2 Grace Court

Amendment 38 2017

This amendment updates the unsold-share holder's disclosures, including its list of unsold apartments and their maintenance charges, the 2014 and 2015 finances, a 6.0% maintenance increase effective January 1, 2017, and a 12-month extension of the plan.

• Maintenance charges increase 6.0% effective January 1, 2017, to approximately $5.40 per share per month
• Plan extended for twelve (12) months from the acceptance date of this amendment
• 2015 surplus of $19,954; 2014 deficit of $54,673, caused by unanticipated plumbing and heating repairs
• 2016 financial statements not yet available; prospective purchasers should inquire
• Special assessments of approximately $84,484 (2015) and $84,762 (2014), approximately offset by NYC STAR abatements to resident tenant-shareholders
• Purchasers may not be eligible for the STAR tax abatement during the first year after closing
• Holder's unsold apartments listed in Exhibit A; text states aggregate monthly maintenance of $12,289.14, while Exhibit A totals $9,610.97
• 2017 operating budget annexed as Exhibit C

Amendment 37 2016

This amendment sets new prices for the unsold apartments, extends the plan's effective period by twelve months, and updates the holder's unsold-share figures, board roster, financial statements, budget, and capital work.

• Prices for unsold apartments set per Exhibit D, effective immediately
• Plan effective period extended twelve (12) months from the acceptance date of this amendment
• Maintenance charges approximately $4.81 per share per month, reflecting a 5.0% increase effective January 1, 2015 and a 4.0% increase effective January 1, 2016
• Unsold apartments' aggregate monthly rents approximately $11,821.80 (inclusive of fuel charges) and aggregate monthly maintenance charges $12,441.67
• Special assessments of approximately $84,702 (2014) and $81,502 (2013), approximately offset by New York City STAR abatements to resident tenant-shareholders
• 2014 deficit of $101,963 attributed to extraordinary plumbing and heating repairs; 2016 operating budget attached as Exhibit C
• Contract entered April 2015 to renovate the elevator for $817,000
• Board of Directors roster listed (Gary Broder, President, and others)

Amendment 36 Apr 10, 2014

This amendment raises the prices of the unsold apartments, extends the Plan for twelve months, and adds updated maintenance, budget, financial statement and elevator-replacement disclosures.

• Prices of unsold apartments increased, effective immediately, as set forth in Exhibit D
• Plan extended for twelve (12) months from the acceptance date of this amendment
• Maintenance charges approximately $4.4268 per share per month, reflecting a 3.5% increase effective January 1, 2014
• 2014 operating budget attached as Exhibit C, not adopted or verified by the Holder of Unsold Shares
• Certified financial statements for the year ended December 31, 2012 attached as Exhibit B
• Engineer retained to prepare specifications to replace the elevators in late 2014; no written cost proposal received yet
• Aggregate monthly maintenance charges for unsold shares are $12,661.34

Amendment 35 Nov 20, 2012

This amendment replaces the plan's escrow rules for buyer deposits and updates the holder's unsold-share costs, board list, finances, credit facility, maintenance charges and major work.

• Deposits go to Rosenberg & Estis P.C. escrow account at Valley National Bank, with interest of approximately .2%
• Escrow Agent must send deposit notice within ten business days; buyers may cancel within ninety days if no notice arrives within fifteen business days
• Unsold shares: aggregate monthly rents $12,894.58, maintenance $13,971.97, special assessment installments $1,171.12
• Maintenance charges currently $4.1933 per share; increase of approximately two percent effective January 1, 2013
• Credit facility balance $245,000 as of December 31, 2011, at LIBOR plus 2%
• Certified financials for 2011 show a deficit of $7,628 before depreciation; 2013 budget annexed
• Façade contract with Juno Contracting for $367,185, nearly complete
• Board of Directors listed: Sharon Simmons, John Hunt, Richard Morris, Jennifer Jones, Justin McCloskey, Gary Broder

Amendment 34 Dec 2, 2011

This amendment extends the plan for twelve months, discloses a new 2011 special assessment and an HSBC credit facility, updates maintenance figures, and attaches financial statements, a budget, and unsold-share details for 2 Grace Court.

• Board imposed a $245,000 assessment in 2011, payable over 24 months commencing April, 2011
• Maintenance charges presently $4.1933 per share
• Plan effective period extended for twelve (12) months from the acceptance date of this amendment
• HSBC credit facility outstanding principal balance $245,000 as of December 31, 2010, at LIBOR plus two percent; approximately $8.27 per share required to satisfy
• Unsold shares held by 2 Grace Court Units LLC listed in Exhibit A; aggregate monthly maintenance $15,833.79 and monthly special assessment installments $1,327.17
• Certified financial statements for 2009 and 2010 and the 2011 operating budget annexed
• Holder of Unsold Shares identified as 2 Grace Court Units LLC, owned by DBRINZ 75 LLC
• Board of Directors officers and members listed

Amendment 33 Aug 30, 2010

This amendment replaces the plan's escrow section for purchaser deposits and updates the disclosures on the Holder of Unsold Shares, unsold-share rents and charges, maintenance, special assessments, financial statements and budgets, counsel, and the board.

• Escrow section replaced: contract deposits held in a segregated escrow account of Rosenberg & Estis, P.C. at Valley National Bank
• Escrow account interest rate stated as .40%, credited to purchasers at closing unless they default
• Deposits held in a non-interest-bearing checking portion until a signed IRS Form W-9 or W-8 is delivered
• Aggregate monthly rents for unsold units stated as $16,460.99 and aggregate monthly maintenance as $17,024.68
• Maintenance charges presently $4.1933 per share, reflecting a 2.5 percent increase effective January 1, 2009
• Special assessments of approximately $56,000 (2008) and $57,000 (2009), offset by NYC STAR abatements to resident tenant-shareholders
• Financial statements for 2007–2009 and 2009 and 2010 operating budgets annexed; Holder does not adopt the budgets
• Holder of Unsold Shares identified as 2 Grace Court Units LLC, owned by DBRINZ 75 LLC; Rosenberg & Estis, P.C. retained as its counsel

Amendment 32 Jun 28, 2007

This amendment identifies a new holder of unsold shares for 16 apartments, states that the holder does not assume the sponsor's obligations, replaces the escrow disclosure for purchaser deposits, and discloses unsold-share financials and other offerings by the principals.

• Unsold shares for 16 apartments transferred on January 31, 2006 to 2 Grace Court Units LLC, the Holder of Unsold Shares
• Holder does not assume sponsor obligations, including rebates, allowances, building work, and reserve fund contributions; units sold "as is" unless agreed otherwise in writing
• Escrow disclosure replaces the former escrow section; deposits go to the Goldberg, Weprin & Ustin, LLP attorney trust account at North Fork Bank, earning 1.00%
• Aggregate monthly rents are $12,399.71 and aggregate monthly maintenance charges are $16,125.80; monthly maintenance charge per share is $3.97
• Unsold shares are not pledged or encumbered, and the holder is current on all obligations
• Form of contract of sale for unsold shares annexed as Exhibit B
• Disclosure of other offerings by the principals and affiliates, including several condominium and cooperative projects
• Goldberg, Weprin & Ustin, LLP retained as attorneys for the holder

Amendment 31 Jan 21, 2005

The amendment sets a new tiered price-incentive schedule and buyer discounts for Tenant-in-Occupancy and 2 Grace Court Shareholder purchasers, replaces Exhibit A, corrects the Thirtieth Amendment, and discloses a new lawsuit naming the Holder's sole member and its parent entity.

• Unsold Units priced at $930.00 per share if 1 to 7 are bought by Tenants-In-Occupancy or 2 Grace Court Shareholders by the end of the Shareholder Exclusivity Period
• Price reduced to $900.00 per share if 8 to 11 Units are bought under the same condition
• Price reduced to $870.00 per share if 12 to 15 Units are bought under the same condition
• Tenant-in-Occupancy who signs and closes within thirty (30) days receives an additional $2,500.00 discount off the purchase price
• Tenant-in-Occupancy purchasers receive a $2,500.00 decorating allowance, deducted from the price or given at Closing
• Exhibit A of the Thirtieth Amendment replaced with a new unit list
• Thirtieth Amendment (never distributed) corrected for paragraph ten and Exhibit A; presentation date defined as personal delivery of both amendments or the fifth day after simultaneous mailing
• New lawsuit disclosed: Estate of Robert Marceca and Oldco Units LIC named as defendants in a Supplemental Summons with Notice, Index No. 107062/03, with no complaint filed yet; no claim against the Holder or the cooperative corporation

Amendment 30 Aug 9, 2004

This amendment gives tenants in occupancy of the holder's unsold apartments a 45-day exclusive right to buy at reduced prices with a $5,000 downpayment and optional holder financing, and sets resale terms for vacated and occupied units.

• 45-day exclusive right for Original Tenants to buy their occupied unsold units at the Original Tenant Price on Exhibit "A"
• Original Tenant downpayment set at $5,000.00
• Original Tenants may assign contracts without Holder consent, with a $250.00 processing fee payable to Holder's attorney
• Original Tenant closings scheduled 90 days from the Contract of Sale unless the tenant elects to close sooner
• Financing contingency: mortgage up to 85% of Purchase Price, application due by the 10th day and commitment deadline on the 30th day after the contract is delivered
• Holder Financing at Holder's discretion: 85% of Purchase Price, 7-1/2% interest, interest only, maturing on the third anniversary of closing, 1-1/2% origination fee, $2,500 attorney fees
• Vacated units offered only at Fair Market Value set forth on Exhibit "A"
• Occupied units offered to 2 Grace Court Shareholders for 30 days after tenant exclusivity, then to outside purchasers for 30 days

Amendment 29 Jan 26, 2004

This amendment updates the holder of unsold shares and its principal, the unsold share figures and monthly costs as of January 1, 2004, the 2003 budget and maintenance rate, the loan financing the unsold shares, the board list, the managing agent, and the form of contract, and states that the holder assumes no sponsor obligations and sells the units as is.

• Holder's principal changed: Paul Dzigas became President of Oldco Units LLC effective September 16, 2003
• Unsold shares total 5,366; as of January 1, 2004, monthly maintenance is $18,970.28 and monthly rent received is $14,117.86
• Maintenance increased by 3% effective February 1, 2003, now fixed at $41.19/share/year
• Holder assumes no sponsor obligations, including repairs, and units are sold "as is"; the December 18, 1983 inspection report may no longer be accurate
• Unsold shares are mortgaged to S&CA Trust under a loan at LIBOR plus 621 basis points, with the loan maturing May 15, 2006
• 2003 annual budget attached as Exhibit D
• New form of contract of sale attached as Exhibit F
• Managing agent is Tudor Realty Services Corp., which is not affiliated with the Holder

Amendment 28 May 2, 2002

This amendment updates the holder of the unsold shares and its principals, discloses the unsold shares' finances and their loan pledge, replaces the down-payment escrow terms, and adds a board list and financial exhibits.

• Down payments moved to a segregated IOLA escrow account ("Goldstick Weinberger, Feldman & Grossman, P.C., OLA Trust Account") at Gotham Bank of New York, replacing the former escrow section
• Seven unsold units transferred on March 21, 2002, from 2 Grace Court Junior Units, LLC to Grace Court Realty LLC
• Goldie Rotenberg and Sonja Talesnik disclosed as President and Secretary of Oldco Units LLC, the holder's sole member, effective January 2002
• Aggregate monthly maintenance for unsold shares: $18,381.08; aggregate monthly rents received: $16,154.92
• Unsold shares pledged to secure a guarantee for the SC&A Trust loan to Oldco Units LLC; $1,976,387.50 of the $50,000,000.00 loan is allocated to the unsold shares, with the loan maturing May 15, 2006
• Monthly maintenance stated as $3.239 per share
• Board of Directors list, financial statements for 1999 and 2000 (Exhibit C), and proposed budget (Exhibit D) added
• Holder has no financial obligations due within 12 months other than maintenance charges

Amendment 27 2001

This amendment reports that the building's former sponsor sold its remaining unsold apartments to C.I. Grace Court, Inc., which now offers them at the prices in Schedule A, and it updates the building's financial, budget, reserve, board, and managing agent disclosures.

• C.I. Grace Court, Inc. is now Holder of the Unsold Apartments, which H. G. 2 Grace Court, Inc. sold on December 1, 2000
• Schedule A offers unsold apartments 1J at $245,000 and 4Y at $400,000
• 2001 Cooperative budget adopted; current maintenance approximately $3.17 per share per month
• Reserve Fund as of April 15, 2001: Certificate of Deposit $71,228.00 and Money Market Account $441,002.00
• Tudor Realty Services engaged as Managing Agent effective June 1, 2000
• Holder's unsold apartments: maintenance approximately $1,212 per month and rents approximately $3,750 per month
• Holder may negotiate prices and terms individually with purchasers, and the Contract of Sale may be revised
• Plan may not be used after twelve months from the Filing Date unless extended or amended

Amendment 26 Apr 5, 2001

This amendment discloses the holder of 32 unsold units, sets their maximum offering price, reports their maintenance, rent, and loan obligations, and replaces the escrow provisions for down payments.

• Holder of 32 unsold units is Grace Court Units, LLC and 2 Grace Court Junior Units, LLC, which acquired them on December 1, 1999
• Maximum offering price for unsold shares is $1,400.00 per share
• Aggregate monthly maintenance on unsold shares is $18,034.97 (Units) and $5,699.87 (Junior Units)
• Aggregate monthly rents from tenants of unsold shares are $16,503.19 (Units) and $4,265.61 (Junior Units)
• Unsold shares are pledged to secure a loan of up to $50,000,000.00 from SC & A Trust, with no payments due until May 14, 2001 and maturity on May 15, 2006
• Monthly maintenance is $2.02 per share
• Down payments are to be held in the escrow account of Robert L. Samnick at Northfork Bank, replacing the former escrow section
• Budget commencing January 1, 2001 and financial statements for 1997, 1998 and 1999 are annexed

Amendment 25 2000

This amendment sets a $600.00 per share cash price for the unsold apartments, reports that no 1999 or 2000 budget has been adopted, updates the reserve fund and the holder's financial disclosures, and limits use of the plan to twelve months after filing.

• Unsold apartments offered at a cash price of $600.00 per share
• No 1999 or 2000 Cooperative Budget adopted; building continues under the 1998 budget
• Reserve Fund of $496,997 invested in M & T Bank as of April 27, 2000
• 1997 and 1998 cooperative financial statements added as Exhibit B
• Holder pays about $2,615.09 monthly in maintenance on unsold apartments and receives about $7,250 monthly in rent from tenants
• Cooperative Board officers listed; C.I. Grace Court, Inc. controls the board
• Plan may not be used after twelve months following the Filing Date of this Amendment unless extended or amended
• Holder may negotiate prices and terms with individual purchasers without amending the plan

Amendment 24 Jun 22, 1999

This amendment sets the current offering price at $1,750 per share and replaces Schedule A with revised purchase prices for the units offered, without extending the plan's 12-month usability limit.

• Offering prices changed to $1,750 per share
• Schedule A replaced with revised purchase prices for units offered
• Unit 1: 146.00 shares, sales price $255,500.00
• Unit 2: 292.00 shares, sales price $511,000.00
• Unit 3: 236.00 shares, sales price $413,000.00
• Unit 4: 146.00 shares, sales price $255,500.00
• Plan may not be used after twelve (12) months following the Filing Date of this Amendment unless extended or amended
• A price-only amendment does not extend the Plan

Amendment 23 May 6, 1999

This amendment sets a $600.00 per share cash price for unsold apartments, adds the 1998 budget, reserve fund, board and sponsor financial disclosures, and limits use of the plan to 12 months after the filing date unless it is extended or amended.

• Unsold apartments offered at a cash purchase price of $600.00 per share
• Current monthly maintenance approximately $3.45 per share per month
• 1998 cooperative budget attached as Exhibit "D"
• Reserve Fund of $258,466 on deposit at MET Bank
• Cooperative Board officers and directors listed; one director affiliated with H. G. 2 Grace Court, Inc.
• C.I. Grace Court, Inc. discloses approximately $2,824.08 monthly maintenance and approximately $5,550.00 monthly rents on its unsold apartments
• Plan may not be used after twelve (12) months following the Filing Date unless extended or amended
• 1996/1997 cooperative financial statements attached as Exhibit "C"

Amendment 22 Apr 1, 1997

This Twenty-Second Amendment offers the sponsor's unsold apartments for sale, updates sponsor, financial, budget and board disclosures, and sets a 12-month period for using the plan.

• Sponsor offers the unsold apartments listed in Exhibit A for sale, with negotiable terms per purchaser
• Plan may not be used after twelve (12) months following the Filing Date of this Amendment unless extended or amended
• Sponsor's $174,000 loan from Bank Leumi, interest-only, matures April 1, 1997
• Benjamin Orbach is no longer a principal of New Sponsor
• Reserve Fund of $138,794.00 on deposit at East New York Savings Bank
• 1994 and 1995 financial statements added as Exhibit B
• 1997 Cooperative Budget (January 1, 1997 to December 31, 1997) added as Exhibit C
• Lead-based paint rider (Exhibit E) and lead pamphlet (Exhibit F) added

Amendment 21 Dec 20, 1995

This Twenty-First Amendment discloses the new sponsor, H.G. 2 Grace Court, Inc., which holds unsold shares in 54 apartments, along with the building's financial status, loan terms, and the escrow handling of buyer deposits.

• New sponsor H.G. 2 Grace Court, Inc. holds the unsold shares for the fifty-four (54) Apartments and acquired them on March 25, 1994
• Buyer deposits to be placed within five (5) business days into a segregated escrow account of Greenstein, Starr, Gerstein & Rinaldi, LLP, replacing the prior escrow provisions
• New Sponsor disavows the former sponsor's obligations to pay maintenance rebates or relocation allowances, or to provide financing under previous amendments
• Apartments pledged as collateral for a Bank Leumi loan with interest-only payments, $13,050.00 in principal due April 1, 1996, and maturity on April 1, 1997
• Current monthly maintenance charges approximately $3.34 share; 1995 budget set forth in Exhibit "C"
• Wrap Mortgage purchased by the Apartment Corporation for $112,500.00; first mortgage with Republic restructured in October 1993 with maturity October 1, 2003
• Definitions added for "presentation of this Amendment," "immediate family members," "Bona Fide Tenant," and "non-stabilized tenant"
• Exhibit "D" lists other buildings in which New Sponsor's principals hold greater than 1.0% of shares or units

Amendment 20 Jan 26, 1993

This Twentieth Amendment offers tenants, shareholders and outside buyers discounted or financed purchases of shares for 45 days, sets a maintenance assessment, and allows negotiable sale terms.

• Tenants get a 45-day exclusive right to buy their units at $23.00 per share in cash, or $35.00 per share with financing from 2 Grace (Exhibits A and B)
• Tenant financing: loans of up to 95% of the purchase price, a five-year term, no points or commitment fees, and a 5% down payment
• Shareholders of the Apartment Corporation get a 45-day cash offer of $35.00 per share for occupied apartments, with a 5% down payment
• Non-tenant buyers get a 45-day cash offer for vacant apartments at a per-share price that is unreadable in the OCR text, with a ten percent down payment
• Non-tenant buyers may get 2 Grace-arranged financing at eight and one-half percent interest over a five-year term with a 25-year payout schedule
• Shareholders must pay a $2o70 per share assessment (OCR-garbled, possibly $20.70) in six monthly installments starting February 1, 1993
• 2 Grace may negotiate terms with individual buyers, including prices lower than those in the Plan
• Buyers using the offer pay a legal fee of $300 to Haas, Greenstein, Samson, Cohen & Gerstein, P.C., plus $25 for UCC-1 filing (OCR-garbled)

Amendment 19 Oct 22, 1992

This amendment adds the Apartment Corporation's certified 1991 financial statement to the offering plan and confirms that the plan, with its earlier amendments, is incorporated by reference.

• Annexes the accountant's certified statement of operation for calendar year 1991
• Incorporates the Plan, as modified by this and any previous amendments, by reference
• States that all material changes of fact or circumstances affecting the property or offering are included in this amendment

Amendment 18 Aug 20, 1992

This amendment replaces the escrow disclosure for down payments, reports the holder's unsold-share financial status and 1992 proposed budget, and adds several disclosures for buyers.

• Down payments to be held in a segregated escrow account with Samson, Cohen & Gerstein, P.C. as Escrow Agent, interest-bearing at 2.80%
• As of April 1, 1992, Holder's aggregate monthly maintenance charges equal approximately $47,882 and aggregate monthly rents equal approximately $29,168
• Holder has no financial obligations to the Apartment Corporation due within twelve months and is current on all obligations
• None of the Holder's unsold shares are pledged as loan collateral or security for financing
• Annexed Exhibit "D" is the proposed 1992 operating budget, with current monthly maintenance charges of approximately $3.444 per share
• Plan to be amended to disclose calendar year 1991 financial statement after it is presented to shareholders
• Holder does not control the Board of Directors
• Financing terms offered by Holder are negotiable and subject to agreement with each purchaser

Amendment 17 Jul 31, 1991

This amendment extends the exclusive purchase period for the reduced-price shares allocated to eligible dwelling units through September 15, 1991, and states that all other terms of the sixteenth amendment remain unchanged.

• Exclusive purchase period for the reduced-price shares extended through September 15, 1991
• The 30-day exclusive purchase period in the sixteenth amendment is deemed to mean the period through September 15, 1991
• All other terms of the sixteenth amendment remain as originally stated
• The Plan, as modified and supplemented by this and previous amendments, is incorporated by reference
• All material changes of fact or circumstances affecting the property or the offering are included in this amendment

Amendment 16 May 24, 1991

This amendment discloses that 2 Grace Court L.P. holds the unsold shares, sets a 30-day exclusive period and reduced price for tenants, offers them financing and a monthly maintenance rebate, and reports the sponsor's cured mortgage arrears.

• Unsold shares attributable to listed apartments held by 2 Grace Court L.P., acquired from the Sponsor on September 26, 1990
• Bona fide tenants in occupancy get a 30-day exclusive right to buy their units' shares, following the Presentation Date of this amendment
• Tenants' reduced purchase price set at $250 per share
• Financing to tenants of up to 100% of the purchase price, 5-year term, 7.5% interest, 30-year payout schedule, no origination points
• Prepayment charge of five percent (5%) on the tenant loan
• Maintenance rebate of $150/month (7 rooms), $100/month (5 rooms), $50/month (4 rooms), $25/month (3 rooms) for 60 months
• Tenants pay a $300 legal fee to Haas, Greenstein, Samson, Cohen & Gerstein, P.C. plus $25 for UCC filing fees
• Sponsor's maintenance arrears paid through September 30, 1990, and the first and wraparound mortgages reinstated

Amendment 15 May 31, 1990

The OCR text is too garbled to identify this amendment's changes to the plan.

Amendment 14 Jul 12, 1989

The OCR text is too garbled to identify any changes to the offering plan.

Amendment 13 Jun 22, 1989

The OCR text is too garbled to reliably identify what this amendment changes in the plan.

Amendment 12 Jan 2, 1989

The OCR text is too garbled to state what this amendment changes; it appears to contain a unit-by-unit price table, but no readable statement of changes.

Amendment 11 Nov 15, 1988

The OCR text is too garbled to identify the amendment's changes reliably; the readable fragments mention a schedule of revised purchase prices and tenant vacate-date terms, but no legible figures or dates.

• Schedule of revised purchase prices appears to be included (figures not legible)
• Terms for existing tenants' vacate date and a 30-day period appear to be revised (details not legible)

Amendment 10 Apr 5, 1988

The OCR text is too garbled to identify any changes this amendment makes to the plan.

Amendment 9 Sep 2, 1987

The OCR text is too garbled to identify any amendment changes; the legible portions appear to be an environmental (asbestos) testing report, not offering plan terms.

Amendment 8 Feb 10, 1987

The OCR text is unreadable, so this amendment's changes to the plan cannot be identified.

Amendment 7 Aug 27, 1986

This amendment requires a future asbestos report on the building, lets unclosed subscribers delay closing, and requires the Sponsor to escrow at least $2,500 per unit at closings that happen before required asbestos work is finished.

• Amendment on asbestos containing material (ACM) to be submitted for filing by February 8, 1987
• Asbestos report to be prepared by a qualified person, with an inventory, recommendations, and a protocol for remaining asbestos
• Subscribers who have not closed may adjourn closing until the thirtieth day after presentation of the amendment, but not later than the forty-fifth day after that presentation date
• Sponsor to place in escrow at least $2,500 per unit at closings that occur before required asbestos removal and treatment work is completed
• Sponsor to carry out the asbestos report's recommendations if closing has not occurred; the Apartment Corporation does so if closing has occurred but the Sponsor is in control
• Apartment Corporation to monitor and, when necessary, treat or remove ACM remaining in the building after conversion
• Sponsor's obligations are subject to any changes to the cited regulations
• No other material changes of fact or circumstances affecting the property or plan terms

Amendment 6 May 28, 1986

This amendment sets new purchase prices, listed in Exhibit A, for apartments that are vacant and unsubscribed or whose subscriptions were cancelled, and states there are no other material changes.

• Purchase prices for vacant apartments changed to the revised prices in Exhibit A
• Revised prices apply to apartments currently vacant and not subscribed for, or whose subscription agreements are cancelled
• Revised prices also apply to apartments that become vacant without a subscription, or whose prior subscription agreement is cancelled
• Tenants' reduced-price purchase rights under paragraph 3 of the Fourth Amendment expire after June 11, 1986
• No other material changes to the property or the Plan's terms

Amendment 5 May 14, 1986

This amendment declares the offering plan effective, sets June 11, 1986 and June 26, 1986 deadlines for tenant purchases and non-tenant loan commitments, and bars eviction of rent-regulated tenants who do not buy their shares.

• Plan declared effective by notice dated May 7, 1986, with 37 subscriptions counted (24 by tenants, 13 by non-tenants)
• Subscriptions cover approximately 26% of the apartments
• Last day of the exclusive tenant purchase period is June 11, 1986
• Deadline for tenant subscribers to submit assignment documents extended to June 26, 1986
• Non-tenants with financing contingencies must obtain a loan commitment by June 26, 1986
• Rent controlled or rent stabilized tenants cannot be evicted for failing to purchase their apartment's shares
• No other material changes to the property or plan terms

Amendment 4 Apr 15, 1986

The amendment sets new per-share prices and deadlines for tenant and non-tenant purchases, adds Sponsor financing terms for non-tenants buying vacant-apartment shares, and reports on foundation wall cracks at the building.

• Present tenants may buy shares for their own apartments at $380 per share for thirty days from the Date of Presentation of this Amendment
• Present tenants may subscribe for Upgraded Vacant Apartment shares at $475 per share, first-come/first-served, and must vacate and forfeit their current apartment at closing
• Shares for Upgraded Vacant Apartments offered to non-tenants at $805 per share, a $5.00 per share increase
• Occupied apartments not subscribed within thirty days, with no Relocation Payments requested, priced at $480 per share from the thirty-first day
• Deadline to assign subscription agreements extended to the thirtieth day after the Date of Presentation of this Amendment
• Sponsor financing for non-tenants buying vacant-apartment shares: five-year term, ninety percent of Purchase Price, 10% per annum interest, no points, loan due on any sale or transfer
• Wall cracks: disinterested engineer Raphael H. Courland retained to review Bannon and FMD reports and report on whether the foundation wall is moving; Sponsor to arrange any corrective work he recommends
• Certified Statement of Operations for calendar year 1985 by Friedman, Alpren & Green annexed as Exhibit B

Amendment 3 Feb 6, 1986

This Third Amendment extends the Present Tenant subscription deadline, offers upgraded vacant apartments to tenants at $495 per share and to non-tenants at $800 per share, lowers the tenant minimum down payment to $1,000, sets a $480 per share price for occupied apartments after the 30-day window, raises relocation payments by $160 per share, and offers sponsor financing to non-tenant buyers of occupied-apartment shares.

• Present Tenants' deadline to subscribe at $400.00 per share extended to the thirtieth day after the Date of Presentation of this Amendment
• Present Tenants may subscribe to Upgraded Vacant Apartments at $495.00 per share, first-come/first-served, and must vacate their current apartment to close
• Shares for Upgraded Vacant Apartments also offered to non-tenants at $800 per share or negotiated prices
• Minimum down payment for Present Tenant subscriptions reduced to $1,000
• Occupied-apartment shares not subscribed within thirty days and without a Relocation Payment request priced at $480 per share from the thirty-first day (Exhibit A)
• Relocation Payments increased by $160 per share (Exhibit B); notice due within thirty days and vacating within seventy-five days
• Sponsor financing for non-tenant buyers of occupied-apartment shares: five-year term, up to ninety percent of price, interest-only, nonassumable; $350 legal fee plus UCC-1 filing fees

Amendment 2 Dec 17, 1985

The amendment raises the share price for non-tenant buyers to $800 per share and attaches a revised purchase price schedule, with no other material changes stated.

• Price to non-tenants and other persons who did not qualify as Present Tenants raised to $800 per share
• Revised Schedule A of purchase prices annexed, with the "Cash Purchase Price to Non-Tenant Purchasers" column at $800.00 per share
• States there are no other material changes of fact or circumstances affecting the property or the terms of the Plan

Amendment 1 Oct 10, 1985

The amendment sets new per-share prices for tenants, non-tenants and upgraded vacant apartments, raises maintenance charges and relocation payments, revises the wraparound and first mortgage terms, and adds an engineers' vibration report and wall-crack monitoring.

• Present tenants may buy their allocated shares at $400 per share for 30 days after presentation
• From the 31st day after presentation, non-tenants may buy any apartment at the non-tenant price in Exhibit A, printed in the text as $7s)0 per share (OCR unreadable)
• Vacant apartments 2C, 3E, 1M, 4M, 2P, 2S, 4S, 1T and 4V offered as upgraded vacant apartments at $495 per share to tenants, first-come/first-served
• Maintenance charges increased to $30.72 per share per year ($2.56 per share per month); revised first-year budget in Exhibit C
• Wraparound mortgage ($4,000,000) rates changed to 10%, then 11-3/4%, 12% and 13% in stages, maturing ten years after closing with an unpaid balance of about $3,716,000
• First mortgage principal set at $3,500,000, term not more than 10 years from closing (minimum term unreadable in OCR), with rates and payments no higher than the wraparound
• Relocation payment increased to $70 per share for tenants who give notice within 30 days and vacate within 75 days
• Wall cracks monitored by FMD, with monitoring not required after April 22, 1986; engineers' report dated August 6, 1985 finds vibrations pose no threat to building safety