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National Practi-Plan Bank
3176 Mount Tabor
Westbury, NY 11590
COMMITMENT LETTER
DATE: 10/23/2018
LOAN #: 406688537
BORROWER(S): Graciela Orborn
BORROWER'S ADDRESS: 2758 Plainfield Avenue Theresa, NY 13691
PROPERTY ADDRESS: 4826 Patterson Road New York, NY 10011
Dear Borrower:
National Cooperative Bank, N.A. ("the Lender") is pleased to advise you that your application for a co-op loan ("the Loan") has been approved, subject to the following terms and conditions:
1. Loan Program: 004P: 30 year fixed conventional loan
2. Loan Amount: The principal amount of your Loan will be $157,500.00.
3. Loan Term: The term of your Loan will be 30 years.
4. Fixed Interest Rate and Monthly Payment: This loan program has a current interest rate of 5.250% per year. Based on this rate, your monthly payment of principal and interest will be $869.72.
Your interest rate is currently floating.
If your interest rate is locked and the loan falls to close on or prior to the expiration date of the lock, the rate will be reset according to current National Cooperative Bank, N.A. market rate or the previously locked rate, whichever is higher.
5. Mortgage Brokerage Fees: N/A
6. Expiration of Commitment: You must return your acceptance of this Commitment within the later of ten (10) business days of the date of this Commitment or the date of mailing of this Commitment. This Commitment will expire in the event the following documents are not updated if closing takes place after the following document expiration dates:
If you accept this Commitment, it will be valid until 02/28/2019. Extensions to this Commitment may be granted upon written request to the Lender, and this commitment may only be extended in writing by the Lender. You may need to supply updated credit items or your loan may require an appraisal recertification before the Lender grants any extension.
If you have locked your rate and the Lender grants an extension of this commitment beyond your rate expiration date, after that date your interest rate will be prevailing rate for your loan program (3) business days prior to closing, but in no event lower than the committed rate stated above cr higher than the FNMAIFHLMC 60 day mandatory delivery rate plus two percent (2%) rounded to the next highest one eighth (1/8) percent.
If you have elected not lo lock your Interest rate, the rate may fluctuate according to market conditions. You may execute an Interest Rate Lock Agreement and establish an interest rate and points up to three
(3) business days prior to closing. If you allow the rate to float. the Lender shall establish the interest rate three (3) business days prior to closing and this rate shall be no higher than the prevailing FNMA/FHLMC 60 day mandatory delivery rate plus two percent (2%) rounded to the next highest one eighth (1/8) percent.
7. Origination Fee: You have agreed to pay the Lender an origination fee of $800.00.
8. Legal Representation and Attorney's Fees: At the closing, you must pay the Lender's attorney's fees in connection with the Loan in the amount of $1,000.00. If the Lender's attorneys are required to travel or to perform any extraordinary services in connection with the Loan or if the Loan does not close on the date scheduled, you may have to pay additional attorney's fees. The Lender's attorneys do not represent you. You have the right and are encouraged to retain your own attorney to represent you in this transaction. You will be obligated to pay your own attorney's fees. You will shortly receive a letter from Lender's counsel with additional instructions.
9. Assumable: This loan Is not assumable.
10. Mortgage Insurance: Loan does not require Mortgage Insurance.
11. Flood Insurance: Flood Insurance may be required if the property is located in a flood zone.
12. Lien Search: A lien search will be ordered by Lender counsel. A lien search should not be ordered by your attorney and will not be accepted. The search will include a search of State and County UCC, judgment, tax lien and bankruptcy records. This Commitment is subject to a lien search, without encumbrances, satisfactory to the Lender and its Counsel. The continuation to the lien search must be satisfactory to the Lender and its counsel and must show the filing of the Lender's financing statement against the stock certificate and proprietary lease for the cooperative apartment. The lien search fee of$. Instructions for the ordering of lien searches will come under separate cover from NCB's attorney.
13. Lender's Right to Require Payment in Full: If you decide to sell, transfer, convey or encumber the cooperative apartment, we will immediately require you to pay the whole outstanding principal and interest of your Loan In full. This means that subordinate financing, such as a home equity loan, is not permitted without our prior written consent.
14. Late Charges: If your monthly payment Is not received in full within fifteen (15) days after it is due, you will incur a late charge equal to 2.000% of the amount of the delinquent payment.
15. Loan Documents: This Loan will be evidenced by a Promissory Note and a Security Agreement granting the Lender a first lien on your interest in the stock certificate and proprietary lease for the cooperative apartment. You must sign and comply with the terms of these and any other documents reasonably required by the Lender. 16. Cancellation by Lender: The Lender may cancel this commitment: (i) if anything happens that adversely affects the cooperative apartments; (ii) If additional information is available to the Lender that adversely affects the Loan: (iii) if there is an adverse change in your financial status (including a change in or loss of employment): (iv) if your Loan is for the purchase of the cooperative apartments and there is a change In your sale price or other terms of the agreement of sale which was submitted to the Lender or there Is any allowance or credit due which has not been disclosed to the Lender; (v) if any information in your application is false or misleading; or (vi) any rule, law or regulation would make it unlawful to make the loan. The Lender reserves the right to re-confirm any credit Information submitted by you or anyone else in connection with your residential mortgage application.17. Loan Closing: The closing will be held at the offices of the Lender's attorney, Managing Agent or Transfer Agent. The Lender's attorney will schedule a closing at your request after all terms and conditions of this Commitment have been complied with. The Lender's attorney is:
Law Offices of Jacqueline Morales PC
3176 Mount Tabor
Westbury, NY 11590
COMMITMENT LETTER
DATE: 10/23/2018
LOAN #: 406688537
BORROWER(S): Graciela Orborn
BORROWER'S ADDRESS: 2758 Plainfield Avenue Theresa, NY 13691
PROPERTY ADDRESS: 4826 Patterson Road New York, NY 10011
Dear Borrower:
National Cooperative Bank, N.A. ("the Lender") is pleased to advise you that your application for a co-op loan ("the Loan") has been approved, subject to the following terms and conditions:
1. Loan Program: 004P: 30 year fixed conventional loan
2. Loan Amount: The principal amount of your Loan will be $157,500.00.
3. Loan Term: The term of your Loan will be 30 years.
4. Fixed Interest Rate and Monthly Payment: This loan program has a current interest rate of 5.250% per year. Based on this rate, your monthly payment of principal and interest will be $869.72.
Your interest rate is currently floating.
If your interest rate is locked and the loan falls to close on or prior to the expiration date of the lock, the rate will be reset according to current National Cooperative Bank, N.A. market rate or the previously locked rate, whichever is higher.
5. Mortgage Brokerage Fees: N/A
6. Expiration of Commitment: You must return your acceptance of this Commitment within the later of ten (10) business days of the date of this Commitment or the date of mailing of this Commitment. This Commitment will expire in the event the following documents are not updated if closing takes place after the following document expiration dates:
Credit Report (s) 03/09/2019
Appraisal Report (s) II
Asset Documentation 02/28/2019
Income Documentation 03/09/2019
If you accept this Commitment, it will be valid until 02/28/2019. Extensions to this Commitment may be granted upon written request to the Lender, and this commitment may only be extended in writing by the Lender. You may need to supply updated credit items or your loan may require an appraisal recertification before the Lender grants any extension.
If you have locked your rate and the Lender grants an extension of this commitment beyond your rate expiration date, after that date your interest rate will be prevailing rate for your loan program (3) business days prior to closing, but in no event lower than the committed rate stated above cr higher than the FNMAIFHLMC 60 day mandatory delivery rate plus two percent (2%) rounded to the next highest one eighth (1/8) percent.
If you have elected not lo lock your Interest rate, the rate may fluctuate according to market conditions. You may execute an Interest Rate Lock Agreement and establish an interest rate and points up to three
(3) business days prior to closing. If you allow the rate to float. the Lender shall establish the interest rate three (3) business days prior to closing and this rate shall be no higher than the prevailing FNMA/FHLMC 60 day mandatory delivery rate plus two percent (2%) rounded to the next highest one eighth (1/8) percent.
7. Origination Fee: You have agreed to pay the Lender an origination fee of $800.00.
8. Legal Representation and Attorney's Fees: At the closing, you must pay the Lender's attorney's fees in connection with the Loan in the amount of $1,000.00. If the Lender's attorneys are required to travel or to perform any extraordinary services in connection with the Loan or if the Loan does not close on the date scheduled, you may have to pay additional attorney's fees. The Lender's attorneys do not represent you. You have the right and are encouraged to retain your own attorney to represent you in this transaction. You will be obligated to pay your own attorney's fees. You will shortly receive a letter from Lender's counsel with additional instructions.
9. Assumable: This loan Is not assumable.
10. Mortgage Insurance: Loan does not require Mortgage Insurance.
11. Flood Insurance: Flood Insurance may be required if the property is located in a flood zone.
12. Lien Search: A lien search will be ordered by Lender counsel. A lien search should not be ordered by your attorney and will not be accepted. The search will include a search of State and County UCC, judgment, tax lien and bankruptcy records. This Commitment is subject to a lien search, without encumbrances, satisfactory to the Lender and its Counsel. The continuation to the lien search must be satisfactory to the Lender and its counsel and must show the filing of the Lender's financing statement against the stock certificate and proprietary lease for the cooperative apartment. The lien search fee of$. Instructions for the ordering of lien searches will come under separate cover from NCB's attorney.
13. Lender's Right to Require Payment in Full: If you decide to sell, transfer, convey or encumber the cooperative apartment, we will immediately require you to pay the whole outstanding principal and interest of your Loan In full. This means that subordinate financing, such as a home equity loan, is not permitted without our prior written consent.
14. Late Charges: If your monthly payment Is not received in full within fifteen (15) days after it is due, you will incur a late charge equal to 2.000% of the amount of the delinquent payment.
15. Loan Documents: This Loan will be evidenced by a Promissory Note and a Security Agreement granting the Lender a first lien on your interest in the stock certificate and proprietary lease for the cooperative apartment. You must sign and comply with the terms of these and any other documents reasonably required by the Lender. 16. Cancellation by Lender: The Lender may cancel this commitment: (i) if anything happens that adversely affects the cooperative apartments; (ii) If additional information is available to the Lender that adversely affects the Loan: (iii) if there is an adverse change in your financial status (including a change in or loss of employment): (iv) if your Loan is for the purchase of the cooperative apartments and there is a change In your sale price or other terms of the agreement of sale which was submitted to the Lender or there Is any allowance or credit due which has not been disclosed to the Lender; (v) if any information in your application is false or misleading; or (vi) any rule, law or regulation would make it unlawful to make the loan. The Lender reserves the right to re-confirm any credit Information submitted by you or anyone else in connection with your residential mortgage application.17. Loan Closing: The closing will be held at the offices of the Lender's attorney, Managing Agent or Transfer Agent. The Lender's attorney will schedule a closing at your request after all terms and conditions of this Commitment have been complied with. The Lender's attorney is:
Law Offices of Jacqueline Morales PC