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FILED: SUFFOLK COUNTY CLERK 05/08/2024 03:49 PM INDEX NO. 611555/2024
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 05/08/2024
ADJUSTABLE RATE NOTE
s Washington Mutual - Payment
(12-MTA Index and Rate Caps)
THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST
RATE AND MY MONTHLY PAYMENT. MY MONTHLY PAYMENT INCREASES WILL
HAVE LIMITS WHICH COULD RESULT IN THE PRINCIPAL AMOUNT I MUST REPAY
BEING LARGER THAN THE AMOUNT I ORIGINALLY BORROWED, BUT NOT MORE
THAN 110% OF THE ORIGINAL AMOUNT (OR $ 336,600.00 ).
MY INTEREST RATE CAN NEVER EXCEED THE LIMIT STATED IN THIS NOTE OR
ANY RIDER TO THIS NOTE. A BALLOON PAYMENT MAY BE DUE AT MATURITY.
GARDEN CITY New York
(City) (State)
Febrmary 27. 2001
7 GTsENRTCH DRIVE, SATNT JAMES, NY 11780
(Property Address)
1. BORROWER'S PROMISE TO PAY
In return for a loan that I have received, I promise to pay U.S. $ 306,000.00
plus any amounts added in accordance with Section 4 (G) below, (this amount is called "principal"),
plus interest, to the order of the Lender. The Lender is Washington Mutual Bank, FA .
I understarid that the Lender may transfer this Note. The Lender or anyone who takes this Note by
transfer and who is entitled to receive payments under this Note is called the "Note Holder".
2. INTEREST
Interest will be charged on unpaid principal until the full amount has been paid. Up until the
first day of the calendar month that immediately precedes the first payment due date set forth in
Section 3 of this Note, I will pay interest at a yearly rate of S,858 %. Thereafter until the first
Change Date (as defined in Section 4 of this Note) I will pay interest at a yearly rate
of 3 . 950 %. The interest rate required by this Section 2 and Section 4 of this Note is the Rate I
will pay both before and after any default described in Section 7(B) of this Note.
3. PAYMENTS
(A) Time and Place of Payments
"payments"
I will pay principal and interest by making payments every month. In this Note,
refer to principal and interest payments only, although other charges such as taxes, insurance
and/or late charges may also be payable with the monthly payment.
I will make my monthly payments on 1st day of each month beginning on
April, 2001 , I will make these payments every month until I have paid all of
the principal and interest and any other charges described below that I may owe under this Note.
My monthly payments will be applied to. interest before principal. If, on
March 1, 2031 , I still owe amounts under this Note, I will pay .those amounts in
full on that date, which is called the
"maturity date".
I will make my monthly payments at 9451 CORBIN AVE, NORTHRIDGE, CA 91324
, or at a different place if required by the Note Holder.
(B) Amount of My Initial Monthly Payments
Each of my monthly payments until the first Payment Change Date will be in the amount of
U.S. $ 1,452.08 , unless adjusted at an earlier time under Section 4(H) of this Note.
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(C) Payment Changes
My monthly payment will be recomputed, according to Sections 4(E)(F)(G)(H) and (1) of this
Note, to reflect changes in the principal balance and interest rate that I must pay. The Note Holder
will determine my new interest rate and the changed amount of my monthly payment in accordance
with Section 4 of this Note.
4. INTERESTRATE AND MONTHLY PAYMENTCHANGES
(A) Change Dates
The interest rate I will pay may further change on the 1st day of
April , 2001 , and on that day every month thereafter. Each such day is called a
"Change Date".
(B) The Index
"Index"
On each Change Date, my interest rate will be based on an Index. The is the
Twelve-Month Average, determined as set forth below, of the annual yields on actively traded
United States Treasury Securities adjusted to a constant maturity of one year as published by the
Federal Reserve Board in the Federal Reserve Statistical Release entitled "Selected Interest Rates (G.
13)"
("the Monthly Yields"). The Twelve-Month Average is determined by adding together the
Monthly Yields for the most recently available twelve months and dividing by 12.
The most recent Index figure available as of 15 days before each interest rate Change Date
is called the "Current Index". If the Index is no longer available, the Note Holder will choose a new
index which is based upon comparable information. The Note Holder will give me notice of this
choice.
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding
Two & Seventy- Five-Hundredths percentage points 2.750 %
to the Current Index. The· Note Holder will then round the result of this addition to the
("Margin")
nearest one-thousandth of one percentage point (0.001%). Subject to the limits stated in Section
4(D) below, this rounded amount will be my new interest rate until the next Change Date. In the
event a new Index is selected, pursuant to paragraph 4(B), a new Margin will be determined. The
new Margin will be the difference between the average of the old Index for the most recent three
year period which ends on the last date the Index was available plus the Margin on the last date the
old Index was available and the average of the new Index for the most recent three year period
which ends on that date (or if not available for such three year period, for such time as it is
available). This difference will be rounded to the next higher 1/8 of 1%.
(D) Interest Rate Limit
My interest rate will never be greater than Eleven & Ninety- Five-Hundredths
percentage points 11. 950 % ("Cap"), except that following any sale or transfer of the property
which secures repayment of this Note after the first interest rate Change Date, the maximum
interest rate will be the higher of the Cap or 5.percentage points greater than the interest rate in
effect at the time of such sale or transfer.
(E) Payment Change Dates
Effective every year commencing April 2002 1, , and on the same
date each twelfth month thereafter ("Payment Change
Date"), the Note Holder will determine the
amount of the monthly payment that would be sufficient to repay the projected principal balance I
am expected to owe as of the Payment Change Date in full on the maturity date at the interest rate
in effect 45 days prior to the Payment Change Date in substantially equal payments. The result of
this calculation is the new amount of my monthly payment, subject to Section 4(F) below, and I will
make payments in the new amount until the next Payment Change Date unless my payments are
changed earlier under Section 4(H) of this Note.
(F) Monthly Payment Limitations
Unless Section 4(H) and 4(1) below apply, the amount of my new monthly payment,
beginning with a Payment Change Date, will be limited to 7 1/2% more or less than the amount I
have been paying.
(G) Changes in My Unpaid Principal Due to Negative Amortization or Accelerated
Amortization
Since my payment amount changes less frequently than the interest rate and since the
monthly payment is subject to the payment limitations described in Section 4(F), my monthly
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payment could be less or greater than the amount of the interest portion of the monthly payment
that would be sufficient to repay the unpaid principal I owe at the monthly payment date in full on
the maturity date in substantially equal payments. For each month that the monthly payment is less
than the interest portion, the Note Holder will subtract the monthly payment from the amount of the
interest portion and will ad the difference to my unpaid principal, and interest will accrue on the
amount of this difference at the current interest rate. For each month that the monthly payment is
greater than the interest portion, the Note Holder will apply the excess towards a principal reduction
of the Note.
(H) Limit
on My Unpaid Principal; Increased Monthly Payment
My unpaid principal can never exceed a maximum amount equal to 110% of the
principal amount original borrowed. In the event my unpaid principal would otherwise exceed that
110% limitation, I will begin paying a new monthly payment until the next Payment Change
Date notwithstanding the 7 1/2% annual payment increase limitation. The new monthly payment
will be an amount which would be sufficient to repay my then unpaid principal in full on the
maturity date at my interest rate in effect the month prior to the payment due date in substantially
equal payments.
(1) Required Full Monthly Payment
On the FIFTH anniversary of the due date of the first monthly payment, and on that
same day every FIFTH year thereafter, the monthly payment will be adjusted without regard to
the payment cap limitation in Section 4(F).
(J) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in the amount of my
monthly payment before the effective date of any change. The notice will include information
required by law to be given me and also the title and telephone number of a person who will answer
any question I may have regarding the notice.
(K) Failure to Make Adjustments
If for any reason Note Holder fails to make an adjustment to the interest rate or payment
amount as described in this Note, regardless of any notice requirement, I agree that Note Holder
may, upon discovery of such failure, then make the adjustment as if they had been made on time. I
also agree not to hold Note Holder responsible for any damages to me which may result from Note
Holder's failure to make the adjustment and to let the Note Holder, at its option, apply any excess
monies which I may have paid to partial prepayment of unpaid Principal.
5. BORROWER'S RIGHT TO PREPAY
I have the right to make payments of principal at any time before they are due. A payment
of principal only is known as a "prepayment". When I make a prepayment, I will tell the Note
Holder in writing that I am doing so.
I may make a full prepayment or partial prepayments without paying any prepayment charge.
The Note Holder will apply all of my prepayments to reduce the amount of principal that I owe
under this Note. If I make a partial prepayment, there will be no changes in the due dates of my
monthly payments unless the Note Holder agrees in writing to those changes. My partial
prepayment may have the effect of reducing the amount of my monthly payments, but only after
the first Payment Change Date following my partial prepayment. However, any reduction due to my
partial prepayment may be offset by an interest rate increase.
6. LOAN CHARGES
If a
law, which applies to this loan and which sets maximum loan charges, is finally
interpreted so that the interest or other loan charges collected or to be collected in connection with
this loan exceed the permitted limits, then; (i) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (ii) any sums already collected from me
which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this
refund by reducing the principal I owe under this Note or by making a direct payment to me. If a
refund reduces principal, the reduction will be treated as a partial prepayment.
Miscellaneous Fees: I understand that the Note Holder will also charge a return item charge
in the event a payment that I make in connection with repayment of this loan is not honored by the
financial institution on which it is drawn. The current fee is $ 15.00 . Lender reserves the
right to change the fee from time to time without notice except as may be required by law.
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7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late Charges for'Overdue Payments
If the Note Holder has not received the full amount of any monthly payment by the end of
Fifteen calendar days after the date it is due, I will pay a late charge to the Note Holder. The
amount of the charge will be 2.000 % of my overdue payment of principal and interest. I will
pay this late charge promptly but only once of each late payment.
(B) Default
If I do not pay the full amount of each monthly payment on the date it is due, I will be in
default.
(C) Notice of Default
If I am in default, the Note Holder may send me a written notice telling me that if I do not
pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the
full amount of principal which has not been paid and all the interest that I owe on that amount.
That date must be at least 10 days after the date on which the notice is delivered or mailed to me
(or, if the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation
buys all or part of Lender's rights under the Security Instrument, in which case the notice will
specify a date, not less than 30 days from the date the notice is given the Borrower).
(D) No Waiver By Note Holder
Even if, at a time when I am in default, the Note Holder does not require me to pay
immediately in full as described above, the Note Holder will still have the right to do so if I am in
default at a later time.
(E) Payment of Note Holder's Costs and Expenses
If the Note Holder has required me to pay immediately in full as described above, the Note
Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this
Note, whether or not a lawsuit is brought, to the extent not prohibited by applicable law. Those
attorneys'
expenses include, for example, reasonable fees.
8. GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to me
under this Note will be given by delivering it or by mailing it by first class mail to me at the Property
Address above or at a different address if I give the Note Holder a notice of my different address.
Any notice that must be given to the Note Holder under this Note will be given by mailing it
by first class mail to the Note Holder at the add ress stated in Section 3(A) above or at a different
address if I am given a notice of that different address.
9. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully and personally obligated to
keep all of the promises made in this Note, including the promise to pay the full amount owed. Any
person who is a guarantor, surety, or endorser of this Note is also obligated to do these things.
Any person who takes over these obligations, including the obligations of a guarantor, surety, or
endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note
Holder may enforce its rights under this Note against each person individually or against all of us
together. This means that any one of us may be required to pay all of the amounts owed under this
Note.
10. WAlVERS
I and any other person who has obligations under this Note waive the rights of presentment and
"Presentment"
notice of dishonor. means the right to require the Note Holder to demand payment of
dishonor"
amounts due. "Notice of means the right to require the Note Holder to give notice to
other persons that amounts due have not been paid.
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11.UNIFORM SECURED NOTE
This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the
protections given to the Note Holder under this Note, a Mortgage, Deed of Trust or Security Deed (
the "Security Instrument"), dated the same date as this Note, protects the Note Holder from
possible losses which might result if I do not keep the promises which I make in this Note. That
Security Instrument describes how and under what conditions I may be required to make immediate
payment in full of all amounts I owe under this Note. Some of those conditions are described as
follows:
Transfer of the Property or a Beneficial Interest in Borrower.
If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial
interest in Borrower is sold or transferred and Borrower is not a natural person) without
Lender's prior written consent, Lender may, at its option, require immediate payment in full of
all sums secured by this Security Instrument. However, this option shall not be exercised by
Lender if exercise is prohibited by federal law as of the date of this Security Instrument.
Lender also shall.not exercise this option if: (a) Borrower causes to be submitted to Lender
information required by Lender to evaluate the intended transferee as if a new loan were
being made to the transferee; and (b) Lender reasonably determines that Lender's security will
not be impaired by the loan assumption and that the risk of a breach of any covenant or
agreement in this Security Instrument or other obligations related to the Note or other loan
document is acceptable to Lender, (c) Assuming party executes Assumption Agreement
acceptable to Lender at its sole choice and discretion, which Agreement may include an
increase to Cap as set forth below and (d) payment of Assumption Fee if requested by
. Lender.
To the extent permitted by applicable law, Lender may charge a reasonable fee as a
condition to Lender's consent to the loan assumption and Lender may increase the maximum
rate limit to the higher of the Cap or 5 percentage points greater than the interest rate in
effect at the time of the transfer. Lender may also require the transferee to sign an
assumption agreement that is acceptable to Lender and that obligates the transferee to keep
all the promises and agreements made in the Note and in this Security Instrument. Borrower
. . will continue to be obligated under the Note and this Security Instrument unless Lender has
entered into a written Assumption Agreement with transferee and formally releases Borrower.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The
riotice shall provide a period of not less than 30 days from the date the notice is delivered or
mailed within which Borrower must pay all sums secured by this Security Instrument. If
Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
remedies permitted by this Security Instrument without further notice or demand on
Borrower.
12. MISCELLANEOUS PROVISIONS
In the event the Note Holder at any time discovers that this Note or the Security Instrument
Documents,"
or any other document related to this loan, called collectively the "Loan contains an
error which was caused by a clerical or ministerial mistake, calculation error, computer error,
printing error or similar error (collectively "Errors"), I agree, upon notice from the Note Holder, to
reexecute any Loan Documents that are necessary to correct any such Errors and I also agree that I
will-not hold the Note Holder responsible for any damage to. me which may result from any such
Errors.
.. . If any of the Loan Documents are lost, stolen, mutilated or destroyed and the Note Holder
delivers to me an indemnification in my favor, signed by the Note Holder, then I will sign and deliver
to the Note Holder a Loan Document identical in form and content which will have the effect of the
original for all purposes.
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WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.
x
JENNIFER T EIM
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m Washington Mutual
NOTE ADDENDUM
Borrower's Payments Before They are Due
-
. . (Prepayment Fee Clause)
. .
This Note Addendum is made this 27th day of February, 2001 and is
incorporated into and shall be deemed to amend and supplement the Note made by the undersigned (the
"Borrower") in favor of Washington Mutual Bank, FA
(the "Lender") and dated as of even date herewith (the "Note").
This Note Addendum amends the provision in the Note regarding the Borrower's right to prepay as
follows:
BORROWER'S RIGHT TO PREPAY
I have the right to make payments of principal before they are due. Any payment of principal only is
"prepayment." "partial
known as a A prepayment of only part of the unpaid principal is known as a
prepayment."
If I make a full prepayment at any time during the first Three years of the loan, I may be charged
a fee as follows:
If Noteholder receives a prepayment on or before the first anniversary of the date of the first payment
due date of the Note, the Prepayment Fee shall be equal to Three percent ( 3.000. %) of the original
loan amount. If Noteholder receives prepayment after the first anniversary but on or before the Second
anniversary of the first payment due date of the Note, the prepayment fee shall be Two percent
( 2.000 %) of the original loan amount. If Noteholder receives prepayment after the second anniversary but
on or before the Third anniversary of the first payment due date of the Note, the prepayment fee shall
be One percent ( 1.000 %) of the original loan amount. Thereafter, prepayment of the Note shall
be permitted without any Prepayment Fee.
The Prepayment Fee shall be payable upon a full prepayment, voluntary or involuntary,
including but not limited to a prepayment resulting from Noteholder's permitted acceleration of the
balance due on the Note. Notwithstanding the foregoing, nothing herein shall restrict my right to
prepay at anytime without penalty accrued but unpaid interest that has been added to Principal.
Preview
FILED: SUFFOLK COUNTY CLERK 05/08/2024 03:49 PM INDEX NO. 611555/2024 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 05/08/2024 ADJUSTABLE RATE NOTE s Washington Mutual - Payment (12-MTA Index and Rate Caps) THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND MY MONTHLY PAYMENT. MY MONTHLY PAYMENT INCREASES WILL HAVE LIMITS WHICH COULD RESULT IN THE PRINCIPAL AMOUNT I MUST REPAY BEING LARGER THAN THE AMOUNT I ORIGINALLY BORROWED, BUT NOT MORE THAN 110% OF THE ORIGINAL AMOUNT (OR $ 336,600.00 ). MY INTEREST RATE CAN NEVER EXCEED THE LIMIT STATED IN THIS NOTE OR ANY RIDER TO THIS NOTE. A BALLOON PAYMENT MAY BE DUE AT MATURITY. GARDEN CITY New York (City) (State) Febrmary 27. 2001 7 GTsENRTCH DRIVE, SATNT JAMES, NY 11780 (Property Address) 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $ 306,000.00 plus any amounts added in accordance with Section 4 (G) below, (this amount is called "principal"), plus interest, to the order of the Lender. The Lender is Washington Mutual Bank, FA . I understarid that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder". 2. INTEREST Interest will be charged on unpaid principal until the full amount has been paid. Up until the first day of the calendar month that immediately precedes the first payment due date set forth in Section 3 of this Note, I will pay interest at a yearly rate of S,858 %. Thereafter until the first Change Date (as defined in Section 4 of this Note) I will pay interest at a yearly rate of 3 . 950 %. The interest rate required by this Section 2 and Section 4 of this Note is the Rate I will pay both before and after any default described in Section 7(B) of this Note. 3. PAYMENTS (A) Time and Place of Payments "payments" I will pay principal and interest by making payments every month. In this Note, refer to principal and interest payments only, although other charges such as taxes, insurance and/or late charges may also be payable with the monthly payment. I will make my monthly payments on 1st day of each month beginning on April, 2001 , I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. My monthly payments will be applied to. interest before principal. If, on March 1, 2031 , I still owe amounts under this Note, I will pay .those amounts in full on that date, which is called the "maturity date". I will make my monthly payments at 9451 CORBIN AVE, NORTHRIDGE, CA 91324 , or at a different place if required by the Note Holder. (B) Amount of My Initial Monthly Payments Each of my monthly payments until the first Payment Change Date will be in the amount of U.S. $ 1,452.08 , unless adjusted at an earlier time under Section 4(H) of this Note. Page 1 of 6 ORIGINAL FILED: SUFFOLK COUNTY CLERK 05/08/2024 03:49 PM INDEX NO. 611555/2024 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 05/08/2024 (C) Payment Changes My monthly payment will be recomputed, according to Sections 4(E)(F)(G)(H) and (1) of this Note, to reflect changes in the principal balance and interest rate that I must pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in accordance with Section 4 of this Note. 4. INTERESTRATE AND MONTHLY PAYMENTCHANGES (A) Change Dates The interest rate I will pay may further change on the 1st day of April , 2001 , and on that day every month thereafter. Each such day is called a "Change Date". (B) The Index "Index" On each Change Date, my interest rate will be based on an Index. The is the Twelve-Month Average, determined as set forth below, of the annual yields on actively traded United States Treasury Securities adjusted to a constant maturity of one year as published by the Federal Reserve Board in the Federal Reserve Statistical Release entitled "Selected Interest Rates (G. 13)" ("the Monthly Yields"). The Twelve-Month Average is determined by adding together the Monthly Yields for the most recently available twelve months and dividing by 12. The most recent Index figure available as of 15 days before each interest rate Change Date is called the "Current Index". If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Two & Seventy- Five-Hundredths percentage points 2.750 % to the Current Index. The· Note Holder will then round the result of this addition to the ("Margin") nearest one-thousandth of one percentage point (0.001%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. In the event a new Index is selected, pursuant to paragraph 4(B), a new Margin will be determined. The new Margin will be the difference between the average of the old Index for the most recent three year period which ends on the last date the Index was available plus the Margin on the last date the old Index was available and the average of the new Index for the most recent three year period which ends on that date (or if not available for such three year period, for such time as it is available). This difference will be rounded to the next higher 1/8 of 1%. (D) Interest Rate Limit My interest rate will never be greater than Eleven & Ninety- Five-Hundredths percentage points 11. 950 % ("Cap"), except that following any sale or transfer of the property which secures repayment of this Note after the first interest rate Change Date, the maximum interest rate will be the higher of the Cap or 5.percentage points greater than the interest rate in effect at the time of such sale or transfer. (E) Payment Change Dates Effective every year commencing April 2002 1, , and on the same date each twelfth month thereafter ("Payment Change Date"), the Note Holder will determine the amount of the monthly payment that would be sufficient to repay the projected principal balance I am expected to owe as of the Payment Change Date in full on the maturity date at the interest rate in effect 45 days prior to the Payment Change Date in substantially equal payments. The result of this calculation is the new amount of my monthly payment, subject to Section 4(F) below, and I will make payments in the new amount until the next Payment Change Date unless my payments are changed earlier under Section 4(H) of this Note. (F) Monthly Payment Limitations Unless Section 4(H) and 4(1) below apply, the amount of my new monthly payment, beginning with a Payment Change Date, will be limited to 7 1/2% more or less than the amount I have been paying. (G) Changes in My Unpaid Principal Due to Negative Amortization or Accelerated Amortization Since my payment amount changes less frequently than the interest rate and since the monthly payment is subject to the payment limitations described in Section 4(F), my monthly Page 2 of 6 ORIGINAL FILED: SUFFOLK COUNTY CLERK 05/08/2024 03:49 PM INDEX NO. 611555/2024 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 05/08/2024 payment could be less or greater than the amount of the interest portion of the monthly payment that would be sufficient to repay the unpaid principal I owe at the monthly payment date in full on the maturity date in substantially equal payments. For each month that the monthly payment is less than the interest portion, the Note Holder will subtract the monthly payment from the amount of the interest portion and will ad the difference to my unpaid principal, and interest will accrue on the amount of this difference at the current interest rate. For each month that the monthly payment is greater than the interest portion, the Note Holder will apply the excess towards a principal reduction of the Note. (H) Limit on My Unpaid Principal; Increased Monthly Payment My unpaid principal can never exceed a maximum amount equal to 110% of the principal amount original borrowed. In the event my unpaid principal would otherwise exceed that 110% limitation, I will begin paying a new monthly payment until the next Payment Change Date notwithstanding the 7 1/2% annual payment increase limitation. The new monthly payment will be an amount which would be sufficient to repay my then unpaid principal in full on the maturity date at my interest rate in effect the month prior to the payment due date in substantially equal payments. (1) Required Full Monthly Payment On the FIFTH anniversary of the due date of the first monthly payment, and on that same day every FIFTH year thereafter, the monthly payment will be adjusted without regard to the payment cap limitation in Section 4(F). (J) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of a person who will answer any question I may have regarding the notice. (K) Failure to Make Adjustments If for any reason Note Holder fails to make an adjustment to the interest rate or payment amount as described in this Note, regardless of any notice requirement, I agree that Note Holder may, upon discovery of such failure, then make the adjustment as if they had been made on time. I also agree not to hold Note Holder responsible for any damages to me which may result from Note Holder's failure to make the adjustment and to let the Note Holder, at its option, apply any excess monies which I may have paid to partial prepayment of unpaid Principal. 5. BORROWER'S RIGHT TO PREPAY I have the right to make payments of principal at any time before they are due. A payment of principal only is known as a "prepayment". When I make a prepayment, I will tell the Note Holder in writing that I am doing so. I may make a full prepayment or partial prepayments without paying any prepayment charge. The Note Holder will apply all of my prepayments to reduce the amount of principal that I owe under this Note. If I make a partial prepayment, there will be no changes in the due dates of my monthly payments unless the Note Holder agrees in writing to those changes. My partial prepayment may have the effect of reducing the amount of my monthly payments, but only after the first Payment Change Date following my partial prepayment. However, any reduction due to my partial prepayment may be offset by an interest rate increase. 6. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then; (i) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (ii) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the principal I owe under this Note or by making a direct payment to me. If a refund reduces principal, the reduction will be treated as a partial prepayment. Miscellaneous Fees: I understand that the Note Holder will also charge a return item charge in the event a payment that I make in connection with repayment of this loan is not honored by the financial institution on which it is drawn. The current fee is $ 15.00 . Lender reserves the right to change the fee from time to time without notice except as may be required by law. . Page 3 of 6 ORIGINAL FILED: SUFFOLK COUNTY CLERK 05/08/2024 03:49 PM INDEX NO. 611555/2024 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 05/08/2024 7. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charges for'Overdue Payments If the Note Holder has not received the full amount of any monthly payment by the end of Fifteen calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be 2.000 % of my overdue payment of principal and interest. I will pay this late charge promptly but only once of each late payment. (B) Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. (C) Notice of Default If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of principal which has not been paid and all the interest that I owe on that amount. That date must be at least 10 days after the date on which the notice is delivered or mailed to me (or, if the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation buys all or part of Lender's rights under the Security Instrument, in which case the notice will specify a date, not less than 30 days from the date the notice is given the Borrower). (D) No Waiver By Note Holder Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. (E) Payment of Note Holder's Costs and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note, whether or not a lawsuit is brought, to the extent not prohibited by applicable law. Those attorneys' expenses include, for example, reasonable fees. 8. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address. Any notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the Note Holder at the add ress stated in Section 3(A) above or at a different address if I am given a notice of that different address. 9. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety, or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety, or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. 10. WAlVERS I and any other person who has obligations under this Note waive the rights of presentment and "Presentment" notice of dishonor. means the right to require the Note Holder to demand payment of dishonor" amounts due. "Notice of means the right to require the Note Holder to give notice to other persons that amounts due have not been paid. Page 4 of 6 ORIGINAL FILED: SUFFOLK COUNTY CLERK 05/08/2024 03:49 PM INDEX NO. 611555/2024 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 05/08/2024 11.UNIFORM SECURED NOTE This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust or Security Deed ( the "Security Instrument"), dated the same date as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as follows: Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall.not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument or other obligations related to the Note or other loan document is acceptable to Lender, (c) Assuming party executes Assumption Agreement acceptable to Lender at its sole choice and discretion, which Agreement may include an increase to Cap as set forth below and (d) payment of Assumption Fee if requested by . Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption and Lender may increase the maximum rate limit to the higher of the Cap or 5 percentage points greater than the interest rate in effect at the time of the transfer. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower . . will continue to be obligated under the Note and this Security Instrument unless Lender has entered into a written Assumption Agreement with transferee and formally releases Borrower. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The riotice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 12. MISCELLANEOUS PROVISIONS In the event the Note Holder at any time discovers that this Note or the Security Instrument Documents," or any other document related to this loan, called collectively the "Loan contains an error which was caused by a clerical or ministerial mistake, calculation error, computer error, printing error or similar error (collectively "Errors"), I agree, upon notice from the Note Holder, to reexecute any Loan Documents that are necessary to correct any such Errors and I also agree that I will-not hold the Note Holder responsible for any damage to. me which may result from any such Errors. .. . If any of the Loan Documents are lost, stolen, mutilated or destroyed and the Note Holder delivers to me an indemnification in my favor, signed by the Note Holder, then I will sign and deliver to the Note Holder a Loan Document identical in form and content which will have the effect of the original for all purposes. . - . Page 5 of 6 ORIGINAL FILED: SUFFOLK COUNTY CLERK 05/08/2024 03:49 PM INDEX NO. 611555/2024 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 05/08/2024 WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED. x JENNIFER T EIM Page 6 of 6 ORIGINAL FILED: SUFFOLK COUNTY CLERK 05/08/2024 03:49 PM INDEX NO. 611555/2024 . . NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 05/08/2024 m Washington Mutual NOTE ADDENDUM Borrower's Payments Before They are Due - . . (Prepayment Fee Clause) . . This Note Addendum is made this 27th day of February, 2001 and is incorporated into and shall be deemed to amend and supplement the Note made by the undersigned (the "Borrower") in favor of Washington Mutual Bank, FA (the "Lender") and dated as of even date herewith (the "Note"). This Note Addendum amends the provision in the Note regarding the Borrower's right to prepay as follows: BORROWER'S RIGHT TO PREPAY I have the right to make payments of principal before they are due. Any payment of principal only is "prepayment." "partial known as a A prepayment of only part of the unpaid principal is known as a prepayment." If I make a full prepayment at any time during the first Three years of the loan, I may be charged a fee as follows: If Noteholder receives a prepayment on or before the first anniversary of the date of the first payment due date of the Note, the Prepayment Fee shall be equal to Three percent ( 3.000. %) of the original loan amount. If Noteholder receives prepayment after the first anniversary but on or before the Second anniversary of the first payment due date of the Note, the prepayment fee shall be Two percent ( 2.000 %) of the original loan amount. If Noteholder receives prepayment after the second anniversary but on or before the Third anniversary of the first payment due date of the Note, the prepayment fee shall be One percent ( 1.000 %) of the original loan amount. Thereafter, prepayment of the Note shall be permitted without any Prepayment Fee. The Prepayment Fee shall be payable upon a full prepayment, voluntary or involuntary, including but not limited to a prepayment resulting from Noteholder's permitted acceleration of the balance due on the Note. Notwithstanding the foregoing, nothing herein shall restrict my right to prepay at anytime without penalty accrued but unpaid interest that has been added to Principal.