SEVENTEENTH AMENDMENT TO CONDOMINIUM OFFERING PLAN FOR 30 PARK PLACE, FOUR SEASONS PRIVATE RESIDENCES NEW YORK DOWNTOWN This Seventeenth Amendment (this Amendment ) modifies and supplements the terms of the Condominium Offering Plan for the premises known as 30 Park Place, Four Seasons Private Residences New York Downtown (Department of Law File No. CD13-0258), 30 Park Place, New York, New York 10007, first accepted for filing on May 6, 2014, as amended (the Plan ) and is incorporated into and should be read in conjunction with the Plan. The terms of this Amendment are as follows: 1. Purpose of Amendment The purpose of this amendment is to disclose certain information regarding the first closing of title to a Residential Unit by 30 Park Place Residential LLC ( Sponsor ) and to update certain information and other disclosures in the offering under the Plan. 2. First Closing Held and PCO Escrow Account (a) The first closing of a Residential Unit (Unit 43E; the First Unit ) occurred on July 19, 2016 in New York, New York. (b) A temporary Certificate of Occupancy covering the First Unit was issued by the Department of Buildings, effective as of June 1, 2016, a copy of which is attached hereto as Exhibit A-1. As of such date, a permanent Certificate of Occupancy ( PCO ) has not been issued. Purchasers are advised of the following in connection therewith: (i) Subject to subparagraphs 3(b)(v) and (vi) below, all of Purchasers Deposits will continue to be held in the Escrow Account (defined below) at the Escrow Bank (defined below) in conformity with the provisions of GBL 352-e(2-b) until the work associated with Sponsor obtaining a PCO for the Building is completed in accordance with the terms of the Plan. (ii) The law firm of Kramer Levin Naftalis & Frankel LLP, with an address at 1177 Avenue of the Americas, New York, New York 10022, telephone number 212-715-9100, shall serve as escrow agent ( Escrow Agent ) for Sponsor and Purchaser. Escrow Agent has designated the following attorneys to serve as signatories: Jonathan H. Canter, Jay A. Neveloff, Neil R. Tucker, James P. Godman and Tzvi Rokeach. (iii) As set forth in the Plan, Escrow Agent has established an escrow account at Bank of America, N.A., 592 5 th Avenue, New York, New York 10022 ( Bank ), a bank authorized to do business in the State of New York. Each escrow account is entitled 30
Park Place, Four Seasons Private Residences New York Downtown Escrow Account or similar name (each, the Escrow Account and collectively, the Escrow Accounts ). $171,427,096.68. (iv) As of July 31, 2016, the balance of the Escrow Accounts was (v) Based on the current construction schedule and subject to delays caused by events beyond Sponsor s reasonable control, SLCE Architects, LLP, Sponsor s architect of record, has estimated that the amount reasonably necessary to cover all work and costs associated with Sponsor obtaining a PCO for the Building to be $75,500,000 (which total includes, in addition to the Residential Section, the cost to obtain a PCO for the Hotel Unit, Retail Unit and Garage Unit), as of the First Closing. A certification with respect to such estimate is annexed hereto as Exhibit A-2. Such estimate is subject to revision from time to time as work progresses at the Building. (vi) A Purchaser s Deposit may be released from the Escrow Account to Sponsor at the Closing for such Unit, provided that the amount then remaining in the Escrow Account exceeds the amount then certified by Sponsor s architect of record (as set forth in subparagraph 3(b)(v) above). (c) No reserve fund has been established by Sponsor for the Condominium. The Schedule B-1 Projected Budget for the First Full Year of Residential Section Operation, set forth in Part I of the Plan, includes a reserve fund for the Residential Section to be used for capital replacements or repairs in respect of the Residential Section, to be funded by Residential Unit Owners as part of their Residential Common Charges, all as more fully set forth therein. A Working Capital Fund has been established for the Residential Section and has been funded, in accordance with the terms of the Plan, by contributions at the closing of title to each Residential Unit in an amount equal to two (2) months Common Charges in effect for such Unit(s) pursuant to the then current Schedule B-1. The Working Capital Fund is on deposit at JP Morgan Chase Bank, 270 Park Ave, New York, New York 10017. As of August 25 th, 2016, a total of $32,510.01 has been deposited into such Working Capital Fund account. 3. First Annual Meeting of Residential Unit Owners; Residential Board Members In accordance with the Residential By-Laws, the first annual meeting of Residential Unit Owners ( First Annual Residential Meeting ) shall be held in the first quarter of the calendar year following the later to occur of: (i) the second anniversary of the First Residential Closing; or (ii) the closing of title by Sponsor (or its designee), as seller, to Residential Units representing at least 50%, both in number and in aggregate Common Interests, of all Residential Units to Purchasers. As of August 18, 2016 the First Annual Residential Meeting has not yet occurred. The persons designated to serve as the initial Residential Board members until the First Annual Residential Meeting are: Robert Vecsler (President), Michael Levy (Vice President), Richard McKinley (Secretary/Treasurer), Thomas Lucid (Assistant Vice President) and Jonathan Knipe (Assistant Vice President). All such persons are affiliated with Sponsor,
having an address c/o Silverstein Properties, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York 10007. 4. Waiver Period Pursuant to Sponsor s right set forth in the Plan, Sponsor has elected to cause the Residential Board to waive Residential Common Charges under the Plan starting with the First Residential Closing. Notice will be provided to Unit Owners at least 30 days prior to the expiration date of the Waiver Period. During the Waiver Period, Sponsor will timely pay all operating expenses of the Residential Section. Upon the commencement of the collection of Residential Common Charges, there will not be an assessment against Residential Unit Owners for any item set forth in the approved budget for the Residential Section in respect of the Waiver Period. Sponsor shall remain obligated to update the budget for the Residential Section, as provided in the Plan and the Attorney General s regulations. Notwithstanding anything to the contrary set forth above, during the Waiver Period, each Residential Unit Owner will remain responsible for the payment of: (i) the insurance premium(s) attributable to their Unit, and (ii) and any utility costs metered or submetered as well as any other expenses customarily attributed to Unit Owners. 5. Unsold Residential Units Exhibit B annexed hereto is a list of all Unsold Residential Units owned by Sponsor as of August 26, 2016. For purposes of this Amendment and in accordance with New York State Department of Law regulations, the Unsold Residential Units listed on Exhibit B are those Residential Units for which a closing has not yet occurred. Accordingly, Exhibit B includes 102 Residential Units that are subject to fully executed Purchase Agreements, but have not yet closed as of such date and forty two (42) Residential Units that were not subject to fully executed Agreements as of such date. 6. Extension of Filing Period The effective period for the term of the Plan is extended for a period of six months from the filing of this Amendment. 7. Definitions Except as herein defined, all capitalized terms used in this Amendment which are defined in the Plan shall have the respective meaning ascribed to such terms in the Plan. 8. Incorporation of the Plan The Plan, as modified and supplemented by this Amendment, is incorporated herein by reference with the same force and effect as if set forth at length.
9. No Material Changes in the Plan There have been no material changes in the Plan except as set forth in this Amendment. The Plan, as hereby amended, does not knowingly omit any material fact. Dated: September 23, 2016 SPONSOR: 30 PARK PLACE RESIDENTIAL LLC
Exhibit A [Temporary Certificate of Occupancy]
Exhibit B [Sponsor s Architect s Professional Opinion Letter]
Exhibit C [List of Unsold Units Owned by Sponsor as of August 26, 2016] UNIT 39A* 39B 39C 39D* 39E* 39F* 39G 39H* 39J 39K* 39L* 40B 40C 40D 41B 41C 42B 42C 42D 43B 43C 44B 44C 44D 45B 45C 46A 46B 46C 46D 46E 47B 47C 47E 48A 48B
48C 48D 48E 49A 49B 49C 49E 50A 50B 50C 50D 50E 51A 51B 51C 51E 52A 52B 52C 52D 53A 53B 53C 53D 54A 54B 54C 54D 55A 55B 55C 55D 56A 56B 56C 56D 57A 57B 57C 57D 58A 58B
58C 58D 59A 59B 59C 59D 60A 60B 60C 60D 61A 61B 61C 61D 62A 62B 62C 62D 63A 63B 63C 63D 64A 64B 64C 65A 65B 65C 66A 66B 66C 67A 67B 67C 68A 68B 68C 69A 69B 69C 70A 70B
70C 71A 71B 71C 72A 72B 72C 73A 73B 73C 74A 74B 74C PH75A PH75B PH76A PH76B PH77A PH77B PH78A PH78B PH80 PH81 PH82