317 Third Street

Amendment 6 2003

This amendment changes the sponsor to 317 Third LLC, discloses the sponsor's 11 unsold apartments and their financing, and sets out the budget, a planned mortgage refinancing, the escrow arrangements and the form of contract of sale.

• Sponsor changed from David Gaunt and Robert Scully to 317 Third LLC as of February 8, 1999
• Sponsor owns 11 unsold apartments; 5 of them (1B, 2A, 3B, 3C, 4B) are financed with First Nationwide Bank, total loans approximately $297,376
• Budget commencing May 1, 2003; maintenance is $4.996 per share per year
• Accepted application to refinance first mortgage with The Dime Savings Bank of Williamsburgh for $290,000 at 5.50% for five years, with monthly payments of $1,046.59 during the first full year
• Down payments to be held in a segregated escrow account of Raphael and Marks, with the funds held at Citibank, NA
• Form contract of sale for the sponsor's unsold units attached as Exhibit C
• Sponsor's monthly rent from its units is $14,475.00 and its monthly maintenance payments are $3,827.11
• Sponsor relinquished control of the Board of Directors in 1991

Amendment 5 Dec 3, 1992

This amendment discloses the sponsor's unsold apartments and their financing, sets the 1992/93 real estate tax position, replaces the downpayment escrow disclosure, and adds tenant-rent protections under GBL 352-e(2-d).

• Sponsor owns unsold shares for ten apartments (1A, 1B, 2A, 2C, 3A, 3B, 3C, 4A, 4B, 4C), with aggregate monthly maintenance of $3,534.00 and aggregate monthly rents of $7,725.00
• Seven unsold units financed with First Nationwide Bank, approximately $560,000, maturity April, 2019 (27 years)
• Three units (4A, 3A, 2C) pledged to People's Bank of Bridgeport for a ten (10) year loan of approximately $660,000.00, with monthly loan payments of $7,273.01
• No real estate taxes payable during 1992/93; total abatement is $167,600.00 and Transition Assessed Valuation is $85,560.00
• Downpayments to be placed within five business days in a segregated escrow account of Allen, Morris & Troisi at National Westminster Bank, USA, replacing the former escrow section
• If a non-occupying owner is more than thirty days late on maintenance or charges, tenant rent becomes payable directly to the cooperative corporation
• Sponsor gave up control of the Board of Directors at a 1991 stockholders meeting
• Annexed: 1991 financial statement (Levy, Cohen & Gold) and 1993 budget

Amendment 4 Sep 23, 1991

This amendment discloses the sponsor's unsold shares and their bank loans, sets the 1991/1992 taxes at zero because of a total abatement, schedules the sponsor's transfer of board control, lists negotiable purchase terms, and adds escrow details and 1990 operating statements.

• Sponsor's loan from First Nationwide Bank of approximately $566,560, maturing April, 2019 (28 years), with monthly payments of $5,108.00, on seven unsold units (1A, 1B, 2A, 3B, 3C, 4B, 4C)
• Sponsor's $960,000 loan from People's Bank of Bridgeport for 5 years, with monthly loan payments of $699.00, secured by three unsold units (4A, 3A, 2C) and cooperative units at 221 Fifth Avenue and 307 Seventy Second Street, with an option to extend for a further 5 years
• No taxes during 1991/1992: total abatement of $167,600.00
• Sponsor to give up control of the Board of Directors at a stockholders meeting in September 1991
• Sponsor's unsold shares allocated to ten apartments, with aggregate monthly maintenance of $3,534.00 and aggregate monthly rents of $7,725.00
• Purchasers may negotiate renovations or credits, a reduced down payment deposit (but at least $1,000.00), a financing contingency, and other listed terms, but have no obligation to do so
• Purchaser monies to be held in an Iola escrow account at National Westminster Bank, USA; no interest paid to purchasers
• 1990 operating statement attached: tenant assessments $54,021, total operating expenses $12,153, income after specified expenses $41,868

Amendment 3 Oct 30, 1990

The Sponsor, David Hamilton Gaunt and Robert Scully, updates disclosure on its unsold shares, their financing, and the building's tax and abatement figures.

• Sponsor's unsold shares listed for 10 apartments (1A, 1B, 2A, 2C, 3A, 3B, 3C, 4A, 4B, 4C)
• Seven unsold units (1A, 1B, 2A, 3B, 3C, 4B, 4C) financed by First Nationwide Bank, loans of approximately $569,784 maturing April, 2019, with monthly payments of $5,263
• Three units (4A, 3A, 2C) unencumbered, with a commitment from People's Bank for a 5-year loan of $960,000 secured by those units plus cooperative units at 221 Fifth Avenue and 307 Seventy Second Street, Brooklyn
• Monthly figures added: maintenance on Sponsor-owned shares $3,534; rents from Sponsor-owned units $8,950; monthly loan payments on the People's Bank loan $8,800
• Sponsor's obligations within 12 months (other than maintenance) listed as None
• Sponsor's obligations funded by rental income and projected future sales
• Sponsor listed as owning more than 10% of shares in eight other buildings, and as controlling the Board until no later than two years after closing
• Closing occurred April 3, 1989, with financial statements from inception to December 31, 1989 attached

Amendment 2 May 25, 1989

This second amendment records the April 3, 1989 closing, the adjusted working capital fund, the property's mortgages, Sponsor's holding of unsold shares, and attaches a form of sale contract and a closing statement.

• Closing took place on April 3, 1989 at the offices of Conway, Farrell, et al, 53 Wall Street, New York, New York
• Adjusted Working Capital Fund of $4,854.83 held at Chemical Bank, Private Banking division
• Property encumbered by a first mortgage held by Dime Savings Bank of Williamsburg in the sum of $275,000.00 and a second mortgage held by Sponsor in the sum of $15,000.00
• Sponsor holds unsold shares allocated to apartments 1A, 1D, 2A, 2B, 2C, [unclear "A"], 3C, 4A, 4B and 4C
• Form of contract of sale for Sponsor's future sales of unsold shares annexed as Exhibit I
• Closing Statement setting forth the closing adjustments annexed as Exhibit II

Amendment 1 Feb 21, 1989

The amendment declares the plan effective after two of thirteen apartments are under contract, replaces the mortgage terms with a $275,000.00 first mortgage and a $15,000.00 second mortgage, adds tax estimates, and limits the board's right to refuse subletting during the first five years.

• Plan declared effective by Sponsor's Notice dated February 17, 1989, based on two purchase agreements for two of thirteen apartments (15%)
• First mortgage replaced: Dime Savings Bank of Williamsburgh, $275,000.00, ten-year term, 11.25% interest, $2,692.71 monthly for first five years, with approximately $253,000.00 unpaid balance at maturity
• Second purchase money mortgage added: Sponsor as mortgagee, $15,000.00 at 6.916%, interest-only at $86.45 monthly for ten years
• Estimated 1989/90 real estate taxes of approximately $1,481.98 without J-51 benefits, or zero if J-51 abatement commences July 1, 1989
• Estimated 1990/91 real estate taxes of approximately $11,015.86 without J-51 benefits, or approximately $2,320,86 if J-51 exemption commences July 1, 1990
• Board may refuse subletting for any reason, but may not unreasonably withhold consent during the first five years after the Closing Date
• Offering limited to natural persons over eighteen, and at Sponsor's option to partnerships and corporations
• Pages C2, C3, C4 and Proprietary Lease page D13 substituted or revised