904 Pacific Street Condominium

Amendment 2 Dec 8, 2011

Amendment updates first year of operation start date to April 1, 2012, confirms construction substantially complete with temporary certificate of occupancy, and states construction loan principal amount.

• First Year of Operation now expected to commence on April 1, 2012
• Construction on Building is substantially complete
• Temporary certificate of occupancy (TCO) obtained for all units; expires December 7, 2011
• Permanent certificate of occupancy anticipated on or about January 1, 2012
• Construction loan held by Regency Funding, LLC in reduced principal amount of $4,680,000
• No units have been sold

Amendment 1 Jun 2, 2010

Ownership transferred to new investors and manager; architect's report updated with revised floor plans, parking reduction, and recreation facility changes; budget and Schedule A revised for FHA/FNMA compliance with increased reserves; first year of operation now expected April 1, 2011.

• Ownership transferred to Supreme Heights, Ltd. and Waxman Investments Inc.; Sol Meyer became new manager
• Sponsor address changed to 5008 New Utecht Road, Brooklyn, New York 11204
• Parking spaces reduced to 11; steam room removed from recreation unit; steam inserts added to men's and women's locker room showers
• Roof areas designated as limited common areas for Units 202, 301, 303, 401, 502, 601, 501, 503, 701, 702 and patios for Units 101, 102 require individual owner permits
• First year of operation expected to commence April 1, 2011
• Budget revised with reserves increased to not less than 10%; Schedule A reflects 421-a Tax Benefits
• FHA approval requires fidelity bond coverage, mortgage holder notice provisions, and prohibition of hotel or bed and breakfast use with fines up to $500 per day