265 WEIRFIELD STREET

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83 OPINIONS OF COUNSEL & TAX EXPERT 86 RESERVE FUND 88 WORKING CAPITAL FUND 89 MANAGEMENT AGREEMENT, CONTRACTS AND LEASES 90 IDENTITY OF PARTIES 91 GENERAL 92 DOCUMENTS ON FILE 93 REPORTS TO UNIT OWNERS 93 SPONSOR'S STATEMENT OF BUILDING CONDITION 93

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s and Obligations of Sponsor” and “Description of Property & Specifications” in Part II of the Plan. 24) No representation is made that the reserve fund will be adequate to cover current or future expenses including repairs or replacements of Common Elements. If additional funds are required over and beyond said fund, it may be necessary to increase the Common Charges payable by the Unit Owners or to collect a special assessment from each Unit Owner. 25) On January 1, 2018, the Tax Cuts and Jobs Act of 2017 went into effect. This federal law significantly changed the previously existing Internal Revenue Code, including the taxes and deductions related to homeownership. Purchasers are advised to consult w ith a tax expert regarding whether the new law will affect the purchaser’s taxes, property tax deductions, or mortgage interest deductions. Purchasers should not rely on any representations or opinion in this offering plan addressing taxes without first cons

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of any unit in the Building. 30) There is a fee of $750.00 which is paid by purchaser at closing of each residential unit and deposited in the Working Capital Fund. See Section “Closing Costs and Adjustments”. 31) As per an Order issued by the Financial Crimes Enforcement Network (FinCEN), order entitled “Geographic Targeting Order” dated April 19, 2024 (which Order can be obtained by visitinghttps://www.fincen.gov/sites/default/files/shared/RRE-GTOs-Phase-18-Order.pdf, for all closings on residential properties taking place on or after April 19, 2024, United States title insurance companies are now required to collect and report information regarding purchasers in residential real estate transactions where: (a) the purchaser is a corporation, limited liability company, partnership or other similar business entity, whether formed under the laws of a state or of the United States or a foreign jurisdiction; and (b) the purchaser purchases residential real proper

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$0 Repairs, Maintenance & Supplies (9) $3,000.00 Reserve Fund (10) $2,800.00 TOTAL: $30,730.21 IF THE ACTUAL OR ANTICIPATED DATE OF COMMENCEMENT OF CONDOMINIUM OPERATION IS TO BE DELAYED MORE THAN SIX (6) MONTHS FROM THE BUDGET YEAR PROJECTEDIN THIS OFFERING PLAN, THIS PLAN WILL BE AMENDED TO INCLUDE A REVISED BUDGET DISCLOSING CURRENT PROJECTIONS. IF SUCH AMENDED PROJECTIONS EXCEED THE ORIGINAL PROJECTIONS BY 25% OR MORE, THE SPONSOR MUST OFFER ALL PURCHASERS THE RIGHT TO RESCIND THEIR PURCHASE AGREEMENT IN A REASONABLE PERIOD OF TIME THAT IS NOT LESS THAN FIFTEEN (15) DAYS AFTER THE DATE OF PRESENTATION TO EXERCISE THE RIGHT, WHETHER OR NOT SPONSOR OFFERS TO GUARANTEE THE PREVIOUS BUDGET

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eaning, snow removal, and the collection of common charges and payment of expenses. This figure is based estimates received by Sponsor. 10. The reserve fund is intended to provide for any unanticipated expences or unanticipated increases in the projected expensesNo representation is made that this fund will be adequate to cover current or future expenses including repairs or replacements of Common Elements. This fund may only be used for capital expenditures. If additional funds are required over and beyond said fund, it may be necessary to increase the Common Charges payable by the Unit Owners or to collect a special assessment from each Unit Owner.

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atutory obligation to pay same as explicitly stated in the Purchase Agreement (f) Each Purchaser will be required to make a contribution to the Working Capital Fund in the amount of $750.00. (g) Purchasers shall pay to the Sponsor’s Attorney at closing a fee of $3,000.00 for the preparation of closing documents. If a Purchaser fails to close on the date set for first closing, or adjourns a scheduled closing date on less than three (3) days notice, there shall be a late closing adjournment fee of $350.00 added to the above. If, at the request of the Purchaser, closing is held outside the office of the Sponsor’s attorney, there shall be an additional attendance fee of $350.00 for closings held within Kings County, and $500 .00 for closings outside of Kings County. A furthe r fee $350.00 shall be payable by Purchaser to Seller’s attorneys for the work involved for each assignment and/or cancellation of a purchase agreement or contract. Purchaser shall have no right to

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ity Transfer Tax $13,784.00 New York State Documentary Stamp Tax $3,856.00 Mortgage Tax $14,600.00 Mortgage Recording $ 250.00 Working Capital Fund Contribution $ 750.00 Document Preparation Fee $3,000.00 Reimbursement to Sponsor $4,500.00 Total: $45,590.00 In addition to the foregoing, the Purchaser will, of course, be responsible for any fees charged by his own bank; his own Attorney; and additional fees incurred because of Default or failure to close at the scheduled time or place. All of the above closing costs shall be paid before or at closing.

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governing regulations. No refund may be given unless all expenses of the Condominium are paid, including but not limited to, insurance premiums and reserve funds. During the budget year following a year for which a refund was effectuated, no special assessment or increase in Common Charges shall be instituted to pay for any item which was set forth in the previous year's budget and which was refunded to Unit Owners as per the foregoing. At least annually the Condominium Board will prepare a budget for Common Expenses and allocate, as aforesaid, and assess among all Unit Owners, Common Charges to meet such Common Expenses. Unit Owners shall be responsible to pay Common Charges to the Condominium as provided in the By- Laws with or without having received a bill from the Managing Agent or the Condominium Board. The Condominium Board will furnish copies of each budget on which Common Charges are based to all Unit Owners and advise such Unit Owners of the amount of Co

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such amounts as the Board of Managers may deem proper for the operation and maintenance of the Property including, without limitation, an amount of working capital and a general operating reserve. The Board of Managers shall advise all Unit Owners promptly, in writing, of the amount of Common Charges payable by each of them, and shall furnish copies of each budget on which such Common Charges are based to all Unit Owners and to their mortgagees of record, if requested. Under the provisions of Section 339-z of the Condominium Act, the Board of Managers on behalf of the Unit Owners shall have a lien on each Unit for unpaid Common Charges assessed against such Unit by the Board of Managers, together with interest thereon. Such lien shall be subordinate only to liens for real estate taxes on the Unit and to any sums unpaid on the first mortgage or record of such Unit. Any lien for unpaid Common Charges against a Unit shall be effective from and after the filing of a notice

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ll be taxed, however, on any excess of income over expenses from unrelated sources. Examples of unrelated sources income include interest earned on reserve funds, income from concessions and income from dues or fees received from persons other than the unit owners such as tenants of commercial space owned by the condominium. In the event either the condominium fails to qualify for and elect Section 528 taxation status in any year, it may be subject to federal and New York state income taxation. Sponsor has complied with Section 339- i(1)(iv) of the Real Property Law assigning the percentage of common interest in the approximate proportion that the fair value of the Unit, at the date of the Declaration, bears to the then aggregate fair value of all the Units. My opinion on this matter is based on other expert factual determinations as required by 13 NYCRR §20.3(i). In our opinion, the C ondominium will be eligible for tax -exempt status, if it elects such stat

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RESERVE FUND The budget includes as a line item a reserve fund for the building to be collected out of common charges paid by the Unit Owners and is for the sole purpose of costs and expenses associated with capital repairs, replacements and improvements . This fund is for use by the Board, which in general has principal responsibility for repairing and maintaining the Common Elements (such as the roofs, central fire alarm and security systems, and various mechanical and electrical systems). The Board may decide in the future to increase the Reserve Fund or pay for necessary repairs or capital items by special assessment or by increasing Common Charges, payable by the Unit Owners. Each Unit Owner would be individually liable for the amount of such special assessment against, or increase payable by the Board to the extent of such Unit Owner’s proportionate Common Interest among all Unit Owners. While the sponsor is in control of the board of managers, the reserv

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WORKING CAPITAL FUND At closing of title to each residential Unit, the Unit Owner for such Unit will contribute $ 750.00 to the capital of the Condominium as a Working Capital Fund contribution (see CLOSING COSTS AND ADJUSTMENTS). Thus, there will be a $7,500.00 Working Capital Fund created on closing (10 residential units x $750.00). Sponsor will make the required contribution for all unsold Units at the time of the closing of the first Unit, and will be reimbursed therefore on each subsequent closing of a Unit by the Unit Purchaser. This Working Capital Fund will be used to make repairs and improvements, and for other appropriate purposes as determined by the Board of Managers, particularly to meet emergencies not budgeted for in SCHEDULE A. While the Sponsor controls the Board of Managers (see CONTROL BY SPONSOR), the Working Cap ital Fund will not be used to reduce estimated Common Charges. No representation is made that the Working Capital Fund will be adequat

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of Default, there will also be a $250.00 charge for such notice. In addition, Purchaser shall also pay at the closing $750.00 for the Condominium’s working capital fund and $ 4,500.00 to the Sponsor as reimbursement of expenses associated with the Offering Plan. Except as otherwise provided in this agreement or in the Plan, real estate taxes and Common Charges and expenses shall be adjusted between Seller and Purchaser as of midnight preceding the Closing Date in accordance with the provisions of the Plan. Any such expenses or adjustments payable to Seller in excess of $500.00 will be paid by certified check or bank check drawn on a bank or trust company which is a member of the New York Clearing House Association. 8. Agreement Subject to Mortgages . Purchaser agrees that all terms and provisions of this Agreement are and shall be subject and subordinate to the lien of any building loan mortgage heretofore or hereafter made and any advances heretofore and hereafter made

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section of the Offering Plan entitled CONTROL BY SPONSOR for a more complete explanation. 12) Sponsor is responsible to pay all Common Charges, special assessments, and real estate taxes with respect to unsold Units, and represents that Sponsor has financial resources to meet these obligations. However, no bond or other security has been furnished to secure the Sponsor's obligations. Please see section of the Offering Plan entitled OBLIGATIONS OF SPONSOR for a more detailed explanation. 13) All funds received by the Sponsor for upgrades or extras must initially be placed in the escrow account set forth herein. However, Purchaser should note that 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 result, in the event the Purchaser is entitled to a rescission, the Purchaser will not receive a refund of any funds used for upgrades or extras. However, in the event the Plan is aba

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itional funds are required over and beyond said fund, it may be necessary to increase the Common Charges payable by the Unit Owners or to collect a special assessment from each Unit Owner. 25) On January 1, 2018, the Tax Cuts and Jobs Act of 2017 went into effect. This federal law significantly changed the previously existing Internal Revenue Code, including the taxes and deductions related to homeownership. Purchasers are advised to consult w ith a tax expert regarding whether the new law will affect the purchaser’s taxes, property tax deductions, or mortgage interest deductions. Purchasers should not rely on any representations or opinion in this offering plan addressing taxes without first consulting a tax expert. See Section “Opinion of Counsel”.

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eration of the Property and may include an allowance for contingencies, replacements, and/or repairs. Furthermore, the Board of Managers may impose special assessments in order to meet emergencies, contingencies, or other unforeseen events, which will become the financial obligation of each Purchaser of a Condominium Unit. These assessments will be levied in direct proportion to the percentage of Common Interest allocated to each unit. (6) Individual Purchasers should explore obtaining insurance coverage, which would be at their own cost and expense, to insure them for such risks as fire and casualty losses in their units to their personal contents therein, as well as liability insurance for each occurrence which might occur within their respective units. Unit Owners are responsible for maintenance and repairs to their individual Units. (7) Each Unit Owner is obligated to comply with the Declaration, By-Laws, rules and regulations, and any other requirements of the Boa

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ts that he has adeq uate financial resources to meet its obligations with respect to any unsold Unit. The Sponsor agrees to pay all Common Charges, special assessments, and real estate taxes with regards to unsold Units, and has financial resources to meet its obligations with respect to such unsold Units, which source of funding includes both proceeds of the sale of Units and existing financial resources of the Sponsor. No bond or other security has been furnished to secure Sponsor’s obligations. In the event of dissolution or liquidation of the Sponsor, or transfer of 20% or more of the total number of residential Units in the Condominium, the principals of the Sponsor will provide financially responsible entities or individuals who will assume the status and all obligations of the Sponsor for those Units under the Offering Plan, applicable laws, or regulations. The Sponsor includes the Housing Merchant Implied Warranty Law (GBL Article 36-B) and all other warranties e

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harges, and are allocated among Unit Owners in proportion to their respective Common Interests. Common Charges shall also be deemed to include any special assessment imposed by the Board. The respective Common Interests of each Unit, as estimated by Sponsor, are based upon interior floor space, subject to the location of such space and the additional factors of relative value to other space in the Condominium, the uniqueness of the Unit, the availability of Common Elements for exclusive or shared use and the overall dimensions of the particular Unit. Common Expenses include, among other things, all costs and expenses associated with operation of the Condominium, as determined by the Condominium Board, including but not limited to, the cost and expenses (including the payment of wages) in connection with the Maintenance to the Common Elements and certain other expenses common to all Unit Owners, electricity to the Common

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including but not limited to, insurance premiums and reserve funds. During the budget year following a year for which a refund was effectuated, no special assessment or increase in Common Charges shall be instituted to pay for any item which was set forth in the previous year's budget and which was refunded to Unit Owners as per the foregoing. At least annually the Condominium Board will prepare a budget for Common Expenses and allocate, as aforesaid, and assess among all Unit Owners, Common Charges to meet such Common Expenses. Unit Owners shall be responsible to pay Common Charges to the Condominium as provided in the By- Laws with or without having received a bill from the Managing Agent or the Condominium Board. The Condominium Board will furnish copies of each budget on which Common Charges are based to all Unit Owners and advise such Unit Owners of the amount of Common Charges payable by them. Unless otherwise determined by the Board to which they are payab

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hanical and electrical systems). The Board may decide in the future to increase the Reserve Fund or pay for necessary repairs or capital items by special assessment or by increasing Common Charges, payable by the Unit Owners. Each Unit Owner would be individually liable for the amount of such special assessment against, or increase payable by the Board to the extent of such Unit Owner’s proportionate Common Interest among all Unit Owners. While the sponsor is in control of the board of managers, the reserve fund may not be used to reduce projected common charges in the plan. In the event that capital expenditures for renewal or replacement of building components or systems or to remedy major building defects are needed, it may be necessary to increase Common Charges or make special assessments payable by Unit Owners who are responsible for the repair and replacement of the Common Element in need of such renewal, replacement or remedy. Alternatively, the Condominiu

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("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

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ve set forth. 10. To bring and defend actions by or against one or more Unit Owner and pertinent to the operation of the Condominium and to levy special assessments to pay for the cost of such litigation. 11. To acquire Units in foreclosure or as a result of abandonment and to take any or all steps necessary to repair or renovate any Unit so acquired and to vote as a Unit Owner, offer such Unit for sale or lease or take any other steps regarding such Unit as shall be deemed proper by the Board of Managers. 12. To make additions, alterations, or improvements to the Common Elements of the Community, the cost of which addition, alteration, or improvement does not exceed $10,000. The Board of Managers may make additions, alterations or

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the Board of Managers. Special assessments, should such be required, shall be levied and paid in the same manner as herein above provided for regular assessments. The Unit Owner agrees to pay promptly when due the monthly and all special assessments assessed against his own Unit. In the event of a default in payment of monthly Common Charge assessments by any Unit Owner, the Board, at its sole option, may declare the Common Charge assessment on said Unit Owner’s Unit for the balance of the fiscal year immediately due and payable. Prior to making any such declaration following a default the Board shall send notice to the delinquent Unit Owner and the mortgagee, if any, of such Unit giving the Unit Owner a five day grace period in which to make his payment . The Board may charge the delinquent Unit Owner a fee as the Board may determine to cover the additional burden to the Board occasioned by the lack of timely payment. Interest at the highest legal rate may also be