ATKINSON TOWERS, INC. DISCLOSURE STATEMENT
This Disclosure Statement is provided by Walter Flood, Realtor, and is NOT endorsed or authorized by Atkinson Towers, Inc., the Board of Directors, and/or Certified Management, Inc. Date: January 15, 2008.
1. It is understood that the Purchase Contract (PKA: DROA) is for purchasing a deed in Atkinson Towers Condominium, which is represented by Apartment #602, use of parking stall #86, use of the assigned space in the storage room and the co-use of the limited common elements.
2. Buyer understands that the project, Atkinson Towers, Inc., is a residential cooperative, as of this date: January 15, 2008, and the stockholder/owner/seller is in the process of converting his interest to a residential condominium.
3. Buyer understands that the ground lease rent, for the 10,500 sq.ft. property owner by Mr. Lloyd Char has been set for the period Jan. 1, 2007 to Dec. 31, 2016 is $66,000.00. The ground lease rent "pro ration" for Apt #602 is: $42.02/month - as of Jan. 1, 2007, but will increase by 10% on Jan. 1, 2008.
Note: The "Maintenance Fee" (which includes: parking lot ground lease rent, real property taxes, Atkinson Towers, Inc. building insurance, basic TV cable, and other association expenses) is $461.91/month as of 01/01/2007.
The Buyer is encouraged to review the corporation's current financial statement and seek legal advice prior to purchasing an interest in Atkinson Towers.
4. Buyer understands that at the end of this ten-year period (December 31, 2016), Atkinson Towers' interest in the parking lot will expire.
5. Buyer understands that the master lease on the 10,500 sq.ft. parcel (parking lot) expires on December 31, 2016 and that if the Condominium is not successful in purchasing the leased fee interest in the parcel owned by Mr. Lloyd Char or in obtaining an extension of the lease, that particular portion of Buyer's vested interest in Atkinson Towers will terminate with no residual value or recovery of investment.
This is known as the "surrender clause" in the master lease. To wit: The Lessee (Atkinson Towers) will be required to turn over the Lloyd Char property, including the improvements (if any), to the Lessor at the termination of the lease.
Furthermore, it is understood that if the Condominium is not successful in purchasing the leased fee interest (fee simple), or in gaining an extension of the ground lease, the value of the Owners' interest in Atkinson Towers Condominium may diminish as the year of the expiration of the Master Lease approaches.
The above information is from sources deemed to be reliable, but is not guaranteed, and the Seller or the Seller's Agent are not liable or responsible for any inaccuracies, error or omissions.
Buyer: _________________________Date: _________ Seller: _________________________ Date: __________