108 INDIA STREET

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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 or part of his Unit in the conduct of his trade or business or for the production of income may deduct a portion of common charges allocable to ############

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’’’’’’’’’’#)((# W. COUNSEL'S INCOME TAX OPINION#’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’#)(-# X. RESERVE FUND#’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’#)))# Y. WORKING CAPITAL FUND# ’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’#))*# Z. CONTRACTS#’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’#))+# AA. IDENTITY OF PARTIES# ’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’#)),# AB. REPORTS TO UNIT OWNERS# ’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’#)).# AC. DOCUMENTS ON FILE#’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’

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?cfj‘e^ ?fjkj Xe[ =[aljkd\ekju, (iii) LliZ_Xj\i n‘cc Y\ i\hl‘i\[ kf [\gfj‘k n‘k_ k_\ >fXi[ knf (0) dfek_jv Zfddfe charges for his unit to be used as working capital. Se\ O\Zk‘fe tSfib‘e^ ?Xg‘kXc Ble[u, (iv) =k Zcfj‘e^* Ogfejfi n‘cc Zfcc\Zk \XZ_ gliZ_Xj\ivj gif-iXk\[ j_Xi\ ‘e k_\ ]‘ijk p\Xivj insurance premium from the date of the closing until the end of the first year of operation. This amount will be ZXcZlcXk\[ ‘e gifgfik‘fe kf \XZ_ gliZ_Xj\ivj Zfddfe ‘ek\i\jk Xe[ n‘cc Y\ lj\[ kf i\‘dYlij\ Ogfejfi ]fi gXpd\ek f] k_\ ]‘ijk p\Xivj gi\d‘ld, LliZ_Xj\ij n‘cc Xcjf gXp k_\ j\Zfe[ p\Xivj gi\d‘ld ‘e gifgfik‘fe kf k_\‘i Zfddfe ‘ek\i\jk Xj gXik f] dfek_cp Zfmmon charges. The YfXi[ Xe[ k_\ jgfejfi n‘cc efk X[aljk ]fi ‘ejliXeZ\, O\\ tQe‘k ?cfj‘e^ ?fjkj Xe[ =[aljkd\ekju, (v) Each purchaser shall pay an additional $1 *...,.. Xk Zcfj‘e^ kf [\]iXp Ogfejfivj Zfjkj* e.g, architectural costs, filing fees, legal fees and other costs incurred in creating the condominium. O\\ O\Zk‘fej tOZ_\[lc\ =u

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r upgrades or extras, unless the plan is abandoned. See Section "Procedure to Purchase" for details. (T) No representation is made that the initial working capital fund will be adequate to cover current or future expenses, including repairs or replacements, and if additional funds are required, the Board may increase common charges or impose a special assessment , O\\ O\Zk‘fe tSfib‘e^ ?Xg‘kXc Ble[u ]fi [\kX‘cj, (U) There will be a reserve fund to provide for major capital improvements. The reserve fund contributions shall be collected monthly as part of common charges, thus, 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. 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 imposed, O\\ tN\j\im\

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on 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 required by lenders. Such expenses shall not include individual Unit Owner expenses such as real estate taxes, utility charges, etc. 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 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 an

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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. 9. 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. 10. Condominium: The 108 India Street Condominium which was established pursuant to the terms of the Declaration and is to be governed pursuant to the terms of the

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isted. In addition, prospective purchasers will be required to pay at closing, among other thie^j8 (‘) knf (0) dfek_jv Zfddfe Z_Xi^\j to be used as working capital; (ii) New York City and State transfer taxes; (iii) $1,000.00 to

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provided for future capital improvements. At the present time, there are no maintenance contracts in place however, if any services are needed, the Reserve Fund for Major Repairs may be used. The following is a breakdown of the repairs and maintenance based on the experience of AYC Management LLC, a qualified management expert with an address at 3215 Ave R, Brooklyn, New York 11234 with said services for buildings of similar size and condition: Sprinkler Inspections $ 500 Fire Alarm Inspections and Maintenance $2,880 Backflow Prevention Testing $ 250 General Repair & Supplies $1,500 TOTAL: $ 5,130 7. Insurance. The insurance premium is based on the letter dated March 16, 2018 Admiral Insurance Brokerage Corp., a licensed insurance broker located at 6833 Shore Road, Brooklyn, New York 11220, setting forth the following coverages: Items Covered Coverage Limits All-risk Perils, Building- Stipulated Amount $1,000,000 General Liability $1,000,000 per occ

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nseling on Board rights oi fm\ij\\‘e^ le‘k fne\ijv d\\k‘e^j, P_\i\ ‘j ef Xkkfie\p fe i\kX‘e\i* and the board may choose an attorney when needed. 9. 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 improvements 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 percentage o

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0,001-$3,000,000; and 1.75% for transfers of $3,000,001 to $5,000,000. The sample calculation of taxes below includes tax on the consideration. E. Working Capital Fund. Purchaser will be required to deposit with the Board two (2) dfek_jv \jk‘dXk\[ dfek_cp Zfddfe Z_Xi^\j ]fi _‘j le‘k, F. Ogfejfivj =kkfie\p B\\j, Purchaser shall pay a fee of $2,000.00 to Jeffrey Zwick and Associates, P.C., 266 Broadway, Suite 403, Brooklyn, New York 11211 for services rendered

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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;

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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 required by lenders. Such expenses shall not include individual Unit Owner expenses such as real estate taxes, utility charges, etc. 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 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

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condominium 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 connectio

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L)#F8G8FJ8#9IB7# DORQ#+++# # X. RESERVE FUND The budget 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, etc. 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 charges made by purchasers thereafter. With each common charge payment made by unit owners, including Sponsor so long as Sponsor still owns units, 10% of said payment shall be allocated to the Reserve Fund. As such, the Reserve Fund will not be fully funded until after the first year of operation.

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M)#KCF?=B;#64D=H4@#9IB7# DORQ#++,# # Y. WORKING CAPITAL FUND Sponsor, as agent of the Board, will collect from each original purchaser at the time of the Closing an #Ee‘k‘Xc ?Xg‘kXc LXpd\ek# \hlXc kf knf (0) dfek_jv \jk‘dXk\[ Zfddfe Z_Xi^\j ]fi \XZ_ le‘t. 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 toward the Reserve Account. The funds for the Working Capital Fund are maintained in a separate bank account from the funds of the Reserve Fund. 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. Adjustments for prepaid expenses between the Sponsor and the Board of Managers may be deducted only fr

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0,001 to $5,000,000For purposes of calculating the transfer taxes to be paid, consideration includes the transfer taxes paid by the purchaser. E. Working Capital Fund Contribution. Purchaser will be required to deposit with the Board of GVcV\Zgh ild (0) bdci]ht Zhi^bViZY bdci]an Xdbbdc X]Vg\Zh [dg ]^h jc^i, F. Medchdgth ;iidgcZn @ZZh, JjgX]VhZg h]Vaa WZ dWa^\ViZY id eVn i]Z [daadl^c\ [ZZh id hedchdgth attorney: (i) $2,000.00 for services rendered in connection with the recording of the Declaration of the Condominium and the preparation of documents; (ii) $250.00 for any work in connection with obtaining a mortgage; (iii) $500.00 if the closing is held at any location di]Zg i]Vc hedchdgth ViidgcZnth d[[^XZ at the request of purchaser or its representatives; (iv) $200.00 per hour if the duration of the closing exceeds two (2) hours due to the fault of purchaser or its representatives; (v) $200.00 payable id hedchdg dg hedchdgth ViidgcZn ^[ Z-forms [dg HZl Sdg‘ =^in LZVa Jgde

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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. 9. 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. 10. Condominium: The 108 India Street Condominium which was established pursuant to the terms of the Declaration and is to be governed pursuant to the terms of the

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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 required by lenders. Such expenses shall not include individual Unit Owner expenses such as real estate taxes, utility charges, etc. 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 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 an

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eto 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, W‘Ugg]Z]WUh]cb cf kcf_]b[ \cifg cZ h\Y Vi]‘X]b[rg gYfj]WY ghUZZ (]Z Ubm)* 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) t

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rrent or future expenses, including repairs or replacements, and if additional funds are required, the Board may increase common charges or impose a special assessment , O\\ O\Zk‘fe tSfib‘e^ ?Xg‘kXc Ble[u ]fi [\kX‘cj, (U) There will be a reserve fund to provide for major capital improvements. The reserve fund contributions shall be collected monthly as part of common charges, thus, 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. 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 imposed, O\\ tN\j\im\ Ble[,u

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6) 789=B=H=CBG# DORQ#,-# 37. 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. 38. 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 108 India Street LLC. 39. Time of the Essence: Purchaser must cure a default or satisfy a condition in the Purchase Agreement by the date indicated or commit an incurable breach and forfeit his down payment. 40. Trust

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ering 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. 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. 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 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 damage to his/her personal belongings and

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oejfivj gi‘fi ni‘kk\e XggifmXc n‘k_ i\^Xi[ kf k_\ Y\cfn ‘k\dj, @li‘e^ k_‘j k‘d\* Ogfejfi dXp 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;

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o 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 addi

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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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assess 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 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 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. 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 levie

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the terms of the By-Laws, provided that they are not in conflict with the terms of the Condominium Act, the Declaration, or the By-Laws. 37. 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. 38. 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 108 India Street LLC. 39. Time of the Essence: Purchaser must cure a default or satisfy a condition in th

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ssary 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 witho

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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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he Managing Agent and (ii) a separate listing for each Unit, setting forth, among other things, 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 expenses of

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cbgcfrg df]cf 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; 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, W‘Ugg]Z]WUh]cb cf kcf_]b[ \cifg cZ h\Y Vi]‘X]b[rg gYfj]WY ghUZZ (]Z Ubm)* 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)

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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 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 fifteen (15) 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). Special Assessments shall be levied against all Unit Owners in proportion to their respective Common Interests as follows: (i) asses

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h in advance. To the extent permitted by Law, the Board shall have a lien on each Unit, on behalf of all Unit Owners, for unpaid Common Charges and Special Assessments assessed against such Unit. Such lien, however, shall be subordinate, to the extent required by Law, to any liens for real estate taxes assessed against such Unit. (B) No Unit Owner shall be liable for the payment of any part of Common Charges or any Special Assessments assessed against his Unit subsequent to a sale, transfer, or other conveyance by him of such Unit, together with its Appurtenant Interests. A purchaser or other successor-in- title to the owner of a Unit shall be liable for the payment of all Common Charges and any Special Assessments accrued and unpaid against such Unit prior to his acquisition thereof, except that, to the extent permitted by Law, a Permitted First Mortgagee acquiring title to a mortgaged Unit or a purchaser at a mortgage foreclosure sale held with respect to a Permitted Firs

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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 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 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 proceed

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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 may appear may 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.

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0000390668. Separate real estate tax assessments for the condominium units have been apportioned. d. In accordance with the offering plan, the working capital fund of $ 1,684.62 was deposited into the account titled “The 108 India Street Condominium,” at the Chase branch with an address at 225 Havemeyer Street, Brooklyn, NY and $ 187.18 was deposited in a sub account for the reserve fund equaling 10% of the funds thus far collected. e. The building was encumbered by a mortgage at the time of the first unit closing. Each unit will be released from the mortgage upon closing subject to their respective release prices in accordance with the offering plan. 3. Board Control. Sponsor controls the Board of Managers. In accordance with the offering plan, a meeting will be held to elect a new Board within four (4) months of the First Closing which occurred on January 17, 2020. The current Members of the Board are listed below. All are sponsor assignees with a business ad