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This program has been approved by the Board of Continuing Legal Education of the Supreme Court of New Jersey for 3 hours of total CLE credit. Of these, 1 qualify as hours of credit for Ethics/Professionalism, and 0 qualify as hours of credittoward certification in civil trial law, criminal trial law, workers compensation law and/or matrimonial law.

Co-op and Condo Law and praCtiCe

Prepared in connection with a Continuing Legal Education course presented at New York County Lawyers’ Association, 14 Vesey Street, New York, NY

presented on Wednesday, March 13, 2013.

P r o g r A m F A C u L t Y :

Jeffrey Schwartz, Wolf, Haldenstein Adler Freeman & Herz LLP

3 TRANSITIONAL & NON-TRANSITIONAL MCLE CREDITS: This course has been approved in accordance with the requirements of the New York State Continuing Legal Education Board for a maximum of 3 Transitional & Non-Transitional credit hours: 1 Ethics; 2 Skills

Information Regarding CLE Credits and Certification Co-op and Condo Law and Practice

Wednesday, March 13, 2013; 6:00 PM to 9:00 PM

The New York State CLE Board Regulations require all accredited CLE providers to provide documentation that CLE course attendees are, in fact, present during the course. Please review the following NYCLA rules for MCLE credit allocation and certificate distribution.

i. You must sign-in and note the time of arrival to receive your

course materials and receive MCLE credit. The time will be verified by the Program Assistant.

ii. You will receive your MCLE certificate as you exit the room at

the end of the course. The certificates will bear your name and will be arranged in alphabetical order on the tables directly outside the auditorium.

iii. If you arrive after the course has begun, you must sign-in and note the time of your arrival. The time will be verified by the Program Assistant. If it has been determined that you will still receive educational value by attending a portion of the program, you will receive a pro-rated CLE certificate.

iv. Please note: We can only certify MCLE credit for the actual time

you are in attendance. If you leave before the end of the course, you must sign-out and enter the time you are leaving. The time will be verified by the Program Assistant. Again, if it has been determined that you received educational value from attending a portion of the program, your CLE credits will be pro-rated and the certificate will be mailed to you within one week.

v. If you leave early and do not sign out, we will assume that you left at the midpoint of the course. If it has been determined that you received educational value from the portion of the program you attended, we will pro-rate the credits accordingly, unless you can provide verification of course completion. Your certificate will be mailed to you within one week.

Thank you for choosing NYCLA as your CLE provider!

New York County Lawyers’ Association

Continuing Legal Education Institute 14 Vesey Street, New York, N.Y. 10007 • (212) 267-6646

Co-op and Condo Law and Practice

March 13, 2013 6:00-9:00 PM

5:30 PM -6:00 PM Registration

6:00 PM -6:10 PM Introductions and Announcements Featured Speaker: Jeffrey M Schwartz, Partner, Wolf, Haldenstein Adler Freeman & Herz LLP

6: 10PM -6:40 PM Pre-Contract Phase

6:40 PM -7:10 PM Offering Plan -What to Look for and be Wary of!

7:10 PM -7:30 PM Negotiation of Contract

7:30 PM -7:40 PM BREAK

7:40 PM -8:10 PM Period Between Contract and Closing

8:10 PM -8:40 PM Closing

8:40 PM -9:00 PM Post-Closing

COOPERATIVE AND CONDOMINIUM LAW AND PRACTICE

I. PRE-CONTRACT PHASE: What Your Client Should Know and Due Diligence A. From the Seller's Perspective

1. Brokerage Agreement 2. Your Client – Concerns, Obstacles and Timing 3. Price Is Not Everything

B. From the Buyer's Perspective

1. Pre-Contract Inspections 2. Who is the Developer and what Should Buyer Know About the

Developer? a. Sponsor History b. Ground Up Issues c. Litigation History

3. Financing Issues a. Fannie Mae Qualification b. FHA Qualification c. Pre-Sale Requirements d. End Loan Building Specific Issues e. Pre-Qualification of Buildings and Buyers

4. Coop and Condo Due Diligence a. Financial Statements b. Offering Plan c. Minutes d. Unique Building Agreements

5. Pricing on Undersold Buildings – When is it Best to Buy? II. OFFERING PLANS – What to look for and be wary of? III. NEGOTIATION OF CONTRACT

A. From the Seller's Perspective 1. Additions and Improvements – Approvals (or not?) 2. Other Key Contract Terms

B. Sponsor Perspective

1. Number of Contracts Executed 2. Outside Dates 3. Degree of Negotiation – Relationship of Sales Hurdles, Bank

Loans, and Payoffs

C. From the Purchaser's Perspective 1. Contingent vs. Non-Contingent 2. Building History

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3. Sale of Existing Home 4. Approval Process 5. Post-Closing Occupants

D. New Construction Contracts

1. Temporary Certificate of Occupancy 2. Punchlist 3. Sponsor Histories 4. Qualify of Construction 5. Does it Make Sense to Have Architect Inspect 6. Special Work

IV. PERIOD BETWEEN CONTRACT AND CLOSING

A. Calendar Your Dates B. Mortgage Issues C. Title Insurance D. Liability Insurance

V. CLOSING

A. Coordination – Who are the Necessary Parties? B. Dates C. What Does it Mean to be Ready to Close? D. What Should be Brought to Closing? E. Documents for Closing F. Walk Throughs G. Punchlist H. Number of Units Closed I. Warranties J. Move-In K. Alterations Post-Closing But Prior to Completion of Sponsor

VI. POST-CLOSING

A. Closing Statement B. Occupancy C. Punchlist D. Completion

‘?3-Ceei’ac,cl e Ce a,laee,’ 1 Blumbcrg Excelsior Inc.. Publisher NYC 10013

Crepared (ha C Omrnfllee err CrrrdOrlrr;u’r’ apR 000peral,vas 01 150 Rea/ Fopefly SOCirOp- -01 he Now York $1010 Rat Aa0rrpIoi0n

CONSULT YOUR LAWYER BEFORE SIGNING THIS AGREEMENT

Contract of Sale - Cooperative Apartment

This Contract is made as of ,, ,,between the Seller and the Purchaser identified below.1.8 The Unit is located in “Premises” known as:

1 Certain Definitions and Information 1.9 The ‘Shares are tile shares of the Corporation1.1 The “Parties” are: allocated to the Unit.

e er 1.10 The Lease is the Corporations proprietary lease or

ocpancy agreement for the Unit, given by tile Corporationwhich cxpsre-en

Prior names used by Seller:

Address: 1.11 “Personalty” is the following personal property, to the extentexisting in the Unit on the date hereof: the refrigerators, freezers,ranges, ovens, built-in microwave ovens, dishwashers, garbagedisposal units, cabinets and counters, lighting fixtures,

chandeliers, wall-to-wall carpeting, plumbing and heating

s. s .vfixtures, central airconditioning and/or window or sleeve units,

1.1.2 “Purchaser”: washing machines, dryers, screens and storm windows, windowtreatments, switch plates, door hardware, mirrors, built-ins not

excluded in ¶ 1.12 and

Address: “As is, where is as of the date hereof”

1.12 Specifically excluded from this sale is all personal propertynot included in ¶1.11 and:

S.S. Vo.:1.2 The “Attorneys’ are (name, address and telephone, fax,L 1.13 The sale fdoexJ fdoes not/include Seller’s interest in

1.2.1 “Seller’s Attorney: [Storage/ [Servants RmjzfParking Spacej (“IncludedInterests1.14 The “Closing” is the transfer of ownership of the Shares and1.ease. 1.15 The date scheduled for Closing is on or aboutSeptember 2, 2008 (‘Scheduled Closing Date”) :11 10:00 A.hl.

I’(See J 9 and 10’)

1.2.2 Purchaser s Attorney ,, ‘1.16 The Purchase Price is:1.16.1 The “Contract Deposit” is: S1.16.2 The “Balance” of the Purchase Price clue at

Closing is:$_______________

(See ¶j 2.2.2)

1.3 The “Escrowee” is the fSdllersJ /Pirehmrsi”s/ Attorney.1.17 The monthly “Maintenance” charge is

1.18 The ‘Assessment”, if an, payable to the Corporation, atthe date of this Contract is S , payable as follows:

1.4 The Managing Agent is (‘name, address and telephone,

fax:

1.19 /SellerJ !P_w0ehaseJ shall pay the Corporation’s flip tax,transfer fee (apart from the transfer agent fee) and/or waiver ofoption fee (“Flip Tax”), if any.1.20 Financing Options (Delete two of the followiny ¶/1.20. 1,

1.5 The real estate “Broker(s)” (see ¶ 12) is/are: 1.20,2 or 1,20.3..20.1 Purchaser may apply for financing in connection with this saleand Purchaser’s obligation to purchase under this Contract iscontingent upon issuance of a Loan Commitment Letter liv theLoan Commitment Date (jl8.1.2).

Company Name: 1.20.2 Purchaser may apply for financinC in connection \vitlithis sale but Purchaser’s obligation to p’sirchase under this

1.6 The name of the cooperative housing corporation Contract is not conungent upon issuance of a LoanCommitment Letter.

(“Corporation”) is: 1.20.3 Purchaser shall not apply for financing inconnection with this sale.

1.7 The “Unit” number is. 1.21 If ¶ I .20.1 or 1.20.2 applies, the ‘Financing Terms” for ¶ ISare: a loan of$_________ for a term of 30 years or such lesseramount or shorter term as applied for or acceptable to

Purchaser; and the “Loan Commitment Date” for ¶ 18 is 45 calendar days

after the Delivery Date.1.22 The “Delivery Date” of this Contract is the date on which a fully

executed counterpart of this Contract is deemed given to and received by

Purchaser or Purchasers Attorney as provided in ¶ 17.3.1.23 All “Proposed Occupants” of the Unit are:

1.23.1 persons and relationship to Purchaser:

1.23.2 pets:1.24 The Contract Deposit shall be held in a non-I {araf lOLA escrowaccount. If the account is a non-lOLA account then interest shall he paid

to the Part’ entitled to the Contract Deposit. The Parii’ receiving the

Interest shall pay any Income taxes thereon. ‘l’he escrow account shall be a

segregated bank account at

Depository:

Address:

(See 27)1.25 This Contract is m-.sj continued on attached rider(s).

2 Agreement to Sell and Purchase; Purchase Price; Escrow2.1 Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from

Seller, the Seller’s Shares, Lease, Personalty and any Included Interests and

all other items included in this sale, for the Purchase Price and upon the

terms and conditions set forth in this Contract.

2.2 ‘I’he Purchase Price is payable to Seller by Purchaser as follows:2.2.1 the Contract Deposit at the tune of signing tIns Contract, byPurchaser’s good check to the order of Lserowee; and

2.2.2 the Balance at Closing, only by cashier’s or official bank cheek or

certified cheek of Purchaser payable to the direct order of Seller. ‘I’he

check(s) shaH be drawn on and payable by a branch of a commercial or

savings bank, savings and loan association or trust company located in the

same City or County as the Unit. Seller may direct, on reasonable Notice

(defined in ¶ 17) prior to Closing, that all or a portion of the Balance shall

be made payable to persons other than Seller (see ¶ 17.7).

3 Personalty3.1 Subject to any rights of the Corporation or any holder of a morrgage towhich the Lease is subordinate, this sale includes all of the Seller’s interest,

if any, in the Personalty and the Included Interests,3.2 No consideration is being paid for the Personalty or for the IncludedInterests; nothing shall be sold to Purchaser if the Closing does not occur,3.3 Prior to (losing. Seller shall remove from the Unit all the furniture,

furnishings and other property not included in this sale, and repair any

damage caused by such removal,

4 Representations and Covenants4.1 Subject to any matter affecting title to the Premises (as to which Sellermakes no representations or covenants), Seller represents and covenants

that:4.1.1 Seller is, and shall at Closing be, the sole owner of the Shares,

I.case, Personalty and Included Interests, with the full right, power and

authority to sell and assign them. Seller shall make timely provismn to

satisfy existing security interest(s) in the Shares and Lease and have thesame delivered at Closing (See ¶ 10.1);

4.1.2 the Shares were duly issued, fully paid for and are non-assessable;

4.1.3 the Lease is, and will at Closing be, in full force and effect and no

notice of default under the Lease is now or will at Closing he in effect;4.1.4 the Maintenance and Assessments payable as of the date hereof

arc as specified in1 1.17 and 1.18;4.1.5 as of this date, Seller neither has actual knowledge nor has

teeeived any written notice of any increase in Maintenance or anyAssessment which has been adopted by the Board of Di.rectors of the

Corporation and is not reflected in the amounts set forth in ¶I1. 7 and

4.1.6 Seller has not made any material alterations or additions to the

Unit without any required consent of the Corporation or. to Seller’s actual

knowledge, without compliance with all applicable

law. ‘Ibis provision shall not survive Closing.

4.1.7 Seller has not entered mto, shall not enter into, and has no actual

knowledge of any agreement (other than the Lease) affecting title to the

Unit or its use and/or occupancy after Closing, ot which would be binding

on or adversely affect Purchaser after Closing (e.g. a sublease or alteration

agreement);4. 1.8 Seller has been known liv no other name for the p:isi 10 years

except as set forth in ¶ 1.1.1.

1.1.9 at Closing in accordance with ¶ 15.2:4.1.9.1 there shall lie no judgments outstanding against Seller

which have not been bonded against collection out of the Unit

(“judgments”);4.1.9.2 the Shares, Lease, Personalty and any Included Interests

shall be free and clear of liens (other than the Corporation’s general lien on

the Shares for which ito monies shall be o’ved). encumbrances and adverse

interests (“Liens”);4.1.9.3 all sums due to the Corporation shall be t’ullv patd liv

Seller to the end of the paymeiit period immediately precednig the date of

Closing;4.1.9.4 Seller shall not be indebted for labor ot material which

might give rise to the filing of a notice of mechanic’s lien against the Unit or

the Premises; and4.1.9.5 no violations shall be of record which the owner of the

Shares and 1_ease would be obligated to remedy under the I .ease.

4.2 Purchaser represents and covenants that:4.2.1 Purchaser is acquiring the Shares and Lease for residential

occupancy of the Unit solely by the Proposed Occupants identified in

¶1.23.4.2.2 Purchaser is not, and within the past 7 yeats has not been, the

subject of a bankruptcy proceeding;4.2.3 if ¶1.2(1.3 applies. Purchaser shall tiot .ipplv for financing n

connection \vmth this purchase.4.2.4 leach individual comprising Purchaser is over ihe age of 18 and is

purchasitag for Purchaser’s own account (beneficial and of record);4.2.5 Purchaser shall not make any representations to the Corporation

contrary to the foregoing and shall provide all documents in support

thereof required by the Corporation in connection with Purchaser’sapplication for approval of tins transaction; and

4.2.6 there are not now ‘aitd shall not be at Closing any unpaid taxliens or monetary judgments against Purchaser.4.3 Party covenants that its represeittations and covenants contained

in ¶ 4 shall be true arid complete at Closing and, except for ¶ 4 1.6, shallsurvive Closing but any action based thereon must be instituted \vithin oneyear after Closing.

5 Corporate DocumentsPurchaser has examined and is satisfied with, or (except as to inc matter

represented in this Contract by Seller) aecepts’and assumes tlie risk of not

having examined, ilie Lease, the Corpor’ato n’s Certificate of Incorporation,

By-laws, house Rules, minutes of snareholders’ and directors meetings.

most recent audited financial statement and most recent starenicitt of taxdeductions available to the Corporation’s shareholders under Internal

Revenue Code (“IRC”) §216 (or any successor statute).

6 Required Approval and References6.1 This sale is subject to the uiteondinonal consent of the Corporation.

6.2 Purchaser shall in good faith:6.2.1 submit to the Corporation or the Managing Agent an application

with respect to this sale on the form requnvd by the Corporation,

containing such data and together with such documents as the Corporation

requires, and pay the applicable fees atad charges that the Corporation

imposes upon Purchaser. All of the foregoing shall be submitted \vithin 10

business days after the Delivery Date, or, if ¶ 1.20.1 or 1.20.2a11lies’’and

the I,oan Commitment Letter is required by the Corporation. witnm 3

business daysafter the earlier of (i) the Loan Commitnient Date (defined ut

1.21) or (ii) the date of receipt of the I .oan Commnitnient l.ettet (defined

in ¶ 18.1.2);6.2.2 attend (and cause any Proposed Occupant to attend) one Or

more personal interviews, as requested by the Corporation; and6.2.3 promptly submit to the Corporation such fLirther references, data

and documents reasonably requested by the (Zorporato mit.

6.3 Either Party, after learning of the Corporations decision,shall promptly advise the other Part thereof. If the Corporationhas not made a decision on or before the Scheduled ClosingDate, the Closing shall be adjourned for 30 business days forthe purpose of obtaining such consent. If such consent is notgiven by such adjourned date, either Party may cancel thisContract by Notice, provided that the Corporations consent is notissued before such Notice of cancellation is given. If such consentis refused at any time, either Party may cancel this Conrract byNotice. In the event of cancellation pursuant to this ¶ 6.3, theEscrowee shall refund the Contract Deposit to Purchaser.6.4 If such consent is refused, or not given, due to Purchaser’s badfaith conduct, Purchaser shall be in default and ¶ 13.1 shall govern.

7 Condition of Unit and Personalty; Possession7.1 Seller makes no representation as to the physical conditionor state of repair of the Unit, the Personaltv, the included Interestsor the Premises. Purchaser has inspected or waived inspection ofthe Unit, the Personaltv and the Included Interests and shall takethe same “as is”, as of the date of this Contract, except forreasonable wear and tear. However, at the time of Closing, theappliances shall be in working order and required smoke detector(s)shall be installed and operable.7.2 At Closing, Seller shall deliver possession of the Unit, Personaltvand Included Interests in the condition required by ¶ 7.1, broom-clean, vacant and free of all occupants and rights of possession.8 Risk of Loss8.1 The provisions of General Obligations Law Section 5-1311, asmodified herein, shall apply to this transaction as if it were a saleof realty. For purposes ot this paragraph, the term “Unit” includesbuilt-ni Personalty.8.2 Destruction shall be deemed “material” under GOL 5-1311, ifthe reasonably estimated cost to restore the Unit shall exceed 5%of the Purchase Price.8.3 In the event of any destruction of the Unit or the Premises,when neither legal title nor the possession of the Unit has beentransferred to Purchaser, Seller shall give Notice of the loss toPurchaser (“Loss Notice”) by the earlier of the date of Closing or 7business days after the date of the loss.8.4 If there is material destruction of the Unit without fault ofPurchaser, this Contract shall be deemed canceled in accordancewith ¶ 16.3, unless Purchaser elects by Notice to Seller tocomplete the purchase with an abatement of the Purchase Price;or8.5 Whether or not there is any destruction of the Unit, it,

without fault of Purchaser, more than I 0% of the units in thePremises are rendered uninhabitable, or reasonable access to theUnit is not available, then Purchaser shall have the right to cancelthis Contract in accordance with ¶ 16.3 by Notice to Seller.8.6 Purchaser’s Notice pursuant to ¶ 8.4 or ¶ 8.5 shall be given within 7 business days following the giving of the Loss Notice exceptthat f Seller does not give a Loss Notice, Purchaser’s Notice maybe given at any time at or prior to Closing8.7 In the event of any destruction ot the Unit, Purchaser shall notbe entitled to an abatement of the Purchase Price (i) that exceedsthe reasonably estimated cost of’ repair and restoration or (ii) forany loss that the Corporation is obliged to repair or restore; butSeller shall assign to Purchaser, without recourse, Seller’s claim,if any, against the Corporation with respect to such loss.9 Closing LocationThe Closing shall be held at the location designated by theCorporation or, if no such designation is made, at the offce ofSeller’s Attorney.10 Closing10.1 At Closing, Seller shall deliver or cause to be delivered:

10.1.1 Seller’s certificate for the Shares duly endorsed for transferto Purchaser or accompanied by a separate duly executedstock power to Purchaser, and in either case, with any guarantee ofSeller’s signature required by the Corporation;

10.1.2 Seller’s counterpart onginal of the Lease, all assignmentsand assumptions in the chain of title and a duly executedassignment thereof to Purchaser in the form required by theCorporation;

10.1.3 FIRPTA documents required by ¶ 25;10.1.4 keys to the Unit, building entrance(s), and, if applicable,

garage, mailbox, storage unit and any locks in the Unit;

IU.1.5 if requested, an assignment to Purchaser of Seller’sinterest in the Personalty and Included Interests;

10.1.6 any documents and payments to comply with jl5.210.1.7 If Seller is unable to deliver the documents

required in ¶ 10.1.1 or 10.1.2 then Seller shall deliver or cause tobe delivered all documents and payments required by theCorporation for the issuance of a new certificate for the Shares ora new Lease.10.2 At Closing, Purchaser shall:

10.2.1 pay the Balance in accordance with ¶ 2.2.2;10.2.2 execute and deliver to Seller and the Corporation

an agreement assuming the Lease, in the form required by theCorporation; and

10.2.3 if requested by the Corporation, execute anddeliver counterparts of a new lease substantially the same as theLease, for the balance of the Lease term, in which case the Leaseshall be canceled and surrendered to the Corporation togetherwith Seller’s assignment thereof to Purchaser.10.3 At Closing, the Parties shall complete and execute all documents necessary:

10.3.1 for Internal Revenue Service (“IRS”) form 1099-Sor other similar requirements;

10.3.2 to comply with smoke detector requirements andany applicable transfer tax filings; and

10.3.3 to transfer Seller’s interest, if any, in and to the Personalteand Included Interests.10.4 Purchaser shall nor be obligated to close unless, at Closing,the Corporation delivers:

10.4.1 to Purchaser a new certificate for the Shares in thename of Purchaser; and

10.4.2 a written statement by an officer or authorizedagent of the Corporation consenting to the transfer of the Sharesand Lease to Purchaser and setting forth the amounts of andpayment status of all sums owed be Seller to the Corporation,including Maintenance and any Assessments, and the dates towhich each has been paid.11 Closing Fees, Taxes and Apportionments11. 1 At or prior to Closing,

11.1.1 Seller shall pay:11.1.1.1 the cost of stock transfer stamps; and11.1.1.2 transfer taxes, except as set forth in ¶j 11.1.2,2

11.1.2 Purchaser shall pay, if apphcable:

11.1.2.1 any fee imposed by the Corporation relating toPurchaser’s financing; and

11.1.2.2 transfer taxes imposed by st:itute pnmarih’ onPurchaser (e.g., the “mansion tax”).11.2 The Flip Tax, if any, shall be paid by the Party specified in ¶ 1.19.11.3 Any fee imposed by the Corporation and not specified in thisContract shall be paid by the Party upon whom such fee isexpressly imposed by the Corporation, and if no Par isspecified by the Corporation, then such fee shall he paid by Seller.11.4 The Parties shall apportion as of 11:59 P.M. of the day preceding the Closing, the i\Iaintenance, and any other periodic chargesdue the Corporation (other than Assessments) and STAR TaxExemption (if the Unit is the beneficiary of same), based on thenumber of the days in the month of Closing.11.5 Assessments, whether payable in a lump sum orinstallments, shall not be apportioned, but shall be paid by theParty who is the owner of the Shares on the date specified by theCorporation for payment. Purchaser shall pa any installmentspayable after Closing provided Seller had the right and electedto pay the Assessment in installments.11.6 Each Par shall ninelv pay any transfer taxes for which it isprimarily liable pursuant to law by cashier’s, official bank, certified,or attorney’s escrow check. This 11.6 shall survive Closing.11.7 Any computational errors or omissions shall be correctedwithin 6 months after Closing. This ¶ 11,7 shall survive Closing.

12 Broker12.1 Each Party represents that such Party has not dealt with anypcrso1 acting as a broker, whether licensed or unlicensed, in connection

with this trans’acuon oilier than the Brokcr:s: named in ¶ .5.12.2 Seller shall pay the l3roker’s commission pursu.int to a sepatate

agreement. The Broker(s) shall not be deemed to be a third-partybeneficiary of this Contract.12.3 This ¶ 12 shall survive Closing, cancellation or termination ofthis Contract.13 Defaults, Remedies and Indemnities13.1 In the event of a default or misrepresentation by Purchaser,Seller’s sole and exclusive remedies shall be to cancel tIns Contract,retain the Contract Deposit as liquidated damages and, if

applicable, Seller may enforce the indemnity in ¶13.3 as tobrokerage commission or sue under ¶ 13.4. Purchaser prefers to limitPurchaser’s exposure for actual damages to the amount of theContract Deposit, which Purchaser agrees constitutes a fair andreasonable amount of compensation for Seller’s damages underthe circumstances and is not a penalty. The principles of realproperty law shall apply to this liquidated damages provision.13.2 In the event of a default or misrepresentation by Seller,Purchaser shall have such remedies as Purchaser is entitled to at lawor in equity, including specific performance, because the Unitand possession thereof cannot be duplicated.13.3 Subject to the provisions ofj 4.3, each Party indemnifies andholds harmless the other against and from any claim, judgment,loss, liability, cost or expense resulting from the indemnitor’sbreach of any of its representations or covenants stated to surviveClosing, cancellation or termination of this Contract. Purchaserindemnifies and holds harmless Seller against and from any claim,judgment, loss, liability, cost or expense resulting from the Leaseobligations accruing from and after the Closing. Each indemnityincludes, without limitation, reasonable attorneys’ fees anddisbursements, court costs and litigation expenses arising fromthe defense of any claim and enforcement or collection of ajudgment under this indemnity, provided the indemnitee is givenNotice and opportunity to defend the claim. This ¶13.3 shallsurvive Closing, cancellation or termination of this Contract.13.4 In the event any Instrument for the payment of theContract Deposit fails of collection, Seller shall have the right tosue on the uncollected instrument. In addition, such failure ofcollection shall be a default under this Contract, provided Sellervives Purchaser Notice of such failure of collection and. witlun 3business days after Notice is given, Escrowee does not receive fromPurchaser an unendorsed good certified check, hank check orimmediately available funds in the amount of the uncollectedfunds, Failure to cure such default shall entitle Seller to theremedies set forth in ¶ 13.1 and to retain all sums as may becollected and/or recovered.14 Entire Agreement; Modification14.1 All prior oral or written representations, understandings andagreements had between the Parties with respect to the subjectmatter of this Contract, and with the Escrowee as to ¶ 27, aremerged in this Contract, which alone fully and completelyexpresses the Parties’ and Escrowee’s agreement.14.2 The Attorneys may extend in writing any of the time limitationsstated in this Contract. Any other provision of this Contract may bechanged or waived only in writing signed by the Party orEscrowee to be charged.15 Removal of Liens and Judgments15.1 Purchaser shall deliver or cause to lie delivered to Seller orSeller’s Attorney, not less than 10 calendar days prior to theScheduled Closing Date a Lien and Judgment search, except thatLiens or Judgments first disclosed in a continuation search shallbe reported to Seller within 2 business days after receipt thereof, butnot later than the Closing. Seller shall have the right to adjournthe Closing pursuant to ¶ 16 to remove any such Liens andjudgments. Failure by Purchaser to timely deliver such search orcontinuation search shall not constitute a waiver of Seller’scovenants in 14 as to Liens and Judgments. However, if theClosing is adjourned solely by reason of untimely delivery of theLien and Judgment search, the apportionments under ¶ 11.3 shallbe made as of 11:59 P.M. of the day preceding the ScheduledClosing Date in ¶ 1.15.15.2 Seller, at Seller’s expense, shall obtain and deliver to thePurchaser the documents and payments necessary to securethe release, satisfaction, termination and discharge or removal ofrecord of any Liens and judgments. Seller may use any portionof the Purchase Price for such purposes.15.3 This ¶ 15 shall survive Closing.

16 Seller’s Inability16.1 If Seller shall be unable to transfer the items set forth in 12.1in accordance with this Contract for any reason other than Seller’sfailure to make a required payment or other willful act or omission,then Seller shall have the right to adjourn the Closing forperiods not exceeding 60 calendar days in the aggregate, butnot extending beyond the expiration of Purchaser’s LoanCommitment Letter, if ¶1 1 .2C). I or 1.20.2 applies.16.2 If Seller does nor elect to adjourn the Closing or (if

adjourned) on the adjourned date of Closing Seller is still unableto perform, then unless Purchaser elects to proceed with theClosing without abatement of the Purchase Price, either Partymay cancel this Contract on Notice to the other Parry given atany time thereafter.16.3 In the event of such cancellation, the sole hability of Seller shallbe to cause the Contract Deposit to lie refunded to Purchaser andto reimburse Purchaser for the actual costs incurred for Purchase’slien and title search, if any.17 Notices and Contract Delivery17.1 Any notice or demand (“Notice”) shall be in writing anddelivered either by hand, overnight delivery or certified orregistered mail, return receipt requested, to the Party andsimultaneously, in like manner, to such Party’s Attorney, if any, andto Escrowee at their respective addresses or to such otheraddress as shall hereafter lie designated by Notice given prirsiiantto this ¶ 17.17.2 The Contract may be delivered as provided in ¶ 17.1 or byordinary mail.17.3 The Contract or each Notice shall be deemed given andreceived:

17.3.1 on the day delivered by hand;17.3.2 on the business day following the date sent by

overnight delivery;17.3.3 on the 5th business day following the date sent by certified

or registered mail; or17.3.4 as to the Contract only, 3 business days

following the date of ordinary mailing.17.4 A Notice to Escrowee shall be deemed given only uponactual receipt by Escrowee.17.5 The Attorneys are authorized to give and receive any Noticeon behalf of their respective clients.17.6 Failure or refusal to accept a Notice shall not invalidate theNotice.17.7 Notice pursuant to ¶J 2,2.2 and 13.4 may be delivered liyconfirmed facsimile to the Party’s Attorney and shall lie deemedgiven when transmission is confirmed liy sender’s facsimilemachine.18 Financing Provisions18.1 The provisions ofl 18.1 and 18,2 are applicableonly ifj 1.20.1 or 1.20.2 applies.

18.1.1 An “Institutional Lender” is any of the followingthat is authorized under Federal or New York State law to Issuea loan secured’ by the Shares and Lease and is currently extendingsimilarly secured loan commitments in the county in which theUnit is, located: a bank, savings bank, savinin and loanassociation, trust company, credit union of whichl8urchaser is amember, mortgage banker, insurance company or governmentalentity.

18.1.2 A, “Loan Commitment Letter” is a written offerfrom an Institutional Lender to make a loan on the binancingTerms (see ¶ 1.21) at prevailing fixed or adjustable interest ratesand, on other customary terms generally being offered byInstitutional Lenders making cooperative share loans. An offer tomake a loan conditional upon obtaining an appraisal satisfactory tothe Institutional Lender shall not become a Loan (.omrnitmentLetter unless and until such condition is met. An offerconditional upon any factor concerning Purchaser (e.g. sale ofcurrent home, payment of outstanding delit, no material adversechange in Purchaser’s financial condition, etc.) is a LoanCommitment Letter whether or not such condition is met.Purchaser accepts the risk that, and cannot cancel this Contractif, any condition concerning Purchaser is not met.18.2 lurchaser, directly or through a mortgage broker registeredpursuant to Article 12-D of the Banking Law, shall diligently andin good faith:

18.2.1 apply only to an Institutional Lender for a loan n

the Financing Terms (see ¶ 1.21) on the form required by theInstitutional Lender containing truthful and complete information, andsubmit such application together with such documents as theInstitutional Lender requires, and pay the applicable fees and charges ofthe Institutional Lender, all of which shall be performed within 5business days after the Delivery Date;

182.2 promptly submit to the Institutional Lender such furtherreferences, data and documents requested by the Institutional Lender;and

18.2.3 accept a Loan Commitment Letter meeting the Financing Terms and comply with all requirements of such LoanCommitment Letter (or any other loan commitment letter acceptedby Purchaser) and of the Institutional Lender in order to close theloan; and

18.2.4 furnish Seller with a copy of the Loan CommitmentLetter promptly after Purchasers receipt thereof.

18.2.5 Purchaser is not required to apply to more than oneInstitutional Lender.

18.3 IfJ 1.20.1 applies, then18.3.1 provided Purchaser has complied with all applicable

provisions of ¶ 18.2 and this ¶ 18.3, Purchaser may cancel this Contractas set forth below, if:

18.3. 1.1 any Institutional Lender denies Puithasers application inwriting prior to the Loan Commitment Date (seej 1.21); or

18.3.1.2 a Loan Commitment Letter is not issued by theInstitutional Lender on or before the Loan Commitment Date; or

18.3.1.3 any requirement of the Loan Commitment Letter otherthan one concerning Purchaser is not met (e.g. failure of theCorporation to execute and deliver the Institutional Lender’s recognition agreement or other document, financial condition of theCorporation, owner occupancy quota, etc.); or

18.3.1.4 (i) the Closing is adjourned by Seller or the Corporation forinure than 30 business days from the Scheduled Closing Date and (ii)the Loan Commitment Letter expires on a date more than 30business days after the Scheduled Closing Date and before the newdate set for Closing pursuant to this paragraph and (iii) Purchaser isunable in good faith to obtain from the Institutional Lender an extension of the Loan Commitment Letter or a new LoanCommitment Letter on the Financing Terms without payingadditional fees to the Institutional Lender, unless Seller agrees, byNotice to Purchaser within 5 business days after receipt of PurchasersNotice of cancellation on such ground, that Seller will pay suchadditional fees and Seller pays such fees when due. Purchaser maynot object to an adjournment by Seller for up to 30 business dayssolely because the Loan Commitment Letter would expire beforesuch adjourned Closing date.

18.3.2 Purchaser shall deliver Notice of cancellation to Sellerwithin 5 business days after the Loan Commitment Date if cancellation is pursuant to ¶ 18.3.1.1 or 18.3.1.2 and on or prior to the ScheduledClosing Date if cancellation is pursuant to ¶ 18.3.1.3 or 18.3.1.4.

18.3.3 If cancellation is pursuant to ¶ 18.3.1.1, then Purchasershall debver to Seller, together with Purchaser’s Notice, a copy of theInstitutional Lenders written denial of Purchaser’s loan application.If cancellation is pursuant to ¶ 18.3.1.3, then Purchaser shall deliver toSeller together with Purchasers Notice evidence that a requirement ofthe Institutional Lender was not met.

18.3.4 Seller may cancel this Contract by Notice to Purchaser,sent within 5 days after the Loan Commitment Date, if Purchaser shallnot have sent by then either (i Purchaser’s Notice of cancellation or(ii) a copy of the Loan Commitment Letter to Seller, whichcancellation shall become effective if Purchaser does not deliver acopy of such Loan Commitment Letter to Seller within 10 businessdays after the Loan Commitment Date.

18.3.5 Failure by either Purchaser or Seller to debver Notice ofcancellation as required by this ¶ 18.3 shall constitute a waiver of thetight to cancel under this ¶ 18.3.

18.3.6 If this Contract is canceled b Purchaser pursuant tothis ¶18.3, then thereafter neither Party shall have any further rightsagainst, or obligations or liabilities to, the other by reason of thisContract, except that the Contract Deposit shall be promptlyrefunded to Purchaser and except as set forth in ¶12. If this Contract

is canceled by Purchaser pursuant to ¶ 18.3.1.4, then Seller shallreimburse Purchaser for any non-refundable financing and inspectionexpenses and other sums reimbursable pursuant to ¶ 16,

18.3.7 Purchaser cannot cancel this Contract pursuant to ¶118.3.1.4 and cannot obtain a refund of the Contract Deposit if theInstitutional Lender fails to fund the loan:

18.3,7,1 because a requirement of the Loan Commitment letterconcerning Purchaser is not met (e.g., Purchasers financial condition oremployment status suffers an adverse change; Purchaser fails tosatisfy a condition relating to the sale of an existing residence, etc.) or

18.3.7.2 due to the expiration of a Loan Commitment Letterissued with an expiration date that is not more than 30 business daysafter the Scheduled Closing Date.19 Singular/Plural and Joint/SeveralThe use o f the singular shall be deemed to include the plural and vice

versa, whenever the context so requires. If more than one person

constitutes Seller or Purchaser, their obligations as such Party shall lie

joint and several.

20 No SurvivalNo representation and/or covenant contained herein shall surviveClosing except as expmessl provided. Payment of the Balance shallconsntute a discharge and release by Purchaser of all of Sellers obligations hereunder except those expressly stated to survive Closing.

21 InspectionsPurchaser and Purchaser’s representatives shall have the right toinspect the Unit within 48 hours prior to Closing, and at other reasonable times upon reasonable request to Seller.22 Governing Law and VenueThis Contract shall lie governed by the laws of the State of New York

without regard to principles of conflict of laws. Any action or proceeding ansing out of this Contract shall be brought in the count orFederal district where the Unit is located and the Parties hereby consent to said venue.23 No Assignment by Purchaser; Death of Purchaser23.1 Purchaser may not assign this Contract or any of Purchaser’s rightshereunder. Any such purported assignment shall be null and void.23.2 This Contract shall terminate upon the death of all persons cornpnsing Purchaser and the Contract Deposit shall be refunded to thePurchaser. Upon making such refundand reunbursernent, neitherParty shall have any further liabthty or claim against the other hereunder, except as set forth in Par. 12.24 Cooperation of Parties24.1 The Parties shall each cooperate with the other, the Corporationand Purchaser’s Institutional Lender and title company, if any, andobtain, execute and deliver such documents as are reasonably necessaryto consummate this sale.24.2 The Parties shall timely file all recjuired documents in connection with all governmentaf filings that are required by law. EachParty represents to the other that its statements in such filings shall betrue and complete. This ¶ 24.2 shall survive Closing.25 FIRPTAThe parties shall comply with IRC 897, 1445 and the regulationsthereunder as same may be amended (“FIRPTA’). If applicable,Seller shall execute and deliver to purchaser at Closing aCertification of Non-Foreign Stints (‘CNS) or deliver a\Vithholding Certificate from the IRS. If Seller fails to deliver :i

CNS or a ‘ithholdmg Certificate, Purchaser shall withhold fromthe Balance, and remit to the IRS. such sum as may lie required bylaw. Seller hereby waives any nuht of action against Purchaser onaccount of such \vitNoldumg anc remittance. This ¶ 25 shall surviveClosing.

26 Additional Requirements26.1 Purchaser shall not be obligated to close unless all of the following requirements are satisfied at the time of the Closing:

26. 1.1 the Corporation is in good standing;26.1.2 the Corporation has fee or leasehold title to the

Premises, whether or not marketable or insurable; and26.1.3 there is no pending in rem action, tax certificate/hen sale or

foreclosure action of an underlying mortgage affecting thePremises.26.2 If any requirement in ¶ 26.1 is not satisfied at the timeof the Closing, Purchaser shall give Seller Notice and if the same isnot satisfied within a reasonable period of time thereafter, then eitherParty may cancel this Contract (pursuant to ¶ 1 6.31 by Notice.

27 Escrow Terms27.1 The Contract Deposit shall be deposited by Escrowee inan escrow account as set forth in ¶ 1.24 and the proceeds heldand disbursed in accordance with the terms of this Contract. AtClosing, the Contract Deposit shall be paid by Escrowee toSeller. If the Closing does not occur and either Party givesNotice to Escrowee demanding payment of the ContractDeposit, Escrowee shall give prompt Notice to the other Partyof such demand. If Escrowee does not receive a Notice ofobjection to the proposed payment from such other Party within10 business days after the giving of Escrowee’s Notice,Escrowee is hereby authorized and directed to make suchpayment to the demanding party. If Escrowee does receivesuch a Notice of objection within said penod, or if for any reasonEscrowee in good faith elects not to make such payment,Escrowee may continue to hold the Contract Deposit untilotherwise directed by a joint Notice by the Parties or a final,non-appealable judgment, order or decree of a court ofcompetent jurisdiction. However, Escrowee shall have the rightat any time to deposit the Contract Deposit and the interestthereon, if any, with the clerk of a court in the county as set forthin ¶ 22 and shall give Notice of such deposit to each Party. Upondisposition of the Contract Deposit and interest thereon, if any, inaccordance with this ¶ 27, Escrowee shall be released and discharged of all escrow obligations and liabilities.27.2 The Party whose Attorney is Escrowee shall be liable for lossof the Contract Deposit. If the Escrowee is Seller’s attorney,then Purchaser shall be credited with the amount of the contractDeposit at Closing.27.3 Escrowee will serve without compensation. Escrowee isacting solely as a stakeholder at the Parties’ request and fortheir convenience. Escrowee shall not be liable to either Partyfor any act or omission unless it involves bad faith, willfuldisregard of this Contract or gross negligence. In the event ofany dispute, Seller and

Purchaser shall jointly and severally (with right of contribution)defend (by attorneys selected by Escrowee), indemnify andhold harmless Escrowee from and against any claim, judgment,loss, liability, cost and expenses incurred in connection with theperformance of Escrowee’s acts or omissions not involving badfaith, willful disregard of this Contract or gross negligence. Thisindemnity includes, without limitation, reasonable attorneys’ feeseither paid to retain attorneys or representing the fair value oflegal services rendered by Escrowee to itself and disbursements,court costs and litigation expenses.

27.4 Escrowee acknowledges receipt of the Contract Deposit,by check subject to collection.27.5 Escrowee agrees to the provisions of this ¶ 27.27.6 If Escrowee is the Attorney for a Party, Escrowee shall bepermitted to represent such Party in any dispute or lawsuit.27.7 This ¶ 27 shall survive Closing, cancellation or termination ofthis Contract.28 Margin HeadingsThe margin headings do not constitute part of the text of thisContract.29 MiscellaneousThis Contract shall not be binding unless and until Seller deliversa fully executed counterpart of this Contract to Purchaser (orPurchaser’s Attorney) pursuant to ¶ 17.2 and 17.3. This Contract shallhind and inure to the benefit of the Parties hereto and theirrespective heirs, personal and legal representatives and successorsin interest.30 Lead PaintIf applicable, the complete and fully executed Disclosure ofInformation on Lead Based Paint and or Lead-Based PaintHazards is attached hereto and made a part hereof.

J WITNESS WHEREOF, the parties have duly executed this Contract as of the date first above written.

SCROW TERMS AGREED TO: SELLER: P URCHASER:

ESCROWEEidcr to, and Part of, Contract of Sale Between

uggested Purchaser’s representations for use when applicable.1 Purchaser’s Additional Representations and Covenants1.1 SupplementingJ 4,2 of the Contract. Purchaser also represents andovenants that:

31.1.1 Purchaser has, and will at Closing have, availablenencumbered cash and cash equivalents f)ncludmg publicly tradedcuritics) in a sum at least equal to (and having a then current value of)ie Balance; and

31.1.2 Purchaser has, and will at and immediately followingie Closing have, a positive net worth.1.2 the Maintenance and the monthly amount of the Assessment (if any)o not aggregate more than 23% of the current total gross monthlyicome of the individuals comprising the Purchaser;

‘he Parties have duly executed this Rider as of the same date as the Contract,

31.3 (if 1.20.1 or ¶ 1.20.2 applies) the monthly debt service (interest andamortization of principal, if any) of the proposed financing, togetherwith the Maintenance and the monthly Assessment amount (if any), donot aggregate more than 35% of said current total gross monthly income.32 Supplementing paragraph 4.1. Seller has no actual knowledge of amaterial default or condition which the J,essee is required to cure underthe Lease and which remains uneured, If, prior to Closing, Selleracquires knowledge of a such default or condition which the Lesseewould be required to cure, then Seller shall cure same at or prior toClosing. 1his provision shall not survive closing.

SELLER: PURCHASER:

2. Personal Property: (a) The sale includes all of Sellersright, title and interest, if any, in and to:

(i) the refrigerators, freezers, ranges, ovens, dishwashers,washing machines, clothes dryers, cabinets and counters,lighting and plumbing fixtures, air conditioning equipment,venetian blinds, shades, screens, storm windows and otherwindow treatments, wall-to-wall carpeting, bookshelves,switchplates, door hardware, built-ins and articles of propertyand fixtures attached to or appurtenant to the Unit, except thoselisted in subpara 2(b), all of which included property andfixtures are represented to be owned by Seller, free and clearof all liens and encumbrances other than those encumbrances(“Permitted Exceptions”) set forth on Schedule A annexed heretoand made a part hereof (strike out inapplicable items); and(ii)

(b) Excluded from this sale are:(i) furniture and furnishings (other than as specifically provided

in this Contract); and(ii)

(c) The property referred to in subpara. 2(a)(i) and (ii) maynot be purchased if title to the Unit is not conveyed hereunder.3. Purchase Price: (a) The purchase price (‘Purchase Price’)is $ , payable as follows:

(i) $ (“Downpayment”) on the signing of thisContract by check subject to collection, the receipt of which ishereby acknowledged, to be held in escrow pursuant to para. 16;and

(ii) $ (reflecting a credit see Rider), constituting thebalance of the Purchase Price, by certified check of Purchaser orofficial bank check (except as otherwise provided in this Contract)on the delivery of the deed as hereinafter provided.(b) All checks in payment of the Purchase Price shall representUnited States Currency and be drawn on or issued by a bank ortrust company authorized to accept deposits in New York State.All checks in payment of the Downpayment shall be payable tothe order of Escrowee (as hereinafter defined). All checks inpayment of the balance of the Purchase Price shall be payable tothe order of Seller (Or as Seller otherwise directs pursuant tosubparas. 6(a)(ix) or 19(b)).(c) Except for the Downpayment and checks aggregating notmore than one-half of one percent of the Purchase Price,including payment for closing adjustments, all checks deliveredby Purchaser shall be certified or official bank checks ashereinabove provided.4. Closing of Title: The closing documents referred to in pars. 6shall be delivered, and payment of the balance of the PurchasePrice shall be made, at the closing of title (‘Closing’), to beheld on or about at ., at the offices of

or at the office of Purchaser’s lending institution or its counsel;provided, however, that such office is located in either the City orCounty in which either (a) Seller’s attorney maintains an office or(b) the Unit is located.5. Representations, Warranties and Covenants: Sellerrepresents, warrants and covenants that:

(a) Seller is the sole owner of the Unit and the property referredto in subpara. 2(a), and Seller has the full right, power andauthority to sell, convey and transfer the same;(b) The common charges (excluding separately billed utilitycharges) for the Unit on the date hereof are permonth;(c) Seller has not received any written notice of any intendedassessment or increase in common charges not reflected insubpara. 5(b). Purchaser acknowledges that it will not have the rightto cancel this Contract in the event of the imposition of anyassessment or increase in common charges after the date hereof ofwhich Seller has not heretofore received written notice;(d) The real estate taxes for the Unit for the fiscalyear of through are

Ce) Seller is not a “sponsor” ora nominee of a “sponsor’ under anyplan of condominium organization affecting the Unit;(f) All refrigerators, freezers, ranges, dishwashers, washingmachines, clothes dryers and air conditioning equipment included inthis sale will be in working order at the time of Closing.(g) If a copy is attached to this Contract, the copy of theCertificate of Occupancy covering the Unit is a true and correctcopy; and(h) Seller is not a ‘foreign person’ as defined in pars. 18 (Ifinapplicable, delete and provide for compliance with CodeWithholding Section, as defined in para. 18.)6. Closing Documents: (a) At the Closing, Seller shall deliver toPurchaser the following:

(i) Bargain and sale deed with all covenants againstgrantor’s acts (“Deed’), complying with RPL 339-0 and containingthe covenant required by LL § 13(5), conveying to Purchaser title tothe Unit, together with its undivided interest in the CommonElements (as such term is defined in the Declaration and whichterm shall be deemed to include Seller’s right, title and interest inany limited common elements attributable to or used in connectionwith the Unit) appurtenant thereto, free and clear of all liens andencumbrances other than Permitted Exceptions. The Deed shall beexecuted and acknowledged by Seller and, if requested by theCondominium, executed and acknowledged by Purchaser, inproper statutory form for recording;

(H) If a corporation and if required pursuant to BCL § 909, Sellershall deliver to Purchaser (1) a resolution of its board of directorsauthorizing the delivery of the Deed and (2) a certificateexecuted by an officer of such corporation certifying as to theadoption of such resolution and setting forth factsdemonstrating that the delivery of the Deed is in conformitywith the requirements of BCL § 909. The Deed shall also containa recital sufficient to establish compliance with such law;

(iii) A waiver of right of first refusal of the board of managers ofthe Condominium (“Board”) if required in accordance with para. 8;(iv) A statement by the Condominium or its managing agent thatthe common charges and any assessments then due andpayable the Condominium have been paid to the date of theClosing;

(v) All keys to the doors of, and mailbox for, the Unit;(vi) Such affidavits and/or other evidence as the title company

(“Title Company”) from which Purchaser has ordered a titleinsurance report and which is authorized to do business in NewYork State shall reasonably require in order to omit from its titleinsurance policy all exceptions for judgments, bankruptcies orother returns against Seller and persons or entities whose namesare the same as or are similar to Seller’s name;

(vH) Official New York State Real Property Transfer Gains TaxTentative Assessment and Return (or, if applicable, OffidalStatement of No Tax Due) duly completed by the New York StateDepartment of Taxation and Finance (or, if applicable, a dulyexecuted and acknowledged affidavit of Seller in form requiredpursuant to the Gains

Reorder farm 5080- Contract ef Sate, Condaminium Unit, 3-95Prepared by the Committee on Real Property Law of the Association of the Bar of the City of New York

Note: This form is intended to deal with matters commas to most transactions involving the salt of a condominium unit. Provisions should be added, altered ordeleted to suit the circumstances of a particular transaction, Na representation is made that this form of contract complies with Section 5702 of the GeneralObligations Law (“Plain Language Law”).

CONSULT YOUR LAWYER BEFORE SIGNING THIS AGREEMENTContract of Saic - Condominium Unit

Agreement made as of 20 between

residing at (“Seller”)

and residing at(“Purchaser”)

1. Unit: Seller agrees to sell and convey, and Purchaser agrees to purchase, Unit No. (“Unit”) in the

building (“Building”) known as Condominium (“Condominium”) and located atNew York, together with

a percent undivided interest in the Common Elements (as defined in para. 6) appurtenant thereto, all upon and subject to the termsand conditions set forth herein. The Unit shall be as designated in the Declaration of Condominium Ownership (as the same may beamended from time to time, the “Declaration’) of the Condominium, recorded in County, New Yorkor the By-Laws (as the same may be amended from time to time, the “By-Laws”) of the Condominium.

Tax Law (as hereinafter defined) claiming exception therefrom;(viii) New York City Real Property Transfer Tax Return, if

applicable, and combined Real Property Transfer Gains Tax Affidavits,prepared, executed and acknowledged by Seller in proper form forsubmission;

(ix) Checks in payment of all applicable real property transfertaxes except a transfer tax which by law is primarily imposed on thepurchaser (“Purchaser Transfer Tax”) and any New York State RealProperty Transfer Gains Tax (“Gains Tax”) due in connection with thesale. In lieu of delivery of such checks, Seller shall have the right, uponnot less than 3 business day notice to Purchaser, to cause Purchaserto deliver said checks at the Closing and to credit the amount thereofagainst the balance of the Purchase Price, Seller shall pay theadditional transfer taxes and Gains Taxes, if any, payable after theClosing by reason of the conveyance of the Unit, which obligationshall survive the Closing;

(x) Certification that Seller is not a foreign person pursuant topara. 18. (If inapplicable, delete and provide for compliance withCode Section, as defined in para. 18.); and

(xi) Affidavit that a single station smoke detesting alarm deviceis installed pursuant to New York Executive Law §378(5).

(b) At the Closing, Purchaser shall deliver to Seller the following:(i) Checks in payment of (y) the balance of the Purchase Price

in accordance with subpara. 3(b) and (z) any Purchaser Transfer Tax;(ii) If required by the Declaration or By-Laws, power of attorney

to the Board, prepared by Seller, in the form required by theCondominium. The power of attorney shall be executed andacknowledged by Purchaser and, after being recorded, shall be sent tothe Condominium;

(8) New York City Real Property Transfer Tax Return executedand acknowledged by Purchaser and an Affidavit in Lieu ofRegistration pursuant to New York Multiple Dwelling Law, each inproper form for submission, if applicable, and combined Real PropertyTransfer Gains Tax Affidavits; and

(iv) If required, New York State Equalization Return executedand acknowledged by Purchaser in proper form for submission.(c) It is a condition of Purchaser’s obligation to close title hereunderthat:

(i) All notes or notices of violations of law or governmentalorders, ordinances or requirements affecting the Unit and noted orissued by any governmental department, agency or bureau havingjurisdiction which were noted or issued on or prior to the date hereofshall have been cured by Selleri

(ii) Any written notice to Seller from the Condominium (or itsduly authorized representative) that the Unit is in violation of theDeclaration, By-Laws or rules and regulations of the Condominiumshall have been cured; and

(iii) The Condominium is a valid condominium created pursuant toRPL Art. 9-8 and the Title Company will so insure.

7. Closmg Adjustments: (a) The following adjustments shall bemade as of 11:59 P.M. of the day before the Closing:

(i) Real estate taxes and water charges and sewer rents, ifseparately assessed, on the basis of the fiscal period for whichassessed, except that if there is a water meter with respect to theUnit, apportionment shall be based on the last available reading,subject to adjustment after the Closing, promptly after the nextreading is available; provided, however, that in the event real estatetaxes have not, as of the date of Closing, been separately assessed tothe Unit, real estate taxes shall be apportioned on the same basis asprovided in the Declaration or By-Laws or, in the absence of suchprovision, based upon the Unit’s percentage interest in the CommonElements;

(ii) Common charges of the Condominium; and(iii) If fuel is separately stored with respect to the Unit only, the

value of fuel stored with respect to the Unit at the price thencharged by Seller’s supplier (as determined by a letter or certificateto be obtained by Seller from such supplier), including any salestaxes.(b) If at the time of Closing the Unit is affected by an assessmentwhich is or may become payable in installments, then, for thepurposes of this contract, only the unpaid Installments which arethen due shall be considered due and are to be paid by Seller at theClosing. All subsequent installments at the time of Closing shall be theobligation of Purchaser.(c) Any errors or omissions in computing closing adjustments shallbe corrected. This subpara. 7(c) shall survive the Closing.(d) If the Unit is located in the City of New York, the “customs inrespect to title closings” recommended by The Real Estate Board ofNew York, Inc., as amended and if effect on the date of Closing,shall apply to the adjustments and other matters therein mentioned,except as otherwise provided herein.

8. Right of First Refusal: if so provided in the Declaration or ByLaws, this sale is subject to and conditioned upon the waiver of a rightof first refusal to purchase the Unit held by the Condominium andexercisable by the Board. Seller agrees to give notice promptly to theBoard of the contemplated sale of the Unit to Purchaser, which noticeshall be given in accordance with the terms of the Declaration and By-Lays, and Purchaser agrees to provide promptly all applications,information and references reasonably requested by the Board. If theBoard shall exercise such right of first refusal, Seller shall promptlyrefund to Purchaser the Downpayment (which term, for allpurposes of this Contract, shall be deemed to include Interest, if any,earned thereon) and upon the making of such refund this Contract shallbe deemed cancelled and of no further force or effect and neither partyshall have any further rights against, or obligations or liabilities to, theother by reason of this Contract, If the Board shall fail to exercise suchright of first refusal within the time and in

the manner provided for in the Declaration or By-Laws or shalldeclare in writing its intention not to exercise such right of firstrefusal (a copy of which writing shall be delivered to Purchaserpromptly following receipt thereof), the parties hereto shall proceedwith this sale in accordance with the provisions of this Contract.

9. Processing Fee: Seller shall, at the Closing, pay all fees andcharges payable to the Condominium (and/or its managing agent) inconnection with this sale, including, without limitation, anyprocessing fee, the legal fees, if any, of the Condominium’s attorneyin connection with this sale and, unless otherwise agreed to by Sellerand Purchaser in writing, all “flip taxes,” transfer or entrance fees orsimilar charges, if any, payable to or for the Condominium orotherwise for the benefit of the Condominium unit owners, which ariseby reason of this sale.

10. No Other Representations: Purchaser has examined andis satisfied with the Declaration, By-Laws and rules and regulations ofthe Condominium, or has waived the examination thereof. Purchaserhas inspected the Unit, its fixtures, appliances and equipment andthe personal property, if any, included in this sale, as well as theCommon Elements of the Condominium, and knows the conditionthereof and, subject to subpara. 5(f), agrees to accept the same “asis,” i.e., in the condition they are in on the date hereof, subject tonormal use, wear and tear between the date hereof and the Closing.Purchaser has examined or waived examination of the last auditedfinancial statements of the Condominium, and has considered orwaived consideration of all other matters pertaining to thisContract and to the purchase to be made hereunder, and does notrely on any representations made by any broker or by Seller oranyone acting or purporting to act on behalf of Seller as to anymatters which might influence or affect the decision to execute thisContract or to buy the Unit, or said personal property, except thoserepresentations and warranties which are specifically set forth in thisContract.

11. Possession: Seller shall, prior to the Closing, remove fromthe Unit all furniture, furnishings and other personal property notincluded in this sale, shall repair any damage caused by suchremoval, and shall deliver exclusive possession of the Unit at theClosing, vacant, broomclean and free of tenancies or other rights ofuse or possession.

12. Access: Seller shall permit Purchaser and its architect,decorator or other authorized persons to have the right of accessto the Unit between the date hereof and the Closing for the purpose ofinspecting the same and taking measurements, at reasonable times andupon reasonable prior notice to Seller (by telephone or otherwise).Further, Purchaser shall have the right to inspect the Unit at areasonable time during the 24hour period immediately preceding theClosing.

13. Defaults and Remedies: (a) If Purchaser defaults hereunder,Seller’s sole remedy shall be to retain the Downpayment asliquidated damages, it being agreed that Seller’s damages in case ofPurchaser’s default might be impossible to ascertain and that theDownpayment constitutes a fair and reasonable amount ofdamages under the drcumstances and is not a penalty.(b) If Seller defaults hereunder, Purchaser shall have such remediesas Purchaser shall be entitled to at law or in equity, including, butnot limited to, specific performance.

14. Notices: Any notice, request or other communication(“Notice”) given or made hereunder (except for the notice requiredby para. 12), shall be in writing and either (a) sent by any of theparties hereto or their respective attorneys, by registered or certifiedmail, return receipt requested, postage prepaid, or (b) delivered inperson or by overnight courier, with receipt acknowledged, to theaddress given at the beginning of this Contract for the party towhom the Notice is to be given, or to such other address for suchparty as said party shall hereafter designate by Notice given to theother party pursuant to this para. 14. Each Notice mailed shall bedeemed given on the third business day following the date ofmailing the same and each Notice delivered in person or byovernight courier shall be deemed given when delivered.

15. Purchaser’s Lien: The Downpayment and all other sums

directed by Notice from the parties to this Contract or a final, nonappealable judgment , order or decree of a court. However, Escroweeshall have the right at any time to deposit the Downpayment withthe clerk of a court in the county in which the Unit is located and shall giveNotice of such deposit to Seller and Purchaser. Upon such deposit or otherdisbursement in accordance with the terms of this para. 16,Escrowee shall be relieved and discharged of all further obligations andresponsibilities hereunder.(b) The parties acknowledge that, although Escrowee is holding theDownpayment for Seller’s account, for all other purposes Escrowee isacting solely as a stakeholder at their request and for their convenienceand that Escrowee shall not be liable to either party for any act oromission on its part unless taken or suffered in bad faith or in willfuldisregard of this Contract or involving gross negligence on the part ofEscrowee. Seller and Purchaser jointly and severally agree to defend,indemnify and hold Escrowee harmless from and against all costs,claims and expenses (including reasonable attorneys’ fees) incurredin connection with the performance of Escrowee’s duties hereunder,except with respect to actions or omissions taken or suffered by Escroweein bad faith or in willful disregard of this Contract or involving grossnegligence on the part of Escrowes.(c) Escrowee may act or refrain from acting in respect of any matter

referredto herein in full reliance upon and with the advice of counsel which may beselected by it (including any member of its firm) and shall be fully protectedin so acting or refraining from action upon the advice of such counsel.(d) Escrowee acknowledges receipt of the Downpayment by check subjectto collection and Escrowee’s agreement to the provisions of this pam. 16by signing in the place indicated in this Contract.(e) Escrowee or any member of its firm shall be permitted to act ascounsel for Seller in any dispute as to the disbursement of theDownpayment or any other dispute between the parties whether or notEscrowee is in possession of the Downpayment and continues to act asEscrowee.

17. New York State Gains Tax: (a) Seller and Purchaser agree tocomply in a timely manner with the requirements of article 31-B of the TaxLaw and the regulations applicable thereto, as the same from timeto rime may be amended (collectively, the “Gains Tax Law’).Purchaser agrees to deliver to Seller a duly executed andacknowledged Transferee Questionnaire simultaneously with theexecution of this Contract or within 5 business days after subsequentwritten request from Seller or Seller’s attorney. At the Closing, Seller shalldeliver (i) an Official Statement of No Tax Due or (ii) an Official TentativeAssessment and Return accompanied by a certified or offidal bank checkdrawn on any banking institution described in subpara. 3(b), payable tothe order of the State Tax Commission, in the amount of the taxshown to be due thereon, or (iii) if applicable, a duly executed andacknowledged affidavit in form permitted under the Gains Tax Lawclaiming exemption therefrom.(b) Seller agrees (i) to pay promptly any tax due under the GainsTax Law and any interest and penalties thereon which may be assessedor due after the Closing, (ii) to indemnify and save Purchaser harmlessfrom and against any of the foregoing and any cost, daim and expense(including reasonable attorneys’ fees) incurred by Purchaser by reasonof the non-payment thereof, and (hi) to make any other payments andexecute, acknowledge and deliver such further documents as may benecessary to comply with the Gains Tax Law.(c) The obligations under this para. 17 shall survive the Closing.

18. FIRPTA: Seller represents and warrants to Purchaser thatSeller is not a “foreign person” as defined in IRC1445, as amended, andthe regulations issued thereunder (“Code Withholding Section”). At theClosing Seller shall deliver to Purchaser a certification stating that Seller isnot a foreign person in the form then required by the Code WithholdingSection. In the event Seller fails to deliver the aforesaid certification or inthe event that Purchaser is not entitled under the Code Withholding Sectionto rely on such certification, Purchaser shall deduct and withhold from thePurchase Price a sum equal to 10% thereof and shall at Closing remit thewithheld amount with the required forms to the Internal Revenue Service.

19. Title Report; Acceptable Title: (a) Purchaser shall, promptlyafter the date hereof, or after receipt of the mortgage commitment letter,if applicable, order a title insurance report from the Title company.Promptly after receipt of the title report and thereafter of anycontinuations thereof and supplements thereto, Purchaser shallforward a copy of each such report, continuation or supplement to theattorney for Seller. Purchaser shall further notify Seller’s attorney ofany other objections to title not reflected in such title report of whichPurchaser becomes aware following the delivery of such report,reasonably promptly after becoming aware of such objections.(b) Any unpaid taxes, assessments, water charges and sewer rents,together with the interest and penalties thereon to a date not less thantwo days following the date of Closing, and any other liens andencumbrances with Seller is obligated to pay and discharge orwhich are against corporations, estates or other persons in the chain oftitle, together with the cost of recording or filing any instrumentsnecessary to discharge such liens and encumbrances of record, may bepaid out of the proceeds of the monies payable at the Closing if Sellerdelivers to Purchaser at the Closing official bills for such taxes,assessments, water charges, sewer rents, interest ad penalties andinstruments in recordable form sufficient to discharge any other liens andencumbrances of record. Upon request made not less than 3 businessdays before the Closing, Purchaser shall provide at the Closing separatechecks for the foregoing payable to the order of the holder of anysuch lien, charge or encumbrance and otherwise complying with subpara.3(b). If the Title Company is willing to insure Purchaser that such charges,

liens and encumbrances will not be collected out of or enforced against theUnit and is willing to insure the lien of Purchaser’s Institutional Lender (ashereinafter defined) free and clear of any such charges, liens andencumbrances, then Seller shall have the right in lieu of payment anddischarge to deposit with the Title Company such funds or to give suchassurances or to pay such special or additional premiums as the TitleCompany may require in order to so insure. In such case the charges,liens and encumbrances with respect to which the Title Company hasagreed so to insure shall not be considered objections to title.(c) Sellers shall convey and Purchaser shall accept fee simple title to theUnit in accordance with the terms of this Contract, subject only to:(a) the Permitted Exceptions and (b) such other matters as (i) the TitleCompany or any other title insurer licensed to do business by the State ofNew York shall be willing without special or additional premium, toomit as exceptions to coverage or to except with insurance againstcollection out of or enforcement against the Unit and (ii) shall beaccepted by any lender described in RPL § 274-a (“Institutional Lender”)which has committed in writing to provide mortgage financing to Purchaserfor the purchase of the Unit (“Purchaser’s Institutional Lender”), exceptthat if such acceptance by Purchaser’s Institutional Lender is unreasonablywithheld or delayed, such acceptance shall be deemed to have been given.(d) Notwithstanding any contrary provisions in this Contract, express orimplied, or any contrary rule of law or custom, if Seller shall be unable toconvey the Unit in accordance with this Contract (provided that Seller shallrelease, discharge or otherwise cure at or prior to Closing any mattercreated by Seller after the date hereof and any existing mortgage, unlessthis sale is subject to it) and if Purchaser elects not to compete thistransaction without abatement of the Purchase Price, the sole obligationand liability of Seller shall be to refund the Downpayment to Purchaser,together with the reasonable cost of the examination of title to, anddepartmental violation searches in respect of, the Unit, and upon themaking of such refund and payment, this Contract shall be deemedcancelled and of no further force or effect and neither party shall haveany further rights against, or obligations or liabilities to, the other byreason of this Contract. However, nothing contained in this subpara. 19(d)shall be construed to relieve Seller from liability due to a willful default.

20. Risk of Loss; Casualty: (a) The risk of loss or damage to theUnit or the personal property induded in this sale, by fire or other casualty,until the earlier of the Closing or possession of the Unit by Purchaser, isassumed by Seller, but without any obligation of Seller to repair or replaceany such loss or damage unless Seller elects to do so as hereinafterprovided. Seller shall notify Purchaser of the occurrence of any suchloss or damage to the Unit or the personal property induded in this salewithin 10 days after such occurrence or by the date of Closing, whicheverfirst occurs, and by such notice shall state whether or not Seller elects torepair or restore the Unit and/or the personal property, as the case maybe. If Seller elects to make such repairs and restorations, Seller’s noticeshall set forth an adjourned date for the Closing which shall be not morethan 60 days after the date of the giving ofSeller’s notice. If Seller eitherdoes not elect to do so or, having elected to make such repairs andrestorations, fails to complete the same on or before said adjourned datefor the Closing, Purchaser shall have the following options:

Ci) To dedare this Contract cancelled and of o further force or effect andreceive a refund of the Downpayment in which event neither party shallthereafter have any further rights against, or obligations or liabilities to,the other by reason of this Contract; or

(I) To

(d) In the event of any loss of or damage to the Common Elements whichdoes not materially and adversely affect access to or use of the Unit,Purchaser shall accept title to the Unit in accordance with this Contractwithout abatement of the Purchase Price.

21. Internal Revenue Service Reporting Requirement: Each partyshall execute, acknowledge and deliver to the other party such instruments,and take such other actions, as such other party may reasonablyrequest in order to comply with 1RC56045(e), as amended, or any successorprovision or any regulations promulgated pursuant thereto, insofar asthe same requires reporting of information in respect of real estatetransactions, The provisions of this para. 21 shall survive the Closing. Theparties designate

as the attomey responsible for reporting this information as required by law.22. Broker: Seller and Purchaser represent and warrant to each other

that the only broker with whom they have dealt in connection with thisContract and the transaction set forth herein is

and that they know of no other broker who has claimed or may havethe right to claim a commission in connection with this transaction. Thecommission of such broker shall be paid by Seller pursuant to separateagreement. If no broker is specified above, the parties acknowledge that this

Contract was brought about by direct negotiation between Seller andPurchaser and each represents to the other that it knows of no brokerentitled to a commission in connection with this transaction. Seller andPurchaser shall indemnify and defend each other against any costs,claims or expenses (including reasonable attorneys’ fees) arising out of thebreach on their respective parts of any representation, warranty oragreement contained in this para. 22. The provisions of this para. 22 shallsurvive the Closing or, if the Closing does not occur, the termination of thisContract.23. Mortgage Contingency: (Delete if inapplicable) The obligations of

Purchaser hereunder are conditioned upon issuance on or before

(the “Commitment Date”) of a written

commitment from any Institutional Lender pursuant to which such

Institutional Lender agrees to make a loan, other than a VA, Fl-IA or other

governmentally insured loan to Purchaser, at Purchaser’s sole cost and

expense, of $ or such lesser sum as Purchaser

shall be willing to accept, at the prevailing fixed rate of interest not to

exceed or initial adjustment rate of interest not to exceed

for a tens, of at least years and on othercustomary commitment terms, whether or not conditioned upon any factorsother than an appraisal satisfactory to the Institutional Lendersecured by a first mortgage on the Unit together with its undivided interest in

the Common Elements. Purchaser shall (a) make prompt application to anInstitutional Lender for such mortgage loan, (b) furnish accurate andcomplete information on Purchaser and members of Purchaser’s family, as

required, (c) pay all fees, points and charges required in connection withsuch application and loan, (ri) pursue such application with diligence, (e)cooperate in good faith with such Institutional Lender to the end of securingsuch first mortgage loan and (0 promptly give Notice to Seller of the nameand address of each Institutional Lender to which Purchaser has made suchapplication. Purchaser shall comply with all requirements of suchcommitment (or of any commitment accepted by Purchaser) and shallfamish Seller with a copy thereof promptly after receipt thereof. If suchcommitment is not issued on or before the Commitment Date, then, unlessPurchaser has accepted a commitment that does not comply with therequirement set forth above, Purchaser may cancel this Contract bygiving Notice to Seller within 5 business days after the Commitment Date,inwhich case this Contract shall be deemed cancelled and thereafter neitherparty shall have any further rights against, or obligations or liabilities to, theother by reason of this Contract except that the Downpayment shall bepromptly refunded to Purchaser and except as set forth in pars. 22. IfPurchaser fails to give Notice of cancellation or if Purchaser shall accept acommitment that does not comply with the terms set forth above, thenPurchaser shall be deemed to have waived Purchaser’s right to cancel thisContract and to receive a refund of the Downpayment by reason of thecontingency contained in this para. 23.

24. Gender, Etc.: As used in this Contract, the neuter indudes themasculine and feminine, the singular indudes the plural and the pluralincludes the singular, estee context may require.

25. Entire Contract: All prior understandings and agreements betweenSeller and Purchaser are merged in this Contract and this Contractsupersedes any and all understandings and agreements between the partiesand constitutes the entire agreement between them with respect to thesubject matter hereof.

26. Captions: The captions in this Contract are for convenience andreference only and in no may define, limit or describe the scope of thisContract and shall not be considered in the interpretation of this Contract orany provision hereof.

27. No Assignment by Purchaser: Purchaser may not assign thisContract or any of Purchaser’s rights hereunder.

28. Successor and Assigns: Subject to the provisions of pars. 27,the provisions of this Contrast shall bind and inure to the benefit of bothPurchaser and Seller and their respective distributees, executors,administrators, heirs, legal representatives, successors and permittedassigns.

29. No Oral Changes: This Contract cannot be changed or terminatedorally. Any changes or additional provisions must be set forth in a riderattached hereto or in a separate written agreement signed by both partiesto this Contract.

30. Contract Not Binding Until Signed; This Contract shall not bebinding or effective until property executed and delivered by Seller andPurchaser.

In l4/itness 14/hereof, the parties hereto have duly executed this Contract on the day and year first above written.

Seller (Soc.Sec. No.

Seller (Soc.Sec. No.

Agreed to as to pars, 16:

Escrowee By;

Schedule A - Permitted Exceptions1. Zoning laws and regulations and landmark, historic or wetlands

designation which are not violated by the Unit and which are not violated

by the Common Elements to the extent that access to or use of the Unit

would be materially and adversely affected.2. Consents for the erection of any structure or structures on, under

or above any street or streets on which the Building may abut.

3. The terms, burdsns, covenants, restrictions, conditions, easements

and rules and regulations set forth in the Declaration, By-Laws and rules

and regulations of the Condominium, the Power of Attorney from

Purchaser to the board of managers of the Condominium and the floor plans

of the Condominium, all as may be amended from time to time.4. Rights of utility companies to lay, maintain, install and repair

pipes, lines, poles, conduits, cable boxes and related equipment on, over

and under the Building and Common Elements, provided teat none of such

rights imposes any monetary obligation on the owner of the Unit or

materially interferes with the use of or access to the Unit.

5. Encroachments of stoops, areas, cellar steps, trim, cornices, lintels,

window sills, awnings, canopies, ledges, fences, hedges, coping and

retaining walls projecting from the Building over any street or highway or

over any adjoining property and encroachments of similar elements

projecting from adjoining property over the Common Elements.

The survey referred ts is No. 6 abuse was prepared by

dated 20

Purchaser (Soc.Sec. No.

Purchaser (Soc.Sec. No.

Escrow Depository:

6. Any state of facts which an accurate survey or personal inspection of

the Building, Common Elements or Unit would disdose, provided that sudsfacts do not prevent the use of the Unit for dwelling purposes. For thepurposes of this Contract, none of the facts shown on the survey, if any,identified below, shall be deemed to prevent the use of the Unit for dwellingpurposes, and Purchaser shall accept title subject thereto.

7. The lien of any unpaid common charge, real estate tax, water charge,sewer rent or vault charge, provided the same are paid or apportioned at theClosing as herein provided.

8. The lien of any unpaid assessments to the extent of installments

thereof payable after the Closing.9. Liens, encumbrances and title conditions affecting the Common

Elements which do not materially and adversely affect the right of the Unit

owner to use and enjoy the Common Elements.10. Notes or notices of violations of law or governmental orders,

ordinances or requirements (a) affecting the Unite and noted or issued

subsequent to the date of this Contract by any govemmental department,

agency or bureau having jurisdiction and (b) any such notes or notices

affecting only the Common Elements which were noted or issued prior to

or on the date of this Contract m at any time hereafter.11. Any other matters or encumbrances subject to which Purchaser is

required to accept title to the Unit pursuant to this Contract.

and lust revised 20

712249

— Bargain and Sale Deed, with Covenant against Grantor’s Acts * Individual or Corpototion (Single Sheet)

CONSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENT—THIS INSTRUMENT SHOULD BE USED BY L°,Wr’ERS ONLY

THIS INDENTURE, made as of the day of

__________

in the year

BETWEEN

party of the first part, and

party of the second part,

WITNESSETH, that the party of the first part, in consideration of TEN DOLLARS &XX/IOO ($lO.OO)--———-----

dollars paid by the party of the second part, does hereby grant and release unto the party of the second part, the hetrs

or successors and assigns of the party of the second part forever,

ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and beIngin the

SEE SCHEDULE A ANNEXED HERETO

TOGETFIER with all right, title and interest, if any, of the party of the first part in and to any streets and roadsabutting the above described premises to the center lines thereof; TOGETHER with the appurtenances and all the estate andrights of the party of the first part in and to said premises; TO HAVE AND TO HOLD the premises herein granted unto theparty of the second part, the heirs or successors and assigns of the party of the second part forever,

AND the party of the first part covenants that the party of the first part has not done or suffered anything whereby the saidpremises have been encumbered in any way whatever, except as aforesaid,AND the party of the first part, in compliance with Section 13 of the Lien Law, covenants that the party of the first part willreceive the consideration for this conveyance and will hold the right to receive such consideration as a trust fund to beapplied first for the purpose of paying the cost of the improvement and will apply the same first to the payment of the cost ofthe improvement before using any part of the total of the same for any other purpose. The word “party” shall be construed asif it read “parties” whenever the sense of this indenture so requires.

IN WITNESS WHEREOF, the party of the first part has duly executed this deed the day and year first above written.

IN PRESENCE OF:

712249

ACKNOWI,EDGEMENT BY SUBSCRIBING VITNESS

TAKEN IN \:E YORK STATE

State of New York, County of , ss.

On the day of in the year

before tne, the undersigned, a Notary Public in and for said State,

personally appeared

subscribing witttess to the l’orcgoing ittstruntent, with whom I atn

personally acquainted, who, being by itie duty sworn, did depose and

say that Iteslietltey reside(s) in

(if tire place of residence is in a coy, include the street and street number fain. thereof):

that lte/she:tltcy know(s)

so be the individual described in and silto executed ttte foregoiitg

instruntent that atd subscribing wittiess was present and saw said

execute the same and Iltat said witness at the sante time sttbscribcdhis/her/their nato c(s) as a witness tltereto

ACKNOWLEDGEMENT TAKEN IN NEW YORK STATE

State of New York, County of , ss

On the day of in tlte year

before me, the undersigned, personally appeared

personally known to trio or proved to tie on thebasis of satisfactory evidence to be the isdixtdiiaho whose tattle(s) to

(are) sctbscribed to the within t nst rurrrcttt atid acknosvl edged to tiethat he:slie/iliey executed the sarrie tn ltisher/tlicir capacity(ics), andiltat ba ltisher:tlteir stgtraturc(s) ott the isstrntttertt the itthc dual(s),or ilte perso ttpon beitalf of wlttch the individual(s) acted. executed(lie instrument.

ACKNOWLEDGEMENT TAKEN Ol/ISIDE NEW YORK

STATE

State of Coctnty of

*(Or insert District of Columbta, Terrttory, Possessiour ut Forc’igtt

Cotttttv)

Ott the day of itt the year

.before me the undersigtted personally appeared

Personally known lottie or proved to inc ott (lie basis ofsatisthciot’v

evidotice to be tlte individttal(s) whose tame(s) is (lire) subscethed to

the wtthtitu iitstrumettt and ackitotu ledged to toe tlsat Ito she (icy

executed the satnc itt ltis:’lter;their capitcily( ics). that bi his her/Iheit

signature(s) on (he instrotment, the titdiviehttal)s I or itte persott utpoa

behalf of which the individual(s) acted, executted lie instnuttien t. and

that such itidividttal make such appeatanec’ before ttte uitderotgscd in

the

(add the city or politic-al subdivision and (lie state or eouurtr, or otlter

place (lie acknoxvledgetitetit was taken).

COUNTY OR TOWN

ACKNOWLEI)GEMENT TAKEN IN NEW YORK STATE

State of New York, Coutity of New York, sa:

On the day of in the year — —, before sic, theundersigned, personally appeared personally kitownto me or proved to me on (lie basis of satisfactory evidetice to be ttteitidividaal(s) whose tame(s) t s (ate) sabsci bed to the ‘x ((ott

instrutoent and acknowledged to me that hie/slse/tltc’y executed thresame in his/her/their capdtcity( cs), attd iltat by huis,lter/thtetrsignature(s) on (he instrrttrtcutt, the mdi vidual(s), or tlte persoti urpotibehalf of which (lie ittdividual( ) trctcd, executed the tnstrsttuent.

the

55:

Bargain and Sale Deed withcovenant against Grantors Acts

SECTION

BLOCK

LOT

RE’I URN BY MAIl. 10:

Alert Pagetofi

Please remember the following tax transaction ID, it is Important for future access and reference.

Transaction Number: 2008020500018

Prrnt Tax Transectlon ID

https:/Ia836-acrisnyc.govfetax/inc1ude/trans_addfomiasp?lsNew= 1&FortnType l&EtecSu.. 21512008