N4 Condominiums

Amendment 7 Mar 26, 2009

Offering prices for two units are updated.

• Unit 4C price changed to $899,000
• Unit 4D price changed to $879,000

Amendment 6 Jan 14, 2009

First unit closed October 30, 2008; temporary certificate of occupancy issued; Declaration recorded; working capital fund deposited; sponsor retains 20 residential, 11 parking, and 17 storage units; Unit S24 common interest revised to 0.633%.

• First unit closed October 30, 2008 at N.C. Caller P.C., 4309 13th Avenue, Brooklyn
• Temporary Certificate of Occupancy issued October 17, 2008 under CO number 3019141123T001
• Declaration of Condominium recorded April 15, 2008; amended declaration recorded 11/25/2008
• Working capital fund of $20,956.04 deposited at J.P. Morgan Chase Bank
• Sponsor retains 20 residential units, 11 parking units, 17 storage units
• First unit owners meeting to be held by March 1, 2009
• Unit S24 percent common interest revised to 0.633%
• Aggregate monthly expenses for sponsor-held units approximately $7,306.70

Amendment 5 Nov 18, 2008

Amendment adds mortgagee notification and approval rights to the By-Laws.

• Mortgagees must approve amendments that materially interfere with their rights (51% approval required)
• Mortgagees must be notified by certified mail of casualty losses or condemnation of the building
• Mortgagees must be notified of unit owner defaults on common charges or special assessments lasting 60 days
• Mortgagees must be notified of cancellation, lapse, or substantial modification of building insurance
• Mortgagee silence for 60 days after certified notice constitutes implied approval

Amendment 4 Aug 1, 2008

This amendment declares the offering plan effective as of July 24, 2008, based on executed purchase agreements for 12 units representing 32% of units being sold.

• Plan declared effective July 24, 2008
• 12 units under executed purchase agreements as of effective date
• 12 units represent 32% of units being sold

Amendment 3 Jun 19, 2008

Storage units increased from 18 to 24, unit labels changed, taxes updated with 421-a benefits, Unit 1C reconfigured, budget revised with heating and electricity costs, and financing contingency terms clarified.

• Storage units increased from 18 to 24; common interests re-allocated
• Unit labels changed: J→I, K→J, L→K on floors 1, 2, and 3
• Unit 1C no longer has cellar space; now contains 1 bedroom and 1 bathroom; price and common interest decreased
• Schedule A updated with revised unit square footages and real estate taxes including 421-a tax exemption benefits
• Budget updated to July 1, 2008; includes gas heating ($25,400.00 annual) and electricity ($26,060.00 annual) as common charges
• Management fee $30,000.00 for first year by DR North 4 Developers, LLC
• Building insurance: $7,000,000.00 all-risk coverage with $2,500.00 deductible; $14,000.00 projected annual premium
• Financing contingency limited to 75% of purchase price with 21-day pre-approval requirement
• Schedule A prices increased for 4 homes (median +4.4%): 2J $525,000 → $565,000; 2K $565,000 → $590,000; 3J $535,000 → $555,000; 3K $555,000 → $560,000
• Schedule A prices decreased for 1 home (median -13.4%): 1C $560,000 → $485,000

Amendment 2 May 9, 2008

Offering prices for five units are amended.

• Unit 1G price set to $650,000
• Unit 1H price set to $595,000
• Unit 2S price set to $595,000
• Unit 2K price set to $565,000
• Unit 2L price set to $590,000
• Schedule A prices increased for 4 homes (median +6.3%): 1G $635,000 → $650,000; 1H $560,000 → $595,000; 2K $545,000 → $565,000; 2L $550,000 → $590,000

Amendment 1 Apr 18, 2008

Offering prices for 47 units and 19 parking spaces are amended.

• Unit prices set for 28 residential units (1A–4F), ranging from $535,000 to $1,035,000
• Parking space prices set at $40,000 each for 19 spaces (P1–P19)
• Schedule A prices increased for 25 homes (median +2.3%): 1G $575,000 → $635,000; 1H $546,000 → $560,000; 1J $661,000 → $760,000; 2A $380,000 → $390,000; ...
• Schedule A prices decreased for 9 homes (median -8.4%): 1A $689,000 → $605,000; 1B $667,000 → $640,000; 1C $638,000 → $560,000; 1D $644,000 → $550,000; ...