125 North 10th Street Condo

Amendment 18 May 29, 2014

Eighteenth Amendment offers unsold ancillary units (parking and storage) for sale, updates 2013 financial statements and 2014 budget information, lists current board members, discloses sponsor's financial position, and reports a pending construction defects lawsuit.

• 12 of 28 storage lockers and 3 of 43 parking units offered for sale at prices shown in Schedule A
• 2013 financial statements and 2014 condominium budget not yet received as of amendment date
• Board members: Chad Gessin (President), Tal Naveh (Vice President), Darin Soler (Treasurer), Kevin Vilke (Secretary)
• Sponsor owns unsold ancillary units with $197.84 monthly common charges and $216.16 estimated monthly real estate taxes
• Board of Managers commenced construction defects lawsuit in February 2013 (Index No. 14982/2012); sponsor intends vigorous defense
• Sponsor current on all financial obligations; no mortgages on unsold ancillary units
• Plan extended 12 months from filing date of this amendment

Amendment 17 Jul 11, 2013

Amendment offers unsold ancillary units (parking and storage) for sale, updates financial disclosures, revises escrow requirements per Department of Law changes, and discloses a pending construction defect lawsuit.

• 9 of 28 storage lockers and 4 of 43 parking units offered for sale
• Parking units priced at $55,000; storage units priced at $10,000–$15,000
• Escrow and trust fund requirements revised per Department of Law regulation changes
• Board of Managers lawsuit filed February 2013 alleging construction defects; sponsor intends vigorous defense
• 2011 and 2012 financial statements and 2013 budget not yet received as of amendment date
• Sponsor owns 9 storage lockers and 4 parking units with monthly common charges of $346.92
• Plan extended 12 months from filing date

Amendment 16 Jul 26, 2012

Offers unsold parking and storage units for sale at specified prices, updates 2010 financial statements and 2012 budget, and extends the offering plan.

• 14 of 28 storage lockers and 6 of 43 parking units offered for sale at prices ranging from $5,000 to $55,000
• 2010 financial statements included (year ended December 31, 2010)
• 2012 condominium budget adopted by board
• Sponsor owns 14 storage lockers and 6 parking units as of July 10, 2012
• Monthly common charges for unsold units approximately $318.76; estimated real estate taxes approximately $484.16
• Corrected Second Amendment to Declaration recorded June 25, 2012
• Plan extended for 12 months from filing date

Amendment 15 Jul 7, 2011

Sponsor converted 8 unsold parking spaces to 20 storage lockers in the cellar, reducing parking spaces from 51 to 43 and increasing storage lockers from 8 to 28.

• 8 parking spaces eliminated and converted to 20 storage lockers in cellar
• Parking spaces reduced from 51 to 43; remaining spaces renumbered
• Storage lockers increased from 8 to 28
• Building now consists of 43 Parking Spaces and 28 Storage Lockers
• Common interest percentages adjusted for newly created storage units
• Remaining parking units re-designated with new unit and tax lot numbers
• Updated cellar floor plan and amended Declaration to be recorded

Amendment 14 Mar 30, 2011

The fourteenth amendment updates the offering plan with current financial statements, 2011 budget, new board composition after sponsor relinquished control, and unsold unit prices.

• Financial Statements for year ending December 31, 2009 included; 2010 statements not yet finalized
• 2011 Condominium Budget adopted by Board
• Sponsor relinquished control of Board at Special Meeting on September 22, 2010
• Board now includes President Chad Gessin, Secretary/Treasurer Tal Naveh, and Member Cooper Kramer affiliated with Sponsor
• Sponsor owns less than 10% of all Units
• Plan extended for twelve (12) months following Filing Date of this Amendment

Amendment 13 Mar 9, 2010

This amendment updates offering prices for unsold units and provides current financial and ownership disclosures.

• 46 of 86 residential units remain unsold as of March 8, 2010
• Sponsor owns 2 of 8 storage lockers, 16 of 24 cabana units, and 38 of 51 parking units
• Monthly common charges for unsold units approximately $45,000.00
• Loan from Swedbank with $19,907,000.00 outstanding balance as of March 5, 2010, expiring 7/9/10
• Sponsor current on all financial obligations
• Plan extended twelve months from filing date

Amendment 12 Oct 8, 2009

Twelfth Amendment documents the First Closing on June 19, 2009 and updates sponsor financial disclosures.

• First Closing occurred June 19, 2009 for Residential Unit SSF and Parking Unit 17
• Condominium Declaration recorded February 25, 2009 under CRFN# 2009000056786
• Working capital account established at Signature Bank with $1,364.12
• PCO Escrow Agreement holding $6,258,213.01; $3,481,931.77 needed to complete work for permanent certificate of occupancy
• Condominium Board members: Cooper Kramer (President), Andrew Fichte (Vice President), Thomas Farrell (Secretary/Treasurer)
• 138 of 169 residential units remain unsold
• Sponsor pledged unsold units as collateral for Swedbank loan with $32,257,167 outstanding balance as of October 8, 2009
• Plan extended for six months from filing date

Amendment 11 Sep 23, 2009

This eleventh amendment updates Schedule A with current purchase prices for residential units, storage lockers, cabanas, and parking spaces.

• Schedule A prices decreased for 4 homes (median -11.0%): S2D $785,000 → $754,500; S3H $620,000 → $525,000; N Garden A $725,000 → $645,000; N2B $655,000 → $565,000

Amendment 10 Apr 20, 2009

This amendment updates the first year budget and establishes April 1, 2009 as the start of condominium operations.

• First year of condominium operation: April 1, 2009 through March 31, 2010
• Residential closings to begin on or about April 1, 2009
• First year budget total: $907,727 projected income and expenses
• Staff: 1 Non Resident Superintendent, 4.2 concierges, and 1 porter
• Insurance: $33,000,000 building coverage, $5,000,000 earthquake, $5,000,000 flood
• Plan extended for six (6) months following the filing date of this amendment

Amendment 9 Feb 10, 2009

Plan declared effective based on receipt of 32 purchase agreements representing approximately 37% of residential units.

• Plan declared effective
• 32 purchase agreements received from bona fide purchasers
• Approximately 37% of residential units have purchase agreements
• Plan extended for six (6) months following filing date of this amendment

Amendment 8 Nov 19, 2008

This amendment updates the first-year condominium operating budget and unit purchase prices.

• Schedule B budget updated for first year operation September 1, 2008 — August 31, 2009
• Projected common charges: $930,595
• Total projected expenses: $930,595
• Schedule A purchase prices and related information updated

Amendment 7 Sep 16, 2008

Updated offering prices for all residential units, storage lockers, cabanas and parking spaces.

• Schedule A revised with current purchase prices for all units
• Projected common charges and real estate taxes for first year September 1, 2008 - August 31, 2009
• Residential real estate taxes estimated at approximately $781,250 once building fully constructed

Amendment 6 Sep 3, 2008

Updated purchase prices for all residential units, storage lockers, cabanas and parking spaces.

• Purchase prices revised for all units in South Building and North Building
• Common charges and real estate tax projections updated for first year of operation (September 1, 2008 – August 31, 2009)
• Projected residential real estate taxes estimated at approximately $781,250 once building is fully constructed

Amendment 5 Jul 10, 2008

This Fifth Amendment updates Schedule A purchase prices and related information, revises the floor plan for unit PHA in the South Building, and confirms the first closing is expected on or about September 1, 2008.

• Schedule A updated with revised offering prices and projected charges
• Floor plan revised for unit PHA in South Building with updated terrace square footage
• First residential closings expected to begin on or about September 1, 2008
• First year of condominium operation commences September 1, 2008
• Offering Plan extended for six months following filing date of this Amendment

Amendment 4 Mar 4, 2008

Revised Schedule A with current purchase prices for all residential units, storage lockers, cabanas and parking spaces.

• Schedule A updated with new offering prices for all units
• Projected common charges and real estate taxes for September 1, 2008 - August 31, 2009
• This amendment is limited solely to price changes and does not extend the Plan