Preview
FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024
NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 06/04/2024
JPMorgan Chase Bank
AND
HOMEEQUITY LINE OF CREDIT AGREEMENT
DISCLOSURESTATEMENT
This is the Agreement (the "Agreement") goveming your Home Equky Line of C t
with JPMorgan Chase Bank . Read this Agreernent carefuly so th
Account") ,"
know how your Credit Account works. As you read this Agreement remember that the term
and "our"
refer to JPMorgan Chase Bank and to any other creditor to whomthis ent
"yours"
Agreement is assigned. "You," "your?' and refer to each person who signs this Agreernent cr has
"Mortgage"
authority to use it. means the mortgage. deed of trust or deed to secure debt you are gMng us
on your house or condominium, Your account, any amount you owe, and cur Mortgage on your home may
be sold or transferred to another creditor at anytime. If this happens, this Agreement end the Mortgage wil
remain in effect.
1. WHATIS YOURMOMEEQUITY LINE OF CREDIT7 It is a credit arrangement
we make toans by advancing funde ("Advancea") from your Credit Account at
in whidi 10 you your
direction, allowhg you to repay such Advances and take additional Advances- You promise and agree to
repey these Advances, any interest whleh accrues on them, and all other charges for which you are
responsbie under the terms of this Agreement.
2, USING YOURCREDIT ACCOUNT/MINIMUM INITIAL ADVANCE.You may
request Advances from your Credit Account by writing a HomeEquity Line of Credit Check ("Drew Check")
lor the exact amount which you desire as long as it is in a minfrnum amount of $ 250,00 . Wemay
refuse to honor request for advances below the minimum amount You inay also request advances at the
that we may require, You Inay
closing by completing a foan request form or other form of
authorizellon
take Advances for a period of 120 Monthly Statement Pet1ods after the date your Credit Account is
opened ("Advenoe Period"). After such Advance Period, you may not take further edvances. Your
principal balance will then be fixed and you will be required to repay iI and any interest and other charges
which secrue over the next 240 Monthly statement Periods ("Repayment Period"). tf you qualify, you Inay
extend the Advance Period of your Credit Account. To qualify, you must submit e written request in a
form acceptable to us si least six months prior to the scheduled termination of the Advance Period and
you must ment extension requirernents h effect at the time of the request.
If your Credit Limit, as described In Section 4 of this Agreement, is between $500,001 and $780,000 and
you are not being asked to pay any Closing Costs as described in Section 10 of this Agreement then
you must take a criinimum initial Advance on your Credit Account in an emount equal to or greater than
$100,000. If your Credit 1..irnit is $750,001 sad above and you are not being asked to pay any Closing
Costs as described in Section 10 of this Agreement, Iben you must take a minimum initial Advance on
your Credit Account In en amount equal to or greater thart $20D,000.
A Monthly Stalernent Period is defIed as successive Intervala of approxrnately one month
Account opened and recurring unill your Credit Account Is
beghning on the date your Credit In regularly
finsity closed. Monthly Statement Periods occur regardless of whether there is a balance or any activity b
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 Gredit Account is opened.
3. DRAWCHECKS.You agree to notify us promptly if any of your Checks are lost cc
stolen. You agree to cooperate with us or any law enforcernent agency in any oflort to Investigate
also the
circumstances surrounding the incident and efforts to rrilnknire potential losses to you or us stemming
From it You are resporisible for the unauthorized use of lost or stolen Draw Checks unless the law
prohibite us Irom holding you liable.
4. CREDIT LIMIT, Wehave assigned a Credit UmIt of $ 105,000,00 on your Credit
Account. You rnay not request an Advance that woLdd cause yoUr unpaid balance to exceed your Gredit
Lirnit. Weare not required to pay eny item which would cause you to exceed the amount of your Credit
Lirnit. If we do rnake the Advance. It does not meanyour 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 51S, for each edvance h excess of your Credit Limit
5. PROMISETO PAY. You prornise to repay to us In U.S. Dollars all Advances charged
to your Credit Account, plue finance charges and all other arnaunts due under this Agreernent or the
Mortgage. To avoid being in default, you must pay us et least the Minfrnurn Payment (described below} by
Dale"
the "Payment Due shown on each biling statement we wlli send to you. In any event you promise
to pay the balance of your Credit Account at the termination of this Agreement
NYCA(Rev3 DmGroS) Powa
wenbac,nstaye-ma
FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024
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6. MINIMUM PAYMENT.During the Advance Period, your monthly payments will be the amount
'
of fhance charge ecaued plue credit Ilfe insurance promums, if applicable, any fees and any amounts
past dua You are riot requred, however, to obtain oredit Efe insurance In connedion with your Credit
Account. After the Advance Period and during Ihe Repayment Period, smotrds sufficient to repay your
unpe1d priricipal balance over the number of months re(nsining in your Repayment Period wiK be added
to your payment. If you have failed to pay real property taxes, assessments, ground rents Of any) or
hazard Insurance when due, we may require you to rnake monthly payments to us for al amounts
necessary for taxes, assessments, ground rents (if eny), or hazard Insurance on the property
("Property"), as further desorbed In the Open-End Mortgage (the "Mortgage") which was signed in
cortnection wlth this Agreement,
I
INTENTIONALLYLEFT BLANK
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7. FINANCECHARGES.FINANCECHARGES begin to secrue on the day an Advance is
charged to your Oredit Account and continue until the outstanding balance on eudh Advance Is peld in
ful. FINANCEOHARGES on your Credit Account wiU be determined by applying a daily periodic rate to
the daily balance (as described below) of your Credit Account, an amount that will bclude
current
frensactions. To calculate the dally balance we take the betpnning pitncipal balance of your Credit
Account ead day. add any newAdvances orld subtract any payments or credits applied to this principal
This gives us the dagy balance agelmst which we apply your daily periodic rate. Then we
belence. add
all the interest eccrued for the number of days in the Monthly Stalernant Period, which becomes
up daily
the total FINANCECHARGE for the Monthly Staternant Period.
The daily periodic rate end He corresponding ANNUALPERCENTAGE RATEon the date your Credit
Account was opened ("Initial Rate") are .M092% Dally Periodic Rate and LQ_91% corresponding
ANNUALPERCENTAGE RATE, The ANNUALPERCENTAGE RATEdoes not include costs other
then kierest.
The daily periodic rate and its correspondng ANNUALPERCIENTAGE
RATEare vailable rates and
therefore or decrease on the first day of each calendar month be$ed on changes |n the
may increaseRate" Rates' table In The Wall
Prime Rale, "Prime means the prrne rate as published In the "Money
Street Journal. Wewil ase the h!ghest Prime Rate if more then one la pubHshed. The Prime Rate is
merely a pricing lrIdex. It la not IMended, end you should not consider it, 10 represent the lowest or the
best Interest rate that we or afEllated orggnizations charge to any borrowers. An increase in the
ANNUALPERCENTAGE RATEand the deity periodic rate will result in a higher FINANCECHARGE
and higher minimurn payments, while a decrease in those rates wig result in a lower FINANCECHABGIE
and lower minimum payments, assurning the same principa[ balance and number of days In the bllDng
cycle,
If the daily periodic rate d1anges, it will be increased or decreased on the first day of each calendar
month using the Prime Rate In effect on the precedhg business day. Wewill determine your daily
periodic rate by subtracting .250 percentage points 10 the Prime Rete end dividing the result by 366 (366
in leap years). Werefer to this subtradion as twMargin".
The first time or any subsequent time there le a change 10 your ANNUALPERCENTAGERATE. it
may Increase to 16%, At no tirne, however, win your ANNUAL PEROENTAGE
RATEexceed 18%.
Other than this cap there ere no limb1s on the smount by which your ANMUAL
PERCENTAGERATEcan
change over the life of your Credit Account or on any hdMdual date on whk:h your ANNLIAL
PERCENTAGE RATEchanges.
8. PAYMENTS.All pmyrnents on your Credit Account must be madeby check or inoney
order delivered 10 us et the address indicated on your bEng statement Any payment may be retumed
without applying [I10 your credit Account if the check or money order Is: (1) not drawn on the U. S, Postal
Sendce or a finecial inst tution located in the IJnited States of Americe; (2) not payable in U.S. Dollars;
(3) drawn with different numeric and written emounts: (4) misshg a signature; (5) posidated; cr (8)
unacceptable for any other reason. We may apply ell payments and credits in accordance with our
standard operating procedures and with the requirements of spp11cable law. Generaly, yo r payments will
be applied in the following order: credit insurance premlums which we have biled to you, Interest which
we have hilted to you, late fees, other fees, principal, insurance premiums which have scorued but which
Navenot yet been blAed end interest which has accrued but which has not yet been billed-
MYCA engasas
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Wedo not process payments on Saturdays, Sundays or bank holidays, and if the Payment Due
Date falls on one of these days, you will incur an additional Finance Charge If yotr payment Is not pasted
on or before the preceding bank buebess day. Wecan accept Inte payments, partial payments, checks or
rights under
money orders marked "pald In fulF or containing simEar language without losing eny of our
thIs Agreement. You agree to pay us $20 for each payment check or automaUc debit to
your secouni
which Is returned unpaid. You also agree to pay a lee of S 3.00 per copy for pmviding photocopies of
monthly staternents or canceled Draw Checks.
9. SECURr“Y INTEREST, As part of this transaction, you are grangng us a Mortgage
on the property, as further described in the Mortgage, which is located at
BBHARTSTREET, BROOKLYN,NY11206-6402
(the "Property"). AII of the terms md conditions of the Mortgage are very important and should be read in
conjunction with this Agreement.
10. COSTSFOLLOWING CLOSING. As you maintainaCredit Account with us, you will
incur other charges assessed under the Mortgage and this Agreement For example, Glosing Costs. Your
closing costs are listed below, You may pay these costs in cash et the closing or charge them to your
Credt Account as Advances.
Loan OrlgInation Fee (Finance Change) 0.00
1..oan Discount (Finance charge) 0.00
Appraisal Fee 300.00
Credit Report Fee 0.00
Mortgage Broker Fea (Finance Charge) 0.00
Attorney Review - Trust Documents(Finance Charge) 0.00
Flood Zone Certification· Fee (FInance Charge) 4.50
Underwriting Fee (Finance Charge) 0.00
Processing Fee (Finance Charge) 0.00
Document Preparation Fee - L.ender (Finance Charge) 0.00
Courier Fee - Londer (Finance Charge) 0..00
Courier Fee - Broker (Finance Charge] 0.00
Wire Fee - Lender (Finance Charge) 0A0 |
Wire Fee - Broker (Finance Charge) 0.00
Other Fee (FInance Charge) 9,00
other Fee - Broker DAD
Other Fee - Broker D..00
Settlernent or Closing Fee (FIrene Charge) 0A0
Abstract er Title Search 55,00
Document Preparation Fee -Settigment Agent 0.00
Attorney% Feet DAO
Title Insurance 0.00
UCCPreparation Fee 0.00
Recording/Filing Fees 'I05.00
CItyfCounty Tax/Stamps 0A0
State TexJStamps 2,075AO
Co-ap UenSearch 0.00
Georgia Per L.oan Fee 0.00
Survey 0.00
Survey Inspection 0.00
Lender's Insurance against toan defaults to SL Paul
Fire & Marine Insurance Company$25.00 PCC 0.00
Mortgage Satisfaction Fee 0.DD
255 Affldavit Fee 0.00
PAID BYLENDER
LES$ AMOUNT 2,538.110
AMOUNT
DI.IE FROM
BORROWER 0.00
Any tIrne as we may reasonably require, while you have the right to take Advances on your Credit
Account. we may obtain an appraisel on the Property, You agree that you win cooperate wth us In
obtaining such so appraisal.
11. RELEASE. wewmrelease the Mortgage when di amounts due under the Mortgage and
this Agreernent have been paid, Before givkag you a release. you will have to retum an unused Drew
Checks to us and wait until seven (7} business days after your accourd has been closed. Whenwe
discharge or release the Mortgage or em other docurnents recorded or flied to perfect our security
interest in the Property. you shaH pay any recordation or SIng costs. Recordpnon or filing costs are
est'rnated to be $ 25.00 -
NYCA PA 4 N4
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h
12. LATE FEES. If you do not make the full current Minimum Payment within 15 days
efler the date it is due, a late fee of 2.00 %of the currorit Minimum Payment will be charged.
13. CREDIT LIFE AND
CREDIT DISABIL Y INSURANCE. You may be oRered
the ability Insurance covering your death, disability or unemployment. If offered, credit
to purchase credit
insurance is voluntary and is not required to obtain credit If elected, you rn y terminate it at any time,
Credit insurance will not be pmvided unless you sign or initial a separate document requesting such
insurance. Premiurns for any such insurance will be shown on such separate docurnent and wilf be
Induded In the arnemi Miled to you each month.
ANNUALPARTICIPATION FEE. You agree to pay us a non-refundable Annua
14.
Participation Fee of $ D.00 during the Draw Period and any extension of the Draw Period. Unless
you terminate your Credit Account and pay the outstandhg belerice, the Armuel Participation Fee wili 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 Accour t.
15. DEFAULT.You will be In default if
You engage in fraud or rristerial misrepresentatiort at any time in connect[on with
a.)
your CMdit Account
b.) Wedo not receive 111efull amourit of any mhtnumpayment due in any monthly
statement period within 60 days of Its payment due date, or you fail to meet any of
the repayment terms of Section 5 of thEe Agreement or as set forth in the Mortgage.
c.) Your sation or inaction edversely offects the PNperty or our rights h It Examples
of these actions and Mactions Include, but are not limited to circumstances b
whloh;
1. You are the sole borrower on this Credit Account and you die.
2. The Property 18 used for en Illegal purpose.
3. You transfer or attempt to transfer ell or part of your Interest In the Property
without our wrM1en consent,
4. All or part of the Property Is taken by oondemnation or eminent domain.
6. You are in default on eny mortgage or lien on the Property,
8. You fail to keep the Property propeuty insured.
7. You fai to pay seal property taxes arad assessments on the Property when
they are due,
B. You Fall 10 keep the Property propedy malnleined and in good repair.
If you dersult, we have the right, at our option. to cancel your credt privileges, to require 1he
immediate payment of the entire amount owed to us, andfor to cause your homelo be sold at foreclosure
sale. if we refer your account toan attomey for collection or foreclosure.. you agree to pay our reasonable
attorney's fees as parrnitted by applicable Eaw, but not to exceed 16 % of the amount owed, plus court
plus court costs sod the costs related to foreclosure.
16. CANCELLATION OF CREDIT PRNILEGES. we can refuse to rnake additional
If-
extenelone of oredit, or reduce your Credit IJmit
a.) The value of the Property declines significantly below Its original appraised value
for purposes of this C
edit Account.
b.) we reasonably believe you will not be able to rnest the repayment requirements set
forth In this Agreernant due to a material change In your finandal circumstances.
c.) You fell to reeet any rnagerial obligation you have under this Agreement.
d.) You are in default under Section 15 above.
NYcA Pega5 W8
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e Government action prevents us from irnposing the ANNUALPERCENTAGE
RATE
provided for In this AgreernerrL
f.) Government action Irnpars our security interest such that the value of our Interest In
less then 120 percent of your Credit 1.Imit
A regulatory agency which supervises us has notified us that continued Advances
g.]
would constitute an unsafe and unsound practice.
You become the subject of a proceeding in bankruptcy.
h.)
There is incre than one borrower on this Credit Account, one of you dies, and that
L)
adversely affects our interest in the Property.
J.)
PERCENTAGE
The maximumANNUAL RATE(or rate cap) la reased.
If we refuse to makeadditional Advances or reduce your Credit Lirnit Under thIs provlslon, may refuse we
to honor any requests for Advances, includhg those requests madebefore but presented to us
aRor we
madeour decision. We
will send you a written notice stating the reason for our action. If for any reason
you believe your Credit Limit should be reir1stated, you must send us a written request for reinelatement
and inckade In the request the reseone why you believe your credit privilege or Credt LimR should be
reinstated.
17. FORECLOSURE.
The Mortgage signed a connection wnh this Agreement gives us
certab rights The law gives us other rights you elso agree to give us. If you default, we
to your property.
may foreclose on the Mortgage. This meene that the real property covered by the Mortgage WNbe
sold in
order to pay the amount owed fo us under this Agreement.
18. RIGHT OF SETOFF. If you ens in default of this Agreement, we can apply any of your
deposit or other credit balances or other property of yours with us towards payment of what you owe.
19. INFORMATION.You agree to provide us with updated finanolel infonnation, in writing,
Ifwe request L Wemay request a new credit report on you without telling you. 11 you ask, we wHI tall you
the nameand address of the consumer reporting agency that fumished it. Wemay fumish information
about your performance under thie Agreement to our almates and other persons.
You elso agree 10 sign any additional or corrective docurnents b connection with this Agreement,
et our request and as allowed by law.
20. ASSUMPTION.Someonebuying your Property rnay not assume this toan on these
terms.
21.SENDINGOF NOTICES.Any staternent or notke to you under thls Agreement wil be
sufficiently given if sent to your address on file in connection with this account or to a new address of
widch you have notified us in writing at least 20 days before the sending of the statement or notice.
22. AMENDMENT.Wemay change the terms of this Agreement in accordance with the
requirernents of appilcable law.
23. DELAYIN ENFORCEMENT. we maywaive or delay enforcing our rights under this
Agreement without losing them or relIeving you of any of your obitatlans. Wemay walve or delay
a right as to one of you without wolving it as to the others. Wemay release arly security or any
enforcing
one of you from responsibility under this Agreement without refeasing the other& Weneed not give
anyone notice of our waiver. delay or release. Wemaysue any one of you without suing the others.
24. OTHERRULESREGARDINGDRAW
CHECKS.You may not use Drew Checks
to makepayments on your Account. You agree that the
Credit Draw Checks we supply you with are our
properly and that you will retum them to us at our request.
Weare not responsible If anyone refuses to honor a Draw ChecIt Wemayhonor poetdeted Draw
Checks and amnot responsBle If we do so. Weare not required to certify Draw Checks.
paymertt"
You inay ask us to "stop on a Draw Check. Ir you do, you rnust ten us the nerne of the
payee. the amount, date and number of the Draw Check. and who signed it. Weare not bound by a stop
payment order unless we have a reasonable opportunity to act on it and will not be liable fbt felAng to stop
payment if we used ordinary care. You agree to Mdemnify us and will pay all costs and expenses we Incur
(including reasonable attorney's fees} es a result of honoring your stop payment order. This Indernnity wil
"stop"
survive any terrnination of this Agreement, You agree to pay a fee of $ 15.00 for each request to
payment" on a Draw
Check, as allowed by apphcable law.
NYcA PepaGd8
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25. LEGALPURPOSES,You may not use any Advenues for purposes thaI violate any
applicable fiederal, state or local laws or regulations.
26. APPUCABLE I..AW. Facept to the extent that federal law shaI be controHing, your
rights, our rights, and the terrns of this Agreerrient shall be goverried by NewYork tow,
27. JOINT ACCOUNT.
on a Joirst account each of you may use the Credit Account but the
total unpeld balance may not exceed the Credit
Each of you is individually responsible for psyrnent
Limit.
of the entke balarice requested the Advance, Each of you has 1he right upon
regardless of who actually
proper written notice to US, to have the Credit Limit reduced or to suspend the prtvItege of obtahing riew
Advances. Wehave five business days after receipt of your request 10 take ectlari an it, A request to
suspend the privilege of obtaining Advances, even if madeonly by one of you, wiI be effective against ell
of you who are eligible to obtain Advances under this AgreemertL in order to restore
the Credit Account
we may require financial information from an of you and Inay refuse to restore the Credit Account if you no
longer qualify under the criteria then in eMect for new Credit Accounts. Any request for reiratetement
would have to be rnade by an of you, despite the fact that onry one of you may have requested the
suspension of Advances. You agree to Indemnify up and hold us harmless, and wil pay a1 costs and
expenses we Incur (includhg reasonable attorney's fees) as result of honoring the request made by any
one of you under this provision.
28. TAX CONSEQUENCES. You acknowledge that we have given you no assurances
that the interest paid on your Credit Account Is tax deductible. You are vrged to consult your own tax
advisor concernhg the deductibility of interest and other costs charged In connection with this Credit
Account. The Internal Revenue Service requires you to fumIsh to us, the Interest recipient, your tax psyer
identification number FTIN*} In order to verify ariy deduction for mortgage Friterest. Your failure to provide
us with your TIN may sut8ect you to a $50 penalty Irnposed by the internal Revenue Service.
YOURBILLING RIGHTS
Keep this Notice For Future Use
This notice contains important Information about your rights and our responsibilities under the Falr
Credit BIHIng Act,
NotiN Us M Cage of Errors or Questions About Your Bil. If you think your blit is wmng, or if you
need more Intbrmation about a transaction on your bHr, write us on a separate sheet at the address listed
on your statement Write tous as soon as possible. WeInust hear from you no teter then 80 days after we
sent you the first blB on which Ihe error or problern appeared. You can telephone us, but doing so will not
preserve your rights
In your letter, give us the folkming informatlorr
-Your nameand account number.
-The dollar arapunt of the suspected error.
-Describe the error and explain, If you can, why you believe there is an error,
If you need more informatiori, describe the IIern you are not sure about.
Your Rkthts and Our Responstilities After We Receive Your Written Notka We must
acknowledge your tetter within 30 days, unless we have corrected the error by then, Within 90 days, we
rnust either correct the error or explain why we believe the bin was correct.
After we receive try to collect any amount you questkm, or report you as
your letter, we opnnot
delinquent. Wecan continue amount you question, including finance charges, and we
to blS you for the
can apply any unpaid arnount against your credit Limit. You do not have to pay any questioned amount
while we are investigating, but you are stil obligated to pay the parts of your blH that are not in question.
if we find that we made a
mistake on your bin, you wig noI· have to pay any finance charges
related to the mistaken emount If we didn't make e mistake, you may have to pay finance charges, and
you wil have to make up any missed payments on the questioned amount. In either case, we wil send
you a statement of the amount you owe and the tlole that It is due.
you fail to pay the amount that we think you owe, we mayreport you es dennquent However, If
if
our explanatiori does not satisfy you and you write to us within 10 days tellhg us that you stlH refuse to
pay, we must teH anyone we report you to that you have a question on your blI. And, we must ish you the
name of anyone we reported you to. WeInust tell artyone we report you to thal the matter has been
settled between us when It finally is.
If we dont ibilow these rules, we cani collect the fkst $50 of the questioned amount, even if yotr
bin was correct.
NYCA mpy r e
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DEFAULTIN THEPAYMENT OF THIS LOANAGREEMENT MAYRESULTIN THELDSSOFTHE
PROPERTY SECURINGTHELOAN. UNDERFEDERALLAW, YOUMAYHAVETHE RIGHT TD
CANCELTHIS AGREEMENT. IF YOll HAVETl-BS RIGHT, THE CREDITOR18 REQUIREDTO
PROVIDEYOU WITH A SEPARATE NOTICE SPECIFYBIGTHE CIRCUMSTANCES AND TIME
UNDERWHICH YOUCANEXERCISETHIS RIGHT.
You agree to the terms and conditions corttelned In this Agreement and you acknowledge receipt
of a cornpleted copy of this Agreement and the infounational and disclosure literature titled
Lines"
"Guldennes to HomeEquity
WITNESS: ANDAGREED
ACCEPTED TO
SIGN HERE
Borrower -
OLGABARRETT
earrower -
Pay to the Order o
Without Re e
JPMorgan O ank, N.A.
By Y\
C nnelle Armstrong
Vice P ident - Document Execution
Borrower -
Dated:
Per to ths Order of:
WithoutRecomme
Bu41thnolamosimmisappageoguelims
By
Chanelle Armstrong
V ce hearderd- Document
Emedon
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FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 06/04/2024 JPMorgan Chase Bank AND HOMEEQUITY LINE OF CREDIT AGREEMENT DISCLOSURESTATEMENT This is the Agreement (the "Agreement") goveming your Home Equky Line of C t with JPMorgan Chase Bank . Read this Agreernent carefuly so th Account") ," know how your Credit Account works. As you read this Agreement remember that the term and "our" refer to JPMorgan Chase Bank and to any other creditor to whomthis ent "yours" Agreement is assigned. "You," "your?' and refer to each person who signs this Agreernent cr has "Mortgage" authority to use it. means the mortgage. deed of trust or deed to secure debt you are gMng us on your house or condominium, Your account, any amount you owe, and cur Mortgage on your home may be sold or transferred to another creditor at anytime. If this happens, this Agreement end the Mortgage wil remain in effect. 1. WHATIS YOURMOMEEQUITY LINE OF CREDIT7 It is a credit arrangement we make toans by advancing funde ("Advancea") from your Credit Account at in whidi 10 you your direction, allowhg you to repay such Advances and take additional Advances- You promise and agree to repey these Advances, any interest whleh accrues on them, and all other charges for which you are responsbie under the terms of this Agreement. 2, USING YOURCREDIT ACCOUNT/MINIMUM INITIAL ADVANCE.You may request Advances from your Credit Account by writing a HomeEquity Line of Credit Check ("Drew Check") lor the exact amount which you desire as long as it is in a minfrnum amount of $ 250,00 . Wemay refuse to honor request for advances below the minimum amount You inay also request advances at the that we may require, You Inay closing by completing a foan request form or other form of authorizellon take Advances for a period of 120 Monthly Statement Pet1ods after the date your Credit Account is opened ("Advenoe Period"). After such Advance Period, you may not take further edvances. Your principal balance will then be fixed and you will be required to repay iI and any interest and other charges which secrue over the next 240 Monthly statement Periods ("Repayment Period"). tf you qualify, you Inay extend the Advance Period of your Credit Account. To qualify, you must submit e written request in a form acceptable to us si least six months prior to the scheduled termination of the Advance Period and you must ment extension requirernents h effect at the time of the request. If your Credit Limit, as described In Section 4 of this Agreement, is between $500,001 and $780,000 and you are not being asked to pay any Closing Costs as described in Section 10 of this Agreement then you must take a criinimum initial Advance on your Credit Account in an emount equal to or greater than $100,000. If your Credit 1..irnit is $750,001 sad above and you are not being asked to pay any Closing Costs as described in Section 10 of this Agreement, Iben you must take a minimum initial Advance on your Credit Account In en amount equal to or greater thart $20D,000. A Monthly Stalernent Period is defIed as successive Intervala of approxrnately one month Account opened and recurring unill your Credit Account Is beghning on the date your Credit In regularly finsity closed. Monthly Statement Periods occur regardless of whether there is a balance or any activity b 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 Gredit Account is opened. 3. DRAWCHECKS.You agree to notify us promptly if any of your Checks are lost cc stolen. You agree to cooperate with us or any law enforcernent agency in any oflort to Investigate also the circumstances surrounding the incident and efforts to rrilnknire potential losses to you or us stemming From it You are resporisible for the unauthorized use of lost or stolen Draw Checks unless the law prohibite us Irom holding you liable. 4. CREDIT LIMIT, Wehave assigned a Credit UmIt of $ 105,000,00 on your Credit Account. You rnay not request an Advance that woLdd cause yoUr unpaid balance to exceed your Gredit Lirnit. Weare not required to pay eny item which would cause you to exceed the amount of your Credit Lirnit. If we do rnake the Advance. It does not meanyour 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 51S, for each edvance h excess of your Credit Limit 5. PROMISETO PAY. You prornise to repay to us In U.S. Dollars all Advances charged to your Credit Account, plue finance charges and all other arnaunts due under this Agreernent or the Mortgage. To avoid being in default, you must pay us et least the Minfrnurn Payment (described below} by Dale" the "Payment Due shown on each biling statement we wlli send to you. In any event you promise to pay the balance of your Credit Account at the termination of this Agreement NYCA(Rev3 DmGroS) Powa wenbac,nstaye-ma FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 06/04/2024 6. MINIMUM PAYMENT.During the Advance Period, your monthly payments will be the amount ' of fhance charge ecaued plue credit Ilfe insurance promums, if applicable, any fees and any amounts past dua You are riot requred, however, to obtain oredit Efe insurance In connedion with your Credit Account. After the Advance Period and during Ihe Repayment Period, smotrds sufficient to repay your unpe1d priricipal balance over the number of months re(nsining in your Repayment Period wiK be added to your payment. If you have failed to pay real property taxes, assessments, ground rents Of any) or hazard Insurance when due, we may require you to rnake monthly payments to us for al amounts necessary for taxes, assessments, ground rents (if eny), or hazard Insurance on the property ("Property"), as further desorbed In the Open-End Mortgage (the "Mortgage") which was signed in cortnection wlth this Agreement, I INTENTIONALLYLEFT BLANK ! FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 06/04/2024 7. FINANCECHARGES.FINANCECHARGES begin to secrue on the day an Advance is charged to your Oredit Account and continue until the outstanding balance on eudh Advance Is peld in ful. FINANCEOHARGES on your Credit Account wiU be determined by applying a daily periodic rate to the daily balance (as described below) of your Credit Account, an amount that will bclude current frensactions. To calculate the dally balance we take the betpnning pitncipal balance of your Credit Account ead day. add any newAdvances orld subtract any payments or credits applied to this principal This gives us the dagy balance agelmst which we apply your daily periodic rate. Then we belence. add all the interest eccrued for the number of days in the Monthly Stalernant Period, which becomes up daily the total FINANCECHARGE for the Monthly Staternant Period. The daily periodic rate end He corresponding ANNUALPERCENTAGE RATEon the date your Credit Account was opened ("Initial Rate") are .M092% Dally Periodic Rate and LQ_91% corresponding ANNUALPERCENTAGE RATE, The ANNUALPERCENTAGE RATEdoes not include costs other then kierest. The daily periodic rate and its correspondng ANNUALPERCIENTAGE RATEare vailable rates and therefore or decrease on the first day of each calendar month be$ed on changes |n the may increaseRate" Rates' table In The Wall Prime Rale, "Prime means the prrne rate as published In the "Money Street Journal. Wewil ase the h!ghest Prime Rate if more then one la pubHshed. The Prime Rate is merely a pricing lrIdex. It la not IMended, end you should not consider it, 10 represent the lowest or the best Interest rate that we or afEllated orggnizations charge to any borrowers. An increase in the ANNUALPERCENTAGE RATEand the deity periodic rate will result in a higher FINANCECHARGE and higher minimurn payments, while a decrease in those rates wig result in a lower FINANCECHABGIE and lower minimum payments, assurning the same principa[ balance and number of days In the bllDng cycle, If the daily periodic rate d1anges, it will be increased or decreased on the first day of each calendar month using the Prime Rate In effect on the precedhg business day. Wewill determine your daily periodic rate by subtracting .250 percentage points 10 the Prime Rete end dividing the result by 366 (366 in leap years). Werefer to this subtradion as twMargin". The first time or any subsequent time there le a change 10 your ANNUALPERCENTAGERATE. it may Increase to 16%, At no tirne, however, win your ANNUAL PEROENTAGE RATEexceed 18%. Other than this cap there ere no limb1s on the smount by which your ANMUAL PERCENTAGERATEcan change over the life of your Credit Account or on any hdMdual date on whk:h your ANNLIAL PERCENTAGE RATEchanges. 8. PAYMENTS.All pmyrnents on your Credit Account must be madeby check or inoney order delivered 10 us et the address indicated on your bEng statement Any payment may be retumed without applying [I10 your credit Account if the check or money order Is: (1) not drawn on the U. S, Postal Sendce or a finecial inst tution located in the IJnited States of Americe; (2) not payable in U.S. Dollars; (3) drawn with different numeric and written emounts: (4) misshg a signature; (5) posidated; cr (8) unacceptable for any other reason. We may apply ell payments and credits in accordance with our standard operating procedures and with the requirements of spp11cable law. Generaly, yo r payments will be applied in the following order: credit insurance premlums which we have biled to you, Interest which we have hilted to you, late fees, other fees, principal, insurance premiums which have scorued but which Navenot yet been blAed end interest which has accrued but which has not yet been billed- MYCA engasas FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 06/04/2024 Wedo not process payments on Saturdays, Sundays or bank holidays, and if the Payment Due Date falls on one of these days, you will incur an additional Finance Charge If yotr payment Is not pasted on or before the preceding bank buebess day. Wecan accept Inte payments, partial payments, checks or rights under money orders marked "pald In fulF or containing simEar language without losing eny of our thIs Agreement. You agree to pay us $20 for each payment check or automaUc debit to your secouni which Is returned unpaid. You also agree to pay a lee of S 3.00 per copy for pmviding photocopies of monthly staternents or canceled Draw Checks. 9. SECURr“Y INTEREST, As part of this transaction, you are grangng us a Mortgage on the property, as further described in the Mortgage, which is located at BBHARTSTREET, BROOKLYN,NY11206-6402 (the "Property"). AII of the terms md conditions of the Mortgage are very important and should be read in conjunction with this Agreement. 10. COSTSFOLLOWING CLOSING. As you maintainaCredit Account with us, you will incur other charges assessed under the Mortgage and this Agreement For example, Glosing Costs. Your closing costs are listed below, You may pay these costs in cash et the closing or charge them to your Credt Account as Advances. Loan OrlgInation Fee (Finance Change) 0.00 1..oan Discount (Finance charge) 0.00 Appraisal Fee 300.00 Credit Report Fee 0.00 Mortgage Broker Fea (Finance Charge) 0.00 Attorney Review - Trust Documents(Finance Charge) 0.00 Flood Zone Certification· Fee (FInance Charge) 4.50 Underwriting Fee (Finance Charge) 0.00 Processing Fee (Finance Charge) 0.00 Document Preparation Fee - L.ender (Finance Charge) 0.00 Courier Fee - Londer (Finance Charge) 0..00 Courier Fee - Broker (Finance Charge] 0.00 Wire Fee - Lender (Finance Charge) 0A0 | Wire Fee - Broker (Finance Charge) 0.00 Other Fee (FInance Charge) 9,00 other Fee - Broker DAD Other Fee - Broker D..00 Settlernent or Closing Fee (FIrene Charge) 0A0 Abstract er Title Search 55,00 Document Preparation Fee -Settigment Agent 0.00 Attorney% Feet DAO Title Insurance 0.00 UCCPreparation Fee 0.00 Recording/Filing Fees 'I05.00 CItyfCounty Tax/Stamps 0A0 State TexJStamps 2,075AO Co-ap UenSearch 0.00 Georgia Per L.oan Fee 0.00 Survey 0.00 Survey Inspection 0.00 Lender's Insurance against toan defaults to SL Paul Fire & Marine Insurance Company$25.00 PCC 0.00 Mortgage Satisfaction Fee 0.DD 255 Affldavit Fee 0.00 PAID BYLENDER LES$ AMOUNT 2,538.110 AMOUNT DI.IE FROM BORROWER 0.00 Any tIrne as we may reasonably require, while you have the right to take Advances on your Credit Account. we may obtain an appraisel on the Property, You agree that you win cooperate wth us In obtaining such so appraisal. 11. RELEASE. wewmrelease the Mortgage when di amounts due under the Mortgage and this Agreernent have been paid, Before givkag you a release. you will have to retum an unused Drew Checks to us and wait until seven (7} business days after your accourd has been closed. Whenwe discharge or release the Mortgage or em other docurnents recorded or flied to perfect our security interest in the Property. you shaH pay any recordation or SIng costs. Recordpnon or filing costs are est'rnated to be $ 25.00 - NYCA PA 4 N4 FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 06/04/2024 h 12. LATE FEES. If you do not make the full current Minimum Payment within 15 days efler the date it is due, a late fee of 2.00 %of the currorit Minimum Payment will be charged. 13. CREDIT LIFE AND CREDIT DISABIL Y INSURANCE. You may be oRered the ability Insurance covering your death, disability or unemployment. If offered, credit to purchase credit insurance is voluntary and is not required to obtain credit If elected, you rn y terminate it at any time, Credit insurance will not be pmvided unless you sign or initial a separate document requesting such insurance. Premiurns for any such insurance will be shown on such separate docurnent and wilf be Induded In the arnemi Miled to you each month. ANNUALPARTICIPATION FEE. You agree to pay us a non-refundable Annua 14. Participation Fee of $ D.00 during the Draw Period and any extension of the Draw Period. Unless you terminate your Credit Account and pay the outstandhg belerice, the Armuel Participation Fee wili 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 Accour t. 15. DEFAULT.You will be In default if You engage in fraud or rristerial misrepresentatiort at any time in connect[on with a.) your CMdit Account b.) Wedo not receive 111efull amourit of any mhtnumpayment due in any monthly statement period within 60 days of Its payment due date, or you fail to meet any of the repayment terms of Section 5 of thEe Agreement or as set forth in the Mortgage. c.) Your sation or inaction edversely offects the PNperty or our rights h It Examples of these actions and Mactions Include, but are not limited to circumstances b whloh; 1. You are the sole borrower on this Credit Account and you die. 2. The Property 18 used for en Illegal purpose. 3. You transfer or attempt to transfer ell or part of your Interest In the Property without our wrM1en consent, 4. All or part of the Property Is taken by oondemnation or eminent domain. 6. You are in default on eny mortgage or lien on the Property, 8. You fail to keep the Property propeuty insured. 7. You fai to pay seal property taxes arad assessments on the Property when they are due, B. You Fall 10 keep the Property propedy malnleined and in good repair. If you dersult, we have the right, at our option. to cancel your credt privileges, to require 1he immediate payment of the entire amount owed to us, andfor to cause your homelo be sold at foreclosure sale. if we refer your account toan attomey for collection or foreclosure.. you agree to pay our reasonable attorney's fees as parrnitted by applicable Eaw, but not to exceed 16 % of the amount owed, plus court plus court costs sod the costs related to foreclosure. 16. CANCELLATION OF CREDIT PRNILEGES. we can refuse to rnake additional If- extenelone of oredit, or reduce your Credit IJmit a.) The value of the Property declines significantly below Its original appraised value for purposes of this C edit Account. b.) we reasonably believe you will not be able to rnest the repayment requirements set forth In this Agreernant due to a material change In your finandal circumstances. c.) You fell to reeet any rnagerial obligation you have under this Agreement. d.) You are in default under Section 15 above. NYcA Pega5 W8 FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 06/04/2024 e Government action prevents us from irnposing the ANNUALPERCENTAGE RATE provided for In this AgreernerrL f.) Government action Irnpars our security interest such that the value of our Interest In less then 120 percent of your Credit 1.Imit A regulatory agency which supervises us has notified us that continued Advances g.] would constitute an unsafe and unsound practice. You become the subject of a proceeding in bankruptcy. h.) There is incre than one borrower on this Credit Account, one of you dies, and that L) adversely affects our interest in the Property. J.) PERCENTAGE The maximumANNUAL RATE(or rate cap) la reased. If we refuse to makeadditional Advances or reduce your Credit Lirnit Under thIs provlslon, may refuse we to honor any requests for Advances, includhg those requests madebefore but presented to us aRor we madeour decision. We will send you a written notice stating the reason for our action. If for any reason you believe your Credit Limit should be reir1stated, you must send us a written request for reinelatement and inckade In the request the reseone why you believe your credit privilege or Credt LimR should be reinstated. 17. FORECLOSURE. The Mortgage signed a connection wnh this Agreement gives us certab rights The law gives us other rights you elso agree to give us. If you default, we to your property. may foreclose on the Mortgage. This meene that the real property covered by the Mortgage WNbe sold in order to pay the amount owed fo us under this Agreement. 18. RIGHT OF SETOFF. If you ens in default of this Agreement, we can apply any of your deposit or other credit balances or other property of yours with us towards payment of what you owe. 19. INFORMATION.You agree to provide us with updated finanolel infonnation, in writing, Ifwe request L Wemay request a new credit report on you without telling you. 11 you ask, we wHI tall you the nameand address of the consumer reporting agency that fumished it. Wemay fumish information about your performance under thie Agreement to our almates and other persons. You elso agree 10 sign any additional or corrective docurnents b connection with this Agreement, et our request and as allowed by law. 20. ASSUMPTION.Someonebuying your Property rnay not assume this toan on these terms. 21.SENDINGOF NOTICES.Any staternent or notke to you under thls Agreement wil be sufficiently given if sent to your address on file in connection with this account or to a new address of widch you have notified us in writing at least 20 days before the sending of the statement or notice. 22. AMENDMENT.Wemay change the terms of this Agreement in accordance with the requirernents of appilcable law. 23. DELAYIN ENFORCEMENT. we maywaive or delay enforcing our rights under this Agreement without losing them or relIeving you of any of your obitatlans. Wemay walve or delay a right as to one of you without wolving it as to the others. Wemay release arly security or any enforcing one of you from responsibility under this Agreement without refeasing the other& Weneed not give anyone notice of our waiver. delay or release. Wemaysue any one of you without suing the others. 24. OTHERRULESREGARDINGDRAW CHECKS.You may not use Drew Checks to makepayments on your Account. You agree that the Credit Draw Checks we supply you with are our properly and that you will retum them to us at our request. Weare not responsible If anyone refuses to honor a Draw ChecIt Wemayhonor poetdeted Draw Checks and amnot responsBle If we do so. Weare not required to certify Draw Checks. paymertt" You inay ask us to "stop on a Draw Check. Ir you do, you rnust ten us the nerne of the payee. the amount, date and number of the Draw Check. and who signed it. Weare not bound by a stop payment order unless we have a reasonable opportunity to act on it and will not be liable fbt felAng to stop payment if we used ordinary care. You agree to Mdemnify us and will pay all costs and expenses we Incur (including reasonable attorney's fees} es a result of honoring your stop payment order. This Indernnity wil "stop" survive any terrnination of this Agreement, You agree to pay a fee of $ 15.00 for each request to payment" on a Draw Check, as allowed by apphcable law. NYcA PepaGd8 FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 06/04/2024 25. LEGALPURPOSES,You may not use any Advenues for purposes thaI violate any applicable fiederal, state or local laws or regulations. 26. APPUCABLE I..AW. Facept to the extent that federal law shaI be controHing, your rights, our rights, and the terrns of this Agreerrient shall be goverried by NewYork tow, 27. JOINT ACCOUNT. on a Joirst account each of you may use the Credit Account but the total unpeld balance may not exceed the Credit Each of you is individually responsible for psyrnent Limit. of the entke balarice requested the Advance, Each of you has 1he right upon regardless of who actually proper written notice to US, to have the Credit Limit reduced or to suspend the prtvItege of obtahing riew Advances. Wehave five business days after receipt of your request 10 take ectlari an it, A request to suspend the privilege of obtaining Advances, even if madeonly by one of you, wiI be effective against ell of you who are eligible to obtain Advances under this AgreemertL in order to restore the Credit Account we may require financial information from an of you and Inay refuse to restore the Credit Account if you no longer qualify under the criteria then in eMect for new Credit Accounts. Any request for reiratetement would have to be rnade by an of you, despite the fact that onry one of you may have requested the suspension of Advances. You agree to Indemnify up and hold us harmless, and wil pay a1 costs and expenses we Incur (includhg reasonable attorney's fees) as result of honoring the request made by any one of you under this provision. 28. TAX CONSEQUENCES. You acknowledge that we have given you no assurances that the interest paid on your Credit Account Is tax deductible. You are vrged to consult your own tax advisor concernhg the deductibility of interest and other costs charged In connection with this Credit Account. The Internal Revenue Service requires you to fumIsh to us, the Interest recipient, your tax psyer identification number FTIN*} In order to verify ariy deduction for mortgage Friterest. Your failure to provide us with your TIN may sut8ect you to a $50 penalty Irnposed by the internal Revenue Service. YOURBILLING RIGHTS Keep this Notice For Future Use This notice contains important Information about your rights and our responsibilities under the Falr Credit BIHIng Act, NotiN Us M Cage of Errors or Questions About Your Bil. If you think your blit is wmng, or if you need more Intbrmation about a transaction on your bHr, write us on a separate sheet at the address listed on your statement Write tous as soon as possible. WeInust hear from you no teter then 80 days after we sent you the first blB on which Ihe error or problern appeared. You can telephone us, but doing so will not preserve your rights In your letter, give us the folkming informatlorr -Your nameand account number. -The dollar arapunt of the suspected error. -Describe the error and explain, If you can, why you believe there is an error, If you need more informatiori, describe the IIern you are not sure about. Your Rkthts and Our Responstilities After We Receive Your Written Notka We must acknowledge your tetter within 30 days, unless we have corrected the error by then, Within 90 days, we rnust either correct the error or explain why we believe the bin was correct. After we receive try to collect any amount you questkm, or report you as your letter, we opnnot delinquent. Wecan continue amount you question, including finance charges, and we to blS you for the can apply any unpaid arnount against your credit Limit. You do not have to pay any questioned amount while we are investigating, but you are stil obligated to pay the parts of your blH that are not in question. if we find that we made a mistake on your bin, you wig noI· have to pay any finance charges related to the mistaken emount If we didn't make e mistake, you may have to pay finance charges, and you wil have to make up any missed payments on the questioned amount. In either case, we wil send you a statement of the amount you owe and the tlole that It is due. you fail to pay the amount that we think you owe, we mayreport you es dennquent However, If if our explanatiori does not satisfy you and you write to us within 10 days tellhg us that you stlH refuse to pay, we must teH anyone we report you to that you have a question on your blI. And, we must ish you the name of anyone we reported you to. WeInust tell artyone we report you to thal the matter has been settled between us when It finally is. If we dont ibilow these rules, we cani collect the fkst $50 of the questioned amount, even if yotr bin was correct. NYCA mpy r e FILED: KINGS COUNTY CLERK 06/04/2024 10:48 AM INDEX NO. 515425/2024 NYSCEF DOC. NO. 2 RECEIVED NYSCEF: 06/04/2024 DEFAULTIN THEPAYMENT OF THIS LOANAGREEMENT MAYRESULTIN THELDSSOFTHE PROPERTY SECURINGTHELOAN. UNDERFEDERALLAW, YOUMAYHAVETHE RIGHT TD CANCELTHIS AGREEMENT. IF YOll HAVETl-BS RIGHT, THE CREDITOR18 REQUIREDTO PROVIDEYOU WITH A SEPARATE NOTICE SPECIFYBIGTHE CIRCUMSTANCES AND TIME UNDERWHICH YOUCANEXERCISETHIS RIGHT. You agree to the terms and conditions corttelned In this Agreement and you acknowledge receipt of a cornpleted copy of this Agreement and the infounational and disclosure literature titled Lines" "Guldennes to HomeEquity WITNESS: ANDAGREED ACCEPTED TO SIGN HERE Borrower - OLGABARRETT earrower - Pay to the Order o Without Re e JPMorgan O ank, N.A. By Y\ C nnelle Armstrong Vice P ident - Document Execution Borrower - Dated: Per to ths Order of: WithoutRecomme Bu41thnolamosimmisappageoguelims By Chanelle Armstrong V ce hearderd- Document Emedon