Porter House Condominium

Amendment 19 October 2014

Budget for 2014 approved with residential common charges increasing 10.27% and commercial charges decreasing 33.74%; one unsold residential unit remains with sponsor.

• Residential common charges increase 10.27% to $493,121 annual budget
• Commercial common charges decrease 33.74%
• One unsold unit (5W) owned by sponsor with monthly charges of $2,391.73
• Unit 5W mortgaged to The Bancorp Bank with balance of $677,375.86, maturity June 1, 2034
• Sponsor's monthly rental income from unsold unit is $16,000.00
• Sponsor relinquished board control January 20, 2004
• Offering plan use period extended twelve months from amendment date

Amendment 18 Aug 28, 2013

Amendment updates sponsor's unsold unit status, 2012 financial statements, escrow procedures, and extends the offering plan's effective period.

• Sponsor owns one unsold residential unit (5W) with $2,105.81 monthly common charges and $25,565.68 annual real estate taxes
• 2012 Draft Certified Financial Statements and Budget attached
• Unit 5W mortgaged to The Bancorp Bank with $697,610.00 loan balance, maturity June 1, 2034, $4,615.20 monthly payments
• Revised escrow procedures with D'Agostino, Levine, Landesman & Lederman, LLP as escrow agent at Chase Manhattan Bank
• Escrow account federally insured by FDIC at maximum $250,000 per deposit
• Purchaser may cancel within 90 days if deposit notice not received within 15 business days
• Sponsor cannot seek release of defaulting purchaser's deposit until plan consummation
• Offering plan effective period extended for 12 months from amendment date

Amendment 17 September 2012

Amendment updates sponsor's ownership, financial statements, board composition, and extends the offering plan's effective period.

• One unsold residential unit (5W) remains, with monthly common charges of $2,105.81 and annual real estate taxes of $21,142.56
• Certified financial statements for year ending December 31, 2011 attached; 2012 projected budget attached
• Commercial unit generates $37,769.00 monthly rental income
• Unsold unit 5W subject to mortgage with The Bancorp Bank; current loan balance $718,183.00, maturity June 1, 2034, monthly payment $4,615.20
• Board of Managers composition listed with five members, all resident unit owners
• Sponsor relinquished board control on January 20, 2004
• Offering plan effective period extended for twelve months from amendment date

Amendment 16 2011

Sixteenth amendment updates sponsor's unsold unit details, financial statements for 2010, and board composition as of the amendment date.

• One unsold unit (5W) remains; 4.66% common interest, $2,005.53 monthly charges, $19,152.32 annual taxes
• 2010 financial statements attached; 2011 budget not yet available
• Unsold unit 5W mortgaged to The Bancorp Bank; loan balance $741,544.00, maturity June 1, 2034, monthly payment $4,615.20
• Aggregate monthly rental income for all sponsor units is $37,769.00
• Sponsor relinquished board control January 20, 2004; current board: David Davis (President), Stuart Davidoff (Vice-President), Julian Iragorri (Treasurer), Gregg Pasquarelli and Jeffrey M. Brown (Members)
• Offering plan use period extended twelve months from amendment date

Amendment 15 Jan 15, 2010

Sponsor owns one unsold unit with specified charges and mortgage; 2008 financial statements attached; offering plan validity extended.

• Unsold Unit 5W: 4.66% common interest, $2,005.53 monthly common charges, $17,972.00 annual real estate taxes
• Unit 5W mortgaged to The Bancorp Bank, loan balance $755,948.00, maturity June 1, 2034, monthly payment $5,694.21
• Aggregate monthly rental income for all sponsor units: $34,493.00
• Sponsor current on all financial obligations since first unit closing
• Board of Managers: David Davis (President), Ross Newman (Vice-President), Julian Iragorri (Treasurer), Gregg Pasquarelli and Jeffrey M. Brown (Members)
• 2008 financial statements provided; 2009 statements and 2010 budget not available at time of amendment
• Offering plan validity extended twelve months from amendment date

Amendment 14 Jan 7, 2009

Amendment discloses sponsor's remaining unsold unit, current financial obligations, board composition after sponsor relinquished control, and extends offering plan validity.

• One unsold residential unit (5W) owned by sponsor with 4.66% common interest, $2,006.00 monthly common charges, $15,626.00 annual real estate taxes
• Unsold unit 5W mortgaged to The Bancorp Bank with loan balance of $778,186.00, maturity June 1, 2034, monthly payments $5,694.21
• Aggregate monthly rental income for all sponsor units is $34,493.00 per month
• Sponsor relinquished board control January 20, 2004; current board includes Jeffrey M. Brown and Gregg Pasquarelli as sponsor representatives
• 2008 projected budget not available at time of amendment; will be disclosed when made available
• Offering plan validity extended for twelve months from amendment date
• Financial statements for year ending December 31, 2007 attached as Exhibit A

Amendment 13 Jan 8, 2008

Amendment updates sponsor ownership status, financial obligations, board composition, and extends the offering plan's effective period.

• Sponsor owns one unsold unit (SW) with monthly common charges of $1,929.00 and annual real estate taxes of $15,397.76
• Financial statements for fiscal years ending October 31, 2006 and 2007 not yet available; sponsor will amend plan when available
• Unsold unit SW is mortgaged to The Bancorp Bank with current loan balance of $797,867.00 and maturity date of June 1, 2034
• Aggregate monthly rental income for all sponsor-owned units is $32,850.00 per month
• Sponsor relinquished board control on January 20, 2004; current board includes two sponsor representatives
• Offering plan's effective period extended for twelve (12) months from amendment date

Amendment 12 Dec 4, 2006

Update on unsold units, financial information, board composition, and extension of offering plan effective period.

• One unsold residential unit (5W) with monthly common charges of $1,929.00 as of July 1, 2006
• Unit 5W subject to mortgage from The Bancorp Bank with $800,000.00 loan balance, maturity June 1, 2034, monthly interest-only payments of $3,616.00
• Aggregate monthly rental income for unsold units is $31,500.00 per month
• Sponsor relinquished control of Board of Managers on January 20, 2004; current board includes Jeffrey M. Brown and Greg Pasquarelli as Sponsor representatives
• Financial statements for fiscal years ending October 31, 2005 and 2006 not yet available; Sponsor to amend plan when available
• Offering plan effective period extended for twelve (12) months from amendment date

Amendment 11 Dec 10, 2005

Eleventh amendment updates sponsor's unsold units, common charges, board composition, and financial disclosures as of December 2005.

• Sponsor owns 2 unsold residential units: 5W (4.66% common interest, $1,753.08 monthly common charges, $1,296.03 monthly real estate taxes) and 8W (3.54% common interest, $1,331.37 monthly common charges, $905.42 monthly real estate taxes) as of July 1, 2005
• 2004 financial statements attached; sponsor does not adopt or guarantee their accuracy
• 2005 projected budget not yet available; sponsor will amend plan when available
• Aggregate monthly common charges for all sponsor-owned units: $3,084.45; aggregate monthly real estate taxes: $2,201.45
• Aggregate monthly rental charges for unsold units: $8,333.00
• Sponsor current on all financial obligations; no obligations due within 12 months except common charges
• Unsold units financed by The Bancorp Bank, $1,600,000 loan balance, maturity June 1, 2034, first 36 payments $7,000 interest-only
• Sponsor relinquished board control January 20, 2004; current board: Norman Risinger (President), Ross Newman (Vice-President/Secretary), Scott Thiel (Treasurer), plus Gregg Pasquarelli and Jeffrey M. Brown as sponsor representatives

Amendment 10 Sep 21, 2004

Tenth amendment updates unsold unit status, common charges, taxes, rental income, board composition, and extends the offering plan effective period.

• Four unsold residential units: 3N under contract, 5W not sold, 6E and 8W leased with purchase options
• Monthly common charges for unsold units: 3N $611.47, 5W $1,723.08, 6E $1,617.53, 8W $1,331.37
• Sponsor relinquished board control on January 20, 2004; board now has five members including two sponsor representatives
• Aggregate monthly rental charges for unsold units: $18,333.00
• Mortgage on units 5W, 6E, 8W with The Bancorp Bank: $2,400,000.00 balance, maturity June 1, 2034
• Offering plan effective period extended for twelve months from amendment date
• 2003/04 financial statements and 2004/05 budget not yet available; will be disclosed when available

Amendment 9 2004

Ninth Amendment documents first unit closing, occupancy certificates, working capital fund status, and three remaining unsold units with pricing and common charges.

• First Unit Closing occurred November 4, 2003
• Temporary certificate of occupancy issued October 31, 2003, amended November 19, 2003 to include all residential units
• Sponsor escrowed $74,000.00 for permanent certificate of occupancy
• Working Capital Fund balance $37,381.74 as of amendment date
• Three unsold units remain: 5W at $1,680,000.00, 6E at $1,900,000.00, 8W at $1,275,000.00
• Sponsor relinquished Board control January 20, 2004
• Offering Plan effective period extended six months from amendment date

Amendment 8 Jan 9, 2004

Purchase price for Residential Unit 6E increased to $1,900,000.00, raising the total offering amount to $33,065,000.00.

• Unit 6E purchase price set at $1,900,000.00
• Total offering amount for 22 Residential Units: $33,065,000.00
• Schedule A prices increased for 1 home (median +10.1%): 6E $1,725,000 → $1,900,000

Amendment 7 Jan 8, 2004

Corrects PHW's percentage common interest, reduces Commercial Unit cellar storage square footage, and revises cellar floor plan with adjusted storage and exercise room dimensions.

• PHW percentage common interest corrected from 8.87% to 8.86%
• Commercial Unit cellar storage reduced by 1,452 square feet from approximately 1,882 to approximately 430 square feet
• Tenant Storage space revised from approximately 930/735 to approximately 1,008/865 square feet (gross/net)
• Commercial Unit cellar storage revised from approximately 1,882/1,750 to approximately 430/377 square feet (gross/net)
• Exercise Room revised from approximately 352/288 to approximately 453/415 square feet (gross/net)
• Vault space (Limited Common Element for Commercial Unit) established at approximately 1,776 square feet
• Revised cellar floor plan added reflecting as-built conditions
• Schedule B updated with reduced storage space and increased Exercise Room square footage

Amendment 6 September 2003

The offering plan has been declared effective with 14 residential units (64% of units offered) under purchase agreements.

• Offering Plan declared effective by written notice dated September 12, 2003
• 14 residential units purchased, representing 64% of units offered
• List of 14 units with purchase agreement dates from January 22, 2003 to July 30, 2003

Amendment 5 Sep 11, 2003

Amendment adds lot-line window disclosures for three units, revises square footages for penthouse and storage spaces, updates floor plans, and adds by-law provisions for potential lot-line window sealing costs.

• New Special Risk 20 discloses lot-line windows in Units 2E, 3E, and 4E that provide only supplementary light and air; sealing estimated at approximately $1,000.00 per window
• Penthouse (PHW) terrace reduced by 220 square feet from approximately 1,010 to approximately 790 square feet
• Penthouse (PHW) gross square footage increased by 25 square feet from approximately 3,146 to approximately 3,171 square feet
• Commercial Unit cellar storage reduced by 1,106 square feet from approximately 2,988 to approximately 1,882 square feet
• Revised floor plans added for cellar, 2nd, 3rd, 4th, 9th, 10th floors and roof
• New By-Laws Section 7 establishes that unit owners pay for lot-line window sealing as special assessments
• Sponsor notified neighboring property owner of violation of Zoning Lot Development Agreement regarding mechanical equipment in light and air easement
• Purchasers of Units 2E, 3E, and 4E offered right to rescind purchase agreements

Amendment 4 May 30, 2003

Purchase prices increased for 11 residential units; total offering amount set at $32,890,000.00.

• Unit 3E price: $1,395,000.00
• Unit 3N price: $795,000.00
• Unit 3W price: $1,495,000.00
• Unit 4W price: $1,535,000.00
• Unit 5E price: $1,650,000.00
• Unit 6E price: $1,725,000.00
• Unit 6N price: $825,000.00
• Unit 6W price: $1,895,000.00
• Schedule A prices increased for 11 homes (median +5.3%): 3E $1,375,000 → $1,395,000; 3W $1,425,000 → $1,495,000; 3N $695,000 → $795,000; 4W $1,345,000 → $1,535,000; ...

Amendment 3 May 21, 2003

Purchase prices increased for 9 residential units; total offering amount revised to $31,890,000.00.

• Total offering amount: $31,890,000.00
• Unit 3E price: $1,375,000.00
• Unit 5W price: $1,825,000.00
• Unit 6E price: $1,650,000.00
• Unit 7E price: $1,775,000.00
• Unit 7W price: $1,650,000.00
• Unit 9E price: $1,610,000.00
• Unit PHE price: $1,750,000.00
• Schedule A prices increased for 9 homes (median +6.5%): 3E $1,325,000 → $1,375,000; 5W $1,795,000 → $1,825,000; 6E $1,550,000 → $1,650,000; 7E $1,725,000 → $1,775,000; ...

Amendment 2 May 31, 2003

Purchase prices increased for three residential units, raising the total offering amount to $30,805,000.00.

• Unit 7E price increased to $1,725,000.00
• Unit 7W price increased to $1,545,000.00
• Unit 9E price increased to $1,560,000.00
• Total offering amount revised to $30,805,000.00 for 22 residential units
• Schedule A prices increased for 3 homes (median +4.0%): 7E $1,650,000 → $1,725,000; 7W $1,495,000 → $1,545,000; 9E $1,500,000 → $1,560,000

Amendment 1 May 7, 2003

Purchase prices increased for 11 residential units; total offering amount revised to $30,620,000.00.

• Unit 3E price: $1,325,000.00
• Unit 3W price: $1,425,000.00
• Unit 3N price: $695,000.00
• Unit 5E price: $1,595,000.00
• Unit 5W price: $1,795,000.00
• Unit 5N price: $795,000.00
• Unit 7W price: $1,495,000.00
• Unit 9E price: $1,500,000.00
• Schedule A prices increased for 8 homes (median +10.0%): 3E $1,185,000 → $1,325,000; 3W $1,345,000 → $1,425,000; 3N $625,000 → $695,000; 5E $1,450,000 → $1,595,000; ...