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Condominium Offering Plan Condominium

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Condominium Offering Plan Condominium Part II of the Condominium Offering Plan of The New York Arts Building Condominium Exhibit 6(A)) Purchase Agreement PURCHASE AGREEMENT 3os EAST 6rsr sTREET GRoUP LLC Sponsor wirh Purchaser Unit Number THE NEW YORK ARTS BUILDING CONDOMINIUM 305 EAST 615T STREET NEW YORK. NEWYORK 10065 purchase agreement bb rev v2 nov 2.doc TABLE OF CONTENTS Section Page SCHEDULE A -............... PE,RMITTED ENCUMBRANCES SCHEDULE B _................ INSPECTION STATEMENT PAGE ii OF PURCHASE AGREEMENl purchase agreement bb tev v2 nov 2.doc PURCHASE AGREEMENT UNIT NUMBER THE NEW YORK ARTS BUILDING CONDOMINIUM 305 EAST 615T STREET NEW YORK, Nf,W YORK 10065 AGREEMENT. made as of between Sponsor and Purchaser (defined below). WITNESSETH: I. THEPLAN Purchaser acknowledges having received and read a copy of the Offering Plan for The New York Arts Building Condominium and all amendments thereto, if any, filed prior to the date hereof with the Deparffnent of Law of the State of New York (hereinafter, collectively, refened to as the "Plan") at least 3 business days prior to Purchaser's signing this Agreement. IfPruchaser has not received and read the Plan and all amendments thereto at least 3 business days prior to Purchaser's signing this Agreement, Purchaser shall have the right to rescind this Agreement, by sending written notice ofsuch rescission to Sponsor by certified or registered mail, retum receipt requested, or by personal delivery, in either case within 7 days from the date Purchaser delivers an executed Purchase Agreement together with the required Deposit to the Selling Agent. The Plan is incorporated herein by reference and made a part hereof with the same force and effect as if set forth at length. In the event of any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan will govern and be binding. Purchaser hereby adopts, accepts and approves the Plan (including, without limitation, the Declaration, By-laws and Rules and Regulations contained therein) and agrees to abide and be bound by the terms and conditions thereof, as well as all amendments to the Plan duly filed by Sponsor. 2. DEFINITIONS Terms used herein which are also used in the Plan shall have the same meanings as they do in the Plan, unless the context requires otherwise. 2.1 "Sponsor" means 305 East 61" Street Group LLC, a New York limited liability company, having an office at c/o 488 Madison Avenue, New York, NY 10022. Sponsor's taxpayer identifi cation number is 2.2. "Purchaser" means havins an address at Purchaser's social security number is 2.3 ooAttorney for Sponsor" means Lewis Kuper, Esq. having an address at 1501 Broadway, 22no Floor, New York, NY 10036; Attention: Lewis Kuper, Esq, Telephone Number: (212) 301-6991. Facsimile Number: (212) 730-4518. E-mail address: lkuper@gu{glaw.com. PAGE 1 OF PURCHASE AGREEMENT purchase agreemcnt bb rev v2 nov 2.doc 2.4 "Attomey for Purchaser" means havins an address at I Attention: _, Esq. Telephone Number: Facsimile Number: ( ) E-mail address: 2.5 "Selling Agent" means 2.6 "Co-Broker" means 2.7 "Escrow Agent" means Attomey for Sponsor. 2.8 "Title Company" means Borders Title Agency, Inc., having an office at One Hollow Lane, Suite 303, Lake Success, New York 11042, Tel. (516)233-2222, Cell (516) 946-0222. 3. THE UNIT Upon and subject to the terms and conditions set forth herein, Sponsor agrees to sell and convey, and Purchaser agrees to purchase, the Unit designated as Unit in the Declaration, together with its undivided o/o interest in the Common Elements appurtenant to such Unit ("Unif). 4. PURCHASEPRICE 4.1 The Purchase Price for the Residential Unit ('?urchase Price") is $ The Purchase Price is payable as follows: (a) $_, ("Initial Deposit"), due upon Purchaser's signing and delivering this Agreement, by check (subject to collection), receipt ofwhich is hereby acknowledged; (b) $_ ("Balance ofPurchase Price"), by good certified check ofPurchaser or official bank check, payable on the delivery ofthe deed as hereinafter provided. (c) If Purchaser is signing this Agreement after the Plan is declared effective, the Initial Deposit shall be due upon Purchaser's signing this Agreement. 4.2 All checks shall represent United States currency, be drawn on or issued by a United States Bank or trust company which is a member of the New York Clearing House Association and shall be unendorsed. The Deposit shall be made payable to the direct order of "Lewis Kuper, as Escrow Agent." The Balance shall be made payable to the direct order of "305 East 61't Street Group LLC"(or such other party as Sponsor directs to Purchaser, in writing, at least I business day prior to the date of Closing of Title). If any check is retumed for insufficient funds or any other reason, such return shall be deemed to be a default by Purchaser under this Agreement and shall entitle Sponsor to exercise any of the remedies set forth in Article 13 hereof. Notwithstanding the foregoing, if the check representing the Initial Deposit is retumed for insufficient funds or any other reason, such retum shall be deemed to be a non-curable default by Purchaser and this Agreement shall automatically be deemed cancelled. Upon the cancellation of this Agreement, Purchaser and Sponsor will be released and discharged of all further liability and obligations hereunder and under the Plan, and the Unit may be sold to another as though this Agreement had never been made, and without any obligation to account to Purchaser for any ofthe proceeds ofsuch sale. PAGE 2 OF PURCHASE AGREEMENT purchase agreement bb rev v2 nov 2.doc 5. DEPOSIT TO BE HELD IN TRUST l. The law firm of Lewis Kuper, Esq., with an address at 1501 Broadway, 22nd Floor, New York, NY 10036, telephone number (212) 221-5700, shall serve as escrow agent ("Escrow Agent") for Sponsor and Purchaser. Escrow Agent has designated the following attorneys to serve as signatories: Lewis Kuper, Esq. All designated signatories are admitted to practice law in the State of New York. Neither the Escrow Agent nor any authorized signatories on the account are the Sponsor, Selling Agent, Managing Agent, or any principal thereof, or have any beneficial interest in any ofthe foregoing. 2. Escrow Agent and all authorized signatories hereby submit to the jurisdiction of the State of New York and its Cowts for any cause of action arising out of the Purchase Agreement or otherwise conceming the maintenance of release of the Deposit from escrow. 3. The Escrow Agent has established the escrow account at Capital One Bank, located at 1166 Avenue of the Americas, New York, NY 10036, inthe State of New York ("Bank"), a bank authorized to do business in the State of New York. The escrow account is entitled "Lewis Kuper 305 East 6l't Street Special Account" ("Escrow Account"). The Escrow Account is not an IOLA account. The Escrow Account is federally insured by the FDIC at the maximum amount of $250,000 per deposit. Any deposit in excess of $250,000 will not be insured, unless Escrow Agent has established multiple accounts on behalfofPurchaser at various institutions. 4. All Deposits received from Purchaser shall be in the form of checks, money orders, wire transfers, or other instruments, and shall be made payable to or endorsed by the Purchaser to the order of Lewis Kuper, as attorney, as Escrow Agent. 5. The interest rate for all Deposits made into the Escrow Account shall be the prevailing rate for such accounts. Interest shall begin to accrue upon placing the Deposit into the Escrow Account. All interest earned thereon shall be paid to or credited to the Purchaser at closing. No fees ofany kind may be deducted from the Escrow Account, and the Sponsor shall bear all costs associated with the maintenance of the Escrow Account. 6. Within five (5) business days after the Purchase Agreement has been tendered to Escrow Agent along with the Deposit, the Escrow Agent shall sign the Purchase Agreement and place the Deposit into the Escrow Account. Within ten (10) business days of the placing the deposit in the Escrow Account, Escrow Agent shall provide written notice to Purchaser and Sponsor, confrrming the Deposit. The notice shall provide the account number and the initial interest rate to be earned on the Deposit. Any Deposits made for upgrades, extras, or custom work shall be initially deposited into the Escrow Account, and released in accordance to the terms of the Purchase Agreement. 7. The Escrow Agent is obligated to send notice to the Purchaser once the Deposit is placed in the Escrow Account. If the Purchaser does not receive notice of such deposit within fifteen (15) business days after tender of the Deposit, he or she may cancel the Purchase Agreement within ninety (90) days after tender of the Purchase Agreement and Deposit to Escrow Agent. Complaints concerning the failure to honor such cancellation requests may be refered to the PAGE 3 OF PURCHASE AGREEI\,IENT purchase agreement bb rev v2 nov 2,doc New York State Department of Law, Real Estate Finance Bureau, 120 Broadway, 23'd Floor, New York, N.Y. 10271, Rescission shall not be afforded where proof satisfactory to the Attorney General is submitted establishing that the Deposit was timely placed in the Escrow Account in accordance with the New York State Department of Law's regulations concerning Deposits and requisite notice was timely mailed to the Purchaser. 8. A11 Deposits, except for advances made for upgrades, extras, or custom work received in connection with the Purchase Agreement, are and shall continue to be the Purchaser's money, and may not be comingled with any other money or pledged or hypothecated by Sponsor, as per GBL $ 3s2-h.
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