Continental Gardens

Amendment 49 Jul 5, 2022

Amendment No. 49 updates the unsold-unit list and maximum price, sponsor financial figures, the financial statement and 2022 budget, and transfer tax treatment for Continental Gardens.

• Seven (7) apartments remain unsold, as of June 22, 2022, listed in Exhibit "A"
• Maximum price per share for units currently offered for sale is $1,500
• Sponsor's current aggregate monthly maintenance is approximately $6,375.72
• Sponsor's current aggregate monthly rents from tenants are approximately $6,705.95
• Financial statement for the year ending December 31, 2020 annexed as Exhibit "B"; 2021 statement not yet available
• Budget for the Apartment Corporation for 2022 annexed as Exhibit "C"
• Under amended NYS Tax Law Section 1404(a), the transfer tax amount is excluded from consideration when calculating the New York State Transfer Tax
• Plan may be used for twelve (12) months from the date the amendment is accepted for filing

Amendment 48 May 27, 2021

This amendment updates the unsold share count and maximum price per share, the sponsor's current monthly maintenance and rent figures, the financial statement and budget attachments, and the period the plan may be used.

• Seven apartments with 2,300 shares remain unsold as of May 10, 2021 (listed in Exhibit "A")
• Maximum price per share for units currently offered for sale is $1,500
• Sponsor's current aggregate monthly maintenance is approximately $6,130.49
• Sponsor's current aggregate monthly rents from tenants are approximately $6,994.13
• Financial statement for the year ending December 31, 2019 attached as Exhibit "B"; 2020 statement not yet available
• Budget for the Apartment Corporation for 2021 attached as Exhibit "C"
• Plan may be used for twelve (12) months from acceptance of this amendment
• Sponsor states it is current on all financial obligations to the cooperative

Amendment 46 2019

The sponsor updates unsold-share availability and pricing, sponsor financial figures, the 2019 budget and maintenance increase, the board roster, and adds a smoking policy and FinCEN disclosure.

• Nine apartments remain unsold as of April 18, 2019, totaling 3,000 shares, with a maximum price of $1,500 per share for units being offered
• Maintenance increased 5.5% on April 1, 2019, from $2.45 to $2.60 per share monthly
• Budget for the Apartment Corporation for 2019 added as Exhibit "C"
• Sponsor's current aggregate monthly maintenance for its shares is approximately $7,763.39
• Sponsor's current aggregate monthly rents from tenants are approximately $5,215.89
• Financial statement for year ending December 31, 2017 added; 2018 statement not yet available
• Smoking policy adopted under NYC Local Law 147, with a new paragraph 54 added to the Contract of Sale Rider
• FinCEN Geographic Targeting Order disclosure added, applying to closings on or after November 17, 2018

Amendment 45 2018

This amendment updates the unsold apartment list and maximum share price, the sponsor's figures, the financial statements and 2018 budget, adds a federal tax-law warning, changes the Attorney General's address, and extends the plan's use for twelve months.

• Eleven unsold apartments listed in Exhibit A, totaling 3,590 shares, as of April 23, 2018
• Maximum price per share for units currently offered is $1,500
• Tax Cuts and Jobs Act of 2017 effective January 1, 2018; plan's tax information may be inaccurate, so consult a tax expert
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• 2016 financial statement annexed; 2017 financial statement not yet available
• 2018 budget annexed as Exhibit C
• Sponsor's aggregate monthly maintenance approximately $8,805.84; aggregate monthly tenant rents approximately $7,241.77
• Attorney General's office moved effective April 9, 2018 to 28 Liberty Street, 21st Floor, New York, New York 10005-1413

Amendment 44 Apr 30, 2018

This amendment raises the maximum price per share for the plan's unsold shares to $1,500 and attaches an exhibit listing the 11 unsold apartments and their shares.

• Maximum price per share for unsold shares raised to $1,500 per share
• Exhibit A lists 11 unsold apartments with a total of 3,590 shares
• Revised prices do not affect any apartment currently under contract
• No other material changes stated

Amendment 43 May 3, 2017

This amendment, based on unsold shares as of April 28, 2017, lists 11 unsold apartments with a maximum price of $800 per share, updates the Sponsor's maintenance and rent figures, attaches the 2015 financial statement and 2017 budget, and sets a 12-month period for using the plan.

• 11 unsold apartments listed in Exhibit "A" (3,590 shares total)
• Maximum price per share for units currently offered is $800
• Sponsor's aggregate monthly maintenance is approximately $8,549.32
• Sponsor's aggregate monthly rents from tenants are approximately $10,161.59
• Financial statement for year ending December 31, 2015 attached as Exhibit "B"; 2016 statement not yet available
• Budget for 2017 attached as Exhibit "C"
• Plan may be used for twelve (12) months from the amendment's acceptance date
• Board of Directors listed; Sponsor relinquished control in May of 1989

Amendment 42 May 10, 2016

This amendment updates the unsold apartments and maximum share price, sets 2016 roof and parapet and additional expense assessments, and attaches the 2016 budget and 2014 financial statement.

• Twelve unsold apartments as of May 4, 2016 (Exhibit A, 3,940 shares total)
• Maximum price per share for units currently offered is $800
• Roof and parapet assessment billed January 1, 2016 through December 31, 2016 at $. 50 per share per month, with 10% (ten percent) prepayment discount
• Additional assessment of $2. 605532 per share billed in May 2016 to cover increased expenses and fuel costs and to balance the 2016 budget
• 2016 budget annexed as Exhibit "c"
• 2014 financial statement annexed as Exhibit "B"; 2015 financial statement not yet available
• Plan may be used for twelve (12) months from the date this Amendment is duly accepted for filing
• Board of Directors listed: Leonid Babadjanov (President), Louis Gonzalez (Vice President), Nitin Minhas (Treasurer), Jennifer Sharf (Secretary), Jennifer Pomper (Director)

Amendment 41 Jun 19, 2015

The amendment reports 23 unsold apartments and a $800 maximum price per share, adds a roof and parapet repair assessment for 2015, notes a settled lawsuit, and attaches 2014 financials and the 2014 budget.

• 23 unsold apartments (7,850 shares) listed in Exhibit "A" as of June 1, 2015
• Maximum price per share for units currently offered for sale is $800
• Roof and parapet repair assessment billed January 1, 2015 through December 31, 2015 at $.50 per share, per month
• Pre-payment discount of 10% (ten percent) on the assessment
• Lawsuit settled March 11, 2015 and no longer applicable
• Financial statements for years ending December 31, 2014 and 2013 attached as Exhibit "B"
• Budget for the Apartment Corporation for 2014 attached as Exhibit "C"
• Plan may be used for twelve (12) months from the date this Amendment is duly accepted for filing

Amendment 40 Jul 9, 2014

Amendment No. 40 discloses a $6.00 per share yearly special assessment for 2014-2016 to repay a line of credit used for parapet wall replacement, and it also updates unsold-share counts, the maximum sale price, the 2014 budget, financial-statement status, a pending sponsor lawsuit, and the plan's usability period.

• Special assessment of $6.00 per share per year for 2014-2016, totaling $18 per share, charged monthly at $0.50 per share, to repay a line of credit used for parapet wall replacement
• Parapet replacement estimated in excess of $1,000,000; work expected to be completed by September 30, 2014
• 23 apartments (7,580 shares) remain unsold as of June 1, 2014, listed in Exhibit "A"
• Maximum price per share for units currently being offered is $800
• Sponsor lawsuit to recover $96,399.54 on promissory notes: discovery complete as of June 3, 2014, awaiting a jury trial date
• 2014 budget annexed as Exhibit "C"
• Financial statement for the year ended December 31, 2013 not yet provided to the Sponsor; most recent provided is for 2012 (Exhibit "B")
• Plan may be used for twelve (12) months from the date the Amendment is duly accepted for filing

Amendment 39 Aug 23, 2013

This amendment updates the sponsor's ownership and unsold-unit status, the board, litigation, budget, and tax-credit disclosures, and replaces the escrow terms for buyer deposits.

• Buyer deposits now held by escrow agent Certilman Balin Adler & Hyman, LLP in a Capital One N.A. escrow account
• Buyer may cancel within ninety (90) days if no deposit notice is received within fifteen (15) business days
• Sponsor is Continental 66 Associates L.P.; managing general partner is Gamertz, LLC; managing member is Robert Schlesinger
• Twenty-three (23) apartments remain unsold as of July 19, 2013; maximum price per share is $800
• Sponsor's suit to recover $96,399.54 on promissory notes is pending; Article 78 ruling on board appointments delivered July 8, 2013
• Cooperative Tax Credit and STAR credits appear on June, July and August 2013 bills, offset by a special assessment
• 2013 budget is annexed; latest financial statements provided to Sponsor are for years ended December 31, 2011 and 2010
• Sponsor relinquished board control in May of 1989; current board members are listed

Amendment 38 Jul 20, 2012

The OCR text is too garbled to identify any changes to the plan.

Amendment 37 Jul 28, 2011

The OCR text is unreadable garbage characters, so no changes to the offering plan can be identified.

Amendment 36 Aug 16, 2010

The OCR text is too garbled to read, so this amendment's changes cannot be identified.

Amendment 35 Sep 9, 2009

The OCR text is unreadable garbled characters with no legible words, numbers, dates, or prices, so the changes this amendment makes to the plan cannot be determined.

Amendment 34 Sep 22, 2008

The OCR text is too garbled to identify any changes to the offering plan.

Amendment 33 Sep 7, 2007

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 32 Oct 2, 2006

The amendment text is too garbled by OCR to identify any changes to the offering plan.

Amendment 31 Nov 1, 2005

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 30 Oct 18, 2004

The OCR text is too garbled to identify what this amendment changes in the plan.

Amendment 29 Sep 17, 2003

The OCR text is unreadable, so this amendment's changes cannot be determined from it.

Amendment 27 Aug 8, 2002

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 26 Oct 19, 2001

The amendment text is too garbled by OCR to identify any changes to the plan.

Amendment 25 Sep 14, 2000

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 24 Aug 11, 1999

This amendment adds Exhibit D, which sets out a new General Business Law §352-L on rent payments when a co-op owner who does not live in the unit fails to pay maintenance, assessments or late fees.

• Adds Exhibit D with new General Business Law §352-L on co-op units rented by non-occupying owners
• If a non-occupying owner's maintenance, assessments or late fees stay unpaid for sixty days after any grace period, the board gives written notice and tenant rent is payable to the co-op
• A board with a majority elected by occupying owners may elect not to require rent to be paid to the co-op
• Rent returns to the non-occupying owner within three business days after the owner's payments are current
• A non-occupying owner may dispute the co-op's claim to rent at a board meeting held within thirty days
• A tenant's payment to the co-op is an absolute defense to a non-payment case brought by the owner for that rent
• Nothing in the section limits other rights of shareholders or the board under other law or agreement
• The section may be enforced by special proceeding under Article 4 of the Civil Practice Law and Rules

Amendment 23 Jul 24, 1998

The OCR text is unreadable garbled symbols, so no changes to the offering plan could be identified.

Amendment 22 Jun 16, 1997

The amendment text is unreadable OCR noise with no legible words, so no plan changes can be identified.

Amendment 21 Jun 4, 1996

This amendment lists the sponsor's remaining unsold shares (56 units, 18,090 shares), discloses that those shares are pledged to Apple Bank for Savings under a $2,200,000 loan, reports the sponsor's rent and maintenance figures and notes owed to it, and attaches the Apartment Corporation's 1995 financial statements.

• Unsold shares listed in Exhibit A: 56 units with 18,090 shares
• Unsold shares and proprietary leases pledged to Apple Bank for Savings as security for a $2,200,000 loan to the Apartment Corporation
• Sponsor's monthly rents of $32,333.97 exceed its maintenance obligations of $26,501.85 (as of May 16, 1996)
• Six promissory notes to the Sponsor totaling $96,400, with no payments made as of December 31, 1995 due to extensions granted by the Sponsor
• Sponsor states it is current on its obligations and there are no existing defaults on the Bank loan
• Sponsor relinquished control of the Board of Directors in May, 1989
• Financial statements for the years ended December 31, 1995 and 1994 attached as Exhibit B
• Sponsor's principal Richard Schlesinger has interests in unsold units in other listed buildings

Amendment 20 May 22, 1995

This amendment discloses the sponsor's remaining unsold shares (60 units, 19,160 shares) and their pledge as security for a $2,200,000 building loan, reports the sponsor's financial standing, and attaches the 1994 financial statements and the 1995 budget.

• Unsold apartments listed in Exhibit "A": Units - 60, Shares - 19,160
• Unsold shares pledged to Apple Bank for Savings as security for the $2,200,000 loan to the Apartment Corporation
• Rents from Sponsor-owned units ($33,548.21 a month as of May 4, 1995) exceed Sponsor's monthly maintenance payments ($28,069.40)
• Six promissory notes totaling $96,400 owed to Sponsor; no payments made as of December 31, 1994 or this date
• Sponsor reports its Reserve Fund and Working Capital Fund obligations are satisfied and it has no remaining obligations under the Plan
• Board of Directors list updated; Sponsor control relinquished in May, 1989
• 1995 budget attached as Exhibit "C"; 1994 and 1993 financial statements attached as Exhibit "B"
• Effective period for using the Plan extended on filing of this Amendment

Amendment 19 Jun 2, 1994

This amendment discloses 61 unsold apartments (19,410 shares) that the sponsor has pledged as security for a $2,200,000 Apple Bank loan, along with the sponsor's rent-versus-obligation figures, its unpaid notes to the cooperative, lien and lawsuit disputes involving sponsor-affiliated buildings, and the 1994 budget.

• Exhibit A lists 61 unsold apartments totaling 19,410 shares
• Unsold shares pledged to Apple Bank for Savings as secondary security for a $2,200,000 loan to the Apartment Corporation; released on sale to bona fide purchasers for occupancy, or to investment purchasers with the Bank's consent
• Sponsor's total monthly rents of $32,216.25 exceed its maintenance obligations of $28,435.65 (as of May 16, 1993)
• Apartment Corporation owes the sponsor six promissory notes totaling $96,400; no payments made as of the amendment date
• Kings Oliver lien dispute ($231,417.54 claimed) and Mendicino Green litigation disclosed
• Cooperative cancelled Wags Realty's shares and proprietary lease, claiming $75,170.10, effective May 18, 1994
• 1994 budget attached as part of Exhibit C
• Plan's effective period for use extended on filing of this amendment

Amendment 18 Oct 29, 1993

This amendment discloses that the sponsor's unsold shares are pledged as secondary collateral on the building's mortgage, describes the 1993 mortgage refinancing and the sponsor's maintenance default disputes in other buildings, and updates the managing agent, board control, and 1993 budget.

• Unsold shares and proprietary leases pledged to Apple Bank for Savings as secondary collateral for the building's mortgage loan; no existing payment defaults on that loan
• Building mortgage refinanced May 7, 1993 into a consolidated first mortgage of $2,200,000 at 8.75% interest, due June 1, 1998, with an option to extend to June 1, 2003
• Monthly mortgage payments of $17,307.41 on the consolidated mortgage
• As of October 18, 1993, sponsor's rent from unsold units ($33,878.35 monthly) exceeds its maintenance obligations ($29,710.20 monthly)
• Sponsor faced Notices of Default for past-due maintenance in another building (April 9, 1993, $164,700 alleged vs. $131,501 claimed) and in Mendicino Green (June 21, 1993), with a settlement that may require assigning up to three apartments if the balance is not paid by November 30, 1993
• Managing agent changed from Schlesinger Management Company, Ltd. to Ceebraid-Signal Management Group, Ltd.
• Sponsor relinquished control of the Board of Directors in May 1989; 1993 budget attached
• Reserve Fund fully funded at the October 30, 1984 conversion closing with $165,000 deposited

Amendment 17 Apr 27, 1992

This amendment replaces the plan's downpayment escrow section effective April 24, 1992, updates the sponsor's financial and unsold-share disclosures, attaches financial statements and the 1992 budget, and extends the plan's effective period.

• Downpayment escrow section replaced; from April 24, 1992, deposits go to a Jackson & Nash special escrow account at United States Trust Company of New York
• Sponsor states it is current on all Plan obligations and has no obligations due within 12 months other than maintenance; $165,000 Reserve Fund deposited October 30, 1984
• Sponsor's monthly tenant rents of $36,003.08 exceed its maintenance obligations of $31,293.75 (as of March 26, 1992); $96,400 in six interest-free notes to the Apartment Corporation are unpaid due to extensions
• Disclosure of sponsor-affiliated buildings, Dickerson Pond arrears and lawsuit (about $160,000), and Rex Ridge Chapter 11 filing on June 14, 1991 with $237,315.91 owed
• Exhibit A lists all apartments with Unsold Shares; none are subject to loans or financing commitments
• Financial statements as of December 31, 1991 and 1990 (Exhibit B) and 1992 budget (Exhibit C) attached
• Sponsor relinquished control of the Board of Directors on April 12, 1989
• Effective period for using the Plan is extended upon filing of this amendment

Amendment 16 Oct 7, 1991

The amendment lists the sponsor's unsold apartments, reports rising maintenance, a special assessment, corporation losses and sponsor obligations, and changes the selling agent, managing agent and attorneys.

• Exhibit A lists 73 unsold apartments totaling 23,010 shares (dated May 24, 1991); none are pledged or financed
• Maintenance raised from $14.90 to $16.69 per share during 1991
• $1.50 per share special assessment payable in the first four months of 1991
• Apartment Corporation net operating losses before depreciation of $21,499 in 1989 and $74,575 in 1990
• Six promissory notes totaling $96,400 issued October 30, 1984; no payments made due to sponsor-granted extensions
• Sponsor principals disclosed in other troubled buildings, including a roughly $160,000 Dickerson Pond lawsuit and a Rex Ridge Chapter 11 case with $237,315.91 owed in back maintenance
• Selling agent Quest-Co. Ltd. removed; the sponsor will sell its own unsold shares

Amendment 15 Jun 8, 1990

This Fifteenth Amendment reports the sponsor's unsold shares and finances, the corporation's 1988-1989 operating losses, the sponsor's notes and rent-versus-maintenance position, the board control change, and the 1990 budget, and it extends the period for using the plan.

• Sponsor has no financial obligations to the cooperative due within 12 months other than maintenance charges, and has fully funded the Reserve Fund
• 83 unsold units totaling 26,210 shares listed in Exhibit A; none subject to mortgages or financing commitments
• Sponsor's monthly rents from its units $39,308.32 as of May 1, 1990, versus maintenance obligations of $32,552.82
• Six promissory notes issued to sponsor on October 30, 1984 had no payments made as of December 31, 1989 due to sponsor extensions of time
• Corporation net operating losses before depreciation of $2,364 in 1988 and $21,499 in 1989, funded by carrying forward prior net operating profit of $32,073
• Sponsor relinquished control of the Board of Directors on April 12, 1989; officers and board members listed
• Sponsor-affiliated Dickerson Pond Condominium (Cortlandt, New York) had common charge arrears; sponsor has offered payment
• 1990 budget attached as Exhibit I; effective period for using the plan extended

Amendment 14 1989

This amendment extends the maturity date of the existing American Savings Bank mortgage, originally $2,000,000, to July 1, 1994, effective August 1, 1989, with interest at 10.85% per annum and monthly payments of $18,9i1.23.

• Maturity of American Savings Bank mortgage extended to July 1, 1994, effective August 1, 1989
• Interest accrues on outstanding principal at 10.85% per annum
• Monthly mortgage payments set at $18,9i1.23
• Sponsor states no other material changes beyond prior amendments

Amendment 13 May 25, 1989

This amendment attaches the 1988 financial statements, the 1989 budget, and a list of apartments with Unsold Shares, and names the officers and directors elected April 12, 1989.

• Financial statements for the year ending 1988 attached
• 1989 budget for the calendar year 1989 attached
• List of apartments with Unsold Shares and the number of Unsold Shares for each attached
• Officers and directors elected April 12, 1989 listed: Sylvia Pekats (President), James Cullen (Vice President), Dan Rones (Assistant Vice President), Tom Kaelin (Treasurer), Lonnie Wilkofsky (Secretary)
• Sponsor states no material changes beyond this amendment and prior amendments

Amendment 12 May 4, 1988

This twelfth amendment attaches the 1986 and 1987 financial statements and the 1988 budget, and lists the officers and directors elected in April 1988, three of whom are Sponsor representatives.

• Financial statements for the years ending December 31, 1987 and 1986 attached, prepared by Needelman, Edelman & Schacter
• 1988 budget attached, adopted by Continental Gardens Apartment Corporation for calendar year 1988, with total expenses of $883,620.90
• Maintenance charges in the 1988 budget set at $13.93 per share (58,430 shares)
• Officers and directors elected at the April 13, 1988 shareholders meeting listed
• Three of the officers and directors are Sponsor representatives, and the Sponsor controls the Board of Directors
• Offering Plan incorporated by reference as amended
• Sponsor states no other material changes beyond this and prior amendments

Amendment 11 Oct 27, 1987

This amendment attaches the financial statement of Continental Gardens Apartment Corp. for the year ending 1986, prepared by Needelman, Edelman & Schacter, and confirms that the Sponsor has made no other material changes beyond this and prior amendments.

• Financial statement of Continental Gardens Apartment Corp. for the year ending 1986 attached
• Statement prepared by Needelman, Edelman & Schacter; auditor's report dated February 10, 1987
• Offering Plan as amended incorporated by reference
• No material changes beyond this and prior amendments

Amendment 10 Apr 27, 1987

The amendment attaches an asbestos report finding asbestos-containing materials in portions of the buildings but none in the apartments inspected, and states the remedies for those materials that could pose a potential health hazard.

• Asbestos report by Fiume Jet Spray Co., Inc. attached to the Plan
• Asbestos-containing materials found in portions of the buildings
• No asbestos found in any of the individual apartments inspected
• Remedies stated for asbestos materials that can be a potential health hazard
• Sponsor states no other material changes beyond this and prior amendments

Amendment 9 Feb 6, 1987

This Ninth Amendment adds the 1987 budget, a financial statement, the current officers and directors, and a list of unsold shares, and discloses an asbestos report and the court ruling on asbestos rules.

• Asbestos report: Sponsor contracted Fuime Jet Spray Co., Inc. to report on asbestos-containing materials
• Court ruling on October 6, 1986 invalidated the part of the asbestos regulation requiring escrow and removal work, but upheld the requirement for an asbestos report; the Attorney General will appeal
• If closings occur before asbestos removal work is complete, Sponsor must escrow at least $2,500.00
• Buyers may delay closing up to thirty (30) days after this Amendment is distributed
• 1987 budget adopted with total expenses of $881,860.28 and maintenance charges of $14.02 per share
• Three of the five officers and directors elected April 8, 1986 are Sponsor representatives, and the Sponsor controls the Board
• Attached list shows the apartments allocated Unsold Shares and the number for each
• Financial statement for the years ending 1985 and 1985 attached, prepared by Needheimar, Edelman & Schacter

Amendment 8 August 1986

The amendment raises the price per share for all unsold shares in the Continental Gardens cooperative conversion plan, and the sponsor states that it includes all material changes.

• Price per share for all Unsold Shares increased from $240 per share to 5320 per share
• Price change applies to apartments not yet closed and without a Purchase Agreement as of the amendment date
• Sponsor represents that all material changes in fact or circumstances affecting the Premises or the Plan are included in this Amendment

Amendment 7 Jun 2, 1986

This amendment extends the offering plan and attaches the Continental Gardens Apartment Corporation budget for calendar year 1986, with projected income and expenses of $889,807.64.

• Offering plan extended
• 1986 budget attached for the period 1/1/86 thru 12/31/86, with total income and expenses of $889,807.64
• Maintenance charges projected at $13.70 per share, or $4,043.00 per unit
• Projected 1986 Real Estate Tax of $103,889.02, after the J-51A abatement and sponsor payment
• Sponsor represents that all material changes in fact or circumstances are included in this amendment

Amendment 6 Dec 2, 1985

The amendment extends the offering plan and replaces paragraph 38 of the proprietary lease with new rules on unsold shares and on purchasers who buy shares for investment or resale, including disclosure documents owed by sellers who hold three or more apartments.

• Offering plan extended
• Paragraph 38 of the proprietary lease replaced with the text in Exhibit A, as approved by shareholders at the first meeting
• Rules for Unsold Shares and Purchasers for Investment or Resale defined, with paragraph 38 ending once the shareholder or a family member becomes a bona fide occupant
• Holders of Unsold Shares may cancel their proprietary leases only if shareholders owning a majority of non-unsold shares give notice of intent to cancel, or unsold shares are 15% or less and at least five years have passed since the corporation acquired title, and then must pay twenty-four (24) times the current monthly rent (maintenance charges)
• Purchasers for Investment or Resale of three or more apartments must give the buyer financial statements, tax-deduction notices, notices on maintenance changes, assessments, capital improvements and refinancing, lawsuit pleadings, tenant lease information, bylaws and proprietary lease, and notices of uncured violations at least three business days before a purchase agreement
• Sponsor represents that all material changes affecting the Premises or the Plan are included in this amendment

Amendment 5 May 1985

This amendment raises the price of all unsold shares from $170 to $240 per share, affecting apartments not yet closed or under a Purchase Agreement as of the amendment date.

• Price per share for all Unsold Shares raised from $170 to $240
• Price change applies to apartments not closed or without a Purchase Agreement as of the amendment date
• Sponsor represents that all material changes in fact or circumstances are included in this Amendment

Amendment 4 December 1984

This amendment records the financial terms of the October 30, 1984 closing, in which the Sponsor sold the Continental Gardens buildings to the Apartment Corporation, and lists the unsold shares the Sponsor still holds.

• Sponsor still holds unsold shares, listed by building and apartment in Schedule A
• Closing of sale from Sponsor to Apartment Corporation took place October 30, 1984
• Net closing adjustments of $121,399.53 favored Sponsor; after the $25,000 credit, $96,399.53 is to be repaid to Sponsor in six notes of $16,066.59 each, without interest, payable monthly beginning April 30, 1985
• Sponsor paid a reserve fund of $165,000 to Apartment Corporation, deposited in its money market account
• Working Capital Fund at closing was $50,000, of which $25,000 was credited toward Apartment Corporation's closing costs and adjustments
• Apartment Corporation took title subject to and assumed Sponsor's American Savings Bank mortgage, originally $2,000,000, reduced to $1,998,433.79 at closing
• No contract of exchange for the Property between Apartment Corporation and Sponsor

Amendment 3 Nov 29, 1984

This third amendment raises the price per share from $137 to $170 for all units without a subscription agreement, including vacant and tenant-occupied apartments, and states that the sponsor has included all material changes.

• Price per share raised from $137 to $170 for units without a subscription agreement
• Increase applies to vacant apartments and tenant-occupied apartments without a subscription agreement
• Sponsor represents that all material changes affecting the Property or Offering are included in this amendment

Amendment 2 Jul 31, 1984

This amendment declares the Continental Gardens cooperative offering plan effective as of July 29, 1984, and gives tenants in occupancy an exclusive right to buy their apartments until August 2, 1984.

• Plan declared effective as of July 29, 1984
• Subscriptions accepted for 35 of 197 units (24 from tenants in occupancy, 11 from bona fide buyers)
• Tenants in occupancy have an exclusive right to purchase until August 2, 1984
• Notice of effectiveness mailed to all tenants on July 24, 1984
• First Amendment dated June 7, 1984, presented July 3, 1984

Amendment 1 Apr 25, 1984

The OCR text is too garbled to reliably identify the full set of changes, but the readable parts appear to address mortgage prepayment terms, a balloon payment, a fuel purchase estimate, and tax valuation tables.

• Mortgage prepayment terms and penalties appear to be described (OCR largely unreadable)
• Balloon payment on the mortgage shown as approximately $900,000 (OCR reading)
• Fuel purchase estimate of 134,000 gallons at $1.10 per gallon appears
• Tax valuation and assessment table appears (figures unreadable in OCR)