Island House Condominium

18. Amendment 18

    This Eighteenth Amendment raises maintenance charges 2.5% effective January 1, 2026, extends the Offering Plan term by one year, and updates reserve fund balances, board members, sponsor-held shares, and the projected Market Apartment TEP.

    • Maintenance charges increased 2.5% effective January 1, 2026, from $0.8491 to $0.8703 per share per month
    • Offering Plan term extended for one year from the date of the amendment
    • Projected Market Apartment TEP for 2025/26 is $4.7133 per share, assuming a tax rate of $12.439 per $100 of assessed valuation
    • Amrah Cardoso, Alina Doran and James Starace elected to the Cooperative Board of Directors on October 16, 2025, for two-year terms
    • Reserve Fund balance as of November 30, 2025: $1,551,908.11 (Valley Bank)
    • Working Capital Fund balance as of November 30, 2025: $999,398
    • As of November 30, 2025, Sponsor owns 87 Cooperative Apartments with 108,392 Shares; Special Sponsor Contribution total $3,600,000.00 as of August 31, 2022
    • 2024 financial statements annexed as Exhibit A and 2026 budget attached as Exhibit B

17. Amendment 17 _, 2024

    This seventeenth amendment raises maintenance charges 2.5% effective January 1, 2025, extends the offering plan term by one year, updates the Market Apartment TEP projection, reports sponsor unsold shares, updates board members and fund balances, and attaches the 2023 financial statements and 2025 budget.

    • Maintenance charges increased 2.5% effective January 1, 2025, from $0.8283 to $0.8491 per share per month
    • Term of the Offering Plan extended for one year from the date of the amendment
    • Market Apartment TEP projected at $4.6992 per share for 2024/25, assuming a tax rate of $12.500 per $100 of assessed valuation
    • Sponsor owns 89 Cooperative Apartments with 111,609 Shares as of November 30, 2024
    • Reserve Fund balance is $1,269,642.91 as of November 30, 2024
    • Working Capital Fund balance is $958,180.63 as of November 30, 2024
    • Amanda Brown, Candee Chusid and Vinod Mathew elected to the Cooperative Board for two-year terms at the September 25, 2024 meeting
    • 2023 financial statements annexed as Exhibit A and 2025 budget annexed as Exhibit B

16. Amendment 16 2024

    This sixteenth amendment updates the plan with a 2.5% maintenance increase effective January 1, 2024, a new managing agent, a one-year term extension, 2023 board elections, current reserve and working capital balances, and recent capital improvements.

    • Maintenance charges increased 2.5% effective January 1, 2024, from $0.8081 to $0.8283 per share per month
    • Metro Management Development, Inc. became managing agent for both the Apartment Corporation and the Condominium effective January 1, 2024
    • Term of the Offering Plan extended for one year from the date of the amendment
    • Amrah Cardoso, Alina Doran and James Starace elected to the Cooperative Board of Directors on September 27, 2023, for two-year terms
    • Reserve Fund balance as of December 31, 2023 is $1,124,843 (Valley Bank)
    • Working Capital Fund balance as of December 31, 2023 is $924,434
    • Capital improvements made to lobby columns, courtyard, back garden, stairways and three laundry rooms
    • Sponsor owns 89 Cooperative Apartments with 111,609 Shares as of December 31, 2023

15. Amendment 15

    This Fifteenth Amendment updates the reserve and working capital balances, amends the By-Laws on annual meetings and director terms, updates the boards, reports the Market Apartment tax payment and capital improvements, and extends the term of the Offering Plan by one year.

    • Plan term extended by one year from the date of the amendment
    • Reserve Fund balance is $1,459,657 as of September 30, 2022
    • Working Capital Fund balance is $869,444 as of September 30, 2022
    • By-Laws amended: annual meeting may be held between May first and September thirtieth, and director terms are staggered
    • Amanda Brown, Candee Chusid, and Vinod Mathew elected to the Cooperative Board of Directors for two-year terms at the September 29, 2022 meeting
    • Market Apartment TEP per share is $4.6448 for 2022/23, assuming a tax rate of $12.235 per $100 of assessed valuation
    • Sponsor owns 89 apartments with 111,609 shares as of September 30, 2022
    • Two fitness walls installed, gardens expanded, and upper courtyard renovation in progress

14. Amendment 14

    This amendment updates the Island House offering plan with June 30, 2021 reserve and working capital balances, current maintenance charges, sponsor unsold-share and tax figures, the July 27, 2021 board elections, the 2020 financial statements and 2021 budget, and extends the plan's term by one year.

    • Reserve Fund balance as of June 30, 2021 is $1,040,791.61 (Valley Bank)
    • Working Capital Fund balance as of June 30, 2021 is $842,128.68
    • Current maintenance charges are $0.8347 per share per month
    • Sponsor owns 92 Cooperative Apartments with 116,147 Shares as of June 30, 2021
    • Sponsor's remaining Special Sponsor Contribution balance is $42,319.55, payable at 10% of gross sales proceeds from Unsold Shares
    • Market Apartment TEP projected at $4.3582 per share for 2021/22, and $4.3310 per share for January 1, 2022 to July 1, 2022 after a state tax rate reduction
    • Shareholders elected a new Cooperative Board on July 27, 2021; Sponsor no longer controls the Board since January 12, 2016
    • Offering Plan term extended by one year; lower courtyard renovated and two fitness walls to be installed

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site. 5 of 18 amendments summarized so far.