L Lofts Condominium

Amendment 9 Oct 20, 2014

Maximum prices for three unsold units increased.

• Unit 3A price increased to $900,000.00
• Unit 3C price increased to $500,000.00
• Unit 3D price increased to $500,000.00
• Schedule A prices increased for 2 homes (median +28.7%): 3 A $699,500 → $900,000; 3 C $417,000 → $500,000
• Schedule A prices decreased for 1 home (median -5.5%): 3 D $529,000 → $500,000

Amendment 8 Oct 7, 2014

Maximum prices of unsold units increased.

• Unit 5A price increased to $849,000.00
• Unit 3D price increased to $449,000.00

Amendment 7 Sep 23, 2014

Prices of unsold units are increased to new maximum offering prices.

Amendment 6 Oct 15, 2013

The 6th Amendment updates escrow procedures, Board composition, financial disclosures, and construction defect investigation for L Lofts Condominium.

• Board of Managers control transferred to unit owners in 2009; Sponsor now has only 3 of 7 board seats
• Financial statements for 2008-2012 and 2013 operating budget disclosed
• Mortgages transferred from Capital One Bank to SDF50 CAP NY LLC; foreclosure action filed October 14, 2013 with outstanding principal of $282,547.76 (Land Note), $422,096.35 (Building Note), and $3,155,810.74 (second Building Note)
• Escrow agent changed to Smith, Gambrell & Russell, LLP at Wells Fargo Bank with revised escrow account procedures and 0.25% interest rate
• Sponsor pays $4,295.95 monthly common charges and $208.67 monthly real estate taxes; collects $7,740.00 monthly rent from tenants of unsold units
• Construction defects at building being addressed by Wolf Haldenstein Adler Freeman and Herz LLP
• 421-a tax exemption in place for all units; preliminary certificate issued February 22, 2010

Amendment 5 Mar 19, 2009

Fifth amendment updates board composition, sponsor financial obligations, and mortgage terms as of March 2009.

• Board of Managers listed with five sponsor-controlled members; Sponsor retains control until 50% of units sold or fifth anniversary
• Sponsor pays $3,773.00 monthly common charges and approximately $8,789.43 monthly real estate taxes; collects $36,876.08 monthly rent from tenants
• Three mortgages with Capital One Bank (f/k/a North Fork Bank) extended and modified as of December 10, 2008: Acquisition Loan $300,000, Building Loan $446,427 current balance, Construction Loan $3,300,000
• All mortgages mature June 10, 2009 with option to extend until December 10, 2009; interest rate Prime plus 1.00% for all
• 2009 operating budget and 2008 financial statements not yet available
• Sponsor principals hold over 10% interest in six other properties; current on maintenance obligations within 30 days
• Seven unsold units offered at previously set prices: 1B, 3A, 3B, 3C, 3D, 5C

Amendment 4 Sep 18, 2008

Amendment documents the first closing, establishes the working capital fund, lists unsold units and prices, and discloses sponsor obligations and mortgages.

• First closing occurred April 28, 2008
• Declaration of Condominium dated March 19, 2008, filed April 23, 2008
• Working Capital Fund established with $4,103.00 contributed per closed unit
• Seven unsold units listed at prices from $390,000.00 to $3,134,000.00
• First Unit Owners meeting held July 23, 2008
• Sponsor pays $4,164.00 monthly common charges and approximately $8,332.05 in real estate taxes
• Three mortgages disclosed with maturity date December 12, 2008 totaling approximately $4.5 million current balance

Amendment 3 Feb 12, 2008

Plan declared effective with corrected schedules, common charge reductions, and clarified terms for condominium operations.

• Plan declared effective; 6 of 15 residential units under contract (40%)
• Common charges reduced for residential units due to lower labor/repairs costs and reallocated expenses
• Commencement date corrected from January 1, 2007 to January 1, 2008
• Selling agents corrected to Dreamspace Realty LLC and Timothy Norton Realty, Inc.
• Roof terraces will use planters instead of chain link fences
• Gym added on property for residential unit owners
• Sponsor control of Board limited to 50% common interest ownership
• Revised Purchase Agreement form clarifies closing date penalties

Amendment 2 Sep 12, 2007

Correction of utility costs for common areas, unit measurements, and 421-A tax abatement disclaimers; addition of second selling agent.

• Water, gas and electricity costs for common areas reduced in Schedule B-1
• Common Expenses allocations revised between Residential and Commercial Units
• Unit floor plans corrected to show terrace measurements on same page as unit measurements
• Monthly Common Charges decreased for all units
• Number of Residential Units clarified as 15; no washer/dryers in individual units
• 421-A tax abatement eligibility and disclaimers expanded; no warranty of benefits
• Timothy Norton Realty Inc. added as second selling agent (430 Tenth Street, Brooklyn, NY 11215)

Amendment 1 May 11, 2007

Floor plans for four units modified for square footage changes, and common charges adjusted due to decreased electricity costs.

• Floor plans modified for Units 3D, 3E, 4D, and 4E to reflect change in square feet
• Schedule B-1 revised to reflect decrease in electricity expenses
• Schedule B modified to lower gas and electric budget for first year of operation
• Schedule A revised with new square feet and common charges amounts