2231 62nd Street Condominium

Amendment 3 Mar 16, 2010

Amendment extends the offering plan, which had expired, by filing the Declaration and confirming three units sold as of March 26, 2008.

• Declaration filed and recorded on December 10, 2009
• Three executed Purchase Agreements accepted, representing 37.5% of eight units offered
• First year operating budget projected to commence May 1, 2010
• No additional contracts entered during period plan was expired

Amendment 2 Mar 3, 2009

Second amendment extends the offering plan and adds mortgage lender protections to make the plan FNMA compliant.

• Condominium By-Laws Article X amended to require mortgagee consent (51% of mortgaged units) for material adverse amendments
• Board of Managers must give prompt written notice to mortgagees of condemnation, casualty loss, assessment delinquency over 60 days, insurance lapses, and actions requiring mortgagee consent
• First mortgagee rights prioritized over unit owner rights regarding insurance proceeds and condemnation awards
• Projected budget for first year of operation remains in effect, commencing June 1, 2009
• As of March 26, 2008, three (3) executed Purchase Agreements accepted, representing 37.5% of eight (8) units offered

Amendment 1 Mar 26, 2008

Plan declared effective after three of eight units sold, exceeding the 15% threshold required.

• Plan declared effective as of March 26, 2008 by notice to purchasers
• Three executed Purchase Agreements accepted (37.5% of eight units offered)
• First year budget projected to commence May 1, 2008