Flushing Tower Condominium

Amendment 13 2005

The Declaration is amended to disclose that Unit C-A was subdivided into 34 office units (CA1 through CA34), with new common interest percentages and tax lot numbers 1100 to 1133 replacing former tax lot 1099.

• Unit C-A subdivided into 34 office units, CA1 through CA34
• New common interest percentages set for the 34 units, from .299 to 1.285
• Tax lots 1100 to 1133 replace former tax lot 1099
• Only Unit C-A and tax lot 1099 are affected by the amendment
• Second Amendment to Declaration annexed as Exhibit A, with Schedule A listing the new units
• No other material changes disclosed
• Offering Plan may not be used after 12 months from filing of this Amendment unless extended by duly filed Amendment

Amendment 12 Dec 1, 2004

The Sponsor subdivides existing commercial Unit C-A into 34 individual office units (CA1 through CA34), updating the condominium's unit count, square footage, common interest percentages and monthly common charges.

• Unit C-A subdivided into 34 individual office units, designated CA1 through CA34
• Total units in the condominium now 132
• Square footage, common interest percentage and monthly common charges set for the 34 new CA units (Exhibit A)
• Description of the new CA Units prepared by the Unit Owner's architect annexed
• Declaration of Condominium to be amended before closing of title to the first new unit to disclose the subdivision, unit designations, common interest percentages and tax lot numbers
• Offering Plan may not be used after twelve (12) months from the date of filing of this Amendment unless extended by duly filed Amendment

Amendment 11 Mar 2, 2004

This amendment changes the sponsor to Imperial Management Corporation, updates the sponsor's financial disclosure, extends the offering plan term, and revises the escrow, closing attorney, purchase procedure and closing terms.

• Sponsor changed to Imperial Management Corporation, which acquired the property by deed dated November 20, 1997
• Downpayments to be held in the IOLA account of Kevin K. Tung, Esq. at Citibank, N.A., replacing the former escrow sections
• Sponsor's closing attorney is Kevin K. Tung, Esq., whose signature is needed to release deposits
• Sponsor-owned units listed (40), with aggregate monthly common charges of $8,214.08 and monthly real estate taxes of $12,865.43
• Sponsor's Bank of China mortgage: principal balance $1,206,000, 4.5% interest, maturity February 1, 2009, monthly payment $6,703.34
• Offering plan term extended; 59 units sold and closed title, 40 units unsold
• Purchase procedure: Sponsor has 15 days to accept agreements; at least 30 days' written closing notice unless purchaser waives; assignments need Sponsor's written consent
• Closing by bargain and sale deed; fire risk stays with Sponsor until closing unless purchaser takes possession under a written agreement

Amendment 10 1990

The amendment discloses the sponsor's financial position, including the units it owns, their mortgages, and its delinquencies in other condominiums, and extends the offering plan's term with sales status updated.

• Extends the offering plan's term; common charges remain unchanged
• Sponsor owns unsold units with aggregate monthly common charges of $15,093.61 and aggregate monthly rents of $49,298.75
• Sponsor-owned units are subject to mortgages listed in Exhibit I, with total monthly payments of $14,402.25, $13,883.90, and $14,334.74 (the last on a $1,200,000.00 mortgage), all maturing September, 2003
• Sales status: 37 units sold and closed title, 62 units unsold
• Sponsor is not current on common charges in Queens Boulevard Tower ($34,451.66), Queens Center Plaza ($50,437.09), and Main Street Plaza ($20,512.05)
• Sponsor owns more than 10% of units in Queens Boulevard Tower, Queens Center Plaza, Main Street Tower, and Main Street Plaza condominiums
• Sponsor has no financial obligations due within twelve months, other than common charges
• Sponsor relinquished control of the Board of Managers in 1988; the plan may not be used after twelve months from filing unless extended

Amendment 9 Jul 6, 1988

This Ninth Amendment updates the building's construction and sales status, confirms the first-year budget is unchanged, and limits use of the offering plan to twelve months from the amendment's filing.

• 53 units remain unsold; 46.46% of units have been sold and title has closed to 32 units
• Units constructed substantially per the plans and specifications; Certificate of Occupancy issued
• Projected first-year budget (Schedule B) remains unchanged
• Sponsor will control the Board of Managers, pursuant to the Offering Plan terms
• Sponsor will comply with all requirements stated in the Offering Plan
• Offering Plan may not be used after twelve months from the filing date of this Amendment unless extended by duly filed amendment

Amendment 8 Feb 4, 1988

This amendment changes the selling prices of the units under an amended Schedule A, reassigns some parking spaces among units, and reports sales progress, with the first-year budget left unchanged.

• Selling prices of units amended per Amended Schedule A; total purchase price (99 units) now $20,563,842.00
• Certain attendant parking spaces reassigned among units; Declaration Schedule A to be amended to match
• 56 units unsold; 43.43% of all units sold; title has closed to 24 units
• Projected budget for the First Year of Operation remains unchanged
• Sponsor will control the Board of Managers, pursuant to the terms of the Offering Plan
• Offering Plan may not be used after twelve months from the date of filing of this Amendment unless extended by duly filed Amendment