Beechwood Gardens *

Amendment 47 Dec 15, 2020

This form changes no plan terms; the sponsor certifies that the digital and redacted public copies of the offering plan match the paper copy filed with the Department of Law.

• No changes to prices, units, dates, or other plan terms are stated in this form
• Sponsor certifies digital copy of the offering plan matches the paper copy filed with the DOL
• Sponsor certifies the redacted Certified Public Copy matches the paper and digital copies, except for redactions

Amendment 44 2017

This amendment raises the purchase prices of the remaining unsold apartments (maximum $750.00 per share), lists those units, updates their financial figures, reports the 2016 audit and 2017 budget, and discloses a new first mortgage and a no-smoking resolution.

• Purchase prices of available unsold units increased, per the attached C-11/CD-11 form (new prices not stated in the text)
• Maximum selling price for all Unsold Apartments is $750.00 per share, negotiable
• Exhibit A lists 10 unsold apartments totaling 3,650 shares
• As of September 13, 2017, unsold apartments carry approximate monthly maintenance of $8,687.00 and rental receipts of $8,108.76; Sponsor also receives a $905.00 monthly SCRIE tax credit
• New first mortgage with National Consumer Cooperative Bank dated August 5, 2016, principal $2,800,000.00, 3.52% per annum, maturing September 1, 2026
• Board resolution of November 29, 2016: minimum $1,000.00 fine for first smoke-leakage offense, applying to new residents only
• Plan may be used for 12 months from acceptance for filing
• Exhibit D: audit for period ending December 31, 2016; Exhibit E: projected budget for year ending December 31, 2017

Amendment 43 2016

This amendment lists 10 unsold apartments offered at a maximum of $600.00 per share, extends the plan's usable period by 12 months, and updates maintenance, unsold-apartment finances, and repair information.

• Maximum selling price for the 10 unsold apartments is $600.00 per share, negotiable
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• Monthly maintenance increased $0.15 per share, from $2.23 to $2.38, effective January 1, 2015
• Unsold apartments as of June 10, 2016: $8,687.00 maintenance payable, $8,061.20 rent receivable, ($625.80) net loss
• Sponsor receives a monthly tax credit of $887.62 for the Senior Citizen Rent Increase Exemption
• 2015 driveway and parking lot repaving by Powerhouse Paving cost $27,350.00, paid from reserve
• Latest audit covers period ending December 31, 2014; purchasers advised to inquire about 2015 financials and 2016 budget
• No material changes to the Plan except as stated in this amendment

Amendment 42 Feb 11, 2015

This amendment raises shareholder maintenance from $2.23 to $2.38 per share per month and the sublet fee to $2.38 per share, lists 10 unsold apartments at a maximum of $600.00 per share, and extends the plan's usable period for 12 months from acceptance for filing.

• Maintenance raised from $2.23 to $2.38 per share per month, effective January 1, 2015
• Annual sublet fee increased to $2.38 per share
• Unsold apartments (10 units, 3,650 shares) listed with a maximum selling price of $600.00 per share, negotiable
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• Unsold apartments' approximate monthly maintenance charges $8,139.50 and rental receipts $7,972.38, as of December 19, 2014
• Sponsor receives monthly tax credit of $911.92 for the Senior Citizen Rent Increase Exemption
• Audit report for 2013 and projected budget for the year ending December 31, 2015 attached
• Board of Directors membership listed; Holder of Unsold Shares does not control the board

Amendment 41 Feb 26, 2014

This amendment raises the maximum selling price of the unsold apartments to $500.00 per share, increases shareholder maintenance charges effective January 1, 2014, extends the period the plan may be used for twelve months, and updates the list of unsold apartments, financial figures, and board members.

• Maximum price for unsold apartments raised from $260.00 to $500.00 per share (negotiable), covering 4,950 unsold shares
• Maintenance charges increased from $2.17 to $2.23 per share per month, effective January 1, 2014
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• Schedule of unsold apartments updated (Exhibit A), with 14 unsold apartments as of December 11, 2013
• Approximate monthly maintenance for unsold apartments $10,741.50 and rental receipts $7,713.09, as of December 11, 2013
• Compilation report of projected budget for the year ending December 31, 2014 added (Exhibit E)
• Board of Directors list updated, with Walter Franklin as President

Amendment 40 Feb 12, 2013

This amendment sets a maximum price of $260.00 per share for unsold apartments, sets the monthly maintenance charge and annual sublet fee at $2.17 per share, revises purchaser escrow procedures, adds a parking space rule, and attaches recent financial reports.

• Maximum selling price for unsold apartments is $260.00 per share, negotiable and subject to change under the Plan
• Current monthly maintenance charge is $2.17 per share per month
• Annual sublet fee increased to $2.17 per share
• Escrow agent is the Law Offices of Thomas Lavin, with deposits held at JPMorgan Chase in the Blossom Gardens Associates IOLA Escrow Account; no fees may be deducted from the account
• Purchasers who do not receive notice of their deposit within 15 business days may cancel within 90 days
• Shareholders subletting or transferring shares must relinquish any leased parking space to the cooperative, effective November 28, 2011
• Audit for the year ending December 31, 2011 and projected budget for the year ending December 31, 2013 are attached
• Unsold apartments are owned free and clear and not pledged as collateral; no unsold shares are subject to mortgages

Amendment 39 Feb 8, 2012

This amendment raises shareholder maintenance from $2.02 to $2.17 per share per month effective February 1, 2012, sets a maximum price of $260.00 per share for the unsold apartments, updates the board of directors, and extends the plan's use period by twelve months.

• Maintenance increased from $2.02 to $2.17 per share per month, effective February 1, 2012
• Maximum selling price of $260.00 per share set for all Unsold Apartments, which is negotiable
• Unsold Apartments total 16 (13 occupied, 3 vacant) with 5,400 shares, as of January 19, 2012
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• Board of Directors list updated with seven named members
• Audit report for period ending December 31, 2010 and projected budget for year ending December 31, 2012 attached
• Unsold Apartments are owned free and clear and not pledged as collateral
• Holder of Unsold Shares' other sponsor-affiliated offering plans listed in Exhibit C

Amendment 38 Mar 18, 2011

This amendment sets a $260.00 per share maximum price for unsold apartments, raises maintenance from $1.88 to $2.02 per share per month, adds a small-dog house rule, and updates the unsold-apartment, board, financial and tax disclosures.

• Maximum selling price for unsold apartments is $260.00 per share, negotiable
• Monthly maintenance increased from $1.88 to $2.02 per share effective March 1, 2011
• Dogs of 15 pounds or less allowed with shareholder permission, effective July 1 2010
• Unsold apartments as of February 3, 2011: 16 units; aggregate monthly maintenance $10,152.00 and rental receipts $11,141.82
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• Board of Directors membership listed; Franklin, Bulavinetz, Walsh and Carnevale elected by resident shareholders
• J-51 tax benefit and high-rent deregulation disclosure added; Building has never received J-51 benefits
• Annual audit for period ending December 31, 2009 and projected budget for year ending December 31, 2011 attached

Amendment 37 Apr 1, 2010

This amendment sets a $260.00-per-share maximum price for the unsold apartments, confirms they are free of liens, updates their maintenance and rental figures as of February 17, 2010, and extends the period for using the plan.

• Maximum selling price for all Unsold Apartments is $260.00 per share, negotiable
• Unsold Apartments are owned free and clear and not pledged as collateral
• Current monthly maintenance charge is $1.88 per share per month
• As of February 17, 2010: approximate aggregate monthly maintenance $10,575.00 and rental receipts $12,306.31 for Unsold Apartments
• Plan may be used for twelve (12) months from acceptance for filing, extendable by further amendment
• Audit attached for year ended December 31, 2008; 2009 audit not yet available; projected budget for 2010 attached
• Boiler/burner at 195-30 39th Avenue building completed/installed in August 2009
• Board of Directors membership listed; Holder of Unsold Shares does not control the board

Amendment 36 Apr 20, 2009

This amendment sets a $260.00 per share maximum price for unsold apartments, corrects the 2008 maintenance increase, reports a boiler contract, sets a twelve-month plan use period, and updates financial and board information.

• Maximum selling price for unsold apartments set at $260.00 per share, negotiable
• Current monthly maintenance charge is $1.88 per share per month
• Correction: maintenance increase effective January 1, 2008 was $1.88 per share per month, not the $1.80 disclosed in the 35th Amendment
• Boiler/burner installation at 195-30 39th Avenue costs $28,371.00, paid from reserve account, probably starting spring 2009
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• Annual audit for 2007 attached; 2008 audit not yet available; projected budget for year ending December 31, 2009 attached
• Unsold shares not subject to mortgages or financing commitments; holder current on obligations as of March 31, 2009
• Board of Directors listed; Mr. Franklin, Mr. Bulavinetz, Ms. Walsh and Mr. Carnevale elected by resident shareholders

Amendment 35 Apr 30, 2008

This amendment lists the unsold apartments with a maximum price of $260.00 per share, raises the maintenance charge and transfer fee effective January 1, 2008, and sets a twelve-month period for using the plan.

• Maximum selling price for all Unsold Apartments is $260.00 per share, negotiable and subject to change under the Plan
• Monthly maintenance increased from $1.65 to $1.88 per share per month per shareholder, effective January 1, 2008
• Cooperative transfer fee increased from $6.00 to $10.00 per share, effective January 1, 2008
• Plan may be used for twelve (12) months from the date this amendment is duly accepted for filing
• Current monthly maintenance charge stated as $1.80 per share
• Unsold Apartments are owned free and clear and not pledged as collateral; no Unsold Shares are subject to mortgages or financing commitments
• Compilation report of projected budget for the year ending December 31, 2008 attached; 2007 annual audit not yet available
• Audit report for the year ended December 31, 2006 attached as Exhibit D

Amendment 34 May 18, 2007

This amendment sets a maximum price of $260.00 per share for the 20 unsold apartments, extends the proprietary lease to December 31, 2083, and reports a new $2,900,000.00 first mortgage and a completed roof replacement.

• Maximum price for unsold apartments set at $260.00 per share, negotiable
• Proprietary lease extended from December 31, 2033 to December 31, 2083
• New first mortgage of $2,900,000.00 from National Consumer Cooperative Bank at 5.98% fixed, maturing November 1, 2016
• Roof replacement completed October 2006 at $295,200.00, paid from reserve account
• Current monthly maintenance charge is $1.65 per share
• Plan may be used for twelve (12) months from acceptance for filing
• Audit for 2005 and projected budget for 2007 attached

Amendment 33 Jun 5, 2006

The Holder of Unsold Shares lists 20 unsold apartments at a maximum price of $260.00 per share, updates the financial and board information as of March 21, 2006, and extends the period the Plan may be used by twelve months from acceptance for filing.

• Maximum selling price for all Unsold Apartments is $260.00 per share, negotiable and subject to change under the Plan
• Unsold Apartments listed in Exhibit A, with share allocations
• Monthly maintenance charge is $1.65 per share
• Plan may be used for twelve (12) months from the date this amendment is duly accepted for filing
• Board of Directors list updated; a fourth resident board member is to be appointed to replace William Meurer
• 2004 audit report and 2006 projected budget attached as Exhibit D
• Escrow agent is Narotsky & Lavin, LLP, with deposits held at Chase Manhattan Bank

Amendment 32 Jul 18, 2005

This amendment raises monthly maintenance and several co-op fees effective January 1, 2005, sets a maximum price for the remaining unsold apartments, adds house rules on pest extermination and second-floor carpeting, and extends the period for using the plan by twelve months from acceptance for filing.

• Monthly maintenance raised from $1.37 to $1.65 per share, effective January 1, 2005
• Maximum selling price for all unsold apartments set at $260.00 per share, negotiable and subject to change under the Plan
• Transfer fee increased from $5.00 to $6.00 per share
• Animal sublet fee increased from $1.37 to $1.65 per share
• Garage parking fee increased from $45 to $90 per month
• Garage storage space fee increased from $25 to $50 per month
• House rule added: shareholders with carpet beetles or bed bugs pay extermination costs; all second-floor apartments must be carpeted with padding, excluding kitchen and bathroom, effective January 1, 2005
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing

Amendment 31 Aug 19, 2004

This amendment updates the unsold-apartment pricing and financials, adds a 2004 budget, extends the plan's usage period by 12 months, and reports the sponsor's address change and the Anita Terrace bankruptcy resolution.

• Maximum selling price for Unsold Apartments set at $260.00 per share, negotiable and subject to change under the Plan
• Current monthly maintenance charge is $1.37 per share
• As of June 11, 2004, unsold apartments' approximate monthly maintenance charges were $9,795.50 and approximate monthly rental receipts were $13,094.54
• Holder of Unsold Shares has no remaining financial obligations under the Plan except maintenance on Unsold Apartments; no Unsold Shares are subject to mortgages or financing commitments
• Anita Terrace bankruptcy concluded; Visutton's Unsold Shares there were acquired June 30, 2004 by a new unrelated Sponsor
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• Compilation report of projected 2004 budget attached as Exhibit D; 2003 financial statement not yet available
• Holder of Unsold Shares' address changed to 286 Northern Boulevard, Great Neck, New York 11021-1404, effective May 1, 2004

Amendment 30 Aug 1, 2003

This amendment updates the list of unsold apartments and their maximum price of $260.00 per share, reports their monthly carrying costs and the sponsor's payment status, and discloses litigation and bankruptcy involving a related cooperative, Anita Terrace.

• Maximum selling price for all Unsold Apartments is $260.00 per share, negotiable
• List of Unsold Apartments and share allocation added as Exhibit A
• Approximate monthly maintenance for Unsold Apartments $9,795.50 and rents $12,495.31 as of April 29, 2003
• Current monthly maintenance charge is $1.37 per share
• Holder of Unsold Shares current on obligations to the Apartment Corporation as of April 10, 2003; no Unsold Shares subject to mortgages
• Exhibit C lists 19 other cooperatives and 2 condominiums with related principals
• Disclosure of Anita Terrace litigation, including Visutton Associates maintenance dispute and bankruptcy proceedings
• Disclosure of an action by USF Insurance Company

Amendment 29 Aug 1, 2002

This amendment sets a maximum selling price of $260.00 per share for unsold apartments, raises the sublet processing fee to $200.00, allows the plan to be used for 12 months from filing acceptance, and updates financial, litigation and board disclosures.

• Maximum selling price for Unsold Apartments set at $260.00 per share, negotiable and subject to change under the Plan
• Sublet processing fee raised from $150.00 to $200.00 per application, effective July 1, 2002
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• Current monthly maintenance charge is $1.15 per share
• Anita Terrace litigation and bankruptcy disclosed, with no present indication of negative impact on this Plan
• Audit for period ended December 31, 2000 and projected budget for year ending December 31, 2002 attached
• Board vacancy to be filled at the next annual meeting

Amendment 28 Aug 16, 2001

This amendment sets a maximum price of $260.00 per share for unsold apartments, sets a 12-month period for using the plan, and updates the maintenance charge, unsold-apartment figures, board list, financial reports, and litigation disclosures.

• Maximum selling price for all Unsold Apartments set at $260.00 per share, negotiable and subject to change under the Plan
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing, then extended by a further amendment
• Current monthly maintenance charge is $1.15 per share
• Unsold Apartments: approximate monthly maintenance charges $9,717.50 and monthly rental receipts $13,237.76, as of April 18, 2001
• Unsold Apartments owned free and clear and not pledged; no Unsold Shares subject to mortgages or financing commitments
• Board of Directors list updated; Franklin, Kyrkostas, Clanton and Karosos elected by resident Tenant-Shareholders
• Audit report for year ended December 31, 1999 and projected budget for year ending December 31, 2000 attached as Exhibit D
• Anita Terrace Owners, Inc. litigation disclosed; no present indication of negative impact on this Plan

Amendment 27 Jul 26, 2000

This amendment sets the maximum price for the unsold apartments, changes how the annual sublet fee is billed, updates the board and financial disclosures, and discloses litigation involving a related sponsor's plan.

• Maximum selling price for all Unsold Apartments is $260.00 per share, negotiable
• Annual sublet fee of $1.15 per share now billed in twelve monthly installments instead of one yearly payment, effective immediately
• Current monthly maintenance charge is $1.15 per share
• 27 Unsold Apartments listed with 8,875 unsold shares, as of March 6, 2000
• Board of Directors listed; seventh seat vacant and to be filled at next annual shareholders' meeting
• Disclosed lawsuits involving Anita Terrace Owners, Inc., where two principals of the Holder of Unsold Shares are principals of that plan's sponsor
• Audit for year ended December 31, 1999 and projected budget for year ending December 31, 2000 attached
• Plan may be used for twelve months from the date this amendment is accepted for filing

Amendment 26 Jun 24, 1999

This amendment updates the sponsor's unsold-apartment financial figures as of April 13, 1999, adds the 1998 audit and 1999 budget, lists current co-op fees and board members, describes new state rules on collecting rent from tenants of defaulting owners, and extends the period the plan may be used.

• Exhibit A lists the unsold apartments and their share allocations, all owned free and clear of debt
• Unsold apartments as of April 13, 1999: aggregate monthly maintenance $10,953.75 and monthly rental receipts $14,370.44
• Holder of Unsold Shares was current on its obligations as of April 1, 1999
• Board membership listed; seventh seat vacant and to be filled at the next annual meeting
• Flip tax $3.00 per share; processing fees $200.00 (sublet) and $150.00 (sale); illegal sublet penalty $500.00
• Board may collect rents directly from tenants when an owner defaults on maintenance or common charges (effective July 22, 1998)
• Plan may be used for 12 months from acceptance for filing, then extended by further amendment
• No other material changes to the plan

Amendment 25 Jul 22, 1998

This amendment discloses a new $2,100,000.00 first mortgage taken by the apartment corporation, updates the financial figures and unsold-apartment list for the holder of unsold shares, restates miscellaneous co-op fees, and sets a twelve-month period for using the plan.

• New first mortgage of $2,100,000.00 from NCB Capital Corporation dated March 30, 1998, maturing April 1, 2008, at 7.16% interest
• Monthly mortgage payments of $20,863.01; prepayment barred before October 1, 2006
• Unsold apartments: 30 apartments with 9,950 unsold shares listed in Exhibit A, not pledged as collateral
• As of April 14, 1998: monthly maintenance charges $11,401.91, rental receipts $15,020.46, net monthly income $3,618.55
• Miscellaneous fees: sublet fee $1.15 per share, sublet processing fee 200.00, sale processing fee $150.00, illegal sublet penalty $500.00, flip tax $3.00 per share
• 1996 annual audit attached and projected budget for year ending December 31, 1998 attached
• Plan may be used for twelve (12) months from the date this amendment is accepted for filing
• Holder of unsold shares does not control the board; board members listed

Amendment 24 Jul 11, 1997

The amendment updates the list of 29 unsold apartments, their financial figures as of March 10, 1997, the sponsor's status, the 1996 audit and 1997 budget, the board roster, and the miscellaneous fee schedule, and sets a twelve-month period for using the plan from acceptance for filing.

• Unsold apartments listed in Exhibit A (29 apartments, 9,525 shares per Exhibit B)
• Approximate monthly maintenance on unsold apartments $10,953.75 and rental receipts $13,693.01, as of March 10, 1997
• Holder of Unsold Shares current on its obligations to the Apartment Corporation as of March 1, 1997
• Audit by Solieri & Solieri for the period ended December 31, 1996 added
• Projected budget for the year ending December 31, 1997 added
• Miscellaneous fees listed: annual sublet fee $1.15 per share, sublet processing $200.00, sale processing $150.00, illegal sublet penalty $500.00, flip tax $3.00 per share
• Board of Directors roster updated (seven members, four elected by resident tenant-shareholders)
• Plan may be used for twelve (12) months from the date this amendment is duly accepted for filing

Amendment 23 Dec 19, 1996

This amendment updates the unsold-apartment list and financials as of September 11, 1996, attaches the 1995 audit and 1996 projected budget, lists existing co-op fees, and allows the plan to be used for six months after the amendment is accepted for filing.

• Plan may be used for six (6) months from the date this Amendment is duly accepted for filing; further extension requires another amendment
• Schedule of 29 unsold apartments (9,525 unsold shares) listed in Exhibit A, all shown as occupied
• Unsold apartments as of September 11, 1996: monthly maintenance charges $10,953.75, rental income $13,632.84, net monthly income $2,679.09
• Board of Directors listed; Walter Franklin is President; Holder of Unsold Shares does not control the Board
• Annual audit report for 1995 and projected budget for the year ending December 31, 1996 attached
• Miscellaneous co-op fees listed as already in effect: sublet $1.15 per share annually, sublet processing $200.00, sale processing $150.00, illegal sublet penalty $500.00, flip tax $3.00 per share
• Holder of Unsold Shares current on all obligations to the Apartment Corporation as of September 1, 1996
• Exhibit C lists other offering plans in which the sponsor's principals are also principals in a sponsoring entity owning more than 10%

Amendment 22 Jun 27, 1996

This twenty-second amendment updates the buyer disclosures for Beechwood Gardens, listing the 30 unsold apartments, their approximate monthly maintenance and rental figures, the sponsor's payment status, the board, the financial reports, and the plan's effective period.

• Lists 30 unsold apartments with 9,950 unsold shares, owned free and clear and not pledged as collateral
• Approximate aggregate monthly maintenance for unsold apartments as of March 15, 1996: $11,442.50
• Approximate aggregate monthly rental receipts for unsold apartments as of March 15, 1996: $14,054.55
• Holder of Unsold Shares was current on all financial obligations to the Apartment Corporation as of March 1, 1996
• Board of Directors membership listed; the Holder of Unsold Shares does not control the board
• Audit report for year ended December 31, 1994 and projected budget for year ending December 31, 1996 added
• Exhibit C lists other offering plans in which the holder's principals are also principals of a sponsoring entity
• Plan may be used for six months from acceptance for filing, extendable by further amendment

Amendment 21 May 3, 1995

This amendment updates the unsold-unit list, the carrying costs and rent figures for unsold apartments as of April 5, 1995, the current board roster, the ongoing $.10 per share monthly assessment, the financial reports, and the period for using the plan.

• Unsold apartments listed in Exhibit A: 32 total (30 occupied, 2 vacant), 10,800 unsold shares
• Aggregate monthly maintenance charges for unsold apartments as of April 5, 1995: $12,420.00
• Aggregate monthly rental receipts for unsold apartments as of April 5, 1995: $13,446.28
• $.10 per share per month assessment remains in effect and continues indefinitely
• Plan may be used for twelve (12) months from the date this Amendment is accepted for filing
• Compilation report for the year ended December 31, 1994 and projected budget for the year ending December 31, 1995 attached
• Current board: Walter Franklin (President), Peter Mesos (Vice President), Vita Goe (Secretary), John Llano, Andrew Mesos, Beatrice Montoya and Tami Racaniello

Amendment 20 Nov 7, 1994

This amendment updates the list of unsold apartments and their maintenance and rental figures, the holder's financial status, the board roster, the Apartment Corporation's 1992 and 1993 financial results with the 1994 budget, and the period during which the plan may be used.

• 33 unsold apartments (11,225 shares) listed in Exhibit A; purchase price is negotiable
• As of October 14, 1994, unsold apartments' maintenance was $14,031.25 a month against rental receipts of $13,831.34 a month (net monthly loss $199.91)
• Holder of Unsold Shares was current on all obligations to the Apartment Corporation as of October 1, 1994
• Plan may be used for six (6) months from the date this Amendment is accepted for filing
• 1992 net operating loss before depreciation of $45,686, funded by a $.10 per share assessment; 1993 net operating income before depreciation of $21,559
• Board members listed: Walter Franklin (President), Peter Mesas (Vice President), Vita Goe (Secretary), John Llano, Andrew Mesas, Beatrice Montoya, Tami Racaniello
• Holder sold 425 shares for Apartment 195-20A to the Apartment Corporation for $60,000 (October 1992) and 425 shares for Apartment 194-06 for $55,000 (June 1993)
• 1992 and 1993 financial statements and 1994 budget attached as Exhibit D

Amendment 19 Apr 1, 1993

This amendment lists the Holder of Unsold Shares' remaining apartments with their share allocations and negotiable prices, offers buyer financing of up to 75% from the holder, extends the plan's use period, and updates the escrow, financial, and board disclosures.

• Unsold apartments listed in Exhibit A with share allocations and purchase prices, which are negotiable
• Holder of Unsold Shares may finance up to 75% of an apartment's purchase price, with a non-refundable $100 application fee
• Plan may be used for six (6) months from the date this Amendment is accepted for filing
• $.10 per share assessment effective October 1, 1991, continuing indefinitely to fund the 1991 net operating loss before depreciation of $55,298
• Trust funds deposited within five business days in the Chase Manhattan IOLA escrow account; interest rate 1.5% as of February 23, 1993
• Holder of Unsold Shares current on all obligations to the Apartment Corporation as of February 22, 1993
• Board members listed; Mr. Lano, Mr. Franklin, Mr. Prestia and Ms. Mytides elected by resident shareholders
• Form of contract of sale for unsold apartments set out as Exhibit H, with negotiable terms

Amendment 18 Oct 7, 1991

The amendment lists the unsold apartments with their purchase prices, imposes a monthly assessment on shares, reports the lower assessed value and 1990 operating loss, and adds rent-payment rules for tenants when the sponsor falls behind on maintenance.

• Unsold apartments listed with purchase prices in Exhibit A, ranging from $73,000 to $107,625; prices negotiable
• Assessment of $.10 per share per month imposed as of October 1, 1991, for an indefinite period
• Actual assessed value reduced from $934,000 (90/91 tax year) to $585,000 (91/92 tax year)
• 1990 net operating loss before depreciation of $77,442; deficit to be funded by the assessment
• Board finished replacing leaders, gutters and a boiler by December 1990
• Tenant rent payable to the Apartment Corporation if the sponsor is more than thirty days late on maintenance (GBL 352-e(2-d))
• Contract deposits held in a segregated IOLA escrow account at Paul A. Murphy, Esq., at Chase Manhattan Bank
• Plan may be used for twelve months from the date the amendment is accepted for filing

Amendment 17 Jun 4, 1990

This amendment lists the unsold apartments and their prices, folds a 15¢ per share assessment into maintenance so it becomes $1.15 per share, and reports the February 1990 refinancing of the building's first mortgage.

• Maintenance raised to $1.15 per share, replacing the separate 15¢ assessment, effective February 1, 1990
• Monthly maintenance: $258.75 (225 shares), $373.75 (325 shares), $488.75 (425 shares)
• Unsold apartments listed for sale at $73,000 to $107,625 each (Exhibit A)
• First mortgage refinanced February 9, 1990 with Washington Mortgage Group, Inc. for $2,000,000 at 10.13% fixed, interest only, maturing March 1, 2000
• Monthly mortgage payment of $27,074.56 under the new first mortgage
• Board plans to replace leaders, gutters and a boiler
• 1990 proposed budget attached as Exhibit C
• Plan may be used for twelve months from acceptance for filing

Amendment 16 Apr 14, 1989

The amendment extends the Citibank financing offer, adopts a new Contract of Sale and updated price list for unsold apartments, imposes a special assessment in place of a maintenance increase, and reports boiler work, board members and 1988 financials.

• Citibank financing offer extended to May 31, 1989
• New Contract of Sale (Exhibit B) to be used for selling unsold apartments
• Unsold apartments and purchase prices listed in Exhibit A; prices are negotiable and may change
• Plan may be used for twelve (12) months from the date this Amendment is accepted for filing
• Special assessment of 15¢ per share, per month, on all apartments, in lieu of raising maintenance charges; Board to decide how long it continues
• One Raypak boiler installed in 1987; two new Scotch Marine boilers installed in 1988
• Board of Directors listed; officers to change at the May annual meeting
• 1988 financial statements attached as Exhibit C

Amendment 15 Sep 30, 1988

The amendment offers non-purchasing existing tenants a 60-day no-cash purchase option with a 25% decorating allowance and Citibank financing, and it also adds an unsold-apartment price schedule, lists current board members, and sets a twelve-month period for using the plan.

• Special 60-day offer to non-purchasing Existing Tenants: $100 downpayment and a 25% Decorating Allowance
• Tenants may condition their Contract of Sale on a commitment to finance 75% to 90% of the purchase price
• Citibank bulk commitment for co-op loans to qualifying Existing Tenants; application fee only $200 (subject to change)
• Exhibit A lists unsold apartments with purchase prices from $73,000 to $107,625
• Current Board of Directors members listed
• Plan may be used for twelve (12) months from the date the amendment is accepted for filing

Amendment 14 Sep 22, 1988

This amendment raises the purchase prices of all unsold apartments (listed in Exhibit A), attaches 1986 and 1987 financial statements (Exhibit B), and extends the period the Plan may be used to twelve months from acceptance for filing.

• Purchase prices of all unsold apartments increased; new prices listed in Exhibit A, and prices remain negotiable
• 1986 and 1987 financial statements for the property added as Exhibit B
• Plan may be used for twelve (12) months from the date this Amendment is accepted for filing, after which it must be extended by a further amendment
• No other material changes to the Plan

Amendment 13 Mar 6, 1987

This amendment raises the purchase prices of all unsold apartments, with new prices for each listed in Exhibit A, and states that the prices are negotiable and subject to further change under the Plan.

• Purchase prices of all unsold apartments increased
• New per-apartment prices in Exhibit A, ranging from $69,000 to $98,625
• Prices are negotiable and subject to further change under the Plan
• Plan, as modified and supplemented by this amendment, incorporated by reference
• No other material changes to the Plan

Amendment 12 Jan 3, 1987

The Twelfth Amendment adds an asbestos survey report for the Beechwood Gardens buildings, which finds asbestos-containing materials on basement boilers and piping but none requiring removal in apartments, and leaves the response to the Board of Directors.

• Asbestos Statement and Report added as Exhibit A, prepared by Sumray Construction Co., Inc.
• Asbestos-containing materials found on basement boilers and pipe insulation
• No asbestos-containing materials requiring treatment or removal found in apartments
• Decision on recommended actions left to the Board of Directors
• Otherwise no material changes to the Plan

Amendment 11 Oct 15, 1986

This Eleventh Amendment adds a requirement that the sponsor disclose whether asbestos is present and file an asbestos report, lists the unsold apartments and their purchase prices, names the current board of directors, and sets a 12-month period for using the plan.

• Sponsor must disclose whether asbestos-containing materials are present in the building and, if so, file an asbestos report by February 3, 1987 (subject to extensions the Department of Law permits)
• Buyers under an outstanding contract of sale may delay closing until 30 days after the asbestos amendment is distributed to them
• Apartment Corporation pays for asbestos work, but the sponsor pays its prorata share of any special assessment for unsold apartments
• List of unsold apartments and their purchase prices added as Exhibit A; prices are negotiable and subject to change under the plan
• Current board members listed: Richard Maffia, Carol Palladino and Walter Franklin (tenant-shareholders); Peter Mesas, Jo Ferras and Harry Gerras (elected by the Holder of Unsold Shares)
• Plan may be used for twelve months from the date this amendment is accepted for filing, after which it must be extended by further amendment

Amendment 10 Jul 15, 1986

This Tenth Amendment raises the purchase prices of unsold apartments (listed in Exhibit A), updates the Board of Directors, and extends the period the Plan may be used for six months after the amendment is accepted for filing.

• Purchase prices of unsold apartments increased; Exhibit A lists each unsold apartment and its purchase price
• Unsold apartment prices are negotiable and subject to further change under the Plan
• Plan may be used for six (6) months from the date this Amendment is duly accepted for filing; further extension requires another amendment
• Current Board of Directors listed, including Richard Maffia (President) and Peter Mesos (Vice President)
• Plan, as modified, is incorporated by reference; no other material changes

Amendment 9 Jan 20, 1986

This Ninth Amendment raises the purchase prices of unsold apartments (listed in Exhibit A), lists the current Board of Directors, and sets the plan's usable period at six months from filing acceptance.

• Purchase prices of unsold apartments increased; new prices listed in Exhibit A
• Current Board of Directors members listed
• Plan may be used for six months from the date the amendment is accepted for filing, extendable only by a further amendment
• Prices remain negotiable and subject to further change under the Plan
• Section on fee for managing agent appears with no text in this copy

Amendment 8 Apr 1, 1985

This amendment raises the purchase prices of unsold apartments, lists the current Board of Directors, and sets a six-month period for using the Plan.

• Purchase prices of unsold apartments increased, with new prices listed in Exhibit A from $55,125 to $85,000
• Plan may be used for six (6) months from the date this Amendment is duly accepted for filing, after which it must be extended by a further amendment
• Current Board of Directors listed, with Carol Reiman as President
• Unsold apartment prices remain negotiable and subject to further change under the Plan

Amendment 7 Feb 28, 1985

This seventh amendment raises the purchase prices of unsold apartments, updates the board members, reports the settlement of an HPD court action on building conditions, and gives the plan a six-month period of use.

• Purchase prices of unsold apartments increased; schedule in Exhibit A ranges from $40,500 to $72,250, and prices are negotiable and subject to change under the Plan
• Plan may be used for six (6) months from the date this Amendment is accepted for filing, after which it must be extended by a further amendment
• September 1984 consent order settles HPD court action: adequate heat and hot water, adequate electrical service to public areas, extermination twice a month, and pumping out the basement within 7 days after each rain
• Apartment Corporation corrected all violations cited in the order, purchased and installed 2 sump pumps, and repaired the on-site dumpsters
• Board of Directors listed: Carol Reiman (President) and George Clanton (Treasurer), both Tenant-Shareholders; Peter Mesos (Vice President), Karen Morgan (Secretary), and John Bubaris, elected by Holders of Unsold Shares
• No other material changes to the Plan

Amendment 6 Aug 27, 1984

This amendment raises the purchase prices of the unsold apartments listed in Exhibit A (from $36,000 to $63,750 each), lets the plan be used for six months after filing acceptance, and states that there are no other material changes.

• Purchase prices of unsold apartments increased; Exhibit A lists them at $36,000 to $63,750
• Prices are negotiable and subject to further change under the Plan
• Plan may be used for six months from the date this Amendment is accepted for filing
• Further extension of the use period requires a further amendment to the Plan
• No other material changes to the Plan

Amendment 5 May 21, 1984

This fifth amendment raises purchase prices for unsold apartments (listed in Exhibit A), allows the plan to be used for six months, and reports closing results, sponsor adjustments, and a new resale contract form.

• Purchase prices for unsold apartments increased, with the list and prices in Exhibit A; prices are negotiable and subject to further change under the Plan
• Plan may be used for six (6) months from the date this Amendment is accepted for filing, after which it must be extended by a further amendment
• At closing, subscription agreements were consummated for an aggregate of 5,875 shares to 19 apartments
• Net closing credit of $45,933.33 in favor of Sponsor, paid through twelve serial promissory notes of $3,827.77 each at 9% per annum, the last maturing January 1, 1985
• New form of contract of sale for reselling unsold shares attached as Exhibit B
• First meeting of tenant-shareholders held March 5, 1984; seven directors elected, three resident tenant-shareholders and four elected by Sponsor
• Apartment Corporation retained $60,011.25 as its Reserve Fund, of which $9,480.00 reimbursed Sponsor for capital improvements
• Sponsor transferred title to the Property to the Apartment Corporation on October 17, 1983, in exchange for 24,900 shares, the note and Wraparound Mortgage, and net sale proceeds

Amendment 4 Sep 22, 1983

This amendment raises the purchase price for vacant apartments to $105 per share, sets the price for occupied apartments at $75 per share, requires new burners costing approximately $30,000, and extends the period the plan may be used.

• Vacant apartment purchase price increased to $105 per share, negotiable and subject to change
• Occupied apartments, to tenants and non-tenants, priced at $75 per share, negotiable and subject to change
• New Carlin Model #801 CRD burners to be installed before closing or within 120 days after, at an approximate cost of $30,000
• Cost of the new burners to be credited against the minimum Reserve Fund retained at closing
• Plan may be used for six (6) months from the date this Fourth Amendment is accepted for filing, to be extended by a further amendment

Amendment 3 Jul 20, 1983

The amendment extends the tenant discount period by 30 days, declares the plan effective with 19 apartments subscribed, sets the closing for October 14, 1983, and extends the wraparound mortgage term from five to seven years.

• Existing tenants' $65 per share exclusive purchase right extended 30 days; afterward the price becomes $95 per share, negotiable
• After the 30-day period, existing tenants lose exclusive purchase rights and apartments may be offered to others
• Existing tenants can no longer buy a vacant apartment in place of the one they occupy
• Plan declared effective: 19 apartments subscribed (9 tenants, 10 purchasers), 20% of 95 apartments, as of July 15, 1983
• Closing scheduled for Friday, October 14, 1983
• Balance of purchase price due by September 9, 1983
• Wraparound mortgage maturity extended from five years to seven years
• Years six and seven: interest-only monthly payments of $12,000 at 18% annual rate

Amendment 2 Apr 27, 1983

This amendment extends existing tenants' reduced-price purchase window by 30 days, converts the plan to a non-eviction plan under the GBL, and replaces the sections on tenant rights and non-occupant purchasers.

• Existing tenants' exclusive right to buy at a reduced price extended for a 30 day period from the presentation date of this amendment
• Purchase Price for all apartments to all subscribers, including Existing Tenants, shall be $95 per share at the end of the 30 Day Period
• Plan changed to a non-eviction plan under the GBL
• Plan will not be declared effective unless subscription agreements are delivered for at least fifteen (15%) percent of apartments subscribed for by bona fide tenants in occupancy or bona fide purchasers
• Non-purchasing tenants cannot be evicted except for non-payment of rent, illegal use or occupancy, refusal of access, or similar breach
• Rights and Duties of Non-Occupant Purchasers section replaced: buyers of occupied apartments take subject to existing leases and tenant rights and become the landlord
• Sponsor must file sworn subscription statements with the Attorney General on the 28th and 30th days after presentation and every 30 days thereafter until the plan is declared effective or abandoned
• Sponsor guarantees managing agent services to non-purchasing tenants until a majority of the Board consists of resident members

Amendment 1 Apr 8, 1983

The amendment gives existing tenants a time-limited right to buy a vacant apartment in the building at a reduced price, sets the related payment and interim-lease terms, updates the existing first mortgage, and adds a site plan.

• Existing tenants may buy a vacant apartment at a reduced price during the 90 Day Period, which expires May 12, 1983
• Reduced price is $65 per share for a smaller apartment, or $65 per share plus $95 per extra share for a larger one
• $1,000 down payment and Subscription Agreement must be received before May 12, 1983
• Existing tenants cannot buy a vacant apartment of the same size as their own; the right is not assignable or available to subtenants
• Sponsor may require an interim lease, with rent not exceeding the RSL and Code maximum, ending on the earlier of one year or the Closing Date
• Election forms from eligible senior citizens or disabled persons due April 12, 1983
• Existing First Mortgage with Independence Savings Bank extended three years from October 1, 1982, at 15 1/2%, with monthly payments of $8,153.96 and maturity on October 1, 1985
• Site plan added as Exhibit 8