OLYMPIC TOWER CONDOMINIUM PURCHASER S ACKNOWLEDGEMENT OF BY-LAWS, RULES AND REGULATIONS AND POLICIES

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1 OLYMPIC TOWER CONDOMINIUM PURCHASER S ACKNOWLEDGEMENT OF BY-LAWS, RULES AND REGULATIONS AND POLICIES 1. By-Laws and House Rules I (we) have read, understood, approved and acknowledged receipt of the HOUSE RULES and REGULATIONS, and BY-LAWS set forth by OLYMPIC TOWER CONDOMINIUM. I (we) give my (our) assurance that all members of my (our) office and visitors will conform to the RULES and REGULATIONS, and BY-LAWS. I (we) recognize that by acting to the contrary of any terms of the HOUSE RULES and BY-LAWS, I (we) shall be in violation of the terms and conditions set forth in the HOUSE RULES and BY-LAWS. 2. By-Laws, Article VII, Section 12. Transfer Fee and Policy I (we) have read and understand that Olympic Tower Condominium has a Transfer Fee of 1% of purchase price $ (1% of purchase price) pursuant to Section 12 of Article VIII of the Condominium s Bylaws as Amended. I/We hereby agree(s) to pay the above Transfer Fee by certified or bank check without reservations. 3. By-Laws, Article XIV, Section 1. Liability for Litigation Costs I (we) have read, understand and agree to By-laws, Article XIV, Section Rule and Regulation Thirty- Five. Maintenance and Replacement of Unit HVAC Equipment I (we) have read, understand and agree to Rule and Regulation Thirty Five. 5. Dog Policy of the Condominium I (we) have read, acknowledge and agree that in accordance with the Resolution of the Board of Managers resolution, I(we) will not maintain a dog in our unit. 6. Homeowners Insurance, Policy of the Condominium I (we) have read, acknowledge and agree to the Policy of the Condominium regarding Homeowners Insurance. 7. Real Estate Tax Refund Distribution, Policy of the Condominium I (we) have read, acknowledge and agree to the Policy of the Condominium regarding Distribution of Real Estate Tax Refunds. In conjunction with the Contract of Sale of Apartment of Olympic Tower Condominium dated the above is agreed to and acknowledged Purchaser/Prospective Unit Owner Purchaser/Prospective Unit Owner Date INITIAL SPECIFIC PARAGRAPHS ON ATTACHMENT.

2 OLYMPIC TOWER CONDOMINIUM ATTACHMENT TO PURCHASER S ACKNOWLEDGEMENTS OF BY-LAWS, HOUSE RULES AND POLICIES 1. By-laws and House Rules Entire document provided. 2. By-Laws, Article VII, Section 12. Transfer Fee. On the sale, conveyance or other transfer of a Residential Unit in the Condominium, the Residential Section of the Condominium shall be paid a fee by the Purchaser or transferee of the Unit in an amount equal to 1% percent of the gross sale price ( The Transfer Fee ). The Transfer Fee shall be paid at the closing of the transfer of the Unit and deposited into the Residential Section Condominium s reserve fund. In the event the Transfer Fee is not paid the Board shall have the right to place a lien against the Unit and enforce it in the manner provided in Section 339-aa of the Real Estate Property Law of the Sate of New York, together with the interest thereon computed as provided in Section 6 of Article VI hereof. The Transfer Fee shall not be payable for transfers to which the Board does not have the right of first refusal. It is the policy of the Condominium to deposit the Transfer Fee remittance upon the signing of the Certificate of Waiver of Right of First Refusal. 3. By-Laws, Article XIV, Section 1. Liability for Litigation Costs. If any Unit Owner, tenant, purchaser, or an applicant to purchase or lease a Unit, institutes any action or proceeding against the Condominium, its officers, managers, agents or employees, relating to the Declaration, the By-Laws, the House Rules or the affairs of the Condominium and if there is an adverse determination by the court against the Unit Owner, tenant, purchaser, or applicant or the action or proceeding is dismissed, then on a determination by the Board of managers that such action or proceeding was not brought in good faith, (a) such Unit Owner, tenant, purchaser or applicant shall reimburse the Condominium for the attorneys fees and disbursements incurred by the Condominium in such action or proceeding or in the enforcement of this provision, and (b) the Condominium shall have the right to collect the same as an assessment against the unit owner or rent against the tenant. By applying to purchase or lease a Unit, an applicant to purchase or lease a Unit agrees to be bound by this provision. The effective date of this provision is the date that it is approved by two thirds of the Unit Owners and all actions or proceedings brought or new causes of action alleged in then existing actions or proceedings subsequent to such date shall be expressly subject to this provision.

3 4. Rule and Regulation Thirty- Five. Maintenance and Replacement of Unit HVAC Equipment. Unit owners are required to replace all HVAC equipment, including associated unit and piping insulation and valves, within their apartment Units as noted below. This rule applies to existing equipment that is original to the building or is older than 30 years. 1. Within one year of the transfer of any form of legal ownership of a Unit, 2. Within six months of the vacancy of the tenant or occupant of the Unit and Prior To Any Re- Occupancy: a. Upon the vacancy of a lessee occupying an apartment. b. Upon the vacancy of the owner occupant and their family occupying an apartment in order to lease the apartment or To Authorize Another Individual To Take Occupancy. c. Upon the change in the authorized occupant and their family occupying an apartment by an entity owner. 3. In conjunction with an apartment alteration as required in the Alteration Agreement or whenever the interior Alteration will entail opening the walls surrounding an HVAC Unit. 4. When any HVAC equipment found to be defective, damaged or deteriorated, the equipment must be immediately repaired or replaced by the Unit Owner. If the Unit Owner fails to comply with the required replacement and schedule as specified above, the unit owner will be assessed an Administrative Fee of Five Hundred and no/100 dollars ($500.00) per month until such replacement(s) is/are complete and, the following services will not be tendered to all residents of the Unit, whether or Owner or tenant Until the HVAC equipment is replaced: 1. Housekeeping and/or maintenance requests that are a Unit Owner s responsibility (which could have been performed by the staff and billed back to the Unit Owner as an additional charge) will not be provided. 2. Fax and Xeroxing services will not be provided. 3. Concierge services will not be provided: a) No visitors, guests, delivery or service people will be allowed beyond the desk unless personally escorted by the resident, nor will the concierge call the apartment to advise them of their arrival. b) Visitors will have to call from outside the building to announce their arrival. c) No authorization to enter or to release keys will be honored. d) No packages or deliveries of any kind (except prescription medication) will be accepted by the concierge. (e) The concierge will not order limousines, make restaurant reservations or arrange tickets for the theater or any other form of entertainment. (f) No service calls will be provided to the apartment except for emergencies or essential services. 5. Olympic Tower Condominium - Dog Policy of the Condominium (As Unanimously Adopted at the Regular Meeting of the Residential Members of the Board of Managers of The Olympic Tower Condominium held on Thursday, January 9, 2003, at 2:00PM)

4 Resolution WHEREAS, the Residential Members of the Board of Managers of Olympic Tower Condominium (the Board ) has become concerned regarding the number of dogs in the building, the danger to the residents from a large number of dogs, and the effect of all the dogs having on the condition of the building; and WHEREAS, the Board, after carefully considering this problem, believes that it is in the best interest of all of the Unit Owners to enforce House Rule 12, which provides the Board of Managers with the authority to restrict animals in the building; and WHEREAS, the following resolution was unanimously adopted at the Tuesday, July 31, :00PM Regular Meeting of the Board, RESOLVED, that commencing on the enactment of this Resolution residents of Olympic Tower shall not be permitted to (a) have a dog living in a unit, unless the dog was living in the unit prior to the enactment of this Resolution, and (b) replace a dog that was living in a unit prior to the enactment of this Resolution once the dog dies or otherwise ceases to reside in the Unit. WHEREAS, the Board, in a letter from the Board to all Unit Owners, dated November 7, 2001, subsequently revised the July 31, 2001 Resolution as follows: The Board will permit any existing resident who has a dog and loses it to replace that dog with another dog of similar or smaller size. WHEREAS, in the same November 7, 2001 letter, the Board further clarified their position that: Consistent with the wishes of the great majority of Unit Owners, other than existing residents who presently have dogs (or are replacing a dog that previously lived in the Building), dogs will not be allowed. above, WHEREAS, the Board now wishes to confirm and ratify the policy that has been in place, as outlined NOW, THEREFORE, be it RESOLVED, that residents of Olympic Tower shall not be permitted to have a dog living in a unit, unless the dog was living in the unit prior to Tuesday, July 31, 2001, at 5PM, or unless an existing resident who has a dog and loses it, replaces that dog with another dog of similar or smaller size. 6. Olympic Tower Condominium Homeowners Insurance, Policy of the Condominium It is a policy of your condominium association that all homeowners carry Homeowners Insurance. Therefore, we request that upon a consummation of a closing of an apartment, an insurance policy is procured and a copy of such policy be submitted to the managing agent.

5 7. Olympic Tower Condominium Real Estate Tax Refund Distribution, Policy of the Condominium WHEREAS, the Board of Managers has had to deal with refunds of Real Property Taxes and other funds (the "Funds") for Units that have been sold ("Sold Units"); and, WHEREAS, the Board of Managers has no certainty whether the present or former owner of the Sold Units should receive the Funds, is concerned about potential liability if the funds are sent to the wrong party; and, is usually unable to locate the former owner of the Unit after the closing; and, WHERAS, the Board of Managers is desirous of establishing a procedure for distributing the Funds in a timely manner without exposing itself or the condominium to liability if the Funds are delivered to the wrong party. NOW, THEREFORE, on motion duly made, seconded and unanimously enacted, the Board of Managers has enacted the following Resolution: At or prior to the closing of the sale of every Unit in the Olympic Tower Condominium, the purchaser and seller of the Unit shall designate, in writing (the "Designation"), that either the purchaser or the seller as the recipient of any Real Property Tax Refunds or other funds that are received (the "Funds") relating to the Unit after it is sold for a period prior to the sale (the "Sold Units"). In the event that the seller and purchaser fail to execute the Designation, the Board of Managers shall have the right to pay the Funds to the then owner of the Unit without any notice or liability to the seller or purchaser of the Unit. By failing to comply with this Resolution, the purchaser and seller are hereby indemnifying and holding the Board of Managers harmless from any loss, cost, expense or liability arising from the payment of the Funds to the then owner of the Unit.

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