2107 Bedford Avenue Condominium (Bedford Gardens)

Amendment 4 May 3, 2017

Fourth Amendment updates unsold unit list, financial disclosures, reserve and working capital amounts, and extends the offering plan.

• 19 unsold units listed with prices ranging from $570,000 to $918,000
• Reserve fund of $297,260.00 maintained at Signature Bank
• Working capital account of $18,870.66 maintained at Signature Bank
• Building separately assessed for real estate tax as of July 1, 2016
• Budget for year beginning July 1, 2017 with total expenses of $247,891.00
• Sponsor controls board; will relinquish when unsold units fall below 51% of common interests
• Sponsor's aggregate monthly common charges approximately $11,213.56; aggregate monthly real estate taxes approximately $3,936.30
• Offering plan extended for 12 months from amendment date

Amendment 3 Sep 14, 2016

Third amendment establishes reserve fund, updates budget with increased reserve fund line item, and provides financial disclosure on sponsor's unsold units and prior offerings.

• Reserve fund of $297,260.00 established at Signature Bank
• Budget reserve fund line item increased by $6,000.00 to exceed 10% of entire budget
• Building separately assessed for real estate tax purposes as of July 1, 2016
• First unit closing occurred June 21, 2016
• Condominium Declaration filed April 18, 2016
• Plan extended for six (6) months from amendment date
• 24 unsold units listed with monthly common charges and real estate taxes
• Sponsor principals have prior offerings at 1912 Avenue H and 35 & 41 Clarkson Avenue

Amendment 2 Mar 9, 2016

Amendment adds protections and requirements for purchasers buying units occupied by non-purchasing tenants, including mandatory deposits and managing agent appointments.

• Purchase Agreement must include disclosures for units occupied by non-purchasing tenants
• Purchasers of tenant-occupied units must appoint condominium managing agent as their agent for tenant services
• Purchasers must deposit at closing the greater of two months' common charges or two months' rent as working capital
• By-Laws updated to include Storage Space License Fees and working capital contributions as assessments
• Board of managers gains lien against unit if owner fails to timely replenish working capital fund
• Interest earned on working capital fund belongs to unit owner
• Plan declared effective as of March 8, 2016 with six units (17% of residential units) under executed Purchase Agreements

Amendment 1 Jan 12, 2016

Amendment updates counsel, preferred mortgagee, escrow procedures, mortgage contingency terms, and purchase agreement requirements.

• Sponsor's counsel changed to Barry Weidenbaum, Esq. and Jack Harari, Esq. of Weidenbaum & Harari, LLP
• Preferred mortgagee changed to Citizens Bank N.A., NMLS#490562, contact Ami Rosen
• Escrow agent is Weidenbaum & Harari, LLP with account at JP Morgan Chase Bank, 201 East 79th Street, New York
• Down payment requirement is 10% of purchase price or lesser amount if agreed, minimum $10,000.00
• Mortgage contingency limited to 75% of sales price with 45-day commitment expiration date
• Fee for E-forms preparation increased from $100.00 to $200.00
• Purchaser must deposit 2 months' estimated monthly common charges as working capital with Board of Managers
• Units not being renovated offered in "AS IS" condition