680 GREENE AVENUE

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izes deductions will be entitled to deduct, for Federal income tax purposes, real estate taxes assessed against his Unit as well as interest on any mortgage indebtedness secured by his Unit. 1 See Sections 163 (interest) and 164 (taxes) of the Internal Revenue Code of 1986, as amended (the "Code"); Revenue Ruling 64-31, 1964-1 (Part I) Cum. Bull. 300.2 These expenses will be deductible when paid or accrued in accordance with the Unit Owner's method of accounting. Under the Tax Cuts and Jobs Act of 2017, the amount of the all state and local taxes able to be deducted, including property tax, is limited to $10,000.00 and the mortgage interest deduction is limited to the interest on a mortgage up to $750,000.00 in principal. In addition to the interest and real estate tax deductions discussed above, a Unit Owner who uses all 1 However, the Internal Revenue Code of 1986, as amended, provides that if the Unit Owner has more than two (2) residences, he/she will not be able to d

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.......... 108 W. COUNSEL'S INCOME TAX OPINION ........................................................................................... 112 X. RESERVE FUND ............................................................................................................................... 118 Y. WORKING CAPITAL FUND ............................................................................................................ 119 Z. CONTRACTS ...................................................................................................................................... 120 AA. IDENTITY OF PARTIES ................................................................................................................. 121 AB. REPORTS TO UNIT OWNERS ...................................................................................................... 123 AC. RESERVATION OF AIR AND DEVELOPMENT RIGHTS .......................................................... 124 AD. DOCUMENTS ON FILE .

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Capital Payment. Purchaser will be required to deposit with the Board an amount equal to two (2) months’ Common Charges for his Unit to be used as working capital. See Section “Working Capital Fund”. (iv) Insurance Adjustment. At Closing, Sponsor will collect each Purchaser’s pro-rated share in the first year’s insurance premium from the Closing date until the end of the first year of operation. This amount will be calculated in proportion to each Purchaser’s percentage of Common Interest and will be used to reimburse Sponsor for payment of the first year’s premium. Purchasers will also pay the second year’s premium in proportion to their Common Interest as part of monthly Common Charges. The Board and the Sponsor will not adjust for insurance. See “Unit Closing Costs and Adjustments”. (v) Defrayment of Sponsor Expenses. Each Purchaser shall pay an additional $1,000.00 at Closing to defray Sponsor’s costs, e.g, architectural costs, filing fees, legal fees and oth

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mericas, Suite 1702, New York, New York 10019. The Condominium complies with the requirements of the Preferred Lenders, including the amount of the Reserve Fund and the terms of the Bylaws. Citibank requires 50% of the Units to be in contract to receive single loan exceptions which would enable distribution of loan proceeds for a closing. ABC Mortgage Corp. and Loan Depot have no requirements for percentage of Units under contract. Note that under New York law, when a mortgage commitment is not fulfilled through no fault of a Purchaser, performance is excused. Therefore, if the Purchaser acts in good faith and the lender revokes the loan commitment after the contingency period expires, performance is excused and the Sponsor must grant to such Purchaser a right of rescission and a reasonable period of time to exercise such right. See said section for details. (K) In accordance with Article 10 of the Bylaws, i n order to resolve any dispute, controversy, claim or questio

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pgrades or extras, unless the Plan is abandoned. See Section "Procedure to Purchase" for details. (S) No representation is made that the initial working capital fund will be adequate to cover current or future expenses, including repairs or rep lacements, and if additional funds are required, the Board may increase Common Charges or impose a special assessment . See Section “Working Capital Fund” for details. (T) There will be a reserve fund to provide for major capital repairs or improvements. The Reserve Fund will be funded by monthly Common Charge payments made by Unit Owners including Sponsor so long as Sponsor still owns Units. Of each Common Charge payment, 10% of said payment shall be deposited into the Reserve Fund bank account. As such, the Reserve Fund will not be fully funded until after the first year of operation. In addition to the monthly contributions, the reserve fund shall also be supplemented by 10% of the Initial Capital Payment to the working capit

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in stead. During any such delay, Sponsor will timely pay all exp enses of the Condominium, including but not limited to, insurance premiums and any reserve fund payments. Such expenses will not include individual Unit Owner expenses such as real estate taxes or utility charges. Upon commencement of collection of Common Charges, there will not be any assessment for any item in the approved budget for the Condominium. Sponsor shall remain obligated to update the budget for the Condominium as required by governing regulations. In the event Sponsor elects to delay the collec tion of Common Charges, Sponsor shall disclose such fact in the Notice of Closing and in the post-closing amendment to the Offering Plan. Such amendment shall also disclose the anticipated period of delay. Sponsor will notify all Unit Owners in writing of the expiration of the delay period at least thirty (30) days prior to the commenc ement of collection of Common Charges and will disclose such fact in the

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ritten approval to: (a) raise Common Charges or levy a special assessment to (1) make an alteration to the Common Elements; (2) create an additional reserve fund for repairs, alterations, unanticipated expenses and/or contingencies which exceed 5% of the projected common expenses for the budget year; (3) increase, decrease, eliminate or otherwise change the number, type, classification or working hours of the building’s service staff (if any), or to hire additional service staff; (4) increase, decrease, o r eliminate building services; (5) increase, decrease, eliminate or otherwise change the amounts or types of insurance coverage from the coverages existing on the date of the First Closing; or (b) borrow money on behalf of the Condominium Association. Sponsor may not exercise veto power over expenses described in Schedule B, or over expenses required : (i) to comply with applicable laws or regulations; (ii) to remedy any notice of violation; (iii) to remedy any work order

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and any alteration, addition, or improvement to, the Common Elements; (ii) the establishment and/or maintenance of a general operating reserve or a reserve fund for working capital, for replacements with respect to the Common Elements, or to make up any deficit in the Common Charges for any prior year(s); (iii) the purchase, lease, or sublease by the Condominium Board or its designee, co rporate or otherwise, on behalf of all Unit Owners, of any Unit whose owner has elected to sell, lease, transfer, or convey the same or that is to be sold at a foreclosure or other sale; and (iv) generally, the conduct of the affairs of the Condominium. 13. Common Interest: The proportionate, undivided interest in fee simple absolute in the Common Elements appertaining to each Unit, as expressed in the Declaration of Condominium. 14. Condominium: The 680 Greene Avenue Condominium which was established pursuant to the terms of the Declaration and is to be governed pursuant to the terms

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isted. In addition, prospective Purchasers will be required to pay at closing, among other things: (i) two (2) months’ Common Charges to be used as working capital; (ii) New York City and St ate transfer taxes because Sponsor is transferring its statutory obligation to pay these taxes onto the Purchaser ; (iii) $1,000.00 to defray Sponsor’s costs of creating the Condominium; (iv) Sponsor’s attorney fee . See section entitled "Closing Costs and Adjustments" below.

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Fire Alarm Central Monitoring $ 2,800 Insurance (8): $ 2,770 Legal fees (9): $ 1,250 Audit fees (9): $ 1,500 Reserve Fund for Major Repairs (10): $ 2,275 $ 22,576 If the First Closing actually occurs, or is revised by amendment to the Plan to be projected to occur, six (6) months or more from the stated anticipated date of the First Closing, Sponsor will amend the Plan to include a revised budget disclosing updated projections. If such amended projections exceed the original projections by 25% or more, Sponsor will offer all Purchasers the right to rescind their offer to purchase and to have their Down Payments refunded. If such right to rescind is exercised within fifteen (15) days after presentation of the amendment, the Down Payment and unexpended sums for special work ordered will be refunded within ten (10) days of Sponsor’s receipt of the notice of rescission. Sponsor may not declare the plan effective where there

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g instead. During any such delay, Sponsor will timely pay all expenses of the Condominium, including but not limited to, insurance premiums and any reserve fund payments. Such expenses will not include individual Unit Owner expenses such as real estate taxes or utility charges. Upon commencement of collection of Common Charges, there will not be any assessment for any item in the approved budget for the Condominium. Sponsor shall remain obligated to update the budget for the Condominium as required by governing regulations. In the event Sponsor elects to delay the collection of Common Charges, Sponsor shall disclose such fact in the Notice of Closing and in the post-closing amendment to the Offering Plan. Such amendment shall also disclose the anticipated period of delay. Sponsor will notify all Unit Owners in writing of the expiration of the delay period at least thirty (30) days prior to the commencement of collection of Common Charges and will disclose such fact in the

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ling on Board rights or overseeing unit owners’ meetings. There is no attorney on retainer, and the Board may choose an attorney when needed. 10. Reserve Fund for Major Repairs. This item is to provide for major capital expenses, which is the maintenance, improvement or replacement of any aspect of the property that will either enhance the overall value of the property, adapt it to new uses, or increase its useful life. Examples of a major repair or major capital expense are replacement of the roof or the windows, etc. The basis of the figure projected for this item is greater than ten percent (10%) of the Common Charges. At this time, Sponsor has no knowledge of any capital improv ements that may have to be made during the first five years of Condominium operation. In the event there is a need for major capital expenditure in excess of the funds available from the reserve fund , the Condominium Board will assess a charge to each Unit Owner in accordance with its percentag

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mericas, Suite 1702, New York, New York 10019. The Condominium complies with the requirements of the Preferred Lenders, including the amount of the Reserve Fund and the terms of the Bylaws. Citibank requires 50% of the Units to be in contract to receive single loan exceptions which would enable distribution of loan proceeds for a closing. ABC Mortgage Corp. and Loan Depot have no requirements for percentage of Units under contract. The following are the terms of the Secured Loan Condition Rider: (i) Contingency Period and Terms of Loan. The obligations of Purchaser hereunder are conditioned upon issuance on a date which is on or before forty -five (45) days from date th e Purchaser receives an executed Purchase Agreement (“Mortgage Contingency Expiration Date”), of a written commitment from any Institutional Lender (which shall include a mortgage banker and broker) pursuant to which such Institutional Lender agrees to mak e a first mortgage loan to Purchaser, at Purcha

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ng instead. During any such delay, Sponsor will timely pay all expenses of the Condominium, including but not limited to, insurance premiums and any reserve fund payments. Such expenses shall not include individual Unit Owner’s expenses such as real estate taxes or utility charges. Upon commencement of collection of Common Charges, there will not be any assessment for any item in the approved budget for the Condominium. Sponsor shall remain obligated to update the budget for the Condominium as required by governing regulations. In the event Sponsor elects to delay the collection of Common Charges, Sponsor shall disclose such fact in the Notice of

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eto these actions. (i) Raise Common Charges or levy a special assessment to: a. make an alteration to the Common Elements; b. create an additional reserve fund for repairs, alterations, unanticipated expenses and/or contingencies which exceed 5% of the projected common expenses for the budget year; c. increase, decrease, eliminate or otherw ise change the number, type, classification or working hours of the building’s service staff (if any), or to hire additional service staff.

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n Charges. During any such delay, Sponsor will timely pay all expenses of the Condominium, including but not limited to, insurance premiums and any reserve fund payments. Such expenses shall not include individual Unit Owner’s expenses such as real estate taxes or utility charges. Upon commencement of collection of Common Charges, there will not be any assessment for any item in the approved budget for the Condominium. Sponsor shall remain obligated to update the budget for the Condominium as required by governing regulations. In the event Sponsor elects to delay the collection of Common Charges, Sponsor shall disclose such fact in the Notice of Closing to Purchasers and in the post -closing amendment to the Offering Plan. Such amendment shall also disclose the anticipated period of delay. Sponsor will notify all unit owners in writing of the expiration of the delay period at least thirty (30) days prior to the commencement of collection of common charges and will disclose

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dominium at least ten (10) days prior to the date set for the adoption of such budget. 4. Capital Reserves. The Board has the power to accumulate reserve funds for capital replacements or other purposes to meet the needs of the Condominium in accordance with the Declaration and By-Laws. There are no restrictions on these powers. 5. Repair and Maintenance Of Units and Common Elements A. Maintenance. (i) First Class Condition. Each Unit and all portions of the Common Elements shall be kept in first-class (same as new, excepting normal wear and tear) condition, order and repair (and free of snow, ice and accumulation of water with respect to any terrace, patio, roof or other part of the Property exposes to the elements) by the Unit Owner or the Board, whichever is responsible for the maintenance thereof, and such Unit Owner

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X. RESERVE FUND Page 118 X. RESERVE FUND The budget and section 2.4(A)(xxv) of the bylaws provides for a reserve fund to provide for major capital expenses, which is the maintenance, improvement or replacement of any aspect of the property that will either enhance the overall value of the property, adapt it to new uses, or increase its useful life. Examples of a major repair or major capital expense are replacement of the roof or the windows. The basis of the fi gure projected for this item must be at least ten percent (10%) of the Common Charges. It is intended that the Board, at all times, maintain the reserve fund in an amount equal to 10% of Common Charges. The Reserve Fund will be funded by monthly Common Charge payments made by Unit Owner s including Sponsor so long as Sponsor still owns Units. Of each Common Charge payment, 10% of said payment shall be deposited into the Reserve Fund bank account. As such, the Reserve Fund will not be fully funded until

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Y. WORKING CAPITAL FUND Page 119 Y. WORKING CAPITAL FUND Sponsor, as agent of the Board, will collect from each original Purchaser at the time of the Closing an Initial Capital Payment equal to two (2) months’ estimated Common Charges for the Unit. Since Sponsor is not a Purchaser, Sponsor does not contribute to this account. The Sponsor will deliver the funds so collected to the Board to provide the necessary working capital for the Condominium. 10% of this contribution shall be allocated into the Reserve Fund bank account. The remaining funds may be used for certain prepaid items, organizational costs, and for such other purposes as the Board of Managers may determine and may be replenished as the Board sees fit. While the Sponsor is in control of the Board, the working capital fund shall not be used to reduce estimated Common Charges. There will be no adjustments at Closing between the Board and the Sponsor. NO REPRESENTATION IS MADE THAT THE INITIAL WORK

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and any alteration, addition, or improvement to, the Common Elements; (ii) the establishment and/or maintenance of a general operating reserve or a reserve fund for working capital, for replacements with respect to the Common Elements, or to make up any deficit in the Common Charges for any prior year(s); (iii) the purchase, lease, or sublease by the Condominium Board or its designee, corporate or otherwise, on behalf of all Unit Owners, of any Unit whose owner has elected to sell, lease, transfer, or convey the same or that is to be sold at a foreclosure or other sale; and (iv) generally, the conduct of the affairs of the Condominium. 13. Common Interest: The proportionate, undivided interest in fee simple absolute in the Common Elements appertaining to each Unit, as expressed in the Declaration of Condominium. 14. Condominium: The 680 Greene Avenue Condominium which was established pursuant to the terms of the Declaration and is to be governed pursuant to the terms o

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Payment : The amount of money collected at Closing from each initial Purchaser equal to two (2) month’s Common Charges for its Unit, to be used as working capital. 31. Initial Control Period: Period during which Sponsor exercises voting and veto control over the Board. In this plan, the period is for five (5) years after the First Closing or until Sponsor owns no Units, whichever is sooner. 32. Institutional Lender: (i) a savings bank, savings and loan associations, bank or trust company, insurance company, real estate investment trust, or mortgage trust or (ii) a federal, state, municipal, teacher's or union employee, welfare, pension or r etirement fund or system. 33. Insurance Trustee: An individual who is a resident of the State of New York, or a bank or trust company having an office in The City of New York, from time to time appointed to serve as such by the Condominium Board. 34. Interim Lease: Lease entered into between Sponsor and a Purchaser to

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(xxiv) to carry out any other duties imposed upon the Board pursuant to the Declaration and these By-Laws; and (xxv) to create and maintain a reserve fund to pay for major capital expenditures and/or a contingency fund to pay for unanticipated expenses. (B) The Board shall be responsible for carrying out the duties imposed upon it under the Condominium Documents regardless of whether a Unit is vacant or occupied by the owner thereof or by a permitted lessee or other permitted occupant. Section 2.5. Exercise and Delegation of Powers and Duties. (A) Any act within the power of the Board to perform, and deemed necessary or desirable to be performed by the Board, shall be performed by the Board or shall be performed on its behalf and at its direction by the agents, employees, or designees of the Board. (B) The Board may appoint an Executive Committee by duly adopted resolution, which Executive Committee sh all have, and may exercise, all of the powers of the Bo

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Document Number 7 - Bylaws Page 31 and any reserve fund payments. Such expenses shall not include individual unit owner’s expenses such as real estate taxes and utility charges . Upon commencement of collection of common charges, there will not be any assessment for any item in the approved budget for the condominium. Sponsor shall remain obligated to update the budget for the Condominium as required by governing regulations. In the event Sponsor elects to delay the collection of common charges, Sponsor shall disclose such fact in the closing notice to Purchasers and in the post -closing amendment to the Offering Plan. Such amendment shall also disclose the anticipa ted period of delay. Sponsor will notify all unit owners in writing of the expiration of the delay period at least thirty (30) days prior to the commencement of collection of common charges and will disclose such fact in the following amendment to the Offering Plan. (B) Budget. From time to time, but not le

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Document Number 7 - Bylaws Page 32 b. create an additional reserve fund for repairs, alterations, unanticipated expenses and/or contingencies which exceed 5% of the projected common expenses for the budget year; c. increase, decrease, eliminate or otherwise change the number, type, classification or working hours of the building’s service staff (if any), or to hire additional service staff. d. increase, decrease, or eliminate building services; e. increase, decrease, eliminate or otherwise change the amounts or types of insurance coverage from the coverages existing on the date of the First Closing. 2. Borrow money on behalf of the Condominium Association. Notwithstanding the foregoing, Sponsor may not exercise veto power over expenses described in Schedule B, or over expenses required : (i) to comply with applicable laws or regulations; (ii) to remedy any notice of violation; (iii) to remedy any work order by an insurer; or (iv) to remedy any immediately hazardous

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rent or future expenses, including repairs or rep lacements, and if additional funds are required, the Board may increase Common Charges or impose a special assessment . See Section “Working Capital Fund” for details. (T) There will be a reserve fund to provide for major capital repairs or improvements. The Reserve Fund will be funded by monthly Common Charge payments made by Unit Owners including Sponsor so long as Sponsor still owns Units. Of each Common Charge payment, 10% of said payment shall be deposited into the Reserve Fund bank account. As such, the Reserve Fund will not be fully funded until after the first year of operation. In addition to the monthly contributions, the reserve fund shall also be supplemented by 10% of the Initial Capital Payment to the working capital fund which i s collected from all initial Purchasers at Closing. Because of this supplement, the actual amount of the Reserve Fund at the end of the first full year of Condominium operations will

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Plan. No bond or other security has been posted to secure Sponsor's obligations. Should Sponsor fail in its obligation to pay all C ommon Charges, special assessments and real estate taxes with respect to Unsold Units, the Board may file a lien against the Unsold Units in accordance with law and Purchasers under contract will be offered rescission. See “Rights and Obligations of Sponsor”. (AB) The Housing Merchant Implied Warranty applies to this offer. Pursuant to Article 36 -B of the General Business Law (the “GBL”), Sponsor has elected to limit the Housing Merchant Implied Warranty. Sponsor’s Limited Warranty is limited to actual Purchasers and their successors who acquire title to the subject Unit by will or the governing intestacy laws. The Limited Warranty includes only actual damages and excludes all consequential, incidental, and /or special damages not foreseeable to the Sponsor; does not cover defects in appliances, fixtures, equipment and household items,

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. Selling Agent: Sponsor or a NY licensed real estate broker appointed by Sponsor to market and sell the Condominium Units. 54. Special Assessments: The charges allocated and assessed by the Condominium Board to the Unit Owners, pro-rata in accordance with their respective Common Interests (except as otherwise provided in the Declaration or in the By -Laws), in accordance with paragraph (D) of Section 6.1 of the By-Laws. 55. Sponsor: As per New York State regulations for newly constructed and vacant condominiums, means "any person, partnership, joint venture, corporation, company, trust, association or other entity or agent thereof who makes or takes part in a public offering or sale in or from the State of New York of participation interests or investments in real estate including condominium interests in realty." The Sponsor of this offering plan is 680 Greene BSD LLC. 56. Time of the Essence: Purchaser must cure a default or satisfy a condition i

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R. RIGHTS AND OBLIGATIONS OF SPONSOR Page 83 C. Sponsor agrees to pay all Common Charges, special assessments and real estate taxes with respect to Unsold Units. Sponsor represents that it has the financial resources to meet its obligations with respect to Unsold Units. Such obligations shall be funded through the sales of Unsold Units and from other funds of the Sponsor. No bond or other security has been posted to secure Sponsor's obligations. Should Sponsor fail in its obligation to pay all C ommon Charges, special assessments and real estate taxes with respect to Unsold Units, the Boa rd may file a lien against the Unsold Units in accordance with law and Purchasers under contract will be offered rescission. D. Sponsor will cause the Board to maintain the Property in substantially the same condition and manner as on the date of First Closing until expiration of the Initial Control Period as opposed to letting the Board neglect the property during the period in

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onsor’s prior written approval with regard to the below items. During this time, Sponsor may veto these actions. (i) Raise Common Charges or levy a special assessment to: a. make an alteration to the Common Elements; b. create an additional reserve fund for repairs, alterations, unanticipated expenses and/or contingencies which exceed 5% of the projected common expenses for the budget year; c. increase, decrease, eliminate or otherw ise change the number, type, classification or working hours of the building’s service staff (if any), or to hire additional service staff.

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discharge the same; E. Common Charges: to determine amounts and establish the means and methods of payment of, and to collect, Common Charges and special assessments from Unit Owners, and to use the Common Charges and special assessments collected from Unit Owners, as well as all other funds held by the Board or received in connection with the operation of the Property, for the administration of the Condominium, including, without limitation: (a) the payment of Common Expenses and (b) the making of restorations, additions, alterations and improvements to the Common Elements; F. Loans: to borrow money on behalf of the Condominium when required in connection with the operation, maintenance, repair, restoration, improvement, alteration and replacement of the Common Elements, provided, however, that: (a) with respect to the borrowing of any sum in excess of $25,000.00 in any one fiscal year (regardless of the balance of any loans outstanding from previous fiscal years) in

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all be permitted to mortgage, pledge or hypothecate his Unit unless and until he shall have paid in full to the Board all unpaid Common Charges and special assessments theretofore assessed against such Unit and shall have satisfied all unpaid liens; (ii) no Unit Owner shall execute any mortgage or other document mortgaging, pledging or hypothecating title to his Unit without including therein its Appurtenant Interests, it being the intention to prevent any severance of such combined ownership. Any mortgage or other instrument purporting to affect one or more of such interests without including all such interests shall be deemed and taken to include the interest or interests so omitted, even though the latter shall not be expressly mentioned or described therein so that at all times, all of the Units interests in the Condominium shall remain and shall not be severed;

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ermitted Mortgagee, the Board shall promptly report to such Permitted Mortgagee any default by his mortgagor(s) in the payment of Common Charges or Special Assessments or in the observance or performance of any of the pr ovisions of the Condominium Documents as to which the Board has knowledge then exists. (ii) Mortgagee shall be permitted to pay any sum of money due from the mortgagor and the Board shall be obligated to accept such payment. (iii) Mortgagee shall have the right to inspect the books and records of the Condominium. (iv) Mortgagee shall receive notice: i. In the event the Building, Common Elements or any part thereof is taken in condemnation or by eminent domain; ii. Whenever mortgagor defaults in performing any act or making any payment which is that party's responsibility hereunder, including common charges and or special assessments, for a period of sixty (60) days after the obligation to pay, and said default is not cured within fifteen (15

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a foreclosure of a Permitted First Mortgage, the defaulting Unit Owner shall remain fully liable for the payment of all unpaid Common Charges and Special Assessments that accrued prior to such foreclosure. Any unpaid sums that are not collected from such defaulting Unit Owner shall be deemed a Common Expense, collectible from all those who are Unit Owners at the time that the same is levied (including the new Unit Owner of the subject Unit). 3. Common Charges: Assessment, Collection and Lien for Non-Payment A. Commencement of Collection. (i) The Board will commence collection of Common Charges upon the Closing of Title to the first Unit provided the Sponsor has not exercised its option to pay all expenses of operation of the Property in lieu of collecting Common Charges. (ii) Sponsor may, in its sole discretion, elect to pay the expenses of the Building in lieu of colle cting Common Charges. During any such delay, Sponsor will timely pay all expenses of the C

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ssess Common Charges, the Board shall have the right, subject, in all respects, to the strictures contained in Section 2. 4 of the bylaws , to levy special assessments to meet the Common Expenses. All special assessments may be payable either in one lump sum or in installments, as the Board shall determ ine, provided, however that the Board shall give each Unit Owner not less than thirty (30) days' notice prior to the date upon which such special assessment, or the first installment thereof, shall be due and payable, which notice shall set forth, in reasonable detail, the nature and purpose thereof. The Board shall have all rights and remedies for the collection of special assessments as are provided herein for the collection of Common Charges. The Board has the right to allocate certain assessments on a special basis which reflects actual benefit and/or use associated with that particular item of expense or exclusive control of the particular Common Elements, pursuant to N.Y

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in the reserve fund is inadequate to cover major capital improvements needed, there may be an increase in Common Charges or the Board may impose a special assessment. The reserve fund may not be used to reduce projected Common Charges in the Plan. NEITHER THE DEPARTMENT OF LAW NOR ANY OTHER GOVERNMENT AGENCY HAS PASSED UPON THE ADEQUACY OF THE RESERVE FUND OR THE PHYSICAL CONDITION OF THE BUILDING.

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. Selling Agent: Sponsor or a NY licensed real estate brok er appointed by Sponsor to market and sell the Condominium Units. 55. Special Assessments: The charges allocated and assessed by the Condominium Board to the Unit Owners, pro -rata in accordance with their respective Common Interests (except as otherwise provided in the Declaration or in the By -Laws), in accordance with paragraph (D) of Section 6.1 of the By-Laws. 56. Sponsor: As per New York State regulations for newly constructed and vacant condominiums, means "any person, partnership, joint venture, corporation, company, trust, association or other entity or agent thereof who makes or takes part in a public offering or sale in or from the State of New York of participation interests or investments in real estate including condominium interests in realty." The Sponsor of this offering plan is 680 Greene BSD LLC. 57. Time of the Essence: Purchaser must cure a default or satisfy a conditio

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ary to discharge the same; (v) to determine the amount and establish the means and methods of payment of, and to collect, the Common Charges and Special Assessments from Unit Owners; (vi) to borrow money on behalf of the Condominium when required in connection with the operation, maintenance, repair, restoration, improvement, alteration and replacement of the Common Elements, provided, however, that: ( a) the affirmative consent of all of the members of the Board shall be required for the borrowing of any sum in excess of $25,000.00 in any one fiscal year (regardless of the balance of any loans outstanding from previous fiscal years); (b) the affirmative consent of all of all Unit Owners shall be required for the borrowing of any sum in excess of $25,000.00 in any one fiscal year (regardless of the balance of any loans outstanding from previous fiscal years); (c) no lien to secure repayment of any sum bor rowed may be created on any Unit or its Appurtenant Interests

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ogress payments. If the Trust Funds shall be less than sufficient to dis charge the cost and expense of performing the Work, the Board shall levy a Special Assessment against all Unit Owners for the amount of such deficiency in proportion to their respective Common Interests, and all proceeds of such Special Assessment shall become part of the Trust Funds. However, if the insurance proceeds are not sufficient to discharge the cost and expense of performing any work attributable to any part of the building which is not a "Common Element", such cost and expense must be paid by the owner or owners of the Units or Limited Common Elements which were damaged and no special assessment may be levied against the Unit Owners. If, conversely, the Trust Funds shall prove to be more than sufficient to discharge the cost and expense of performing the Work, such excess shall be paid to the Unit Owner of the damaged unit, except that no payment shall be made to a Unit Owner until there has f

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onsor’s prior written approval with regard to the below items. During this time, Sponsor may veto these actions. 1. Raise common charges or levy a special assessment to: a. make an alteration to the common elements;

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of and assess Common Charges, the Board shall have the right, subject, in all respects, to the strictures contained in Sect ion 2.4 hereof, to levy Special Assessments to meet the Common Expenses or to fund additional projects. All Special Assessments may be payable either in one lump sum or in installments, as the Board shall determine, provided, however that the Board shall give each Unit Owner not less than thirty (30) days' notice prior to the date upon which such Special Assessment, or the first installment thereof, shall be due and payable, which notice shall set forth, in reasonable detail, the nature and purpose thereof. The Board shall have all rights and remedies for the collection of Special Assessments as are provided herein for the collection of Common Charges (including, without limitation, the provisions of Section 6.4 hereof). The Board has the right to allocate certain items on a special basis which reflects actual benefit and/or use associated with that par

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Document Number 7 - Bylaws Page 33 Law (RPL) Section 339 -m (2). Special Assessments shall be levied against all Unit Owners in proportion to their respective Common Interests as follows: (i) assessment or increase in common charges to repair or maintain the Common Elements shall be shall be levied against all units proportionately in a ccordance with the percentage of Common Interest; (ii) assessment or increase in common charges to improve the Common Elements, which only benefit specific units shall be levied against the units so benefitting proportionately in accordance with the percentage of Common Interest. (E) The excess of all rents, profits and revenues derived from the rental or use of any space forming a part of, or included in, any Common Element remaining after deduction of all expenses incurred in connection with generating the same shall constitute income of the Unit Owners, and shall be collected on behalf of the Unit Owners by the Board and applie

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o a Permitted First Mortgage shall not be liable, and such mortgaged Unit shall not be subject to a lien, for the payment of any Common Charges and Special Assessments assessed subsequent to the recording of such Permitted First Mortgage and prior to the acquisition of title to such Unit by the Permitted First Mortgagee or such purchaser. In the event of a foreclosure of a Permitted First Mortgage (whether by sale, deed in lieu of foreclosure, or otherwise), the defaulting Unit Owner shall remain fully liable for the payment of all unpaid Common Charges and Special Assessments that accrued prior to such foreclosure. Any unpaid Common Charges and Special Assessments that are not collected from such defaulting Unit Owner shall be deemed a Common Expense, collectible from all those who are Unit Owners at the time that the same is levied , including the new Unit Owner of the subject Unit. (C) Subject to the terms and conditions contained in these By -Laws, any Unit Owner may

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Permitted Mortgagee, the Board shall promptly report to such Permitted Mortgagee any default by his mortgagor(s) in the payment of Common Charges or Special Assessments or in the observance or performance of any of the provisions of the Condominium Documents as to which the Board has knowledge then exists. The Board shall, when giving notice to a Unit Owner of any such default, also send a copy of such notice to his or her Permitted Mortgagee, if so requested. However, the Boar d shall have no liability for any failure, through oversight or negligence, in notifying a Permitted Mortgagee of any default by his or her mortgagor under the Condominium Documents, provided that (i) the Board shall advise such Permitted Mortgagee of the default promptly after discovering such failure and (ii) if the Board shall foreclose a lien on such mortgagor's Unit pursuant to the terms of Section 6.4 hereof by reason of such default, the Board shall pay to such Permitted Mortgagee the net procee

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to a mortgagee defaults in performing any act or making any payment which is that party's responsibility hereunder, including common charges and or special assessments, for a period of sixty (60) days after the obligation to pay, and said default is not cured within fifteen (15) days of written notice of said default. iii) At least ten days' prior written notice to all of the insureds, including all Permitted Mortgagees shall be sent if any insurance policies insuring the Building and all service machinery contained therein covering the interest of the Condominium, the Condominium Board, all of the Unit Owners and all Permitted Mortgagees, as their interests are to be either cancelled, or be allowed to lapse, or substantially modified. iv) If the Declaration and the By-Laws are to be amended and such amendment would materially interfere with any right or interest of any mortgagee. v) In addition, the mortgagee and guarantor of the mortgage on any unit in the co