149 GREEN STREET

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zes deductions will be entitled to deduct, for Federal income tax purposes, real estate taxes assessed again st 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 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 deduct his/her interest of his/her condominium unit loan. See section "Taxes: Deductions to Unit Owners and Tax Status of the Condominium." 2 The New York State and City tax laws inc

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.......... 106 W. COUNSEL'S INCOME TAX OPINION ................................ ................................ ....................... 113 X. RESERVE FUND................................ ................................ ................................ .......................... 119 Y. WORKING CAPITAL FUND ................................ ................................ ................................ ....... 120 Z. CONTRACTS................................ ................................ ................................ ................................ . 121 AA. IDENTITY OF PARTIES ................................ ................................ ................................ ............ 122 AB. REPORTS TO UNIT OWNERS ................................ ................................ ................................ . 124 AC. RESERVATION OF AIR AND DEVELOPMENT RIGHTS ................................ ....................... 125 AD. DOCUMENTS ON FILE ............

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rchaser will be required to deposit with the Board an amount equal to two (2) months’ Common Charges for his Unit, 90% of which is to be used as working capital and 10% of which will be deposited into the Reserve Fund for Major Repairs . See “Working Capital Fund” and “Reserve 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 reimburs e 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 Clo

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s will receive a full refund of the Down Payment. 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 repl acements, 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. Since the reserve fund contributions will be collected monthly as part of Common Charges, the reserve fund will not be fully funded until after the first year of operations . At this time, Sponsor has no knowledge of any capital improvements that may have to be made during the first five years of Condominium operation. However, Sponsor makes no representation that the reserve fund line item will be sufficient for the replacement of Common Elements during the first five (5) ye

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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 govern ing 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 per iod 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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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, corpo rate 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 149 Green Street Condominium which was established pursuant to the terms of the Declaration and is to be governed pursuant to the terms

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ater & sewer (7): $7,613 Repairs, services & supplies (8): $4,950 Insurance (9): $9,100 Legal fees (10): $1,500 Audit fees (10): $2,500 Reserve Fund for Major Repairs (11): $6,400 $63,996 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 Payment s 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 are any ma

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in stead. 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 de lay. 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 fo

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orney for such services on behalf of condominium boards. There is no attorney on retainer, and the Board may choose an attorney when needed. 11. 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 percenta

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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 premi ums and any reserve fund payments. Such expenses shall not include individual Unit Owner’s expenses such as real estate taxes

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S. CONTROL BY SPONSOR Page 85 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. (ii) Borrow money on behalf of the Condominium Association. B. Limitations on Veto Control. Sponsor may not exercise veto power over expenses described in Schedule B, or over expenses required : (i) to comply with applicable laws or reg ulations; (ii) to remedy any notice of violation; (iii) to remedy any work order by an insurer ; or (iv) to remedy any immediately h

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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 disclo

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ominium 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 or the Board, as the case may be, shall promptly make or perform, or cause to be made or performed, all maintenance work that is necessary in

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X. RESERVE FUND Page 119 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 capital expense are replacement of the roof or the windows , or installation of a building wide HVAC system . The basis of the figure 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 fun

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Y. WORKING CAPITAL FUND Page 120 Y. WORKING CAPITAL FUND The Working Capital Fund is the bank account into which Common Charges will be deposited and expenses will be paid in accordance with the Budget. 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. The Sponsor will deliver the funds so collected to the Board to provide the necessary working capital for the Condominium. 10% of this Initial Capital Payment shall be alloca ted 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 bet

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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 149 Green Street Condominium which was established pursuant to the Declaration and is to be governed pursuant to the terms of the By -Law

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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 n ecessary 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 shall have, and may exercise, all of the powers of the

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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 shall not include individual unit owner’s expenses such as real estate taxes and utility charges . Upon commencement of

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o these actions. 1. 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 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;

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rent or future expenses, including repairs or repl acements, 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. Since the reserve fund contributions will be collected monthly as part of Common Charges, the reserve fund will not be fully funded until after the first year of operations . At this time, Sponsor has no knowledge of any capital improvements that may have to be made during the first five years of Condominium operation. However, Sponsor makes no representation that the reserve fund line item will be sufficient for the replacement of Common Elements during the first five (5) years of the Condominium’s operation. If the amount in the reserve fund is inadequate to cover major capital improvements needed, there may be an increase in Common Charges or special assessment impos

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wever, n o bond or other security has been posted to secure Sponsor's obligations. Should Sponsor fail in its obligation to pay all Common Charges, Special Assessments an d 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 does not apply to this offer as the completed Building will be more than five (5) stories. Sponsor is not offering any warranty on the materials or workmanship of the Units. Sponsor’s obligation, regardless of any limitations in the 0Offering Plan, cannot go below the duty to construct the Premises in accordance with all applicable codes, filed Plans and Specifications, and locally accepted building practices for items which are not covered by codes. Any conflict betwee n the disclaimers and the Sponsor’s obligation to construct the Premises

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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 constru cted 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 149G LLC. 56. Time of the Essence: Purchaser must cure a default or satisfy a condition in the Purc

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g Plan which are to be performed subsequent to the closing date will survive delivery of the deed. C. Sponsor agrees to pay all Common Charges, special assessments and real estate taxes with respect to Unsold Units. Spons or 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 sec ure Sponsor's obligations. 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. E. If Purchaser is or becomes the tenant or the occupant of the Unit before the Closing of title thereto pursuant to an Interim Lease and, before such Closing, the Unit is damaged by casualty or otherwise, such Purchaser shall assume the risk of loss and the obligation to repair the dam

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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;

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ischarge the same; E. Common Charges: to determine amounts an d 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 rece ived 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 El ements; 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) i

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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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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 p ayable 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 fifteen (15) days' notice prior to the date upon which such special assessment, or the first installme nt 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 Co mmon Charges . 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 levied

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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 broker appointed by Sponsor to market and sell the Condominium Units. 53. 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. 54. 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 149G LLC. 55. Time of the Essence: Purchaser must cure a default or satisfy a condition in the

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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 borrowed may be created on any Unit or its Appurtenant Interests w

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rogress payments. If the Trust Funds shall be less than sufficient to discharge 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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Document Number 7 - Bylaws Page 25 such excess Trust Funds shall, to the extent of such Special Assessment, be deemed to be, and shall constitute, an unspent Special Assessment and shall be paid to the Unit Owners so assessed in proportion to their respective Common Inte rests, free of any claim of any lienor (including, without limitation, any Permitted Mortgagee). If the damage is caused to both a Unit and Common Elements, the Board shall retain the services of an insurance adjuster to determine the amount of damages c aused separately by the Unit and Common Element and all the underpayments and overpayments shall be subject to provisions in this paragraph (C). (D) If either 75% or more of a Building is destroyed or substantially damaged by fire or other casualty or 7 5% or more of the Common Elements are taken in a Taking, the Work shall not be performed unless 75% or more of the Unit Owners of the Building shall promptly resolve to proceed with the same. In th

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e Managing Agent and (ii) a separate listing for each Unit, setting forth, among other th ings, the amount of each assessment of Common Charges and Special Assessments levied against such Unit, the date when due, the amounts paid thereon and the balance, if any, remaining unpaid. (B) Within (4) four months after the end of each fiscal year of the Condominium, the Board shall submit to each Unit Owner, and, if so requested, to any Permitted Mortgagee, an annual report of the receipts and expenditures of the Condominium prepared by an independent accountant. The cost of preparing and distributing each such report shall be borne by the Unit Owners as a Common Expense. ARTICLE 6 - COMMON CHARGES Section 6.1. Determination of Common Expenses and Fixing of Common Charges. 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 e

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nsor’s prior written approval with regard to the below items. During this time, Sponsor may ve to these actions. 1. 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 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;

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of and assess Common Charges, the Board shall have the right, subject, in all respects, to the strictures contained in Section 2.4 hereof, to levy Special Assessments to meet the Common Expenses or to fund additional projects. All Special Assessme nts 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 firs t 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 colle ction 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

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e Common Expenses for the year in which collected. In the event that such net rents, profits and revenues, together with the Common Charges and any Special Assessments collected from the Unit Owners, for any year of operation shall exceed the Common Expenses for such year, then such excess shall be applied by the Board against the Common Expenses for the next succeeding year(s) of operation, and no Unit Owner shall be entitled to a distribution of any portion of such excess unless the Board shall determine to distribute all or part of such excess to all Unit Owners pro -rata, in proportion to their respective Common Interests. Notwithstanding any provision contained in these By-Laws or in the Declaration to the contrary, however, in no event shall any rent, profit, or revenue derived from the rental or use of any space in the Building be deemed to be derived from the rental or use of any floor slabs, ceilings, or walls delineating or enclosing such space or the incidental u

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Document Number 7 - Bylaws Page 34 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 convey his or her Unit, together with its Appurtenant Interests, to the Board or to its designee, corporate or otherwise, on behalf of all Unit Owners, w ithout being compensated therefor, and, in such event, be exempt from the payment of Common Charges and Special Assessments thereafter accruing, provided, however that: (i) all Common Charges and any Special Assessments then due and payable with respect to such Unit have been paid; (ii) such Unit is free and clear of all liens a

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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 provisio ns 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 Board 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 d efault 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 proc

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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, al l 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