using your Credit Card for cash transactions and in paymert ·.d goods and services. The maximumamount that you may request in any transaction (each day) is the lesser of an amount that would cause you to exceed the amount of your Credit Limit or $99,999.99. There may be occasions when this amount is further limited, authentication of your identity is required, or we may decline the transaction for security purposes. You agree that you will not request Advances for any transaction that involves Internet gambling. Wereserve the right to refuse a transaction that we reasonably believe involves Internet gambling. We may dishonor any Credit Card transaction if you are in default under this Agreement. d) ATM Card. Requests for Advances using your ATM Card are subject to the limitations and fees of the owner of the ATM. Wemay dishonor any ATMtransaction if you are in default under this Agreement. e) Requests in Person. You may also request advances at any of our authorized locations or at the closing by completing a loan request form or other form of authorization that we may require. If you take Advances at closing by signing a loan request or other form of authorization, we will disburse the amount to you promptly but no earlier than the end of any applicable period during which you could exercise a right to rescind. NYCAVLS (Rev. 12/22/06) Page 1 of 9 NewYork Credit Agreement FILED: BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024 4. LIABILITY USE OFYOURCREDITCARD. FORUNAUTHORIZED You may be liable use of your Credit Card that accesses your Credit Account. You will not be for the unauthorized liable for unauthorized use that occurs after you notify us by telephone at (800)-836-5656, or in writing at JPMorgan Chase Bank, N.A. , P.O. Box 901008, Fort Worth, Texas 76101-2008, of the loss, theft, or possible unauthorized use. Regardless, your liability for unauthorized use of your Credit Card will not exceed $50.00. you use a Credit Card or ATMCard that deducts funds from a checking account or another consu ner If deposit account, but that you have also established to borrow from this Credit Account, Electronic Fund Transfer Act and Regulation E provisions apply, as well Regulation Z provisions adopted under the Truth-in-Lending Act. If so, you might be liable for up to $50.00 under Regulation Z. You might also be liable for a different or an unlimited amount under Regulation E, or a lesser amount if state law applies. Please read your Electronic Fund Transfer Act disclosure carefully. 5. CREDITLIMIT. Wehave assigned a Credit Limit of $ 400,000.00 on your Credit Account. You may not request an Advance that would cause your unpaid balance to exceed your Credit Limit. We are not required to pay any item which would cause you to exceed the amount of your Credit Limit. If we do make the Advance, it does not mean your Credit Limit has been raised. Wemay require you to repay the amount over your Credit Limit at once. If you exceed your Credit Limit, you agree to pay a fee of $25 for each advance in excess of your Credit Limit. 6. PROMISETO PAY. You promise to repay to us in U.S. Dollars all Advances charged to your Credit Account, plus finance charges and all other amounts due under this Agreement or the Mortgage. To avoid being in default, you must pay us at least Date" the minimum payment (described below) by the "Payment Due shown on each billing statement we will send to you. in any event, you promise to pay the balance of your Credit Account at the termination of this Agreement. 7. MINIMUMPAYMENT. Each billing statement we send you will reflect a minimum monthly payment amount that you must pay. During the Advance Period or any extension thereof, your minimum monthly payments will be the amount of finance charge accrued plus any fees and any amounts past due. After the Advance Period and during the Repayment Period, your minimum monthly payments wiH be (a) the unpaid principal balance divided by the remaining number of scheduled payments, plus (b) the amount of finance charge accrued plus any fees and any amounts past due. If you have failed to pay real property taxes, assessments, ground rents (if any) or hazard insurance when due, we may require you to make monthly payments to us for all amounts necessary for taxes, assessments, ground rents (if any), or hazard insurance on the Property, as further described in Section 11 of this Agreement and in the Mortgage or we may charge such amounts to your Credit Account as Advances. [ INTENTIONALLYLEFT BLANK] NYCAVLS Page 2 of 9 FILED: BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024 8. FINANCECHARGES. FINANCECHARGESbegin to accrue on the day an Advance is charged to your Credit Account and continue until balance on such Advance is paid in full. FINANCECHARGES the outstanding on your Credit Account will be determined by applying a daily periodic rate to the daily balance (as described below) of your Credit Account, an amount that will include current transactions. To calculate the daily balance, we take the beginning principal balance of your Credit Account each day, add any new Advances, and subtract any payments or credits applied to this principal balance. This gives us the daily balance. Wethen apply the applicable daily periodic rate to each daily balance and add up the results of this daily interest computation for each day of the Monthly Statement Period. This total is the periodic FINANCECHARGE for the Monthly Statement Period. The daily periodic rate and its corresponding ANNUALPERCENTAGE RATE are variable rates based Rate" means the prime rate as published in the Rates" table in on changes in the Prime Rate. "Prime "Money The Wall Street Journal on each publication date. The daily periodic rate and its corresponding ANNUAL PERCENTAGE RATE may increase or decrease on the first calendar day following a change in the Prime Rate. Wewill use the highest Prime Rate if more than one is published. The Prime Rate is merely a pricing index. It is not intended, and you should not consider it, to represent the lowest or the best interest rate that we, our affiliated organizations or any other financial institution charge to any borrowers. If the Prime Rate becomes unavailable during the term of this Agreement, we may designate a substitute index upon notice to you. An increase in the ANNUALPERCENTAGE RATE and the daily periodic rate will result in a higher FINANCE CHARGEand higher minimum payments, while a decrease in those rates will result in a lower FINANCE CHARGEand lower minimum payments, assuming the same principal balance and number of days in the Monthly Statement Period. the Prime Rate changes, the daily periodic rate will be increased If or decreased on the first calendar day following a change in the Prime Rate. If you have a special introductory rate, your ANNUAL PERCENTAGE RATE may increase when the special introductory rate ends even if the Prime Rate does not. Except for any period in which a special introductory rate is in effect, we will determine your daily periodic rate by subtracting .300 percentage points to the Prime Rate and dividing the result by 365 (366 in leap years). We refer to this subtraction as the "Standard Rate Margin". On the day we prepared this document, the Prime Rate was 8.250%, and therefore the initial daily periodic rate ("Initial Rate") and corresponding ANNUAL PERCENTAGE R ATE on your Credit Account are estimated below. Your Initial Rate and corresponding ANNUALPERCENTAGE RATEwill be based on the value of the Prime Rate in effect on your closing date. The estimated Initial Rate is .02178% (corresponding ANNUALPERCENTAGE RATE: 7.950%). The ANNUALPERCENTAGE RATEdoes not include costs other than interest. At no time will your ANNUALPERCENTAGE RATE ever exceed 21%. Other than this cap there are no limits the amount by which your ANNUALPERCENTAGE on RATEcan change over the life of your Credit Account or on any individual date on which your ANNUALPERCENTAGERATE changes. NYCAVLS Page S of 9 FILED: BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024 9. FIXED RATE CHANGE OPTION. n You may change the variable rate to a fixed rate as described below. a) Your ANNUALPERCENTAGE RATE May Increase. Your ANNUALPERCENTAGE RATE may increase if you change to a fixed rate. b) General Rate Change Rules. You may change to a fixed rate with our written permission at any time during the Draw Period. You may change the repayment schedule for the entire outstanding balance on the Credit Account or any portion of it, but not less than $1,000.00, for a term up to the lesser of 30 years or the remaining originally scheduled term of your Credit Account (a "Lock"). Therefore, you can take a Lock of up to 30 years only if you obtain a lock on the date you opened this Credit Account. You may have up to five Locks open -1 any time but you cannot increase the amount of a Lock once we establish it. Your Lock wili not be subject to ti a Payment" Account" "Using Your Credit (Section 2) and "Minimum (Section 7) sections of this Agreement. Instead, when we establish each Lock, we will calculate the required monthly payment to fully pay-off that Lock over the term of the Lock at the fixed rate applicable to that Lock. Therefore, your minimum payment that you owe each month will be your payment for each Lock plus any amounts past due on each Lock, plus the minimum | payment amount for your Credit Account which has not been locked (the "Credit Line"), calculated as set forth in the "Minimum Payment" section (Section 7) of this Agreement. The outstanding balance on each Lock will accrue Determination" interest at a fixedrate as established in the "Rate section (Section 9(d)), and will pay-off in full over the period we establish for your Lock. c) Additional Principal Payments on Lock(s). Additional principal payments for a Lock may be madeat any time but not change your responsibility will to pay future Lock payments as long as any amount is still owing on the Lock unless we agree otherwise in writing. Any principal payment made on any Lock will be available on the Credit Line for you to borrow against upon our posting of that payment. If your outstanding balance includes one or more Locks as well as a balance on your Credit Line, unless you properly designate otherwise on a payment coupon we provide you, then each additional payment we receive will be first applied to the Credit Line until paid in full. Also, unless you properly designate otherwise on a payment coupon we provide you, if there is no Credit Line to which to apply an additional principal payment, then the additional principal payment will be applied to the Lock first opened until paid in full. Additional principal payments for a Lock may be made at any time but will not affect your obligation to pay future Lock payments as long as any amount is still owing on the Lock unless w.e otherwise agree in writing. - , d) Rate Determination. We offer Locks at competitive rates. When you request a Lock, we will review the rates and terms available for a comparable Home Equity Loan offered by us at the time of your request based upon a like loan to value ratio, loan term and your credit profile. will We offer you that rate unless it would be higher than the rate calculated in accordance with the formula below, in which case you would get the rate calculated in accordance with that formula. Our standard rates are generally significantly lower than rates arrived Index," at through the following calculation: will We start with the "Lock which is the yield on U.S. Treasury securities having a comparable period of maturity to the scheduled maturity of the requested Lock as of the 15th day of the month immediately preceding the month in which you request your Lock as made available by the Federal Reserve Board. If the Lock Index becomes unavailable during the term of this Agreement, we may designate a substitute index after notice to you. Wewill then add 10 percentage points to the Lock Index. Your fixed lock rate (the "Fixed Lock Rate") will be the lowest of the following: the amount arrived at from the foregoing calculation, 21%, or the maximum rate we are allowed to charge you at the time of your lock under federal law, which for the purposes of 12 U.S.C. Section 85 incorporates Ohio law. As stated above, if our standard rate is lower than the Fixed Lock Rate, you will get the lower rate. Wewill provide a complete disclosure of the terms of the Lock at the time the Lock is established. e) Cancellation of Lock. If you later request that we cancel a Lock, we may permit you to do so if you agree to pay the Lock cancellation fee that is in effect at Me time of cancellation for each Lock you cancel. You will be required to sign an amendment to this Agreemen which will contain the amount of the agreed upon cancellation fee. f) Fee Waivers. If you Lock an initial advar ce of at least $25,000 immediately upon opening this Credit Account, we will waive the Annual Fee described Section 15 for as long as that initial Lock remains open. 10. PAYMENTS. AII payments on your Credit Account made by check or money order must be delivered to us at the address indicated on your billing statement. Any paymern may be returned without applying it to your Credit Account if the check or money order is: (1) not drawn on the U S. Postal Service or a financial institution located in the United States of America; (2) not payable in U.S. Doll,ars; (3) drawn with different numeric and written amounts; (4) missing a signature; (5) postdated; or (6) unacceptable for any other reason. may apply all payments and We credits in accordance with our standard operating. procedures and with the requirements of applicable law. Unless otherwise required by applicable law, we may apply your payments to principal, interest, fees and other charges in any order. lf we receive payments at locations other than indicated on your billing statement, such payments will be credited promptly to your Credit Account, but crediting may be delayed for up to 5 days after receipt. Wemay apply our standard operational procedures to verify that we have received good funds after we receive your payments before releasing the payment amounts as available credit on your Credit Account. We do not process payments on Saturcayb, Sundays or bank holidays, and if the Payment Due Date falls on one of these days, you will incur an additional Finance Charge if your payment is not posted on or before the preceding bank business day. can We accept. late payments, partial payments, checks or money orders marked full" "paid in or containing similar language without losing any of our rights under this Agreement. You agree to pay us $25 for each payment check or automatic ebit to your account which is returned unpaid. You also agree to pay a fee of $0.00 per copy for providing photocopies of monthly statements or canceled Draw Checks. NYCAVLS Page 4 of 9 FILED:I BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024 11. SECURITYINTEREST. As a part of this transaction, you are granting us a Mortgage on the property, as further described in the Mortgµúc.., which is located at 4455 DOUGLASAVE, #14B, BRONX,NY10471-3525 (the"Property"). All of the terms and conditions of the Mortgage are very important and should be read in conjunction with this Agreement. 12. CLOSINGCOSTS. Your closing costs are listed below. You may pay these costs in cash at the closing or charge them to your Credit Account as Advances. Loan Origination Fee (FINANCE CHARGE) 0.00 Loan Discount (FINANCE CHARGE) 0.00 Appraisal Fee 0.00 Credit Report Fee 0.00 Mortgage Broker Fee (FINANCE CHARGE) 0.00 Attorney Review Trust Documents (FINANCE CHARGE) 0.00 - Flood Zone Certification Fee (FINANCE CHARGE) 0.00 Underwriting Fee (FINANCE CHARGE) 0.00 Processing Fee (FINANCE CHARGE) 0.00 Document Preparation Fee - Lender (FINANCE CHARGE) 0.00 Courier Fee - Lender (FINANCE CHARGE) 0.00 Courier Fee - Broker (FINANCE CHARGE) 0.00 ,, Wire Fee - Lender (FINANCE CHARGE) 0.00 Wire Fee - Broker (FINANCE CHARGE) 0.00 Condo Review Fee (FINANCE CHARGE) 0.00 Other Fee 0.00 Other Fee 0.00 Other Fee (FINANCE CHARGE) 422.50 Other Fee - Broker 0.00 Other Fee - Broker 0.00 Settlement or Closing Fee (FINANCE CHARGE) 226.00 or Title Search Abstract 80.00 Document Preparation Fee - Settlement Agent 0.00 Notary Fee 0.00 Closing Attorney Fee (FINANCE CHARGE) 0.00 Bank Closing Attorney 0.00 Title Insurance 0.00 UCCPreparation Fee 0.00 Attorney's Fees to (FINANCE CHARGE) 0.00 Recording/Filing Fees 117.00 City/County Tax/Stamps (Mortgage Tax) 0.00 State Tax/Stamps (Mortgage Tax) 8,170.00 Co-op Lien Search 0.00 Georgia Per Loan Fee 0.00 Survey Fee 0.00 Survey Inspection Fee 0.00 Lender's Insurance against loan defaults to of NewYork, Inc.$17,00 Willis POC Pest Inspection Fee 0.00 Mortgage Satisfaction Fee 0.00 Total Cost of Closing 8,015.50 Minus Closing Cost Paid by us 8,015.50 0.00 Total of Closing Costs due from you TAX. The term "Mortgage Tax" means the CONDITIONALWAIVEROF MORTGAGE borrower's portion of any tax paid to a state, county or other government office as a condition to record the Mortgage. You acknowledge that you had the option to pay the Mortgage Tax disclosed above at closing, and you elected to have us pay the Mortgage Tax. We agree to conditionally waive the Mortgage Tax unless you close or terminate your Credit Account within three years from the date of this Agreement. If you close or terminate your Credit Account within 18 months from the date of this Agreement, you will repay to us 100% of the Mortgage Tax. If you close or terminate your Credit Account after 18 months from the date of this Agreement but within three years from the date of this Agreement, you will repay to us 50% of the Mortgage Tax. You will not be required to repay any portion of the Mortgage Tax if we suspend or terminate your Credit Account. You may prepay your Credit Account without repaying any portion of the Mortgage Tax as long as you do not close or terminate your Credit Account. The Fee to Close Account described in Section 16 is in addition to any amount you must repay under this paragraph. At any time we may obtain an appraisal on the Property, including an internal inspection, at ot r sale option and expense. You agree that you will cooperate with us in obtaining such an appraisal. The cost of the follow-up appraisal and other permitted third party charges will be treated as Advances under this Agreement, as allowed by applicable law. NYCAVLS Pag¬ -5of 9 FILED: BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024 13. RELEASE. Wewill release the Mortgage when all amounts due under the Mortgage and this Agreement have been paid. When we discharge or release the Mortgage or siny other documents recorded or filed to perfect our security interest in the Property, you shall pay any recordation or filing costs. Recordation or filing costs are estimated to be $ 25.00 . 14. LATE FEES. If you do not make the full current Minimum Payment within 15 days after the date it is due a late fee of $25.00 will be charged. 15. ANNUALFEE. You agree to pay us a non-refundable Annual Fee of $ 50.00during the Draw Period and any extension of the Draw Period. Unless you terminate your Credit Account and pay the outstanding balance, the Annual Fee will be charged to your Credit Account annually during the Draw Period in the Monthly Statement Period ending in your anniversary month which we assign to your Credit Account. 16. FEE TOCLOSEACCOUNT. Your may be charged the lesser of 1 %of your Credit Limit or $400.00 if you close or terminate Credit Account your Credit Account within three years from the date of this Agreement. You will not be charged this fee if we suspend or terminate your Credit Account. You may prepay your Credit Account without paying this fee as long as you do not close or terminate your Credit Account. 17. RETURNDRAW ACCOUNT CHECKCHARGE. Wemay charge you a fee of $25.00 for the return of a Draw Check because you are delinquent or in default in any respect concerning the Credit Account. 18. DEFAULT. You will be in default if: a) You engage in fraud or material misrepresentation at any time in connection with your Credit.Account. b) You faii to meet the repayment terms of this Agreement. c) Your action or inaction adversely affects the Property or our rights in it. Examples of these actions and inactions include, but are not limited to circumstances in which: 1. You are the sole borrower on this Credit Account and you die. 2. The Property is used for an illegal purpose. 3. You transfer or attempt to transfer all or part of your interest in the Property without our written consent. 4. All or part of the Property is taken by condemnation or eminent domain. 5. You are in default on any mortgage or lien on the Property. 6. You fail to keep the Property properly insured. 7. You fail to pay real property taxes and assessments on the Property when they are due. 8. You fail to keep the Property properly maintained and in good repair. you default, we have the right, at our option, to cancel your credit privileges, If to require the immediate payment of the entire amount owed to us, and/or to cause your home to be sold at foreclosure sale. If we refer your account to an attorney for collection or foreclosure, you agree to pay our reasonable attomey's fees as permitted by applicable law, but not to exceed 20 % of the amount owed, plus court costs and the costs related to foreclosure. 19. CANCELLATIONOF CREDITPRIVILEGES. Wecan refuse to make additional extensions of credit, or reduce your Credit Limit if: a) The value of the Property declines significantlW below its original appraised value for purposes of this Credit Account. b.) We reasonably believe you will not be able 3 meet the repayment requirements set forth in this Agreement due to a material change in your finsncial circumstances. c.) You fail to meet any material obligation you have under this Agreement. d.) You are in default under Section 18 above. e.) Government action prevents us from imposing (1e ANNUALPERCENTAGE RATEprovided for in this Agreement. f.) Government action impairs our security interet.t such that the value of our interest is less than 120 percent of your Credit Limit. g.) A regulatory agency which supervises us has notified us that continued Advances would constitute an unsafe and unsound practice. b.) You become the subject of a proceeding in bankruptcy. i.) There is more than one borrower on tl- s Credit Account, one of you dies, and that adversely affecu our interest in the Property. J.) The maximumANNUALPERCENTAGE RATE (or rate cap) is reached. If we refuse to make additional Advances or reduce your Credit Limit under this provision, we may refuse to honor any requests for Advances, including those requests madebefore but presented to us after we madeour decision. will We send you a written notice statirg the reason for our action. If for any reason you believe your Credit Limit should be reinstated, you must send .fs a written request for reinstatement and include in the request the reasons why you believe your credit privilege o- Credit Limit should be reinstated. 20. FORECLOSURE. The Mortgage signed in connection with this Agreement gives us certain rights to your property. The law gives us other rights you also agree to give us. .If you defatit, we mhyforeclose on the Mortgage. This means that the real property covered by the Mortgage will be sold in order to pay the amount owed to us under this Agreement. NYCAVLS Page 6 of 9 FILED: BRONX COUNTY CLERK 05/20/2024 09:09 AM INDEX NO. 808175/2024E NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 05/20/2024 21. PERIODIC REVIEWSANDINFORMATION. Wewill conduct periodic reviews of your Credit Account based on financial and credit information we receive about you. You agree to provide us with updated financial information, in writing, if we request it. We may request a new credit report on you without telling you. If you ask, we will tell you the name and address of the consumer reporting agency that furnished it. We may furnish information about your performance under this Agreement to our affiliates and other persons as allowed by law. You also agree to sign any additional or corrective documents in connection with this Agreement, at our request and as allowed by law. 22. ASSUMPTION. Someonebuying your Property may not assume this loan on these terms. 23. SENDINGOF NOTICES. Any statement or notice to you under this Agreement will be sufficiently given if sent to your address on file in connection with this account or to a new address of which you have notified us in writing at least 20 days before the sending of the statement or notice. 24. SUPPLEMENT CHARGES REGARDING TO YOURCREDITACCOUNT. If you do not pay the fees and charges for which you are obligated or that we may charge under the terms of this Agreement at the time you are required to pay them, we have the right, but not the obligation, to charge your Credit Limit for those past due fees and charges to the extent permitted by the law governing this transaction. Any amount so charged to your Credit Limit will be a credit advance, bear interest at the Periodic Rate and the corresponding ANNUALPERCENTAGE RATEuntil paid, and will decrease the funds available, if any, under the Credit Limit. 25. AMENDMENT. We may change the terms of this Agreement in accordance with the requirements of applicable law. 26. DELAYIN ENFORCEMENT. Wemay waive our rights under this Agreement without losing them or relieving or delay enforcing you of any of your obligations. Wemay waive or delay enforcing a right as to one of you without waiving it as to the others. We may release any security or any one of you from responsibility under this Agreement without releasing the othes. We need not give anyone notice of our waiver, delay or release. We may sue any one of you without suing the others. 27. OTHERRULES REGARDING ACCESSDEVICES. You may not use Draw Checks or your Credit Card to make payments on your Credit Account. You agree that the Draw Checks, the Credit Card and the ATMCard we supply you with are our property and that you will return them to us at our request. We are not responsible if anyone refuses to honor a Draw Check or Credit Card. may honor We postdated Draw Checks and are not responsible if we do so. Weare not required to certify Draw Checks. Wew