Cherokee

Amendment 47 Dec 3, 2024

The amendment text is too garbled by OCR to identify any changes to the plan.

Amendment 46 Oct 12, 2023

This amendment updates the Cherokee's offering plan with 2021-2022 financial statements, a 2023 budget and $527,133 operating assessment, current maintenance charges, a $1,500.00 per share offering price, and rules for real estate tax abatements.

• Offering price is $1,500.00 per share, subject to negotiation
• Maintenance charges are currently $40.60 per annum or $3.383 per month, a 4% increase from 2022
• 2023 operating assessment of $527,133 approved; Sponsor paid $29,997.10 ($3.58/share) for all Unsold Units, and purchasers of those units will not reimburse the Sponsor
• Real estate tax abatements go only to shareholders who occupy their unit as a primary residence; a purchaser closing after January 15, 2023 would not be entitled to one until the tax year commencing July 1, 2024
• Apartment Corporation received $256,319 in tax abatement credits for the year ended December 31, 2022
• 2021 and 2022 certified financial statements attached as Exhibit A; 2023 Operating Budget attached as Exhibit B
• Officers and directors listed; five of six directors are unaffiliated shareholders, so the Sponsor does not control the board
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 45 May 2, 2022

This amendment sets the offering price at $1,500.00 per share, reports 2022 budget and maintenance figures, and updates the officer, director, and sponsor disclosures.

• Offering price is $1,500.00/per share, subject to negotiation
• Per share maintenance charges are $39.04 per annum or $3.253 per month, a 2% increase from 2021
• 2022 Operating Budget attached as Exhibit B
• Officers and directors listed; five of six directors are shareholders unaffiliated with the Sponsor
• Sponsor's unsold shares and 21 apartments listed in Exhibit C, with aggregate monthly maintenance of approximately $27,175.27
• Sponsor's aggregate monthly rents from tenants of its apartments approximately $20,391.43
• Sponsor principals' 10% ownership in London Terrace Towers, Park Plaza and 12 East 97th Street disclosed
• Financial statements for 2021 and 2020 added as Exhibit A

Amendment 44 Mar 16, 2021

This amendment updates the per-share maintenance charge to $38.27 per year, adds 2018 and 2019 financial statements and the 2021 budget, sets the offering price at $1,500.00 per share, and explains assessments and tax abatement eligibility.

• Per-share maintenance charges are $38.27 per annum or $3.19 per month, a 2.2% increase from 2020
• Offering price is $1,500.00/per share, subject to negotiation
• Apartment Corporation approved operating assessments in 2019 of $474,417 to offset tax abatements and supplement rising costs
• Sponsor paid a one-time 2020 assessment of $31,317.58 for all Unsold Units in June 2020
• Certified 2018 and 2019 financial statements attached; 2020 statements not yet available
• Budget for 2021 included in Exhibit A-1
• Primary-residence buyers get the tax abatement only from the first tax year after owning the unit on January 5 (example: closing on or before January 5, 2022 gives abatement for the tax year starting July 1, 2022)
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 43 Dec 24, 2019

This amendment updates the Cherokee plan with 2017-2018 financial statements, the 2019 budget, new maintenance charges and offering price, a new sponsor attorney and escrow agent, and Board control details.

• Per share maintenance charges are $35.71 per annum or $2.976 per month, a 3% increase from 2018
• Offering price is $1,500.00/per share, subject to negotiation
• 2018 operating assessments of $571,965 approved; Sponsor paid one-time 2019 assessment of $31,839.63 for all Unsold Units in June 2019
• Budget for 2019 included in Exhibit E; 2017 and 2018 financial statements attached as Exhibit A
• Sponsor's attorney and escrow agent changed to STEMPEL BENNETT CLAMAN & HOCHBERG, P.C.; escrow account at Signature Bank
• Purchaser deposits held in subaccounts at 0.3 percent interest, FDIC insured up to $250,000
• Sponsor no longer controls the Board; five of seven directors are shareholders
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 42 2019

This Forty-Second Amendment updates the Cherokee's 2016-2017 financial statements, the 2018 budget, maintenance charges, a shareholder tax-abatement assessment, the sponsor's board control, and the sponsor's unsold-unit contract, and it extends the plan's use for 12 months.

• Offering price is $1,500.00 per share, subject to negotiation
• Maintenance charges are $34.67 per annum or $2.889 per month, a 1% increase from 2017
• Operating assessments of $559,564 approved in 2017 to offset tax abatements of $250,508 and rising costs; only primary-residence shareholders get the abatement
• Sponsor paid a one-time 2018 assessment of $40,602.94 for all Unsold Units in June 2018
• A purchaser's abatement starts only after the first July 1-June 30 tax year in which they own the unit on January 5
• Sponsor no longer controls the Board, as five of seven directors are shareholders
• Contract of Sale for Sponsor-owned apartments revised to change managing agent and add the smoking policy as a rider
• Plan may be used for 12 months from acceptance for filing; tax information may be inaccurate under the 2018 federal tax law changes

Amendment 41 November 2017

This amendment sets the offering price at $1,500.00 per share, adds 2015-2016 financial statements and the 2017 budget, and updates maintenance, a 2016 assessment, tax abatement eligibility, Sponsor unit figures, and board control.

• Offering price is $1,500.00 per share, subject to negotiation
• Maintenance is $34.33 per annum or $2.8608 per month per share, with no increase from 2016
• 2016 operating assessments of $585,216 approved to offset tax abatements of $230,552 and rising costs; Sponsor paid a one-time 2017 assessment of $41,073.81 for all Unsold Units in June
• Tax abatement starts only in the first July 1-June 30 tax year after a primary-residence buyer owns the unit on January 5; a January 15, 2017 closing delays it to the tax year commencing July 1, 2018
• Five of seven directors are now shareholders, so the Sponsor no longer controls the Board; officers and directors list updated
• Sponsor-owned units: maintenance of approximately $29,866.90 and rents of approximately $24,549.23 each month; Sponsor owns unsold shares free of mortgages
• 2015 and 2016 financial statements and the 2017 budget added
• FinCEN geographic targeting order reporting applies to residential closings on or after September 22, 2017

Amendment 40 2016

This amendment sets the offering price at $1,500.00 per share, adds 2014 and 2015 financial statements and the 2016 budget, reports the sponsor's 2016 assessment, and explains who qualifies for the real estate tax abatement.

• Offering price is $1,500.00/per share, subject to negotiation
• Maintenance remains $34.33 per annum or $2.8608 per month, with no increase from 2015
• 2016 budget included in Exhibit E to the financial statements
• Certified financial statements for 2014 and 2015 added as Exhibit A
• Sponsor paid a one-time 2016 assessment of $50,616.86 for all Unsold Units in June 2016
• Real estate tax abatement is only for shareholders who occupy their unit as a primary residence, and a purchaser must own the unit on January 5 (the tax status date) before receiving it
• Sponsor no longer controls the Board; five of seven directors are shareholders
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 39 Oct 27, 2015

The Thirty Ninth Amendment updates the Cherokee's offering price, maintenance charges, 2013-2014 financial statements and 2015 budget, explains when buyers become eligible for the tax abatement, and reports that the sponsor no longer controls the board.

• Offering price set at $1,500.00 per share, subject to negotiation
• Per share maintenance charges are $34.33 per annum or $2.8508 per month, a 1% increase effective January 2015
• Buyers get the real estate tax abatement starting the first July 1-June 30 tax year after they own the unit on January 5 (e.g., closing on or before January 3, 2016 gives abatement from July 1, 2016; closing January 15, 2016 gives it from July 1, 2017)
• Sponsor paid a one-time 2015 assessment of $49,745.82 for Unsold Units in June 2015
• Certified financial statements for 2013 and 2014 added as Exhibit A
• 2015 budget included in Exhibit E
• Sponsor no longer controls the Board; five of seven directors are shareholders
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 38 Oct 16, 2014

The amendment updates the Cherokee's maintenance charges, adds a one-time 2014 sponsor assessment that buyers of unsold units must pay at closing, adds 2012-2013 financial statements and the 2014 budget, and updates the sponsor's financial disclosures and board control.

• Per share maintenance charges are $33.990 per annum or $2.8325 per month, a 4.95% increase effective January 1, 2014
• One-time 2014 assessment of $54,504.79 for all Unsold Units paid by Sponsor in June 2014; buyers of unsold units pay it as a closing adjustment from closing to end of tax year
• Offering price remains $1,100.00/per share subject to negotiation
• Sponsor no longer controls the Board; five of seven directors are shareholders
• Sponsor's unsold shares are free of mortgages, liens or encumbrances; monthly maintenance on Sponsor-owned apartments is approximately $39,584.42
• Certified financial statements for 2012 and 2013 added as Exhibit A; 2014 budget included in Exhibit E
• Officers and directors list updated, including Sponsor designees Robert Ellis and John P. Gallen
• Plan may be used for 12 months from the date the amendment is accepted for filing

Amendment 37 Oct 2, 2013

This amendment raises maintenance charges 12.30% effective January 1, 2013, revises escrow and contract terms for purchaser deposits, records a sponsor-paid 2013 assessment on unsold units, and updates financial, board, and budget disclosures.

• Per share maintenance charges increased 12.30% effective January 1, 2013, to $32.38732 per annum ($2.69893 per month)
• Escrow agent is Manatt, Phelps & Phillips, LLP; deposits in subaccounts earn 0.05% below $100,000 and 0.10% at $100,000 or more
• Attorney General no longer adjudicates deposit disputes for purchasers without a fully executed Contract of Sale; revised Contract of Sale attached as Exhibit C
• Sponsor paid a one-time 2013 assessment of $37,529.39 for all Unsold Units in June 2013
• Offering price remains $1,100.00 per share, subject to negotiation
• Sponsor no longer controls the board; five of seven directors are shareholders; officers and directors list provided
• Sponsor's monthly maintenance on its units is approximately $40,807.62 and monthly rents approximately $32,144.78; Sponsor's unsold shares are free of mortgages and liens
• Certified 2011 and 2012 financial statements annexed as Exhibit A; 2013 budget in Exhibit E

Amendment 36 Sep 28, 2012

The amendment raises maintenance charges 10% effective January 1, 2012, adds the 2012 budget and 2010-2011 financial statements, reports that the sponsor no longer controls the board, and adds a new Contract of Sale for Unsold Units.

• Maintenance charges now $28.84 per annum or $2.40 per month, a 10% increase effective January 1, 2012
• Offering price remains $1,100.00/per share, subject to negotiation
• Sponsor paid a one-time 2012 assessment of $36, 798.35 for all Unsold Units in June 2012
• Sponsor no longer controls the board: five of seven directors are shareholders
• New Contract of Sale for Unsold Units added (Exhibit D)
• 2012 budget added (Exhibit B); 2010 and 2011 certified financial statements added (Exhibit A)
• Officers and directors listed; Robert Ellis and John P. Gallen are Sponsor designees
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 35 Oct 5, 2011

This Thirty Fifth Amendment annexes the Cherokee's 2009 and 2010 financial statements and its 2011 budget, raises maintenance charges 8.50% effective January 1, 2011, keeps the offering price at $1,100.00 per share subject to negotiation, and updates the officers, directors, and sponsor disclosures.

• Maintenance charges increased 8.50% effective January 1, 2011, to $26.3019 per share per annum or $2.1918 per month
• Offering price remains $1,100.00 per share, subject to negotiation
• Budget of the Apartment Corporation for 2011 annexed (Exhibit B)
• Certified financial statements for 2009 and 2010 annexed (Exhibit A)
• Sponsor no longer controls the Board: five of seven directors are shareholders
• Officers and directors list provided, with Anthony Zografos as President
• Sponsor's unsold shares listed in Exhibit C, owned free of mortgages and liens
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 34 Oct 5, 2010

The amendment keeps the $1,100.00 per share offering price, raises maintenance charges 4% effective January 1, 2010, and adds updated financial, board, J-51 tax abatement and rent deregulation disclosures.

• Offering price remains $1,100.00 per share, subject to negotiation
• Maintenance charges are $24.2409 per share per annum ($2.020075 per month), a 4% increase effective January 1, 2010
• J-51 tax abatement disclosed: $10,992 per tax year, began July 1, 2001, expires during tax year ending June 30, 2011
• Disclosure added on Roberts v. Tishman Speyer Properties decision: rent stabilized tenants not subject to high-rent deregulation while building receives J-51 benefits
• Sponsor-owned apartments: maintenance about $38,231 per month and rents about $40,607 per month; Sponsor owns unsold shares free of mortgages
• Sponsor no longer controls the Board, as five of seven directors are shareholders; officers and directors listed
• Certified financial statements for 2008 and 2009 and the 2010 budget added
• Plan may be used for 12 months from the date the amendment is accepted for filing

Amendment 33 Sep 15, 2009

The amendment raises Cherokee maintenance charges 10% effective January 1, 2009, attaches 2007-2008 financial statements and the 2009 budget, and reports that the Sponsor no longer controls the board.

• Per-share maintenance charges now $23.3076 per annum or $1.9423 per month, a 10% increase effective January 1, 2009
• 2009 budget of the Apartment Corporation attached as Exhibit E
• Certified financial statements for 2007 and 2008 attached as Exhibit A
• Sponsor no longer controls the Board; five of seven directors are shareholders
• Officers and directors listed, including Anthony Zografos as President
• Sponsor's unsold shares listed in Exhibit B, with aggregate monthly maintenance of approximately $39,935 and monthly rents of approximately $40,566
• Offering price stated as unchanged at $1,100.00 per share, subject to negotiation
• Plan may be used for 12 months from the date the amendment is accepted for filing

Amendment 32 Aug 27, 2008

The amendment adds 2006–2007 financial statements and a 2008 budget with a 6% maintenance increase, updates officers, directors and sponsor disclosures, and keeps the offering price at $1,100.00 per share subject to negotiation.

• Maintenance raised 6% effective January 1, 2008, to $21.1896 per share per annum ($1.7658 per month)
• Offering price remains $1,100.00 per share, subject to negotiation
• Certified financial statements for 2006 and 2007 added as Exhibit A
• Budget of the Apartment Corporation for 2008 added as Exhibit E
• Sponsor no longer controls the Board; five of seven directors are shareholders
• Officers and directors list updated
• Sponsor's unsold shares and appurtenant apartments listed in Exhibit B; sponsor's monthly maintenance approximately $39,775 and monthly tenant rents approximately $42,721
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 31 Jul 30, 2007

This Thirty First Amendment for The Cherokee keeps the $1,100.00 per share offering price, raises maintenance charges 1.90% effective January 2007, updates the financial statements and budget, and reports that the sponsor no longer controls the board.

• Offering price remains $1,100.00 per share, subject to negotiation
• Maintenance charges now $19.99 per annum or $1.66583 per month, a 1.90% increase effective January 2007
• Sponsor no longer controls the board; four of seven directors are shareholders
• Certified financial statements for 2005 annexed; 2006 statements not yet available
• 2007 Budget of the Apartment Corporation annexed as Exhibit A
• Sponsor's unsold shares and appurtenant apartments listed in Exhibit B
• Sponsor's monthly maintenance on its apartments approximately $42,120; monthly rents approximately $49,390
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 30 May 5, 2006

The offering price rises to $1,100 per share subject to negotiation, maintenance rises 5.70% effective January 2006, and the amendment attaches the 2006 budget, 2003-2004 financial statements, and sponsor disclosures, including that the sponsor no longer controls the board.

• Offering price increased to $1,100/per share subject to negotiation
• Maintenance now $19.60 per annum or $1.6333 per month, a 5.70% increase effective January 2006
• 2006 budget annexed as Exhibit A
• Certified financial statements for 2003 and 2004 annexed; 2005 statements not yet available
• Sponsor no longer controls the board; four of seven directors are shareholders
• Sponsor-owned unsold shares listed in Exhibit B; sponsor's aggregate monthly maintenance approximately $43,007 and rent approximately $49,059
• Officers and directors list restated

Amendment 29 Jun 6, 2005

The amendment updates The Cherokee's co-op plan with 2003 financial statements, the 2005 budget and a 2.6% maintenance increase, keeps the $700 per share offering price, replaces the Contract of Sale form, and revises the lead paint disclosure.

• Offering price remains $700 per share, subject to negotiation
• Maintenance is $18.07 per share per annum ($1.54072 per month), a 2.6% increase effective 1/1/2005
• 2005 operating budget added (Exhibit A)
• 2003 certified financial statements added; 2004 statements not yet available
• New form of Contract of Sale replaces the former one (Exhibit C)
• Lead paint disclosure updated; sponsor sells only vacant units to owner-occupants and will not do remediation unless the Contract of Sale provides otherwise
• Sponsor-owned units: approximately $41,592 monthly maintenance and approximately $50,485 monthly rent
• Sponsor no longer controls the board; four of seven directors are shareholders

Amendment 28 Jun 24, 2004

This amendment updates the figures for the ten unsold apartments held by Momco, Inc., including its maintenance and rent amounts, offering price, loans from the Sponsor, officer, attorney and escrow arrangements, and the plan's usable period.

• Offering price of unsold shares is $1,000/per share, subject to negotiation
• Momco's maintenance charges are $59,724.36 per year (about $4,977.03 per month), reflecting a 5.65% increase effective January 1, 2004
• Momco's rent income is $12,375 per month, or $148,500 per year
• Momco's promissory notes to Sponsor CBU Associates total $405,040, with aggregate monthly payments of $5004.91, due July 1, 2006
• Linda Louey is the sole shareholder and officer of Momco, Inc.
• Momco's attorney is Snow Becker Krauss P.C., which acts as escrow agent under the attached Exhibit C
• Cherokee Owners Corp. 2003 financial statement attached as Exhibit D
• Momco may use the plan for 12 months from the date this amendment is accepted for filing

Amendment 27 Mar 10, 2004

The amendment raises maintenance charges 5.65% effective January 1, 2004, keeps the $700 per share offering price subject to negotiation, replaces the Contract of Sale, and commits the Sponsor to lead paint work in vacant units.

• Offering price remains $700/per share subject to negotiation
• Maintenance charges increased 5.65% effective January 1, 2004
• Sponsor no longer controls the Board; four of seven directors are resident shareholders
• New form of Contract of Sale supersedes the former Contract of Sale
• Sponsor will perform listed lead paint work in vacant units with peeling lead paint
• Manatt, Phelps & Phillips, LLP named escrowee for all Contract Deposits
• 2002 certified financial statements and 2004 and 2003 budgets annexed; 2003 financial statements not yet available
• Plan may be used for 12 months from acceptance for filing

Amendment 26 Jan 13, 2003

This Twenty-Sixth Amendment reports a 182% real estate tax increase, higher maintenance charges, the 2002 budget, a continuing special assessment, the unchanged $700 offering price, and updated sponsor and board information for The Cherokee.

• Real estate taxes to increase 182% effective January 1, 2003
• Maintenance charges are $15.581676 per year per annum or $1.298473 per share per month, reflecting a 3% increase effective January 1, 2002
• 2002 budget annexed as Exhibit B
• 4% special assessment of monthly maintenance, imposed February 1, 2001 to fund increased fuel costs, continues through 2002
• Offering price continues at $700 per share, subject to negotiation
• Sponsor no longer controls the Board; four of seven directors are resident shareholders
• Sponsor's unsold shares and appurtenant apartments listed in Exhibit D; sponsor's aggregate monthly maintenance and assessment charges are $42,740
• Plan may be used for 12 months from the date this amendment is accepted for filing

Amendment 25 Dec 3, 2001

The amendment sets 2001 maintenance at $15.1271 per share per month after a 3% increase, adds a one-year 2% fuel special assessment, sets a $700 per share price, and reports that the sponsor no longer controls the board.

• Maintenance charges are $15.1271 per month per share ($1.2606 per year per share), a 3% increase effective February 1, 2001
• Special assessment of 2% of monthly maintenance each month for one year starting February 1, 2001, to fund increased fuel costs
• Total cash purchase price for all apartments is $700 per share, subject to negotiation
• Sponsor no longer controls the Board of Directors; four of seven directors are resident shareholders
• Sponsor's aggregate monthly maintenance and assessment charges are $43,305; aggregate monthly rents from tenants are $50,151
• Officers and directors elected at the annual meeting are listed
• Certified financial statements for 2000 and the 2001 budget are annexed
• Plan may be used for 12 months from the date the amendment is accepted for filing

Amendment 24 Feb 9, 2001

The amendment sets the price of all unsold shares at $500/share, subject to negotiation, and states no other material changes.

Amendment 23 Nov 28, 2000

This Twenty-Third Amendment to The Cherokee's cooperative offering plan adds the 1999 certified financial statements, the 2000 budget and maintenance charges, a balcony repair cost, the price per share, sponsor financial details, and a new board composition.

• Maintenance charges are $14.687321 per year per share or $1.224 per month per share, with the 2000 budget annexed as Exhibit B
• Balcony reinforcement work added, estimated at $800,000, to be paid from 1999 mortgage refinancing proceeds with Emigrant Savings Bank; costs may increase
• Total cash purchase price for all apartments is $350 per share, subject to negotiation
• Sponsor's unsold shares carry monthly maintenance of $42,817 and monthly tenant rents of $51,681, and are free of financing liens
• Sponsor no longer controls the board: four of seven directors are resident shareholders
• Officers and directors updated, with Kenneth Grau, John Gallen and Robert Ellis as sponsor designees
• 1999 certified financial statements annexed as Exhibit A
• Plan may be used for 12 months from acceptance of this filing

Amendment 22 Dec 1, 1999

The amendment reports a 7.5% maintenance increase now in effect, a refinanced and enlarged building mortgage, 1998 financial statements and a 1999 budget, and a board where resident shareholders hold four of seven seats.

• Maintenance raised 7.5% from $13.66/Share to $14.69/Share, effective February 1, 1999
• Emigrant Savings Bank mortgage modified and extended March 30, 1999; principal increased from $4,929,764 to $10,500,000
• Initial Advance of $10,000,000 at 6.6% interest, maturing April 1, 2009; additional $500,000 revolving credit line
• Sponsor no longer controls the Board; four of seven directors are resident shareholders
• 1997 and 1998 certified financial statements attached as Exhibit A
• 1999 budget attached as Exhibit B
• Officers and directors list updated
• Sponsor-owned apartments: $62,785 monthly maintenance and $85,200 monthly rent

Amendment 21 Jul 30, 1999

This amendment sets a new offering price of $350.00 per share for all unsold units in The Cherokee cooperative.

• Offering price for all Unsold Units set at $350.00 per share
• No other material changes to the property or offering

Amendment 20 Oct 28, 1998

This amendment updates the sponsor's unsold-share holdings and related figures, reports that the sponsor no longer controls the board, attaches the 1997 financial statements and 1998 budget, and sets the plan's 12-month period of use.

• Sponsor owns 54,700 shares / 143 apartments of 147,065 shares / 383 apartments (37% of shares)
• Sponsor no longer controls the Board; four of seven directors are resident shareholders
• Current aggregate monthly maintenance charges on sponsor-owned apartments: $62,310
• Current aggregate monthly rents due from tenants of sponsor-owned apartments: $92,566
• Sponsor states its Unsold Shares are free of mortgages, pledges, liens or other encumbrances
• Sponsor has no financial obligations to the Apartment Corporation due within twelve months of this amendment
• 1997 certified financial statements attached as Exhibit A; 1998 budget attached as Exhibit B
• Plan may be used for 12 months from filing of the amendment, extendable by a further amendment

Amendment 19 Sep 30, 1997

This amendment states the $250-per-share offering price, reports that the Sponsor no longer controls the board, attaches the 1996 financial statements and 1997 budget, and updates the officers and directors.

• Offering price stated as $250 per share, subject to negotiation
• Sponsor no longer controls the Board; four of seven directors are resident shareholders
• Sponsor-owned apartments: monthly maintenance charges $64,304 and monthly tenant rents $91,499
• Sponsor's unsold shares and appurtenant apartments listed in Exhibit C
• 1996 certified financial statements attached as Exhibit A
• 1997 budget attached as Exhibit B
• Officers and directors list updated
• Plan may be used for 12 months from the date the seventeenth Amendment is accepted for filing

Amendment 18 Sep 16, 1996

This Eighteenth Amendment updates The Cherokee's plan with 1995 financial statements, a 1996 budget, the current officers and directors, sponsor financial disclosures, a new holder of unsold shares, lead paint disclosure, and removal of the Gains Tax from the Contract of Sale.

• Attaches certified 1995 financial statements (Exhibit A) and the 1996 budget (Exhibit B)
• Sponsor no longer controls the Board; four of seven directors are resident shareholders
• Sponsor's monthly maintenance on its apartments is $67,439; monthly tenant rents due to Sponsor are $87,347
• Momco, Inc. designated as a Holder of Unsold Shares after buying 10 apartments from Linda Louey and Willard Louey, with Sponsor purchase money financing secured by a security interest
• Sponsor owns its unsold shares free of mortgages, pledges, liens or other encumbrances from financing made to the Sponsor
• Sponsor agrees to provide Lead-Based Paint Disclosure Statements with each Contract of Sale
• NY Real Property Transfer Gains Tax repealed for transfers on or after June 15, 1996; references deleted from the Contract of Sale
• Lists current officers and directors elected at the annual shareholders meeting

Amendment 17 Aug 25, 1995

The amendment attaches the 1994 certified financial statements and 1995 budget, reports a roughly $250,000 energy loan used for a boiler replacement, lists current officers and directors, and describes a reorganization of the sponsor's general partners.

• Boiler replaced in 1995, funded by borrowing approximately $250,000 under the New York State Energy Investment Loan Program
• 1994 certified financial statements attached as Exhibit A; 1995 budget included as Exhibit E
• ASC Holding Corp. and CBU Corporation are the new general partners of the sponsor, CBU Associates
• Harold Cohen, Leon Meyers and Richard J. Scheuer withdrew as general partners; Saul Z. Cohen is now deceased
• Sponsor's current aggregate monthly maintenance on its unsold apartments: $68,998.84
• Sponsor's current aggregate monthly rents from tenants of its apartments: $80,990.60
• Sponsor no longer controls the board; four of seven directors are resident shareholders
• Officers and directors elected at the annual meeting listed, including three sponsor designees

Amendment 16 Jul 25, 1994

This Sixteenth Amendment attaches the 1993 financial statements and 1994 budget, reports the modified and extended building mortgage, updates officers, directors and Sponsor financial information, and sets a 12-month period for using the plan.

• Mortgage with Emigrant Savings Bank modified and extended on March 17, 1994, for a 10 year term with principal amount of $5,282,203
• Interest for the first 5 years is 8.25%; monthly principal and interest installment is $41,695
• Sponsor note for closing adjustments of $282,421 paid in full from loan proceeds
• Sponsor no longer controls the Board: four of seven directors are resident shareholders
• Officers and directors updated, including Wendy Patitucci as President and Frank Bruno as Treasurer
• Sponsor's current aggregate monthly maintenance on its apartments is approximately $71,918; monthly rents from tenants are approximately $72,828
• Sponsor made a final Reserve Fund contribution of $129,095 on April 1, 1993
• Plan may be used for 12 months from acceptance for filing, extendable by further amendment

Amendment 15 Jul 28, 1993

The amendment attaches 1992 financial statements and a 1993 budget, reports a 2 1/2% maintenance increase effective March 1, 1993, changes the closing fees for purchaser financing, notes that the Sponsor no longer controls the board, and sets a 12-month period for using the plan.

• 1992 certified financial statements (Exhibit A) and 1993 budget (Exhibit E) attached
• Maintenance increased 2 1/2% effective March 1, 1993
• Closing fees for purchaser financing (Paragraph 33.2 of Contract of Sale) amended: $250 to Sponsor's attorneys, UCC-1 filing fees, credit report fee, $300 to the Corporation's transfer agent, plus $100 for Manhattan closings outside the transfer agent's office or $175 for closings outside Manhattan
• Sponsor no longer controls the Board: four of seven directors are resident shareholders
• Sponsor made a final Reserve Fund contribution of $129,095 on April 1, 1993
• Plan may be used for 12 months from the date the Fifteenth Amendment is accepted for filing

Amendment 14 Jul 31, 1992

This amendment attaches the Cherokee Owners Corp. audited financial statements for 1991, states that there are no other material changes except as set forth, and sets the plan's usable period at 12 months from the date the amendment is accepted for filing.

• Attaches certified audited financial statements of the Apartment Corporation for 1991
• Audited statements show a 1991 net loss of $600,134
• Plan may be used for 12 months from the date this Amendment is accepted for filing
• Plan usage period may be extended only by a further amendment
• No other material changes of facts or circumstances affecting the Property or the offering, except as set forth in this amendment

Amendment 13 May 12, 1992

This amendment replaces the plan's downpayment escrow rules with a segregated escrow account at Kalkines, Arky, Zall & Bernstein, amends the contracts of sale to match, attaches the 1992 operating budget, and updates the officers and directors.

• Purchaser downpayments to be held in a segregated escrow account of Kalkines, Arky, Zall & Bernstein within five business days after the contract of sale is signed
• Escrow account is interest-bearing at Chemical Bank's Business Money Market Rate less 25 basis points (deposits under $10,000) or less 15 basis points ($10,000 or more), credited to Purchaser at closing unless Purchaser defaults
• Deposits over $100,000 are not federally insured above $100,000
• Escrow funds released only by written agreement of Sponsor and Purchaser, Attorney General determination, or court order; Purchaser gets at least ten business days' written notice before funds go to Sponsor
• Contracts of sale amended to name Kalkines, Arky, Zall & Bernstein as Escrowee and require deposits by collectible check payable to Escrowee
• 1992 operating budget attached as Exhibit A: total income $1,978,077, total operating expenses $1,975,675, operating surplus $2,402
• Officers and directors list updated; one Board vacancy to be filled by a resident shareholder
• Plan may be used for 12 months from the date the amendment is accepted for filing

Amendment 12 Oct 8, 1991

The amendment adds a state law requirement that, if a sponsor or non-occupying owner is more than thirty days late on maintenance, assessments or late fees for an apartment occupied by non-purchasing tenants, those tenants must pay their rent directly to the cooperative corporation.

• New law GBL Section 352-e(2-d), effective July 23, 1991, applies to the plan
• If maintenance, assessments or late fees are more than thirty days late, non-purchasing tenant rent becomes directly payable to the Apartment Corporation
• Non-purchasing tenants are notified within three business days when payments are current again, and rent returns to the non-occupying owner
• The offeror gives non-purchasing tenants irrevocable notice of these provisions, deemed given upon receipt of a copy of this Amendment
• Payment to the Apartment Corporation under this law relieves the tenant of the obligation to pay rent to the non-occupying owner
• These requirements apply to the Sponsor, its successors or assigns, and purchasers who own shares for apartments occupied by non-purchasing tenants
• Any rights under other laws are not limited by this requirement
• The plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 11 Jun 26, 1991

This amendment raises the maintenance charge, attaches the 1990 financial statements and 1991 budget, updates the officers and directors, and reports the Sponsor's financial status and unsold shares.

• Maintenance increased 93¢ per share per year effective February 1, 1991, an 8% increase from $11.64 to $12.57 per share per year
• 1990 certified financial statements attached as Exhibit A, with the 1991 budget on page 8
• One director's seat is vacant pending the annual meeting of shareholders scheduled for July 17, 1991
• Sponsor has funded the Special Reserve Fund with $450,000
• Sponsor's unsold shares, listed in Exhibit B, carry approximately $75,197 in monthly maintenance charges and $69,547 in monthly tenant rents; none are pledged
• Sponsor reports no material change in its financial position
• Four of seven directors are Sponsor designees
• Plan may be used for 12 months from the date this Amendment is accepted for filing

Amendment 10 1990

This amendment attaches the Cherokee's 1989 certified financial statements, updates the sponsor's financial condition and unsold-share holdings, and changes the sponsor's legal counsel.

• Attaches 1989 certified financial statements (Exhibit A) with a net loss of (519,904) for the year
• Sponsor's aggregate monthly maintenance on its unsold apartments is approximately $83,000
• Sponsor's aggregate monthly tenant rents on its apartments are $82,600
• Special Reserve Fund contains $450,000; sponsor's obligation to it is satisfied
• Sponsor's 3% reserve contributions on future sales of its apartments will be funded from sales proceeds; balcony repair advances may require capital calls on its partners
• Sponsor controls four of seven board seats; Page 115 limits its voting on directors once unsold shares reach 50% or more after the fifth anniversary of closing
• Sponsor's counsel changed to Kalkines, Arky, Zall & Bernstein, replacing Kaye, Scholer, Fierman, Hays & Handler
• No unsold shares are pledged or encumbered; sponsor reports all payments current and no material change in its financial position