Capital One: McCarter & English Clement J. Farley, Esq.
Eunjin Elissa Lee, Esq.
defendant Karp: Adam Seiden, Esq.
J. Ruderman, J.
following papers were considered in connection with the
plaintiff's motion pursuant to CPLR 3212 and RPAPL 1321
for summary judgment, an order appointing a referee to
compute, and other related relief:
of Motion, Affirmation, Exhibits 1 - 15, Affidavit in
Support, Exhibits A - J, and Affidavit in Support, Exhibits A
- C, and Memorandum of Law in Support 1
in opposition, affidavit, memo of law 2
foreclosure action requires this Court to consider the
application of the venerable but rarely-used doctrine of
seeks to foreclose on a consolidated mortgage encumbering the
residential property located at 1411 Purchase Street in
Purchase, New York. The mortgage secures indebtedness under
three loans taken by defendant Eileen Karp in the total
principal amount of $1, 500, 000.00. The first of those loans
was made on December 16, 1991, when Karp executed a note and
mortgage in favor of Apple Bank for Savings, in the principal
loan amount of $500, 000, secured by the real property
located at 1411 Purchase Street in Purchase, New York. Apple
Bank then assigned the note and mortgage to Chemical Bank by
assignment dated August 2, 1993, which in turn assigned the
note and mortgage to GreenPoint Bank by assignment dated
October 19, 1995.
then executed a second note and mortgage dated September 21,
1995 in connection with a loan by GreenPoint Bank in the
principal amount of $500, 499.41, also secured by the 1411
Purchase Street property. The two mortgages were consolidated
and modified so as to constitute a single lien in the amount
of $1, 000, 000, by a consolidation, extension and
modification agreement (CEMA), termed the first consolidated
agreement, dated September 21, 1995.
Fork Bank, as successor by merger to GreenPoint Bank,
assigned the consolidated note and mortgage to Mortgage
Electronic Registration Systems, Inc. (MERS), as nominee for
Green Point Mortgage Funding, Inc., by assignment dated April
April 13, 2006, Karp executed a new note, in favor of
GreenPoint Mortgage Funding, Inc., by which she agreed to pay
a new money loan in the original principal amount of $1, 069,
068.99, secured by a mortgage, collectively with the first
and second mortgage, in favor of MERS as nominee for Green
Point Mortgage Funding, encumbering 1411 Purchase Street. A
second consolidation, extension and modification agreement,
termed the second consolidated agreement, along with a new
consolidated note and consolidated mortgage, were ...