1620 Avenue I

Amendment 11 2007

This amendment updates the sponsor's financial disclosure on its unsold shares, including maintenance, rents, lender, and board control, attaches financial statements and a budget, and extends the period the plan may be used.

• Sponsor owns 55% of the units in the Premises, and resale may be harder for buyers if lenders require sponsor ownership of 50% or less
• Sponsor's unsold shares carry aggregate monthly maintenance of $42,301.40 and receive aggregate monthly rents of $76,995.11
• Unsold shares are subject to a mortgage held by Sovereign Bank; no outstanding payments are owed by Sponsor under it
• Plan may be used for twelve (12) months from the date of this Eleventh Amendment
• Budget for 2006 and 2007 annexed as Exhibit C
• Accountants' financial statements for 2004, 2005 and 2006 annexed as Exhibit B
• Sponsor owns more than 10% of the shares in 430 Ocean Parkway, Brooklyn, New York 11218
• Sponsor has not controlled the Board since January 5, 1992; sponsor designees on the Board are Eric Markel, Vitaly Roslovich, Sheik Saddick and Anatoly Fingerman

Amendment 10 May 2, 2006

This Tenth Amendment discloses the Sponsor's unsold units, finances, mortgage and board control, lists nine units sold since 1992, extends the plan's usable period to twelve months, and attaches 1992–2004 financial statements and a budget.

• Plan may be used for twelve (12) months from the date this Tenth Amendment is duly accepted for filing
• Nine units sold by Sponsor since the Ninth Amendment (June 25, 1992): 104, 109, 207, 308, 317, 403, 408, 511, 607
• Sponsor holds unsold shares 24, 409, 411 and 412 (Exhibit A)
• Sponsor's aggregate monthly maintenance on unsold shares: $41,232.78; aggregate monthly rents received: $73,285.92
• Unsold shares subject to a mortgage held by Independence Community Bank; no outstanding payments owed by Sponsor under it
• Sponsor has not controlled the Board since January 5, 1992; current board listed, with four Sponsor designees
• Accountants' financial statements for 1992 through 2004 added (Exhibit B)
• Current budget for the Cooperative Corporation added (Exhibit D)

Amendment 9 Jun 25, 1992

This Ninth Amendment updates disclosures about sponsor Maxem Realty Co.'s owned units, its monthly maintenance and rent figures, its financial standing, and its control of Waterfall Apts, Inc., and states there are no other material changes beyond the earlier amendments.

• Lists units owned by sponsor Maxem Realty Co.
• Aggregate monthly maintenance charge for sponsor-owned shares is $36,206.55
• Aggregate monthly rents from tenants of sponsor-owned units are $43,140.33
• No unsold shares held by sponsor are subject to mortgages or financing commitments
• Sponsor has no financial obligations to Waterfall Apts, Inc. due within twelve months
• Sponsor states it has been current on plan obligations for the last twelve months
• Sponsor relinquished control of the Waterfall Apts, Inc. board on January 5, 1992
• Sponsor owns more than ten percent of the shares in 430 Ocean Parkway, Brooklyn, NY 11218

Amendment 8 Jun 24, 1991

The amendment raises the monthly maintenance charge to $9.15 per share and reports the sponsor's (Maxem Realty Co.) unsold-share holdings, finances, and continued board control until a set date.

• Monthly maintenance charge increased to $9.15 per share
• Maxem Realty Co. still controls the Board of Directors until it sells more than fifty percent of the shares or January 5, 1992, whichever comes first
• Maxem Realty Co. owns the listed units, with aggregate monthly maintenance payments of $36,206.55 and aggregate monthly rents of $41,651.89
• Maxem Realty Co. has no obligations to Waterfall Apts, Inc. due within twelve months, and no unsold shares are subject to mortgages or financing commitments
• Maxem Realty Co. states it is current on all obligations under the offering plan, and no units have been pledged or mortgaged as collateral
• Maxem Realty Co. owns more than ten percent of the shares in 430 Ocean Parkway, Brooklyn, NY 11218
• Maxem Realty Co. states it is current in its financial obligations in other cooperatives
• No other material changes to the Offering Plan except as set forth in the First through Eighth Amendments

Amendment 7 Jun 1, 1990

This financial disclosure amendment reports the sponsor Maxem Realty Co.'s unsold units, monthly maintenance and rent figures, obligations, and continued control of the board of Waterfall Apts, Inc. until a stated date.

• Maxem Realty Co. is listed as owner of the units named in paragraph 1
• Aggregate monthly maintenance for Maxem-owned shares is $33,374.40
• Aggregate monthly rents from tenants of Maxem-owned units are $39,701.87
• Maxem's monthly maintenance is funded by rents from its tenants
• Maxem has no obligations to Waterfall Apts, Inc. due within twelve months of the amendment
• No unsold Maxem shares are subject to mortgages or financing commitments, no payments are owed on the underlying mortgage, and no units are pledged as collateral
• Maxem states it is current on plan obligations, owns no more than ten percent of shares in other buildings, and has no obligations in other cooperatives, condominiums or homeowners associations
• Maxem still controls the board until it sells more than fifty percent of the shares or January 5, 1992, whichever comes first

Amendment 6 Aug 3, 1987

This amendment records the January 5, 1987 title closing and the sponsor's reserve, working capital, and mortgage arrangements, raises the garage rent to $85.00 per month, and attaches the unsold-share list, a contract rider, an amended asbestos report, and 1986 financial statements.

• Garage monthly rental raised to $85.00 per month
• Apartment Corporation took title subject to a $2,800,000.00 wrap-around purchase money mortgage
• Working capital fund reduced to $1,000.00; $35,245.45 excess paid to Sponsor in 12 promissory notes of $2,937.12 each plus 12% interest, payable February 5, 1987 to January 5, 1988
• Reserve fund of $135,735.00 set up, deposited with Bowery Savings Bank
• Title conveyed to Waterfall Apt Corp. on January 5, 1987
• All violations of record existing before closing cured
• Total unsold shares: 5,029 (Exhibit A); new contract of sale rider (Exhibit B) with $150.00 financing fee and $125.00 attendance fee
• Amended asbestos report (Exhibit C) and financial statements for year ending December 31, 1986 (Exhibit D) attached

Amendment 5 1987

The amendment reports asbestos-containing material in the building, relieves the Sponsor of any obligation to carry out the asbestos report's recommendations or escrow funds for that work, and raises the cash purchase price to $1,900.00 per share.

• Sponsor has no obligation to carry out the asbestos report's recommendations or to escrow money for that work, following the Appellate Division ruling
• Cash purchase price increased to $1,900.00 per share
• Asbestos Report dated January 8, 1987 finds asbestos-containing material in the building and is annexed as Exhibit A

Amendment 4 1986

This amendment declares the plan effective after 20 of the 125 apartments were subscribed and sets the closing dates for title transfer and individual purchases.

• Subscription agreements for 20 of the 125 apartments accepted; plan declared effective by notice dated November 24, 1986
• Closing transferring title to the Apartment Corporation scheduled for December 30, 1986 at 10:00 A.M., unless adjourned
• Individual subscriber closings scheduled at offices of Schiff, Turek & Kakoyiannis, 136 East 57th Street, New York, New York 10022 (date not legible)
• Exhibit A added: notice of effectiveness dated November 24, 1986
• Exhibit B added: Sponsor's affidavit under R18.5(e)(6)
• Exhibit C added: schedule of all subscribers
• No other material changes to the terms of the Offering Plan

Amendment 3 1986

This amendment adds asbestos testing, reporting, and closing-delay rights for buyers, and discloses a court ruling that upheld part of the asbestos regulations and invalidated another part, which the Attorney General will appeal.

• Sponsor must test for Asbestos Containing Material (ACM) in insulation or fireproofing anywhere in the building and disclose results by amendment no later than February 8, 1987
• If ACM is found, a qualified person must prepare an asbestos report, to be disclosed by amendment by February 8, 1987
• Subscribers may delay closings on their units until 30 days after the asbestos statement and report are served
• On October 6, 1986 the court upheld paragraphs 2 and 3 of the asbestos regulations and invalidated the paragraph 5 provisions
• The Attorney General will appeal the invalidation of the paragraph 5 provisions
• Plan will be amended to disclose the litigation outcome and its effect on sponsor obligations
• Paragraph 5 quoted regulation requires escrow of not less than $2,500.00 per unit for asbestos work if closings occur before that work is completed; this is subject to the litigation outcome

Amendment 2 Oct 15, 1986

This second amendment lowers the wrap-around mortgage the Apartment Corporation owes the Sponsor, cuts and then restores the reserve fund, warns of possible rent increases for non-purchasing tenants, and sets terms for tenants who want other apartments.

• Cash purchase price for non-tenants, and tenants who subscribe after 30 days, is $1,725 per share
• Wrap-around mortgage to Sponsor at closing reduced from $3,000,000 to $2,800,000
• Reserve fund reduced from $235,650 to $203,602, with Sponsor adding $46,398.00 (total $250,000.00) during the first year, payable to the Apartment Corporation no later than the first anniversary of closing
• Sponsor to seek DHCR rent increases for window, boiler and intercom work as Major Capital Improvements; non-purchasing tenants should expect rent increases
• Tenants in occupancy may elect within 30 days to buy a vacant or other available apartment at a blended price plus any Sponsor improvements
• Revised first-year budget (Schedule A/Exhibit II) for operation beginning January 1, 1987
• Sponsor must file a further amendment on asbestos with the Department of Law within 15 days under 13 NYCRR 18.7(aa)

Amendment 1 Jun 19, 1986

The amendment raises the cash purchase price for non-tenants to $1,725.00 per share, attaches a revised Schedule A, and records the settlement of a rent strike by stipulation.

• Cash purchase price for non-tenants increased to $1,725.00 per share
• Revised Schedule A annexed as Exhibit "I"
• Rent strike (Maxem Realty Co. v. Various Tenants, 1620 Avenue I, Index #37184/86) settled by stipulation marked "So-Ordered" by Judge R. Jackson; copy annexed as Exhibit "II"
• No other material changes in the plan's terms