Bridge Condominium

Amendment 6 Jul 13, 2015

Successor-Sponsor LCP 2279 LLC takes over seven unsold residential units; prices and budget updated for fiscal year 2015.

• Successor-Sponsor LCP 2279 LLC owns 69.61% of common interests (ten unsold units transferred March 4, 2014)
• Seven unsold residential units offered for sale; two commercial units and one community facility unit not offered at this time
• Schedule A revised with offering prices, common charges, real estate tax obligations, and common interest percentages
• Fiscal year 2015 budget (July 1, 2015 – June 30, 2016) certified by T. George Realty, Inc.
• Successor-Sponsor pays $8,739.98 monthly common charges; current on all payments
• Real estate taxes assessed at approximately $5,911.71 quarterly for unsold units
• Work to obtain Final Certificate of Occupancy estimated at $49,000
• Successor-Sponsor entitled to designate two members to 5-member Board of Managers

Amendment 5 May 19, 2009

Prices of three unsold units reduced, with total offering price down $300,000.

• Unit 3A price: $575,000
• Unit 4A price: $595,000
• Unit 5A price: $625,000
• Total offering price reduced by $300,000 since prior amendment
• Schedule A prices decreased for 3 homes (median -15.0%): 3A $685,000 → $575,000; 4A $700,000 → $595,000; 5A $715,000 → $625,000

Amendment 4 May 23, 2008

Post-closing amendment documenting first unit closings, unsold units, board members, sponsor finances, and a correction to the Declaration regarding private terrace access.

• First unit closings occurred December 27, 2007
• Sponsor owns 7 unsold residential units and 3 commercial units
• Working capital fund holds $51,740.96
• Sponsor pays combined monthly common charges of $7,306.13
• Sponsor mortgage balance approximately $13,058,068.71, maturing May 1, 2008, extended six months
• Managing agent Safeguard Realty Management engaged at $12,000 annually
• Declaration corrected: Unit 3C (not 3A) has private terrace access

Amendment 3 Feb 13, 2008

Prices updated for three unsold units.

• Unit 3A price: $675,000
• Unit 4A price: $695,000
• Unit 5A price: $725,000

Amendment 2 Oct 25, 2007

Amendment declares the plan effective, updates the operating budget due to energy price increases, revises common charges and real estate tax projections, allows terraces for code-compliant cooking, and sets commencement of operation for January 1, 2008.

• Plan declared effective August 30, 2007 upon acceptance of 3 purchase agreements (23% of 13 units)
• Commencement of condominium operation changed to January 1, 2008
• Projected budget for first year increased approximately 4% due to energy price increases
• Common Charges revised for all units due to budget changes
• Real estate tax projections revised
• Prohibition against cooking or barbecuing on terraces deleted if code compliant
• Community Facility Unit dimensions revised to occupy entire second floor
• Schedule B to Declaration revised to conform to Architect's floor plans

Amendment 1 May 8, 2007

Schedule A prices for certain units have been increased, raising the total offering from $8,630,850.00 to $8,724,850.

• Total offering price increased from $8,630,850.00 to $8,724,850
• Schedule A revised with price changes for certain units