LIST
OF ITEMS REQUIRED TO UNDERWRITE A
COOPERATIVE
UNDERLYING MORTGAGE
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1a.
INITIALLY, the COVER OF THE PROSPECTUS
along with the “SCHEDULE A” and
the most recent amendment (if any).
1b.
PROSPECTUS & ALL AMENDMENTS, FLOOR
PLANS, if available. Updated information
on apartment configurations & combinations
including any new share # allocations.
2.
LAST TWO (2) YEARS’ FINANCIAL STATEMENTS
and a copy of the last calendar years’ management
report printout.
3.
LIST OF SALES DURING THE LAST THREE
(3) YEARS: (Price Paid, Number of Shares,
Closing Date).
4.
LIST OF SHAREHOLDERS: Maintenance Schedule/Rent
roll (should include description of apts.,
for example: 3br/2 bath w/ terrace). Identify
which apartments are (1) owner-occupied,
(2) sponsor-owned, (3) shareholder owned
but sublet, or (4) co-op-owned. Also include
an aged arrears report with explanations.
5.
SPONSOR SURPLUS/SHORTFALL SCHEDULE if applicable.
i.e., the rents received by the sponsor
(or holder of unsold shares) vs. the maintenance
he pays plus any mortgage payments Sponsor/Holder
may have on his units.
6.
STATUS OF J-51 TAX ABATEMENT, if applicable.
7.
DETAILS of current mortgage: When due,
pre-payment penalties, etc.
8.
GROUND LEASE and/or COMMERCIAL LEASES,
if applicable.
9.
LIST OF CAPITAL IMPROVEMENTS ALREADY COMPLETED
(during the last five years) AND PLANNED
FOR THE FUTURE.
10.
CURRENT BALANCE IN RESERVE FUND. (Provide
latest Bank Statement)
11.
CURRENT YEARS’ BUDGET.
12.
SERVICE CONTRACTS – copies of any
contracts (such as elevator repair or management,
etc.) valued at $5,000/year or greater.
13.
SUMMARY OF ANY CURRENT OR PENDING LITIGATION.
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