L'Ecole Condominium/211 East 46th St *

Amendment 15 Aug 11, 2009

Amendment updates board membership, financial statements for 2008, 2009 budget, corrects unit designations for two retail units, increases office unit price to $14,000,000, and extends the plan for 12 months.

• Office Unit purchase price increased to $14,000,000.00
• Board of Managers updated with current members listed
• 2008 financial statements attached as Exhibit A
• 2009 budget attached as Exhibit B
• Tax Lot 4003 corrected to Retail Unit 1; Tax Lot 4002 corrected to Retail Unit 2
• Plan extended for 12 months from August 11, 2009
• Monthly Common Charges on Unsold Units as of July 20, 2009 were $40,347.34
• Monthly real estate taxes on Unsold Units as of July 20, 2009 were $47,480.35

Amendment 14 May 21, 2009

Purchase prices for certain F-line units are changed.

Amendment 13 2008

Unit configurations and square footages adjusted; floor plans revised for multiple residential and retail units; financial statements and board election documented.

• Unit 16E: increased to 837 sq ft, 2 bedrooms, Common Interest 0.437%, Common Elements 0.361%
• Unit 16F: decreased to 1,006 sq ft, 2 bedrooms, Common Interest 0.535%, Common Elements 0.442%
• Unit 33F: Common Interest decreased to 0.618%, Common Elements decreased to 0.511%
• Retail Unit 1: increased to 2,474 sq ft, Common Elements increased to 1.053%
• Retail Unit 2: decreased to 2,334 sq ft, Common Elements decreased to 0.993%
• Floor Plans revised for Units 6G, 16A, 16J, Retail Units 1 and 2
• First Board meeting held April 7, 2008; Board of Managers elected
• Plan extended for 12 months from amendment date

Amendment 12 2008

Non-residential units (two retail, office, and garage) are offered for sale with stated prices; real estate tax values updated for tax year 2008-2009; retail unit square footages corrected; floor plan for Unit 6G revised; plan extended twelve months.

• Office Unit offered at $12,500,000; both Retail Units at $4,400,000; Garage Unit at $13,500,000
• Real estate tax market value revised to $45,900,000 for tax year July 1, 2008 to June 30, 2009
• Retail Unit 1 contains 2,094 square feet; Retail Unit 2 contains 2,714 square feet (corrected from previous schedule)
• Revised floor plan for Unit 6G showing wall change at entrance (square footage unchanged)
• Plan extended for twelve (12) months from amendment date
• Non-residential units subject to existing lengthy leases; purchasers advised to review actual lease documents

Amendment 11 Feb 28, 2008

First unit closing completed, unsold units mortgaged, E and F line units modified on 14th floor, working capital and reserve funds established.

• First Unit Closing occurred January 3, 2008
• Initial Board of Managers appointed: Gary Barnett, Rubin Schron, Dov Hertz
• Unsold units encumbered by Barclays Capital mortgage of $105,420,141.87, maturing February 9, 2009
• E and F line units modified on 14th floor with revised floor plans
• Units 16A and 16J floor plans revised to reflect no kitchen window
• Working Capital Fund established at $46,946.26 at North Fork Bank
• Reserve Fund of $3,638,221 funded at North Fork Bank (3% of $181,911,050 less 1% window credit)
• Plan extended for six months from February 28, 2008

Amendment 10 Feb 8, 2008

Purchase prices of units increased as set forth in Schedule A.

• Unit prices increased across all floors (6 through 16)
• New projected carrying costs, common charges, and RE taxes effective for 2008
• Schedule A prices increased for 229 homes (median +4.5%): 6 A $575,000 → $613,000; 6 B $637,000 → $677,480; 6 C $579,000 → $617,160; 6 D $555,000 → $592,200; ...

Amendment 9 Jan 8, 2008

Amendment establishes laundry lease with Hercules Corp., appoints Goodstein Management, Inc. as managing agent, and makes corrections to unit interests and power of attorney.

• Laundry lease with Hercules Corp.: $17.98 per apartment per month until 90% occupancy, then $4,800 per month or $57,600 annually
• Management agreement with Goodstein Management, Inc.: $100,000 annually ($80,282 residential, $12,662 office, $1,952 retail, $5,104 garage)
• Sponsor receives $35,000 decorating allowance from Hercules for laundry room renovations
• Revised Power of Attorney form for residential unit owners
• Unit 12G (Superintendent's Unit) Common Interest corrected from .0472% to .472%
• E and F line units on 10th and 15th floors modified; Declaration and Floor Plans to be amended
• Declaration recorded December 21, 2007 as CRFN 2007000623722

Amendment 8 Dec 12, 2007

Amendment terminates exclusive purchase period for eligible tenants, revises sixth floor terrace sizes, and corrects unit measurements and percentages.

• Exclusive purchase period for eligible tenants terminated; prices revert to Third Amendment Schedule A
• Unit 6F exterior square footage changed from 119 to 395 square feet
• Unit 6G exterior square footage changed from 52 to 216 square feet
• Office Unit size corrected to 23,978 square feet
• Garage Unit common interest percentage corrected to 5.205%
• Unit 12G superintendent's unit residential common interest corrected to 0.0472%
• Second floor mechanical room designated as residential limited common element

Amendment 7 Nov 26, 2007

Plan declared effective with 108 units under purchase agreements; adjusts unit common interests and residential limited common elements.

• Plan declared effective as of November 7, 2007 with 108 units (41.379% of 261 residential units) under purchase agreements
• Units 6E, 6F, 17E, 17F combined; new common interests and sizes specified for each
• Unit 12G residential common interest corrected from 0.475% to 0.472%
• Garage Unit common interest reduced from 5.215% to 5.205%
• Revised second floor layout: corridor, gym, yoga studio, storage, restrooms, lounge/library, pantry designated as Residential Limited Common Elements
• Roof garden area designated as Residential Limited Common Elements; maintenance cost borne by residential unit owners only