Toren Condominium

Amendment 24 Dec 2, 2015

Sponsor relinquished board control, plan attorney changed, offering term extended, and three litigation proceedings settled.

• Sponsor relinquished control of Board of Managers on October 11, 2011
• Plan attorney changed to Marans, Weisz and Newman, LLC
• Offering term extended 12 months from amendment filing date
• Three litigation proceedings settled as of October 26, 2015
• Sponsor to perform remediation work: leak repairs above pool, hallway repainting, stucco repairs, window hardware upgrade
• Unit 50 transferred to Additional Sponsor M/F Co-Gen Owner LLC
• Units 150 and 300 transferred to Myrtle Office LLC, not part of offering
• Most recent budget and financial statements attached

Amendment 23 Jul 17, 2014

Updated financial disclosures, board composition, budget, and financial statements; extended plan filing period.

• Sponsor owns 2 unsold units as of May 1, 2014; monthly common charges approximately $1,269.90
• Sponsor relinquished control of Condominium Board on October 1, 2011
• Working Capital Fund balance approximately $507,900 as of May 1, 2014
• Sponsor conveyed Unit 50 (Cogeneration Unit) to MF Cogen Owner LLC on November 5, 2013
• 2014 budget shows total operating income of $2,517,089 and total operating expenses of $2,415,706
• Certified financial statements provided for years ending December 31, 2012 and 2013
• Plan may not be used after twelve months from filing date of this amendment unless further extended

Amendment 22 Jul 17, 2013

This amendment updates the sponsor's financial disclosure, budget, board composition, escrow procedures, and commercial unit subdivision for the Toren Condominium.

• Sponsor relinquished control of Condominium Board on October 11, 2011
• Sponsor repaid mortgage to Wachovia Bank with no outstanding balance
• Working Capital Fund balance approximately $874,583.40 as of March 4, 2013
• Budget for fiscal year ending December 31, 2013 updated
• Revised escrow provisions with Marans, Weisz and Newman LLC as escrow agent
• Escrow account at Signature Bank with 0.75% interest rate
• Commercial unit subdivision reflected in revised plan

Amendment 21 Mar 1, 2013

Purchase prices for certain units are revised.

Amendment 20 Jul 27, 2012

Sponsor offers four commercial units for sale in as-is condition with specified purchase prices, common charges, and real estate tax estimates.

• Four commercial units offered for sale in 'as is' condition
• CHP unit (50): $10,000,000 purchase price
• Retail unit (100): $7,000,000 purchase price
• Parking unit (200): $3,000,000 purchase price
• Office unit (300): $2,500,000 purchase price
• Purchasers required to enter electricity purchase agreement with M/F Co-Gen Owners LLC
• Audited financial statements for calendar year ended December 31, 2011 attached

Amendment 19 Mar 12, 2012

Financial update showing sponsor still owns 48 unsold units with approximately $45,211 monthly common charges and $1,288 monthly real estate taxes, sponsor relinquished board control on October 11, 2011, and new budget for fiscal year ending October 1, 2012.

• 48 unsold residential units owned by sponsor as of January 1, 2012
• Aggregate monthly common charges for unsold units approximately $45,211
• Aggregate monthly real estate taxes for unsold units approximately $1,288
• Mortgage balance approximately $9,884,242 with maturity date extended to August 1, 2012
• Sponsor relinquished control of Residential Board and Condominium Board on October 11, 2011
• Working capital fund balance approximately $287,793 as of January 1, 2012
• New condominium board members: Jessica Kavoulakis (President), Victor Hsu (Vice President), Alessandro Papa (Secretary), Edward Mui (Treasurer), Hany Rizkalla (Director)
• Plan may not be used after twelve months following filing date unless further extended or amended

Amendment 18 Mar 24, 2011

Updates financial information, sponsor obligations, mortgage details, and budget certification for the condominium as of February 1, 2011.

• Aggregate monthly real estate taxes on unsold units: approximately $2,792.67 as of February 1, 2011
• Mortgage balance: approximately $57,270,407.13 as of February 1, 2011; maturity date August 1, 2011
• Mortgagee: Wachovia Bank, N.A.
• 123 unsold residential units listed in Schedule A as of February 1, 2011
• Sponsor controls Residential Board and Condominium Board during Initial Control Period
• Plan may not be used after twelve months from filing date unless further extended or amended

Amendment 17 Nov 3, 2010

Purchase prices revised for 31 units across multiple floors.

• Unit prices revised: 1003 to $659,000; 1403 to $663,000; 1603 to $689,000; 1803 to $699,000; 1903 to $705,000; 2003 to $715,000; 2103 to $725,000; 2303 to $735,000; 2503 to $750,000; 2603 to $760,000; 2703 to $770,000; 2903 to $790,000
• Unit prices revised: 904 to $460,000; 1904 to $475,000; 2104 to $485,000; 2304 to $495,000; 2404 to $499,000; 2504 to $505,000; 2604 to $510,000; 2704 to $515,000; 2804 to $520,000
• Unit prices revised: 1905 to $475,000; 2105 to $485,000; 2205 to $490,000; 2305 to $495,000; 2405 to $499,000; 2505 to $505,000; 2605 to $510,000; 2705 to $515,000; 2805 to $520,000; 2905 to $525,000
• Schedule A prices decreased for 31 homes (median -3.9%): 904 $517,000 → $460,000; 1003 $790,000 → $659,000; 1403 $672,600 → $663,000; 1603 $722,000 → $689,000; ...

Amendment 16 Sep 24, 2010

Financial update including unsold unit schedule, sponsor obligations, mortgage balance, and budget certification for Toren Condominium.

• Mortgage balance approximately $67,419,673.00 as of September 1, 2010; maturity date August 1, 2011
• Aggregate monthly real estate taxes on unsold units approximately $3,684.16 as of September 1, 2010
• Working Capital Fund balance approximately $96,294.05 as of September 1, 2010
• First annual Unit Owners meeting anticipated in November 2010
• Plan may not be used after twelve (12) months following filing date unless further extended or amended

Amendment 15 Sep 3, 2010

Revised purchase prices for 28 unsold units.

• Unit 3001: $1,450,000
• Unit 3201: $1,465,000
• Unit 3401: $1,480,000
• Unit 3601: $1,495,000
• Unit 3202: $899,000
• Unit 3402: $914,000
• Unit 3602: $929,000
• Unit 3003: $1,200,000
• Schedule A prices decreased for 28 homes (median -12.1%): 3001 $1,650,000 → $1,450,000; 3003 $1,325,000 → $1,200,000; 3004 $651,000 → $540,000; 3005 $1,050,000 → $910,000; ...

Amendment 14 May 13, 2010

Revised purchase prices for 28 units.

• Unit 2801: $835,000.00
• Unit 2404: $520,000.00
• Unit 2504: $525,000.00
• Unit 2604: $530,000.00
• Unit 2704: $535,000.00
• Unit 2804: $540,000.00
• Unit 2505: $525,000.00
• Schedule A prices decreased for 26 homes (median -15.2%): 1706 $785,000 → $595,000; 1806 $795,000 → $599,000; 2006 $815,000 → $625,000; 2106 $835,000 → $635,000; ...

Amendment 13 Apr 13, 2010

Revised purchase prices for 60 units in the condominium.

• Purchase prices updated for units 301, 302, 303, 306, 310, 311, 312, 314, 406, 410, 411, 506, 514, 601, 604, 605, 608, 703, 1005, 1101, 1103, 1403, 1501, 1603, 1703, 1705, 1803, 1805, 1903, 1904, 1905, 2001, 2003, 2004, 2005, 2101, 2103, 2104, 2105, 2202, 2203, 2204, 2205, 2301, 2303, 2304, 2305, 2401, 2405, 2503, 2601, 2603, 2701, 2703, 2901, 2903
• Plan may not be used after six months from this amendment's filing date unless further extended
• Schedule A prices decreased for 55 homes (median -14.3%): 301 $427,483 → $425,000; 302 $337,920 → $290,000; 306 $348,480 → $299,000; 310 $434,000 → $380,000; ...

Amendment 12 Mar 22, 2010

Purchase price for Unit 1505 increased to $536,000.

• Unit 1505 purchase price raised to $536,000
• Plan valid for six months from this amendment's filing date

Amendment 11 Mar 19, 2010

Updates the form of unit deed for affordable units to replace the version in the original plan.

• New form of Unit Deed (Affordable Units Only) replaces prior version in Part II of Plan
• Affordable units subject to 20-year occupancy covenant requiring primary residence use and sale to eligible income purchasers only
• Plan usage expires 6 months after amendment filing unless further extended or amended

Amendment 10 Feb 8, 2010

First closing occurred, temporary certificate of occupancy issued, financial and budget updates provided, units 606 and 607 combined into single unit 606.

• First closing occurred November 24, 2009 for Unit 1906
• Temporary certificate of occupancy effective November 13, 2009, expires February 11, 2010
• Aggregate monthly real estate taxes on unsold units approximately $5,433.12 as of January 1, 2010
• Working Capital Fund balance approximately $2,873.00 as of December 29, 2009
• Schedule B-1 updated for energy costs September 1, 2009 through August 31, 2010
• Units 606 and 607 combined into single Unit 606 with revised Schedule A purchase prices
• Amended and Restated Condominium Declaration recorded October 14, 2009 as CRFN 2009000333078

Amendment 9 Aug 18, 2009

Updated budget, common charges, real estate taxes, property description, and condominium declaration for the first year of operation (September 1, 2009 through August 31, 2010).

• Schedule B budget updated for period September 1, 2009 through August 31, 2010; total common charges $2,312,040.00
• Schedule A purchase prices and common charges revised based on updated real estate taxes
• Real Estate Tax Opinion updated by Metropolitan Valuation Services, Inc. dated July 24, 2009
• Temporary Certificate of Occupancy issued August 5, 2009 for certain building portions
• Condominium Declaration and By-Laws replaced with Amended and Restated Declaration for Federal Housing Finance Agency compliance
• Purchaser right of rescission if first closing does not occur within twelve months of budget commencement date
• Plan effective for six months from filing date of August 18, 2009
• Schedule A prices increased for 2 homes (median +11.5%): 1907 $434,000 → $484,000; 3204 $653,000 → $663,000
• Schedule A prices decreased for 5 homes (median -2.0%): 409 $498,660 → $488,660; 515 $413,100 → $408,100; 2105 $689,000 → $589,000; 2206 $845,000 → $645,000; ...

Amendment 8 Jun 12, 2009

Changes escrow agent and sponsor's attorneys, adds waiver period for common charges, and revises purchase procedures.

• Escrow agent changed from Pryor Cashman LLP to Marans Weisz & Newman, LLC
• Sponsor's attorney for plan amendments changed to Stroock & Stroock & Lavan LLP
• Sponsor may waive common charges collection from first closing until sponsor determines appropriate date
• Down payment checks payable to Marans Weisz & Newman, LLC as escrow agent
• Purchaser has 3 business days to review plan before executing purchase agreement with right to rescind within 7 days
• Sponsor has 30 days to accept or reject purchase agreement; if not accepted, down payment returned promptly
• Construction completion deadline is 2 years after purchaser signs purchase agreement

Amendment 7 Nov 10, 2008

Declares the offering plan effective with 103 purchase agreements representing 43% of 239 residential units offered for sale.

• Offering Plan declared effective
• 103 of 104 purchase agreements counted toward effectiveness (43% of 239 units)
• One unit purchase not counted because buyer is employee of sponsor affiliate
• Modified process for declaring effectiveness: by amendment or notice to purchasers, with confirmation amendment required within 5 days
• No unit closing permitted until plan is declared effective and effectiveness amendment accepted for filing

Amendment 6 Sep 17, 2008

Purchase prices for certain residential units increased in revised Schedule A.

• Schedule A prices increased for 48 homes (median +9.5%): 409 $488,660 → $498,660; 515 $408,100 → $413,100; 604 $552,000 → $618,000; 605 $552,000 → $618,000; ...
• Schedule A prices decreased for 2 homes (median -1.5%): 1907 $484,000 → $434,000; 3204 $663,000 → $653,000

Amendment 5 Jul 24, 2008

Revised Schedule A reflects an increase in purchase prices for certain residential units.

Amendment 4 Jul 3, 2008

Purchase prices increased for certain residential units.

• Schedule A prices increased for 19 homes (median +8.6%): 405 $485,567 → $486,567; 602 $420,000 → $458,000; 701 $489,127 → $725,000; 1407 $446,000 → $474,000; ...
• Schedule A prices decreased for 2 homes (median -1.0%): 2703 $962,000 → $952,000; 2805 $638,000 → $538,000

Amendment 3 Jun 17, 2008

Purchase prices increased for certain residential units in the condominium.

Amendment 2 May 29, 2008

Revised Schedule A reflecting increased purchase prices for certain residential units.

• Schedule A prices increased for 12 homes (median +5.1%): 601 $898,000 → $1,150,000; 806 $462,000 → $482,000; 1006 $476,000 → $496,000; 1206 $490,000 → $515,000; ...
• Schedule A prices decreased for 2 homes (median -0.0%): 309 $489,131 → $489,127; 405 $486,567 → $485,567

Amendment 1 May 5, 2008

Revised Schedule A reflecting increased purchase prices for certain residential units.