60 Orchard Street Condominiums

Amendment 5 Apr 26, 2012

Amendment updates unsold unit inventory, pricing, and common charges for the building.

• One residential unit (Unit 5), three storage units (S1, S2, S3), and one commercial unit (1(C)) remain unsold
• Unit 5 offering price $1,295,000.00
• Monthly common charges for unsold units $1,125.18
• Commercial unit currently rented by Sponsor at $8,200.00 monthly
• First unit closing occurred October 14, 2011
• Board of Managers controlled by Sponsor: Marshall Sohne (President), William Sohne (Vice-President/Secretary), David Bess (Treasurer)
• First annual meeting to elect new board required within 30 days of earliest of: 120 days after 75% of units conveyed, one year after first closing, or closing of units exceeding 90% common interest

Amendment 4 Nov 17, 2011

Fourth amendment reports first unit closing, permanent occupancy certificate, and updates on unsold units, common charges, and working capital fund status.

• First Unit Closing (Unit 8) occurred October 14, 2011
• Permanent Certificate of Occupancy issued September 23, 2011
• Declaration of Condominium recorded September 23, 2011 as CRFN 2011000338261
• Working Capital Fund balance $2,617.12 held at Capital One, N.A.
• Five residential units, three storage units, and one commercial unit remain unsold
• Unsold unit prices range from $20,000 to $1,379,954.00
• Mortgage principal balance approximately $3,674,947.60 with maturity date June 30, 2012
• Offering Plan effective period extended six months

Amendment 3 Jul 22, 2011

Clarifies that gross square footage for Units 2–8 includes elevator shafts and trash chutes as Limited Common Elements, and declares the plan effective as two units are under contract.

• Gross square footage for Residential Units 2, 3, 4, 5, 6, 7, and 8 now includes elevator shafts and trash chutes
• Special Risk numbered 20 revised to explain square footage measurement methodology
• Note 3 to Schedule A revised with same square footage measurement clarification
• Units 2 and 3 under contract; purchasers signed riders acknowledging square footage includes limited common elements
• Plan declared effective as of July 22, 2011 (two units = approximately 29% of residential units, exceeding 15% minimum)

Amendment 2 Jun 2, 2011

Amendment updates the First Year of Condominium operation to commence July 1, 2011, revises floor plans based on as-built conditions, and designates Stribling Marketing Associates, LLC as the Selling Agent.

• First Year of Condominium operation commencing July 1, 2011 and ending June 30, 2012
• First Unit Closing anticipated on or about July 1, 2011
• Purchasers can rescind if First Unit Closing delayed 12 months or more beyond July 1, 2011
• Stribling Marketing Associates, LLC designated as Selling Agent
• Floor plans revised for site, roof, first floor, mezzanine, and Units 1-8 and Storage Unit 2 to reflect as-built conditions
• Updated Budget Certifications attached as Exhibit A

Amendment 1 2010

Offering prices for 7 residential units were changed, raising the total purchase price to $10,720,000.00.

• Unit 2: $1,350,000.00
• Unit 3: $1,195,000.00
• Unit 4: $1,250,000.00
• Unit 5: $1,295,000.00
• Unit 6: $1,350,000.00
• Unit 7: $1,425,000.00
• Unit 8: $1,995,000.00
• Total Purchase Price of Offering now $10,720,000.00
• Schedule A prices increased for 1 home (median +3.3%): 7 $1,379,954 → $1,425,000
• Schedule A prices decreased for 6 homes (median -4.8%): 2 $1,522,675 → $1,350,000; 3 $1,339,954 → $1,195,000; 4 $1,349,954 → $1,250,000; 5 $1,359,954 → $1,295,000; ...