-33- Services and Facilities The services and facilities described below will be provided to Residential Unit Owners and are included in the Common Charges, unless otherwise specified below. Use of the services and facilities shall be available only to individuals who reside in a Residential Unit in the Building (i.e., a Residential Unit Owner or permitted tenant) and such individual's guests, provided that such Residential Unit Owner or tenant accompanies the guest during such use. In addition, use of the services and facilities are subject to such Rules and Regulations as may be promulgated from time to time by the Condominium Board, including, without limitation, the right to impose usage fees and restrictions on hours of access, use, and/or service, as applicable. (a) Residential Lobby There will be two residential lobbies located on the lobby level of the Building on 11th Street and 12th Street for the use of the Residential Unit Owners. (b) Residential Lobby Attendants A concierge will be stationed in the 12th Street residential lobby 24 hours a day, 7 days a week. (c) Building Staff The staff of the Condominium will be supervised by the Resident Manager. Purchasers should refer to the Footnotes to Schedule B for a complete description of the Building staff. ( d) Telecommunications The Building will be pre-wired for telephone, cable television and internet services to the Residential Units. Residents will be able to subscribe for telephone, television and internet services. Charges for activating cable television, installing and attaching appropriate receptacles, additional installations and monthly usage charges will be determined by and payable directly to the cable company by each resident subscribing for and activating such service. Sponsor reserves the right to enter into an agreement with a service provider to provide a building wide internet access package, the monthly cost of which will be paid by the Condominium Board and billed to each Residential Unit Owner as a Residential Common Expense. (e) Mail All incoming mail will be delivered to the Building and will be placed by the United States Postal Service in mail boxes located on the lobby level of the Building. (f) Laundry Facilities Each Residential Unit will contain a vented electric washing machine and dryer. In addition, there will be a Residential laundry room located on the amenities level of the Building containing two (2) washers and two (2) dryers. P:\Offering Plans\438 East 12th Street\Accepted for Filing\Description of Property and Improvements.doc -34- (g) Refuse Disposal There will be recycling bins and access to refuse chutes in a trash room located on each floor containing Residential Units. The refuse chutes will lead directly to a compactor located in the compactor room on the amenities level. (h) Communication Facilities and Intercom System Each Residential Unit will be equipped with an audio intercom telephone system which will enable the occupants to communicate directly with the concierge. (i) Smoke and Carbon Monoxide Detector/Sprinklers A combination smoke and carbon monoxide detector will be provided in each Residential Unit in compliance with the Law. Additionally, the Building will be fully sprinklered in compliance with the Law. G) Recreation Space A fitness center, swimming pool, sauna, steam room and changing rooms will be located on the amenities level of the Building. (k) Children's Play Ro0m, Lounge and Library A children's playroom and Residential Unit Owner's lounge will be located on the amenities level, with access to a common outdoor terrace described below. A library will be located on the third floor. (1) Common Outdoor Terraces and Amenities The Residential Unit Owners will have shared access to outdoor terraces located on the amenities level and roo£ Use of the common terraces shall be subject to regulation by the Condominium Board, which may include, without limitation: (i) restrictions concerning the number of people permitted on the terrace at one time; (ii) noise constraints; (iii) prohibitions from utilizing glassware; (iv) restrictions concerning access during inclement weather; and (v) a requirement for a chaperone for children under the age of 18. There will be mechanical equipment belonging to the Condominium located on the roof which may generate noise and vibration. Units G-A, G-B, G-C, 2D, 3F, 3K, 3J, PH-A, PH-B, PH-E and PH-G will have outdoor kitchens including gas grills, countertop, and cabinet/drawers. Units PH-C, PH-D, PH-F and PH-H will have outdoor kitchens including gas grills, countertops, cabinet/drawers, trash and recycle station, and sink. (m) Bicycle Storage Room A bicycle storage room will be located on the amenities level. During the first year of Condominium operation, the Sponsor (assuming that the Sponsor is in control of the Residential Board) will cause the Residential Board to charge $175.00 per year for each bicycle space. Such spaces will be made available on a first-come, first-served basis. Thereafter, the Residential P:\Offering Plans\438 East 12th Street\Accepted for Filing\Description of Property and Improvements.doc -35- Board shall determine how bicycle spaces are allocated among Residential Unit Owners, and the fees for such use, if any. Handicapped Accessible Parking Unit Parking Unit 6 is designated as a handicapped parking space (the "HC Space") in order for the Condominium to comply with the New York City Zoning Resolution and other applicable Laws. Sponsor reserves the right to sell the HC Space to a non-handicapped Purchaser or Residential Unit Owner, subject to certain restrictions, as disclosed below and as provided in the By-Laws. The HC Space shall be the last parking space sold by Sponsor, unless it is purchased by a handicapped Purchaser or Residential Unit Owner or by a Residential Unit Owner with a handicapped family member or domestic partner who legally qualifies for handicapped parking. (i) In the event that a Residential Unit Owner in the Building owns a non- handicapped Parking Unit; is or becomes handicapped, or has a family member, domestic partner or tenant who resides in the Residential Unit and is or becomes handicapped (each party a "Handicapped Party"); and the Handicapped Party obtains government-issued license plates or a permit which would legally allow such Handicapped Party to park in a designated "handicapped" parking space, such Residential Unit Owner shall have the right to demand, in writing, that the fee owner of Parking Unit 6 convey title to Parking Unit 6 to such Residential Unit Owner in exchange for the deed to the non-handicapped Parking Unit; (ii) ln the event that the condition set forth in the above paragraph (i) occurs, but the Residential Unit Owner in the Building does not own a non-handicapped Parking Unit and is or becomes handicapped, or has a family member, domestic partner or tenant who is or becomes handicapped, the Residential Unit Owner (on behalf of himself or such Residential Unit Owner's handicapped family member, domestic partner or tenant, as the case may be) shall have the right to compel the fee owner of Parking Unit 6 to lease Parking Unit 6 at fair market value for use by such handicapped party; (iii) Notice hereunder shall be by certified mail, return receipt requested, or by personal delivery, or by nationally recognized overnight courier. The owner of Parking Unit 6 shall comply with a written demand for Parking Unit 6 in accordance with the terms hereof within thirty-five (35) days after the postmark date of such demand if such demand is by mail (certified mail, return receipt requested) or thirty (30) days after delivery if such demand is by personal delivery or by a nationally recognized overnight courier; (iv) In the event that the parties cannot agree on the fair market value of leasing Parking Unit 6 within time frame specified in paragraph (iii) above, then that matter shall be resolved by binding arbitration in accordance with Article 11 of the By-Laws; and (v) All costs and expenses entailed in the transfer of title to, or leasing of, Parking Unit 6, as the case may be, pursuant to the provisions hereof shall be borne solely by the party requesting the transfer of title or leasehold interest. Such costs shall include, but shall not be limited to, title insurance fees, recording fees, New York State and New York City transfer taxes, attorney's fees for both parties, fees levied by the Condominium, and any fee charged by a mortgage lender for release of Parking Unit 6 and/or for substitution of collateral. P:\Offering Plans\438 East 12th Street\Accepted for Filing\Description of Property and Improvements.doc -36- LOCATION AND AREA INFORMATION Location The Building will be located at 438 East 12th Street on the east side of Manhattan, between First Avenue and A venue A in the East Village, primarily a residential area. The mailing address of the Building is 438 East 12th Street, New York, New York 10009. As a world-renowned cultural center, New York City has over 70 museums and more than 50 institutions for the arts, including: Lincoln Center for the Performing Arts, housing the Metropolitan Opera House, Avery Fischer Hall, the New York State Theatre and the Vivian Beaumont Theatre, Carnegie Hall, the internationally famous Broadway theater district, the Metropolitan Museum of Art, the Museum of Modem Art, and the American Museum of Natural History, including the Hayden Planetarium. All of the aforementioned institutions are located in Manhattan. ..· New York City is also the nation's leading business center for communications, publishing, advertising, the fashion industry, legal and financial services, business consulting and public relations. As the world's capital of international commerce and finance, New York City is the home of the New York and American Stock Exchanges and the National Over-The­ Counter Stock Market.