Harbor Hill Condominium

Amendment 12 2012

The twelfth amendment updates the list of unsold units and units under contract, confirms the first closing occurred on February 24, 2012, and names the initial board of managers.

• First closing took place February 24, 2012
• Sponsor's aggregate monthly common charges: $5,291.22
• Sponsor's aggregate monthly real estate taxes: $1,316.01
• 421A exemption in place since July 1, 2010
• First annual meeting of unit owners held May 30, 2012
• Board members named: Henry Soo Hoo (President), Jordan Greenberger (Vice President), Bob Cohen (Treasurer), Christine Rousseau (Director), Jordan Goldman (Director)
• No audited financial statement yet prepared; budget unchanged from Seventh Amendment
• No common charges arrears for current year

Amendment 11 Jul 20, 2012

One unit price was revised to $705,000.00.

Amendment 10 2012

Unit price revised to $770,000.00.

Amendment 9 May 1, 2012

Parking space prices increased to $50,000.00 each.

Amendment 8 Apr 5, 2012

Amendment updates closing status, working capital fund deposit, common charges and taxes, and adds FHA approval effective March 19, 2012.

• Four units closed as of March 23, 2012: 4D, 1B, 4E, 4B
• Declaration recorded February 10, 2012
• Working Capital Fund deposit: $2,040.40
• Aggregate monthly common charge: $10,129.06
• Aggregate monthly real estate tax: $2,519.25
• Final Certificate of Occupancy effective July 5, 2011
• FHA approval effective March 19, 2012

Amendment 7 Oct 4, 2011

Plan declared effective after receiving 4 purchase agreements for 19% of residential units, with revised budget and common interest percentages for 2012.

• Plan declared effective based on 4 purchase agreements representing 19% of residential units
• Budget revised for year commencing January 1, 2012 showing reduction in expenditures
• Percentage of common interest revised to conform to Department of Finance requirements (four decimal places maximum)
• Revised Schedule A attached with updated common charges and carrying charges
• Revised tax estimate based on first closing date of January 1, 2012

Amendment 6 2011

Sales agent changed to Corcoran Group, mortgage holder changed to Bank Hapoalim B.M., mortgage contingency modified, and sponsor control of board relinquished after 3 years or 50% unit sales.

• Sales agent changed to The Corcoran Group at 125 Seventh Avenue, Brooklyn, New York
• Mortgage holder changed from Capital One to Bank Hapoalim B.M.
• Mortgage contingency modified to require application to MetLife Home Loans within 7 business days if original lender refuses to fund
• Sponsor will relinquish board control on first occurrence of 3 years from first closing or sale of more than 50% of aggregate common interests
• Bylaws revised to reflect board control relinquishment provision

Amendment 5 May 12, 2011

Schedule A prices revised with updates to purchase prices and financial projections.

• Purchase prices updated for all units (1A–5B and parking spaces PS1–PS11)
• Common charges, real estate taxes, and carrying charges recalculated for first year
• Total offering price remains $15,100,000

Amendment 4 Mar 7, 2011

Schedule A prices revised for all units with updated common charges and tax projections effective January 1, 2011.

• All unit purchase prices updated in Schedule A
• First year common charges (annual and monthly) revised for all units
• Projected first year real estate taxes updated
• Projected carrying charges adjusted for all units
• Financial information effective January 1, 2011 to December 31, 2011

Amendment 3 Feb 10, 2011

Selling agent changed to Douglas Elliman Real Estate and condominium bylaws amended to clarify permitted mortgagee rights.

• Selling agent changed to Douglas Elliman Real Estate, 575 Madison Avenue, New York
• Bylaws amended to clarify rights of permitted mortgagee
• Permitted mortgagees may examine condominium books of account monthly
• Mortgage representatives designated by institutional mortgagees may act on mortgagee consent matters
• Condominium board must notify permitted mortgagees of unit owner defaults and casualty losses

Amendment 2 Sep 8, 2010

Second amendment updates Schedule A and B prices, sets new projected closing date to January 1, 2011, provides 421-a tax exemption eligibility, and establishes working capital fund.

• New projected closing date: January 1, 2011 (rescission offered if closing does not occur by January 1, 2012)
• Revised Schedule A and B with updated unit prices
• Property received preliminary certificate of eligibility for 421-a tax exemption benefit
• Working capital fund set at $12,169.42 (one month of common charges)
• Budget certification attached

Amendment 1 May 19, 2010

Revised Schedule A with price changes for units in Harbor Hill Condominium.