Elbertson Condominium *

Amendment 27 Feb 22, 2007

This amendment updates the plan with the sponsor's current unsold-unit list and monthly figures, its financial obligations and collateral status, and the 2005 audited financial statements.

• Unsold units 1C ($450,000), 2E ($400,000) and 5E ($400,000) listed, all held by Condo Units L.P.
• Aggregate monthly Common Charges on LP-owned units: $1,149.63; Real Estate Taxes: $502.72 per month
• Aggregate monthly rents received from tenants of Sponsor-owned units: $1,483.68
• Sponsor has no financial obligations to the Condominium due within 12 months other than maintenance payments
• Unsold Units not used as collateral and not subject to a loan commitment
• 2005 audit reports a deficiency of revenues over expenses of $15,951.00
• Board of Managers has not released a projected budget, so none is attached
• Exhibit B adds a list of other buildings in which Sponsor principals hold more than a 10% interest

Amendment 25 Oct 29, 1999

This amendment updates the unsold-unit financials and Sponsor obligations, annexes the 1998 auditor's report, and summarizes the new Real Property Law 339-kk rule on paying rent to the condominium when a non-occupying owner falls behind.

• Unsold units are now held by Condo Units L.P., the successor Sponsor (listed in Exhibit A)
• Sponsor-owned units: monthly Common Charges $1,877.35, Special Assessment $187.75, Real Estate Taxes $610.67
• Monthly rents received from tenants of Sponsor-owned units: $3,077.27
• No Sponsor financial obligations due within 12 months other than maintenance
• Unsold units are not used as collateral and are not subject to a loan commitment
• Independent Auditors' Report for the period ending December 31, 1998 annexed
• Real Property Law 339-kk summary added: if a non-occupying owner is 60 days late on common charges, tenant rent is payable directly to the condominium
• Exhibit B lists other buildings where Sponsor principals hold more than a 10% ownership interest

Amendment 24 Oct 22, 1998

The amendment updates the Sponsor's financial information for The Elbertson Condominium, covering unsold units, monthly carrying costs and rents, obligations, and attached 1997 audited statements, and states there are no other material changes.

• Unsold units listed in Exhibit A are held by Condo Units L.P., the successor Sponsor
• Sponsor-owned units: aggregate monthly Common Charges $2,198.87, Special Assessment $219.90, Real Estate Taxes $971.95
• Aggregate monthly rents from Sponsor-owned units: $3,459.21
• Sponsor has no financial obligations due within twelve months other than maintenance payments
• Unsold units are not used as collateral and are not subject to a loan commitment
• Sponsor's payments to be funded by tenant rents and projected sales of unsold units
• Sponsor states it is current on its obligations under the Plan and other buildings where it holds over 10% interest; Exhibit B lists those buildings
• Independent Auditors' Report for the period ending December 31, 1997 annexed; no other material changes

Amendment 23 Sep 4, 1997

This amendment updates the Sponsor's financial disclosures for the building, including its unsold units, monthly charges and rents, and funding sources, and states that there are no other material changes to the plan.

• Exhibit A lists the unsold units, all held by Condo Units L.P., the successor Sponsor
• Sponsor's aggregate monthly figures: $2,198.87 Common Charges, $1,018.12 Real Estate Taxes, and $3,386.03 rents received from tenants
• Sponsor has no financial obligations to the Condominium due within 12 months other than maintenance
• Unsold units are not used as collateral and are not subject to a loan commitment
• Sponsor will fund those payments from tenant rents, projected sales of unsold units, and other Sponsor assets
• Sponsor is current on its obligations here and in other buildings where its principals own over 10% (listed in Exhibit B)
• Attached 1996 auditor's report is for The Jackson 78 Condominium, not this building
• No other material changes to the Offering Plan terms

Amendment 22 Feb 24, 1997

This amendment updates the sponsor's financial information for the unsold units held by Condo Units L.P., adds the 1995 auditor's report, and adds a lead-based paint disclosure with a buyer risk-assessment contingency.

• Unsold units listed in Exhibit A are held by successor Sponsor Condo Units L.P.
• Sponsor-owned units: monthly Common Charges $2,435.23, Real Estate Taxes $773.86, rents received $3,363.78
• Sponsor has no obligations due within 12 months other than maintenance; unsold units are not used as collateral or subject to a loan commitment
• Independent Auditors' Report for the period ending December 31, 1995 annexed
• H.B. Condo Holding Corporation owns 2 additional units: Common Charges $568.33, Real Estate Taxes $279.45, rent $1,000.00 per month, Unit 3F vacant
• Lead-based paint disclosure added; contract contingent on risk assessment or inspection until 5 p.m. on the tenth calendar day after countersigned contract is returned
• Exhibit B lists other buildings where Sponsor principals hold more than 10% ownership
• Sponsor states it is current on its obligations and has never controlled the Board of Managers

Amendment 21 Feb 27, 1996

This amendment updates the Sponsor's financial information for the unsold units held by Condo Units L.P., adds the auditor's report for the period ending December 31, 1994, and states there are no other material changes to the plan.

• Sponsor's unsold units: aggregate monthly Common Charges $2,435.23, plus $1,153.64 Capital Improvement Assessment; Real Estate Taxes $1,197.59 per month
• Monthly rents from Sponsor-owned units: $3,775.58
• Sponsor has no financial obligations due within twelve months other than maintenance; Sponsor is current on its obligations
• Unsold units are not used as collateral and are not subject to a loan commitment
• Sponsor's obligations to be funded by tenant rents, projected sales of unsold units, and other Sponsor assets
• H.B. Condo Holding Corporation owns 2 more units: Common Charges $568.33, Special Monthly Assessment $253.06, Real Estate Taxes $279.45 per month; rent $1,000.00, with Unit 3F vacant
• Independent Auditors' Report for the period ending December 31, 1994 annexed
• Exhibit B lists other buildings in which Sponsor principals hold more than 10% ownership

Amendment 20 Jan 31, 1994

This Twentieth Amendment updates the Elbertson Condominium plan with the successor Sponsor's unsold-unit financials, a new escrow attorney and account, and the 1993 audited financial statements.

• Condo Units L.P. is the successor Sponsor and holds the unsold Residential Units listed in Exhibit A
• Sponsor's monthly common charges on its units: $3,049.59, plus $1,915.20 for Capital Improvements and $1,423.70 for Real Estate Taxes
• Sponsor's monthly rents from tenants of its units: $4,704.82
• Sponsor has no financial obligations due within twelve months other than maintenance payments; unsold units are not collateral and not subject to a loan commitment
• New attorney Franklin J. Barr, Esq. is the Escrow Agent; deposits go to his IOLA account at Marine Midland Bank, with no interest to purchasers
• Deposits over $100,000 are not federally insured above $100,000
• Independent Auditors' Report for the period ending December 31, 1993 is annexed
• Schedule A lists per-unit common interest, charges, special assessment and R/E taxes; Exhibit B lists other plans where Sponsor principals own over 10%

Amendment 19 Oct 21, 1994

The amendment discloses that Unit 4B is offered for sale at $70,000 by its record owner, with Bank Leumi funding the monthly rent shortfall and receiving the sale proceeds, and attaches 1991 and 1992 financial statements for the condominium association.

• Unit 4B offered for sale at $70,000, subject to negotiation
• Monthly rent received for Unit 4B is $452.16; common charges and real estate taxes total $557.84 monthly
• Bank Leumi currently funds the shortfall between rent and charges, with no commitment on how long
• Sale proceeds to be paid directly to Bank Leumi; Aaron and Marjorie Ziegelman receive no proceeds
• Financing on the unit may be offered by Various Condo Associates or Bank Leumi on terms to be negotiated
• Aaron Ziegelman agreed with the Department of Law not to enter public offerings for unit sales or receive proceeds without its consent
• 1991 and 1992 financial statements attached; 1993 statements not available at issuance
• Common charges and real estate taxes on Unit 4B are current as of submission

Amendment 18 Nov 10, 1993

The amendment names new Sponsors for unsold units bought in 1993, updates the Sponsor's financial disclosures, replaces the downpayment escrow terms, and lists closing fees payable by purchasers.

• Condo Units L.P. and I.I. Condo Marketing Corporation become Sponsors of Units bought October 14, 1993 from Crossland Federal Savings Bank
• Sponsor will act as Selling Agent for the Units through its employees; Purchase Agreement form annexed
• Sponsor's monthly common charges for its Units: $4,863.76 (Condo Units L.P.) and $1,092.84 (I.I. Condo Marketing Corporation)
• Sponsor's monthly tenant rents: $4,463.20 (Condo Units L.P.) and $ -0- (I.I. Condo Marketing Corporation)
• Downpayment escrow disclosure replaces prior plan section; deposits held in BM&U Co-Op/Condo Escrow Account at Marine Midland Bank, interest 2%
• Franklin J. Barr, Esq. replaces prior counsel; legal fees and notices amended
• Purchaser closing fees: $550 per closing plus disbursements, $100 bank coordination, $450 loan documents, $400 attendance fee for closing elsewhere, NYS transfer tax .004, NYC transfer tax 1%
• Sponsor states no Units are used as collateral or subject to a loan commitment, and it is current on its obligations

Amendment 17 Jun 5, 1990

This amendment gives buyers the condominium's December 31, 1989 financial statement, current common charges, board members, reserve fund and unsold-unit finances, and discloses that the sponsor's principal, Mr. Ziegelman, has defaulted on loans and stopped paying maintenance on unsold shares.

• Financial Statement of the Condominium as of December 31, 1989 attached as Exhibit 1
• Current common charges are $104.0391 per month per one (1%) percent interest in the common elements
• Board of Managers members and officers listed, with several designated by holders of Unsold Units
• Reserve Fund held at Barclays Bank of New York; balance $57,163.68 as of May 1, 1990
• Aggregate monthly common charges and real estate taxes on Unsold Units: $6,710.88; aggregate monthly rents received: $7,821.61
• Mr. Ziegelman, a Principal of the Sponsors, has loans in default and will no longer pay maintenance on Unsold Shares effective August 1, 1990
• Persons who signed a Contract of Sale before receiving this amendment may rescind within fifteen (15) days of its presentation
• Schedules of Unsold Units and of buildings where the Sponsor owns more than ten (10%) percent of Unsold Shares attached as Exhibits 2 and 3

Amendment 16 Sep 5, 1989

This amendment updates the plan with 1987 and 1988 financial statements, a 1989 budget and current common charges, the reserve fund balance, the board members, unsold unit holders, a list of capital improvements, and new sponsor and selling agent office addresses.

• Financial statements as of December 31, 1987 and December 31, 1988 added (Exhibit 1)
• Common charges are $94.58 per month per 1% interest in Common Elements, plus an assessment of ten (10%) percent of the common charges
• Budget for 1989 added (Exhibit 2) showing a budget deficit of $2,080.00, with a certification of adequacy (Exhibit 3)
• Reserve fund held at Barclay's Bank of New York had a balance of $52,670.42 as of July 3, 1989
• Members and officers of the Board of Managers listed; four members and two officers were nominated by holders of unsold units
• Schedule of holders of unsold units added (Exhibit 4)
• Compactor, mail boxes and intercom installed as major capital improvements
• Sponsor and selling agent both moved offices to 888 Seventh Avenue, New York, New York 10106-0011

Amendment 15 Sep 22, 1988

This amendment raises the purchase price of all unsold units in the building, with the new prices listed in Exhibit A.

• Purchase price of all unsold units raised for all purchasers, per Exhibit A
• Exhibit A lists a purchase price for each unit but does not show prior prices or unit numbers
• One Exhibit A line is garbled in the text ("170,000.00 120000.00") and cannot be read with certainty

Amendment 14 Mar 1, 1988

This Fourteenth Amendment presents the condominium's 1986 financial statement, the Board of Managers, the reserve fund balance, a contract of sale form, and the holders of unsold units, and it reports no other material changes to the plan.

• 1986 Financial Statement of the Condominium attached as Exhibit A; 1987 financial statement and 1988 budget not yet available and to come in a future amendment
• Board of Managers members and officers listed: Donald Sheehan (President/Member), Barbara Bowen, Ginger Smith, Irwin Greenbaum, Paul Kestenbaum, Evelyn Kestenbaum (Vice Presidents/Members), and Eunice Harris (Secretary/Member)
• Kestenbaum, Greenbaum, Kestenbaum and Harris were nominated and designated by the holders of Unsold Units
• Reserve Fund held at Barclay's Bank of New York, 41-22 Bell Boulevard, Bayside, New York 11361; balance was $31,331.04 as of January 4, 1988
• Contract of Sale disclosed as Exhibit B; holders of Unsold Units will continue offering vacant or non-purchasing-tenant-occupied units, with no material change to the Contract of Sale unless disclosed in an amendment
• Schedule of holders of Unsold Units annexed as Exhibit C

Amendment 13 Dec 4, 1986

This amendment annexes an asbestos assessment of the building and lets prospective purchasers delay their apartment closing until thirty (30) days after the amendment is served.

• Annexes an asbestos assessment of the building (survey conducted November 4, 1986; report dated November 28, 1986)
• Prospective purchasers may delay apartment closing until thirty (30) days after this amendment is served
• Report recommends removing asbestos-containing boiler insulation and certain basement pipe insulation
• Report recommends covering or enclosing other asbestos-containing pipe insulation to prevent damage
• Report recommends an operations and maintenance program for asbestos that is not removed
• Asbestos was not found in the two apartments inspected or on the roof or in the lobby
• Plan incorporates the first twelve amendments; no other material changes to the Plan

Amendment 12 Nov 5, 1986

This Twelfth Amendment reports on a court challenge to the emergency asbestos (ACM) regulations, notes that the Attorney General will appeal the ruling that invalidated part of them, and says the plan will be amended to disclose the litigation outcome and its effect on Sponsor obligations.

• Court ruling invalidating part of Paragraph 2(e) of the Eleventh Amendment on asbestos-containing materials (ACM) reported; rest of Paragraph 2 upheld
• Attorney General will appeal the part of the decision invalidating the regulations
• Plan will be amended to disclose the litigation outcome and its effect on Sponsor obligations
• If the invalidation is finally upheld, Sponsor must perform the asbestos work and escrow money for it if closing has not occurred, or the Board of Managers performs it if Sponsor controls the Board
• Plan incorporates the first eleven amendments by reference
• States there are no other material changes beyond the first eleven amendments and this Twelfth Amendment

Amendment 11 Sep 4, 1986

This amendment discloses an emergency asbestos regulation and possible asbestos in the building, lists the Board of Managers' members and officers, and reports the reserve fund balance.

• Discloses an emergency Department of Law regulation on asbestos-containing materials, which may be present in the building, most probably in fireproofing and in insulation on pipes and the boiler
• Buyers may delay their unit closings until thirty (30) days after the asbestos report is distributed to them
• Sponsor will cause the condominium to comply with the asbestos report recommendations, and the cost is borne by the condominium
• Lists eight Board of Managers members and six officers
• Discloses the reserve fund at Barclay's Bank of New York, N.A., with a balance of $29,116.22 as of July 31, 1986

Amendment 10 Mar 13, 1986

This amendment adds post-closing information on the first unit's transfer, the condominium's reserve and working capital funds, the holders of unsold units, and the 1985 income and expense statement, and it changes no prices or plan terms.

• Title to the First Unit conveyed to the purchaser on December 31, 1985
• Reserve Fund of $28,397.62 established and held in the Condominium's name at Barclays Bank, Bayside, New York
• Working Capital Fund of $10,486.31 established after $4,513.69 in closing adjustments in favor of the Sponsor were deducted from the $15,000.00 fund
• Exhibit A added: schedule of holders of Unsold Units as of the date of the amendment
• Sponsor represented at Closing that work to cure violations of record had been completed and reinspections requested
• Exhibit B added: certified statement of income and expenses for the year ending December 31, 1985
• Incorporates the first nine amendments; states there have been no other material changes to the Plan

Amendment 9 Jan 30, 1986

The Ninth Amendment records that Mr. Langfan is no longer Sponsor or a principal of Sponsor as of January 28, 1986, and updates the Sponsor's attorneys' address and firm name.

• Mr. Langfan no longer Sponsor of the Plan or a principal of Sponsor, effective January 28, 1986
• Sponsor's attorneys moved to 99 Park Avenue, 4th Floor, New York, New York 10016
• Sponsor's attorney firm renamed from Haberman & Narotsky to Haberman, Narotsky & Dandola
• Amended Plan incorporated into the Plan; no other material changes beyond the first eight amendments

Amendment 8 Nov 19, 1985

This amendment declares the plan effective as of November 18, 1985, with purchase agreements for 7 of 41 units, and sets the timing for the first closing.

• Plan declared effective as of November 18, 1985
• Purchase agreements executed for seventeen (17%) percent (seven (7) units) of 41 dwelling units
• Closing dates not yet scheduled
• First closing within one hundred eighty (180) days from the date hereof, unless adjourned by Sponsor
• First closing no sooner than thirty (30) days from the date hereof, unless consented to by the Purchaser
• Purchasers to be notified in writing of closing date, time and place once scheduled
• Incorporates the first seven amendments; no other material changes

Amendment 7 Nov 18, 1985

This amendment gives tenants-in-occupancy 30 more days to accept the Sixth Amendment, lowers their down payment to $1,000.00, and changes the Selling Agent from Gala Realty to GALA.

• Down payment for tenants-in-occupancy reduced to $1,000.00
• Tenants-in-occupancy given an additional thirty (30) days from presentation of this Amendment to accept the Sixth Amendment terms
• Selling Agent changed from Gala Realty to GALA (remainder of the name is garbled in the scan)

Amendment 6 Sep 11, 1985

This sixth amendment lets tenants-in-occupancy buy their units at 25% below the plan's purchase price, offers Sponsor financing of the full price, and allows purchase agreements to be assigned, while adding incinerator and roof work by the Sponsor.

• Tenants-in-occupancy may buy their units for 25% less than the Purchase Price in the Offering Plan; Exhibit A lists the reduced prices (e.g., Unit 6A at $51,265.00 if the agreement is signed within 30 days of service of the amendment)
• Sponsor financing for 100% of the Purchase Price at 10% interest-only for 2 years, then 12% interest-only until 5 years from the Closing Date, when the full amount is due unless extended 20 years at 14%
• Purchase agreements may be assigned with the Sponsor's prior written consent, which will not be unreasonably withheld; assignor pays a $250.00 counsel fee, reimbursed by Sponsor at closing
• Sponsor financing buyers pay UCC-1 filing costs (approximately $15.00), a $250.00 fee to Haberman & Narotsky, and a sum to Sponsor equal to the partial mortgage tax credit under Section 339-ee(2)
• Sponsor to obtain a Certificate of Operation for the incinerator and repair the roof as necessary before the First Closing
• Sponsor reimburses Tenants' Association expenses if five or more tenants-in-occupancy buy under this amendment; the amount is not legible in the OCR text
• Loan may not be prepaid with penalty; purchaser may not sell, transfer or lease the unit without the lender's written consent, or the full loan becomes due

Amendment 5 Aug 20, 1985

This Fifth Amendment adds Sponsor financing for non-tenant buyers, covering 90% of the purchase price at 10% interest-only for five years, with set loan terms and added closing costs.

• Sponsor offers non-tenant purchasers financing of ninety (90%) percent of the Purchase Price of the Unit
• Interest-only monthly payments at ten (10%) percent per annum for five (5) years from the Closing Date, then the entire amount financed is due
• Option to extend the loan for an additional twenty (20) years at a fourteen (14%) percent interest rate, with payments increased to make the loan self-liquidating
• Prepayment allowed in whole or in multiples of five-hundred ($500.00) dollars on the first day of any month, without penalty
• Late charge of two (2%) per cent of the overdue payment if not received by the tenth (10th) calendar day after it is due
• Sale, transfer or lease of the Unit requires prior written consent of the mortgage holder, or the entire amount financed becomes immediately due
• Buyers must sign a Mortgage Note, Mortgage, Duplicate UCC-1 Financing Statements and Credit Sales Disclosure Statement, and Page PA-22 of the Purchase Agreement
• Added closing costs: UCC-1 filing (approximately $15.00), a $250.00 fee to Haberman & Narotsky, and a payment to Sponsor equal to the partial mortgage tax credit under Section 339-ee(2)

Amendment 4 Jul 24, 1985

Sponsor will offer unsold units still occupied by non-purchasing tenants at the prices in Exhibit A, using a new Contract of Sale in place of the Plan's Purchase Agreement.

• Unsold units occupied by non-purchasing tenants offered for sale to purchasers selected by Sponsor
• Prices for 36 unsold units set out in Exhibit A, from $43,636.00 (1B) to $81,373.00 (2G, 3G, 5G, 6G)
• Purchase Agreement deleted and replaced by the Contract of Sale in Exhibit B
• Terms and method of payment negotiated between Sponsor and each purchaser
• Any material change to the Contract of Sale and Loan Documents to be disclosed in a future amendment
• Purchasers under this amendment become Holders of Unsold Units and must comply with the Plan

Amendment 3 Jul 12, 1985

This amendment replaces the Plan's relocation allowance terms for tenants who choose not to buy their unit, setting per-unit payments (Exhibit A) and notice and move-out deadlines.

• Replaces the relocation allowance terms on pages 31 through 34 and in the Second Amendment, except for tenants who already complied with the earlier terms
• Non-purchasing tenants must give written notice by certified mail within 30 days of presentation of this Amendment, using the Exhibit B form
• Tenants must vacate within 60 days of presentation, leaving the unit in substantially the same condition, broom clean, with all keys delivered and rent paid
• Exhibit A sets relocation stipends per unit from $14,625.00 (Unit 1-B) to $32,500.00 (Units 2-B through 6-B and 2-G through 6-G), with $26,000.00 for most other units
• The allowance is a personal right, not assignable, and is paid to a personal representative or family member if the tenant dies after giving timely notice
• Tenants are advised to consult their attorney or accountant about income tax consequences of the stipend
• Incorporates the amended Plan by reference and states there are no other material changes

Amendment 2 May 17, 1985

This amendment replaces the Plan's relocation allowance terms for tenants who choose not to buy their units, setting notice and move-out deadlines, unit condition requirements, and per-unit payment amounts.

• Relocation allowance terms on pages 31 through 34 of the Plan are superseded
• Non-purchasing tenants must give certified or registered mail notice of intent to vacate no later than June 27, 1985
• Tenants must surrender possession no later than July 13, 1985, free and clear of all tenants, occupants, and rights of others
• Unit must be returned in substantially the condition it was in at the date hereof, reasonable wear and tear excepted
• Exhibit A stipends: $26,000.00 for most units, $32,500.00 for 2-B through 6-B and 2-G through 6-G, and $14,625.00 for 1-B
• Allowance is paid when the tenant vacates and delivers all exterior door keys, and unapplied rent security is returned at that time
• Allowance is non-transferable and goes to a personal representative, or to a spouse, child, or parent in that order, if the tenant dies after giving timely notice
• A tenant may decline the allowance and remain in possession if not in violation of the lease or tenancy

Amendment 1 Apr 5, 1985

This amendment raises the contingency estimate in the first-year condominium budget and replaces pages 8 through 11 and page 14 of the Plan with revised Schedules A and B.

• Contingency estimate for the first year of condominium operation increased
• Pages 8 through 11 and page 14 of the Plan replaced with revised Schedules A and B
• Schedule A (unit purchase prices and first-year estimates) replaced by a revised version
• First-year budget (estimated to commence July 1, 1985) totals $115,000.00, with annual common charges of $113,500.00