Aurora Condominium

Amendment 9 Aug 20, 2020

Unit PHF is now offered for sale with pricing and terms; sponsor ownership and financing details updated; building policies and disclosures added.

• Unit PHF now offered for $6,600,000.00 with monthly common charges of $3,276.58 and real estate taxes of $73,762.36
• Monthly rental income for Unit PHF is $16,000
• Sponsor refinanced mortgage on unsold unit with Sterling National Bank: $2,900,000 at 4% (original), extended to July 1, 2025 at 5-year Libor Swap Rate plus 2.50% with 4% floor
• Temporary Certificate of Occupancy dated August 25, 2020 expires November 23, 2020
• Sponsor address changed to 556 Third Avenue, Lobby Level, New York, NY 10016
• Selling agent changed to Maidman Realty Group, LLC; title insurer changed to Regal Title Agency, Inc.
• Sponsor ownership changed to 2012 Richard Maidman Trust following Richard H. Maidman's death
• NYC Local Law 147 smoking policy adopted prohibiting smoking in common areas and within 25 feet of building entrance; violations subject to $200 first offense, $500 second offense, $1,000 each thereafter

Amendment 8 Feb 23, 2011

Mortgage refinanced, temporary certificate of occupancy updated to expire May 18, 2011.

• Mortgage refinanced February 5, 2008 with Bank of Smithtown for $5,700,000 at 6.25% interest until March 1, 2011, then adjusts to 275 basis points over weekly average U.S. Treasury yield
• Mortgage matures March 1, 2017
• Each residential unit released from mortgage lien at first conveyance
• Temporary Certificate of Occupancy dated October 28, 2010 expires May 18, 2011

Amendment 7 May 24, 2007

Amendment documents a mortgage refinancing and updates the Temporary Certificate of Occupancy expiration date.

• Mortgage refinanced February 5, 2008 with Bank of Smithtown for $5,700,000 at 6.25% interest until March 1, 2011, then adjusts to 275 basis points over three-year Treasury yield, maturing March 1, 2017
• Temporary Certificate of Occupancy dated August 2, 2010 expires October 31, 2010

Amendment 6 Mar 6, 2007

Sponsor refinanced mortgages on rental units, subdivided penthouse units PHB-1 and PHB-2, updated escrow account details, and reported settlement of litigation.

• Units PHB-1 and PHB-2 subdivided; revised Schedule A with percentage interests and charges allocated by square footage
• First Mortgage of $8,150,000.00 and Second Credit Line Mortgage of $3,850,000.00 obtained from HSBC Bank USA on January 25, 2007, due January 1, 2008
• Mortgages permit two six-month extensions, each requiring $60,000.00 fee paid one to three months before maturity
• Escrow account renamed Schechter & Brucker, P.C., Aurora Attorney Trust Account at HSBC Bank, 452 Fifth Avenue
• Escrow Agreement amended; interest deposited to Client Security Fund per Judiciary Law Section 497
• Serge Hoyda v. Oxford Capital Corp. litigation settled and discontinued December 28, 2006
• Temporary Certificate of Occupancy dated December 1, 2006 expires March 1, 2007
• RUs PHA through PHE conveyed by former sponsors to Sponsor on January 25, 2007; Unit PHG conveyed to Mitchel Maidman on November 10, 2006

Amendment 5 2006

Fifth amendment revises unit offerings, declares plan effective, updates selling agent and title insurer, and amends bylaws for domestic employee occupancy.

• Revised Schedule A showing Units PHA and PHB may be subdivided by Sponsor
• Plan declared effective October 17, 2006; one unit purchase agreement accepted
• Selling Agent changed to Bellmarc, 352 Park Avenue South, New York, NY 10010
• Title insurer changed from Fidelity National Title Insurance Company to Vanguard Title Agency, Inc.
• Bylaws amended to permit domestic servants and employees to occupy units while owners present
• Right to purchase or lease RU reduced from 120 days to 30 days in aggregate
• Temporary Certificate of Occupancy expires November 30, 2006
• Motion to reargue in Hoyda v. Oxford Capital litigation denied; discovery proceeding
• Schedule A prices increased for 1 home (median +22.1%): PHE $3,850,000 → $4,700,000

Amendment 4 Jun 9, 2006

Revised Schedule A and B prices, denial of summary judgment motions in litigation, sponsor identity change to 556 Condo Holding Corp., and mortgage terms update.

• Revised Schedule A and Schedule B with updated prices and common charges
• Sponsor changed to 556 Condo Holding Corp., located at 70 East 55th Street, New York
• Summary judgment motions in Serge Hoyda litigation denied; discovery proceeding
• First mortgage matures August 1, 2006; second mortgage to be released June 2006 with security interest substituted
• Temporary Certificate of Occupancy dated May 9, 2006 expires August 7, 2006
• Sponsor may require purchasers to pay mortgage recording tax savings to sponsor upon lender assignment and consolidation
• Rescission right offered for 15 days to those who agreed to purchase prior to amendment

Amendment 3 Dec 29, 2005

This amendment modifies occupancy requirements, clarifies that residential units are sold as raw space, resolves litigation, and discloses a second mortgage.

• Sponsor does not anticipate permanent Certificate of Occupancy sooner than four (4) years after first closing
• Unit owners must complete alterations and obtain permanent Residential Certificate of Occupancy within one (1) year of closing
• Temporary Certificate of Occupancy may be renewed for total of two (2) years only
• Units sold as raw space without kitchens, bathrooms, partition walls, electrical wiring, plumbing systems, fixtures, or appliances
• Oxford Capital litigation dismissed; Justice Kapnick confirmed arbitrator Boxer's finding that Sponsor did not materially breach
• Second mortgage placed with RCG Longview II, L.P. for $4,150,000 at 10% annual interest, $34,583.33 monthly, maturity May 1, 2006
• Serge Hoyda litigation for 5% interest ongoing; Fidelity National Title Insurance will insure unit owners and mortgagees against Lis Pendens
• Rescission right offered for fifteen (15) days to those who agreed to purchase before amendment date

Amendment 2 Feb 22, 2005

Amendment permits unit owners to purchase development rights for additional floor area and bulk, updates Power of Attorney form, and appoints SHVO Group as selling agent.

• Unit owners permitted to purchase rights to develop additional floor area and bulk for exclusive use
• Declaration and By-laws amended to allow this development rights purchase and amendment process
• Power of Attorney form from RU Os to Board of Managers superseded by new form in Exhibit B
• SHVO Group appointed as Selling Agent at 724 Fifth Avenue, New York, NY 10019

Amendment 1 Dec 14, 2004

Amendment updates Schedule A with revised square footage, common charges, and real estate taxes, records filing information, and discloses pending litigation.

• Schedule A revised with increased calculated square footage of residential units, decreased common charges, and increased real estate taxes
• Lease term for EU commenced March 1, 2004 (floors 17-25) and December 1, 2003 (floors 1-16), expiring January 31, 2019
• Consolidated First Mortgage of $11,500,000 placed with North Fork Bank on April 30, 2004, encumbering only the 7 RUs
• Douglas Elliman, LLC appointed exclusive selling agent through March 31, 2005
• Litigation disclosed: arbitration decision in Sponsor v. Oxford matter; separate action by Serge Hoyda for 5% interest in property
• Schechter & Brucker, P.C. substituted as special counsel; escrow account established at North Fork Bank