1019 HANCOCK STREET

PDF page 3 · effective period must be checked in the document

ements will not be available until 2027. There is no financial statement for 2025 since the Condominium was not operating. 10. The Sponsor opened a working capital account and a reserve account on behalf of the Condominium at Chase Bank, 1304 Broadway, Hewlett, NY, 11557 . The current balance of the working capital account is $765.14 and the current balance in the reserve account is $0.00. The correct amount that should be in the reserve account is $ 3,900.00 for the first year of operation. The amount to be placed in the reserve account from the Common Charges collected every month shall be $ 325.00, the pro -rata amount of the reserve reflected in Schedule B. At each closing, Purchasers have and shall pay two (2) months of Common Charges, which Sponsor shall deposit in the Working Capital Fund account. Sponsor will deposit all checks received from e ach Unit closing into this account. There are no closing adjustments in favor of Sponsor.

PDF page 3 · effective period must be checked in the document

............................. 92 XX. OPINION OF COUNSEL...................................................................................... 95 XXI. RESERVE FUND ................................................................................................100 XXII. WORKING CAPITAL .........................................................................................101 XXIII. MANAGEMENT AGREEMENT, CONTRACTS AND LEASES .....................103 XXIV. IDENTITY OF PARTIES.................................................................................... .105 XXV. RESERVATION OF AIR RIGHTS .................................................................... .107 XXVI. REPORTS TO UNIT OWNERS .......................................................................... 108 XXVII. DOCUMENTS ON FILE ..............................................................................................109 XXVIII. GENERAL ...............................................................................

PDF page 10 · effective period must be checked in the document

charged to all Unit Owners as a Common Expense. See Section IV, “Offering Prices and Related Information” and See Part II, “Floor Plans”. 12) A reserve fund is provided for in the Budget. The reserve fund will be funded by each Unit Owner as part of the monthly Common Charges. The New York City Reserve Fund Law restricts the use of the reserve fund to capital improvements. This fund is for the repair, replacement or other capital items that may have to be obtained by the Condominium without the necessity of resorting to a special assessment to unit owners. Sponsor anticipates that the reserve fund will be sufficient to cover the cost of cap ital replacements within five years after the first closing. See Section V, Schedule B and Section XXI, “Reserve Fund”. 13) All funds received by the Sponsor for upgrades or extras must initially be placed in the escrow account. Such funds may be released from the escrow account by the escrow agent as long as the Sponsor uses th

PDF page 13 · effective period must be checked in the document

entitled “Control By Sponsor”). 21) Adjustments for prepaid expenses between the Sponsor and the Board of Managers may be deducted only from the working capital fund. Net adjustments for prepaid expenses, if in favor of the Sponsor, are to be paid from the working capital fund. There will be a minimum working capital fund totaling the aggregate of 2 months of common charges regardless of the amount of adjustments. In the event that the Working Capital Fund is not sufficient to cover any adjustment in favor of the Sponsor, common charges will be increased to cover any such shortfall. See Section XXII, “Working Capital Fund”. 22) The use of the Units is for single family residence and home office as permitted by law . See Part II, "By-Laws". 23) The cellar area, storage rooms, balconies and terraces are not to be used for habitable space as defined by the NYS Building Code or rented independently. Further, accessory rooms in the cellar, including portions of any

PDF page 17 · effective period must be checked in the document

during any such delay period, the Sponsor will timely pay all expenses of the Condominium, including but not limited to insurance premiums and any reserve fund payments and such expenses shall not include individual unit owner expenses such as real estate taxes, utility charges, etc. ; (v) upon the commencement of the collection of Common Charges, there will not be an assessment for any item set forth in the

PDF page 31 · effective period must be checked in the document

t to, the Residential Common Elements and/or the Limited Residential Common Elements; or (ii) the establishment and/ or maintenance of an operating reserve fund for working capital, for replacements with respect to the Residential Common Elements and/or Limited Residential Common Elements. “Residential Unit” shall mean any space designated as a Residential Unit in the Declaration together with its Common Interest and Residential Common Interest. All such Residential Units, are collectively, referred to as the “Residential Units”. “Rules and Regulations” refers to the rules and regulations made in accordance with the By-Laws and attached thereto as Schedule A. “Sales Office” shall mean the sales office for the Sponsor or Selling Agent, at a location to be designated by either Sponsor or Selling Agent from time to time. “Schedule A” refers to Schedule A, “Purchase Prices and Related Information” for the Projected First Year of Condominium Operation set forth in P

PDF page 42 · effective period must be checked in the document

during any such delay period, the Sponsor will timely pay all expenses of the Condominium, including but not limited to insurance premiums and any reserve fund payments and such expenses shall not include individual unit owner expenses such as real estate taxes, utility charges, etc .; (v) upon the commencement of the collection of Common Charges, there will not be an assessment for any item set forth in the approved budget for the Condominium; and (vi) the Sponsor shall remain obligated to update t he budget and certified (audited) financial statements for the Condominium. 8. This figure is the estimated real estate tax shown annually. After the Condominium is divided into individual tax lots, each Unit will be taxed as a separate tax lot and each Unit Owner will be responsible only for the real estate tax of his or her Unit and not for any lien arising out of the non-payment of real estate taxes by other Units. Real estate tax estimates are based upon annual tax estima

PDF page 45 · effective period must be checked in the document

.................$2,000.00 Contingency Fund (see note 11) ............................................................................$1,200.00 Reserve Fund (see note 12) ....................................................................................$3,900.00 TOTAL ............................................................................................................................$38,257.00 In the event the estimated first year differs from the actual commencement of the budget year by six (6) months or more, Sponsor will amend the plan to include a revised budget. See explanatory notes. If the amended budget exceeds this budget by 25% or more, the Sponsor will offer all purchasers the right to rescind the purchase agreement. Purchasers in contract shall have fifteen (15) days after the date of presentation of the notice to purchasers to exercise the right to rescind the Purchase Agreement , whether or not Sponsor offers to guarantee the previous budget p

PDF page 48 · effective period must be checked in the document

r major capital repairs or replacement items likely to be needed within the first five years of Condominium operation. Sponsor anticipates that the reserve fund will be sufficient to cover the cost of capital replacements within five years after the first closing . The difference between the reserve fund and the contingency fund is that the reserve fund is to be used only for capital expenditures (such as roof replacement or other major repairs) while the contingency fund may be used for day to day items required to operate the condominium. See Section XXI, “Reserve Fund.” The Sponsor anticipates that the first closing of a unit will occur by January 1, 2025 . Purchasers will be offered a right of rescission if: (i) the actual date of closing of title to the first unit; or (ii) the projected date of closing of title to the first unit occurs later than December 31, 2025, twelve months or more from the projected date in the Offering Plan, or in any subsequently filed amendme

PDF page 76 · effective period must be checked in the document

price, which by law is the primary obligation of the Purchaser. 7. Two months of Common Charges are to be paid to the Condominium as an initial working capital contribution. While Sponsor is in control of the Board of Managers the working capital fund will not be used to reduce the Common Charges. If any portion of the working capital fund is used during this period to pay for items in the budget set forth as Schedule B, such amounts will be repaid to such fund out of Common Charges collected. When completely funded, after all closings, the Working Capital fund will contain two months aggregate Common Charges. The purpose of this fund is to provide for unanticipated expenses that may arise in the day to day management of the Condominium from time to time without the necessity of resorting to a special assessment to unit owners. While the exact nature of unanticipated expenses cannot be defined, this contingency may be used to offset the costs of insurance deductibl

PDF page 77 · effective period must be checked in the document

This Plan must state in two separate sections whether the Condominium will have funds for Working Capital. The other section is Section XXII, Working Capital Fund. 8. At closing, the purchaser must pay the Sponsor’s attorney fee in the amount of $3,000.00 to reimburse Sponsor for a portion of its legal fees incurred in connection with the closing of title of the Purchaser’s unit. If the closing takes place at a location other than in the Sponsor’s counsel’s office, the Purchaser will be required to pay to Sponsor’s counsel an additional fee of $ 500.00 or $250.00 if the closing is held remotely. If the closing is adjourned through no fault of the Sponsor, the Purchaser will be required to pay to Sponsor ’s Counsel an additional fee of $250.00 for each adjournment to defray the cost of scheduling, preparing for, and coordinating the new closing. If the closing venue changes to accommodate a Purchaser’s request, extra costs will be added to closing costs. If Sponsor, in it

PDF page 78 · effective period must be checked in the document

..........$16,686.57 Additional Transfer (Mansion) Tax…..……………………………………..….$11,663.88 Supplemental NYC (Mansion) Tax…..………………………………………....…….$0.00 Working capital approx. (2 mo. Common Charges) .................................................$977.52 Sponsor’s attorney fee............................................................................................$3,000.00 Creation costs .........................................................................................................$2,000.00 TOTAL ................................................................................................................$63,975.00 58

PDF page 90 · effective period must be checked in the document

nce policy or policies provided for in Schedule B. Sponsor will be reimbursed for the cost of the insurance policy by the Board of Managers from the Working Capital Fund. The policies to be secured by Sponsor shall include fire and casualty insurance pursuant to an agreed amount replacement value policy or in an amount sufficient to avoid co -insurance, as reflected in Schedule B. l. The Sponsor will NOT submit an application for a tax abatement or exemption for the property. m. Sponsor shall keep copies of the Offering Plan exhibits and documents referred to in the Offering Plan on file at Sponsor ’s offices for six (6) years from the date the Declaration is recorded. n. In accordance with Section 339 -p of the New York Real Property Law, a registered architect or licensed professional engineer shall certify within reasonable tolerances that the Floor Plans filed with the recording of the Declaration are a n accurate copy of portions of the plans of the Buildings

PDF page 120 · effective period must be checked in the document

SECTION XXI. RESERVE FUND This Condominium shall maintain a reserve fund. The New York City Reserve Fund Law restricts the use of the reserve fund to capital improvements. As set forth in the First-Year Budget in Section V of this Plan, the reserve fund will be funded by each Unit Owner as part of the monthly Common Charges. The amount collected each year shall be at least 10% of the yearly budget for the year prior. This amount will be placed on deposit in order to provide for major capital repairs or replacement items likely to be needed within the first five years of Condominium operation. Sponsor does not anticipate that any such repairs will be required. Sponsor anticipates that the reserve fund will be sufficient to cover the cost of capital replacements within five years after the first closing. This fund may not be used to fund the day to day operations of the Condominium. For the first year of operation, the sum of $3,900.00 has been budgeted towards the reser

PDF page 121 · effective period must be checked in the document

SECTION XXII. WORKING CAPITAL FUND At the time of the closing of title to each Unit to a bona fide Purchaser, such Purchaser shall pay a sum equal to two months Common Charges to the Board of Managers for its working capital (the Working Capital Fund). For such period as Sponsor retains control of the Board of Managers, the Working Capital Fund shall not be used to reduce estimated Common Charges, At the First Unit Closing, Sponsor will apportion with the Board, to the extent applicable to the Condominium, the following items as of midnight of the date preceding said Closing: 1. Employees’ wages, vacation and severance pay, pension and welfare benefits and accruals, uniforms and all other payments or obligations relative to the employees of the Building; 2. Deposits with utility companies, if any, and fees for assignable permits and licenses, if any; 3. Charges for electricity and other utilities for the Common Elements and the Limited Common Elements;

PDF page 122 · effective period must be checked in the document

adjustments. In the event that the Working Capital Fund is not sufficient to cover any adjustment in favor of the Sponsor, common charges will be increased to cover any such shortfall. The Working Capital Fund will be held and used for working capital, or such other appropriate purposes as will be determined by the Board and may be augmented by allocations from the monthly Common Charges collected from each Unit. The Board will be able to utilize the money in the Working Capital Fund at any time and, accordingly, no representation or warranty can be made and no assurance can be given as to the exact amount of funds available at any specific time. Within three months from the end of the first year of operation of the Condominium, Sponsor shall deliver to the Board of Managers a statement certifying in reasonable detail as to any changes in the amount of the Working Capital Fund which occurred since the first closing. NO REPRESENTATION OR WARRANTY IS MADE THAT THE W

PDF page 140 · effective period must be checked in the document

d power of attorney in favor of the Board of Managers; (ii) an amount equal to two month’s Common Charges representing Purchaser’s share of initial working capital for the Condominium; and (iii) the closing fees described in the section entitled Closing Costs and Adjustments in the Plan. 118

PDF page 241 · effective period must be checked in the document

deletion which shall adversely affect the lien or any mortgage (including, but not limited to, changes with respect to voting, assessments, liens, reserve fund, repair and replacement of common elements, insurance, rights to use common elements, maintenance and repair, imposition of right of first refusal, establishment of self - management) may be made without the written consent of the First Mortgagees, if any, of each of the same Units; b) No amendment which shall change the percentage of Common Interests allocated to any Unit or Units may be made without the written consent of such Owner and the First Mortgagees, if any, of each of the same Units; c) No amendment, modification, addition or deletion of or to this Declaration will be effective in any respect against the Sponsor, its designee, or any Unsold Unit until the Sponsor or such designee shall consent thereto in writing. d) No amendment, modification, addition or deletion of or to this Declaration which wo

PDF page 257 · effective period must be checked in the document

s, to apply same as a credit against Common Charges on a pro rata basis for all Unit Owners who have contributed to such fund; q. To receive any reserve fund and to hold and use such Reserve Fund exclusively for making capital repairs, replacements, and improvements necessary for the health and safety of residents of the Building; r. To require that all officers and employees of the Condominium handling or responsible for Condominium Funds shall furnish adequate fidelity bonds. The premium on such bonds shall be a common expense. Section 3. Nomination and Election: The Managers shall be elected for a term of one year at the Annual Meeting of Unit Owners or at a Special Meeting called for that purpose as provided by law. Each Unit shall be entitled to cast one vote for each .01% of Common Interest in the Condominium a ppurtenant to the Unit, which may be cast all for one nominated Manager, or divided among any number of candidates. Their term of office shall be

PDF page 259 · effective period must be checked in the document

st of all other services, being provided, is no greater than that provided in said notes; c) Establish any reserve other than the Reserve and/or Working Capital Funds set forth in the Offering Plan. However, notwithstanding anything contained herein to the contrary, the Sponsor, as Holder of Unsold Units, or other Holder(s) of Unsold Units, shall not veto the expenses set forth in SCHEDULE B of the offering plan, or expenditures required to comply wit h applicable laws or regulations. Section 9. Rules and Regulations: The Board of Managers may from time to time adopt and amend such rules and regulations as it may deem necessary in respect to the Building of the Condominium for the health, safety and convenience of the Unit Owners. Copies thereof and of changes therein shall be furnished to each Unit Owner. Section 10. Compensation: No Member of the Board of Managers shall receive any compensation from the Condominium for acting as such. 237

PDF page 261 · effective period must be checked in the document

unt as the Board of Managers may deem proper for the operation and maintenance of the Common Elements including , without limitation, an amount for working capital of the Condominium, for a general operating reserve, for a reserve fund for replacements, and to make up any deficit in the common expenses for any prior year. The Common Expenses may also include such amounts as may be required for the purchase or lease of any Unit whose Owner has elected to sell or lease such Unit, or any Unit which is to be sold at a foreclosure or other judicial sale. The Board of Managers shall advise all Unit Owners promptly, in writing, of the amount of Common Charges and Expenses payable by each of them, respectively, as determined by the Board of Managers, as aforesaid, and shall furnish copies of each budget on which such Common Charges and Expenses are based, to all Unit Owners . Any dispute relating to the expenses to be borne by the Unit Owners shall be submitted to arbitration in

PDF page 10 · effective period must be checked in the document

fund is for the repair, replacement or other capital items that may have to be obtained by the Condominium without the necessity of resorting to a special assessment to unit owners. Sponsor anticipates that the reserve fund will be sufficient to cover the cost of cap ital replacements within five years after the first closing. See Section V, Schedule B and Section XXI, “Reserve Fund”. 13) All funds received by the Sponsor for upgrades or extras must initially be placed in the escrow account. Such funds may be released from the escrow account by the escrow agent as long as the Sponsor uses the funds for such upgrades or extras. As a resul t, in the event the Purchaser is entitled to rescission, the Purchaser will not receive a refund of any funds actually expended for upgrades or extras unless the Plan is abandoned by Sponsor in which case, Purchasers will receive a refund of the funds expended for extras and upgrades. The cost of extras and special work must be paid fo

PDF page 14 · effective period must be checked in the document

s. The consequence of not obtaining such additional insurance is that in the event of any uncov ered claim or damage the Board may need to assess a special assessment to the unit owners to be able to pay for the claim and or damage. Purchasers should note that it is desirable to obtain additional insurance at their own cost to cover such risks. See Schedule B in Section V entitled “Projected Budget”. 27) The Board of Managers of the Condominium does not have a right to approve or disapprove prospective purchasers. The Board does not have the right of first refusal to purchase a unit on behalf of the Condominium. See the section entitled “By-Laws” in Part II of the Plan. 28) All deposits, Down Payments, or advances made by purchasers prior to closing of each individual transaction, whether received before or after the date of consummation of the plan, must be placed within five business days after the agreement is signed by all necessary parties, in an escrow account in

PDF page 47 · effective period must be checked in the document

ements. The consequence of not having such additional insurance is that in the event of any uncovered claim or damage the Board may need to assess a special assessment to the unit owners to be able to pa y for the claim and or damage. In the event that additional insurance coverage is required by the Federal Housing Administration in order for it to insure or guarantee a mortgage on a Unit, the Sponsor shall obtain such additional insurance so as to comply with any such requirements. The Condominium will be responsible for the costs of such additional insurance. 27

PDF page 76 · effective period must be checked in the document

for unanticipated expenses that may arise in the day to day management of the Condominium from time to time without the necessity of resorting to a special assessment to unit owners. While the exact nature of unanticipated expenses cannot be defined, this contingency may be used to offset the costs of insurance deductibles on claims, to provide for additional management or maintenance services or improvements not otherwise classified in this budget. It will not be used to replace capital items. 56

PDF page 78 · effective period must be checked in the document

nsor sells and conveys those Units. If any Unit Owner fail s to pay a Unit’s pro rata share of real estate taxes when due, by Common Charge billing, special assessment billing, or both, the Board of Managers will have a lien on such Unit for non-payment thereof, as if such charges were Common Charges. If the actual taxes due for any period for which Sponsor collected escrows are lower than the amount collected and held in escrow, the Board of Managers shall pay the Unit Owners their proportionate share of any excess. If as of the date of closing, the unit s are not separately assessed and the unit owner is required to deposit moneys with the Board for the payment of real estate taxes, in addition to such deposit with the Board, the Unit Owner’s lender may also require an escrow for taxes. 11. Purchasers of Residential Units shall also reimburse the Sponsor $2,000.00 each for Sponsor’s cost for engineering, architect and expediting fees to create the Condominium (“Cre

PDF page 82 · effective period must be checked in the document

ents’ fees and commissions, engineers ’ fees, appraisal and surveying fees and costs. f. Sponsor will pay all Common Charges, real estate taxes, Special Assessments and other expenses allocable to any Units owned by Sponsor, so long as Sponsor shall continue to own such Units. However, as set forth in this Offering Plan, where Purchaser has caused an unauthorized delay in Closing, sponsor shall be entitled to reimbursement by Purchaser of real estate taxes and Common Charges during such unauthorized delay. Sponsor represents that it has sufficient financial resources to complete construction and to meet its obligations with respect to unsold units and will not require additional financing or the sale of any of the units to pay for same. Sponsor will fund its obligations to the Condominium for unsold units from its principals’ monetary contributions to Sponsor and from proceeds of the loan given to it by lender. As provided in Article VI Section 5 of the By-Laws, no bon

PDF page 102 · effective period must be checked in the document

. Prior to or simultaneously with the closing of any mortgage transaction, the Unit Owner must satisfy all arrears for any unpaid Common Charges and Special Assessments owed by such Unit owner and discharge any liens therefor. Any first mortgagee who obtains title to a Unit pursuant to the remedies in the Mortgage or through foreclosure will not be liable for more than 6 months of the unit's unpai d regula rly budgeted dues or charges accrued before the acquisition of the title to the unit by the mortgagee. 82

PDF page 105 · effective period must be checked in the document

ems necessary to meet unanticipated or extraordinary expenses, including, but not limited to, expenses incurred for major capital improvements. The Special Assessments to be paid by each Unit Owner shall also be determined in accordance with the Unit Owner’s percentage of Common Interest, as determined by the Board of Managers. 85

PDF page 106 · effective period must be checked in the document

at a later date or with respect to a subsequent failure to pay within the designated time. The failure to make prompt payment of Common Charges or Special Assessments when due shall subject the Unit Owner to a late charge as described in the By -Laws. Notwithstanding the foregoing, the Sponsor, any Sponsor-designee and any partner of any entity affiliated directly or indirectly with Sponsor shall not be subject to the late charge. The Sponsor will cause the Board of Managers to file a lien as provided for in Section 339- aa of the Real Property Law on Units in which Sponsor is more than 30 days in arrears of Common Charges while it is in control of the Board of Managers. No Unit Owner shall be liable for the payment of any part of the Common Charges assessed against his or her Unit subsequent to a sale, transfer, or other conveyance made by him or her of his or her Unit, with appurtenant Common Elements, in accordance with the Declaration and By- Laws. 6. Repairs, R

PDF page 109 · effective period must be checked in the document

er. The consequence of not obtaining such additional insurance is that in the event of any uncovered claim or damage the Board may need to assess a special assessment to the unit owners to be able to pay for the claim and or damage UNIT OWNERS SHOULD CONSULT THEIR INSURANCE AGENT AS TO THE AVAILABILITY OF INSURANCE TO COVER ALL OF THE AFOREMENTIONED AND ANY ADDITIONAL COVERAGE WHICH MIGHT BE RECOMMENDED. In the event of a taking in condemnation or by eminent domain of part or all of the Common Elements, the award made for such taking shall be payable to the Board of Managers, if such award amounts to $250,000.00 or less, and to the Insurance Trustee if such award amounts to more than $250,000.00. If seventy-five (75%) percent or more of the Unit Owners duly and promptly approve the repair and restoration of such Common Elements, the Board of Managers or the Insurance Trustee, as the case may be, shall arrange for the repair and restoration of such Common Elements, and

PDF page 112 · effective period must be checked in the document

onsor sells and conveys those Units. If any Unit Owner fails to pay a Unit’s pro rata share of real estate taxes when due, by Common Charge billing, special assessment billing, or both, the Board of Managers will have a lien on such Unit for non-payment thereof, as if such charges were Common Charges. If the actual taxes due for any period for which Sponsor collected escrows are lower than the amount collected and held in escrow, the Board of Managers shall pay the Unit Owners their proportionate share of any excess. Real estate taxes for the Units will be assessed by the New York City Department of Finance. Sponsor anticipates that construction will be completed before the first year of operation. Based on the opinion of MGNY Consulting Corp., Sponsor’s expert, by letter dated March 15, 2024, the current tax rate for residential condominiums is 12.502%. The Sponsor’s tax assessment expert has estimated the assessed value for the building when completed for the current

PDF page 120 · effective period must be checked in the document

ded capital expenditures such as renewal or replacement of building components or systems or to remedy major building defects, the Board may make a special assessment on all unit owners or apply for an unsecur ed loan from a bank or another lender. While Sponsor is in control of the Board of Managers, the reserve fund or working capital 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 fund. 100

PDF page 142 · effective period must be checked in the document

scrow, the Board of Managers shall pay the difference and shall bill Unit Owners for their proportionate share of any necessary reimbursement, as a Special Assessment. Sponsor will remain liable for all real estate taxes attributable to Sponsor’s Units until Sponsor sells and conveys those Units. If any Unit Owner fails to pay a Unit’s pro rata share of real estate taxes when due, by Common Charge billing, special assessment billing, or both, the Board of Managers will have a lien on such Unit for non -payment thereof, as if such charges were Common Charges. If the actual taxes due for any period for which Sponsor collected escrows are lower than the amount collected and held in escrow, the Board of Managers shall pay the Unit Owners their proportionate share of any excess. 9. Escrow of Down Payment. A copy of the “Escrow Agreement for Contract Deposit” is included as Exhibit A to this contract and must be executed by Purchaser, Sponsor and Escrow Agent. 10. Sponsor’s Rig

PDF page 255 · effective period must be checked in the document

( “Common Charges”) to cover the cost of common expenses, payable in advance. The Board of Managers may increase the monthly assessments or vote a special assessment in excess of that amount, if required, to meet any additional necessary expenses, but said increases can only be assessed among the Unit Owners pro rata according to the formula provided for herein except that with respect to special assessments and Common Charges that are imposed for matter pertaining only to the Residential Units and not 233

PDF page 268 · effective period must be checked in the document

Unit Owner shall he permitted to convey or lease his Unit unless he shall have paid in full to the Board of Managers all unpaid Common Charges and Special Assessments theretofore assessed against such Unit and shall have satisfied all unpaid liens, other than that of Permitted Mortgages, levied against such Unit provided that if a Unit Owner shall convey his Unit without having paid in full all such payments, the purchaser of such Unit shall be responsible for all such payments. (f) At the time of acquiring title to a Unit and as a condition thereof, the new Unit Owner shall duly execute, acknowledge and deliver to the representative of his or her title insurance company (or, if no such representative is present, to Sponsor or its designee, or, if Sponsor or its designee is not then the owner of any Unsold Unit, to the Board of Managers) for recording in the Register’s Office, the Unit Owner’s Power of Attorney required in Article 13 of the Declaration, in the form set f

PDF page 75 · effective period must be checked in the document

ed by the Title Company, State, County or municipality. 1. Approximately $200.00 recording fee for the deed, approximately $200.00 Real Property Transfer fee, and approximately $100.00 for recording the power of attorney. 2. In the event the purchaser shall obtain a purchase money mortgage, he shall pay at the closing of title the sum of the following costs: recording fees for th e mortgage of approximately $250.00 and mortgage tax (subject to certain possible adjustments) of 1.8% of the principal amount of the mortgage for mortgage amounts under $500,000.00 and 1.925% of the principal amount of the mortgage for mortgage amounts greater than $500,000.00, mortgage title policy charges, lending institution's attorney's fees, origination fees, mortgage application fees, credit reporting fees and any other fees charged by the lending institution. 3. If applicable, a portion of the mortgage recording tax set forth above will be computed in accordance with Section 339 -e

PDF page 76 · effective period must be checked in the document

price, which by law is the primary obligation of the Purchaser. 7. Two months of Common Charges are to be paid to the Condominium as an initial working capital contribution. While Sponsor is in control of the Board of Managers the working capital fund will not be used to reduce the Common Charges. If any portion of the working capital fund is used during this period to pay for items in the budget set forth as Schedule B, such amounts will be repaid to such fund out of Common Charges collected. When completely funded, after all closings, the Working Capital fund will contain two months aggregate Common Charges. The purpose of this fund is to provide for unanticipated expenses that may arise in the day to day management of the Condominium from time to time without the necessity of resorting to a special assessment to unit owners. While the exact nature of unanticipated expenses cannot be defined, this contingency may be used to offset the costs of insurance deductibl