Sedgwick Condominium

Amendment 8 Mar 17, 2015

This amendment updates Schedule A with new pricing, provides 2013 financial statements, shows 2014 budget continuing into 2015, confirms new sponsor and board composition, and discloses sponsor's ownership of 6 unsold units.

• New Sponsor: Sedgwick Owner LLC (replacing prior sponsor)
• 6 unsold units remain: 3 Community Facility Units and 3 Tandem Parking Units
• Schedule A updated with current prices and estimated expenses for units
• 2013 audited financial statements included
• Condominium continues operating under 2014 budget (2015 budget not yet adopted)
• Condominium has non-revolving line of credit of $675,000 with Manufacturers and Traders Trust Company
• New Sponsor owns $805.99 monthly in common charges on unsold units
• New Sponsor no longer designates any board members as of June 16, 2013

Amendment 7 Dec 31, 2013

New sponsor changed to Sedgwick Owner LLC, with updated 2012 financial statements and 2014 budget continuation under 2013 budget.

• New sponsor: Sedgwick Owner LLC (c/o The City Investment Fund, L.P., 299 Park Avenue, New York)
• 3 Community Facility Units and 3 Tandem Parking Units remain unsold as of November 15, 2013
• New Sponsor no longer controls Condominium Board as of June 16, 2013
• Board officers: Yahaira Baez (President), Jose Betances (Vice President), Jenny DeJesus (Secretary/Treasurer)
• 2012 certified financial statements included (Lipsky, Goodkin & Co., P.C.)
• Condominium continues operating under 2013 Budget; 2014 budget not yet adopted
• Qualified purchasers eligible for up to $32,500 AHC subsidy for residential units
• Plan effective for 12 months from Filing Date unless extended or amended

Amendment 6 Jan 23, 2013

Amendment updates Schedule A prices, adds 2011 financial statements and 2013 budget, revises escrow regulations, and modifies mortgage contingency terms in the purchase agreement.

• Schedule A — Purchase Prices and Related Information updated
• 2011 certified financial statements added
• 2013 Condominium Budget adopted by Board
• Escrow and Trust Fund Regulations revised per Department of Law changes
• Updated Escrow Rider and Escrow Agreement forms included
• Mortgage contingency terms modified with new Paragraph 29 requirements
• 7 Residential Units, 3 Community Facility Units, 4 Parking Units, and 3 Tandem Parking Units remain unsold
• New Sponsor controls Board until June 16, 2013 or closing of all units

Amendment 5 Jan 24, 2012

Fifth Amendment updates Schedule A pricing, financial statements, budget, and management details for Sedgwick Condominium.

• Three units under contract as of January 1, 2012: 1D, 3C, and 4C at 2794 Sedgwick Avenue
• 2010 financial statements compiled but not certified due to incomplete records from Original Sponsor
• 421-a tax abatement expires at conclusion of 2023/2024 tax year
• New Purchase Agreement form updated
• Limited warranty provided: 1 year for all defects, 2 years for systems, 6 years for major structural defects
• Managing Agent annual fee set at $16,000
• 2011 Operating Budget increased $45,371 (26%) from 2008 budget
• Condominium Board election to occur within 30 days

Amendment 4 Feb 18, 2011

New Sponsor takes over ownership and sale of 12 residential units, 3 community units, and 11 parking spaces; updates purchase procedures, pricing, and financing terms.

• New Sponsor (Sedgwick Owner LLC) acquired unsold units from original sponsor via deed in lieu of foreclosure on July 13, 2010
• Purchase prices for unsold units set forth in Schedule A
• Purchasers afforded not less than 3 business days to review Plan before executing Purchase Agreement
• Initial Deposit required is 5% of Purchase Price
• New Sponsor has 30 days to accept or reject Purchase Agreement after receiving executed agreement and Deposit
• Purchaser's obligation to purchase is not contingent on obtaining financing
• Limited Warranty in Purchase Agreement replaces Limited Warranty in original Plan

Amendment 3 Dec 3, 2008

Third amendment provides temporary Certificates of Occupancy for the three condominium buildings and extends the offering plan for six months.

• Temporary Certificate of Occupancy issued for 2792 Sedgwick Avenue on November 21, 2008, expires February 19, 2009
• Temporary Certificate of Occupancy issued for 2794 Sedgwick Avenue on November 21, 2008, expires February 19, 2009
• Temporary Certificate of Occupancy issued for 2796 Sedgwick Avenue on November 21, 2008, expires February 19, 2009
• Offering plan extended for six months from acceptance of this amendment

Amendment 2 Apr 1, 2008

Amendment declares the offering plan effective based on 19 units sold (44.18% of total) and extends the offering term by six months.

• Plan declared effective as of April 1, 2008 with 19 units sold representing 44.18% of total units
• Offering term extended by six months
• 19 purchase agreements executed with bona fide purchasers listed with prices ranging from $160,000.00 to $285,000.01

Amendment 1 Dec 23, 2007

Amendment renumbers condominium units, adds $32,500 grant eligibility for 30 units with income and asset limits, and modifies the purchase agreement format.

• Condominium units renumbered due to utility company requirements
• 30 residential units become eligible for $32,500 grant from New York State Affordable Housing Corporation
• Grant recipients must reside in unit as primary residence for 10 years or repay portion based on occupancy period
• Maximum household income: $54,500 (1 person) to $78,000 (4 person); 5+ person households ineligible
• Maximum household assets: 35% of purchase price ($99,750 for units priced at $285,000)
• All grant-eligible units offered at $285,000
• Purchase Agreement modified to show AHC Mortgage Amount and Net Purchase Price After Subsidy