152 East 116th Street Owners Hdfc

3. Amendment 3

   This amendment sets the cooperative's Effective Date by reporting that enough purchase agreements have been signed, with no other material changes to the Cooperative Information Package.

   • Effective Date set as of the date of this Amendment, based on signed purchase agreements
   • Purchase agreements accepted from 2 Insiders (100% of Insiders) and 4 Outsiders, covering 66% of the Apartments
   • Purchase agreements totaling $1,080,416.00 (including AHC Grants and the Unit Purchase Savings Plan Credit) exceed the Minimum Repayment Amount of $1,077,916
   • Sponsor's Affidavit in Support of Effectiveness Amendment annexed as Exhibit I
   • No other material changes to the Cooperative Information Package

2. Amendment 2

   The amendment lowers the sales threshold for setting the Effective Date, rewrites the Interim Lease terms, increases the HPD loan to $1,757,263 with no monthly interest payments, and gives purchasers a right to rescind.

   • Effective Date requires 90 days of 95% occupancy and 95% collections before it can be set
   • Reduced Threshold lets Sponsor set the Effective Date at 50% of Insiders and 66% of Apartments in contract, instead of 80% and 80%
   • Purchase Agreements totaling a minimum of $1,077,916 must be executed
   • Under the Reduced Threshold, at least six of nine Apartments need executed Purchase Agreements, including one from an Insider, or no Cooperative Conversion occurs
   • Interim Lease rewritten: annual term, monthly rent equal to proposed Maintenance, subletting prohibited, subject to Rent Stabilization Laws
   • HPD loan increased from $545,471 to $1,757,263; monthly 0.25% interest payments eliminated; principal balance of $2,371,761 due at end of term unless refinanced; HDFC will no longer take title subject to any CPC mortgage
   • If HPD loans are not refinanced, each Shareholder may owe about $2,071.48 per Share or $517,870.67 per Apartment
   • Purchasers may rescind their Purchase Agreements by written notice within fifteen (15) calendar days of delivery of the Amendment

1. Amendment 1 [DATE ACCEPTED BY AG], 2020

   The amendment moves one vacated apartment to the outsider price, updates the total offering price and occupancy counts, attaches a revised Schedule A, and replaces one initial board member.

   • Apartment #4 at 51-53 West 129th Street, vacated by the insider, offered at the Outsider purchase price of $208,854.00
   • Total offering price now $1,466,978.00
   • Occupied Apartments now 2; Vacant Apartments now 7
   • Revised Schedule A attached as Exhibit I
   • Vivian Garcia replaced with Eliezer Berrios as an initial member of the Board of Directors (Section 18)
   • No other material changes to the Cooperative Information Package

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site.