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Loan Agreement - 9 Country Club Ln N, Briarcliff Manor, NY 10510.pdf

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Retrieval Barcode Page Document 7 of 53 Loan: 2108037376-002 Borrower: SIMON, NOAH Addressr: 9 COUNTRY CLUB LN N, BRIARCLIFF MANOR, NY 105100000 Contract Code: UBS01 Batch Code: KASD20555682 Loan Amount: $1,200,000.00 Exception Code: CNOT Doc Type: Original Task ID: 25704011 Document ID: retimg sc_bcidatixfd INTEREST-ONLY PERIOD FIXED/ADJUSTABLE RATE NOTE (30-day Average SOFR Index (As Published by the Federal Reserve Bank of New York) – Rate Cape) THIS NOTE CONTAINS PROVISIONS ALLOWING FOR THE

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- File name: Loan Agreement - 9 Country Club Ln N, Briarcliff Manor, NY 10510.pdf
- Property: 9 Country Club Ln N, Briarcliff Manor, NY 10510
- Section: 04 - Loan Documents
- Relative path: 04 - Loan Documents/Loan Agreement - 9 Country Club Ln N, Briarcliff Manor, NY 10510.pdf
- Category: pdf
- File type: PDF document
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- Modified UTC: 2026-05-30T14:50:50.0000000Z

# OCR Text

## Page 1

Retrieval Barcode Page Document

7 of 53

Loan: 2108037376-002
Borrower: SIMON, NOAH
Addressr: 9 COUNTRY CLUB LN N, BRIARCLIFF MANOR, NY 105100000

Contract Code: UBS01
Batch Code: KASD20555682
Loan Amount: $1,200,000.00
Exception Code: CNOT
Doc Type: Original
Task ID: 25704011
Document ID: retimg
sc_bcidatixfd

## Page 2

INTEREST-ONLY PERIOD FIXED/ADJUSTABLE RATE NOTE

(30-day Average SOFR Index (As Published by the Federal Reserve Bank of New York) – Rate Cape)

THIS NOTE CONTAINS PROVISIONS ALLOWING FOR THE PAYMENT OF INTEREST ONLY FOR A SPECIFIED PERIOD. THIS NOTE ALSO CONTAINS PROVISIONS ALLOWING FOR A CHANGE IN MY FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THIS NOTE LIMITS THE AMOUNT MY ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MINIMUM AND MAXIMUM RATES I MUST PAY.

This Note contains provisions in their entirety, and is given in substitution for the Notes described in Exhibit A of the New York Consolidation, Extension, and Modification Agreement dated the same date as this Note.

November 2, 2021
[Date] Phoenix, [City] Arizona [State]

9 Country Club Ln N, Briarcliff Manor, NY 10510
[Property Address]

1. BORROWER'S PROMISE TO PAY

In return for a loan in the amount of U.S. $1,200,000.00 (the "Principal") that I have received from UBS Bank USA, an Industrial Bank

(the "Lender"), I promise to pay the Principal, plus interest, to the order of the Lender. I will make all payments under this Note in the form of cash, check or money order in U.S. currency.

I understand 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 of the Principal has been paid. I will pay interest at a yearly rate of 2.875%. The interest rate I will pay will change in accordance with Section 4 of this Note.

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

I will pay interest only or principal and interest, as the case may be, by making a payment every month. This amount is called my "Monthly Payment." Before the First Principal and Interest Payment Dues Date as described in Section 4(N) below my Monthly Payment will consist only of the monthly interest due on the unpaid Principal. Thereafter, my Monthly Payment will consist of principal and interest in an amount sufficient to repay the Principal then owed in substantially equal amounts at the interest rate then in effect as determined in accordance with Section 4 below.

I will make my Monthly Payment on the 1st day of each month beginning on January 1, 2022. 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. Each Monthly Payment will be applied as of its scheduled due date and will be applied to interest before the Principal. If on December 1, 2051, I still owe amounts under this Note, I will pay those amounts on that date, which is called the "Maturity Date."

I will make my Monthly Payments at 299

## Page 3

(C) Calculation of Changes

Before each Change Date, the Note Holder will calculate my new interest rate by adding THREE percentage points (3.000% to the Current Index). The Margin may change if the Index is replaced with the Current Index to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date.

The Note Holder will then determine the amount of the Monthly Payment. For payments occurring before the First Principal and Interest Payment Due Date, the Monthly Payment will consist of monthly interest on the unpaid Principal at the new interest rate determined on each Change Date. Beginning with the First Principal and Interest Payment Due Date, each Monthly Payment will be an amount that would be sufficient to repay the unpaid Principal that I have expected to pay at the Mortality Rate in subsequent equal payments. The result of these calculations will be the new amount of my Monthly Payment.

(D) Limits on Interest Rate Changes

The interest rate I am required to pay at the first Change Date will not be greater than 7.875% or less than 3.000%. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than ONE percentage point(s) (1.000%) from the rate of interest I have been paying for the preceding 6 months. My interest rate will never be greater than 12.875%. My interest rate will never be less than the margin or 3.000%.

(E) Effective Date of Changes

My new interest rate will become effective on each Change Date. I will pay the amount of my new Monthly Payment beginning on the first Monthly Payment date after the Change Date until the amount of my Monthly Payment changes again.

(F) Notice of Changes

The Note Holder will deliver or mail to me a notice of any changes in my initial fixed interest rate to an adjustable interest rate and of any changes in my adjustable interest rate before the effective date of any change. The notice will include the amount of my Monthly Payment, any information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice.

(G) Replacement Index and Replacement Margin

The Interest Desired to be no longer available and will be replaced if any of the following events (each, a "Replacement Event") occur: (i) the Administrator has permanently or indefinitely stopped providing the Index to the general public; or (ii) the Administrator or its regulators issue an official public statement that the Index is no longer reliable or representative.

If a Replacement Event occurs, the Note Holder will select a new index (the "Replacement Index") and may also select a new margin (the "Replacement Margin"), as follows:

(1) If a replacement index has been selected or recommended for use in consumer products, including residential interest and of any changes in my adjustable interest rate before the effective date of any change.

(2) If a replacement index has not been selected or recommended for use in consumer products under Section (G)(1) at the time of a Replacement Index, the Note Holder will make a reasonable, good faith effort to select a Replacement Index and a Replacement Margin, that when added together, the Note Holder reasonably expects to minimize the cost of the loan, taking into account the historical performance of the Index and the Replacement Index.

The Replacement Index and Replacement Margin, if any, will be oper

## Page 4

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 15 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 Monthly Payment. I will pay this late charge promptly but only once on 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 an 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 unpaid Principal and all the interest that I owe on that amount and other charges due under this Note (the "Default Balance"). That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means.

(D) No Waiver By Note Holder
If I am in default and the Note Holder does not require me to pay the Default Balance immediately as described above, the Note Holder will still have the right to do so if I continue to be in default at a later time.

(E) Payment of Note Holder's Costs and Expenses
If the Note Holder has required me to pay the Default Balance immediately 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 to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys' fees and costs.

8. GINING OF NOTICES

(A) Notices by Borrower
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. I will promptly notify the Note Holder of any change to my physical address and of any change to my mailing address. Unless applicable law requires otherwise, notice may instead be sent by e-mail or other electronic communication if agreed to by me and the Note Holder in writing and if I have provided the Note Holder with my current e-mail address or other electronic address. I have agreed with the Note Holder that notice may be borne by remail or other electronic communication, I will promptly notify the Note Holder of any changes to my e-mail address or other electronic address.

(B) Notice to Note Holder
Any notice that Borrower must give to the Note Holder under this Note will be delivered by first class mail to the Note Holder at the address 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

## Page 5

Florida – Documentary Tax
The state documentary tax due on this Note has been paid on the mortgage securing this indebtedness.

New Hampshire – Attorneys’ Fees
Pursuant to New Hampshire Revised Statutes Annotated § 361-C;2, in the event that Borrower shall prevail in (a) any action, suit or proceeding, brought by Lender, or (b) an action brought by Borrower, reasonable attorneys’ fees shall be awarded to Borrower. Further, if Borrower shall successfully assert a partial defense or set-off, recoupment or counterclaim to an action brought by Lender, a court may withhold from Lender the entire amount or such portion of its attorneys’ fees as the court shall consider equitable.

Vermont – Notice to Co-Signor
Your signature on this Note means that you are equally liable for repayment of this loan. If the Borrower does not pay, the Lender has a legal right to collect from you.

Virginia Walver of Homestead Exemption
I and any other person who has obligations under this Note waive the benefit of the homestead exemption as to the Property described in the Security Instrument.

WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.

NOAH SIMON

Lender: UBS Bank USA
NMLS ID: 947868
Loan Originator: James Mackland Volk
NMLS ID: 1023006

[Sign Original Only]

MULTISTATE IO FIXED/ADJUSTABLE RATE NOTE – 30-day Average SOFR – Single Family
UBS Bank USA 09/20
Elite Moe, Inc.