C 560 Condominium

Amendment 9 Mar 26, 2013

Amendment revises escrow trust fund regulations and procedures for purchaser deposits, replacing the original escrow provisions with new requirements under revised state law.

• Escrow agent changed to law firm Eiseman Levine Lehrhaupt & Kakoyiannis, P.C. at 805 Third Avenue, 10th Floor, New York, NY 10022
• Escrow account established at Citibank, N.A., 800 Third Avenue, New York, NY 10022
• Escrow account is Interest-on-Lawyer Account (IOLA) with all interest paid to State of New York, FDIC insured to $250,000
• Sponsor must bear all costs associated with escrow account maintenance
• Escrow Agent must sign contract of sale within five (5) business days and provide written notice to parties within ten (10) business days
• Purchaser may cancel contract within ninety (90) days if not notified of deposit within fifteen (15) business days
• Sponsor cannot seek release of deposits from defaulting purchaser until after plan consummation
• Escrow Agent must provide thirty (30) days' notice before releasing deposit if not directed by contract terms or written agreement

Amendment 8 Feb 1, 2012

Sponsor discloses mold remediation in affected units, provides new operating budget, and obtains permanent Certificate of Occupancy and 421-a tax exemption eligibility.

• Mold remediation completed in units 2D, 8D, 9C, roof, basement, and 8th floor staircase
• Sponsor assumes no future obligations beyond required remediation work
• New budget for May 1, 2012 through April 30, 2012 effective
• Permanent Certificate of Occupancy obtained (CO #302005620F, effective 10/07/2011)
• Final Certificate of Eligibility for 421-a tax benefits obtained (25-year exemption)
• Unsold units as of amendment date: 2A, 2D, 8D, 9C

Amendment 7 Sep 20, 2011

Amendment clarifies closing completion, capital reserve fund status, unsold units, occupancy certificates, and corrects drain description for two units.

• First Unit closing occurred May 24, 2011
• Capital Reserve Fund balance: $26,996.70 deposited at HSBC
• Condominium Declaration filed May 20, 2011 in Kings County (CFR #2011-000-182669)
• Seven unsold units held by Sponsor: 1A, 1D, 2A, 2D, 5A, 8D, 9C
• Temporary Certificate of Occupancy issued December 30, 2010; Permanent Certificate anticipated by November 2011
• Engineer's report corrected: Units 1A and 1D share one drain in adjacent patio area, not two separate drains
• No completion work required for Permanent Certificate of Occupancy per architect certification

Amendment 6 Mar 23, 2011

Plan declared effective with 31% of units under purchase agreements; Schedule B revised to reflect cooking gas as common charge rather than individual unit expense.

• Plan declared effective February 24, 2011 with 14 of 44 units having signed purchase agreements
• Closing scheduled 30 days notice at Eiseman Levine Lehrhaupt & Kakoyiannis, P.C., 805 Third Avenue, 10th Floor, New York
• Cooking gas moved from individual unit expense to common charge for all units
• Cooking gas, domestic hot water, and heating gas now included as common charges; electricity for HVAC systems remains individually metered
• Individual unit total monthly utility charges decreased due to cooking gas reclassification
• Unit 11A (not 11B) associated with the Cabana

Amendment 5 Feb 3, 2011

Amendment clarifies financing requirements, condemnation procedures, mortgagee rights, roof cabana locations, and confirms Temporary Certificate of Occupancy and environmental remediation compliance.

• Permitted Mortgagee obligation limited to no more than six (6) months Common Charges prior to Foreclosure
• Substantial changes to By-Laws and Condominium Documents require Permitted Mortgagee's consent
• Condemnation termination requires 80% approval of First Mortgage holders' Votes
• Board of Managers designated as Unit Owners' attorney-in-fact for condemnation and insurance loss negotiations
• Clarified responsibilities and obligations for Units 1A and 1D regarding Patio Areas
• Roof Cabanas for Units 10A, 10B and 11B located on Roof, not adjacent to Units
• Temporary Certificate of Occupancy obtained; no 421-a Certificates needed
• Notice of Satisfaction from NYC Office of Environmental Remediation dated December 23, 2010 confirms DEP/OER compliance

Amendment 4 Nov 23, 2010

The amendment revises architectural specifications, updates construction completion to December 2010, changes management and financing, and modifies closing terms and reserve fund requirements.

• Substantial Completion date estimated December 2010
• Gas provider changed from Con Edison to National Grid
• Six apartments (3C, 4C, 5C, 6C, 7C, 9A) will not include microwave ovens
• Three apartments (1B, 8D, 9B) will have 18" dishwashers instead of 24"
• Master Bathroom finishes changed to Timbur White Marble walls and bases
• Management Company changed to Jalen Management Company
• Working Capital Contribution reduced to one month instead of two months of common charges
• First closing deadline: within 12 months of May 31, 2011, or non-defaulting purchasers may request rescission

Amendment 3 Sep 9, 2010

Terrace square footage adjusted for three units, roof deck exclusive use clarified for three units, financing contingency terms revised, and Purchase Agreement updated.

• Unit 1A terrace space changed from 533 to 542 square feet
• Unit 1D terrace space changed from 560 to 538 square feet
• Unit 9B terrace space changed from 505 to 677 square feet
• Units 10A, 10B, and 11A assigned exclusive use of Roof Decks #1, #2, and #3
• Financing contingency commitment deadline set at 45 days from Purchase Agreement acceptance plus 3 business days
• Maximum loan amount set at 90% of Purchase Price with up to 30-year term
• Escrow in paragraph 9.2 applies only if units not separately assessed before closing
• Revised floor plans provided for affected units
• Schedule A prices increased for 6 homes (median +22.8%): 3D $785,000 → $949,000; 4D $800,000 → $965,000; 5D $810,000 → $995,000; 6D $830,000 → $1,030,000; ...
• Schedule A prices decreased for 26 homes (median -10.7%): 1D $835,000 → $799,000; 2A $525,000 → $450,000; 2B $560,000 → $455,000; 2C $565,000 → $460,000; ...