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

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

  Any Unit and the Common Interest appurtenant thereto, may be divided, in the manner permitted by the Declaration, including changes in the number of rooms. Such division shall not result in a greater percentage of Common Interest for the total of the new Units than existed for the original Unit before such division.

ARTICLE VII. Sales, Leases and Mortgages of Units.

Section 1. No Severance of Ownership.  No Unit Owner shall execute any deed, mortgage, or other instrument conveying or mortgaging his Unit without including therein the Appurtenant Interests, it being the intention to prevent any severance of the ownership of the Unit and its Appurtenant Interests. Any deed, mortgage, or other instrument purporting to affect one or more of such interests, without including all such interests, shall be deemed and taken to include the interest or interests so omitted, even though the latter shall not be expressly mentioned or described therein.

No part of the Appurtenant Interests of any Unit may be sold transferred or otherwise disposed of, except as part of a sale, transfer or other disposition of the Unit to which such interests are appurtenant, or as part of a sale, transfer or other disposition of such part of the Appurtenant Interests of all Units.

Section 2. Sale of Units by Unit Owners.  Subject to the Board's right of first refusal set forth in Section 11 of this Article VII, and the rights of the owner, of Unsold Units as provided in the Plan, each Unit Owner shall have the right to sell his Unit without restriction, except for the consent of the mortgagee if the Unit is mortgaged and consent is required.

Section 3. Gifts, Devises and Intestacy.  Any Unit Owner shall be free to convey or transfer his Unit and Appurtenant Interests by gift, or to devise his Unit and Appurtenant Interests by will, or to pass the same by intestacy, without restriction.

Section 4. Payment of Common Charges.  No Unit Owner shall be permitted to convey, mortgage, pledge, hypothecate, sell, or lease his Unit unless and until he shall have paid in full to the Board all unpaid Common Charges against his Unit and until he shall have satisfied all unpaid liens against the Unit, except mortgages.

Section 5. Mortgage of Units.  Each Unit Owner shall have the right to mortgage his Unit without restriction, if he is not in arrears for Common Charges or any other obligation to the Condominium and if there are no other unpaid liens against the Unit.

Section 6. Notice to Board Managers.  A Unit Owner who mortgages his Unit shall notify the Board in writing of the name and address of his mortgagee and shall file a conformed copy of the note and mortgage with the Board. The Board shall maintain such information in a book entitled "Mortgages of Units".

Section 7. Notice of Unpaid Common Charges or Other Default.  At the written request of a mortgagee of a Unit, the Board shall promptly notify the mortgagee in writing of any unpaid Common Charges due from or any other default by, the owner of the mortgaged Unit.

Section 8. Notice of Default.  When giving notice to a Unit Owner of a default in paying Common Charges or of any other default, the Board shall send a copy of such notice to each holder of a mortgage covering such Unit whose name and address has theretofore been furnished in writing to the Board.

Section 9. Examination of Books.  Each mortgagee of a Unit shall be permitted, during regular business hours, to examine the books of account of the Condominium.

Section 10. Lease of Units.  Subject to the Board's right of first refusal set forth in Section 11 of this Article VII, each Unit Owner will have the right to lease his Unit, subject also to the provisions of the Declaration, the By-Laws and Rules and Regulations, provided that the lessee expressly agrees not to violate any of the provisions of the Declaration, By-Laws and Rules and Regulations and that the lease of the Unit is in the form recommended for apartments by The Real Estate Board of New York, Inc., as modified by the provisions of the Declaration, By-Laws and Rules and Regulations.

Section 11. Right of First Refusal.  An owner of a Unit may sell or lease his Unit provided that the owner (including an owner of an Unsold Unit other than Sponsor or any first mortgagee acquiring title by foreclosure or by deed in lieu of foreclosure) first gives the Board written notice of owner's intention to sell or lease. Such notice shall be accompanied by a fully executed copy of the contract of sale or lease containing all the terms offered in good faith by the prospective purchaser or lessee. For the purposes of the Board's right of first refusal, the "lease" of a Unit shall also include assignments and subleases to which the owner has consented.

The Board, or its designee, on behalf of all Unit Owners, shall have, after receipt of notice of a proposed sale or lease, twenty (20) days in which to exercise its exclusive right to purchase or lease a Unit on the same terms set forth in the contract of sale or lease. The Board must notify the Unit Owner during such twenty (20) day period of its election to purchase or to lease the Unit. If, within such twenty day period, the Board does not notify the Unit Owner of the Board's election to purchase or to lease the Unit, or if the Board waives such election, the Unit Owner shall have ninety (90) days thereafter in which to consummate the sale or lease in accordance with the terms of the contract or lease attached to the owner's notice. If the sale or lease is not consummated within this period, the Unit Owner will be required again first to offer the same to the Board as provided herein. In the event the Board does elect to exercise its right of first refusal, title shall close or a lease shall be executed (as the case may be) within ninety (90) days after the date that the Board gives notice of its election.

The Board may not exercise its option to purchase or to lease any Unit without the prior approval of a majority in Common Interest of the Unit Owners present in person or by proxy and voting at a meeting where a quorum is present. If approval is given, the Board (i) may assess each Unit Owner (other than the owner of the subject Unit), in proportion to each owner's Common Interest, an amount necessary to effectuate the purchase or lease (and to maintain the Unit thereafter, if applicable), (ii) may borrow the required funds, or (iii) may use any funds deposited in its capital and/or expense account. The Owner(s) of the Garage Unit(s) shall not be subject to the assessment, and no lien relating to such assessment may be placed against the Garage Unit(s).

The Board's right of first refusal regarding the sale or lease of Units shall apply to the owner of an Unsold Unit, other than Sponsor or any first mortgagee acquiring title by foreclosure or by deed in lieu of foreclosure, or the owner of the Garage Unit (or any subdivisions thereof or garage or parking spaces therein).

In the event the Board becomes the owner or lessee of a Unit, the Unit will be owned or leased by the Board or its designee on behalf of all Unit Owners as tenants-in-common. Until such Unit is no longer owned or leased by the Board, all costs and expenses incurred in connection with the ownership, operation, management, and leasing of such Unit shall be borne, as a Common Expense, by all Unit Owners. Such Unit may be sold by the Board or leased. In the event the Board or its designee becomes the lessee of a Unit, any lease thereof must comply with the requirements of the By-Laws, except that the consent of the landlord shall not be required in order to enter into a sublease.

A Unit acquired by the Board may be offered for sale by the Board by regular sale, public auction, or other commercially reasonable method. The proceeds from the sale or lease of a Unit owned or leased by the Board or its designee may (in the discretion of the Board) be wed to reduce the Common Charges payable by Unit Owners, be applied to the Reserve Fund, or be divided among all Unit Owners in proportion to their respective Common Interests, provided, however, that, with regard to any Unit Owner against whose Unit there exists any unpaid liens, such Unit Owner shall not receive his proportion or'the proceeds of any sale or lease until such unpaid liens have been discharged, in order of priority of such unpaid liens, from his proportion of the proceeds of the sale or lease. The balance of the proceeds after such discharge shall be paid to the Unit Owner.

The Board may not discriminate against any person for any reason proscribed by civil rights laws.

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