FOR INFORMATIONAL USE ONLY.    CONTACT MANAGEMENT OFFICE FOR OFFICIAL DOCUMENTS.

By-Laws
Of
Regents Park Gardens Condominium
  Kew Gardens Hills, New York

Section 1.  (a) First Meeting. Within sixty (60) days after the First Closing, the Sponsor shall call the first meeting of the Unit Owners for the election of Board members pursuant to these By-Laws.

(b) Annual Meetings. Annual meetings of the Unit Owners shall be held within thirty (30) days of the anniversary of the first annual meeting of the Unit Owners and annually thereafter unless such day shall fall on a Saturday, Sunday, or legal holiday, in which event the meeting for that year shall be held on the succeeding Monday.

(c) At the next annual meeting after (i) the Sponsor's conveyance of title to Units representing a majority in Common interest, or (ii) the fifth anniversary of the First Closing, whichever shall first occur, or sooner at the Sponsor's option, the Sponsor shall call the meeting of the Unit Owners for the election by all Unit Owners (including the Sponsor) of a seven-member Board. However, so long as the Sponsor or its designee shall continue to own one or more Units, the Sponsor shall have the right to designate one of the members of the Board, exclusive of its aright to designate one of the members of the Board in its capacity as owner of the Commercial Unit.

(d) Term of Member of the Board of Managers Designated by Sponsor. The members of the Board designated by the Sponsor and/or by the owner of the Commercial Unit shall serve for successive terms of one year. All other members of the Board shall serve for the terms prescribed in these By-Laws.

(e) Other Business. The Unit Owners may transact such other business at such meetings as may properly come before them.

Section 2. Place of Meetings.  Meetings of the Unit Owners shall be held at the principal office of the Condominium or at such other suitable place convenient to the Unit Owners as may be designated by the Board.

Section 3. Special Meetings.  It shall be the duty of the President to call a special meeting of the Unit Owners if so directed by resolution of the Board or upon a petition signed and presented to the Secretary by Unit Owners representing, in the aggregate, not less than twenty-five percent (25%) in Common Interest. The notice of any special meeting shall state the time and place of such meeting and the purpose thereof. No business shall be transacted at a special meeting except as stated in the notice.

Section 4. Notice of Meetings.  At least ten (10) but not more than forty (40) days prior to each annual or special meeting of the Unit Owners, the Secretary shall mail a notice of each such meeting to each Unit Owner of record, at the Buildings or at such other address as a Unit Owner shall have designated by notice in writing to the Secretary. Such notice shall state the purpose of the meeting as well as the time and place of the meeting. If the purpose of any meeting shall be to act upon a proposed amendment to the Declaration or to these By-Laws, the notice of meeting shall be mailed at least thirty (30) days prior to such meeting and shall contain a copy, or a summary, of the proposed amendment. The mailing of a notice of meeting in the manner provided in this section shall be considered service of notice.

Section 5. Adjournment of Meetings.  If any meeting of the Unit Owners may not be held because a quorum has not attended, a majority in Common Interest of the Unit Owners who are present at such meeting, either in person or by proxy, may adjourn the meeting to a time not less than forty-eight (48) hours from the time scheduled for the original meeting.

Section 6. Order of Business.  The order of business at all meetings of the Unit Owners shall be as follows:

(a) Roll call.

(b) Proof of notice of meeting.

(c) Reading of minutes of preceding meeting.

(d) Reports of officers.

(e) Report of Board of Managers.

(f) Reports of committees, if any.

(g) Election of inspectors of election (when so required).

(h) Election of members of the Board of Managers (when so required).

(i) Unfinished business.

(j) New business.

Section 7. Title to Units.  Title to Units may be taken in the name of an individual or in the names of two or more persons, as tenants in common or as joint tenants or as tenants by the entirety, or in the name of a corporation or partnership, or in the name of a fiduciary, or in any other name in which title may be legally held in New York State.

Section 8. Voting.  The owner or owners of each Unit (except the Board), or some person designated by such owner or owners to act as proxy on his or their behalf and who need not be a Unit Owner, shall be entitled to cast the votes appurtenant to such Unit at all meetings of Unit Owners. The designation of any such proxy shall be made in writing to the Secretary, and shall be revocable at any time by written notice to the Secretary. Any or all of such Unit Owners may be present at any meeting of the Unit Owners and may vote or take any other action as a Unit Owner either in person or by proxy. When a Unit is owned by more than one person, a vote may be cast only by all the owners of the Unit acting unanimously. A fiduciary shall be the voting member with respect to any Unit owned in a fiduciary capacity.

The total number of votes of all Unit Owners shall be 100,000 and each Unit Owner (including the Sponsor if the Sponsor owns or holds title to one or more Units) shall be entitled to cast one vote at all meetings of the Unit Owners for each .001 per cent of interest in the Common Elements applicable to his or their Unit.

Section 9. Majority of Unit Owners.  Unless otherwise specified, as used in these By-Laws the term "majority of Unit Owners" shall mean those Unit Owners having more than fifty percent (50%) of the total authorized votes of all Unit Owners present in person or by proxy at any meeting of the Unit Owners, determined in accordance with the provisions of Section 8 of this Article III.

Section 10. Application of By-Laws to, and Actions of, the Garage Unit Owner.  If at any time or from time to time there shall exist more than one Garage Unit, each provision hereof applicable to the Garage Unit shall apply to each such Unit and any vote, consent, act or action required or permitted to be taken by the Garage Unit Owner pursuant to these By-Laws shall require the concurrence of a majority in interest and number of the owners of such Garage Units.

Section 11. Quorum.  Except as otherwise provided in these By-Laws or the Declaration, the presence in person or by proxy of Unit Owners having one-third of the total authorized votes of all Unit Owners shall constitute a quorum at all meetings of the Unit Owners.

Section 12. Majority Vote.  Decisions made by the vote of a majority of Unit Owners at a meeting at which a quorum shall be present shall be binding upon all Unit Owners for all purposes except when a higher percentage vote is required by law, the Declaration, or these By-Laws.

Section 13. Action Without Meeting.  Any action required or permitted to be taken by the Unit Owners may be taken without a meeting if the number of Unit Owners required by the Declaration, these By-Laws, or applicable law consent in writing to the adoption of a resolution authorizing such action and the writing or writings are filed with the records of the Condominium.

FOR INFORMATIONAL USE ONLY.    CONTACT MANAGEMENT OFFICE FOR OFFICIAL DOCUMENTS.