Crown Condominium

Amendment 15 2019

The Fifteenth Amendment updates sponsor ownership, financial obligations, board composition, condominium budget, assessments, and policies.

• Unit 2E occupied by building superintendent, leased by Board from Sponsor at $1,734/month plus Common Charge and assessment
• Commercial Units C-1 (dentist), C-2 (vacant), C-3 (bakery); total rental income $7,184/month
• Mortgage with Amerasia Bank principal outstanding $275,629.75, maturity November 26, 2027
• Financial statements for calendar years 2017-2018 attached
• Budget adopted for January 1, 2019 – December 31, 2019
• Assessment for plumbing and pump work ~$35,000 total over two years from January 1, 2018 to December 31, 2020
• Smoking policy adopted prohibiting smoking in common areas and smoke permeation between units; $150 fine per violation
• Schedule A lists unsold unit offering prices: 2E $450,000, C-1 $1,500,000, C-2 $750,000, C-3 $1,450,000, Parking Unit $490,000

Amendment 14 Apr 17, 2018

Updates sponsor ownership, common charge increase, mortgage details, financial statements, budget, and assessments for the building.

• Sponsor owns Units 6B and 2E (superintendent's residence); Unit 2E rented to Board at $1,734/month as of November 2017
• Common Charges increased 5% effective March 1, 2018 for first increase since 2016
• Mortgage: $284,653.17 principal outstanding, $2,025.83 monthly payment, matures November 26, 2027
• 24-month assessment of $175,000 for roof replacement and building repairs, began October 1, 2016, ending September 2018
• 24-month assessment of $35,000 for plumbing and pump work beginning January 1, 2018
• 421-a tax benefits end June 30, 2018
• Tax Cuts and Jobs Act effective January 1, 2018 may affect homeownership tax deductions; buyers advised to consult tax expert
• Board composition: three sponsor affiliates out of five directors; Ike Smith replaced by Jean Kinda, Roger Chou replaced by Julie Nguyen

Amendment 13 2016

Thirteenth Amendment updates sponsor-owned units status, financial obligations, board composition, assessment requirements, and 421-a tax benefit schedule.

• Sponsor owns unsold units 6B, 7D, 2E and three commercial units; unit 2E leased to superintendent at $1,700/month first year, $1,734/month second year starting November 1, 2016
• 24-month assessment of $175,000 total for roof replacement and building repairs, monthly payments beginning October 1, 2016 through September 2018
• Mortgage held by Amerasia Bank: original $600,000, current principal balance $301,229, matures November 26, 2027, 1.5% over Prime (minimum 5.25%), current payment $3,622.14/month
• Board of Managers has three Sponsor-affiliated directors out of five; Sponsor will control board indefinitely
• Temporary certificate of occupancy in effect until September 27, 2016; permanent certificate pending final paperwork
• 421-a tax benefits currently in year 9 of 10-year period (20% exemption); benefit expires June 30, 2018
• Offering plan valid for 12 months from amendment acceptance date
• FinCen Geographic Targeting Order applies to all residential closings on or after August 28, 2016
• Schedule A prices increased for 1 home (median +36.1%): 2E $429,240 → $584,000

Amendment 12 Apr 22, 2016

Sponsor offers three commercial units and one parking unit for sale with specified prices.

• Commercial Unit C-1 offered at $1,300,000
• Commercial Unit C-2 offered at $1,050,000
• Commercial Unit C-3 offered at $1,390,000
• Parking Unit P-1 (2 spaces) offered at $750,000
• Price change only; does not extend offering plan term

Amendment 11 Feb 17, 2016

Sponsor-owned unit prices updated for five residential units.

• Unit 2E price: $584,000
• Unit 6B price: $1,010,000
• Unit 7C price: $498,000
• Unit 7D price: $737,000
• Unit 7E price: $584,000
• Price change amendment does not extend offering plan term
• Schedule A prices increased for 2 homes (median +37.9%): 6B $742,350 → $1,010,000; 7D $534,325 → $737,000

Amendment 10 Jul 15, 2015

Common Charges increased 4% effective May 1, 2015; updated financial statements, budget, and sponsor financial condition included.

• Common Charges increased by 4% effective May 1, 2015
• Sponsor owns 7 unsold residential units: 6B, 7C, 6D, 7D, 2E, 7E, and Duplex Penthouse
• Mortgage on unsold units: $560,900 principal balance, 5.25% minimum rate, matures November 26, 2027
• Temporary certificate of occupancy in effect until August 3, 2015; $20,000 plus interest held in escrow for final certificate
• 421-a tax benefits in eighth year of ten-year benefit period ending June 30, 2018
• Tax lien on Parking Unit discharged after payment of outstanding real estate taxes
• 2013–2014 certified audited financial statements and 2015 budget adopted by Board of Managers
• Schedule A prices increased for 1 home (median +13.1%): 6D $479,050 → $541,695

Amendment 9 Jun 4, 2014

Ninth amendment updates sponsor financial condition, budget, and Certificate of Occupancy status for The Crown Condominium.

• Sponsor owns 10 unsold residential units (3B, 5B, 6B, 7B, 7C, 6D, 7D, 2E, 7E, Duplex Penthouse) plus three commercial units and one parking unit
• Certified audited financial statements for 2011-2013 attached
• Condominium budget for January 1, 2014 – December 31, 2014 adopted
• Mortgage on unsold units held by Amerasia Bank with principal of $586,320 at 1.5% over Prime (minimum 5.25%), maturity November 26, 2027
• Temporary Certificate of Occupancy in effect until May 29, 2014; Sponsor's attorney holds $20,000 plus interest in escrow for final Certificate
• Parking Unit subject to tax lien foreclosure for taxes prior to July 1, 2009; taxes after July 1, 2009 have been paid
• 421-a tax benefits in sixth year of ten-year benefit period (July 1, 2008 – June 30, 2018)
• Schedule A prices increased for 4 homes (median +17.6%): 3B $641,875 → $754,845; 5B $693,225 → $754,845; 7C $361,050 → $373,500; 2E $321,200 → $429,240
• Schedule A prices decreased for 1 home (median -2.0%): 6B $757,500 → $742,350

Amendment 8 Mar 11, 2013

Sponsor name change, updated financial and occupancy status, revised escrow procedures and contract terms.

• Sponsor name changed from Kirin Grocery, Inc. to Kirin Lin, Inc. as of July 2012
• Sponsor owns 10 unsold residential units: 3B, 5B, 6B, 7B, 7C, 6D, 7D, 2E, 7E and Duplex Penthouse
• Current aggregate common charges for unsold units approximately $9,834.56 monthly; real estate taxes $7,271.15 monthly
• Mortgage of $600,000 outstanding at 1.5% over prime (minimum 5.25%) with maturity November 26, 2027
• Temporary certificate of occupancy being extended; permanent certificate pending City inspection and sign-off
• 421-a tax benefits in year 5 of 10-year period (July 1, 2008 to June 30, 2018) with 60% exemption on increased assessed value
• Revised escrow procedures: Manatt, Phelps & Phillips, LLP now serves as escrow agent; escrow account at Citibank
• Contract of Sale and Escrow Agreement replaced per revised regulations eliminating Attorney General dispute adjudication

Amendment 7 Oct 18, 2007

Superintendent's unit financing unavailable; sponsor will lease Unit 2E instead, temporary certificate of occupancy extended to December 17, 2007, and unsold units details updated.

• Superintendent's Unit 2E: Sponsor will lease to condominium at $2,000/month instead of purchasing; total monthly cost approximately $2,478 or $29,736/annum
• Temporary certificate of occupancy extended to December 17, 2007; permanent certificate expected upon expiration
• $100,000 held in escrow by Sponsor's attorney to guarantee obtaining permanent certificate of occupancy
• Unsold units: 3B, 5B, 6B, 7B, 7C, 6D, 7D, 2E, 7E, and Duplex; aggregate common charges $8,672.40/month
• Aggregate real estate taxes for unsold units $645.24/month (July 1, 2007 to June 30, 2008)
• Sponsor current on all financial obligations; no delinquencies in prior year
• Sponsor controls Board of Managers with four out of five directors as affiliates

Amendment 6 Apr 12, 2007

Sixth amendment reporting first closing, unsold units, occupancy status, budget adoption, and board elections.

• First closing occurred October 26, 2006; 18 of 30 units closed, 1 under contract
• Unsold units: 5A (under contract), 6A, 7A, 3B, 5B, 6B, 7B, 7C, 6D, 7D, 2E, 7E, Duplex
• Temporary certificate of occupancy extended to March 29, 2007; permanent expected after
• Sponsor's attorney to hold $100,000 escrow for permanent occupancy obligation
• Declaration recorded June 26, 2006 in CREN 2006000355303
• Budget adopted for January 1, 2007 through December 31, 2007; common charges commenced January 1, 2007
• Working Capital Fund balance $19,174.18 as of February 28, 2007
• Board elected February 15, 2007: Richard W. Lin (President), Grace Lin (Vice President), Roger Chou (Secretary), Glace Chou (Treasurer), Jamie Pagliaro (Director)

Amendment 5 Mar 14, 2006

Purchase price for Unit 2C increased to $280,000.

Amendment 4 Sep 1, 2006

Corrects subway easement location, confirms 421-a tax benefits eligibility, updates building description and floor plans as-built, and extends offering plan validity.

• Subway easement corrected to cover cellar and first floor only, not first and second floors
• Preliminary 421-a partial tax exemption certificate granted for construction period; final certificate to be applied for within 90 days of certificate of occupancy
• Building description and floor plans revised based on as-built conditions with marked changes
• Updated Certification of Architect attached
• Offering plan valid for 6 months from amendment acceptance date; may be extended by further amendment

Amendment 3 May 24, 2006

Purchase prices increased for 8 units.

• Unit 6B price raised to $757,500
• Unit 6C price raised to $348,600
• Unit 7A price raised to $558,250
• Unit 7B price raised to $757,500
• Unit 7C price raised to $361,050
• Unit 7D price raised to $534,325
• Unit 7E price raised to $423,400
• Duplex price raised to $3,500,000
• Schedule A prices increased for 7 homes (median +7.4%): 7A $539,000 → $558,250; 6B $707,000 → $757,500; 7B $732,250 → $757,500; 6C $298,800 → $348,600; ...

Amendment 2 Jan 6, 2005

Plan declared effective after 23% (7 of 31) residential units executed contracts of sale.

• Plan declared effective with 7 residential units (23% of 31 total) having executed contracts
• No other material changes to property or offering disclosed

Amendment 1 Oct 6, 2005

Amendment changes purchase prices for unsold residential units per Schedule A.

• Purchase prices for unsold units changed per Schedule A
• Offering plan extended 12 months from amendment filing date