lfiled queens county clerk 03/t672017 index no. …

LFILED ; QUEENS COUNTY CLERK 03/T672017 08:18 PM| INDEX NO. 7078 63/2015

NY9 FF pnr NA RG DU PU TUD D NV G • n7 /1 A /2017

NYC DEPARTMENT OF FINANCE

OFFICE OF THE CITY REGISTER

This page is part of the instrument. The CityRegister will rely on the information provided

by you on this page for purposes ofindexingthis instrument.The information on this pagewill control for indexing purposes in the event

of any conflict with the rest of the document.2014050200642001001E59C4

RECORDING AND ENDORSEMENT COVER PAGE PAGE 1 OF 15

Dõcüiñêñt ID: 2014050200642001 Document Date: 01-09-2012 Preparation Date: 05-02-2014Document Type: MORTGAGEDocument Page Count: 14

PRESENTER: RETURN TO:

CHANCELLOR TITLE CHANCELLOR TITLE59 LINCOLN AVENUE 59 LINCOLN AVENUEFAIR LAWN, NJ 07410 FAIR LAWN, NJ 07410973-808-4045 [email protected] [email protected]

PROPERTY DATABorough Block Lot Unit Address

QUEENS 9174 82 Entire Lot 109-23 96TH STREET

Prõperty Type: DWELLING ONLY - 2 FAMILY

CROSS REFERENCE DATA

CRFN or DocumentID or Year Reel_ Page_ or File Number

PARTIESMORTGAGOR/BORROWER: MORTGAGEE/LENDER:COSTELLO P. CAROLYN MERS10923 96TH STREET 1901 E. VOORHEES STREET, SUITE CJAMAICA, NY 11747-2137 DANVILLE, IL 61834

FEES AND TAXES

Mortgage : Filing Fee:Mortgage Amount: Í $ 480.000.00 $ 0.00

Taxable Mortgage Amount: | $ 0.00 NYC Real Property Transfer Tax:

Exemption: 280 $ 0.00

TAXES: County (Basic): $ 0.00 NYS Real Estate Transfer Tax:

City (Additional): $ 0.00 $ 0.00

Spec (Additional): $ 0.00 RECORDED OR FILED IN THE OFFICETASF: $ 0.00 F THE CITY REGISTER OF THEMTA: $ 0.00

CITY OF NEW YORKNYCTA: $ 0.00

Recorded/Filed 05-13-2014 11:57Additional MRT: $ 0.00

City Register File No.(CRFN):TOTAL: $ 0.00 2014000163607

Recording Fee: $ 107.00Affidavit Fee: $ 8.00

City Register Official Sig;2sture

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AfterReco_rdingReturn To:

Chancellor Title Agency Inc.

59 Lincoln Avenue

Fair Lawn, NJ 07410

summarisuau nvuum m --v,g, wAll American M go Bankers1001 60BR N, NY 11219

Space Above This Line For Recording Data

State of New York FHA Case NumbeLos

MIN:

FIXED RATEHOME EQUITY CONVERSION MORTGAGE

THIS IS A REVERSE MORTGAGE

THIS MORTGAGE ("Security Instrument") is given on January 09, 2012 ("Date"). The mortgagor is:CAROLYN P. COSTELLO whose address is: 10923 96TH ST, JAMAICA, NY 11417-2137 ("Borrower").The mortgagee under this Security In•ta_•a=at is Mortgage E!e±enic Registration Systems, Inc.('MERS'). MERS is a separate corpnmHen that is acting solely as nominee for Lender, and Lenderssuccessors and assigns. MERS is organized and existing under the laws of Delaware, and has anaddress and telephone number of 1901 E. Voorhees Street, Suite C, Danville, IL 61834 or P.O. Box

2026, Flint, MI 48501-2026, teL (888) 679-MERS. FOR PURPOSES OF RECORDING THIS

MORTGAGE, MERS IS THE MORTGAGEE OF RECORD. This Security Instrument is given to: AllAmerican Home Mortgage Corp dba All American Mortgage Bankers which is organized and existingunder the taws of THE STATE OF NEW YORK, and whose address is: 1001 60TH ST, BROOKLYN,NY 11219 ("Lender"). Borrower has agreed to repay to Lender amounts which Lender is obligated to

advance, including future advances, under the terms of a Home Equity Conversion Loan Agreementdated the same date as this Security Instrument ("Loan Ag=emen'"). The agreement to repay Isevidenced by Borrowers Note dated the same date as this Security Instrument ("Note"). This SecurityInstrument secures to Lender (a) the repayment of the debt evidenced by the Note, with interest,and allrenewals, extensions and modifications of the Note, up to a maximum principal amount of FOURHUNDRED EIGHTY THOUSAND AND NO/100 (U.S. $480,000.00); (b) the payment of all other sums,with interest, advanced under paragraph 5 to protect the security of this Security Instrument or otherwisedue under the terms of this Security Instrument: and (c) the performance of Borrowers covenants andagreements under this Security Instrument and the Note. The full debt, inclu'ding smcür:ts descrIbed in

(a), (b), and (c) above, if not paid earlier, is due and payable on September 06, 2081. For this pea;ase,Borrower does hereby mortgage, grant and convey to MERS (sotely as nceir---a for Lender and Lenderssuccessors and assigns) and to the successors and assigns of MERS the fG||Gwir,g described propertylocated In Q UEENS County, New Yoric

Legal description attachedhomto as Exhibit A and by this reference made a part hereof. ·

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whichhas the address of· 19923 96TH ST, JAMAICA, NY 11417-2137 ("Property Address").

TOGETHER WITH all the improvements now or hereeaer erected on the property, and all easements,rights, appu•tenances, and fixtures now or hereafter a part of the property. All replacements and additionsshall also be covered by this Security Instrument. All of the foregoing is referred to in this SecurityInstrument as the "Property." Borrower understands and agrees that MERS holds only legal title to theinterests granted by Borrower in this Security Instrument; but, if necessary to comply with law or custom,MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or allof those interests, including, but not limited to, the right to foreclose and sell the Property; and to take anyaction =quirsd of Lender including, but not IImited to, releasing and canceling this Security Instrument.

BORROWER COVENANTS that Borrower is lawfully selsed of the estate hereby conveyed and has theright to mortgage, grant and convey the Property and that the Property is unencumbered, except forencumbrances of record. Borrower warrants and will defend generally the title to the Property against allclaims and demands, subject to any encumbrances of record.

THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniformcovenants with limited restcas by jurisdicucñ to constitute a uniform security instrument covering realProperty.

UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:

1. Payment of Principal and Interest. Bonower shall pay when due the principal of, and interest on,the debt evidenced by the Note.

2. Payment of Property Charges. Borrower shall pay all property charges consisting of taxes, groundrents, flood and hazard insurance premiums, and special assessments in a timely manner, and shallprovide evidence of payment to Lender, unless Lender pays property charges by withholding fundsfrom monthly payments due to the Borrower or by charging such payments to a line of credit asprovided for in the Loan Agreement.

3. Fire, Flood and Other Hazard Insurance. B-,w- shall insure all improvements on the Property,whsth6r now in existence or subsequently erected, against any hazards, cesee! s, andcontingencies, iñcluding fire. This insurance shall be maintained in the amounts, to the extent and

. for the periods required by Lender or the Secretary of Housing and Urban Development("Secretary"). Borrower shall also insure all improvements on the Property, whether now in existenceor subsequently erected, against loss by floods to the extent required by the Secretary. All insuranceshall be carried with companies approved by Lender. The insurance policies and any renewals shallbe held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to,Londer.

In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof ofloss if not made promptly by Borrower. Each insurance company concemed is hereby authorizedand directed to make payment for such loss to Lender instead of to Borrower and Londer jointly.Insurance proceeds shall be applied to restoration or repair of the damaged Property, if therestoration or repair is economically feasible and Lender's security is not lessened. If the restorationor repair is not economically feasible or Lender's security would be lessened, the !=•u-ceproceeds shall be applied first to the reduction of any Indebtedness under a Second Note andSecond Security !nstmment held by the Secretary on the Property and then to the reduction of theindebtedness under the Note and this Security Instrument. Any excess Insurance proceeds over an

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amount required to pay all cutstsñdirqi Indsbtsdñêas under the Note and this Security instrumentshall be paid to the entity legally entitled thereto.

In the event of foreclosure of this Security Instrument or other transfer of title to the Property thatextingü!shss the indebtedaess, all right, title and interest of Borrower in and to insurance policies inforce shall pass to the purchaser.

4. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's LoanApplication; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower'sprincipal residence after the execution of this Security Instrument and Borrower (or at least oneBorrower, if initially more than one person are Borrowers) shall continue to occupy the Property asBorrowers principal residence for the term of the Security !ñstmment. "Principal residence" shallhave the same meaning as in the Loan Agreement.

Borrower shall not commit waste or destroy, damage or subgennally change the Property or allowthe Property to deteriorate, reasonable wear and tear excepted. Borrower shall also be in default ifBorrower, during the loan application process, gave •astede!!y false or inaccurate information orstatements to Lender (or failed to provide Lender with any material information) in coññêcuan withthe loan evidenced by the Note, including, but not limited to, representations conceming Borrower'soccupancy of the Property as a principal residence. If this Security Instrument is on a leasehold,Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property,the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing.

5. Charges to Borrower and Protection of Londer's Rights in the Property. Borrower shall pay allgovemmental or municipal charges, fines and impositions that are not included in Paragraph 2.Borrower shall pay these obligadons on time directly to the entity which is owed the payment. Iffailure to pay would adversely affect Lenders interest in the Property, upon Lender's requestBorrower shall pmmpt:y fumish to Lender receipts evidencing these payments. Borrower shall

pmmptly discharge any lien which has priority over this Security Instrument in the manner providedin Paragraph 12(c).

If Borrower fails to make these payments or the property charges required by Paragraph 2, or failsto perform any other covenants and agreements contained in this Security Instrument, or there is alegal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding inbankruptcy, for condemnation or to enforce laws or regulations), then Lender or MERS may do and

pay whatever is necessary to protect the value of the Property and Lender's rights in the Property,includiñÿ payment of taxes, hazard insurance and other items mentioned in Paragraph 2.

To protect Lender's security in the Property, Lender shall advance and charge to Borrower allemcuate due to the Secretary for the Mortgage !nsurance Premium as defined in the LoanAgreement as well as all sums due to the loan servicer for servicing activities as defined in the LoanAgreement. Any amounts disbursed by Lender under this Paragraph shall become an additionaldebt of Borrower as provided for in the Loan Agr==•aant and shall be secured by this SecurityInstrument.

6. Inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in areasonable manner and at reasoneb!e times pmvidsd that Lender shall give the Borrower noticeprior to any inspedion or appraisal specifying a purpose for the inspection or appraisal which mustbe related to Lenders interest in the Property. If the Property is vacant or abandoned or the loan isin default, Lender may take reasonable action to protect and preserve such vacant or abandenad

Property without notice to the Borrower.

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7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, inconnaden with any cond==nejon, or other taking of any part of the Property, or for conveyance inplace of condemnation shan be paid to Lander. The proceeds shan be applied first to the reductionof any Indebtedness under a Second Note and Second Security Instrument held by the Secretary onthe Property, and then to the reduction of the Indebtedness under the Note and this Security|nstrurñant. Any excess proceeds over an amount required to pay all outstanding indebtednessunder the Note and this Security Instrument shall be paid to the entity legaHy entitled thereto.

8. Fees. Lender may collect fees and charges authorized by the Secretary.

9. Grounds for Acceleration of Debt.

(a) Due and Payable. Lender may require :=medists payment-in-fuH of all sums secured by this

Security Instrument lf:

(1) A Borrower dies and the Property is not the principal me!denz of at least one survMngBorrower; or

(ii) AII of a Borrower's title in the Property (or his or her beneficial Interest In a trust owningaH or part of the Property) is sold or otherwise transferred and no other Borrower retainstitle to the Property In fee simple or retains a leasehold under a lease for not less than99 years which is renewable or a lease having a remaining period of not less than 50years beyond the date of the 100th birthday of the youngest Borrower or retains a lifeestate, (or istaliiliig a beneficial interest in a trust with such an interest In the Property).

(b) Due and Payable with Secretary Approval. Lander may require !m==diete payment-in-fun ofan sums secued by this Security Instrument, upon approval of the Secretary, if

(i) The Property ceases to be the principal residence of a Borrower for reasons other thandeath and the Property Is not the principal residence of at least one other Borrower, or

(A) For a period of longer than 12 consecutive months, a Borrower fails to occupy the

Property because of physical or mental IHness and the Property is not the principalresidence of at least one other Borrower; or

(lil) An obHgation of the Borrower under this Security Instrument is not performed.

(c) Notice to Lender. Borrower shaH notify Lender whenever any of the events Hsted in thisParagraph 9 (a)(ii) and (b) occur.

(d) Notice to Secretary and Borrower. Lender shaH notify the Secretary and Borrower whsasvsrthe loan becomes due and payable under Peegeph 9 (a)(ii) and (b). Lender shan not have theright to commence foreclosure until Borrower has had 30 days after nodce to either

(i) Conect the matter which resulted in the Security Inet-u=ent coming due and payable; or

(ii) Pay the balance in fuH; or

(iii) Sell the Property for the lesser of the balance or 95% of the appraised value and apply

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thenetproceeds of the sale toward the balance; or

(iv) Provide the Lender with a deed-in4ieu of foreclosure.

(e) Trusts. Conveyance of a Borrower's Interest in the Property to a trust which meets therequirements of the Secretary, or conwyance of a trust's interests in the Property to aBorrower, shall not be ceae!de-ed a conveyance for purposes of this Peegeph 9. A trust shallnot be considered an occupant or be considered.as having a pdncipe! residence for purposesof this Paragraph9.

(f) Mortgage Not Insured. Borrower agrees that should this Security !nshment and the Note notbe eligible for Insurance under the National Housing Act within 60 days from the date hereof,Lender may, at its option, require immediate payment-in-full of all sums secured by this

Security !nsWment. A written statement of any authorized agent of the Secretary datedsubsequent to 60 days from the date hereof, declining to insure this Security Instrument andthe Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing,this option may not be exercised by Lender when the unavailability of insurance Is solely due toLenders failure to remit a mortgage insurance premium to the Secretary.

10. No Deficiency Judgments. Borrower shall have no personal liability for payment of the debtsecured by this Security Instrument. Lender may enforce the debt only through sale of the Property.Lender shall not be permitted to obtain a deficiency Judgment against Barm=er if the SecurityInstrument is foreclosed. If this Security Instrument is assigned to the Secretary upon demand bythe Secretary, Borrower shall not be liable for any difference between the mortgage |ñsurancshanafts paid to Lender and the outstanding indebtedness, Including accrued interest, owed byBorrower at the time of the assignment.

11. Reinstatement. Borrower has a right to be reinstated if Lender has required immediatepayment-in-'A This right applies even after foreclosure proceedings are instituted. To reinstate this

Security Instrument, Borrower shall correct the condition which resulted In the requirement forimmediate payment-in-full. Foreclosure costs and reasonable and customary attomey's fees andexpans=• properly associated with the foreclosure proceeding shall be added to the principalbalance. Upon reinstatement by Borrower, this Security Instrument and the obligations that Itsecures shall remain In effect as if Lender had not required immediate payment-in-full. However,Lender is not -equi-ed to permit reinstatement If (1) Lender has accepted reinstatement after thecom,nancement of foreclosure proceedings within two years immediately preceding thecommencement of a current foreclosure proceeding, (il) reinstatement will preclude foreclosure ondifferent grounds in the future, or (ill) reinstatement will adversely affect the priority of the SecurityInstrument.

12. Lion Status.

(a) Modification. Borrower agrees to extend this Security Inet-ument in accordance with thisParagraph 12(a). If Lender dstsimiñss that the original lien status of the Security Instrument isjeopardized under state law (irn;iüding but not limited to situations where the amount secured

by the Security Instrument equals or exceeds the maximum principal amount stated or themaximum period under which loan advances retain the same lien priority initially granted toloan advances has expired) and state law permits the original lien status to be maintained forfuture loan advances through the execution and recordation of one or more documents, thenLender shall obtain title evidence at Bar=wer's expense. If the title evidence indicates that the

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b

property Is not eneumb==2d by any Ilens (except thts Security Instrument, the Second SecurityInstrument described in Pa=gmph 13(a) and any subordinate IIens that the Lenderda'==a!nes will also be eub-d!e=te to any future loan advances), Lender shall request theBorrower to examta any documents necessary to protect the lien status of future loanadvances. Borrower agrees to execute such documents. If state law does not permit theoriginal lien status to be extended to future loan advances, Borrower will be deemed to havefailed to have perlbrmed an obligation under this Security Instrument.

(b) Tax Deferral Programs. Borrower shall not participate In a real estate tax de'e'=! program, If

any liens created by the tax deferral are not subordinate to this Security Instrument.

(c) Prior Lions. Borrower shall promptly discharge any lien which has priority over this SecurityInstrument unless Bo'a=ar (a) agrees in writing to the payment of the ob!!geEon secured bythe lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defendsagainst enforcement of the 11en In, legal proceedings which in the Lender's opinion operate toprevent the anfarcament of the lien or forfeiture of any part of the Property; or (c) secures fromthe holder of the lien an agmement satisfactory to Lender subordinating the lien to all amountssecured by this Security Inem2ment. If Lender determines that any part of the Property issubject to a flen which may attain priority over this Security Instrument, Lender may giveBorrower a notice identifying the Ilen. Borrower shall satisfy the Ilen or take one more of theactions set forth above within 10 days of the giving of notice.

13. Relationship to Second Security Instrument.

(a) Second Security Instrument. In order to secure payments which the Secretary may make toor on behalf of Borrower pursuant to Section 255(i)(1)(A) of the National i-icusiGii Act and theLoan Agreement, the Secretary has required Borrower to execute a Second Note and aSecond Security Instrument on the Property.

(b) Relationship of First and Second Security Instruments. Payments made by the Secretaryshall not be included In the debt under the Note unless:

(1) This Security Instrument is assigned to the Secretary; or

(ii) The Secretary accepts reimbürsement by the Lender for all payments made by theSecretary.

If the circumetences described in (i) or (ii) occur, then all payments by the Secretary, ine!ud!nginterest on the payments. but excluding late charges paid by the Secretary, shall be includedin the debt under the Note.

(c) Effect on Borrower. Where there is no assignment or reimbursement as described in (b)(i) or

(ll) and the Secretary makes payments to Borrower, then Borrower shall not-

(i) Be r6ciüired to pay amounts owed under the Note, or pay any rents and revenues of the

Property under Paragraph 19 to Lender or a receiver of the Property, until the Secretaryhas required paymeat-infa!! of all outstanding principal and accrued interest under theSecond Note; or

(II) Be c-b"-gated to pay interest or shared appreciation under the Note at any time, whether

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accrued before or aAer the payments by the Secretary, and whether or not accruedinterest has been !n±da'i in the principal balance under the Note.

(d) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of theSecond Security Instmment or to take actions to preserve the value of the Property, eventhough Lender may be unable to collect smôüñts owed under the Note because of restrictionsin this Paragraph 13.

14. Forbearance by Londer Not a Walver. Any forbearance by Lender in exercising any right or

remedy shall not be a waiver of or produde the exerdse of any right or remedy.

15. Successors and Assigns Bound; Joint and Several Llability. The covenants and agreements ofthis Security Instrument shall bind and benefit the successors and assigns of Lender. Borrower maynot assign any rights or obilgations under this Security Ins*mment or under the Note, except to atrust that meets the requirements of the Secretary. Borrowers covenants and agreements shall bejoint and several.

16. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by deliveringit or by mailing it by first class mail unless applicable law requires use of another meth~1 The noticeshall be d!=ctad to the Property Addisss or any other address all Borrowers joindy designate. Anynotice to Lender shall be given by first class mail to Lenders address stated herein or any addressLender designates by notice to Borrower. Any notice provided for in this Security Instrument shall bedeemed to have been given to Borrower or Lender when given as provided in this Pamgaph 16.

17. Governing Law; Severability. This Security Instrument shall be gavsmsd by Federal law and thelaw of the jurisdiction in which the Property is located. In the event that any provision or clause ofthis Security Instrument or the Note confilcts with applicable law, such conflict shall not affect otherprovisions of this Security Instrument or the Note which can be given effect without the conflictingprovision. To this end the provisions of this Security Instmment and the Note are declared to beseverable.

18. Borrower's Copy. Borrower shall be given one conformed copy of the Note and this SecurityInstrument.

NON-UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:

19. Assignment of Rents. Borrower unccadiucñâ||y assigns and transfers to Lender all the rents andrevenues of the Property. Borrower authorizes Lender or Lenders agents to collect the rents andrevenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender'sagents. However, prior to Lenders notice to Borrower of Borrowers breach of any covenant oragreement In the Security Instrument, Borrower shall collect and receive all rents and revenues ofthe Property as trustee for the benefit of Lender and Borrower. This assign=ed of rents cóñsutatssan absolute assignment and not an assignment for addincñâ: security only.

If Lender gives notice of breach to Borrower (a) all rents received by Borrower shall be held byBorrower as trustee for benefit of Lender only, to be applied to the sums secured by this SecurityInstrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c)each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent onLender's written demand to the tenant.

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accrued before or after the payments by the Secretary, and whether or not accruedinterest has been included in the principal balance under the Note.

(d) No Duty of the Secretary. The Secretary has no duty to Lender to enforce covenants of theSecond Security Instrument or to take actions to preserve the value of the Property, eventhough Lender may be unable to collect amounts owed under the Note because of restrictionsin this Paragraph 13.

14. Forbearance by Lander Not a Walver. Any ½ssmñca by Lander in exercising any right or

remedy shall not be a waiver of or preclude the exercise of any right or remedy.

15. Successors and Assigns Bound; Joint and Several Llability. The cov66âñts and agreements ofthis Security Instrument shall bind and benefit the successors and assigns of Lender. Borrower maynot assign any rights or obligations under this Security Instrument or under the Note, except to atrust that meets the rage!r=erd• of the Secretary. Borrower's covenants and agreements shall bejoint and several.

16. Notices. Any notice to %::----c. provided for in this Security lñstrümant shall be given by deliveringIt or by mailing it by first class mail unless applicable law requires use of another method. The noticeshall be directed to the Property Address or any other address all Borrowers Jointly designate. Anynotice to Lender shall be given by first class mail to Lender's address stated herein or any addressLender designates by notice to Borrower. Any notice provided for in this Security Instrument shall ber*==mad to have been given to Borrower or Lender when given as provided in this Paragraph 16.

17. Governing Law; Severability. This Security Instrument shall be govemed by Federal law and thelaw of the jurisdiction in which the Property is located. In the event that any provisicñ or clause ofthis Security Instrument or the Note conflicts with applicable law, such conflict shall not affect otherprovisions of this Security Instrument or the Note which can be given effect without the conflictingprcvisiGñ. To this end the provisions of this Security Instrument and the Note are declared to beseverable.

18. Borrower's Copy. Borrower shall be given one conformed copy of the Note and this SecurityInstrument.

NON-UNIFORM COVENANTS. Borrower and Lander covenant and agree as follows:

19. Assignment of Rents. Borrower unconditione!ty assigns and transfers to Lander all the rents andrevenues of the Property. Borrower aun'erL=• Lender or Lender's agents to collect the rents andrevenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender'sagents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant oragreement in the Security Instrument, Borrower shall collect and receive all rents and revenues ofthe Property as trustee for the benefit of Lander and Borrower. This assignrnent of rents coMteêsan absolute assignment and not an assignment for additional security only.

If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held byBorrower as trustee for benefit of Lender only, to be applied to the sums secured by this SecurityInstrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c)each tenant of the Property shall pay all rents due and unpaid to Lender or Londer's agent onLender's written demand to the tenant.

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Borrower has not executed any prior assignment of the rents and has not and will not perform anyact that would prevent Lender from exercising its rights under this Paragraph 19.

Lender shall not be =="!± to enter upon, take control of or maintain the Property before or aftergiving notice of breach to Borrower. However, Lender or a Judicially appointed receiver may do so at

any time there is a breach. Any application of rents shall not cure or waive any default or invalidateany other right or remedy of Lender. This assignment of rents of the Property shall tednete whenthe debt secured by thls Security Instrument is paid in full.

20. Foreclosure Procedure. If all of the conditions stated in subparagraphs (A), (B), and (C) ofthis Paragraph 20 are met, Londer may require Borrower to pay Immediately the entireamount then remaining unpaid under the Note and under this Security Instrument Lander

may do this without making any further demand for payment ("Immediate payment in full").

If Londer requires immediate payment In full under Paragraph 9, Londer may foreclose this

Security Instrument by judicial proceeding. Lender shall be entitled to collect all expensesIncurred in pursuing the remedies provided in this Paragraph 20, Including, but not limited

to,attorneys' fees and costs of title evidence. Londer may require !mmadate payment in full

under this Paragraph 20 only If all of the following conditions are met:

(A) Borrower falls to keep any promise or agreement made in this Security Instrument,Including the promises and agreements made in Paragraph 9 of this SecurityInstrument.

(B) Londer sends to Borrower, In the manner described in Paragraph 16 above, a noticethat states:

(1) the promise or agreement Borrower failed to keep;(11) the action Borrower must take to correct that default; and

(111) a date by which Borrower must correct the default. The date must be atleast 30 days from the date on which the notice was given.

(C) Borrower does not correct the default stated In the notice from Londer by the datestated In that notice.

21. Llen Priority. The full amount secured by this Security Instrument shall have the same priority over

any other liens on the Property as if the full amount had been disbursed on the date the initial .disbursement was made, regardless of the actual date of any disbursement. The amount secured

by this Security Instrument shall include all direct payments by Lender to Borrower and all other loanadvances permitted by this Security Instrument for any purpose. This lien priority shall applynotwithstanding any State constitution, law or regulation, except that this lien priority shall not affectthe priority of any liens for unpaid State or local govemmental unit special assessments or taxes.

22. This section Is Intentionally left blank.

23. Londer's Obilgation to Discharge this Security Instrument. When Lender has been paid allamounts due under the Note and under this Security !ne'.w.sñt, Lender will discharge this SecurityInstrument by delivering a certificate stating that this Security Instrument has been satisfied.Borrower will pay all costs of recording the discharge in the proper official records. Borrower agreesto pay a fee for the discharge of this Samrhy !n±J==nt If Lender so requires. Lender may requirethat Borrower pay such a fee, but only if the fee Is paid to a third party for services rendered and the

charging of the fee is permitted by Applicable Law.

(8 ci10) NewYorkMortgageHECMFIXEDRATE- MERs



FILED: QUEENS COUNTY CLERK 03/16/2017 08:18 PM INDEX NO. 707863 015


Space Below TNs Une for Acknowledgement

State of New York

County of I | P 2.A

On the day of in the yeaRS LE . bebre me, the undersigned, personally appeared

personally known to me or proved to me on the basis of satisfactory avidsiics to be the

individüa:(s) whose name(s) is (are)subscribed to the within ine%æM and acleievrtedged tome that he/sheAhey executed the same in hie!hedth=!r capacity(les), and that by his?ta _he!r

signature(s) on the Inderst the IndMdual(s), or the person upon behalf of whichthe indMdea s) act , execu d the !±Jment

Signature

omce¯

e DÃTo. hOdADO

MAYDA GNo.cy Public - Ra'0 Df NSW Y3rk

No. 01R66'JS9403Ova'fNId in Ricnmond Coun'yW Cemmission Expires 03/24

(10of 10) NewYorkMortgageHECMF1XEDRATE-MERS




NYSCEF DOC. NO. 55 . RECEIVED NYSCEF: 03/16/2017

. -

EXHIBIT A

Exhibit A to the Madgeg= made on January 09, 2012, by CAROLYN P. COSTELLO ("Borrower") to AllAmerican Home Mortgage Corp dba All American Mostgage Bankers ("Lender"). The Property islocated in the county of QUEENS, state of New York, described as follows:

Description of Property

Legal Description attached hereto as Exhibit A and by this ='===œ made a part hereof.

FinaleDocumentServices© 738201/D8



|FILED: QUEENS COUNTY CLERK 03/16/2017 08:18 PM)INDEX NO. .707863/2015


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[FILED : QUEENS COUNTY CLERK 03/16T2017 08W INDEX NO. 707863/2015


NYC DEPARTMENT OF FINANCE amOFFICE OF THE CITY REGISTER |!!!!!!|||||l --- - -

2014050200642001001S9745

SUPPORTING DOCUMENT COVERPAGE PAGE 1 OF 1

Document ID: 2014050200642001 Dacume::t Date: 01-09-2012 Prepr--atics Date: 05-02-2014

Document Type: MORTGAGE

SUPPORTING DOCUMENTS SUBMITTED:PageCount

260MORTGAGE TAX EXEMPT AFFIDAVIT 1





SECTION 252 AFFIDAVIT(Rêv6ise Ev'citgsyss Pursuant to 12 U.S.C. § 1715z-20 (HUD HECM Reverse Mortgages))

STATE O F ?btfffa )

) to wit:

County ofr 5acamea6e 3

. being duly swom deposes and says:

1. I am the Lender Representative,of All American Home Mortgage Corp dba All American MortgageBankers, the mortgagee in the mortgage made by CAROLYN P COSTELLO to the mortgages, datedJanuary 09, 2012, in the amount of $480,000,00 submitted Asswe for iscê-d!ng. I am familiar with thefacts set forth herein.

2. This m---?42gs is a reverse mortgage that onafarma to the applicable federal law and regülâiiü¯s issuespursuant to 12 U.S.C. § 1715z-20.

3. The mortgage oubmitted h6rawith is a reverse me-t;ege given by mortgagor(s) who are at least 60 years ofage.

4. The mage is a lien on real property !mp==ad by a one-to-four family dwelling orc±"" s unit that

is the primary residence of the mortgagor(s).

5. Thersfr.Js, this mortgage is exempt pursuant to Section 280(4) or Section 280-a (4) of the Real PropertyLaw and exempt from the mortgage recording tax pursuant to Section 2524.2 of the Tax Law.

Wherefore, your depa±requests the mc-3.gsgs subm herewith for -- without thenayment of a ege recording tax p"••=eat to Section 252-a s 2 of 1 of the Tax Laws of tate ofNew York.

Sworn to before me thjgi... .da-y'of ßd . . 20

Notary Public MMESFINEComm. s2044$43

Notary Public•California'SacramentoCourtty

Comurt Empires0ct7/2017



FILED : QUEENS COUNTY CLERK 03/16/2017 08:18 PM INDEX NO. 707863/2Ò15

NYSCEF DOC. NO. 55 . RECEIVED NYSCEF: 03/16/2017

State of California )

County of 3ed, ottt )

Subscribed and sworn to (or affirmed) before me on this1day of ,

20 by //V7

proved to me on the basis of satisfactory evideáce to be the person(s) who appeared before

me.

. otary Public Signature

(Notary Public Seal)

DESCRIPTION OF ATTACHED DOCUMENT:

Title.rType.fD.cument: Ê 4Ù



lfiled queens county clerk 03/t672017 index no. …

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