618 West 187th Street Cooperative

Amendment 5 Mar 3, 2021

This fifth post-closing amendment reports that the building was transferred to the HDFC on February 4, 2021, and updates the reserves, mortgages, unsold units, board and monitoring contract.

• Building transferred by Sponsor to the HDFC on February 4, 2021 (the "Closing")
• Initial capitalized operating reserve of $98,116.00 established, held by CPC
• HDFC must deposit $438.00 monthly into the Building Reserve, held by CPC
• Building encumbered by 3 mortgages: first loan $2,701,600.00 at 5.27% for 30 years, now sold to PENY & CO., L.L.C.
• Second HPD loan of $3,307,218.00 at 1.00% for 30 years, with a balloon balance of $4,463,720.00 due at the end of the term
• Third AHC loan of $640,000.00, non-interest-bearing, deemed satisfied 10 years from transfer (February 4, 2031) if AHC requirements are met
• Apartment 53 (40 shares) remains unsold and held by Sponsor; no Maintenance Charges collected for it
• 140 unsold shares (Basement 40 shares, Apartment 1 50 shares, Apartment 24 50 shares) and Store #1 lease transferred to the Cooperative

Amendment 4 Aug 12, 2020

This amendment restructures the building's two mortgages, giving the HPD loan a much larger balloon payment at year 30 and lowering the CPC loan and its monthly payments, while also giving purchasers a right to rescind, changing the escrow agent, and updating pricing and budget information.

• Purchasers who signed Purchase Agreements may rescind within fifteen (15) days from the presentation date of this Amendment and must sign either the Election or the Waiver form
• HPD second mortgage balloon due at end of 30-year term raised from $3,885,469.00 to $4,463,720.00; no monthly payments, with 1.00% interest accruing
• CPC first mortgage reduced from $3,400,000 to $2,701,600 at 5.27% (was 5.25%); monthly payments $14,951.82 (was $18,774.93)
• AHC Grant no longer used to reduce maintenance charges; maintenance charge columns removed for apartments whose purchasers receive AHC subsidies
• Apartment 53 remains vacant and may not have a purchaser by the Closing Date; its outsider purchase price is now shown
• Budget updated; commercial tenant is in arrears due to COVID-19 restrictions, with a proposed temporary rent reduction not yet accepted and no guarantee arrears will be paid
• Escrow Agent changed to the Law Offices of Daniel Weisz P.C.
• Two tenants who will not purchase are removed from Schedule A maintenance columns; Purchase Agreements accepted for seventeen (17) Apartments

Amendment 3 Feb 19, 2020

The amendment extends the offering plan's term by six months from its filing date, confirms the budget is unchanged, and reports that no units have been sold while Apartment 53 remains vacant and unsold.

• Plan term extended by six months from the filing date of this Amendment
• Budget unchanged from the previously disclosed projected budget (Exhibit 1)
• No units sold, as the Property has not yet converted to cooperative ownership
• All units occupied by tenants except Apartment 53, which is vacant, not yet in contract, and being marketed under the NYC HPD marketing policy