46-48 East 129th Street

3. Amendment 3

   The amendment sets the effective date of the Leprie Manor HDFC conversion after the Sponsor received purchase agreements covering 80% of the apartments, and it modifies the minimum repayment amount that HPD and CPC require.

   • Effective Date set as November 10, 2022 in the Sponsor's affidavit; the attached letters state November 4, 2022
   • Threshold met with 6 Purchase Agreements and Purchasing Tenant Affidavits from Insiders (100% of current Insiders) and 3 Purchase Agreements from Outsiders, totaling 80% of apartments under contract
   • HPD and CPC modified the minimum repayment amount, per letter annexed as Exhibit "B"
   • Threshold based on sale proceeds from six insiders, three outsiders and AHC grants totaling $688,893.00
   • Conversion closing to be scheduled after the NYS Attorney General approves the Third Amendment (Effectiveness)
   • Purchaser closings expected 30 days after the conversion closing, unless Sponsor and Purchaser mutually agree to an earlier date
   • Building has 10 apartments: 6 occupied by Insiders and 4 vacant

2. Amendment 2

   This amendment gives buyers a 15-day right to rescind, adds up to $40,000 state grants, and revises the mortgage, closing cost, escrow, contract of exchange, and interim lease terms.

   • Buyers may rescind their Purchase Agreement by written notice within 15 calendar days of delivery of this amendment, with the purchase price returned within 30 days
   • AHC grants of up to $40,000 for outside purchasers and existing tenants, with a 10-year occupancy requirement (Recapture Period) and repayment if shares are sold early
   • First CPC mortgage monthly payment of $2,908.98 (5.76% annual interest rate, as of the amendment date)
   • CPC Second Mortgage not to exceed $698,605.00, interest-only, repaid by Sponsor from sales of unsold shares; HPD subordinate mortgage at a fixed 1.00%
   • NYS Real Property Transfer Tax of $171.00 for occupied units and $498.00 for vacant units; assumed prices of $42,500 (occupied) and $108,381.00 (outsider)
   • Down payments and Insider purchase prices must be held in a separate Escrow Account
   • Contract of Exchange: unsold shares issued to Sponsor for vacant apartments at closing and pledged for the CPC Second Loan; treasury stock for rental-tenant apartments not transferred
   • Interim leases revised: one or two years, rent equal to the proposed maintenance charge, rent-stabilized, subletting prohibited

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site. 2 of 3 amendments summarized so far.