Home Equity Application Disclosures

You have made a loan application, your loan has been granted, or you have requested that an alternative payment schedule be established for a loan. Lender hereby provides you notice pursuant to the New York Banking Law that accepting such alternative payment schedule may have a negative impact on your credit score or rating.  

By signing, Borrower acknowledges that Borrower has read, received, and understood this New York Alternative Payment Schedule Disclosure.

This is to give you notice that Lender has a business relationship with the settlement services provider(s) listed below. Lender has the following business relationship(s) with:

Tompkins Insurance Agencies, Inc. : Tompkins Insurance Agencies, Inc., which is an insurance agency. The Lender and Tompkins Insurance Agencies, Inc. are both subsidiaries wholly owned by Tompkins Financial Corporation.

Because of this relationship, this referral may provide a financial or other benefit.

Set forth below is the estimated charge or range of charges for the settlement services listed. You are NOT required to use the listed provider(s) as a condition for settlement of your loan on the subject property or the purchase, sale, or refinance of the subject property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.

Provider and Settlement Service:  
Tompkins Insurance Agencies, Inc., Insurance

Charge or Range of Charges:
 $150.00 to $1,500.00

ACKNOWLEDGMENT

I/We have read this disclosure form, and understand that Lender is referring me/us to purchase the above-described settlement services, and may receive a financial or other benefit as a result of this referral.

 

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For consumers receiving a loan from our New York locations, the following applies:

HOME EQUITY APPLICATION DISCLOSURE - EQUILOCK 15/15

IMPORTANT TERMS OF OUR

HOME EQUITY APPLICATION DISCLOSURE - EQUILOCK 15/15

This disclosure contains important information about our EQUILOCK 15/15 PROMO NY (the "Plan" or the "Credit Line"). You should read it carefully and keep a copy for your records.

AVAILABILITY OF TERMS. All of the terms of the Plan described herein are subject to change. If any of these terms change (other than the ANNUAL PERCENTAGE RATE) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you paid to us or anyone else in connection with your application.

SECURITY INTEREST. We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreement with us.

POSSIBLE ACTIONS. Under this Plan, we have the following rights:

Termination and Acceleration. We can terminate the Plan and require you to pay us the entire outstanding balance in one payment, and charge you certain fees, if any of the following happens:

• • You commit fraud or make a material misrepresentation at any time in connection with the Plan. This can include, for example, a false statement about your income, assets, liabilities, or any other aspect of your financial condition.
  • You do not meet the repayment terms of the Plan.
  • Your action or inaction adversely affects the collateral for the Plan or our rights in the collateral. This can include, for example, failure to maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, death of all persons liable on the account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling without our permission, foreclosure by the holder of another lien or the use of funds or the dwelling for prohibited purposes.

Suspension or Reduction. In addition to any other rights we may have, we can suspend additional extensions of credit or reduce your credit limit during any period in which any of the following are in effect:

• • The value of your dwelling declines significantly below the dwelling's appraised value for purposes of the Plan. This includes, for example, a decline such that the initial difference between the credit limit and the available equity is reduced by fifty percent and may include a smaller decline depending on the individual circumstances.
  • We reasonably believe that you will be unable to fulfill your payment obligations under the Plan due to a material change in your financial circumstances.
  • You are in default under any material obligation of the Plan. We consider all of your obligations to be material. Categories of material obligations include, but are not limited to, the events described above under Termination and Acceleration, obligations to pay fees and charges, obligations and limitations on the receipt of credit advances, obligations concerning maintenance or use of the dwelling or proceeds, obligations to pay and perform the terms of any other deed of trust, mortgage or lease of the dwelling, obligations to notify us and to provide documents or information to us (such as updated financial information), obligations to comply with applicable laws (such as zoning restrictions).
  • We are precluded by government action from imposing the annual percentage rate provided for under the Plan.
  • The priority of our security interest is adversely affected by government action to the extent that the value of the security interest is less than 120 percent of the credit limit.
  • We have been notified by governmental authority that continued advances may constitute an unsafe and unsound business practice.
  • The maximum annual percentage rate under the Plan is reached.

Change in Terms. We may make changes to the terms of the Plan if you agree to the change in writing at that time, if the change will unequivocally benefit you throughout the remainder of the Plan, or if the change is insignificant (such as changes relating to our data processing systems). At any time before the expiration of the draw period, upon our discretion, we may extend or modify the term of the draw period.

Fees and Charges. In order to open and maintain an account, you must pay certain fees and charges.

Lender Fees. The following fees must be paid to us:

Description	Amount	When Charged
Lock-In/Un-Lock Fee:	$50.00	Upon Each Occurrence
NSF Handling Fee:	$38.00	At the time a payment is returned to us for non-sufficient funds
Stop Payment Fee:	$45.00	At the time you request a Stop Payment

Late Charge. Your payment will be late if it is not received by us within 15 days after the "Payment Due Date" shown on your periodic statement. If your payment is late we may charge you 2.000% of the payment.

Third Party Fees. You must pay certain fees to third parties such as appraisers, credit reporting firms, and government agencies. These third party fees generally total between $500.00 and $7,500.00. Upon request, we will provide you with an itemization of the fees you will have to pay to third parties.

PROPERTY INSURANCE. You must carry insurance on the property that secures the Plan.

MINIMUM PAYMENT REQUIREMENTS. You can obtain advances of credit during the following period: 15 years (the "Draw Period"). After the Draw Period ends, the repayment period will begin. You will no longer be able to obtain credit advances. The length of the repayment period is as follows: 15 years. Your Regular Payment will equal the amount of your accrued FINANCE CHARGES ("First Payment Stream"). You will make 180 of these payments. Your payments will be due monthly. Your "Minimum Payment" will be the Regular Payment, plus any amount past due and all other charges. An increase in the ANNUAL PERCENTAGE RATE may increase the amount of your Regular Payment. The Minimum Payment during the First Payment Stream will not reduce the principal that is outstanding on your Credit Line.

After completion of the First Payment Stream, your Regular Payment will be based on your outstanding balance as shown below ("Second Payment Stream"). Your payments will be due monthly.

Your "Minimum Payment" will be the Regular Payment, plus any amount past due and all other charges.

A change in the ANNUAL PERCENTAGE RATE can cause the balance to be repaid more quickly or more slowly. When rates decrease, less interest is due, so more of the payment repays the principal balance. When rates increase, more interest is due, so less of the payment repays the principal balance. If this happens, we may adjust your payment as follows: your payment may be increased by the amount necessary to repay the balance by the end of this payment stream. Each time the ANNUAL PERCENTAGE RATE changes, we will review the effect the change has on your Credit Line Account to see if your payment is sufficient to pay the balance by the Maturity Date. If it is not, your payment will be increased by an amount necessary to repay the balance by the Maturity Date.

In any event, if your Credit Line balance falls below $50.00, you agree to pay your balance in full.

MINIMUM PAYMENT EXAMPLE. If you made only the minimum payment and took no other credit advances, it would take 30 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 8.500%. During that period, you would make 180 monthly payments ranging from $65.21 to $72.19. Then you would make 179 monthly payments of $98.49 and one final payment of $100.38.

TRANSACTION REQUIREMENTS. The following transaction limitations will apply to the use of your Credit Line:

Credit Line Home Equity Line of Credit Check, Telephone Request, Request By Mail, In Person Request and Internet Banking Limitations. There are no transaction limitations for the writing of Home Equity Line of Credit Checks, requesting an advance by telephone, requesting an advance by mail, requesting an advance in person or accessing by other methods.

TAX DEDUCTIBILITY. You should consult a tax advisor regarding the deductibility of interest and charges for the Plan.

ADDITIONAL HOME EQUITY PROGRAMS. Please ask us about our other available Home Equity Line of Credit plans.

VARIABLE RATE FEATURE. The Plan has a variable rate feature. The ANNUAL PERCENTAGE RATE (corresponding to the periodic rate), and the minimum payment amount can change as a result. The ANNUAL PERCENTAGE RATE does not include costs other than interest.

THE INDEX. The annual percentage rate is based on the value of an index (referred to in this disclosure as the "Index"). The Index is the Wall Street Journal Prime Rate. Information about the Index is available or published in the Wall Street Journal. We will use the most recent Index value available to us as of the final day of the billing cycle prior to any annual percentage rate adjustment.

ANNUAL PERCENTAGE RATE. To determine the Periodic Rate that will apply to your First Payment Stream, we add a margin to the value of the Index, then divide the value by the number of days in a year (366 during leap years). To obtain the ANNUAL PERCENTAGE RATE we multiply the Periodic Rate by the number of days in a year (366 during leap years). This result is the ANNUAL PERCENTAGE RATE for your First Payment Stream. To determine the Periodic Rate that will apply to your Second Payment Stream, we add a margin to the value of the Index, then divide the value by the number of days in a year (366 during leap years). To obtain the ANNUAL PERCENTAGE RATE we multiply the Periodic Rate by the number of days in a year (366 during leap years). This result is the ANNUAL PERCENTAGE RATE for your Second Payment Stream. A change in the Index rate generally will result in a change in the ANNUAL PERCENTAGE RATE. The amount that your ANNUAL PERCENTAGE RATE may change also may be affected by the lifetime annual percentage rate limits, as discussed below.

Initial Annual Percentage Rate Discount. The initial annual percentage rate is "discounted"--it is not based on the Index and margin used for later rate adjustments. The initial discounted rate will be in effect for 6 Months. The first 6 Months refers to the first six billing cycles after the Opening Date even if there is no activity or borrowing on the line. This is also referred to as the introductory rate.

Please ask us for the current Index value, margin, discount and annual percentage rate. After you open a credit line, rate information will be provided on periodic statements that we send you.

Conversion Option. The Plan contains an option to convert the annual percentage rate under the Plan from a variable rate with annual percentage rate limits to a fixed rate as determined below. The following information is representative of conversion option features recently offered by us:

ANNUAL PERCENTAGE RATE Increase. Your ANNUAL PERCENTAGE RATE may increase if you exercise this option to convert to a fixed rate.

Conversion Periods. You can exercise the option to convert to a fixed rate only during the following period or periods: At your discretion, you may opt to convert a portion of your outstanding Account balance, but not less than $5,000.00, to a fixed-rate, fixed-term loan ("Fixed Rate Conversion Loan"). No Fixed-Rate Conversion Loan, however, may bear either a maturity date that extends beyond the maturity date of this Agreement or a repayment term of less than 12 months. You may not have more than (6) locks on your line of credit at a time. Each lock created will be a minimum of $5,000.00, but cannot exceed the available credit under your line of credit.

Conversion Fees. You will be required to pay the following fees at the time of conversion to a fixed rate: To lock-in a portion of the line of credit to a fixed-rate loan, there will be a $50.00 LOCK-IN fee. An UN-LOCK fee of $50.00 will be assessed to convert a Fixed Rate Loan back to available funds within your line of credit.

Rate Determination. The fixed rate will be determined as follows: The fixed interest rate for each portion of your credit-line balance converted to a Fixed-Rate Conversion Loan will be based on the following index: Monthly average yield on United States Treasury securities adjusted to a constant maturity of 10 years as made available by the Federal Reserve Board, plus the margin or the Bank's published rates whichever is less. A margin of 4.50% will be added to the index value. For purposes of this subsection, "margin" means the difference between the most favorable fixed Home Equity loan rate of interest in effect at the time the conversion is made and the Monthly average yield on United States Treasury securities adjusted to a constant maturity of 10 years as made available by the Federal Reserve Board, plus the margin or the Bank's published rates, whichever is less.

Conversion Rules. You can convert to a fixed rate only during the period or periods described above. In addition, the following rules apply to the conversion option for the Plan: At the inception of each Fixed-Rate Conversion Loan, Lender will determine the minimum payment amount required to satisfy the balance of that loan in equal payments over the remaining term of the loan. Your minimum payment due each month will be the sum of the fixed payment amount for each Fixed-Rate Conversion Loan, plus the minimum payment amount for the balance owed under this Agreement. Any payments made toward the outstanding principal balance of your Fixed-Rate Conversion Loans will be available for you to access under your Account once those payments have been posted. Payments on a lock will be fully amortized over the term and added to the regular minimum payment on your line of credit. The amounts paid will be applied first to the variable rate portion. Such payments shall be applied to interest, fees(other than late fees), insurance, principal and late fees, in the preceding order or in any other order at our discretion. You may not exercise conversion option if Account balance is delinquent. You may not make additional advances to the lock balance once it is established.

FREQUENCY OF ANNUAL PERCENTAGE RATE ADJUSTMENTS. Your ANNUAL PERCENTAGE RATE can change monthly, effective on the first day of the billing cycle for each month. There is no limit on the amount by which the annual percentage rate can change during any one year period. However, under no circumstances will your ANNUAL PERCENTAGE RATE exceed 14.990% per annum or, except for any initial discount period, go below 3.250% per annum at any time during the term of the Plan.

MAXIMUM RATE AND PAYMENT EXAMPLE.

Draw Period. If you had an outstanding balance of $10,000.00, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 14.990% would be $127.31. This ANNUAL PERCENTAGE RATE could be reached at the time of the 1st payment.

Repayment Period. If you had an outstanding balance of $10,000.00, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 14.990% would be $139.93. This ANNUAL PERCENTAGE RATE could be reached at the time of the 1st payment during the repayment period.

PREPAYMENT. $0.00, however, you may be required to pay certain closing costs if your loan is terminated and paid -in-full within three years after it is opened.

HISTORICAL EXAMPLE. The example below shows how the ANNUAL PERCENTAGE RATE and the minimum payments for a single $10,000.00 credit advance would have changed based on changes in the Index from 2010 to 2024. The Index values are from the following reference period: as of May 21st. While only one payment per year is shown, payments may have varied during each year. Different outstanding principal balances could result in different payment amounts.

The table assumes that no additional credit advances were taken, that only the minimum payments were made, and that the rate remained constant during the year. It does not necessarily indicate how the Index or your payments would change in the future.

INDEX TABLE

(1) This is a margin we have used recently; your margin may be different.

(7) This ANNUAL PERCENTAGE RATE reflects a discount that we have provided recently; your Plan may be discounted by a different amount.

NEW YORK SECOND MORTGAGE DISCLOSURE. PRIOR LIENS:

YOU SHOULD CHECK WITH YOUR LEGAL ADVISOR AND WITH OTHER MORTGAGE LIEN HOLDERS AS TO WHETHER ANY PRIOR LIENS CONTAIN ACCELERATION CLAUSES WHICH WOULD BE ACTIVATED BY A JUNIOR ENCUMBRANCE.

TITLE INSURANCE AND MORTGAGE RECORDING TAX:

The cost of title insurance and mortgage recording tax shall be based on the maximum amount of the credit line available to the borrower, whether advanced or not.

QUESTIONS:

If you have any questions or comments about your application, you can address them to our loan department at 607-273-3210. If you live more than 50 miles from our office you can call collect.

You, the undersigned represent that you understand and agree to the terms of this disclosure and acknowledge receipt of a duplicate copy of this pre-application disclosure.

By signing below, you acknowledge receiving a copy of this document.

EARLY TERMINATION. Borrower agrees to pay all costs and fees as incurred in connection with this Line of Credit as shown on the Closing Cost Reimbursement Agreement Borrower received at closing. Lender will pay some or all of these costs and fees on the Borrower's behalf at the time of closing as shown on the Closing Cost Reimbursement Agreement. Should the Line of Credit be terminated for any reason within three years after the date of this Agreement, Borrower will pay the Lender an amount equal to the costs and fees paid by Lender in connection with this Line of Credit, as shown on the Closing Cost Reimbursement Agreement. However, if the Line of Credit remains open three years after the date of this Agreement, Borrower will not have to reimburse the Lender for such closing costs.

Borrower will be responsible for Appraisal Fees in excess of $450. Title Insurance required due to property issues beyond the control of Lender will be paid by Borrower. For credit lines in excess of $250,000 borrower will be responsible for certain fees. These fees will not be included in the Closing Cost Reimbursement Agreement, and will not be included in the Early Termination Fee.

BORROWER ACKNOWLEDGMENT

The Borrower, after having read the contents of the above disclosure, acknowledges receipt of this Disclosure Statement and further acknowledges that this Disclosure was completed in full prior to its receipt. The Borrower also acknowledges receipt of the handbook entitled "What you should know about Home Equity Lines of Credit".

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HOME EQUITY APPLICATION DISCLOSURE - EQUILOCK 15/15

IMPORTANT TERMS OF OUR HOME EQUITY APPLICATION DISCLOSURE - EQUILOCK 15/15

This disclosure contains important information about our EQUILOCK 15/15 PROMO NY (the "Plan" or the "Credit Line"). You should read it carefully and keep a copy for your records.

AVAILABILITY OF TERMS. All of the terms of the Plan described herein are subject to change. If any of these terms change (other than the ANNUAL PERCENTAGE RATE) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you paid to us or anyone else in connection with your application.

SECURITY INTEREST. We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreement with us.

POSSIBLE ACTIONS. Under this Plan, we have the following rights:

Termination and Acceleration. We can terminate the Plan and require you to pay us the entire outstanding balance in one payment, and charge you certain fees, if any of the following happens:

• • You commit fraud or make a material misrepresentation at any time in connection with the Plan. This can include, for example, a false statement about your income, assets, liabilities, or any other aspect of your financial condition.
  • You do not meet the repayment terms of the Plan.
  • Your action or inaction adversely affects the collateral for the Plan or our rights in the collateral. This can include, for example, failure to maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, death of all persons liable on the account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling without our permission, foreclosure by the holder of another lien or the use of funds or the dwelling for prohibited purposes.

Suspension or Reduction. In addition to any other rights we may have, we can suspend additional extensions of credit or reduce your credit limit during any period in which any of the following are in effect:

• • The value of your dwelling declines significantly below the dwelling's appraised value for purposes of the Plan. This includes, for example, a decline such that the initial difference between the credit limit and the available equity is reduced by fifty percent and may include a smaller decline depending on the individual circumstances.
  • We reasonably believe that you will be unable to fulfill your payment obligations under the Plan due to a material change in your financial circumstances.
  • You are in default under any material obligation of the Plan. We consider all of your obligations to be material. Categories of material obligations include, but are not limited to, the events described above under Termination and Acceleration, obligations to pay fees and charges, obligations and limitations on the receipt of credit advances, obligations concerning maintenance or use of the dwelling or proceeds, obligations to pay and perform the terms of any other deed of trust, mortgage or lease of the dwelling, obligations to notify us and to provide documents or information to us (such as updated financial information), obligations to comply with applicable laws (such as zoning restrictions).
  • We are precluded by government action from imposing the annual percentage rate provided for under the Plan.
  • The priority of our security interest is adversely affected by government action to the extent that the value of the security interest is less than 120 percent of the credit limit.
  • We have been notified by governmental authority that continued advances may constitute an unsafe and unsound business practice.
  • The maximum annual percentage rate under the Plan is reached.

Change in Terms. We may make changes to the terms of the Plan if you agree to the change in writing at that time, if the change will unequivocally benefit you throughout the remainder of the Plan, or if the change is insignificant (such as changes relating to our data processing systems). At any time before the expiration of the draw period, upon our discretion, we may extend or modify the term of the draw period.

Fees and Charges. In order to open and maintain an account, you must pay certain fees and charges.

Lender Fees. The following fees must be paid to us:

Description	Amount	When Charged
Lock-In/Un-Lock Fee:	$50.00	Upon Each Occurrence
NSF Handling Fee:	$38.00	At the time a payment is returned to us for non-sufficient funds
Stop Payment Fee:	$45.00	At the time you request a Stop Payment

Late Charge. Your payment will be late if it is not received by us within 15 days after the "Payment Due Date" shown on your periodic statement. If your payment is late we may charge you 2.000% of the payment.

Third Party Fees. You must pay certain fees to third parties such as appraisers, credit reporting firms, and government agencies. These third party fees generally total between $500.00 and $7,500.00. Upon request, we will provide you with an itemization of the fees you will have to pay to third parties.

PROPERTY INSURANCE. You must carry insurance on the property that secures the Plan.

MINIMUM PAYMENT REQUIREMENTS. You can obtain advances of credit during the following period: 15 years (the "Draw Period"). After the Draw Period ends, the repayment period will begin. You will no longer be able to obtain credit advances. The length of the repayment period is as follows: 15 years. Your Regular Payment will equal the amount of your accrued FINANCE CHARGES ("First Payment Stream"). You will make 180 of these payments. Your payments will be due monthly. Your "Minimum Payment" will be the Regular Payment, plus any amount past due and all other charges. An increase in the ANNUAL PERCENTAGE RATE may increase the amount of your Regular Payment. The Minimum Payment during the First Payment Stream will not reduce the principal that is outstanding on your Credit Line.

After completion of the First Payment Stream, your Regular Payment will be based on your outstanding balance as shown below ("Second Payment Stream"). Your payments will be due monthly.

Range of Balances	Number of Payments	Amortization Period
All Balances	180	180 payments

Your "Minimum Payment" will be the Regular Payment, plus any amount past due and all other charges.

A change in the ANNUAL PERCENTAGE RATE can cause the balance to be repaid more quickly or more slowly. When rates decrease, less interest is due, so more of the payment repays the principal balance. When rates increase, more interest is due, so less of the payment repays the principal balance. If this happens, we may adjust your payment as follows: your payment may be increased by the amount necessary to repay the balance by the end of this payment stream. Each time the ANNUAL PERCENTAGE RATE changes, we will review the effect the change has on your Credit Line Account to see if your payment is sufficient to pay the balance by the Maturity Date. If it is not, your payment will be increased by an amount necessary to repay the balance by the Maturity Date.

In any event, if your Credit Line balance falls below $50.00, you agree to pay your balance in full.

MINIMUM PAYMENT EXAMPLE. If you made only the minimum payment and took no other credit advances, it would take 30 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 8.500%. During that period, you would make 180 monthly payments ranging from $65.21 to $72.19. Then you would make 179 monthly payments of $98.49 and one final payment of $100.38.

TRANSACTION REQUIREMENTS. The following transaction limitations will apply to the use of your Credit Line:

Credit Line Home Equity Line of Credit Check, Telephone Request, Request By Mail, In Person Request and Internet Banking Limitations. There are no transaction limitations for the writing of Home Equity Line of Credit Checks, requesting an advance by telephone, requesting an advance by mail, requesting an advance in person or accessing by other methods.

TAX DEDUCTIBILITY. You should consult a tax advisor regarding the deductibility of interest and charges for the Plan.

ADDITIONAL HOME EQUITY PROGRAMS. Please ask us about our other available Home Equity Line of Credit plans.

VARIABLE RATE FEATURE. The Plan has a variable rate feature. The ANNUAL PERCENTAGE RATE (corresponding to the periodic rate), and the minimum payment amount can change as a result. The ANNUAL PERCENTAGE RATE does not include costs other than interest.

THE INDEX. The annual percentage rate is based on the value of an index (referred to in this disclosure as the "Index"). The Index is the Wall Street Journal Prime Rate. Information about the Index is available or published in the Wall Street Journal. We will use the most recent Index value available to us as of the final day of the billing cycle prior to any annual percentage rate adjustment.

ANNUAL PERCENTAGE RATE. To determine the Periodic Rate that will apply to your First Payment Stream, we add a margin to the value of the Index, then divide the value by the number of days in a year (366 during leap years). To obtain the ANNUAL PERCENTAGE RATE we multiply the Periodic Rate by the number of days in a year (366 during leap years). This result is the ANNUAL PERCENTAGE RATE for your First Payment Stream. To determine the Periodic Rate that will apply to your Second Payment Stream, we add a margin to the value of the Index, then divide the value by the number of days in a year (366 during leap years). To obtain the ANNUAL PERCENTAGE RATE we multiply the Periodic Rate by the number of days in a year (366 during leap years). This result is the ANNUAL PERCENTAGE RATE for your Second Payment Stream. A change in the Index rate generally will result in a change in the ANNUAL PERCENTAGE RATE. The amount that your ANNUAL PERCENTAGE RATE may change also may be affected by the lifetime annual percentage rate limits, as discussed below.

Initial Annual Percentage Rate Discount. The initial annual percentage rate is "discounted"--it is not based on the Index and margin used for later rate adjustments. The initial discounted rate will be in effect for 6 Months. The first 6 Months refers to the first six billing cycles after the Opening Date even if there is no activity or borrowing on the line. This is also referred to as the introductory rate.

Please ask us for the current Index value, margin, discount and annual percentage rate. After you open a credit line, rate information will be provided on periodic statements that we send you.

Conversion Option. The Plan contains an option to convert the annual percentage rate under the Plan from a variable rate with annual percentage rate limits to a fixed rate as determined below. The following information is representative of conversion option features recently offered by us:

ANNUAL PERCENTAGE RATE Increase. Your ANNUAL PERCENTAGE RATE may increase if you exercise this option to convert to a fixed rate.

Conversion Periods. You can exercise the option to convert to a fixed rate only during the following period or periods: At your discretion, you may opt to convert a portion of your outstanding Account balance, but not less than $5,000.00, to a fixed-rate, fixed-term loan ("Fixed Rate Conversion Loan"). No Fixed-Rate Conversion Loan, however, may bear either a maturity date that extends beyond the maturity date of this Agreement or a repayment term of less than 12 months. You may not have more than (6) locks on your line of credit at a time. Each lock created will be a minimum of $5,000.00, but cannot exceed the available credit under your line of credit.

Conversion Fees. You will be required to pay the following fees at the time of conversion to a fixed rate: To lock-in a portion of the line of credit to a fixed-rate loan, there will be a $50.00 LOCK-IN fee. An UN-LOCK fee of $50.00 will be assessed to convert a Fixed Rate Loan back to available funds within your line of credit.

Rate Determination. The fixed rate will be determined as follows: The fixed interest rate for each portion of your credit-line balance converted to a Fixed-Rate Conversion Loan will be based on the following index: Monthly average yield on United States Treasury securities adjusted to a constant maturity of 10 years as made available by the Federal Reserve Board, plus the margin or the Bank's published rates whichever is less. A margin of 4.50% will be added to the index value. For purposes of this subsection, "margin" means the difference between the most favorable fixed Home Equity loan rate of interest in effect at the time the conversion is made and the Monthly average yield on United States Treasury securities adjusted to a constant maturity of 10 years as made available by the Federal Reserve Board, plus the margin or the Bank's published rates, whichever is less.

Conversion Rules. You can convert to a fixed rate only during the period or periods described above. In addition, the following rules apply to the conversion option for the Plan: At the inception of each Fixed-Rate Conversion Loan, Lender will determine the minimum payment amount required to satisfy the balance of that loan in equal payments over the remaining term of the loan. Your minimum payment due each month will be the sum of the fixed payment amount for each Fixed-Rate Conversion Loan, plus the minimum payment amount for the balance owed under this Agreement. Any payments made toward the outstanding principal balance of your Fixed-Rate Conversion Loans will be available for you to access under your Account once those payments have been posted. Payments on a lock will be fully amortized over the term and added to the regular minimum payment on your line of credit. The amounts paid will be applied first to the variable rate portion. Such payments shall be applied to interest, fees(other than late fees), insurance, principal and late fees, in the preceding order or in any other order at our discretion. You may not exercise conversion option if Account balance is delinquent. You may not make additional advances to the lock balance once it is established.

FREQUENCY OF ANNUAL PERCENTAGE RATE ADJUSTMENTS. Your ANNUAL PERCENTAGE RATE can change monthly, effective on the first day of the billing cycle for each month. There is no limit on the amount by which the annual percentage rate can change during any one year period. However, under no circumstances will your ANNUAL PERCENTAGE RATE exceed 14.990% per annum or, except for any initial discount period, go below 3.250% per annum at any time during the term of the Plan.

MAXIMUM RATE AND PAYMENT EXAMPLE.

Draw Period. If you had an outstanding balance of $10,000.00, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 14.990% would be $127.31. This ANNUAL PERCENTAGE RATE could be reached at the time of the 1st payment.

Repayment Period. If you had an outstanding balance of $10,000.00, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 14.990% would be $139.93. This ANNUAL PERCENTAGE RATE could be reached at the time of the 1st payment during the repayment period.

PREPAYMENT. $0.00, however, you may be required to pay certain closing costs if your loan is terminated and paid -in-full within three years after it is opened.

HISTORICAL EXAMPLE. The example below shows how the ANNUAL PERCENTAGE RATE and the minimum payments for a single $10,000.00 credit advance would have changed based on changes in the Index from 2010 to 2024. The Index values are from the following reference period: as of May 21st. While only one payment per year is shown, payments may have varied during each year. Different outstanding principal balances could result in different payment amounts.

The table assumes that no additional credit advances were taken, that only the minimum payments were made, and that the rate remained constant during the year. It does not necessarily indicate how the Index or your payments would change in the future.

INDEX TABLE

 

(1) This is a margin we have used recently; your margin may be different.

(7) This ANNUAL PERCENTAGE RATE reflects a discount that we have provided recently; your Plan may be discounted by a different amount.

NEW YORK SECOND MORTGAGE DISCLOSURE. PRIOR LIENS:

YOU SHOULD CHECK WITH YOUR LEGAL ADVISOR AND WITH OTHER MORTGAGE LIEN HOLDERS AS TO WHETHER ANY PRIOR LIENS CONTAIN ACCELERATION CLAUSES WHICH WOULD BE ACTIVATED BY A JUNIOR ENCUMBRANCE.

TITLE INSURANCE AND MORTGAGE RECORDING TAX:

The cost of title insurance and mortgage recording tax shall be based on the maximum amount of the credit line available to the borrower, whether advanced or not.

QUESTIONS:

If you have any questions or comments about your application, you can address them to our loan department at 607-273-3210. If you live more than 50 miles from our office you can call collect.

You, the undersigned represent that you understand and agree to the terms of this disclosure and acknowledge receipt of a duplicate copy of this pre-application disclosure.

By signing below, you acknowledge receiving a copy of this document.

EARLY TERMINATION. Borrower agrees to pay all costs and fees as incurred in connection with this Line of Credit as shown on the Closing Cost Reimbursement Agreement Borrower received at closing. Lender will pay some or all of these costs and fees on the Borrower's behalf at the time of closing as shown on the Closing Cost Reimbursement Agreement. Should the Line of Credit be terminated for any reason within three years after the date of this Agreement, Borrower will pay the Lender an amount equal to the costs and fees paid by Lender in connection with this Line of Credit, as shown on the Closing Cost Reimbursement Agreement. However, if the Line of Credit remains open three years after the date of this Agreement, Borrower will not have to reimburse the Lender for such closing costs.

Borrower will be responsible for Appraisal Fees in excess of $450. Title Insurance required due to property issues beyond the control of Lender will be paid by Borrower. For credit lines in excess of $250,000 borrower will be responsible for certain fees. These fees will not be included in the Closing Cost Reimbursement Agreement, and will not be included in the Early Termination Fee.

BORROWER ACKNOWLEDGMENT

The Borrower, after having read the contents of the above disclosure, acknowledges receipt of this Disclosure Statement and further acknowledges that this Disclosure was completed in full prior to its receipt. The Borrower also acknowledges receipt of the handbook entitled "What you should know about Home Equity Lines of Credit".