38-25 Parsons Blvd

Amendment 8 Jul 28, 2000

This Eighth Amendment updates the sponsor's attorneys, the apartment corporation's officers and directors, the unsold shares and sponsor loan figures, the financial statements and budget, tenant-rent rules under GBL Section 352-1, and the down-payment escrow account.

• Sponsor's attorneys changed to Mihos Karabelas & Papagianopoulos LLP, 28-18 31st Street, Astoria, New York 11102
• 78 Apartments and 14,022 Shares remain unsold and owned by the Sponsor
• Aggregate Monthly Maintenance Charges payable by the Sponsor on Unsold Shares: $36,952.23; aggregate Monthly Rent payable by tenants of unsold apartments: $53,901.49
• Unsold Shares serve as collateral for a loan from Commodore Factors Corp.; $2,000,000.00 is currently owed, payable upon the Lender's demand
• Escrow section replaced: down payments go to the IOLA escrow account of MIHOS KARABELAS & PAPAGIANOPOULOS LLP at Marathon National Bank
• Officers and directors list updated
• Financial statements for December 31, 1989 through December 31, 1999 added; cooperative operated at a deficit for the year ended December 1999; budget for the years ending December 31, 2000/2001 attached
• GBL Section 352-1: if sponsor or non-occupying investor maintenance, common charges, assessments or late fees are more than sixty days late, tenant rent becomes payable directly to the cooperative corporation

Amendment 7 Oct 18, 1990

This Seventh Amendment adds the apartment corporation's 1989 financial statements to the offering plan and states that there are no other material changes.

• Annexes the 38-25 Parsons Blvd. Owners Corp. financial statements for the year ended December 31, 1989
• Adds the independent accountants' report on those statements
• States there are no other material changes to the Plan

Amendment 6 Jun 8, 1990

This sixth amendment records that the plan's closing occurred in November 1988, updates the sponsor's attorney and managing agent, reports unsold-unit and financial figures, and confirms that the sponsor still controls the board.

• Closing Date under the Plan occurred on November 17, 1988
• Working Capital Fund reduced from $10,000.00 to $0.00; net closing adjustment of $89,643.25 owed to Sponsor, paid by a $79,643.25 promissory note at 10% per year in 12 monthly installments starting December 17, 1988
• Sponsor's attorney changed to Carl J. Kubic, 28-18 Steinway Street, Astoria, New York 11103
• Managing Agent changed to Alma Realty Ltd., 28-18 Steinway Street, Astoria, New York 11103
• Sponsor still owns 19,525 shares and 82 apartments, which are to be sold under the Contract of Sale in Exhibit 2
• Monthly maintenance charges payable by Sponsor on unsold shares: $37,174.66; monthly rents from tenants of unsold apartments: $39,825.57
• Unsold shares are collateral for a loan from First New York Bank for Business, with interest-only payments of approximately $12,300.00 per month
• 1988 financial statement annexed as Exhibit 3, with 1990 projected budget; 1989 statement not yet available

Amendment 5 Jan 19, 1990

This amendment records that the first shares closed on November 17, 1988, sets out the reserve and working capital funds and the $3,000,000 mortgage, lists the Sponsor's unsold shares and Sponsor-controlled board, and annexes the 1988 financial statements and 1990 budget.

• Share closing took place November 17, 1988, at the offices of Schiff, Turek & Kakoyiannis, 130 East 59th Street, New York, New York
• Reserve Fund to be funded by 3% of actual sales; initial 1% contribution offset by Sponsor's credit for work performed in the building; held at Marathon National Bank Of New York
• Working Capital Fund of $10,000.00 funded by Sponsor, offset by closing adjustments
• Corporation took title subject to a $3,000,000 mortgage held by Home Savings Bank
• Sponsor remains holder of unsold apartments and shares (listed in Exhibit A); form of contract of sale annexed
• Sponsor controls the Board of Directors: Abraham Phillips, Mary Mavrogiannis, Efstathios Valiotis
• Sponsor entered into a Survival Agreement at closing, under which the majority of violations of record were cured as of the Closing date
• Certified Financial Statements for year ended December 31, 1988 annexed as Exhibit C; Budget for January 1, 1990 through December 31, 1990 annexed as Exhibit D