1702 NEWKIRK AVENUE

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welling purposes for a period of at least fifteen years following its completion; 11. There will be no real estate taxes, water or sewer charges or payments in lieu of taxes due and owing as of the last day of the tax quarter preceding the submission date of the application to the Department of Finance, or at any time during the application process or the benefit period; 12. All records requested by the New York City Department of Housing Preservation and Development, pursuant to the regulations, will be provided. 13. Projects which commenced construction between June 15, 2015, and December 31, 2015 (with the issuance of New Building or Foundation Permits), are eligible to benefit from the old 421a Tax Abatement Program, only if construction will be completed no later than December 31, 2019, with the issuance of a Certificate of Occupancy. Failure to complete the project within the allotted time frame will cause the project to be ineligible for the Final 421-a Tax Abatement

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......................... 105 W. COUNSEL'S INCOME TAX OPINION .............................................................................. 113 X. RESERVE FUND ................................................................................................................... 119 Y. WORKING CAPITAL FUND ............................................................................................... 120 Z. IDENTITY OF PARTIES ....................................................................................................... 121 AA. REPORTS TO UNIT OWNERS ......................................................................................... 125 AB. DOCUMENTS ON FILE ..................................................................................................... 126 AC. GENERAL ........................................................................................................................... 127 AD. SPONSOR'S STATEMENT OF BUILDING'S CONDITION ...................

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uch right. The Condominium declaration and by-laws contain provisions typically required by Freddie Mac, Fannie Mae and FHA loan requirements (i.e. reserve fund, mortgagee consent rights). See Section "Procedure to Purchase" for more details. 6. In the event a purchaser does not close on the Closing Date set forth in the Notice of Closing and the Sponsor elects not to cancel the Purchase Agreement or if the Sponsor approves the Purchaser's request to adjourn the Purchaser's closing to his apartment, interest shall accrue on the unpaid amount of the purchase price from the Closing Date or adjourned closing date until such amount is paid. The interest rate shall be ten percent (10%) per annum calculated at a daily rate of approximately 0.0277%. This rate shall be in effect for as long as there are any unpaid amounts owing towards the full purchase price. See Section "Procedure to Purchase" for further details. 3

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g apportionments). ( d) Purchaser will be required to deposit with the Condominium Board two (2) months' common charges for his Unit to be used as working capital. See Section "Working Capital Fund" for 4

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mendment. See Section "Rights and Obligations of Condominium Board, Summary of By-Laws" for details. 15. 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 over and above the initial capital fund, it may be necessary for the Condominium Board to increase the charges. See Section "Working Capital Fund" for details. 16. In order to resolve any dispute, controversy, claim or question arising between Unit owners and the Condominium Board or between Condominium Board Members, with respect to the Condominium, or to break any deadlock in voting, any disputes involving the condominium shall seek to be settled by arbitration. The Arbitration provisions do not preclude an owner from exercising their rights under Article 23-a of the General Business Law and the regulations promulgated thereunder. The arbitrator shall be a third party mutually agreed

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ndominium. For further discussion, see the By-Laws and the Addendum to By-Laws in Part II of the Offering Plan. 38. Purchasers should note that the Reserve Fund may not be sufficient for needed capital improvements for the first five year of Condominium Operations and in the event any capital replacements are necessary, the board may impose a special assessment to cover the cost thereof. See Section "Reserve Fund" for further details. 12

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losing, each Purchaser shall deposit an Initial Capital Payment equal to two (2) months' estimated monthly common charges for the unit. See Section "Working Capital Fund." Note: At closing, each Purchaser shall pay an additional $3,500.00 to defray Sponsor's costs of forming the condominium. See Section "Unit Closing Costs and Adjustments." Projected Carrying Charges w/ 421-a (Monthly) (6) $556.48 $516.53 $535.09 $597.15 $549.35 $609.28 $548.64 $610.00 $549.35 $612.14 $536.51 $595.72 $39.24 $39.24 $39.24 $39.24 $39.24 $39.24 $41.38 $41.38 $3,363.88 Note: The Balconies/Terraces may not be used for any type of use that is classified as habitable space as defined by the New Yorlc City Building Code, such uses include but are not limited to using a Balcony or Terrace as a living room, bedroom or kitchen. To do so may result in a violation against the building being issued by the Buildings Department. 31 Projected Carrying Charges w/o 421-a (Monthly)

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isted. In addition, prospective purchasers will be required to pay at closing, among other things: (i) two (2) months' common charges to be used as working capital; (ii) New York City and State transfer taxes; (iii) $3,500.00 to defray Sponsor's costs of creating the condominium. See section entitled "Closing Costs and Adjustments" below. 35

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vices & Supplies (6): Insurance (7): Audit Fees (8): Legal Fees (8): Building Phone Line (9): Fire Alarming Monitoring (10): Contingency (11): Reserve Fund (12): Total: $84,700.00 $0.00 $30,600.00 $110.00 $7,616.00 $9,798.00 $9,000.00 $11,000.00 $1,400.00 $2,000.00 $900.00 $1,800.00 $2,000.00 $8,476.00 $84,700.00 In the event that the actual or anticipated date of commencement of condominium operation differs from the budget year projected herein by more than six (6) months from the anticipated date of the closing of the first Unit, this plan will be amended to include a revised budget which will disclose new projection. If such new projections exceed the projections contained herein by twenty-five percent (25%) or more, the Sponsor will offer all purchasers the right for fifteen (15) days following the presentation of such amendment within which to rescind their offer to purchase and have their Downpayments refunded and returned within a reasonable time p

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pense. The funds for such modifications may be provided by decreasing this budget item or by decreasing one or more items of expense, or both. 12. Reserve Fund This item is to be used as a yearly reserve fund to be set aside and used for periodic capital replacements, or necessary repairs of common elements. The basis of the figure projected for this item is approximately ten percent (10%) of the entire budget. At this time the Sponsor has no knowledge of any capital improvements that may have to be made during the first five years of 40

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uch right. The Condominium declaration and by-laws contain provisions typically required by Freddie Mac, Fannie Mae and FHA loan requirements (i.e. reserve fund, mortgagee consent rights). In the event that Sponsor consents to financing, a Financing Contingency Rider must be executed by both parties. The following are the terms of the Financing Contingency Rider: I. The obligations of Purchaser hereunder are conditioned upon issuance on a date which is on or before the Financing Contingency Expiration Date, of a written commitment from any 51

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obtains. (g) Purchaser will be required to deposit with the Condominium Board two (2) months' estimated monthly common charges for his Unit for the working capital fund. (h) Purchaser shall be obligated to pay a fee of (i) $2,500.00 to the law firm of Sponsor's attorney for services rendered in connection with recording the Declaration of Condominium and the preparation of documents (ii) $350.00 if the closing is held at any location other than Sponsor's attorney's office at the request of the purchaser. (iii) $350.00 payable to Sponsor's attorney if Purchaser applies for and closes with a mortgage; (iv) $250.00 payable to Sponsor's attorney if e-forms for New York City Real Property Transfer Tax are prepared by Sponsor's attorney; and (v) $350.00 for each time the closing is rescheduled at the request of the purchaser (for the costs to fix a new Closing Date and time, to coordinate the attendance of all persons, to re-date the closing documents and to recalculate the closi

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the level of Building services, amenities (if any) and facilities in accordance with, and as stated in, this Plan; and (c) the expenditures of the Working Capital Fund which may be used for operating or working capital and to defray increases in common charges but may not be used to reduce common charges below the projected common charges in SCHEDULE B First Year's Budget as explained below. Sponsor Veto Control During only the Sponsor Veto Control Period (defined below), the Condominium Board and the Unit Owners (as to any vote or action by them) must obtain Sponsor's prior written Discretionary Approval or Consent to do any of the following (collectively. "Sponsor Veto Control"): (a) to raise Common Charges or levy a Special Assessment for any of the following purposes: (1) to make an Alteration to the Common Elements, the Association's Properties (including any Unit owned, leased or otherwise held or Operated by the Board, or its nominee or designee); (2) to increas

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The Condominium Board has the power to accumulate reserve funds for capital replacements or other purposes in accordance with the Declaration and By-Laws, as set forth in Documents 6 and 7 in Part II of the Offering Plan. N. Arbitration In order to resolve any dispute, controversy, claim or question arising with respect to the Condominium, or to break any deadlock in voting, the parties shall submit such dispute or question to arbitration. If the parties cannot agree on the arbitrators or if the arbitration procedure has not commenced for any other reason within ninety (90) days of the original notice, then such dispute or question shall be submitted to the American Arbitration Association, which will give any party the rights he is entitled to under New York law. The decision of the arbitrators so chosen shall be given within thirty (30) days after their selection or appointment. The fees, costs and expenses of the arbitrators shall be shared equally by the disputants. Each

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ied in writing of the making of such mortgage and is to be given a copy thereof. Capital Reserves The Condominium 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, as set forth in Documents 6 and 7 in Part II of the Offering Plan. There are no restrictions on these powers. Common Charges: Assessment, Collection and Lien for Non-Payment 96

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xtent such income exceeds expenses properly allocable to such income. Examples of income which is not exempt function income are interest earned on reserve funds, amounts received from persons who are not members of the Association amounts received for work done on privately owned property which is not Association property, and amounts received from members for special use of the Association's facilities, the use of which is not available to all members as a result of having paid the dues, fees, or assessments required to be paid by all members. 116

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X. RESERVE FUND A reserve fund will be established in the budget. The basis of the figure projected for this item is approximately ten percent (10%) of the entire budget. This fund shall be used only as a reserve to pay for periodic capital replacements or repairs. At this time the Sponsor has no knowledge of any capital improvements that may have to be made during the first five years of condominium operation. While the Sponsor is in control of the Condominium Board, the reserve fund or working capital fund may not be used to reduce projected common charges in the plan. Funds will be available to the Condominium Board within seven (7) days after the first closing. Neither the department of law nor any government agency passed upon the adequacy of the Reserve Fund. In the event there is a need for major capital expenditures in excess of the funds available from the contingency and or reserve fund the Condominium Board will assess a charge to each Unit Owner in accordance wi

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Y. WORKING CAPITAL FUND The Sponsor, as agent of the Condominium 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 each Unit. The Sponsor will deliver the funds so collected to the Condominium Board to provide the necessary working capital for the Condominium. Such funds may be used for certain prepaid items, organizational costs, and for such other purposes as the Condominium Board may determine and may be replenished as the Board sees fit. While the Sponsor is in control of the Condominium Board, the Working Capital Fund shall not be used to reduce estimated Common Charges. Adjustments for prepaid expenses between the Sponsor and the Condominium Board may be deducted only from the working capital fund. NO REPRESENTATION IS MADE THAT THE INITIAL WORKING CAP IT AL FUND WILL BE ADEQUATE TO COVER CURRENT OR FUTURE EXPENSES, INCLUDING REPAIRS OR REPLACEMENTS, AND IF ADDIT

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. (vi0 Purchaser will be required to deposit with the Board of Managers two (2) months' estimated monthly common charges for his unit to be used as working capital. (vii0Purchaser shall be obligated to pay a fee of (i) $2,500.00 to the law firm of Sponsor's attorney for services rendered in connection with recording the Declaration of Condominium and the preparation of documents (ii) $350.00 if the closing is held at any location other than Sponsor's attorney's office at the request of the purchaser (iii)$350.00 payable to Sponsor's attorney if Purchaser applies for and closes with a mortgage; (iv) $250.00 payable to Sponsor's attorney if e-forms for New York City Real Property Transfer Tax are prepared by Sponsor's attorney; and (v) $250.00 for each time the closing is rescheduled at the request of the purchaser (for the costs to fix a new Closing Date and time, to coordinate the attendance of all persons, to re-date the closing documents and to recalculate the closing app

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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. 8. "Common Interest" shall mean the undivided percentage interest of each Unit in the Common 15

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ther casualty, or as a result of condemnation or eminent domain proceedings, all in accordance with the terms of these By-Laws; (xii) to accumulate reserve funds for capital replacements or other purposes; (xiii) To accept the surrender of any Unit pursuant to the terms of paragraph (C) of Section 6.2 hereof, in the name of the Condominium Board or its designee, corporate or otherwise, BL3

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ital improvements for the first five year of Condominium Operations and in the event any capital replacements are necessary, the board may impose a special assessment to cover the cost thereof. See Section "Reserve Fund" for further details. 12

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written Discretionary Approval or Consent to do any of the following (collectively. "Sponsor Veto Control"): (a) To raise Common Charges or levy a Special Assessment for any of the following purposes: (1) to make an Alteration to the Common Elements, the Association's Properties (including any Unit owned, leased or otherwise held or Operated by the Board, or its nominee or designee); (2) to increase or decrease or eliminated the mandated minimum ten percent (I 0%) Reserve for Capital Replacements to be included in each Budget in accordance with this Plan and the Condominium Documents (see below); (3) to increase, decrease or eliminate Building services set forth in said First year's budget or otherwise; or 14

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sidewalks and streets and the lien of any unpaid vault tax (which is to be paid by the Condominium Board); (xii) The lien of any Common Charges and Special Assessments, real estate taxes, water frontage and/or meter charges, sewer rents, vault charges and assessments, provided that apportionment of such items is made as provided in the Section of the Plan entitled "Unit Closing Costs and Adjustments"; (xiii) Leases and service, maintenance, employment, concessionaire and license agreements, if any, of other Units or portions of the Common Elements. Service, labor, concessionaire and maintenance agreements contemplated under the Plan; (xiv) Any Interim Lease with the Purchaser for such Residential Unit; (xv) Any lien, notice of pendency or other encumbrance either (i) for which the instrument required to remove said lien, notice of pend ency or other encumbrance of record is delivered at or prior to the date of closing of title to the Residential Unit, together with the req

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6. 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 rentals and sales of unsold Units and from other funds of the Sponsor. No bond or other security has been posted to secure Sponsor's obligations. 7. The Sponsor will cause the Board of Managers to maintain the property in substantially the same condition and manner as on the date of first closing until the Sponsor no longer controls the Board of Managers. 8. If the 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 any other property not covered by the insurance for the con

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t forth in the Plan. Sponsor's Obligations for Retained Units So long as Sponsor retains title to any Units, Sponsor shall pay all Common Charges, Special Assessments and real estate taxes with respect to such Units. Sponsor represents that its financial resources will be sufficient to meet its obligations described above and its other obligations described in this Plan. Sponsor intends at present to meet its financial obligations under the Plan through profits generated from sales of Unsold Units and income generated from the rental of Unsold Residential Units and Community Facility Units. Sponsor has not furnished any bond or other security for the performance of its obligations under the Plan, however, and Sponsor's ability to perform its obligations hereunder will depend solely upon its financial condition if and when called upon to perform. No warranty is made that Sponsor will be financially able to perform any or all of such obligations, provided that if at any time w

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written Discretionary Approval or Consent to do any of the following (collectively. "Sponsor Veto Control"): (a) to raise Common Charges or levy a Special Assessment for any of the following purposes: (1) to make an Alteration to the Common Elements, the Association's Properties (including any Unit owned, leased or otherwise held or Operated by the Board, or its nominee or designee); (2) to increase or decrease the mandated minimum ten percent ( 10%) Reserve Fund to be included in each Budget in accordance with this Plan and the Condominium Documents; (3) to increase, decrease or eliminate Building services set forth in said First year's budget or otherwise; or (4) to increase, decrease, eliminate or otherwise change the amount or types of insurance coverage from those set forth in said first year's budget. (b) to borrow money on behalf of the Condominium Association. Sponsor, however, will give its Discretionary Approval or Consent if the Costs and Expenses (as determ

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essary 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 the 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) 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 addition to the affirmative consent of a majority of the members of the Condominium Board, the affirmative consent of a majority of all Unit Owners shall be required; (b) no lien to secure repayment of any sum borrowed may be created on any Unit or its Appurtenant Interests without the consent of the owner of such Unit; and ( c) the documentation executed in connection with any such borrowing shall p

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en and maintain bank accounts on behalf of the Condominium and to designate the signatories required therefor; (viii) to use the Common Charges and Special Assessments collected from Unit Owners, as well as all other funds held by the Condominium 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; (ix)to obtain insurance for the Property, including the Units, pursuant to the terms of Section 5.4 of the By-Laws which can be found in Part II of this plan; (x) to adjust and settle claims under insurance policies obtained pursuant to the terms of Section 5.4 of the By-Laws which can be found in Part II of this plan, and to execute and deliver releases upon such adjustment and settlement on behalf of: ( a) all Unit Owners; (b) all holders of mortgages and ot

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ge, pledge or hypothecate his or her Unit unless and until he or she shall have paid in full to the Condominium Board all unpaid Common Charges and special assessments theretofore assessed against such Unit and shall have satisfied all unpaid liens, except the liens of Permitted Mortgages levied against such Unit; (b) no Unit Owner shall execute any mortgage or other document mortgaging, pledging or hypothecating title to his or her 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; (c) any mortgage covering a Unit shall

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12. The lien of any Common Charges and Special Assessments, real estate taxes, water frontage and/or meter charges, sewer rents, vault charges and assessments, provided that apportionment of such items is made as provided in the Section of the Plan entitled "Unit Closing Costs and Adjustments"; 13. Eases and service, maintenance, employment, concessionaire and license agreements, if any, of other Units or portions of the Common Elements. Service, labor, concessionaire and maintenance agreements contemplated under the Plan; 14. Any Interim Lease with the Purchaser for such Residential Unit and any other leases, tenancies and occupancies permitted by the Purchase Option Agreement for such Residential Unit; 15. Any lien, notice of pendency or other encumbrance either (i) for which the instrument required to remove said lien, notice of pendency or other encumbrance of record is delivered at or prior \ to the date of closing of title to the Residential Unit, together with the req

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nt to 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. 33. "Special Assessments" shall mean 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 (C) of Section 6.1 of the By-Laws. 34. "Sponsor" As used in New York State regulations pertaining to newly constructed and vacant condominium, the word "sponsor" 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." 35. "Sponsor's Initial Control". The Sponsor will control the board of managers whenever the unsol

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(v) To determine the amount and establish the means and methods of payment of, and to collect, the Common Charges and Special Assessments from the 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 Condominium 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 without the consent o

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s shall and must obtain Sponsor's prior written Discretionary Approval or Consent to do any of the following: (a) To raise Common Charges or levy a special Assessment for any of the following purposes: (i) To make an Alteration to the Common Elements or the Association's Properties (the latter includes any Unit owner, leased licensed or otherwise held or operated by the condominium Board, or its nominee or designee ); (ii) to create a fund for reserves for non-capital Repairs, Alterations, unanticipated expenses and/or contingencies (i.e., a Reserve for Contingencies), which in the aggregate exceed five percent (5%) of the projected annual General Common Expenses or five percent (5%) of the projected annual Residential Common Expenses (as applicable) for any Budget Year of the Condominium Operation or increase, decrease, or eliminate the minimum ten percent (I 0%) Reserve for Capital Replacement to be included in each Budget in accordance with the Declaration. (iii) To in

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eral Common Expenses (as applicable), will not increase the Residential Common Charges or General Common Charges ( as applicable), inclusive of any Special Assessments of the Condominium Board, for the Budget year of the Condominium at issue, by more than 5% above the residential Common Charges or General common Charges (as applicable) for the immediately preceding Budget Year of the condominium. In addition, Sponsor may not exercise veto control over expenses included in the first Year's Budget or over expenses required: (a) to comply with applicable Laws; (b) to remedy a governmental notice or violation or ( c) to remedy a work order of an insurer of the Building, ( d) or any matter concerning the health and safety of the occupants of the building. Veto Control of Sponsor and Unsold Unit Owners: Sponsor's veto control, as set forth herein, may be exercised during only the Sponsor Veto Control Period and solely by Sponsor while Sponsor owns any Unsold Unit. If Sponsor no lo

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ments. If the Trust Funds shall be less than sufficient to discharge the cost and expense of performing the Work, the Condominium 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 Element 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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Charges, the Condominium Board shall have the right, subject, in all respects, to the strictures contained in Section 2.5 hereof, to levy Special Assessments to meet the Common Expenses. All Special Assessments shall be levied against all Unit Owners in proportion to their respective Common Interests and may be payable either in one lump sum or in installments, as the Condominium Board shall determine, provided, however that the Condominium 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 Condominium 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). (D) The excess of all rents, profits and rev

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

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all be permitted to convey or lease his or her Unit unless he or she shall have paid in full to the Condominium Board 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. Proceeds from lease payments may be used to satisfy the outstanding Common charges. Section 7.4. Power of Attorney. 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 the Condominium Board) for recording in the Register's Office, the Unit Owner's Power of Attorney required in Article 14 of the Declaration, in the form set forth as Exhibit E to the Declaration. Section 7.5. Transfers by Sale, Gifts and Devises, Etc. Any Unit Owner shall be free to sell, convey, gift or transfer his

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Charges and special assessments theretofore assessed against such Unit and shall have satisfied all unpaid liens, except the liens of Permitted Mortgages levied against such Unit. (B) No Unit Owner shall execute any mortgage or other document mortgaging, pledging, or hypothecating title to his or her 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. (C) Any mortgage covering a Unit shall be substantially in the form of the New York statutory form of mortgage, except for such changes or additions thereto as may be required in order to permit a particular bank, trust company, insurance company, savings and loan association, o

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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. (3) 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 not be either cancelled, or be allowed to lapse, or substantially modified except upon at least ten (10) days' prior written notice to all of the insureds, including all Permitted Mortgagees. (4) If the Declaration and the By-Laws of the Condominium are to be amended and such amendment would materially interfere with any right or interest of any mortgagee. C. Notwithstanding the foregoing provisions in the event a mo