Diana Condominium

Amendment 3 Mar 19, 2024

This amendment updates unit prices, establishes closing records and occupancy certificates, sets common charges collection terms, and clarifies parking unit use rules.

• Purchase prices of unsold residential and parking units changed (see Exhibit A)
• First closing held December 26, 2023 for Unit 306
• Temporary certificate of occupancy issued November 13, 2023 and updated April 15, 2024, expiring July 14, 2024
• PCO Escrow Amount set at $20,000.00 for permanent certificate work
• Working Capital Fund established at Citizens Bank with $15,816.06
• Common Charges waived from first closing through April 30, 2024; collection commenced May 1, 2024
• Closing fees increased by $500.00 for legal preparation of storage licenses
• Board members designated: Benjamin Pinover (President), Clayton Harley (Vice President), Olga Jurga (Treasurer), Jay Murray (Secretary)
• Schedule A prices increased for 2 homes (median +12.2%): 505 $980,000 → $1,100,000; 604 $1,100,000 → $1,200,000

Amendment 2 Nov 15, 2023

Amendment discloses Declaration recording, updates construction timeline and budget due to utility rate increases, reconfigures parking units, and extends offering period.

• Declaration recorded August 4, 2023 as CRFN 2023000196761
• Closings expected to commence in or before January 2024
• Temporary certificate of occupancy issued November 13, 2023, expires December 28, 2023
• Schedule B budget increased by approximately 17% (total $45,445): gas from $60,619 to $78,439, water/sewer from $30,412 to $31,874, electric from $60,619 to $68,073
• Parking Units 8 and 9 reconfigured; Unit 9 designated Handicap Parking Unit; new Unit 7 created; total remains 20 parking units
• Residential Unit 101 now offered with Parking Units 8 and 9
• Handicap Parking Unit holder may exchange deed with another parking unit owner instead of paying fair market value
• Offering period extended six (6) months

Amendment 1 Jan 27, 2023

Plan declared effective with 6 units sold; First Year of Condominium Operation moved to April 1, 2023–March 31, 2024; Common Charges, real estate taxes, and budget updated; flip tax eliminated.

• Plan declared effective as of January 19, 2023 (6 units sold, 15% of total)
• First Year of Condominium Operation: April 1, 2023 to March 31, 2024
• Real estate taxes for First Year: $167,550.00 (3 months of 2023/2024 + 9 months of 2024/2025 fiscal years)
• Schedule A-1 offering prices and Common Charges updated
• Schedule B budget updated for new dates and increased insurance costs
• Special Risk #16 revised with detailed real estate tax projections and warnings
• Flip Tax eliminated; Board may still impose transfer fees in future
• FinCEN Order (Special Risk #56) extended through April 24, 2023