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1993 Town of Mamaroneck Housing Authority Hommocks Park Apartment 6/30/1993
1993 Information Packet i , ;.4 . _...i- ... ,\.,. _,..., , ,. ,.,.., 0 II IIIIIUiu 41;11�.lp ▪ "isi,,,, ▪ .. III „1,,,,, - ,(1„„dr, o I'I - .,, \i„.,„A,_ , ,,,„,..„. rriff) a ...,- , 11,‘..,,,,,! V1 IF0II Is •• I e.l l ,Its,= r : 'Zr...”,-,' Z , •-'-.1 .0' I 111,,1,,1 1-- 1 1IIIIaII 1 ., 1 G IN0, II�' � - I I •.IL;:ill 111 1,.!` it ' Ziia., ..--,...k, I t i:,,,11} JIII,I I,, 1111 tilliii s41��1,14 "1:ii 2 imij171 f'-:::''‘i TABLE OF CPEN TS PAGE 1. Westchester County A. Need for Affordable Housing 1 B Target Market 2 2. Town of Mamaroneck A. Creation of Affordable Housing-Larchmont Motel 3 B. Comparison of Rental Units • 4 C. Desirability of Location 5 3. Assumptions - Cnqh Flow Statement 6 7 4. Cash Flow Statement - Housing Authority 8 9 10 5. Schedule of Revenue and Debt Expenses 11 12 13 6. Footnotes 14 15 16 7. Appendix 17 A. Feasibility Time Line B. Resume of Housing Advisory Board, Housing Authority, Budget Adivisory Committee C. List of Public Meetings relating to Hocks Park • Project. WESTCHESTER COUNTY NEED FOR AFFORDABLE HOUSING As documented in the "Statement of Need for Affordable Housing" (March 1992) numerous governmental, not-for-profit, public service, and private sector sources have identified a wide range of affordable housing needs for Westchester County. More than 15 feasibility studies have been completed; all documenting the pressing need for housing, especially rental units. 9' The provision of 5,000 units of affordable housing within the next 5 years for households making between $28,000 - $64,000 is the urgent and conservative objective with priority to accommodate the housing needs of municipal and county employees, school district workers, local volunteer emergency public service workers, senior citizens, and first time homebuyers. Westchester County has experienced a housing crisis for many years. In 1980 the County Board of Legislators adopted a housing policy that set a 10 year goal of 50,000 units of all types (5,000 per year) to be added to the housing stock. In March of that year, the then County Executive Alfred DelBello submitted to the Board of Legislators a Westchester County Housing Implementation Plan that described activities that the County would undertake to advance toward that housing goal. Yet the average rate of production barely exceeded 2,000 units per year. The high cost of land made it impossible to build affordable housing without major subsidies for land, financing costs and infrastructure as well as higher density zoning and shorter municipal approval processes. There is a growing population at risk due to the loss of rental housing. According to County statistics, in 1980 about half of the County's housing units were rental (146,249) . By 1990, 38.6% of this rental housing stock had been converted to cordoriniuns or cooperatives and was no longer available to renters. At the same time, as builders shifted their attention to the building of expensive oonr3cminiums and commercial space new construction of rental housing virtually ceased altogether. Further ccaucunding the problem was the high level of property value appreciation in Westchester during the 80's. During the 1980s, the Federal government discontinued most new housing construction programs for low and moderate income households. The impact of the withdrawal of Federal assistance was mitigated to a small extent by the initiation of same State programs to assist developers who create rental housing if 20% of their units are reserved for low-income households. Most of the few programs remaining are focused on providing housing for first time homebuyers rather than renters. As construction shifted away frau housing, 27 million square feet of new ocomercial space was produced between 1980 and 1990. Based on the 1990 U.S. Census, Westchester County has 320,000 households. If all the new commercial space built during the decade were occupied, the County would have added one new job for every four households. Despite the high commercial vacancy rate, the County has gained thousands of new jobs, with little household growth. Another key factor that negatively impacts the affordability of housing is the decline in income levels during the past 20 years relative to the cost of housing. The lack of new housing, and particularly -2- affordable housing, is a major reason why many of the County's workers must commute long distances at high cost. Furthermore, in order to avoid the need to commute, many residents live in overcrowded conditions or pay more than they can comfortably afford. Public service workers as well as private sector workers are affected—teachers, hospital workers, etc. Since police personnel and volunteer police, firefighters and ambulance corps workers are critical to the operations of their community, they must be able to reside in the municipality which they serve. Other barriers to the creation of affordable housing were Federal tax law changes. The change in the capital gains tax and, subsequently, the 1988 Tax Reform Act, moved many of the then existing incentives to create affordable housing. Without incentives on the Federal, State or County level, singly or in combination, it will be difficult to promote affordable housing. Further impediments loam on the horizon: Watershed regulations and water quality issues will make it increasingly difficult for the foreseeable future to create any type of housing especially in northern Westchester; 1r1,A rent regulations have been removed in several Westchester communities-especially on COOPS and CONDOS; this appears to be a growing trend, thus paving the way for higher rents on existing units. Target Market The target market for Affordable Housing was defined by the Housing Implementation Commission as including persons who live in Westchester, work in Westchester, or both with incomes ranging fram approximately $29,431 up to the median income in Westchester of $64,500 (1990 Census) . The target population includes teachers, municipal workers, hospital workers, clerical and maintenance staff, retirees, etc.: people living in overcrowded or substandard conditions, doubled-up or with their parents. Many may be beyond easy commuting range, in housing they can't afford without deprivation, or in temporary or hand-to-mouth accommodations. All ages are considered relevant, including young people just getting started and the elderly. In general, households in this target population can afford to utilize 30% of their ire for shelter. While both rental and ownership housing are needed, rental units are in particularly short supply. .2 AffordableHousing -2- TOWN OFMAMARONECK CREATION OF AFFORDABLE HOUSING - LAROHMOW MOTEL Si'1'1 In 1989 , reacting to canmmity concern over the escalating drug and criminal activity at the iarchmont Motel, the Town of Mamaroneck purchased that property effectively eliminating a long standing blight. Prior to the Motel purchase, there had been numerous attests through the years to interest developers in thig property with little success other than a fleeting plan by a builder to build a supermarket with a tiered garage on top. With much community input, together with Westchester's studies on the need for housing, the Town Board became omitted to developing necessary housing stock. In late 1989, the Town created a Housing Task Force -3 as well as a Housing Advisory Board 4 comprised of real estate developers, planners, architects, housing specialists, bankers and lawyers to help formulate the most effect housing for this site. The Town Board authorized a survey of Town employees relating to housing interest and income levels. The Housing Task Force undertook the survey and prepared a Report Of The Housing Demographics and Economic Work Group Findings 5. Among the data collected: In 1989 the income for Town employees ranged frau $22,000 - $42,000 and dual income families salary range was from $47,000 to $77,000. The survey of housing needs demonstrated that out of 51 responses, 48 employees would like to rent in Larctmront and that all 48 were either Section a eligible or moderate income eligible of up to $50,000. The data also showed that only 32 employees out of 114 lived in the community. For the next three years the Town together with the Advisory Board, and Housing Task Farce worked through many different housing options and financial structures with the N.Y.State Housing Finance Agency, Westchester County, Not-For-Profit organizations and private developers. After many meetings with N.Y.State Housing Agency, market analysts and Wilkie, Farr and Gallagher, our bond counsel, it became clear that the only way to build attractive housing and bring money back to the Town to recoup land acquisition costs was to develop our own Housing Agency with the Town as the financial guarantor. After a review of this financial structure, State, Federal and County agencies and officials awarded grant monies of $840,000 to build the Hammocks Park Apartment. After the State approved the creation of the Housing Authority, ,hely 1992, the Town of Mamaroneck appointed a five member board to the Town of Mamaroneck 6. MotelPurchase Working with our developers on the Advisory Board as well as Westchester County and its feasibility determinations of a distressed rental stock within a $25,000 to $60,000 income range 7, we applied a value of 30% of total income to determine rent levels. This 30% figure is the index of affordability utilized by Federal, State, and County housing agencies; our Advisory Board developers also agreed with these calculations. (It must be pointed out that families in $27,000 rental units within Westchester are forced to pay over 1/3 of total income for rent.)8 In fact we have left some latitude in our rent estimates; the highest rents in Hammocks Park are targeted to 30% of a $51,000 income; however, our State and Federal guidelines allow us to reach a family of four with a combined income of $61,275 9 . In theory, we could charge rents of $1,500 for two (2) bedrooms with loft. COMPARISON OF OTHER RENTAL UNITS There have been almost no rental units built in Westchester with the motion of David Bogdanoff's rental development in Yorktown in 1984. Now, even with Westchester County pressing for new development, only a few have been built. 10. However, we have two examples for comparison within our jurisdiction: Village of Mamaroneck Town of Mamaroneck MAMARONECK TOWERS H .S PARK APHIS 53 Units Housing for Seniors 74 Units Studio $ 869.00 - 1 Bedroom $ 1053.00 1 Bedroom $ 850.00 1 Bedroom with Loft $ 1050.00 Village of Mamaroneck HOMMOCZS PARK APARTMENTS TRA*ELL CROW DEV.CORP. 4 stories-beginning date late 1994 177 Units 1 Bedroom $1200-$1400 1 Bedroom $ 850.00 2 Bedroom $1600-$1800 1 Bedroom with Loft $ 1050.00 2 Bedroom $ 1150.00 2 Bedroom with Loft $ 1250.00 Note-Sq. footage approximately the same between TRAMMEL CROW 1 Bedroom and HOMMOCRS PARK APARTMENTS 1 bedroom with loft and TRAMELL CROW 2 bedroom and HOMMCORS PARK APARTMENTS 2 bedroom with loft. -4- DESIRABILITY OF UNITS Fran the beginning of the Hammocks Park Project, our Advisory Committee and Task Force as well as Town Board have been enthusiastic about this undertaking. The New York City Architectural Firm of Perkins & Faatman has designed an architecturally and aesthetically pleasing two (2) story New England design with Cedar Shake shingles, pitched roofs and peaks with lofts and individual garages. The location of the Hammocks Park Apartments is ideal, situated next to our Town's Recreational Complex consisting of our Municipal Swimming Pool, Ice Skating Rink, playing fields and Community Room. Only a few yards away is a fairly substantial shopping area. The apartments are contiguous to the Boston Post Road;facilitating easy transportation. The public has demonstrated its enthusiasm for this project as well. We now have over 300 interested people on our waiting list and we are receiving daily inquiries as to the status of the housing. • HanPkApts -5- June 30, 1993 MEMO TO: Supervisor and Town Board Chairman and Members of the Mamaroneck Housing Authority FROM: Stephen V. Altieri, Town Administrator SUBJECT: Pro-Forma Cash Flow Statement - Hammocks Park Apartments Attached is the thirty year pro-forma cash flow statement for the Hammocks Park Apartments as well as a schedule of the revenue to be received by the Town frau the housing project and the impact of the revenue on the Town's debt expense and the TownWide tax rate. The pro-forma has been prepared based upon a series of assumptions which are as follows: A. Project Costs Direct construction costs 1- $3,786,665 Construction Manager 360,000 Architectural Services 185,000 Construction Contingency 300,000 TOTAL $4,631,665 B. Grants-In-Aid Community Development Block Grant I $ 278,000 Housing Implementation Fund 185,000 Infrastructure Demonstration Grant 270,000 Community Development Block Grant II 108,000 TOTAL ($841,000) Proceeds required from sale of bonds $3,790,665 Say $3,800,000 C. Financing Costs Assumed rate of interest 5.8% Proceeds required for construction $3,800,000 Underwriters Discount 45,950 Cost of Bond Issuance 100,000 Debt Service Reserve Fund 171,019 Capitalized Interest 474,907 bond Contingency 3,124 TOTAL BOND ISSUE $4,595,000 -6- -2- D. Housing Operating Assumption The rental income for the housing development is based upon fifty-three tenant occupied units. One, one (1) bedroom unit will be set aside for the on site building superintendent and will not produce rental income. Rental income is projected in the cash flow statement to increase at the rate of 1-1/2% per year. The rent schedule is as follows: # of Units Bedrooms Rent/month 6 1 $ 733 5 2 867 2 1 850 22 1 w/loft 1,050 4 2 1,150 14 2 w/loft 1,250 1994/95 rental income equals 25% of expected annual income due to the fact that construction should be completed in July 1994. 1994/95 operating expenses are calculated at 50% of expected annual expenses. The land lease is assumed to continence in 1996/97 and will increase at an annual rate of 1.5% The pilot payment is assumed to commence in 1997/98 and will increase at an annual rate of 3%. *Special appreciation is extended to the Town's Budget Advisory Committee for its imput and review of the financing of the Housing Project. 11- 1. Based upon construction bids received on June 25, 1993. cashf low -7- TOWN OF MAMARONECK HOUSING AUTHORITY HOMMOCKS PARK APARTMENTS CASH FLOW STATEMENT Year 1 2 3 4 5 6 7 8 9 10 7/99 7/2000 7/2001 7/2002 7/93-7/94 7/94-7/95 7/95-7/96 7/96-7/97 7/97-7/98 7/98-7/99 7/2000 7/2001 7/2002 7/2003 Rental Income -0- 166,900 1. 677,609 687,773 698,089 708,560 719,188 729,975 740,925 752,038 Less Vacancy - 5% -0- ( 8,345) (33,880) (34,388) (34,904) (35,428) (35,958) (36,500) (37,046) (37,600) Gross Revenue -0- 158,555 643,729 653,385 663,185 673,132 683,230 693,475 703,879 714,438 Operations/Maintenance -0- 67,500 2. 135,000 139,050 143,221 147,517 151,942 156,500 161,195 166,030 Additional RentIn � )i Lieu of taxes) ' - -0- -0- -0- -0- 40,000 41,200 42,435 43,705 45,015 46,365 Land Lease -0- -0- -0- 125,.000 126,875 128,780 130,710 132,670 134,660 136,680 TOTAL OPERATING EXPENSES -0- 67,500 135,000 264,050 310,096 317,497 325,087 332,875 340,870 349,075 Net Operating Income -0- 91,055 508,729 389,335 353,089 355,635 358,143 360,600 363,009 365,363 c 1 Capitalized Interest 128,347 256,695 128,347 -0- -0- -0- -0- -0- -0- -0- other Interest Income -0- -0- 3,642 22,228 23,117 24,041 25,002 26.002 27,042 28,123 Income Avail. for Debt 128,347 347,750 640,718 411,563 376,206 379,676 383,145 386,602 390,0151 393,486 Net Debt Service 128,347 256,695 341,695 328,901 330,586 331,716 327,441 327,976 328,076 327,826 Net Cash Flow -0- 91,055 299,023 82,662 45,620 47,960 55,704 58,626 61,975 65,660 Fund Balance -0- 91,055 390,078 262,662 225,620 227,960 235,704 238,626 2417975 245,660 Additional Rent -0- -0- 210,078 82,662 45,620 47,960 55,704 58,626 61,975 65,660 Net Hous. Auth. Balance -0- 91,055 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 1. Three Month of Revenue 2. 50% of Operating Expenses spread-pg12 TOWN OF MAMARONECK HOUSING AUTHORITY HOMMOCKS PARK APARTMENTS CASH FLOW STATEMENT Year 11 12 13 14 15 16 17 18 19 20 7/2003 7/2004 7/2005 7/2006 7/2007 7/2008 7/2009 7/2010 7/2011 7/2012 7/2004 7/2005 7/2006 7/2007 7/2008 7/2009 7/2010 7/2011 7/2012 7/2013 Rental Income 763,318 774,768 786,390 798,185 810,160 822,310 834,645 847,165 859,870 872,770 Less Vacancy - 5% (38,165) (38,740) (39,320) (39,910) (40,510) (41,115) (41,730) (42,360) (42,995) (43,640) Gross Revenue 725,153 736,028 747,070 758,275 769,650 781,195 792,915 804,805 816,875 829,130 Operations/Maintenance 171,010 176,140 181,425 186,865 192,475 198,245 204,195 210,320 216,630 223,130 Additional Rent (In Lieu of Taxes) 47,755 49,190 50,665 52,185 53,170 55,360 57,025 58,735 60,495 62,310 Land Lease 138,730 140,810 142,925 145,065 147,245 149,450 151,695 153,970 156,280 158,620 TOTAL OPERATING EXPENSES 357,495 366,140 375,015 384,115 392,890 403,055 412,915 423,025 433,405 444,060 Net Operating Income 367,658 369,888 372,055 374,160 376,760 378,140 380,000 381,780 383,470 385,070 I Capitalized Interest Other Interest Income 29,245 30,415 31,635 32,900 34,215 35,585 37,005 38,490 40,025 41,630 Income Avail. for Debt 396,903 400,303 403,690 407,060 410,975 413,725 417,005 420,270 423,495 4261-700 Debt Service 332,216 330,976 329,351 327,331 329,906 331,786 327,951 328,751 328,891 328,271 Net Cash Flow 64,687 69,327 74,339 79,729 81,069 81,939 89,054 91,519 94,t04 98,429 Fund Balance 244,687 249,327 254,339 259,729 261,069 261,939 269,054 271,519 274,604 278,429 Additional Rent 64,687 69,327 74,339 79,729 81,069 81,939 89,054 91,519 94,604 98,429 Net Hous. Auth. Balance 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 spread-pg13 TOWN OF MAMARONECK HOUSING AUTHORITY HOMMOCKS PARK APARTMENTS CASH FLOW STATEMENT Year 21 22 23 24 25 26 27 28 29 30 7/2013 7/2014 7/2015 7/2016 7/2017 7/2018 7/2019 7/2020 7/2021 7/2022 7/2014 7/2015 7/2016 7/2017 7/2018 7/2019 7/2020 7/2021 7/2022 7/2023 Rental Income 888,860 899,150 912,635 926,325 940,220 954,325 968,640 983,170 997,915 1,012,885 Less Vacancy - 5% (44,295) (44,955) (45,630) (46,315) (47,010) (47,714) (48,430) (49,160) (49,895) (50,645) Gross Revenue 841,565 854,195 867,005 880,010 893,210 906,610 920,210 934,010 948,020 962,240 Operations/Maintenance 229,825 236,718 243,820 251,135 258,670 266,430 274,420 282,655 291,135 299,870 Additional Rent (In Lieu of Taxes) 64,180 66,105 68,090 70,130 72,235 74,400 76,-635 78,935 81,300 83,740 Land Lease 161,000 163,415 165,865 168,355 170,879 173,440 176,045 178,685 181,365 184,085 TOTAL OPERATING EXPENSES 455,005 466,238 477,775 489,620 501,784 514,270 527,100 540,275 533,800 567,695 I Net Operating Income 386,560 387,950 389,230 390,390 391,426 392,340 393,110 393,735 394,220 394,545 I Capitalized Interest Other Interest Income 43,295 45,025 46,830 48,700 50,650 52,675 54,780 56,975 59,250 61,620 Income Avail. for Debt 429,855 432,975 436,060 439,090 442,076 445,015 447,890 450,710 453,470 456,165 Debt Service 332,061 329,966 327,281 329,006 329,846 329,801 328,871 332,056 158,044 -0- Net Cash Flow 97,794 103,009 108,779 110,084 112,230 115,214 119,019 118,654 295,426 456,165 Fund Balance 277,794 283,009 288,779 290,084 292,230 295,214 299,019 298,654 475,426 636,165 Additional Rent 97,794 103,009 108,779 110,084 112,230 115,214 119,019 118,654 295,426 456,165 Net Hous. Auth. Balance 180,000 180,000 180,000 180,00 180,000 180,000 180,000 180,000 180,000 180,000 spread-pg14 I TOWN OF MAMARONECK HOMMOCKS PARK APARTMENTS SCHEDULE OF REVENUE & DEBT EXPENSES PURCHASE OF LARCHMONT MOTEL PROPERTY Year 1 2 3 4 5 6 7 8 9 10 11 7/99 7/2000 7/2001 7/2002 7/2003 7/93-7/94 7/94-7/95 7/95-7/96 7/96-7/97 7/97-7/98 7/98-7/99 7/2000 7/2001 7/2002 7/2003 7/2004 r Lease Revenue -0- -0- -0- 125,000 126,875 128,780 130,710 132,670 134,660 136,680 138,730 Additional Rent (In Lieu of Taxes) 1. -0- -0- -0- -0- 20,000 20,600 21,220 21,855 22,510 23,185 23,880 Other Additional Rent -0- - 0- 210,078 82,662 45,620 47,960 55,704 58,626 61,975 65,660 64,687 Gross Revenue -0- -0- 210,078 207,662 192,495 197,340 207,634 213,151 219,145 225,525 227,297 Land Debt Service 2. 209,731 219,153 213,096 211,881 205,506 208,812 201,800 194,787 187,775 180,762 173,750 I Net Town Expenses 3• 209,731 219,153 3,086 4,419 13,011 11,472 (5,834) (18,364) (31,370) (44,763) (53,547) I TownWide Tax Rate Impact °' $ 1.25 $ 1.31 $ .02 $ .03 $ .08 $ .07 ($ .03) ($ .11) ($ .19) ($ .27) ($ .32) 1. Payment Reflects 50% of obligation of the Housing Authority for additional rent in lieu of taxes. 2. Debt Service Payment on 20 year bond for purchase of Motel property. 3. Net Debt cost to the Town after receipt of lease payment and additional rent. 4. Portion of TownWide tax rate for land debt expense. ( ) - Denotes reduction in TownWide tax rate derived from lease and additional rent Spread-pg15 1 i t i TOWN OF MAMARONECK HOMMOCKS PARK APARTMENTS SCHEDULE OF REVENUE & DEBT EXPENSES PURCHASE OF LARCHMONT MOTEL PROPERTY 12 13 14 15 16 17 18 19 20 21 22 j 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 Lease Revenue 140,810 142,925 145,065 147,245 149,450 151,695 153,970 156,280 158,620 161,000 163,415 EAdditional Rent 1 (In Lieu of S Taxes) 24,595 25,335 26,095 26,875 27,685 28,515 29,370 30,250 31,155 32,090 33,055 Other Additional Rent 69,327 74,339 79,729 81,069 81,939 89,054 91,519 94,604 98,429 97,794 103,009 1 N Gross Revenue 234,732 242,599 250,889 255,189 259,074 269,264 274,859 281,134 288,204 290,884 299,479 { Land Debt 1 Service 166,737 164,565 162,075 154,425 146,775 139,125 131,475 23,825 -0- -0- -0- Net Town Expenses (67,995) (78,034) (88,814) (100,764) (112,299) (130, 139) (143,384) (257,309) (288,204) (290,884) (299,479) TownWide Tax Impact ($ .40) ($ .47) ($ .53) ($ .60) ($ .67) ($ .78) ($ .88) ($1.54) ($1.72) ($1.74) ($1.79) f spread-pg16 i TOWN OF MAMARONECK HOMMOCKS PARK APARTMENTS SCHEDULE OF REVENUE & DEBT EXPENSES PURCHASE OF LARCHMONT MOTEL PROPERTY Year 23 24 25 26 27 28 29 30 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Lease Revenue 165,865 168,355 170,879 173,440 176,045 178,685 181,365 184,085 Additional Rent (In Lieu of Taxes) 34,045 35,070 36,120 37,205 38,320 39,470 40,655 41,875 Other Additional 1 rn Rent 108,779 110,084 112,230 115,214 119,019 118,654 295,426 456,165 1 " Gross Revenue 308,689 313,509 319,229 325,859 333,384 336,809 517,446 682,125 Land Debt Service -0- -0- -0- -0- -0- -0- -0- -0- Net Town Expenses (308,689) (313,509) (319,229) (325,859) (333,384) (336,809) (517,446) (682,125) TownWide Tax Impact ($1.84) ($1.87) ($1.90) ($1.95) ($1.99) ($2.01) ($3.09) ($4.07) , spread-pg17 FOOT NOTES 1. Please see Feasibility Time line in the Appendix. All feasibility studies are available in Town office. 2 Statements on these two pages are from Westchester County Affordable Housing Plan issued by Westchester County Executive Andrew P. O'Rourke and The Affordable Housing Allocation System issued by George Raymond, Chairman of the Housing Implementation Camuzssion. 3 Housing Task Force Members Dolores Battalia, Mary Joyce Beringer, Mary Carlson, G. David Frankel, Norma Jacobson, Joel Negrin, Robert Plaut, Margaret Shultz 4 Housing Authority Committee David Bogdanoff, President, Montrose Construction Co. Builder and developer for more than fifty years. He has been active in NYS as owner-builder and general contractor of F.H.A. subsidized housing projects, NYC Mitchell-Lama housing projects, conventional apartment house projects, one family homes and new community development in Jefferson Valley, Town of Yorktown, Westchester County, New York. Mr. Bogdanoff also manages all properties, subsidized and conventional, that he has developed as owner/builder with his own management company, Montrose Management Associates. Up until two years ago, Mr. Bogdanoff had been the only developer to build rental units in Westchester since the 70's. Eugene Grant - Resident - Village of Mamaroneck President of Eugene M. Grant & Company (National real estate investment and development firm, head quartered in New York. Trustee Realty Foundation of New York, Real Estate Institute of New York University and former Governor of the Real Estate Board of New York. Carleton Dukess - Resident - Town of Mamaroneck Real Estate Investor & Developer. Partner Castle Properties Company (Real Estate investment & development company), President Emeritus National Housing & Rehabilitation Association Robert M. 'merman - Resident Town of Mamaroneck Principal, Horowitz, 'merman & Associates Graduate Magna Cum Laude, HARVARD in Architecture Member of the BAR, Town of Mamaroneck and has worked on many diverse projects such as 52 Unit Tenement Rehabilitation into subsidized and market rate housing units for United Jewish Council, NYC, Nassau Mall, Renovations at State University of N.Y., Renovation of The Dakota, home of Connie Chung and Maurice Povich. 5 This report is available at the Town office. -14- -2- 6 Town of Mamaroneck Housing Authority Members Paul A. Winick, Chairman - Resident - Town of Mamaroneck Lawyer with Thelen, Marrin, Johnson & Bridges Experienced in construction litigation and commercial disputes Mary Regina Carlson - Resident - Village of Mamaroneck Planner-Research: Department of Planning, Westchester County Former Community Planner U.S. Department of Health, Education and Welfare. Jeffrey L. Marston - Resident - Village of Larchmont Director, Housing Division Volunteers of America former Associate with Kidder, Peabody & Company- worked on structuring and underwriting tax-exempt bonds for low and moderate income housing Susan Sidel - Resident - Village of Mamaroneck Testing Coordinator for Westchester Residential Opportunities, White Plains former adjunct faculty, Manhattanville College, Purchase,NY Barry A. Weprin - Resident - Town of Mamaroneck Law Partner, Milberg Weiss Bershad Specthrie & Lerach - Former General Counsel N.Y.State Housing Finance Agency 7 Westchester County Affordable Housing Plan: Statement of Need 8 Rutgers Feasibility Report: Westchester County Needs Assessment prepared for the County Board of Legislators by the Center for Urban Policy Research, Rutgers, The State University of New Jersey (1991) . 9 HUD Median Income Figures for Westchester County Family Size 4 people $64,500 3 people $58,860 2 people $52,320 Under State requirements we can accept inane levels which are 95% of these HUD medians. 10 Status Report on Affordable Housing Activities - Westchester County Affordable Housing Plan. -95- 1 1 M V) 1 I 4 1q �cil .o . . • q . 4 h 3 . M APPENDIX -17- June 7, 1993 TIME LINE - FEASIBILITY OF AFFORDABLE HOUSING 1. 1987 Affordable Housing Issues Nolan Associates, Westchester County of Planning, Division of Housing and Community Development: Funded by U. S. Department of Housing & Urban Development 2. 1988 Affordable Housing for Westchester An Analysis & Recommendation Position Paper County Chamber of Commerce Compiled by the Area Development Council of the County Chamber of Coerce • 3. 1988 Locally Created Affordable Housing A Primer Nolan Associates 4. 1989 Larchmont Motel Conversion Feasibility Study Robert L. Miller, Executive Vice President WESTHAB Not-For-Profit Housing Corporation 5. 1989 J. Yarmics Engineering, P.C. Engineering Inspection Larchmont Motel 6. 1989 Urban Renewal Plan Post Road/Weaver Street 7. 1989 Report of the Housing Demographics & Economics Work Group Town of Mamaroneck Affordable Housing Task Force 8. 1990 Affordable Housing Survey: Town of Mamaroneck Town Employees, VAC, Volunteer Firemen 9. 1990 Census '90 Population Changes by Age, Sex and Race Westchester County, 1980-1990 Mary Carlson, Planner-Researcher 10. 1991 Analysis of Development of Larchmont Motel Property KIK Realty Services Inc. 11. 1991 Financing Alternatives Larchmont Motel Property Roosevelt & Cross 12. 1992 Westchester County Fair Share Housing Plan: Unmet Housing Task Force Report Westchester Housing Implementation Commission 13. 1992 Westchester County Affordable Housing Plan Andrew P. O'Rourke, County Executive -2- 14. 1992 Westchester County Affordable Housing Plan Statement of Need Public Sources 1. Westchester County Board of Legislators Housing Policy (1979) 2. Westchester 2000 Task Force on Housing Final Report (April 1985) 3. Westchester County Commission on the Hcmeless(Dec.1989) 4. Westchester County Needs Assessment prepared for the County Board of Legislators by the Center for Urban Policy Research, Rutgers, The State University of New Jersey (1991) 5. The New York State Comprehensive Housing Affordability Strategy (Oct.1991) 6. The Westchester County Comprehensive Housing Affordability Strategy (Dec.1991) 7. Westchester County Municipal Master Plans and Zoning Ordinances, Local Housing Needs Surveys and Local Comprehensive Housing Affordability Strategies (1980-1991) Private Sources 1. Westchester Housing Foran Annual Report (1990) 2. The Westchester County Affordability Index, Report #7 (July,1991) Common Sources 1. The 1980 U.S. Census of population by inane and by household type 2. Sales prices and monthly need of residential units & median income 3. Number of homeless families in Westchester 15. 1993 Affordable Housing Allocation Plan Westchester County Housing Implementation Commission Westchester County EP/lr(FeasTimLineAfflous) ' t5:C,' .':r t_ I'Wtd I.1.!-F VHAN I. BIOGRAPHICAL INFORMATION --- DAVID BOGDANOFF Born November 10, 1912 , New York City Education Evander Childs High School, New York City, 1929 C.C.N.Y. - Bachelor of Arts in Philosophy and English Literature - Graduated in 1932 Resident of Westchester County since 1930 -- at first in Yorktown; a short period in Yonkers; New Rochelle from 1942 to 1947; Irvington until 1954 and from 1954 to the present in Briarcliff Manor. Business Experience Chicken farming in Yorktown from 1932 to 1935. Beginning in 1935, worked with father, Morris Bogdanoff, in construction, housing management and real estate. Organized Montrose Construction Co. , Inc. in 1952 to build project in Montrose. Revitalized it in 1964 to pursue its present development program of multi- family subsidized, senior citizen, affordable and conventional housing. Organized Jeffcr:;on Valley Corporation in 1957 for Jefferson Valley development program including Jefferson Village (age oriented condominium) and conventional and professional facilities . Family Wife, Muriel - Pres:ident, Montrose Management Associates, Inc. 5 Children Affiliations Board of Directors of Builder' s Institute of West- chester and Putnam Counties Board of Directors of Community Housing Management Corp. Board of Directors of Westhab, Inc. Westchester Housing Forum (Part of Westchester 2000 Group) Member - Westchester Housing Implementation Ccmmiss i.on • Worked with Regional Plan Association as member of Committee of 100 for Second Regional Plan. Jun.22 '9• I5:• 7 11UNTn1 r Mhtif. I(:_ '11.4— k�':�!'I 914-245-NCO p. o. L 244 7,666 1,;II 1 1I rd j.ffnroon val ley, n. y. 10555 MONTROSE CONSTRUCTION CO. , INC. DAVID BOGDANOFF, PRESIDENT David Bogdanoff has been a builder and developer for more than fifty years. He has been active in New York State as owner- builder and general contractor of F.H.A. subsidized housing pro- jects, New York City Mitchell-Lama housing projects, conventional apartment house projects, one family homes, and new community de- velopment in Jefferson Valley, Town of Yorktown, Westchester County, New York. Mr. Bogdanoff also manages all properties, subsidized . and conventional , that he has developed as owner/builder with his own management company, Montrose Manage- ment Associates. Typical of the successful projects undertaken by David Bogdanoff are the following: 1935 3055 Decatur Ave_ , Bronx, NY - 48 apartment units conventionally financed. 1935-1936 2786 & 2776 Jerome Ave. , Bronx, NY - 90 apartment units in two buildings, conventionally financed. 1936- 1937 West 21st Street, Manhattan - 42 apartment units conventionally financed 1937-1938 Bronx Park East near Pelham Road - two six story apartment buildings - 100 apartment units conventionally financed 1938 62 Leroy Street, Manhattan - six story apartment building with 42 apartment units conventionally financed 1939 161 East 91st Street, Manhattan - six story apartment building with 48 apartment units conventionally financed 1940.1941 The Town House Apartments - Riverdale, NY - two seven story apartment buildings - 124 apartment units- conventionally finaced 1941-1942 Van Cortlandt Gardens, Bronx, NY - seven story building - 86 apartment units and garage conventionally financed 1943 Hospital Ward addition - Ft. Slocum, New Rochelle conventionally finaced -1- Ju n.22 ''93 15:,18 36E6 MONTK3SE MGMT. TE. 914-2'= --0?9? 9 • 1943-1944 Subcontractor - Parkside Housing, Allentown, PA. 1943-1944 Subcontractor - Additions to West Point 1943-1944 General Contractor - Tacony War Housing Project. Philadelphia, PA - for Philadelphia Housing Authority - 180 units temporary housing 1944 General Contractor - George Washington Carver Housing Project - Arlington, VA - for National Housing Agency - 44 units permanent housing 1944 Subcontractor - Barracks & Mess Hall - Greenheven Prison, Greenhaven. NY 1945-1946 Seven single family homes - New Rochelle, NY 1946-1949 Tarrytown Crest - 149 single family homes - Tarrytown, NY 1949 Tappan Landing Apartments - 56 garden apartments Tarrytown, NY - F.H.A. Section 608(owner/builder) 1949-1950 A & P Shopping Center - Tarrytown, NY 1950 River Pines Apartments - 85 F.H.A. garden apart- ments - Hastings. NY F.H.A. Section 608 (owner/builder) 1950-1952 Crossroads - 84 single family homes - Briarcliff, NY 1952-1956 Torbank - 156 single family homes - Torbank, Town of Ossining, NY 1955-1957 Briar Hill Apartments - two sections comprising 80 apartment units - Briarcliff, NY 1953-1954 Half Moon Cooperative Apartments - two sections of 215 garden apartments -- F.H.A. 213 co- operative - Irvington, NY 1955 Kings Ferry Homes - 54 single family homes Montrose, NY 1956-1960 Rigg Head - 10 single family homes & land de- velopment for 85 others - Briarcliff, NY -2- 191962 c tel. s:vu� - _ Zq� .., Ju,,.22 ''13 15:50 36EF. M0NT.=7 ASF 1•1RMT. Tt_ 914-2L-3-VM? 1956 weskora Apartments, white Plains, NY - 75 units in a seven story building 1957 Beginning of Jefferson Valley - purchase of 700 acres for comprehensive community development in Town of "Yorktown, NY 1957--1962 Development of sewage treatment facilities - road construction - supervision & organization of con- struction of 330 homes at The Crossroads Jefferson valley, NY 1962 Jefferson Valley Shopping Center - First commer- cial development in Jefferson Valley of a retail nature - 26,000 s.f. of stores on 31 acres 1962- 963 High Meadow Cooperative Apartments - Ossining,NY 185 apartment units - garden type - F.H.A.213 cooperative 1963 Half Moon Apartments - White Plains, NY - 121 residential, 3 professional apartment units - six story semi-fireproof - F.H.A. 207(owner/ builder) 1963-1964 Continued work at The Crossroads - Jefferson Valley - road construction & single family homes on a 162 unit program - continued through 1965 and 1966 • 1964 General Casting Plant - 18,000 s.f. of industrial construction in the Industrial Park - Jefferson Valley, NY 1964 Woodlands Nursing Homes - 118 bed nursing home F.H.A. financed - New Rochelle, NY (general. contractor) 1964 Stores - Lee Boulevard, Jefferson Valley, NY 9, 100 s.f. commercial space on 1 acre site 1965 completion of Woodlands Nursing Homes, New Rochelle, NY 1965 Cedar Manor Nursing Home - Ossining, NY F.H.A. financed - 100 beds ( general contractor) -3- J u i.22 '9T5 15:50 3E.;.--ii; 111N T 1?'E MGM T. 1 E_. '114-;?c=,4.:,h Y 1965 Rigg Head - land subdivision - 9 plots & 14 acre park - Briarcliff, NY 1965 Jefferson House - Ossining, NY - First Phase 90 apartment un .ts - swimming pool & tennis club - conventionally financed - part of 196 apartment development on 1111 acre site (owner/builder) 1966 Filex Corporation - Industrial building & office Ossining, NY (general contractor) 1966 Tarrytown Medical Center Number Two - Tarrytown, NY (general contractor) 1967 Jefferson Village - 1,000 unit condominium retirement village - Jefferson Valley, NY building construction began 1967 Jefferson House - Ossining, NY - Second Phase 106 apartment units - conventionally financed 111 acre site 1966 Jefferson Highlands Apartments - Ossining, NY 61 apartment units (owner/builder) conventionally financed 1968 Jefferson Towers Cooperative - 190 apartment units - 15,000 s.f. commercial space - New York City Mitchell-Lama - 20 story structure - 95th Street & Columbus Ave. ,NYC 1968 Completion Phase One - Jefferson Village - Jefferson Valley, NY -- 124 apartment units and community facilities 1968-1969 Genesee Gardens - 128 apartment units-F.H.A. 221-D3 Urban Renewal - Low & Middle Income Housing, Auburn, NY - Limited Profit (owner/builder) 1968-1969 Rushmore Estates -- 114 apartment units - F.U.A. 221-D3-Low & Middle Income -Non-Profit - Rochester, NY (general contractor) 1969 Tallman Towers - 63 apartment units - F.H.A. 221-D3-Low & Middle Income - Urban Renewal - Limited Profit - Nyack, NY (owner/builder) 1969 Volunteers Project - 16 attached apartments - Turn Key Project for Rochester Housing Authority Rochester, NY -4- Ju,.22 '?= 15:51 F.SE6 MONT I-SE MCMT. IL_ 1969 First Section - Crossroads Apartments- Peekskill, NY - 112 apartment units - Urban Renewal - swimming pool & tennis court (owner/builder) conventionally financed. 1969-1970 Completion Phase Two - Jefferson Village Condominium - Jefferson Valley, NY - 94 apartment units. 1970 Fairview Manhattan Apts. - Greenburgh, NY - 192 Apts. Low Income, Urban Renewal - Limited Profit - F.H.A. 221-D3. 1970-1971 Jefferson Terrace - Yonkers, NY - 64 apartment units - High Rise - P.H.A. 221 - Low & Middle income - sponsors - St. Peter's Roman Catholic Church & Yonkers Economic Development Corp. (general contractor) . 1970-1971 Asbury Terrace - Tarrytown, NY - fire proof 100 units - high rise - F.H.A. 221-D3 - Low & Middle Income - Sponsors - Asbury Methodist Church (general contractor) . 1971 150 Lake Street - White Plains, NY - 64 units - fire proof - high rise - White Plains Urban Renewal - Low & Middle Income F.H.A. 221-D3 (owner/builder) . 1971 Stuhr Gardens - Peekskill, NY - 105 unit F.H.A. 221-D3 Non-Profit - Low & Middle Income housing - Sponsors - Peekskill Interfaith Housing Corp. (general contractor) . 1971 Underhill Apartments - Yorktown, NY - 60 Units F.H.A. 236 Limited Profit - Low & Middle Income housing - Urban Renewal Site, Yorktown Heights, Town of Yorktown, Westchester County, NY (owner/builder) . 1971 Genesee Mall - Auburn, NY - 40,000 s.f. inner city enclosed commercial mall - Urban Renewal Redevelopment project - conventionally financed. 1972 Varick Homes, Newburgh, NY - 122 units F.H.A. 221-D3 - Non-Profit -- Low & Middle Income Housing - Sponsor - A.M.L. Zion Church (general contractor) . Tu 1.22 ' 15:5? = =r` NO141273F 11,11 i. tEL y t a r�.v�., s, 1972 Ferris Avenue - White Plains, NY - 99 units F.H.A. 22 1-D3 Non-Profit - Sponsors - Metro- politan Association of the New York Conference of the United Church of Christ - Low & Middle Income housing (general contractor) . 1972 Davies Avenue - Beacon, NY - 124 units - F.H.A. 236 - Non-Profit - Sponsor - Unite Interfaith Housing Corp. - Urban Renewal Area -- Low & Middle Income Housing (general contractor) . 1972 Crossroads Apartments - Peekskill, NY - Second Section - 170 units - Urban Renewal 1973 Tompkins Terrace - Beacon, NY - 192 units - Urban Development corp. financing with H.U.D. 236 mortgage supplement - Limited Profit - Low & Middle Income project. 1973 Community Building - Jefferson Village, Jefferson Valley, NY - Meeting Room, Hobby Rooms, Auditorium, etc. for Jefferson Village Condominia. 1973 Stevenson Towers - Bronx, NY - 122 units - H.D.A. financing with F.H.A. 236 mortgage supplement - Limited Profit project (general contractor) . 1973 Jefferson Village Condominium #3 - 127 two bedroom apartments - continuation of Jefferson Village Adult Community. 1973 Maple Center - New Rochelle, NY - 109 units for the elderly - New York State Housing Finance Agency financing with F.H.A. 236 mortgage interest supplement - Sponsor - Maple Center Housing Company (general contractor) . 1973 Peekskill Scatter Site - Peekskill, NY - 33 units in two story garden apartment - for Peekskill Housing Authority (general contractor) . 1973 Crossroads Plaza Shopping Center - Peekskill, NY 52,000 s.f. commercial retail. space - Urban Renewal Redevelopment program. '4' t5:-,- ,:_r MIfl4r.�c�- ru4r11. IF .iii 1973 Jackson Terrace - Yonkers, NY 184 units F.H.A. 236 - Limited Profit - Low & Middle Income Housing (owner/builder) . 1974 Tubman Apartments - Poughkeepsie, NY - 200 unite F.H.A. 236 - Non-Profit Model Cities Area - Sponsor - A.M.E. Zion - Trinity Housing Development Fund Company (general contractor) . 1974 Hudson Terrace - Hudson, NY - 165 units - F.H.A. 236 - Low & Middle Income - Urban Renewal Area Limited Profit Housing Project. 1974-1975 Peekskill Plaza - Peekskill, NY - public garage for City of Peekskill and Senior Citizen Housing 168 units - U.D.C. financing & H.U.D. 236 mortgage interest supplement - Low & Middle Income Housing. 1975 through current date: Jefferson Village Medical Building Complex - 19 medical suites - Hill Boulevard, Jefferson Valley, NY Jefferson Valley Office Building - Jefferson Valley Associates - Jefferson Valley, NY Jefferson Village Condominiums #4, 5, 6, 7, 8, 9, 10 and 11 - one and two bedroom units bringing to completion the Jefferson Village Age-Oriented Program of 1,000 units. Jefferson Woods Apartments - 90 rental apartments Jefferson Valley, NY - completed October 1985 - New York State Housing Finance Agency financing. High Meadow Condo Apartments - Hill Boulevard, Jefferson Valley, NY - 44 one, two and three bedroom condo apartments, no age restriction. 1991 Completion - Jefferson Valley Professional Center - approximately 29,000 s.f. of predominately medical condominium office space. JUN 21 '93 14.27 FRcI'1 TO 19143817609 PAGE.002 79 Landsdowne Drive, Larchmont,NY 10538 (914) 834-0028 A. Carleton Dukess - Mr. Dukess, a real estate investor and developer, was a partner in Castle Properties Company, a real estate investment and development company, from January 1986 to October 1990. From 1979 to December 1985, Mr. Dukess was President and Chief Executive Officer of Continental Wingate Capital Corp. , a real estate syndication, development and finance concern. An attorney, Mr.. Dukess was a senior partner in the New York City law firm of Demov & Morris (until December, 1965) and is President Emeritus of the National Housing and Rehabilitation Association, Washington, D.C. He is a trustee of Barnard College in New York City where he serves on the Executive, Budget and Finance, Audit and Building & Grounds Committees. He currently is a member of the citizen's Task Force on Affordable Housing in the Town of Mamaroneck, Kew York, where he previously served and/or headed several committees of the Board of Education. ** TOTAL PAGE.082 ** a -`-` =1.;G tl t>_._.I.It=•i•i Gi F'I 17 f. EUGENE M. GRANT & CO. 200 Park Avenue . Su:te 5106 . New York, N.Y. 10166 . (21 )) 682-0480 PA:•: # 490-9378 M 1 r1 �,Ih 1( •l.l:: 't_ .,_1_1 1.17 -.uGEI IE r:F F�Ftt-iT.' vi•�L' .p 47; /... .N i r • • •t • EugeneM. Grant has been: a resident of the Village . • of Mamaroneck . for 3S years and, with h is wife Emily, has , .. ..long been active in civic .affairs. • • Over the years,, he Chas. served as President of . • .the Or.ieilt:i Point Homeowners, Associotric:u,1 : .Vice:--Chairm a of - the- CCNA - Coordinating Conunitteeo4 • Ne-ighborhoon As5oci4tian2, • .-and Vic- -Pre.idaht and Director. of the Nam.iiort ck United Way.• -ilia is a graduate. of the University of Michigan, the Columbia •' Iasi School , and is a member ,.of.:the New York Stat<: Bir. . . .Currently, he is President of Eugene N. Grant f. Co. , a national real estate investmentand devalc_prnanL firm, head- quartered in New York. • In his profe,;ion41 field, he is 'a Trustee of ' f • the Realty Foundation of New' Yor'k,: the Real Estate Institut: of New York University, and is,..a former Governor of the Real Estate foard of New York. . • • In addition, he 'is a D.irec:t-or of thy: Metropolitan Op--I':l Association, cs Trustee of the Richard Tucker Foundation, alit lnembr;t' of T.'he Real ,.'state Council of the Metropolitan Museum of Art. • • • • •• During World War II, he served with the U.S. Air Force in the European Theater of Operations, rising to the rank of Major. I " His wife, Emily is P„ :s.id ent of the I:nlelin Then to • and is a Trustee of the SUNY Purchase Four;il:i t.ion . 'llh C-art . have three da - Terry Ivy, V.;. 7' - uat�,r_1=_rs ofx� t.r.-i:;,, and Andrea • and Carolyn of Boulder, Colorado. Y `, -{ -+,A:' 9 13:17 FROM hUPOWI T2-IMi IG:7.1c-N IC 191483313`07 P.02.. Win• zr",YE {n a, �_., r '. .::-"__ AI „ ,'".2,( , A. ,--Ni,; / ri nr-ln3 CURRENT AND RECENT PROJECTS i MULTI-FA IL`_ RESIDENTIAL -- -: HOUSING FOR TEE EOMLL, ; _ -'`-1 u: ti'e;:' saTEET United Jewish Council c:f ~:,. Eat-It Side 235 East Broadway !rev 1^ i-.1.-?,- 10 0 144-150 LUDLOW STP EET 52 UNIT TENEMENT �. - _` ,;,_ :fti•4.;. __-12 .D ,Y i.:'/ SOV: INC UNITS United Jewish Council of t•:-.� Elect Stdo 2.35 East Broady*ay Npk '.-::7.....,:k , ?,. . . 20002 TOWNHOUSES AT 'TSE • ti_) Ele, Cl....-. 1- Ti-..CFA:-70E.. EW - 281vW. iVJub UNITS AS P iP. J.:5' 11e1t RENEWAL DEVELOPMENT i':0 U` V11 . Avenue V le Ni ':: , • N.Y. 10 h1 32u30 NOR%H51S' B O11E V 1P L CiiRT E(T iVS . STUDY .".:TAIL COMMERCIAL S aJU a F. & H. Realty 200 Madisn Avenue _ Suite 200 :new York , V.Y. 10016 L .s 15 ' i`�..}, e(4O*` ,,,,ET rrz. ii ;. surer.` .:N i RSzO 1.;ARTMENT ElulTS Brooklyn tie. �., New York y.= MULL -FAMILY REH BT LrT1ON WASS zELD MANS - _-% .,..T CO. . ErPARE EAST #x itis .;' Ti;PErj F r OO k i r, N.-!: .5:%1. AELYLiE GARDENS Br” -Jrs/, N.Y. .TRIO .p Y'NT Z• N.Y.ng, ft..,'.' -,',17: '7FT.ti. _ 'Y.. `A, Y fl „,i�_ ; -.9�9 12: 1E FRO - ' INDXV1DU L RESIDENTIAL NEW ROUSES DRS. DONALD AND RACkiEL C .. KLEIN Bridgehafpton , rew YOr MR. AND MRS. BEN RONEN Center Moriches , New York. MR. AND MRS. BARRY WISE Sd a onack , •New York APARTMENT AND HGMS RENOVA'T 17.4* MS. CONNXE CHUt Gi ?1R. `i_AU�i, -E POVICH The Dakota 1 West 727-.6 Street New York , N.Y. 10023 Middletown, N.J . R AND MRS. JOSEP i .?'t`E iNEEPG 15 Grace Court Alley Brooklyn, N.Y . 84 Pere Street Brooklyn, N.Y 6 Varick Street Few York , N.Y . BB •;A D POLLER Hillsdale, Ne York Lt� MR. MRS. .`''RANCI.'; r�'�T.`O WII ANDet a.. York , N.Y. 10028 520 East 86th Same .�'�1 ?!�t- M . AND MRS. MARTIN ✓ZRNS1.EIN 175 East 79th Street New York , N.Y. 10021 MR. AND MRS. L.AW ENCS KOBRIN 15 West 81st Street New York, N.Y. 1.0024 DMR. AND MRS. LESTER B2\BDACF. Block Island, Rhode _stand MR. AND MRS. GRAHAM R,t Sr"chir�.ar�t , P .Y. 1 0538 Brookside Drive 1 4 WOV- 1-S9 WED 1T-:-. : 56 Li- W OFFICES _ P - 03 '1F ��:iJ-�i-.���•� _j: lr G�uf•' ri0=01.,'iT--ih�l"iER'?F;`:. _ _3'--'_3.r 1_ ° F.04 INSTITUTIONAL AND RETAIL/CG[''?''ER.CI M. WILLIAM F. RYAN COMMUNITY H PLTH CENTER 35,000 SF NEW FACILITY �c N.X . 1 X!fir 110 west 97th Street New o -k , 25 NENA HEALTH COUNCIL,INC. RENOVATIONS TO SEVERAL DEp PAMENTS 279 East Third Street New fc z1.( , N.Y. 10009 STATE UNIVERSITY OF NEW Y01-- STATE OFS`,'t"ATE COLLEGE OF OPTOMETRY y. RENOVATIONS TO ENTRANCE LEVEL, 4TE A Nn 9TH F .-OOPS 100 East 24th Street New .cIr k , N.Y. 10010 CONGREGAe'ION EEHILATE „ESHU"nN FACILITIES RENOVATION F.EAS -B .LT.. STUDIES N.Y.125 East 85th Street New pork , Y 10026 RAMAZ SCHOOL {, REt OVATIONS TO/� EXISTING F F.CIL ITY 60 East 7eth Street New York, N .Y. 10021 HEBREW ACADEMY OF TsE FIVL ROCKA AI ., " 4IL I1 1:aS UTILIT ZF , . T I .� LOi�i£n_ ySCHOOL �',X�AYu.��'2�1tr AND ` a'.. FEASIBILITY STUDY 33 Washington Avenue Law ^ , new York 115e9 HEBREW ACADEMY OF THE FIVE IC,W'1S ROCRAW?Y UPPED: SCHOOL. EXPANSION AND FACILITIES UTILIZA ION FEASIBILITY STUDY r j ti.uNew York Central and Locust Avenues : Ctdarhrs_ , LAPCHMONT TEMPLE IRMA COTE LIBRARY RENOVATION/AIR—CONDITIONING AND LIGHTING 75 Larchment Avenue Lar;hmant , Ne! York EEYORE'S BOORS FOR CHILDREN DESIGN 0'' NEW LOCATION aOO:;STOR.;.. 25 East 83rd Street New York , N. Y. 10025 GLEN OARS SHOPPING ENT.`<.R r`'ASIBI LI cY STUDIES Union Turnpike , Queens, N.Y . NASSAU MALL Levittown, New York 00V-C1-1929 13: 1D F=e; FiU"rJIJiT=-i( .;'icR'1�!J T= 1914233131-E P',C' j CORPORATE OFFICES GTE GENERAL TELEPHONE 5 ELa .:T OI4..CS SHAREHOLDER AND EMPLOYEE SEPYICES 177E Heritage Drive QL,i,r.:y, ';N,::ssachusetts 02171 LEUCADIA, INC. 315 Park Avenue South Neu `e { , N.Y. 10010 DATRONICS York, N.Y. 10017675 Third Avenue N��. THE JORDAN COMPANY 315 Park Avenue South New - k ?w\ . 10017 MAROVSK7 & COMPANY 245 Fifth Avenue New ,,.oz.- 10016 THE SPERRY & HUTCHINSON CO_ ; INC. 330 Madison Avenue New Yor‹. , N.Y. 10017 LAW OFFICES EOTEIN, HAYS, SKLAR ^; 66 200 Park Avenue New York, C.Y. .Y. BUTLER, FITZGERALD & POTTER 315 Parr Avenue South New fork N.Y` 10010 OFFICE BUILDING RENOVATION THE FELL ORGANIZATION N.Y.Y. 10001 370 Seventh Avenue, New Yor;, , 841 BROADWAY New okN.Y.jr ( Nl T 853 BROADWAY New York , N.Y. 488 MADISON AVENUE Nei: York, N.Y. 370 SEVENTH AVENUE :'-yew Yorke A.Y. 315 PARK AVENUE SOUTH New York , N.Y. 10010 TO 19148Z:1350 P.06 <' _,ti,93 17: 1S FRa1 i-GPLW:TZ-?^'1C +nii F.DU AT:7.4 7. M. Architecture 1964 SCHOOL OF DESIGN '" HARVARD GRADUATE ude, ArChitC.•t-ra . Science& 1961 B.A> Magna CumLa HARVARD COLLEGE 1964-1966 Architect, Ministry of P..i fro Works X 9 • Sfax,UNITED STATES PEACE CORPS , r- rally E.VE: Principal 1925-Present HOROWITVIMMERMAN $e : kssociate , .... ,-T^ A.I .A. .• 196€-1960 LN,4F:vrCE TiORW ZO , Project Architect C� C tNi LIN ROSSAIT Panaz School, 60 East 76th Street,it, New York, NY East Nassau Medical Group, Health I. su ance i a n of Greater New York , Hicksville, Babylon, Ronkonkoma t Medical College , hires On House.. Correll � Jacob S. L�NSd� Lehman College Gymnasium �,r. ie • Wilton Developmental Center. , Ni State racii1. Development Corporal on i` ' The Admiralty, Bay shore, NEW ENGLAND MEDICAL CENTER 1963 Z.M.pEI & PARTNERS 1962 PIERCE & PEIRCE, Boston, Massachusetts GRISWOLD, HEUEL & RAISER, NY Office Interiors 1960, 1959 1958,1957 BLOCH a BESSE , ARCHITECTS REGI ""YO : N.C.A.R.B. Certification Registered Architect , Ne' Yc,rK xSOC" AILglia: Member American institute of P,Achitects Phi Beta Kappa President, Larchmont Temple, 1926-1989 LarChmOnt New York • Member UAHC Commission on synagogue Art and Architecture L' iq�?3O135^ r.G? xfr - _9-.'; 13:20 FRC � r �F. 1. 1.- 1.1 Eta � $ ,�i 1 Z�._..__ 961 L�� � = S. Vit Engineering 1 Ek' - LU : • Ii STZ�'U`�E 0F xEGlilrOiuGtB. 'r shitectur 1961MAS5�►CFIUSr+�7[� MASSACHUSETTS INSTITUTE OF TECHNOLOGY Cor *` Er-gineers• 1961-193 JL v Lieutenant ' � C: :w 1F rr v rF+ 6iY a t UNITED STATES ARI'''iY Principal 1985-Present NE�s NCS: rz in'� i "MEP- AN .b. ASSOOCT TES ;rriAC? � �!URaWTTZ/ 1966-19711971-1985 LAWRENCE HOROWIT7. Z:..I •A' Pl'asf �L .rc: +it ��C. } En -RD DUS�SLL STONE , TO4 , FA?A Hyattsville, pinOe George Ge;te:r i yat �i Maryland Sheraton Hotel. Lira Peru Svare Redevelops n , y7ton, Massachusetts S , Department of TrafGpartation Office . 44 riC rivatep Residence, Edward ? 3re� ilone t-` 1 BelsCanada Building , Ottawa, Canada i7 I tDe�igriFz 1$���19bG sc�� ; a �K Aa;r _� ' } FAIR Hospital,rsCcn 200 nit � r� zn� TieC. other projects , LA US dost r�ze � KN.Y . I FDR Station, New ' BronxState Chil3zens svc :iatric Hospital, � . • . E' N.C.A.R.B. Certification Registered Architect NewYork , v8 w TaY eY r Connecticut, various other t St ates Licensed Professional :erneer , New Yolk S ucte . : ' �GCipGrate ,enberr Amer=c " Institute of Aychi .{ _ , Y 141nTu = New �rk University Reali�Ut I MYTrvard JointCenter f.orUrban Studies WA 1981Yi` CraFtet A.T .A.Residential York Awar BeyleriaRouse ` ., `t l BIOGRAPHICAL INFORMATION - PAUL A. WINICR OFFICE ADDRESS: Thelen, Marrin, Johnson & Bridges 330 Madison Avenue Suite 1100 New York, New York 10017-5001 (212) 297-3200 HOME ADDRESS: 104 West Garden Road Larchmont, New York 10536 (914) 833-0540 PRIMARY AREAS OF LEGAL PRACTICE: Construction litigation and contracting, business litigation and white-collar, criminal defense. Experienced in the representation of owners, investors, contractors, architects and engineers in the development, construction and rehabilitation of high- and low-rise office and residential construction. Negotiation of construction contracts and litigation of all types of construction disputes including breach of contract, delay, disruption, negligent design, extra work and performance and surety bond claims . Experience in a broad range of commercial disputes, including: lender liability, secured lending, securities fraud, RICO, unfair competition, real estate transactional disputes and other matters, with an emphasis on cases involving fraud and accounting issues . White-collar criminal defense experience includes matters involving alleged antitrust violations, bid-rigging, bank fraud, money laundering, Currency Transaction Reporting Act violation, procurement fraud, customs fraud and Arms Export Control Act violations . PREVIOUS PROFESSIONAL EXPERIENCE: Blodnick, Pomeranz, Reiss, Schultz & Abramowitz, P.C. 1987-1989 Partner 1986-1987 Associate Benjamin N. Cardozo School of Law 1984-1987 Instructor - Legal Research and Writing and Moot Court Walker & Corsa 1984-1986 Associate U.S. Department of Justice, Civil Division, Torts Branch 1983-1984 (New York Office) Assistant Attorney-in-Charge 1982-1983 Trial Attorney U.S. Attorneys Office, Eastern District of Louisiana 1980-1982 Assistant United States Attorney Securities & Exchange Commission Enforcement Division - New York Regional Office 1979-1980 Enforcement Attorney New York City Department of Investigation 1978-1980 Chief, Check Fraud Unit 1976-1979 Examining Attorney Volunteer Lawyers For the Arts 1977-1980 Volunteer Attorney (Pro Bono) EDUCATION: State University of New York at Buffalo B.A (Honors) 1973 National Law Center, George Washington University J.D. 1976 Tulane Law School L.L.M. 1983 PROFESSIONAL ASSOCIATIONS: American Bar Association Association of the Bar of the City of New York New York County Lawyers Association RESUME Mary Regina (Small) Carlson Larchmont Hills, 5G 17 North Chatsworth Avenue Larchmont, New York 10538 (,) Telephone: (914) 834-0811 EDUCATION C0 t9/4dliaS ' Yale University, New Haven, Connecticut M.A. in City Planning, 1958 thesis received Faculty Commendation University of Pennsylvania, Philadelphia, Pennsylvania B.A. in History, with Honors and Senior Distinction PROFESSIONAL EXPERIENCE Planner-Research: Department of Planning, Westchester County, White Plains, New York 1985-1987 Planning, conducting and evaluating research, Editor of quarterly newsletter, Westchester Planning. Public information responsibilities. Liaison to State Data Center. Annual population estimate for County. Preparations for 1990 Census for County and its constituant municipalities. Published s# reports on County economy and *population estimates. Research involves historic data as well as current statistical data. Consultant: Land Records Division, Westchester County Clerk, White Plains, New York 1983-1985 Research and identification of historic and unique records among the official records, dating from 1684 when the Office of Westchester County Clerk was established. Records consist of origi- nal maps and documents as well as photostats, microfilm and computer printouts. Developed systems for preservation, conservation, storage and retrieval of these records-historic and - current. Supervision of all phases of contracts to implement these systems. Interface with professional archivists, architects, developers, planners, historians and contractors on the technical aspects of documents available throughout the several divisions of the County Clerk's Office. Initiated public information programs to acquaint the general public and news media with the wealth of information-historic and current-available in the County Clerk's records. Grantee: Coro Foundation, 20 West' 40th Street, New York, New York 1982 Selected for the CORO Women's Leadership Program in Public Affairs, from a field of fifty appli- cants. Participated in an intensive three month program of internships and seminars with execu- tives of public and private corporations to study and contrast the decision making processes of each sector. Received full scholarship and stipend. Reports_researched, written and presented _ on: Planning Problems and Solutions for Yorktown, N.Y.; Affirmative Action in Public and Private Agencies; Youth Unemployment in the New York Metropolitan Area; Historic Development of the American Arbitration Association, particularly with regard to Public Agencies; Relationship of State Agencies and Programs to Local Governments and their problems. Principal: M.R. Carlson Associates, 17 North Chatsworth Avenue, Larchmont, New York 1978-1984 Successor firm to Carlson Associates in the New York Region. Consultant to the National Opinion Research Center, in particular as a Technical Advisor for the Social Network Study of Larchmont, begun in 1978 and concluded in 1981, published in 1982. Population studies for the Mamaroneck ' Board of Education, Village of Larchmont and the Westchester County Board of Elections. Technical Assistant to the Board of Elections, 1981 to •1984. Review and critique of Planning Proposals- Village of Larchmont, Larchmont Reservoir. Historic research for the Mamaroneck Board of Educa- tion, League of Women Voters and Friends of the Reservoir. Selection, documentation and prepara- tion of exhibit materials-maps and historic documents-for installation at the Larchmont Library, 1984. Partner: Carlson Associates, 42 Hillside Road, Larchmont, New York 1972-1975 A consulting firm specializing In community development. Work included master planning for the Brooklyn Campus of Long Island University as well as research studies for the New York State Urban Development Corporation, American City Corporation and the National Association of Home Builders. Cbnanunity Planner: U.S. Department of Health, Education and Welfare 1967-1968 Assigned to the Center for Community Planning as first urban planner employed by HEW. Provided technical advice on neighborhood planning for HEW facilities such as health centers, community centers and other HEW components of the Model Cities program. Responsible for coordination with other Federal Agencies in the Model Cities program, especially the Bureau of the Budget section on Intergovernmental Relations. Concerns were for improving delivery of social services and linkages between all HEW funded programs at the neighborhood level. Member of then Secretary of HEW John Gardner's Professional Executive Corps., a selected group of twenty professional women. This demonstration project proved the feasibility of flexible and part-timg work schedules to fill critical jobs in labor shortage fields. Mary Regina (Small) Carlson Resume: Page Two Consultant: Landmarks, National Capital Planning Commission 1967 Directed a study of landmarks in downtown Washington, D.C. Developed criteria for selection and treatment of historic and/or architectural landmarks. Supervised a staff of three professionals; an architect, historian, and planner in surveying and documenting the landmarks. Authored final report which placed selected landmarks in the context of the social, political and commercial history of the inner city. Special Assistant to the Director:. National Capital Planning Commission 1959-1966 Responsible for community relations and public information aspects of neighborhood planning for Foggy Bottom, Georgetown, Capitol Hill, Adams Morgan. Coordinated special projects and research studies. Initiated first city wide survey of Landmarks, later extended to a regional survey. • Coordinated the preparation of-the city's official Master Plan: "The 1985 Plan for the Nation's Capital." Director: Community Relations Service, Cambridge, Massachusetts 1958-1959 Organized mixed blue collar neighborhood to prepare residents to participate in renewal planning according to Wooster Square model. Directed a study of industrial relocation from Cambridge to Route #128. Recommended action to be taken by the city and the business community to reverse the trend. Community Relations Specia-list: New Haven City Planning Commission, New Haven, Connecticut 1955-1958 First neighborhood planner hired by a city planning agency in the United States. Responsible for planning a wide range of projects with conaminity groups. Directed development of Wooster Square neighborhood plan, as well as plans for Dixwell , a predominately black area, and also the Hill , a mixed low income section. Promoted to Project Director for Neighborhood Planning. OTHER PROFESSIONAL EXPERIENCE Adjunct Professor, Pace University, Graduate School-Public Administration. Taught graduate course in "Administrative and Physical Planning." 1985-1986. Consultant, City of Rockville, Maryland, on the development of that city's master plan. 1966-1967 Instructor, University of Virginia, Northern Virginia Extension. Taught undergraduate courses in community planning. 1961-1966 Community Planner, Citizens Council on Planning, Philadelphia, Pa. 1954-1955 Lecturer and Research Associate, University of Pennsylvania Museum. 1950-1955 Research Assistant, Fels Institute of Local and State Government, University of Pennsylvania. 1949 PROFESSIONAL PUBLIC SERVICE-VOLUNTARY • Town of Mamaroneck, Mamaroneck, New York Town Planning Board, Appointed 1974; Reappointed 1977 ; 1982 Master Plan Review Coninittee Chair: Appointed 1975 Task Force on Housing for Senior Citizens of Larchmont,Mamaroneck,Town and Village. Appointed 1976 Joint Li ng Range Plai og CoComtee for Larclmnunt and the own of Mamaroneck. Appointed 1985 q-/i koPc& e�-, CROGG Mt .-) PROFESSIONAL AFFILIATIONS American Institute of Planners: Elected to Member Status 1965 Committee on Historic Preservation Chair: 1963-1968 National Trust for Historic Preservation Society of Architectural Historians New York State Historical Association • Mary Regina (Small) Carlson Resume: Page Three COMMUNITY SERVICE: • Mamaroneck Union Free School District School Board Selection Committee, Elected 1976, two year term League of Women Voters Westchester County: Revenue Sharing Monitoring Project, 1974 Mamaroneck: Land Use Study Committee, Chair, 1972-1973 Larchmont: Property Tax Workshop, Chair, 1977-1978 Congressman Richard Ottinger's Advisory Committee on the Aging Appointed 1977, Subcommittee on Housing, Recreation, Transportation Committee on Family & Youth of Larchmont/Mamaroneck Appointed 1979, Subcommittee on Single Parent Families, Chair, 1980 Meeting Place for Single Parents of Larchmont/Mamaroneck A new community service sponsored by the Town and Village. Appointed Chairman 1981 to estab- lish organization and develop program. AWARDS Urban League of Washington, 1967 for five years of outstanding service to the community and the Urban League. National Capital Planning. Conmission, 1965 for superior performance and substantial contribu- tions to the Landmarks Program. PUBLICATIONS M.A. Thesis: Community Relations: The Implementation of Planning and Renewal Programs: New Haven Experience: 1955-1958. Yale University, New Haven, Connecticut. Wooster Square Design: Prepared by Mary Homan, New Haven 1965. Chapter 1: History of Wooster Square Chapter 2: Planning for Wooster Square Cities in a Race with Time: Jeanne R. Lowe: Random House, 1967 Chapter 9: What Urban Renewal Can and Cannot Do: New Haven Goes the Whole Route. (excerpts from Masters Thesis). The Downtown Landmarks Study: Mary R.S. Carlson: National Capital Planning Commission. July 1967: Washington, D.C. "The Pedestrian Mall", Urban Land May 1974, Washington, D.C. Master Plan Review Report: 1977. Town of Mamaroneck, Mamaroneck, New York. Report of Conference on Single Parenting held May 27, 1981 at Larchmont: Mary R.S. Carlson and Linda Gilberto. 1981. Westchester, New York St. John's Church; Yonkers; The Westchester Historian Spring, 1985. JEFFREY L. MARSTON 27 Lyons Place Larchmont, NY 10538 EXPERIENCE Volunteers of America — Greater New York New York, New York Director, Housing Division - 1989 to Present Responsible for the acquisition, development , and management of permanent housing for low income and special income families and adults . Finished $9 , 000, 000 in projects in the past two years . Two projects in the acquisition stage. Programs currently have a service capacity of 306 individuals and 36 families. Urban Initiatives, Inc. Stamford, Connecticut Project Manager - 1988 to 1989 Assisted in the organization, capitalization, and the development of underwriting standards for a $10 , 500 ,000 affordable housing development fund. Loan and equity syndication financial statement preparation. Coordination of a Ford Foundation demonstration program on developing apartment alternatives to "welfare motels . " CMK Financial Services, Inc. Rye , New York Chairman and Senior Vice President - 1987 to 1988 Responsible for structuring, marketing , and business development of securitized and credit-enhanced financings of commercial real estate and municipal leasing transactions and investment agreement placements . FGC Services, Inc. Rye, New York Vice President - 1985 to 1987 Responsible for structuring , marketing , and business development for all commercial debt transactions involving surety bonds and bank letters of credit. 1986 volume : $117 ,000, 000 . Kidder, Peabody & Company New York, New York Associate - 1982 to 1985 Structuring and underwriting tax-exempt housing bonds for low and moderate income housing ( 16 multi-family issues for $320 , 000 , 000 and 7 single family issues for $325 , 000 ,000 ) . Participated in several major, business development activities which resulted in nearly $1 , 000 , 000 , 000 in completed deals . Marston Robling, Inc. Evansville , Indiana and Larchmont , New York President - 1980 to 1982 Saudia Arabia: Participated in developing five year organization and manpower development plans for a several municipal departments in a planned industrial city. Indiana: Carried out several community development assistance programs and town planning studies. Department of Metropolitan Development Evansville , Indiana Executive Director - 1973 to 1980 Created and guided the growth of the department to include a staff of 30 carrying our or monitoring over 20 programs . Began new programs in housing rehabilitation, economic development , housing research, and historic preservation (won two national awards) . Booz, Allen & Hamilton, Inc. Washington, D.C. Consultant - 1971 to 1973 Major assignments involved: strategic planning and management. technical assistance to local development agencies including Newark, Paterson, and Syracuse ; professional development training programs ; and, organization studies. EDUCATION 1971 . Cornell University - Masters of Public Administration 1969. Princeton University - A.B. , History (cum laude ) PERSONAL Married, with two children Major interests : Tennis, volleyball , bridge 92G29JLM SUSAN SIDEL 412 Chestnut Avenue 914-698-1367 Mamaroneck, New York 10543 EMPLOYMENT HISTORY June, 1990- Westchester Residential Opportunities, Inc. , White Plains, N.Y. present 10605, Testing Coordinator. Recruit, train and supervise testers; evaluate and develop training material; maintain Enforcement Log and computerized complaint database; evaluate results of investigations; assist Fair Housing Director in taking initial housing discrimination complaints, investigating complaints and developing liaisons with cooperating attorneys. 1985-1990 Manhattanville College, Purchase, N.Y. 10577, Adjunct Faculty, Department of Teacher Education. Develop, organize, and implement curriculum; supervise teachers and teacher candidates in elementary classrooms; interact with cooperating teachers and administrators to achieve common goals. 1981-1985 Miller Group, Scarsdale, N.Y. 10583. Organize office procedures; develop functional office systems, i.e. commission statements, spread sheets; interact with customers, manufacturers, and salespersons. 1978-1981 Teaching assistant and tutor 1963-1969 New York City Board of Education, P.S. 184 M, 116th Street, Manhattan; P.S. 148 Q, 32nd Avenue, Jackson Heights, Elementary school teacher. VOLUNTEER EXPERIENCE 198'1-1990 Extensive voluntary experience at Board level; Mamaroneck Public Schools, Mamaroneck, N. Y. 10543 Search Committee: A six-member committee selected by the Superintendent of Schools to interview candidates and make recommendations for the position of Assistant Superintendent of Personnel. Vice-President of Programming: Plan and organize programs for groups of 25-300 people; Treasurer; Co-President: Supervise 75 volunteer to insure the successful operation of the organization. EDUCATION & TRAINING M.A. , B.A. , Education; Minor: Psychology. Queens College, CUNY. Excellent technical skills; conversant with several word processing systems. BARRY A. WEPRIN One Penn Plaza, 49th Floor 22 Dimitri P1 . New York, New York 10119 Larchmont, New York 10538 (212) 594-5300 (914) 834-9695 EDUCATION NEW YORK UNIVERSITY SCHOOL OF LAW Juris Doctor - 1978 New York University Law Review Note and Comment Editor 1977-78 Root Tilden Scholar PRINCETON UNIVERSITY Master of Public Affairs - 1978 HARVARD UNIVERSITY Bachelor of Arts, Cum Laude - 1974 Concentration in Government National -Merit Scholar PROFESSIONAL EXPERIENCE MILBERG WEISS BERSHAD SPECTHRIE & LERACH September 1989 - Present Partner - Securities Litigation NEW YORK STATE HOUSING FINANCE AGENCY/ June 1985 - NEW YORK STATE MEDICAL CARE FACILITIES September 1989 FINANCE AGENCY General Counsel - Supervised legal staff of ten; advised Board of Directors. WACHTELL, LIPTON, ROSEN & KATZ September 1980 - Present Associate - Litigation JUDGE CHARLES P. SIFTON OF THE September 1978 - UNITED STATES DISTRICT COURT FOR September 1980 THE EASTERN DISTRICT OF NEW YORK Law Clerk BAR ADMISSION Admitted to practice: New York (1979) Eastern District of New York (1979) Southern District of New York (1979) United States Supreme Court (1982) JOAN LEEDS 20 Country Road Mamaroneck,New York 10543 H:(914) 698-9486 0:(914)381-0434 Summary Ten years experience researching, writing,consulting on economic issues. Career History Project Economics,Mamaroneck,NY 1990-Present Principal Consult with clients on the impact of economic events, including macro and regional eco- nomics, on their business plans. Primary economic concerns are connected to consumer sales,debt,balance sheets and interest rates. Write and distribute monthly and quarterly economic newsletters. Develop and interpret models for individual clients, usually forecasting some aspect of their business from macro-economic indicators. Chemical Banking Corporation, New York NY 1988-1990 Assistant Vice President Consumer Bank Planning Designed a new electronic product for distribution of welfare benefits. Acted as liaison between Chemical Bank operating units and lobbyists,governments of all levels including congressional sub-committees,banking and consumer organizations. Monitored economic and demographic conditions and the legal and competitive environment for long-range strategic planning. Used this framework to tailor recommendations for each product to fit into overall bank strategy. Wrote a monthly newsletter interpreting consumer and regional economic conditions affect- ing retail banking. Used by business unit managers as benchmark and forecast of external business conditions. Developed a systematic procedure to collect and consolidate internal data and produce a report monitoring short term performance. This report was developed for the Group Execu- tive. • Met with customers to explain business and economic forecasts and suggest strategic approaches to changing conditions. JoA.ti LEEDS-page 2 Loan Pricing Corporation,New York, NY 1987-1988 Product Manager and Industry Analyst Designed and developed a model to compare and predict bank loan pricing for middle market borrowers. Used this model as the base for two key software products marketed by the com- pany. Conducted monthly surveys on bank lending patterns in different industries. Reported indus- try trends, lending practices and competitive dynamics for a monthly publication. Consulted with customers to develop applications for the bank loan pricing model. Columbia University Graduate School of Business 1981-1986 Adjunct Assistant Professor of Business Research and Teaching Assistant Conducted statistical and econometric analysis using time series and cross section methods including simple regression and non-linear estimation. Developed and taught an advanced level MBA course on business and economic forecasting, integrating statistical theory with current business and computer practices. Other 1968-73 Worked for two leading consulting organizations to develop state of the art data processing systems for a variety of business applications. Education Columbia University, PhD 1986 University of Michigan, BA 1967 Affiliations Board of Directors, Long Island Sound Taskforce, Stamford. CT Board of Directors, SoundWatch,City Island r , :i' LUTHER E. ("TOM") BIRDZELL III 1 Arthur Andersen & Co. : 1984-1991: Audit Partner o Extensively involved for the past 13 years in the Firm's corporate finance consulting practice with emphasis on mergers, acquisitions, and restructurings. Experience includes due diligence reviews for lenders or potential acquirors, transaction structuring for sellers and acquiriors, work with targets of unsolicited acquisition proposals (Bank of America and Irving Bank) and work with proxy contests (GAF Corporation, Cleveland Cliffs) . Cochairman of Executive Enterprises, Inc. seminar "Current Developments in Accounting for Business Combinations and Restructurings" (1991) . o Arthur Andersen pulp and paper expert for the privatization of Dunapack, a Hungarian company previously owned by the state, and the privatization of the Kostrzyn and Kwidzyn mills in Poland. Dunapack was the first large East-West joint venture in Europe's paper industry. Engagement partner for Air Express International Corporation (Amex) (1984-1990) including work on their acquisition of Pandair, a Dutch-owned multinational air freight forwarder. Engagement partner for Madison Resources (NYSE) (1985) during its acquisition of Adobe Oil and Gas. Engagement partner for The Prospect Group, Inc. (NASDQ) a public leveraged acquisitions company (1984-1990) . Engagement partner for Champion International Corporation (NYSE) a $5 billion (sales) multinational pulp, paper, and wood products company. Partner during the $3.2 billion acquisition of St. Regis Corporation and subsequent divestiture program (1984-1990) . Technical coordinator for the Arthur Andersen Firmwide Forest Products Industry Program. o Treasurer, Chairman of the Endowment Committee and Member of the Board of Directors of The Forest History Society, an environmental and conservation organization affiliated with Duke University. 1978 - 1984: Audit Manager o In addition to work in corporate finance consulting, regular audit clients included GTE and Champion International. 1974 - 1978: Audit Staff (1974-1976) and Audit Senior (1976-1978) . Education: Harvard Graduate School of Business Administration, M.B.A. , with distinction, 1974 Haverford College, B.S. , physics, 1970 Military: U.S. Marine Corps 1970-1972 Professional: Member A.I.C.P.A. , N.Y.S.S.C.P.A. Chairman of N.Y.S.S.C.P.A. 's Financial Accounting Standards Committee, Past Chairman of N.Y.S.S.C.P.A. 's Computer Usage and Data Processing Committee. Honorable mention from A.I.C.P.A. and winner of N.Y.S.S.C.P.A. 's Gold Medal, November, 1975 C.P.A. examination. Thomas A. Christian Assistant Professor of Marketing 3 Rock Ridge Road Graduate School of Management Larchmont, NY 10538 Rutgers University (914) 833-0334 92 New Street Newark, New Jersey 07102 (201 ) 648-5451 EDUCATION Ph.D Graduate School of Business Marketing Columbia University 1985 M.B.A. Graduate School of Business Accouting University of Chicago 1 975 B.A., Cum Laude Dartmouth College 1 972 History ACADEMIC EXPERIENCE 1986 - present Assistant Professor of Marketing Graduate School of Management Rutgers University 1985 - 1986 Assistant Professor of Marketing 1982 - 1985 Instructor in Marketing New York University Teaching Responsibilities and Interests Courses taught include Marketing Management, Consumer Behavior, Marketing Research, Marketing Strategy, and Sales Management. Courses taught at the graduate and undergraduate levels. Also teach in the Executive MBA Program at Rutgers. Advisor to the Rutgers student team that competed in the General Motors Marketing Competition in 1988. Team was one of three teams that were invited to Detroit to present their projects to the president and other top-level executives of General Motors. RESEARCH Interests Marketing strategy, sales force allocation, motivation and performance models, choice theory, measurement issues. Papers Presented at Conferences "Strategic Maps: A Key to Identifying and Competing for Target Audiences". Presented at the National Managed Health Care Congress Conference, Washington, D.C., April 17, 1990. Working Papers "Merger-Related Synergy: More Fiction than Fact", with Harsharanjeet Jagpal. "A Critique of Operationalizations of Merger-Related Synergy". "Acquiring Versus Non-Acquiring Firms: Structural and Strategic Differences". "General Foods' Acquisition of S.O.S.: A Case Study of Strategic Fit". Reviewer American Marketing Association Summer Educators' Conference, 1989, (Discussant) American Marketing Association Summer Educators' Conference, 1990 PROFESSIONAL ASSOCIATIONS American Marketing Association Offices in Professional Associations Member of Board of Directors, New Jersey chapter of American Marketing Association INDUSTRY EXPERIENCE Coopers & Lybrand 1977 - 1978 Staff auditor in Boston office. Clients included a major computer manufacturer, the largest bank in New England, brokerage houses, an educational institution, and a major retailer. Exxon Corporation 1975 - 1977 Member of corporate internal audit staff. - S'j - 5-HAROLD E. COOKE Harold E. Cooke resides at 22 Bonnie Briar Lane in Larchmont. He is married to Adrienne C. .Cooke, an attorney, and they have three children: Clark (8 years) Chelsea (3i years) and Charlotte ( 17 months) . Clark attends the Murray Avenue School. He participates in several town athletic programs including Little League, soccer, and ice hockey. Chelsea attends preschool at Bezin. She participates in the swim program at Hommocks. Adrienne participates in town tennis instruction at Memorial Park and in addition uses the tennis courts frequently with other town residents. Harold coached soccer during the Fall 1988 season. Also he was an assistant coach during the Little League season. ARCHIE J. GIANUNZIO, JR. 219 Grant Terrace Mamaroneck, N.Y. 10543 (914) 698-9112 PROFESSIONAL EXPERIENCE 1984-1991 BURNDY CORP. , Norwalk, Ct. Director of Materials (Group) - Direct staff 30, indirect staff 70 . Complete responsibility for planning, inventory and warehousing. Team concept utilized to coordinate all activities from design concept to production shipment. On time delivery improved by 30% while costs reduced substantially. New Business Manager - Staff position created to stimulate new products and sales to major customers Major programs completed with IBM, Digital Equipment and Unysis Corp. Plant Manager - Complete management responsibility for assembly facility with 450 employees producing new products . Director of Materials (Div. ) - Direct staff 12, indirect staff 10 . Duties included materials planning, strategic planning and customer liaison. Divisional delivery performance improved from 60 to 100 percent. Director of Purchasing - Directed department of 15 with annual purchases of over $40 million. Implemented purchasing/program management system to reduce cost while improving delivery performance. 1983-1984 HARVEY HUBBELL, Bpt. , Ct. Purchasing Supervisor Staff of 4 purchasing electro mechanical components . Helped increase GM to 50% pre-tax. 1981-1982 GEORGE HANTSCHO CO. , INC. , Mount Vernon, N.Y. Purchasing Manager Direct staff 12, indirect staff 4 . Complete responsibility for purchasing policy and company-wide procedures . Annual purchases of over 25 million dollars . Installed MAPEX computer system. 1979-1981 MODERN PLASTICS & GLASS, INC. , Bpt. , Ct. Operations Manager for three distribution branches with sales over four million dollars annually. Complete management of materials control, finance and sales . 1978-1979 BURNDY CORP. , Norwalk, Ct. Purchasing Mgr. Department purchased thirty million dollars annually. Staff, 18. Plant coverage of eleven separate manufacturing facilities for raw material, electro mechanical components and MRO requirements . Aided in the implementation of a fully computorized MRP system. 1972-1978 BURNDY CORP. , Norwalk, Ct. Marketing Product Manager of a product line with annual sales over twenty-five million dollars. Direct staff 4 , indirect sales staff 147 . Responsible for new product development, introduction, advertising and profitability plus maintenance of existing items . Sr. Product Engineer similar duties to above for a portion of a product line reporting to a Product Manager. Product Engineer Entry level marketing position. 1969-1972 BURNDY CORP. , Norwalk, Ct. Purchasing Supervisor of specific classes of items . Staff, 3. Sr. Buyer reporting to Purchasing Supervisor. Buyer reporting to Sr. Buyer. Buyer Trainee entry level position. PERSONAL: Married - 3 children Height: 5' 5" Weight: 165 lbs . Age - 45 US Citizen Health: Excellent EDUCATION: St. John's University Law School, one year - 1969 Pace University, B.B.A. /Marketing - 1968 2 Archie Gianunzio 219 Grant Terrace Mamaroneck, NY 10543 PUBLIC SERVICE RESUME Past member Mamaroneck Fire Department Past member Mamaroneck Police Department Past member School Board Selection Committee Past member Bike Safety Committee Past member Larchmont Mamaroneck Little League Board of Directors Past member St. Vito ' s CCD PTA Past member Board of Trustee ' s ( 4 years) Member B. P . O. E. Member G. I. Civic Association Member PTA Member Budget Committee Village of Mamaroneck NORMAN A. LAVIN, CPA 8 HOMER AVENUE LARCHMONT, NY 10538 (914) 834-4727 - Res. (212) 818-9150 - Off. OVERVIEW Versatile, professional with more than twenty-five years of diversified business and professional experience and a "Hands-on" approach to designing and implementing innovative, practical solutions. Creativity and ingenuity highlight superior technical skills developed on a sound educational foundation over a multi-functional career in public accounting and private industry. PROFESSIONAL EXPERIENCE Reorganization Consulting. Currently specializes in advising troubled companies, their creditors or investors and court-appointed officials in formal bankruptcy proceedings and out-of-court workouts. Troubled company experience spans a number of different industries and includes companies of all sizes. Public record situations include: Baldwin-United, Cann & Saul Steel, Cardinal Industries, CIS, Finevest Foods, Food Fair , Estate of J. Lynn Helms, LTV, Public Service of New Hampshire, Roberts & Porter, Saxon Industries, Texscan and Wheeling Pittsburgh. Work-out experience includes: market paper pulp processor with $400 million in debt, railcar company with $400 million in debt, real estate developer with $300 million in debt, health and fitness facilities operator with $300 million in debt, retailer with $300 million in debt, and chemical company with $60 million in debt. Advised and assisted clients in developing and negotiating reorganization/restructuring plans, formulating strategies, developing/evaluating business plans, preparing/evaluating and negotiating purchase offers; performing due diligence procedures; determining appropriate accounting treatments; preparing/analyzing court and creditor reports, and preparing best interests and preference analyses. Also provided expert testimony, performed investigations, monitored financial and operational performance and performed viability and other special analyses. Financial Executive. Chief Financial Officer of privately-held independent power producer having $1 billion in assets. Managed the accounting, tax and treasury functions. Led the annual business planning process and the periodic development of long-term financial projections. Negotiated corporate revolving credit facilities and coordinated relationships with project term lenders. Conducted monthly operational meetings with all general managers. Major accomplishments included: - Created and managed annual business planning process that recognizes unique circumstances of 21 autonomous business units and 4 corporate functions. - Defined parameters and directed development and implementation of a corporate reorganization and recapitalization plan that combined affiliated partnerships and corporations, preserved tax attributes and documented owners' economic and control rights. - Centralized and reorganized corporate and unit accounting and established a management information and reporting system to meet users' information needs. - Designed and directed cash management and control process and developed conceptual plan to integrate management of trusteed as well as free funds with a common concentration account. - Conceived generally acceptable accounting policies in furtherance of foreign owners' financial reporting objectives. General Management Consulting. Assisted retail and distribution, manufacturing, real estate, CATV, health care, and travel clients in designing and implementing accounting, operating and management information systems and/or in preparing financial forecasts. Also provided litigation support services and testified in public utility regulatory proceedings. Accounting and Auditing. Member of National Accounting and Auditing Staff responsible for developing firm technical policies, consulting with partners on specific client-related practice problems, serving various American Institute of Certified Public Accountants (AICPA) committees and task forces, advising the managing partner on AICPA matters, performing quality assurance reviews of merger prospects and local offices, authoring client newsletters, internal technical bulletins and articles for outside publication, and instructing at firm training programs. Conducted audits, generally of publicly-held clients, in the finance, hospitality, manufacturing, real estate, retail and other industries. -2- PROFESSIONAL EMPLOYMENT Zolfo, Cooper & Co. , Director of Professional Standards Prior Experience: Sithe Energies, Inc. , Chief Financial Officer - Touche Ross & Co (now Deloitte & Touche) , Partner EDUCATION/PROFESSIONAL Graduate: Wharton School, University of Pennsylvania - Bachelor of Science in Economics, 1965 . Member: AICPA, Pennsylvania Institute of CPA's; served on various committees and task forces. Author/Speaker: Financial forecasting, troubled companies, audit committees, health care industry, economic controls. PERSONAL/OTHER Married, two children. Interests: Golf, jogging, photography, travel , reading. Honorably discharged from U.S. Coast Guard Reserves. -3- BONNIE ROBINSON 12 Echo Lane Larchmont, New York 10538 (914) 834-1706 EDUCATION ALBANY LAW SCHOOL OF UNION UNIVERSITY J.D. 1986 Albany Law Review 1985-1986 Note and Comment Editor 1986 Author, In re Blackacre Gas and Electric: The Bankruptcy of a Public Utility,50 Alb.L.Rev.641(Spring 1986) Participant, Senior Trials 1986 STATE UNIVERSITY OF NEW YORK AT ALBANY M.A. Public Affairs 1979 UNIVERSITY OF CALIFORNIA AT SANTA BARBARA B.A. History and Political Science 1976 Honors Graduation; Dean's List 1973-1976 EXPERIENCE ASSOCIATE-LeBOEUF, LAMB, LEIBY &MacRAE 1986-Present New York, New York Specialized in alternate energy, hydroelectric energy and telecommunications projects, including: FERC licensing and relicensing proceedings for major hydroelectric projects; state rate case proceedings for electric and gas utilities; FERC petitions for independent power producers;cogeneration contracts;appeal of FCC order to Court of Appeals (D.C. Circuit); and certification proceedings in several states for operator assistance telephone company. Drafted hydroelectricity text. SENIOR BUDGET ANALYST-NEW YORK STATE SENATE FINANCE COMMITTEE 1979-1983 Albany, New York Negotiated legislation dealing with higher education, energy and environment. Analyzed Executive Budget proposals. Conducted legislative briefings for Senators and staff. Drafted and reviewed legislation. LEGISLATIVE RESEARCH ASSISTANT-CORNELL UNIVERSITY 1978-1979 Albany, New York Wrote and circulated papers detailing the legislative process. Assisted in negotiating legislation concerning Cornell University. ASSISTANT-ALBANY COUNTY DEPARTMENT OF EMPLOYMENT AND TRAINING 1977-1978 Albany, New York Coordinated administration of a 12-person staff. Oversaw implementation of CETA projects. Prepared informational pamphlet for program participants. REFERENCES AVAILABLE UPON REQUEST PUBLIC MEETINGS RELATING TO THE LARCHMONT MOTEL PROPERTY ; June 7, 1989 - Consideration of FEIS - Boston Post Road/Weaver Street June 28, 1989 - Consideration of FEIS - Boston Post Road/Weaver Street September 20, 1989 - . Set Public Hearing - Boston Post Road/Weaver Street October 25, 1989 - Public Hearing - Boston Post Road/Weaver Street Presentation - Architectural Design - Larchmont Motel November 15, 1989 - Bond Resolution - Larchmont Motel January 3, 1990 - Resolution — Real Estate Closing - Larchmont Motel February 7, 1990 - Authorization - Architectural Service Contract/Transfer - Larchmont Motel March 7, 1990 - Authorization- Transfer of Funds/Borrowing - Capital Projects March 21, 1990 - Public Hearing - Amendment to Zoning Ordinance - Master Plan Capital Project Plan and Financing April 4, 1990 - Public Hearing - Master Plan Authorization - Bonding Resolution - Capital Projects Authorization - Funding Resolution - Public Housing Agency June 21, 1990 - Authorization - Borrowing of Funds - Capital Projects July 18, 1990 - Resolution - Bonding Resolution- Various Capital Projects October 3, 1990 - Update - Larchmont Motel November 7, 1990 - Authorization - Capital Projects 90-5 and 90-9 January 2, 1991 Authorization - Larchmont Motel Development January 23, 1991 - Designation of Lead Agency - Larchmont Motel - Larchmont Motel Property Page 2 • February 6, 1991 - Update on Affordable Housing Development Project February 20, 1991 - Resolution - Town of Mamaroneck Public Housing Agency 1 April 17, 1991 - Determination of Environmental Significance - Amendment to Urban Renewal Plan and Amendment to Zoning Ordinance July 10, 1991 - Work Session - Review Proposals for Improvements to the Boston Post Road August 14, 1991 - Authorization - Amendment to Capital Projects September 25, 1991 - Report - Affordable Housing Task Force - Status of Larchmont Motel Project October 9, 1991 - Authorization - P/B Caramar Housing October 23, 1991 - Public Hearing - Amendment to Zoning Ordinance March 4, 1992 - Resolution - Home Rule Request - Affordable Housing - Town of Mamaroneck May 20, 1992 - Resolution - Establish Affordable Housing Income Levels June 3, 1992 - Authorization - Financial Advisor - Motel Project August 19, 1992 - Update - Affordable Housing Project October 21, 1992 - Authorization - Establish Capital Project 92-89 November 18, 1992 - Award of Contract TA-92-3 - Removal of Asbestos Resolution of Endorsement - Housing Authority Fund Grant Authorization - Construction Manager - Affordable Housing December 16, 1992 - Report of Bids - Demolition of Larchmont Motel Authorization - Community Development Block Grant Agreement Authorization - Pre-construction Activities - Affordable Housing Project Larchmont Motel Property Page 3 s` January 6, 1993 - Authorization - Advance Payments - Construction Manager/Architect March 3, 1993 - Authorization - Legal Services - Town of Mamaroneck Housing Authority Authorization - Advance Payment - Construction Manager and Architect • March 31, 1993 - Public Discussion and Resolution of Endorsement - Community Development Block Grant April 21, 1993 - Authorization - Extension Agreement - Community Development Block Grant Contract Authorization - Payment - Hommocks Park Apartments Architectural and Construction Management Services May 25, 1993 - Special Town Board Meeting Authorization Publication of Bids - Hommocks Park Apartments June 2, 1993 - Authorization - Payment for Architectural and Construction Management Services - Hommocks Park Apartments Grant Fund Sources Sum \,\Y---) 0 Ui9J rw st VJA `vrr\Q (,y-Dl 1v . •C�\ � U(L� fl'1'"%11.1 Aiail \u (iY1 Q Ii - S �� 0 • L - Long Term Repair Accrual 4 TOWN OF MAMARONECK HOUSING AUTHORITY HOMMOCKS PARK APARTMENTS MEMORANDUM DATE: July 22, 1996 TO: TMHA Board Members FROM: . Paul A. Winick RE: Long Term Repairs expense accrual **AA AA A k********************************************************************************************** This memo will discuss the cash amount required to be accrued to fund projected long term repairs. Attached to this memo is a chart, provided by Gramatan Management, that gives replacement cost projections for major replacement items. The cost projections are stated in both current dollars and in a projected cost that assumes a 4% compounded rate of inflation. I used the projected costs in calculating the accrual. Since the shorter term (5 and 15 year) items, such as the renewal of exterior stain, require regular repetition, I adjusted the total dollar figures for those items to state them as 20 year amounts, and added them to the 20 year items to arrive at the tote c olL r figun' that must he accrue-;` at the end of year 20: $1, ‘KM9T.00. I then c s& ;nand that 5% interest can be earne,don the funds, and that it would be cc mpound >d quarterly. The.. quc:terly compounding in was selected bid on the further ssumptikn that Via funds will be, ir~v 'steel in 90 day or longer time de posits, rather than r ';cu e savings .accounls.. The for ig time horizon for using these ful rds cOuid permit invc trner nt in medium-term instruments such as five year notes. At the tirrie sufficient ti€ r are aca-t.:Teci that such a decision needs to he made the competing interest op`"ions s „c d be checked tot-z which will yield the -higher return. ' .n.. ' seaside �. u ' have c,�.,. ;t�t��t���tf�t•; mart*�m�t� � that r�.ust be set to r... 4't the 20 year $41.,E5 b n sr at -rterly calculation of•`. 12,5:86). What now remains is to dete4 6r .. .. r; close se i3e Authority can come to that figure. €.70t5S `rk'13 3>i! 7r3U"siJO l'Jk? I3 , a 1d101 HOMMOCKS PARK REPLACEMENT COST __ �ROJC'IlONS ITEM 1USEFUL CURRENT PROJECTED —� LIFE COST 1COST B20 BOILERS I— 108,000 $ 236,520_ WINDOWS 20 $ 100,000 5 219,000 ROOF i 20 $ 200,000 $ 438,000 EXTERIOR STAIN j 5, $ 30,000 $ 36,500 BATHROOMS 1 20' $ 54,000 $ 118,260 KITCHENS 20 $ 108,000 $ 238,520 RANGES 20 5 21,600 $ 47,304_ REFRIGERATORS 20. $ 27,000 ` 5 59,130 I DISHWASHERS 151 $ 18,900 I $ 34,020 SIDEWALKS 15 $ 50,000 $ 90,000 DOORS –r— 20 $ 27,000 $ 59,130 { iE E Page 1! December 2002 Recalculation Of funds necessary to reach Long Term Reserve of$1.2 Million and Short Term Reserve of$180,000 by 20th year of TMHA operations Assumptions and data Long Term Reserve current balance= $410,000 (actual) Short Term Reserve current balance= $39,000 (actual) 10 year period from current to completion Inflation rate = 3% Tax rate = 0% Indicative CD Rates (12/4/02) 2 yr. 5 yr Citibank 1.8% 3.105 Chas. Schwab 2.4% 3.6% Wash. Mutual 2.1% 3.6% Merrill Lynch 2.4% 3.7% Maturities over 5 years are inconsistent with anticipated need for funds Calculation of streams of payments made with software provided on www.washingtonmutual.com Long Term Reserve calculations Starting Bal. 410,000 410,000 Avg. Int. Rate 3.5 4.0 Mo. Deposit 6,250 6,000 Years to end 10 10 Tax Rate 0 0 Inflation rate 3% 3% Bal in 10 years 1,198,686 1,207,381 Short Term Reserve calculations Starting Bal. 39,000 39,000 Avg. Int. Rate 3.5 4.0 Mo. Deposit 1,150 1,100 Years to end 10 10 Tax Rate 0 0 Inflation rate 3% 3% Bal in 10 years 182,310 181,518 Conclusion 3.5% average interest rates are the more reasonable assumption, given the 5 year term required to produce even that yield. At that average rate monthly investments should be Long Term Reserve: $6,250 and Short Term Reserve $1150. NY#504239 vl Tenant Rules& Regulations • • TOWN OF MAMARONECK HOUSING AUTHORITY RULES AND QEGULATICNS F'OR HOMMOCXS PARK APARTMENT TENANTS 1 . Apartments aro to be used solely as the private residences of tenants and their families; no business, professional or commercial enterprises of any kind may be carried on by any tenant in any apartment or in the Hommocks Park Apartment complex. 2 . Sidewalks, entrances, courts , stairways, hallways and other public areas shall not be obstructed or used for any purpose other than ingress to and egress from the demised premises. 3 . No awnings, window air conditioners , ventilators, dryers or other fixtures or appliances shall be used or installed in or about apartments without the prior written approval of the Landlord or managing agent, nor shall anything be attached to or hung from or in any window, door or ceiling of an apartment without such consent 01 the Landlord. 4 . Landlord shall provide tenant with a key to all locks in the demised premises. No tenant shall alter any lock without the prior written consent of the Landlord or Landlord's managing agent, and if ouch consent is given, without giving Landlord or its managing agent a key therefor_ Tenant may not install any additional locks in or to the apartment . S. Tenants shall keep their apartments and the public areas surrounding the their apartments in good and clean condition, and shall refrain and cause members of their families , guests , agents and invitees to refrain from defacing, damaging or littering said areas. 6. Tenants shall keep all garbage and rubbish securely wrapped or contained and shall dispose of same as directed by t.ha managing agent . In no event shall garbage be stored in public hallways or other public areas . 7. No tenant shall place or permit to he placed any sign,. advertisement, illumination or notice of any kind in or on the demised premises or anywhere in the Hcmmocks Park Apartment complex. 8 . No tenant shall alter or install any fixtures or equipment in the demised premises, nor paint, wallpaper or make any repairs, alterations or installations of any kind, without the written consent of the Landlord. Any damages beyond normal wear and tear to the apartment will be the responsibility of the Tenant, the costs of which may be deducted from Tenant ' s security deposit . 9 . Tenants may not use or install any water or liquid-filled furniture in the apartment . -1- E 'd OOZE dH WdBZ :9 ZOOZ 60 WHC 10. Tenants shall not make or permit any disturbing noise in their demised premises , or do or permit anything to be done in or around the demised premises which will interfere with the rights, comfort or convenience of other tenants . No tenant shall play or permit to be played any musical instrument, phonograph, radio, television or any other noise-producing object in or around the demised premises between the hours of 11 :00 p.m. and 8 : 30 a .m. , if same shall disturb or annoy other tenants . No construction, repair work or other noise-generating work shall be conducted in any apartment except on weekdays between the hours of 8 : 30 a.m. and 5:30 p.m. 11 . No tenant may send any employee of the Landlord out of the complex on any private business of the Tenant. 12. Dogs are prohibited in the Hammocks Park Apartment complex unless specially trained find required for the care of a tenant' ci .e. seeing-eye dog) , subject to the approval of the Landlord. No cat, bird or other animal may be kept or harbored in or around the demised premises unless expressly permitted in writing by the Landlord (in no event shall tenants be permitted more than two such animals) . No pigeons, geese or other animals not so permitted by Landlord may be fed by Tenants in or around the demised premises or the Hommocks Park Apartment complex. 13 . No radio or television antenna shall be attached to or hung from the demised premises without the prior written consent of the Landlord, nor may any electrical appliance be installed or replaced without the consent of the Landlord. 14 . Tenants shall keep the windows of their apartments clean . If a tenant fails to clean windows within ten (10) days after receiving notice to do so from Landlord, Landlord may enter the apartment to do so and may charge the cost of such cleaning to the Tenant as added rent. 15. At the expiration of the term of a tenant 's lease, or the earlier termination of his/her lease, tenant shall surrender the premises in good and clean order and repair, reasonable wear and tear excepted. 16. Tenants shall pay for any damage to their apartments or to Landlord's property in the apartment or in the Hommocks Park Apartment complex caused by tenant ' s fault or neglect. 17 . Any consent or approval given by Landlord under these Rules and regulations shall be revocable by Landlord at any time. 18 . Tenants shall comply with all directions of Landlord concerning moving date and time. -2- 17 'd OOZE 13r213SH1 dH Wd82 =9 2002 CO WUr 19 . No tenant may assign or sublease his/her apartment, nor take in roomers, boarders, or lodgers, or permit any perscn or persons other than those named in Tenant ' s lease as members of his/her household to occupy the demised premises without the prier written consent of the Landlord. 20. each tenant shall , if requested by Landlord, submit a signed, notarized statement setting forth facts as to the employment status, income and composition of tenant and members of his/her household, and shall immediately report any change in such information for the purpose of determining continued eligibility for occupancy of the demised premises. If tenant ' s income is derived in whole or in part from self-employment, tenant shall report such fact to Landlord and maintain for Landlord 's inspection such records as will accurately reflect tenant ' s income and profits therefrom. 21 . Tenants may not install barbecue equipment in any apartment or elsewhere within the Hammocks Park Apartment complex. 22. Tenants may not remove any Landlord-supplied carpeting. window treatment or appliances without the written consent of the Landlord. 23 . Tenant may not install a window fan or air conditioning unit in any window. Before installing any through-the-wall air conditioner, or any clothes dryer or other electrical appliance . Tenant must obtain t,andlord 'a approval , as well as all permits required by the Town of Mamaroneck auilding Department . Any installation permitted by Landlord must be performed by a plumbing or electrical contractor licensed to do business in the Town of Mamaroneck. 24. PARKING AND USE OF VEHICLES. Tenants must register every car registered in their names with the Managing Agent. Parking on Site (within the Hommoeks Park Apartment complex and designated adjacent parking spaces) , shall be subject to the following regulations , as wall as other any other regulations which may, from time to time, be imposed: Ca) Tenants may have a maximum of two (2) vehicles on the grounds of the Hammocks Park Apartment complex at any one time. The larger of said vehicles must be parked in the Tenant ' s garage . The other vehicle may be parked in designated spaces in or adjacent to the complex on a apace-available (first come, first served) basis. (b) No vehicle belonging to a tenant may be parked in such manner as to impede or prevent ready acr.eas to the Hommocks Park Apartment complex or any apartment in the complex by pedestrians or other vehicles , or in violation of any regulation of Landlord or of any other govermental agency or entity in connection therewith. (c) Any vehicles which are not registered with the Managing Agent as belonging to a Tenant: or any vehicle which is improperly • -3- • e 'd 002E 13Cd Sd1 dH Wd62 :9 0002 CO NHr parked in the complex or in the designated adjacent parking spaces , will be towed away at the Owner ' s expense. (d) No car repairs or maintenance shall be performed anywhere within the Hommocks Park Apartment complex or in the designated adjacent parking spaces. 25. USE OF GARAGES: The use of garages by Tenants shall be subject to the following regulations, as well Asa any other limitations established by Landlord: (a) Garages may be used for the parking of Tenant 's cars ONLY; cars parked in garages must be owned and registered with the N.Y.S. Department of Motor Vehicles in the name of the Tenant, and must also be registered by Tenant with the Managing Agent. (b) Garages may not be used4as additional living (habitable) space— (c) Garage doors must be kept closed at all times, except for the entering or exiting of vehicles . (d) Storage of combustible or flammable materials in garages is strictly prohibited. (e) Storage of ordinary household items in the garage is limited to the perimeter of the garage, and in no way shall interfere with the parking of vehicles therein . (f) Garages may not be used to perform car repairs or maintenance . 26 . Lofts may not be used for sleeping. Lofts may be used for other purposes , such as play or exercise space, a desk or work area , or as a sitting area. 27 . Tenants may not remove or replace ceiling light fixtures ; nor may Tenants install chandeliers or ceiling fans in their apartments . 28 . Tenants shall maintain a temperature of at least 55 degrees Farenheit in their apartments at all times . 29. The use of the term "tenant" in these rules and regulations include not only tenant, but members of tenant 's household, his/her guests, agents, employees and invitees. Tenant shall be responsible for his conduct and that of all persons occupying or visiting the leased apartment while he/she or they are in the leased apartment or on the grounds of the Hommocks Park Apartment complex. 30. These Rules and Regulations may be amended, added to or repealed from time to time by the Landlord. -4- 9 'd OOZE 13C?i3Sd1 dH Wd92 9 eooz co WUC Sample Lease NYS DHCR Leasing Regs. JAN 15 2002 14: 54 GM LASERJET 3200 9146541444 p. 1 GRAMATAN MANAGEMENT, INC. 2 HAMILTON AVENUE, SUITE 217 NEW ROCHELLE, NY 10801 FAX COVER SHEET DATE: 1.‘if J / 1 TIME: TO: \I G,L, PHONE: FAX: SSL -, 6S-Zv�4 FROM: Bram Fierstein PHONE: 914-654-1414 FAX: 914-654-1444 RE: Number of pages including cover sheet: Message JAN 15 2002 14: 55 GM LASERJET 3200 9146541444 P. 2 -200/77,0„ 4\46,A, AlaKo\P-DQA(.94 )/c‘ LA l0FD 0±-rt-6-c 6-aAJTtrY'r\ U,C)- Lu Nt- A-4\o-k__c &5-fCom- �� \A" '''LL 46 NIL * A-- (J\:(-)e' -AsL„ \J4c-\51. 04\C-2- A r, LVtR.QSIL� \0 \ONC?C_--5 JRN 15 2002 14: 55 GM LRSERJET 3200 9146541444 p. 3 E �iiiD Town of Mamaroneck Housing Authority Residential Apartment Lease THIS LEASE made as ofiU,Y11' 15 200 between The Town of Mamaroneck Housing Authority (hereinafter the "Landlord") having an office at do Gramatan Management, Inc., 2 Hamilton Avenue, New Rochelle, New York 10801 and ererrlafter the "Tenants") SS #x.73�- � for the premises known as: Apartment# J5 __, Hommocks Park Apartments, Hommocks Road, Town of Mamaroneck, (Larchmont PO) Westchester County, New York 10538,(hereinafter the"Premises") to tenants for the following term: Length of Lease: W fl Year(s) Beginning: ,20(90 Ending: D 6_ 3(9 ,20 C2, Upon the terms and conditions stated herein: 1.Rent: For the first year of the term of this Lease, Tenant shall pay annual rent of si4t 4(3,761 payable in twelve (12) equal monthly payments of$1?no q?, in advance, on the first calendar day of each month, unless the first calendar day of a month shall be a Saturday, Sunday or legal holiday,in which event the rent shall be paid on the next calendar day which is not a Saturday,Sunday,or legal holiday,either at Landlord's office or at another place that Landlord may inform Tenant of in writing. • In the event the term of this lease exceeds one year, after the first year of the term,the rent shall increase to $1/.4,93444-per annum, payable in equal monthly installments of $031,::,.,QA as aforesaid,for the second year of this lease, or part thereof. Landlord shall not be required to give notice that rent is due.Payments must be in the form of a personal or bank check,or by money order, and may be made in person or by mail to the Managing Agent. If payment is made by mail,it will be deemed made on the date the envelope containing the rent is postmarked by the US Post Office. A late charge of twenty-five ($25.00) dollars shall be added to the rent if the rent is not paid by the tenth day after the date set forth for payment herein. If the rent is not paid on time, Tenant shall be considered to be in default of this Lease, and shall be subject to the penalties set forth for default below,including,but not limited to termination of this Lease. There shall be a fee of twenty($20.00)dollars for any check or other form of payment which is returned for lack of funds or is otherwise dishonored. Such fee shall be added to the next month's rent as additional rent, or,if it occurs at the end of the term hereof, shall be de- ducted from the security deposit_ Additional Rent:Tenant may be required to pay other charges to Landlord hereunder. These charges are called "additional rent", and shall be billed and payable together with the next monthly rent due. 2.Security Deposit: Upon the signing of this Lease r Sr to taking occupancy, Tenant shall pay to the Landlord the sum of $102• ,asurity for the performance of Tenant's obligations hereunder and as reimbursement of the cost, if any, of cleaning and repairing any damage beyond normal wear and tear to the premises during the term of the Tenant's occupancy. Said deposit shall be kept separate from Landlord's money, in an interest bearing account, located at Hudson Valley Bank. Landlord may retain one percent (1%) per year for administrative costs; the rest of the interest will be paid to Tenant each year. If Tenant carries out all of the agreements in this Lease and if Tenant vacates the Premises and the end of term hereinabove JAM 15 2002 14:55 GM LRSERJET 3200 9146541444 p_4 set forth, in the same condition it was in at the commencement, except for ordinary wear and tear or damage caused by fire or other casualty, Landlord will return the full amount of the security deposit and interest,if any,within 60 days after this Lease ends. However,if Tenant does not carry out all agreements in this Lease,Landlord may keep all or part of the security deposit and any interest, necessary to reimburse Landlord for any losses incurred, including missing payments. After Tenant vacates the premises,Landlord shall inspect the apartment and give Tenant a written statement of the charges, if any, for which Tenant is responsible. Tenant may join in said inspection. If Landlord sells or leases the Hommocks Park Apartments, or if the said Project is taken over by the Town of Mamaroneck or any other person or entity, Landlord shall have the right to assign the Security deposit to the buyer or lessee,upon notice to Tenant. In such event,Landlord shall be deemed released, and Tenant shall look only to the buyer, lessee or Town, as applicable,for the return of the security 3.Use and Occupancy of the Premises: Tenant Shall Use The Premises for Living Purposes Only. This Lease was awarded to Tenant based upon an application which established that Tenant met certain criteria for eligibility for occupancy of the premises. The premises are therefore, to be used only as the primary residence of Tenants and their household, consisting of the following named in- dividuals: ecus fe /\'t ce And for no other purpose, and by no other individuals. Use of the premises by anyone other than the Tenant or the individuals named above or use of the premises by Tenant for purposes other than as and for a primary residence shall be considered a violation of the terms hereof and a default hereunder,and shall result in the termination of this Lease. 4. Landlord's Obligations: (a) Warranty of habitability; hazardous conditions; repairs: Landlord represents that the premises are, and will continue to be, fit for human occupancy, and that there are and shall not be any conditions permitted to remain which constitute a danger to health, life or safety. Tenant must give Landlord immediate notice of fire, accident, damage or any other dangerous or defective condition which is hazardous to the life,health or safety of occupants. In such event,Landlord shall be responsible for the repair of the premises within a reasonable time. If the damages were caused by an act or neglect of Tenant, a member of Tenant's household,or Tenant's guests,agents or invitees,Tenant must pay all rent and the Landlord's cost of repair shall be charged to Tenant as additional rent. In making such repairs,Landlord shall not be required to replace or repair any fixtures,furnishings, decorations, appliances or equipment not originally supplied by Landlord. Landlord shall not be liable for delays in making repairs that are caused by labor and supply problems,settling insurance claims or any other cause not under Landlord's complete control_ In such situations,this Lease shall not be ended, nor shall Tenant's obligations be affected by Landlord's inability to perform its obligations hereunder. If there is damage to the building by fire or other casualty, and this Lease is canceled as hereinafter provided, Landlord shall not be obligated to repair the apartment, but such cancellation shall not relieve Tenant from any liability in connection with such fire or casualty. (b)Utilities: Landlord will provide apartments with heating and hot water equipment, only. Tenant will arrange and pay for all electric, gas, telephone and other utility services used in the apartment. 2 JAN 15 2002 14:55 GM LASERJET 3200 9146541444 p. 5 (c) Appliances: Landlord shall provide Tenant with a dishwasher, range and refrig- erator in working condition. Tenant must not install or use a washing machine, dryer, freezer,heater,ventilator,ceiling fan,light fixture,cooling equipment or any other appliance unless such installation is (i)approved in advance by Landlord, in writing; (ii) installed by a licensed plumber, electrician or other licensed installer; and (iii) Tenant first obtains any permit required by the Town of Mamaroneck Building Department, and any other approval required for such installation. Tenant must not use more electric power than the wiring or feeders to the Building permit. Damage to the premises or to equipment or appliances sup- plied by Landlord that is caused by Tenant's installations, acts or neglect shall be Tenant's responsibility. If Tenant fails to make any necessary repairs, Landlord may make them at Tenant's expense, in which event the cost of such repairs will be billed, to Tenant as addi- tional rent. (d)Liability of Landlord: Landlord shall not be liable for loss, expense or damage to any person or property unless due to an act or negligence of the Landlord, its agents or employees. In such event, Tenant is limited to Landlord's interest in the premises for pay- ment of a judgment against it. Landlord shall not be liable for failure to give Tenant possession of the premises on the commencement date of the term by reason of the fact that the premises are not ready for occupancy, because a prior tenant or other person is wrongfully holding over or is in wrongful possession of the premises, or for any other reason. In such event, Landlord will give Tenant fifteen (15) days' notice of the date upon which occupancy will become avail- able, and rent shall not commence until the date possession is available, but the end of the term shall not be extended. Landlord's employees are not permitted to care for Tenant's personal property. Landlord shall not be responsible for loss,theft or damage to property left with its employ- ees. Tenant shall pay for damages and expenses of the Landlord relating to any claim arising from any act or negligence of Tenant, his/her household, Tenant's agent, guests or invitees. If an action is brought against Landlord arising from Tenant's act or neglect,Tenant shall defend Landlord at Tenant's expense with an attorney of Landlord's choosing, as well as indemnify Landlord and hold Landlord harmless from and against any damages which may be awarded in any such action. Landlord shall not be liable for failure to perform its obligations hereunder if such failure is caused by governmental preemption in connection with war or other national emer- gency, labor disputes,lack of supply, act of God,Tenant's act or neglect, or any other cause not fully within Landlord's control. 5.Tenant's Obligations: (a) Maintenance of premises; repairs: Tenant has inspected the premises prior to taking occupancy. By taking occupancy, Tenant certifies that the premises are in good and habitable condition and repair, and takes the premises in "as is " condition, except for latent defects. Tenant shall not remove any carpeting, window treatments, ceiling fixtures or any other Landlord supplied fixtures or appliances,and will keep the Premises and all equipment and fixtures therein in good repair at all times and will not permit any damage to it, except for damage which occurs through ordinary wear and tear. Tenant shall,at Tenant's own cost and expense make all repairs required to keep the Premises, equipment and fixtures in good repair. If Tenant shall fail to make required repairs hereunder, Landlord may make such re- pairs for the benefit of Tenant, in which event Tenant shall pay Landlord's repair costs as added rent. (b)Changes and Alterations to Apartment:Tenant shall not build in,add to,change or alter, the Premises in anyway, including wallpapering, painting, repainting, or any other decorating,without Landlord's prior written consent. Nor shall Tenant, without prior written 3 JAM 15 2002 14:56 GM LASERJET 3200 9146541444 p_6 consent, install or use in the Premises any of the following: dishwasher machines, clothes washing or drying machines,electric stoves,garbage disposal units,heating ventilating or air conditioning units or any other electrical equipment which, in the Landlord's reasonable opinion, will overload the existing wire installation in the Building or interfere with the use of such electrical wiring facilities by other tenants of the Building. Tenant shall not change the plumbing, electrical or heating or any other system in the apartment without Landlord's prior written consent. If such consent is given, the alterations or installations shall become the property of the Landlord when completed and paid for. Landlord has the right to require Tenant to remove the alterations or installations before the end of the Term,or,if Tenant fails to remove them, Landlord may remove them at Tenant's expense, to be deducted from tenant's security deposit hereunder. Tenant shall not place in the Premises, water-filled furniture. (c)Duty To Obey and Comply With Laws,Regulations,and Lease Rules (i) Government Laws and Orders. Tenant shall obey and comply(1)with all present and future city, state and federal laws and regulations which affect the Building or the Premises,and(2) with all orders and regulations of Insurance Rating Organizations which affect the Premises and Building. This Lease and the tenancy hereunder are further subject to the Rules and Regulations of the Commissioner of Housing and the Public Housing Law of the State of New York, and any amendments thereto which may be passed in the future, which Tenant hereby agrees to observe and comply with, insofar as they shall be applicable to Tenant and his/her occupancy hereunder. Tenant will not allow any windows in the Premises to be cleaned from the outside,unless the equipment and safety devices required by law are used. (ii)Landlord's Rules. Tenant agrees to obey all Landlords' rules listed in this Lease and all future reasonable rules of Landlord or Landlord's agent. Notice of all additional rules shall be delivered to Tenant in writing or posted in the lobby or other public place in the building. Landlord shall not be responsible to Tenant for not enforcing any rules, regulations or provisions of another tenant's lease except to the extent required by law. (iii)Tenant's Responsibility. Tenant hereby agrees to be responsible for his/her behavior,the behavior of members of the household, servants and people who are visiting Tenant. Tenant will reimburse Landlord, as additional rent upon demand, for the cost of all losses, damages, fines and reasonable legal expenses incurred by Landlord because Tenant or a members of the household, servants or people visiting Tenant have not obeyed governmental laws and orders or the agreements or rules of this Lease. (d)Required Conduct: (i)Tenant agrees to keep the Premises and any common area surrounding the premises in a clean and safe condition;to dispose of all garbage,rubbish and other waste in a sanitary,clean and safe manner,as directed by the Landlord or its Managing Agent;to use all heating,electrical,plumbing,sanitary,ventilation and all other facilities and appurtenances in a reasonable manner and in accordance with manufacturer's or Landlord's instructions; (ii) Tenant, tenant's household, guests, employees and invitees shall refrain from destroying, defacing, damaging or removing any part of the premises or the rest of Hommocks Park Apartment project or facilities; Tenant agrees to conduct himself/herself, as well as cause to all others on the premises with his/her knowledge and/or consent to conduct themselves in a manner which will not disturb or interfere with the comfort and enjoyment by others by their occupancies. (iii)Neither Tenant nor his/her household members, guests or employees shall cause annoying noise,odors or lights to exist on the premises or anywhere in the Hommocks Park Apartment property, or engage in illegal or criminal activity, in or around the premises,the Hommocks Park Apartments property,or elsewhere. Should Tenant or any member of his household be found guilty of drug-related criminal activity, or of permitting or conducting a nuisance in or around the premises, by a court of competent jurisdiction, such determination shall be grounds for termination of this Lease and the tenancy hereunder, at the option of the Landlord or its successor in interest hereto. (iv) Tenant agrees not to use,or permit his/her household members, guests,employees or invitees to use firearms, fireworks, pellet guns, BB guns or any other weapon or fake weapon in or around the premises or the Hommocks Park Apartment property. (v)Tenant shall not permit any use of the premises, or bring or permit anything to be brought into the premises that will result in an increase in any premium for fire or other insurance on the premises or the Hommocks Park Apartment property. Tenant shall be assessed any such increase in premium as additional rent. (vi)Tenant agrees to maintain a temperature of not less than 55 degrees 4 JAM 15 2002 14: 57 GM LASERJET 3200 9146541444 p. 7 Fahrenheit in the apartment at all times. Any damage to the premises caused by Tenant's failure to maintain such temperature shall be deemed to have been caused by Tenant, and the costs or repair of such damage shall be payable by Tenant. (e)End of Lease: At the end of the term hereof,or upon the earlier termination of this lease, Tenant shall leave the Premises in good and clean condition andrestore it to its pre- occupancy condition, reasonable wear and tear excepted, shall remove all of Tenant's property, installations and decorations, and shall repair all damages and restore the Premises to its original condition and the Hommocks Park Apartment property caused by moving af- fected by their installations and removals. It is agreed that Tenant shall not have moved out until all persons, furniture and other property of Tenant is also out of the Premises. If Ten- ant's property remains in the Premises after this Lease ends,Landlord may either treat Tenant as still in occupancy and charge Tenant for use,or may consider that Tenant has given up the Premises and any property remaining in the Premises. In this event, Landlord may either discard the property or store it at Tenant's expense. Tenant agrees to pay Landlord for all costs and expenses incurred in removing such property. The provision of this article will continue to be in effect after the end of this Lease. (f) Pets and other animals: Tenant may not have or keep dogs in or on the premises, other than dogs which are specially trained and required to care for their owners, such as seeing eye dogs. Up to two (2)cats,birds or other animals may be kept as pets only if they are kept within the apartment at all times, will not become a nuisance to other Tenants, and are specifically approved by Landlord, in advance, which approval may be withheld or revoked by Landlord, in its sole discretion. 6. DEFAULT: In addition to such other acts set forth herein as grounds for terminating this Lease, the following acts shall be acts of default hereunder, giving the Landlord the right to termi- nate this Lease prior to the expiration of the term hereof; (a)Failure of Tenant to pay rent or additional rent,when due; (b) Failure of Tenant to perform ant act, term, covenant, condition or other provision of this Lease which Tenant is obligated to perform; (c)The filing by Tenant of a petition in bankruptcy or an assignment or other arrangement for the benefit of creditors,or any other act by Tenant to take advantage of any insolvency act; (d) Desertion or other vacating of the premises prior to the expiration of the term hereof for a period in excess of fifteen(15)days; (e)Assignment of this Lease or subletting of the demised premises by Tenant, in whole or in part,without the express,written consent of the Landlord; (f) Failure or refusal to comply with Landlord's rules and regulations annexed hereto and made a part hereof, or any future changes thereto, or any other rule, regulation, code statute, law or ordinance of any governmental entity or department with respect to Ten- ant's occupancy and conduct,or any lawful directive of the Landlord,or Landlord's managing agent. (g) Making of a false or misleading statement on Tenant's application for this Lease; •• (h) Giving or permitting occupancy by individuals other than those listed herein as members of Tenant's household,except that Landlord may give written consent for temporary occupancy by a guest or visitor, or long-term occupancy of the Premises by a live- in care provider for Tenant or a member of Tenant's household; 5 JAM 15 2002 14:58 GM LASERJET 3200 9146541444 p. e (i)Using the Premises for any purpose other than as the primary residence of Tenant and members of Tenant's household; (j)Causing or permitting a lien to be filed against the Premises, unless Tenant immediately notifies Landlord of such lien and either pay or bond said lien Within fifteen(15) days after receiving notice to do so from the landlord; (k) Creation or maintenance by Tenant, a member of Tenant's household, guest, employee or invitee, of a nuisance or hazardous condition in the Premises or on the property of the Hommocks Park Apartment complex. 7.TERMINATION: In the event of an act of default hereunder, Landlord may, at Landlord's sole option, elect to terminate this Lease by giving Tenant ten(10)days written Notice of Default for wr acts of default set forth in sections (a) through (j) of this paragraph, and three (3) y tten Notice of Default for acts of default set forth in section (k) of this paragraph or any other default which creates an emergency or hazardous condition. The Notice of Default hereunder shall be given by mail to the Tenant addressed to the demised Premises. If Tenant shall fail to correct his/her default within the time set forth in the Notice of Default, Landlord may terminate the Lease by giving Tenant not less than five (5) days written Notice of Termination. At the end of the notice period,this Lease will end and Ten- ant must vacate the Premises. In this event, Tenant shall remain liable to Landlord for all damages,including but not limited to(i)the difference between the rent in this Lease and the amount, if any, of the rent collected in any later lease of the Premises for what would have been the remaining term of this Lease; and(ii)Landlord's expenses for attorney's fees,adver- tisements, broker's fees and the cost of putting the Premises in good condition for re-rental. At Landlord's sole discretion, Landlord may correct the default at Tenant's expense, which shall be payable as additional rent. 8. OTHER EARLY TERMINATION: (a)Demolition: Landlord has the right to demolish the entire building of which the apartment is a part. In the event that such demolition is not the result of a fire or other casualty,Landlord must give Tenant six(6) months' written notice of its intent to terminate this Lease due to the demolition of the building, and Tenant must vacate the premises at the end of the period set forth in the Notice, which period shall not be less than six (6) months from the date of said Notice. (b)Public Taking: In the event that the entire building,or a part of the Premises be condemned by any government or government agency for a public purpose, this Lease, and Tenant's rights hereunder shall terminate on the date that title passes to the condemning authority, and Tenant must deliver the Premises, together with all rent and Additional rent due to such date. Tenant hereby assigns any interest Tenant may have to any part of the con- demnation award,to Landlord,for the value of the unexpired portion of this Lease. (c)Re-Certification: The term of this lease may be for a period of time that exceeds Tenant's annual certification of eligibility. In the event Tenant fails to re-qualify any time during the term of this Lease,as required by paragraph 15 of this lease, Landlord shall have the right to cancel this Lease by giving Tenant not less than two (2)months written notice to vacate the Premises,whereupon the term of this Lease shall come to an end. (d)Fire or Casualty: If the Premises become unusable,in part or totally,because of fire,accident or other casualty,this Lease will continue,unless terminated by Landlord,upon written notice within 30 days of the date of damage, and Tenant must give up occupancy of the apartment on or before the cancellation date in the notice, and pay all rent due to the date of the fire or casualty. If the Premises are completely unusable by reason of fire, accident or other casualty and it is not repaired within 30 days, Tenant may give written notice terminating this lease. In either of these events,the Lease shall be deemed to have terminated 6 JAN 15 2002 14: 58 GM LASERJET 3200 9146541444 p.9 as of the date of the fire, accident or other casualty. Landlord shall refund the security deposit and the pro-rata portion of rent paid for the month in which the casualty occurred. • 9.LANDLORD'S RIGHT TO ENTER AND RELET PREMISES: Tenant may not replace any lock provided by Landlord, nor install any additional lock(s) in addition thereto. Landlord shall have the right to enter the premises under the following circumstances: (a)Upon reasonable notice to Tenant: (i) During reasonable hours, for the purpose of making routine inspections, maintenance, extermination of insects and / or vermin or for making such routine repairs or alterations to the premises as may be necessary for the safety and preservation thereof. (ii)During reasonable hours,during the last two months of the term hereof,or after notice of default has been given Tenant, for the purpose of showing the premises of prospective tenants of the premises or to prospective lenders or buyers of the entire Property. (b)Without notice: (i)At any time,in the case of an emergency. (ii) At any time, in the event the premises be deserted or become vacant during the term hereof, or if Tenant shall default in the performance of any of his/her obli- gations or covenants hereunder or under the Rules issued by Landlord or any governmental department or authority having jurisdiction over the premises or tenants occupancy thereof. In such event, Tenant waives any right to redeem under any law, or to receive Notice of Intent to Reenter,and Landlord may reenter the premises by force, summary proceedings or otherwise,and remove any persons therefrom. Landlord may thereafter re-rent the premises on behalf of the Tenant, reserving the right to rent the premises for a term longer than that hereof,and at any rent it deems appropriate. In such event,tenant shall remain liable for rent and other charges hereunder. Any rent received by Landlord for the re-renting shall be applied first to pay Landlord's expenses of taking possession and re-renting the apartment, including but not limited to reasonable legal fees,advertising and brokers commission; then to costs to restoring the apartment to a rentable condition, including cleaning, repairing and decorating costs; and then to the payment of rent and other charges or amounts due from Tenant to the Landlord. Tenant shall not be entitled to any excess of rents collected over the rent due hereunder, and Tenant shall remain liable for any deficiency between what the Landlord receives in rent and what is due and owing to Landlord from Tenant hereunder. 10.FAILURE TO REQUIRE STRICT PERFORMANCE;NO WAIVER OF RIGHTS: Landlord's failure to insist upon strict performance of any of the terms, conditions, covenants and promises of this Lease by Tenant,or acceptance of rent from the Tenant, shall not be construed as a waiver by Landlord or any prior breaches by the Tenant, whether known to Landlord or not,or to waive for the future the right to insist on strict performance of the terms hereof. Nothing herein shall be deemed a waiver of any rights or remedies that Landlord may have under law or this Lease. 11. NO ASSIGNMENT OR SUBLETTING PERMITTED: This Lease was awarded Tenant based upon his/her application for eligibility for occupancy. Tenant may not assign all or part of this Lease or sublet all or part of the apartment or permit any person or persons other than those individual listed herein as members of Tenant's household to occupy the premises. Violation of this paragraph shall be deemed a default of this Lease and subject Tenant to immediate termination of this Lease_ 12. SUBORDINATION OF LEASE;TENANT'S CERTIFICATE: 7 JAN 15 2002 14:59 GM LASERJET 3200 9146541444 p. 10 This Lease, and Tenant's rights hereunder, are subject and subordinate any ro nate to Ground between Landlord and the Town of Mamaroneck dated July 19, or bondagreer ments securing funds paid or to be paid to Landlord by a lender, mortgagee and shall be further subordinate to terms,conditions, enelals,amendmeisrother changes or modifications to such ground leases, mortgages, Tenant all promptly execute any certificate required by Landlord to show that this Lease is so subject and subordinate. Where permitted, Tenant hereby authorizes Landlord to sign such a certifi- cate for Tenant. Upon request of the Landlord,Tenant shall sign a certificate,addressed to such e or ce and effect ity asf Landlord t direct,sthating nged); ha'Landlord ease is has fullyn full rperformed all itsd is obligations if changed, how it was changed); here- under; that Tenant has no claims against Landlord;that Tenant is fully performing all of the terms of this Lease and will continue to do so; that rent and added rent have been paid to date;and any other reasonable statement required by Landlord. 13. WAIVER OF JURY TRIAL AND COUNTER CLAIMS: Landlord and Tenant hereby agree to waive any right to a trial by jury of any action or proceeding brought by either against the other in any matter arising out of this Lease or the premises. Tenant waives any right to bring a counterclaim or set-off claim in any action brought by Landlord against Tenant on any matter directly or indirectly related to this Lease or the premises. 14.LEGAL FEES: In the event of any default by Tenant of any term, cove- nant or condition of this Lease, including the non-payment of rent or additional rent, Tenant shall reimburse the Landlord for all reasonable legal fees, court costs and disbursements which it may incur by reason of said default,either as a result of bringing any legal action or proceeding against Tenant;or for defending lawsuits brought against Landlord by reason of Tenant's actions. 15. ANNUAL REDETERMINATION OF ELIGIBILITY: Once each year, upon request by Landlord, Tenant agrees to furnish Landlord such certified information regarding household composition, employment, age and income as re- quested by Landlord to determining Tenant's continuing eligibility for occupancy in the Hammock's Park Apartment complex. This determination will be made in accordance with the Landlord's Eligibility Criteria,as same may be amended from time to time,which criteria shall be available at the office of the Landlord or its managing agent. Failure of Tenant to furnish truthful and accurate information shall constitute a violation of this Lease and may lead to the immediate termination of this Lease. Should Landlord determine that Tenant no longer satisfies its Eligibility Criteria for continued occupancy,Landlord may give written notice to tenant of its intention not to renew this Lease upon the expiration of its term. In no event shall such notice be given less than two(2)months prior to the date tenant is expected to leave the premises hereunder. 16. NO DIMINUTION OF RENT: No diminution or abatement of rent or other compensation or sums due hereunder,shall be allowed for inconvenience or discomfort arising from construction activities,repairs or improvements in or near the premises or to its appliances or equipment,nor for any space taken to comply with any law,ordinance, regula- tion or order of any governmental authority. No inconvenience or curtailment of services provided by Landlord hereunder in order to make alterations or repairs deemed desirable or necessary by Landlord shall be deemed a constructive eviction. Tenant shall not be entitled to receive any services during any period in which Tenant.is in default in respect to the pay- ment of rent or added rent,or is in default or violation of this Lease in any other respect. 1'7. NOTICES: Any bill, statement or notice hereunder must be in writing. Notice shall be sufficient if delivered personally to the Tenant or any adult member of his household residing at the premises, or if sent by certified mail, return receipt requested, addressed to the Tenant at the premises. Notice to the Landlord shall be delivered personally 8 JAN 15 2002 15: 00 GM LASERJET 3200 9146541444 p. 11 or by certified mail,return receipt requested, to the office of the Managing Agent, which is currently: Town of Mamaroneck Housing Authority C/o Gramatan Management,Inc. 2 Hamilton Avenue,Suite 217 New Rochelle,NY 10801 Each party must notify the other of any change in its address, and must accept and given any notice it by the other. Should any notice mailed to Tenant be returned un- claimed, notice may be affixed to the door of the premises. Notices shall be considered delivered on the day mailed,or,if not mailed,when left at the property address. 18. RENEWALS: Renewals of this Lease shall be at the sole discretion of the Landlord, and subject to continued eligibility of Tenant under the Tenant eligibility criteria of the Housing Authority, as same may, from time-to-time, be amended. Renewals hereof shall not be subject to the provisions of the Emergency Tenants Protection Act or other similar legislation as may hereafter be enacted. 19. GENERAL PROVISIONS: (i)The paragraph headings are for conven- ience only, and shall not operate to limit the effectiveness or applicability of any provision contained herein_ (ii)Should any part of this Lease be declared or found invalid by a court of competent jurisdiction, said finding shall not affect the effectiveness or applicability of any other part of this Lease,which shall continue to be in full force and effect and binding upon the parties hereto. (iii) This Lease constitutes the entire agreement between the parties. No change shall be made hereto except by a written agreement,signed and dated by both parties. IN WITNESS WHEREOF,the parties have executed this Lease Agreement as of the date hereinabove set forth. /ffatlY, Tenant • • OF,RONECK HOUSING AUTHORITY,Landlord • I have read the above Lease and have Received a true copy of the Lease and A copy of e Landl u and Regulations: p TENANT 9 ✓ CHAPTER III DIVISION OF HOUSING AND COMMUNITY RENEWAL § 1627-4.4 SUBPART 1627-4 LEASING:RULES AND REGULATIONS OF TENANCY Sec. LEASING PROCEDURE 1627-4.1 General 1627-4.2 Initial date and duration of lease 1627-4.3 Rent entered on lease 1627-4.4 Security deposits 1627-4.5 Leasing interview RULES AND REGULATIONS OF TENANCY 1627-4.10 General 1627-4.11 Enforcement LEASING PROCEDURE §1627-4.1 General. (a) A lease for the apartment being assigned an eligible family or person will be executed before that family or person takes possession. The standard form of lease will be prepared in duplicate,one copy of which shall be given to the lessee. (b) The signatures of both husband and wife are required, although possession may be granted on one signature.In such cases,however,the second signature should be obtained as soon as possible,usually within two weeks of moving in.The signing of the lease by the lessee shall be witnessed by a designated authority employee.An authority member or the manager shall sign for the authority. • (c) Leases shall be executed upon the following occasions: (1) initial admission to project; (2) transfer to another apartment;and (3) change in basic rent. § 1627-4.2 Initial date and duration of lease. (a) Leases shall be on a month-to-month basis and shall always start on the first day of the month.Where tenant takes possession after the first day of the month, lease shall show term starting as first day of the following month. (b) A full month's rent shall always be collected prior to admission,regardless of the day of month tenant takes possession. Necessary adjustments to reflect partial month's rent shall be made in the following months. §1627-4.3 Rent entered on lease. Rent entered on lease form shall be actual rent, including surcharges if any,being assessed tenant at the time the lease is signed.Any later increase or decrease from this actual rent resulting from a change in tenant's income shall be handled by a rent change authorization which will be an amendment to the lease.Changes in actual rent for any other reason shall require execution of a new lease. § 1627-4.4 Security deposits. (a) The authority shall require tenants to pay a security deposit in advance as a condition of occupancy to insure faithful compliance with the terms of the lease and the rules and regulations. Provided, however, a recipient of public assistance, supplemental security income benefits or additional State payments as defined in section 300 of the Social Services Law, shall not be required to pay such security deposit if the authority is secured against nonpayment of rent or damages by any appropriate agreement executed by a local social services official,pursuant to 1-1-95 (Reissued 7/95) 14,143 Executive § 1627-4.4 TITLE 9 EXECUTIVE subdivision 1(a)of section 143-c of the Social Services Law.The authority shall accept such an agreement in lieu of a security deposit if such agreement is offered by a local social services official. (b) Security deposits shall be placed in separate interest-bearing accounts.Such money,with interest accruing thereon,shall continue to be the money of the tenant making such deposit and shall be held in trust for them by the authority and not mingled with other funds. (c) The tenant shall be notified in writing of the name and address of the bank in which the security deposit is being held and the amount of the security deposit. (d) Collection of security deposits may be on an installment basis if the authority adopts such a procedure. Under this arrangement, a reasonable part of the total shall be collected prior to admission,and the remainder in equal monthly sums covering a period not to exceed six months from date of admission. (e) Security deposits may not be applied against loss or damage while tenant remains in occupancy.Necessary charges are to be collected on a current basis; only upon termination of tenancy are deductions to be applied against security deposits, with the balance, if any, being refunded to tenant. Security deposits are trust funds under New York State law, and must be handled in accordance with such law and the requirements of Subpart 1642-5 of the accounting manual(Subchapter D of this Chapter). Historical Note Sec.repealed,new filed Feb.25,1971;amd.filed May 19,1993 eff.lune 9,1993.Amended (a). § 1627-4.5 Leasing interview. At time of lease signing,tenant should be informed of his rights and obligations under the lease. Prompt payment of rent should be stressed.Tenant should be advised of the rules and regulations of tenancy,with special emphasis on the more important ones.Information should be available on activities conducted in project, location of schools and churches, necessity for notifying post office as to address change,and any other matters which might be helpful in his adjustment to his new home.Finally,he should be urged to ask any questions he might have. RULES AND REGULATIONS OF TENANCY §1627-4.10 General. Rules and regulations of tenancy should be established by the authority to provide reasonable control over tenant actions which might infringe on rights of other tenants to peaceful possession of their apartments or tend to impair residential character of project. Suggested rules and regulations are available from the division,but they should be reviewed and modified to meet local conditions.A copy of the rules and regulations adopted by the authority is to be filed with the division. §1627-4.11 Enforcement. The effectiveness of the rules and regulations of tenancy depends on their impartial enforce- ment. Prompt handling of infractions is essential; persons concerned should realize that the authority will not tolerate any disregard for personal and property rights of other tenants or the authority. 14,144 Executive (Reissued 7/95) 1-1-95 • Pro Forma&Rent Schedule (9/15/94) September 15, 1994 MEMO TO: Paul Winick Supervisor Price FROM: Stephen V. Altieri, Town Administrator SUBJECT: Pro Forma - Hommocks Park Apartments Attached is a revised pro forma and rent schedule for the Hommocks Park Apartments. The last revision to the pro forma was completed in June of 1994. The revised rend schedule incorporates the new rents that were established in June of 1994 as a result of the inclusion of the utility expenses. The annual rent revenue is based on the actual number of units that have been— rented e n rented as of September 14, 1994. The assumptions of the pro forma statements are the same as in previous cash flow statements to the following expenses: 1. The operating expenses for the period October 1994 through December 1994 are equal to 25% of the annual expenses as developed in the draft Housing Authority Budget which is also attached to the memorandum. 2. In years 1995 through 1999, we have continued to use a 5% vacancy rate. SVA/ct(casflo-memo) enc. /64/V c: Carmine DeLuca REVISED RENT ROLL* Market Rate Units Annual Rental Income One Bedroom 2 @ $820/month $ 19,680 Two Bedroom 4 @ $1,120/month 53,760 One Bedroom w/loft 16 @ $1,020/month 195,840 Two Bedroom w/loft 10 @ $1,220/month 146.680 TOTAL MARKET RATE $415,680 Section Eights Units One Bedroom 6 @ $792/month $ 57,024 Two Bedrooms 5 @ $971/month 58.260 TOTAL SECTION 8 $115,284 TOTAL ANNUAL RENT REVENUE $530,964 - )2,-t_� 5G-G-/�'G'FV c; ..� //-",7 r S Ex, 2 LsL'/ — cci * Rent Roll based upon the units actually rented as of 9/14/94 %=? TOWN OF MAMARONECK HOUSING AUTHORITY HOMMOCKS PARK APARTMENTS REVISED CASH FLOW STATEMENT 9/94 10/1/94 N/3 A/o r..FC/1.-C- c e15ccv�AL1 12/31/9X 1995 1996 1997 1998 1999 Rental Income 132,741* 658,165 668,035 678,055 688,225 698,550 Less Vacancy- 5% -0- (32,910) (33,400) (33,900) (34,410) ( 34,930) Gross Revenue 132,741 625,255 634,635 644,155 653,815 663,620 Operations/Maintenance 27,812** 111,250 114,585 118,020 121,560 125,205 PILOT -0- -0- -0- 40,000 41,200 42,435 Land Lease -0- -0- 125,000 118,020 128,780 130,710 TOTAL OPERATING EXPENSES 27,812 111,250 239,585 284,895 291,540 298,350 Net Operating Income 104,929 514,005 395,050 359,260 362,275 365,270 Capitalized Interest -0- 208,101_ -0- -0- -0- -0- Debt Reserve Earnings -0- -0- -0- -0- -0- -0- Other Interest Income -0- 3,642 22,228 23,117 24,041 25,000 Cap. Interest Fund Earnings -0- -0- -0- -0- -0- -0- Income Avail. for Debt 104,929 725,748 417,278 382,377 386,316 390,270 Debt Service - - 323,614 ,,,,,,,--320,875 322,764 324,344 320,544 Net Cash Flow -0- 104;929 --402,134,„„---"" 96,403 59,613 61,972 69,726 * Three Months of Revenue ** 25% of Operating Expenses (REV-SPRE.WPD) Debt Service Repayment Projections CONFIDENTIAL--CONFIDENTIAL---CONFIDENTIAL--CONFIDENTIAL---CONFIDENTIAL--CONFIDENTIAL--CONFIDENTIAL FOR HOUSING AUTHORITY BOARD USE ONLY TOWN OF MAMARONECK HOUSING AUTHORITY HOMMOCKS PARK APARTMENTS Projection of Revenue and Cash Available for Payment of Notes (assuming 95% occupancy as of 2/1/95) Assumptions 1. CASH AVAILABLE FOR NOTES DEBT SERVICE 1/1/95 TO 7/1/95 Current (12/1/94) Rent Roll continues through 12/31/98* 95% Occupancy Rent Roll (w/11 Section 8) as of 2/1/95 $52,104 Current Operating Expenses (9,000)/mo Cash Net of Operating Expenses 43,104/mo. Monthly payment required to M&T (1/1/95 to 7/31/95) (16,440)/mo** Available for Note Debt Service (1/1/95 to 71/95) 26,664/mo 2. CASH AVAILABLE FOR NOTES DEBT SERVICE 8/1/95 TO 6/30/96 Current (12/1/94) Rent Roll continues through 12/31/98 95% Occupancy Rent Roll (w/11 Section 8)as of 2/1/95 $52,104 Current Operating Expenses (9,000)/mo Cash net of monthly operating expenses 43,104/mo. Monthly payment required to M&T (8/1/95 to 6/30/96) 26,735/mo.** Available for Note Debt Service (8/1/95 to 6/30/96) 12,364/mo. 3. CASH AVAILABLE FOR NOTES DEBT SERVICE 7/1/96 TO 6/30/97 Current (12/1/94) Rent Roll continues through 12/31/98 95% Occupancy Rent Roll (w/11 Section 8)as of 2/1/95 $ 52,104 Current Operating Expenses 9,000 Ground Rent 10,417 PILOT payment accrual 3,333..Total Monthly Exp (22,750)/mo Cash net of monthly operating expenses 29,354/mo. Monthly payment required to M&T (8/1/96 to 7/31/97) (26,897/mo).** Available for Note Debt Service (8/1/96 to 6/30/97) 2,457/mo. 4. CASH AVAILABLE FOR NOTES DEBT SERVICE 7/1/97 TO 6/30/98 Current (12/1/94) Rent Roll continues through 12/31/98 95% Occupancy Rent Roll (w/11 Section 8)as of 2/1/95 $52,104 Current Operating Expenses 9,000 Ground Rent 10,573 PILOT payment accrual 3,433..Total Monthly Exp (23,006)/mo Cash net of monthly operating expenses 29,098/mo. Monthly payment required to M&T (8/1/97 to 7/31/98) (27,028/mo).** Available for Note Debt Service (8/1/97 to 7/31/98) 2,070/mo. * Current (12/94) income figure is used throughout because pro forma assumes annual 3% increases in both income and expenses. Under the pro forma's assumption increases in income and expenses result in no net change to net cash. ** See page 2 for calculation Page 1 of 5 NY#8226/Ver.4t2.7 95/Printed 3/24/97 1:25 PM CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL. CONFIDENTIAL FOR HOUSING AUTHORITY BOARD USE ONLY • Required monthly payment to M&T for period 11/1 to 7/31/94 calculated as follows: Capitalized Interest Sub Account Balance $208,536, used thus: Feb. 1, 1995 Interest (116,807) Aug. 1, 1995 Interest ( 91,729) 0 Balance of Interest Due Aug. 1, 1995 25,078 Principal Due Aug. 1, 1995 +90,000 Balance of Aug 1, 1995 payment due to Sinking Fund Acct. net of all Capitalized Interest = 115,078 Divided by 7 mos. (Jan.-July 1995) = 16,440/mo. • Required monthly payment to M&T for period 8/1/95 to 7/31/96 calculated as follows: 1996 Debt Service $320,824 12 mo. = 26,735/mo 4 Required monthly payment to M&T for period 8/1/96 to 7/31/97: 1997 debt service $332,764 12 mo. = 27,731/mo. • Required monthly payment to M&T for period 8/1/97 to 7/31/98: 1998 debt service $324,344 12 mo. = 27,029/mo. Page 2 of 5 NY#8226/Ver.4/27/95/Printed 3/24/97 1:25 PM L CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL FOR HOUSING AUTHORITY BOARD USE ONLY Projection of Revenue and Cash Available for Payment of November, 1995 Notes (assuming 95% occupancy as of 2/1/95) Period Increase to Cash Net of Running Total of Operating Expenses and Cash Available for Payment to M&T Nov. 1995 1/31/95 net cash on hand $111,367 $111,367 Payment of 2/1 Bond Interest to be made by M&T from Capitalized Interest 2/95 26,664 138,031 3/95 26,664 164,695 4/95 26,664 191,359 5/95 26,664 218,023 6/95 26,664 244,687 7/95 26,664 271,351 Payment of 8/1 Bond Interest and Principal to be made by M&T from remaining Capitalized Interest and accrued monthly payments 8/95 12,364 283,715 9/95 12,364 296,079 10/95 12,364 308,443 11/1 Payment of Notes 1,2&4 (309,012) (569) ($290K principal plus interest on Note 3 principal of Notes 1, 2, 3 & 4) of$19,012.50 $100,000 to be refinanced 11/95 12,364 11,795 12/95 12,364 24,159 1/96 12,364 36,523 2/96 12,364 48,887 3/96 12,364 61,221 4/96 12,364 73,585 5/96 12,364 85,949 6/96 12,364 98,313 Page 3 of 5 NY#8226/Ver.4/27/95/Printed 3/24/97 1:25 PM CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL FOR HOUSING AUTHORITY BOARD USE ONLY 7/96 2,457 100,770 8/96 2,457 103,227 9/96 2,457 105,684 10/96 2,457 108,141 11/1/96 payment of Note 4 p&i (say 105,000) 3,141 (interest assumed © 5%) 11/96 2,457 5,598 12/96 2,457 8,055 1/97 2,457 10,512 2/97 2,457 12,969 3/97 2,457 15,426 4/97 2,457 17,883 5/97 2,457 20,340 6/97 2,457 22,797 7/97 2,070 24,867 8/97 2,070 26,937 9/97 2,070 29,007 10/97 2,070 31,077 11/97 2,070 33,147 12/97 2,070 35,217 1/98 2,070 37,287 2/98 2,070 39,357 3/98 2,070 41,427 4/98 2,070 43,497 5/98 2,070 45,567 6/98 2,070 47,637 7/98 2,070 49,707 Page 4 of 5 NY#8226/Ver.4/27/95/Printed 3/24/97 1:25 PM CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL---CONFIDENTIAL_CONFIDENTIAL---CONFIDENTIAL--CONFIDENTIAL FOR HOUSING AUTHORITY BOARD USE ONLY Source Name Function Held By Comment § 4.02 Revenue Fund Receives all Reserves and TMHA transfers to other funds monthly,then excess to Town §4.03 Operating Fund Payment of Operating TMHA Expenses §4.04 Debt Service and Each month receives Fiscal Agent If any shortfall in monthly Sinking Fund 1/12th of Accrued Debt deposit to this fund, Fiscal Service Used by Fiscal Agent can automatically move Agent for Feb. 1 and Aug. the short amount from the 1 payments Debt Service Reserve Fund §4.05 Debt Service Reserve Used by Fiscal Agent to Fiscal Agent If depleted to re-fund the Debt Fund pay Debt Service to extent Service Sinking Fund HA to the Debt Service and pay monthly 1/12th of the Sinking Fund is inadequate deficit until restored to amount of 6 months Debt Service §4.06 Operating Reserve Holds up to $135,000 per TMHA Per Lease¶36 each Feb. 1st Fund Lease¶ 36 HA must have a P.E. conduct a study to determine the required amount to set aside during the 12 months commencing on April 1st. §4.07 Contingency Fund Holds up to $180,000. Per TMHA Lease¶6(B) to be used for emergency and/or extraordinary repairs or if income is insufficient to cover normal operating expenses §4.08 PILOT Fund Accrues PILOT payment PILOT amount is payable (per Lease¶6(E))to make every July 1st at $40,000 on PILOT payments July 1, 1997 then increases 3°/a/yr. Page 5 of 5 NY#8226/Ver.4/27/95/Printed 3/24/97 1:25 PM Draft Budget 1 t HOMMOCKS PARK APARTMENTS PROPOSED 1997 BUDGET 1995 1996 BUDGET PROJECTED 1996 1997 BUDGET Income rent $ 641,299 $ 648,900 $ 4' 658,947 $ 669,520_ interest $ 3,582 $ 1,600 $ 2,031 $ 750 late fee $ 125 $ - $ 725 $ 500 other $ 5,420 $ 500 $ -l' 5,998 $ 500 Total $ 650,426 $ 651,000 $ 667,701 $ 671,270 Expenses storage $ 825 $ 1,020 $ 1,020 $ 1,020 insurance $ 21,585 $ 20,000 $ -f- 21,996 $ 23,100 marketing $ 1,661 $ 500 $ 150 ,E$-----__-- 250 office expense $ 48 $ 100 $ 29 ; $ 100 postage $ 641 I $ 600 $ 691 I $ 700 bank charges $ 80 ` $ 100 $ _ ' $ - - misc. admin. $ 6,530 $ 500 $ t 2,416 I $ 2,000 mgmt.fees $ 14,625 $ 14,400 $ 14,175 $ 14,750J _ accounting $ -4,000 $ 4,000 $ 4,000 $ 4_000 /i�- /d -¢ '1� � legal $ 4,567 $ 4,000 $ - 3,725 $ X00 ` ?7 ,c:,n 3-'t>,000 $ 105,000-$ .iO4,03 ' $ const. bond T $ 267,768 ; $ 321,800 $ 321,630 $ 322,764 gound lease $ - $ 62,500 $ 62,500 $ 125,004 pilot $ - $ - $ - $ - electricity $ 6,076 $ 5,130 $ 4,969 $ 5,500 gas $ 897 $ 570 $ 921 $ 1,000 water $ 8,095 $ 6,000 $ 4,885 $ 5,200 telephone $ 1,180 $ 800 $ 155 $ 155 salaries& benefits $ 26,744 $ 30,000 $ t 32,662 $ ( 3Q0 _ - e r& m building $ 12,040 $ 5,000 $ 3,804 $ 3,500 r&m electric $ 2,491 $ 2,000 $ 89 $ 1,000 r&m exterior $ 1,500 $ 1,900 $ 700 $ 2,500 r& m plumbing $ 13,001 $ 5,000 $ -f` 16,453 $ 10,000 r&m boiler $ 1,995 $ 2,500 $ -1- 6,428 $ 5,000 - r& m windows $ - $ 250 $ 6,262 1 $ 7,500 r&m painting $ 1,245 $ 11,600 $ 8,495 1 $ 11,600 r&m other $ 3,817 $ 200 $ -- 3,889 I $ 1,000 r&m equipment $ 2,493 $ 500 $ 188 $ 500 r& m locks $ 1,210 $ 500 $ - $ 500 supplies $ 7,671 $ 4,400 $ -F 6,679 $ 5,000 landscaping $ 7,743 $ 5,000 $ -f 6,208 $ 8,300 exterminating $ 1,953 $ 1,600 $ 1,450 $ 1,500 snow removal $ 1,320 $ 1,200 $ 5,218 $ 3,500 Total $ 813,801 $ 618,670 $ 645,826 $ 603,243 Surplus/Deficit $ (163,375) $ - $ 21,875 Contingency $ 31,480 $ 17,687 Rep. Reserve $ 50,340 PLEASE REVIEW BEFORE THE JANUARY BOARD MEETING. HAPPY NEW YEAR, BRAM Page 1 HOMMOCKS PARK APARTMENTS 1997 PROPOSED BUDGET NOTES/EXPLANATIONS INCOME rent: This is based on current rent roll with a projected 2%increase less 2% for a vacancy allowance. interest: This was reduced from '96 level by 75% due to reduction of reserves due to pay down on construction loan. late fees: This was based conservatively on '96 actual collections. other: The amount collected in '96 was largely due to the architect and contractor contributing$5,034 to install drip caps above windows. The other charges are primarily bounced check and application fees. Accordingly $500 was budgeted. EXPENSES storage' This ,efle'ts W81.fl0 per month paid to the tenant in apt. y 12 of their garage. insurance: This is based on '96 actual of$21,996 +a 5%projected increase. marketing: This is conservatively based on '96 actual. office: A small expense based on Paul's computer supplies and duplicating. postage: This is based on '96 actual and is overnight postage to Paul Winick and regular postage to tenants and Board members. bank charges: N/A misc. admin: This is primarily the annual fiscal agent fee of$1,500 paid to M&T Bank. mgmt. fee: This is the actual fee based on the renewal contract effective 1/1/97. accounting: This is projected on a zero increase to Bennett Kielson for '96 accounting. legal: This is reduced by 50%from '96 due to the completion of the Russell Harvey case. loan: This was paid off in October '96. bond: This is based on actual bond expenses as supplied by Paul. ground lease: This is based on actual monthly expense of$10,417. pilot: This is based on current agreement not to reimburse the Town for taxes. electricity: This is based on actual '96 expenses+a small increase. gas: This is based on actual '96 expenses+a small increase. telephone: This is the actual expense for Rudy's beeper. Telephone stipend of$30.00 per month is included in salary and benefits. salary: This is actual expenses plus a 5%increase for Rudy and health costs. Year end '96 expenses were skewed because the HA is now advancing Gramatan for these costs in the month before they occur. r&m building: This is primarily appliance repairs and misc. small repairs. r&m electric: We have had few problems in this area but conservatively budgeting $1,000. r&m exterior: This includes roof and shingle repair. 1 r&m plumbing:This includes quarterly cleaning of all drain lines for$4,000, cleaning of crawl spaces and other plumbing repairs. It does not include any repairs to the indirect waste lines. r&m boiler: This includes repair to PVC exhaust pipes, regular annual maintenance of the boilers for$2,000 plus other necessary repairs. r&m windows:This could be a large cost due to current problems but we are hoping to get the manufacturer or installer to make the repairs. r&m painting: This is based on painting 1/3 of the apartments at an average cost of$400 plus 13 common hallways every two years at$700. r&m other: This is primarily carpet cleaning. r&m equip.: This is for repair and maint. of the snow blower, lawnmower, etc. r&m locks: This has required minimal maintenance but some work may be required. supplies: This was high in '96 due to factors including increase calcium chloride for ice/snow melting, supplies for crawl space cleaning and repair of the Harvey apartment. landscaping: This is based on$3,200 for regular maint., $1,400 for spring planting, $3,00 ' fro;grass fertiliz:tion :u.!. :700 for sprinkler maint. be increased to include tree pruning and fertilization. exterminating:This is based on actual previous usage and the contract. snow removal:This is based on the actual contract to be split with the Town plus potential costs for a severe winter(not as bad as last year). Contingency: This is the effective surplus after expenses, including the replacement reserve are deducted from income. Rep. Reserve: This is the projected amount required to be reserved to replace major systems at the complex (per Paul's 7/22 memo titled Long Term Repairs expense accrual. 2 MAMARONECK HOUSING AUTHORITY DRAFT BUDGET Personal Services CV 9/15/95 St2rt. Alley; Salaries - Superintendent $18,900 Workers' Compensation 600 Health Insurance 5,000 F.I.C.A. 1,500 Equipment 26 000 . 16( ! -pl0 Miscellaneous Equipment— -- 3.000 31660 Contractual Expenses Electricity 7,000 Natural Gas 700 Water 4,000 Management Fee 13,250 Liability/Property Insurance 37,000 Telephone 1,100 Exterminator 1,200 Building Supplies 2,000 Legal Fees 5,000 Accounting/Auditing 4,000 Office Supplies 500 Building Repairs 1,500 Electrical Repairs 1,500 Plumbing Repairs 1,500 Other Repairs 1,000 Turnover Repars 1,000 Land Lease -0- PILOT Payment -0- TOTAL CONTRACTUAL 82,250 6:1091, Bond/Note Expenses Principle 90,000 ? O (j Interest 233,614 1110 323,614 TOTAL BUDGET 434,864 Official Statement Relating to $4,645,000 T. MHA Hommocks Park Apts. 16 0 OFFICIAL STATEMENT Rating: Aal(Moody's) NEW ISSUE SERIAL AND TERM BONDS In the opinion of Bond Counsel,assuming continuing compliance by the Authority with its covenants relating to certain requirements contained in the ^ode, interest on the Bonds is not includable in the gross income of the owners thereof for Federal income tax purposes under existing statutes and urt decisions. Moreover, interest on the Bonds is not an "item of tax preference"for purposes of the individual and corporate alternative minimum taxes and the corporate environmental tax imposed by the Code. Interest on the Bonds is exempt from personal income taxes imposed by the State of New York and any political subdivision thereof(including The City of New York). See "TAX MATTERS" herein for a discussion of certain Federal taxes applicable to corporate owners of the Bonds. The Bonds will be designated by the Authority as "qualified tax-exempt obligations"pursuant to Section 265(b)(3)of the Code. $4,645,000 Town of Mamaroneck Housing Authority Westchester County New York Hommocks Park Apartment Revenue Bonds, 1993 (Payments to be unconditionally guaranteed by Dated: August 1, 1993 Town of Mamaroneck, New York.) Due: August 1 as shown below The Bonds are special obligations of the Town of Mamaroneck Housing Authority(the "Authority"). The Bonds will be payable from the revenues received by the Authority from the operation of the Project, hereinafter described, pursuant to the Resolution of the Authority adopted August 12, 1993 (the "Resolution"). IN ADDITION, PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS WILL BE GUARANTEED BY THE TOWN OF MAMARONECK,WESTCHESTER COUNTY,NEW YORK(the"Town",the"County"and the"State"). The Authority has no taxing power. The Bonds and the interest thereon are not and will never be a debt of the State or any political subdivision thereof, including the Town (except, with respect to the Town, pursuant to the Guarantee) and do not otherwise constitute an indebtedness, liability or obligation of the State or any political subdivision thereof, including the Town(except,with respect to the Town,pursuant to the Guarantee). The Bonds are being issued to (i) finance the construction of a 54-unit garden style housing facility for use as affordable housing, including capitalized interest therefor, (ii) fund the Debt Service Reserve Fund established under the Resolution described below, (iii)reimburse the Town for advances made by the Town on behalf of the Authority for its costs associated with the development of the Project,and(iv)pay the costs of issuing the Bonds. The Bonds are dated August 1, 1993, and will bear interest from that date until maturity or prior redemption at the annual rate or rates specified below,payable on February 1, 1994 and August 1, 1994,and semiannually thereafter on each February 1 and August 1 until maturity. e Bonds maturing in each of the years 1995 to 2003, inclusive, are not subject to redemption prior to their stated maturity except for an ,.traordinary redemption of all of the Bonds. See "Extraordinary Redemption" herein. The Bonds maturing in or after the year 2004 will be subject to redemption prior to maturity as described herein(see"THE BONDS - Redemption" herein). The Bonds maturing in 2015 and 2021 will be subject to mandatory redemption in part prior to maturity by the application of Sinking Fund Installments as discussed herein. The Bonds will be issued as fully registered Bonds without coupons and,when issued,will be registered in the name of Cede&Co.,as nominee of The Depository Trust Company("DTC")New York,New York. DTC will act as securities depository for the Bonds. Individual purchases may be made in book-entry form only, in the principal amount of$5,000 and integral multiples thereof. Purchasers will not receive certificates representing their interest in the Bonds. Payment of the principal of and interest on the Bonds will be made by the Authority to DTC, which will in turn remit such principal and interest to its participants for subsequent disbursement to the beneficial owners of the Bonds as described herein (see "THE BONDS-Book-Entry-Only System" herein). Interest Interest Maturity Amount Rate Yield Maturity Amount Rate Yield 1995 $ 90,000 3.10% 3.10% 2003 $ 120,000 4.70% 4.80% 1996 90,000 3.40 3.50 2004 130,000 4.80 4.90 1997 95,000 3.60 3.70 2005 135,000 4.90 5.00 1998 100,000 3.80 3.90 2006 140,000 5.00 5.10 1999 100,000 4.00 4.10 2007 150,000 5.10 5.15 2000 105,000 4.20 4.30 2008 155,000 5.10 5.20 2001 110,000 4.40 4.50 2009 165,000 5.125 5.25 2002 115,000 4.50 4.65 2010 175,000 5.20 5.30 $1,025,000 5.375% Term Bond Due August 1,2015: Not Reoffered $1,645,000 5.375% Term Bond Due August 1,2021: Yield-5.50% The Bonds are offered when, as and if issued by the Authority and accepted by the Underwriter,subject to prior sale, withdrawal or modification of the offer without notice and subject to an opinion as to their validity by Willkie Farr& Gallagher, New York, New York, Bond Counsel, and certain other conditions. Certain legal matters will be passed upon for the Authority by its counsel, Edward Lieberman, Esq., Elmsford, New York,for the Underwriter by its counsel, Whitman & Ransom, New York, New York, and for the Town by its counsel,Steven Silverberg, Esq., White Plains,New York. Evensen Dodge, Inc. and The Bank of New York acted as financial advisors to the Authority in connection with the issuance of the Bonds. The Bonds, in definitive form, are expected to be available for delivery through the facilities of DTC in New York, New York on or about August 17, 13. i1E AUTHORITY HAS DEEMED THIS OFFICIAL STATEMENT FINAL WITHIN THE MEANING OF RULE 15c2-12, UNDER THE ,ECURITIES EXCHANGE ACT OF 1934,AS OF THIS DATE. Dated: August 12, 1993 GLICKENHAUS & CO., INC. No dealer, broker, salesman or other person has been authorized to give any information or to make any representations not contained in this Official Statement, and, if given or made, such information and representations must not be relied upon as having been authorized by the Authority or the Town. The information and expressions of opinion set forth herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale hereunder shall, in the circumstances, create any implication that there has been no change in the affairs of the Authority or the Town or in any other matter since the date hereof. This Official Statement does not constitute an offer to sell or solicitation of an offer to buy,nor shall there be any sale of the Bonds in any jurisdiction in which any such offer, solicitation or sale is not authorized or in which it is unlawful to make such an offer, solicitation or sale. The information set forth herein has been obtained from the Authority, the Town and other sources all of which are believed to be reliable, but it is not guaranteed as to its accuracy or completeness and nothing contained in this Official Statement is or shall be relied upon as a promise or representation. IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. TABLE OF CONTENTS INTRODUCTORY STATEMENT 1 Purpose and Use of Proceeds 1 Guarantee by the Town 1 Security for the Bonds 1 THE BONDS 2 Security for the Bonds 2 Payment Provisions 2 Book-Entry-Only System 2 Fiscal Agent 3 Redemption 4 Debt Service Requirements 5 APPLICATION OF BOND PROCEEDS 5 THE GUARANTEE 6 THE AUTHORITY 6 THE PROJECT 6 SUMMARY OF PROVISIONS OF THE GROUND LEASE 7 LITIGATION 8 CERTAIN LEGAL MATTERS 8 ORIGINAL ISSUE DISCOUNT 9 UNDERWRITING 9 RATING 9 MARKET FACTORS 9 TAX MATTERS 9 MISCELLANEOUS 10 Appendix A -Certain Information Concerning the Town Appendix B -Summary of Financial Statements of the Town Appendix C- 1992 Audited Financial Statement of the Town Appendix D -Forecast of Cash Flows Appendix E-Form of Guarantee Appendix F - Form of the Resolution Appendix G -Form of Approving Opinion of Bond Counsel THIS PAGE INTENTIONALLY LEFT BLANK Use of Funds OFFICIAL STATEMENT RELATING TO $4,645,000 TOWN OF MAMARONECK HOUSING AUTHORITY WESTCHESTER COUNTY, NEW YORK Hommocks Park Apartments Revenue Bonds, 1993 (Payments to be unconditionally guaranteed by Town of Mamaroneck, New York) INTRODUCTORY STATEMENT This Official Statement, including its cover page and the Appendices which are attached hereto, sets forth information concerning the Town of Mamaroneck Housing Authority, a municipal housing authority of the State of New York (the "Authority"), and the issuance and sale by the Authorityof its $4,645,000 aggregateamountHommocks Apartments Revenue Bonds, 1993 (the "Bonds"). Termnot otherwise definereein are principaldefined in the Guarantee and the Resolution which are attached hereto as Appendices E and F, respectively. Purpose and Use of Proceeds The Bonds are being issued by the Authority to, among other things, finance the construction by the Authority of a 54-unit garden style housing facility (the "Project') on land owned by and located in the Town of Mamaroneck, Westchester County, New York (the 'Town', 'County" and "State'), for use as affordable housing. After construction by the Authority, the Project will be owned and operated by the Authority and managed by a professional management company. The proceeds from the sale of the Bonds, together with County, State and federal grant moneys, and certain investment income thereon, will be used to (1) pay all costs of construction of the Project, including capitalized interest in order to pay a portion of the interest on the Bonds, (2)fund a debt service reserve fund, (3) reimburse the Town for advances made by the Town on behalf of the Authority for its costs associated with the development of the Project, and (4) pay the costs a.sociated with issuing the Bonds. The real property on which the Project is located is owned by the Town and will be leased by the Authority pursuant to a lease agreement dated July 19, 1993 (the 'Ground Lease") by and between the Authority and the Town. (See 'SUMMARY OF PROVISIONS OF THE GROUND LEASE" herein.) Guarantee by the Town Payment of the principal of and interest on the Bonds (but not including any redemption premiums) will be guaranteed by the Town pursuant to a Guarantee authorized pursuant to a resolution adopted by the Town Board on July 14, 1993 and dated as of the date of issuance of the Bonds (the "Guarantee"), for the payment of principal of and interest due and payable on the Bonds. Pursuant to the New York Constitution and Section 95 of the Public Housing Law of the State of New York, the Town is authorized to guarantee payment of the principal of and interest on the Bonds. The Town's Guarantee will be an obligation of the Town, and all of the taxable property within the Town will be subject to the levy of ad valorem taxes to meet the obligation set forth in the Guarantee, without limitation as to rate or amount of such taxes. See "THE BONDS -Security for the Bonds' below. Security for the Bonds The Bonds will be payable from the Revenues (hereinafter defined) of the Project and the moneys and investments available therefor and held under the Resolution (except for money held in the Rebate Fund as defined herein), or by the Town pursuant to the Guarantee. No other revenues or assets of the Authority or the Town will be pledged to the payment of principal and interest on the Bonds. See "THE GUARANTEE" herein and Appendix E - "Form of Guarantee". The Bonds will not be secured by, and the Fiscal Agent will not hold, any mortgage on or other security interest in or lien on the Project, and the Bonds will be payable solely from Revenues, pursuant to the Resolution authorizing the issuance of the Bonds adopted by the Authority on August 12, 1993 (the "Resolution") or by the Town pursuant to the Guarantee. The Bonds will be special obligations of the Authority. The liability of the Authority under the Bonds will be enforceable only to the extent provided in the Resolution. The Bonds will not be a debt of the Town (except pursuant to the Guarantee), State of New York or the County of Westchester, and neither the State of New York nor the County of Westchester nor the Town(except pursuant to the Guarantee)will be liable thereon. This Official Statement contains a brief description of the Bonds, the Guarantee, the Authority, the Project and the Ground Lease and certain information concerning the Town. The proposed form of the Guarantee, the proposed form of the Resolution, and the proposed form of approving opinion of Bond Counsel are attached hereto as Appendices E, F and G, respectively. The summaries of documents described herein do not purport to be comprehensive or definitive and are qualified in their entirety by reference to the forms thereof, copies of which are on file with the Authority. THE BONDS Security for the Bonds Guarantee by the Town. The Town has irrevocably and unconditionally agreed to pay the Registered Owners of the Bonds any payment of principal of and interest on or interest only, as the case may be, due and payable on the Bonds, which shall be unpaid because of Nonpayment by the Authority to the Fiscal Agent or to the Registered Owners in those circumstances in which any payment of debt service is to be made directly to the Registered Owners; provided that the aggregate total of all payments of Debt Service Requirements made by the Town will not exceed the lesser of $9,750,000 or the actual amount which shall become due for the payment of Debt Service Requirements but shall be unpaid because of Nonpayment. See "THE GUARANTEE", Appendix A - 'Certain Information Concerning the Town", Appendix B - 'Summary of Financial Statements of the Town" and Appendix C - "1992 Audited Financial Statements of the Town". Special Obligations of the Authority. The Bonds will be special obligations of the Authority. The liability of the Authority under the Bonds will be enforceable only to the extent provided in the Resolution, and the Bonds will be payable solely from the Revenues of the Project and any other funds held under the Resolution and available for such payment. The Bonds will not be a debt of the State of New York or the County of Westchester, and the State of New York and the County of Westchester will not be liable thereon. Payment of the principal of and interest on the Bonds(not including any redemption premiums)will be guaranteed by the Town. Payment Provisions The Bonds will be dated August 1, 1993 and will be issued in fully registered form in denominations of$5,000 or any integral multiple thereof. The Bonds will mature on the dates and in the principal amounts and will bear interest from August 1, 1993 payable semi-annually on February 1 and August 1 of each year (each an "Interest Payment Date"), commencing February 1, 1994, at the rates set forth on the cover page of this Official Statement. The Record Date for payment of principal of and interest on the Bonds shall be the 15th day of the calendar month preceding each Interest Payment Date. Book-Entry-Only System The ownership of one fully registered Bond for each maturity as set forth on the cover hereof, each in the aggregate principal amount of such maturity, will be registered in the name of Cede& Co., as nominee for DTC. Each such Bond will be deposited with DTC to be held in trust until maturity. DTC is a limited-purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency' registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC was created to hold securities of its Participants (the 'Participants') and to facilitate the clearance and settlement of securities transactions among Participants in such securities through electronic book-entry changes in accounts of the Participants, thereby eliminating the need for physical movement of securities certificates. Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their representatives) own DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Participant, either directly or indirectly(the "Indirect Participants'). 2 Purchases of ownership interest in the Bonds may be made by or through a Participant. Such ownership interest will be recorded through the records of the Participant, whose interest will be recorded on a computerized book-entry system operated and maintained by DTC. Each purchaser of the Bonds (the 'Beneficial Owner") is expected to receive a written confirmation of its purchase which provides certain details concerning the Bonds acquired. Beneficial Owners will not receive certificates representing their ownership interest in the Bonds, except as provided below. Transfers of ownership interests will also be accomplished by book entries made by DTC and, in turn, by the Participants who act on behalf of the Indirect Participants and the Beneficial Owners. So long as Cede& Co. is the registered owner of the Bonds, as nominee of DTC, references herein to the Bondowners or registered owners of the Bonds shall mean Cede&Co. and shall not mean the Beneficial Owners of the Bonds. So long as Cede & Co. is the registered owner of the Bonds, as nominee of DTC, principal and interest Bonds will be made to DTC or its nominee, Cede & Co., as registered owner of the Bonds. Upon receipt payments moneys, DTC's current practice is to immediately credit the accounts of the Participants in holdings shown on the records of DTC. Payments by Participants and IndirectParticipants with their respectivehll governed by standing instructions and customary practices, as is now theu tos Beneficial Ownersheld shall be accounts of customers in bearer form or registered in "street name", casebewith municipal secusuchrities for theo Indirect Participant and not of DTC or the Authority, and will be the regulatoryorequirements of Participante in effect from time to time. subject to any statutory and as may be in So long as Cede& Co. is the registered owner of the Bonds, as nominee of DTC, the Authority will recognize DTC or its nominee as the Bondowner for all purposes, including notices. Conveyance of notices and other communications by DTC to Participants, by Participants to Indirect Participants, and by Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory and regulatory requirements as may be in effect from time to time. In the event that (a) DTC determines to discontinue providing its service with respect to the Bonds by giving notice to the Authority and discharging its responsibilities with respect thereto under applicable law, and the Authority fails to appoint a successor securities depository for the Bonds, or (b) the Authority determines to discontinue the system of book-entry transfers through DTC (or a successor securities depository),Po ry)' then bond certificates are required described in the Resolution. The Beneficial Owner, uponbe delivered registration of certificates held in the Beneficial Owner's name,as will become the registered owner of the Bonds. Unless otherwise noted, the information contained in the preceding paragraphs of this sub-section "Book-Entry-Only System' has been extracted from a report prepared by The Depository Trust Company entitled 'Book-Entry-Only Municipals". The Authority makes no representation as to the completeness or the accuracy of such information or as to the absence of material adverse changes in such information subsequent to the date hereof. THE AUTHORITY WILL NOT HAVE ANY RESPONSIBILITY OR OBLIGATION TO PARTICIPANTS, TO INDIRECT PARTICIPANTS OR TO ANY BENEFICIAL OWNER WITH RESPECT TO (I) THE ACCURACY OF ANY RECORDS MAINTAINED BY DTC, ANY PARTICIPANT, OR ANY INDIRECT PARTICIPANT; (II) THE PAYMENT BY DTC OR ANY PARTICIPANT OR INDIRECT PARTICIPANT OF ANY AMOUNT WITH RESPECT TO THE PRINCIPAL OF, OR PREMIUM, IF ANY, OR INTEREST ON THE BONDS; (HI)ANY NOTICE WHICH IS PERMI I ED OR REQUIRED TO BE GIVEN TO BONDHOLDERS; OR (IV) ANY CONSENT GIVEN OR OTHER ACTION TAKEN BY DTC AS BONDOWNER. Fiscal Agent Manufacturers and Traders Trust Company shall act as Fiscal Agent on the Bonds ("Fiscal Agent"). The Fiscal Agent shall be responsible for maintaining the Debt Service and Sinking Fund, the Debt Service Reserve Fund and the Rebate Fund. The Fiscal Agent shall also receive monthly payments from the Authority, or, in the event of Nonpayment by the applied to make interest and principapa pursuant payments on the Bs onds. Fotee, to r further discussin siionDebt of the responsibilitieice and s Sinking then Fiscal Agent under the Guarantee, see "Appendix E-Form of the Guarantee'. 3 Redemption Optional Redemption. At the option of the Authority, the Bonds maturing on or after August 1, 2004 will be subject to redemption prior to maturity on or after August 1, 2003, either as a whole at any time or in part on any Interest Payment Date on or after August 1, 2003, in such order of maturity as the Authority may determine (and within each maturity, in any customary manner selected by the Authority), at the following redemption prices, plus accrued interest, if any, to the date of redemption: Redemption Prices (Exessed as a Redemption Period (Dates Inclusive) Percentage of Par August 1, 2003 to July 31, 2004 102% August 1, 2004 to July 31, 2005 101 August 1, 2005, and thereafter 100 The Guarantee does not extend to any redemption premiums payable on the Bonds. Mandatory Sinking Fund Redemption. The Term Bonds maturing on August 1, 2015 are subject to mandatory redemption in part prior to maturity by the application of Sinking Fund Installments at a redemption price of 100% of the principal amount thereof, plus accrued interest to the redemption date on each August 1, commencing August 1, 2011 in accordance with the sinking fund redemption schedule set forth as follows: Sinking Fund Maturity Installment 2011 $185,000 2012 195,000 2013 205,000 2014 215,000 2015 225,000 The Term Bonds maturing on August 1, 2021 are subject to mandatory redemption in part prior to maturity by the application of Sinking Fund Installments at a redemption price of 100% of the principal amount thereof, plus accrued interest to the redemption date on each August 1, commencing August 1, 2016 in accordance with the sinking fund redemption schedule set forth as follows: Sinking Fund Maturity Installment 2016 $240,000 2017 250,000 2018 265,000 2019 280,000 2020 295,000 2021 315,000 Extraordinary Redemption. The Bonds are subject to redemption prior to maturity at the direction of the Authority with the consent of the Town upon the occurrence of one or more of the following events, as a whole at any time but not in part, at a redemption price equal to 100% of the principal amount thereof, without premium, together with accrued interest to the date of redemption: (1) The Project shall have been damaged or destroyed to the extent that, in the opinion of the Construction Manager or a professional engineer submitted to the Authority at the request of the Authority, either(i) the Project cannot be reasonably restored or repaired within a period of six months to the condition thereof immediately preceding such damage or destruction or (ii) the Authority would thereby be prevented from carrying on the normal rental operations of the Project, as it existed immediately prior to such damage or destruction, for a period of six months or more; or (2) Title to, or the use of or possession of, all or substantially all of the Project shall have been condemned or taken under the exercise of the power of eminent domain by any governmental authority, or a Person acting under governmental authority, for any public use or purpose to such an extent that, in the opinion of the Construction Manager or a professional engineer submitted to the Authority and at the request of the Authority, either (i) the Project as it existed immediately prior to such condemnation or taking cannot be reasonably restored or replaced within a period of six months to a condition of comparable usefulness to that existing prior to such condemnation or taking or (ii) the Authority would thereby be prevented from carrying on the normal rental operations of the Project as it existed immediately prior to such condemnation or taking for a period of six months or more. 4 Debt Service Requirements Selection of Bonds to be Redeemed. In the event of redemption of less than all the Outstanding Bonds, as that term is defined in the Resolution, of like maturity, the Authority will select, in such manner in its discretion as it deems appropriate and fair, the Bonds to be redeemed. Notice and Effect of Redemption. Notice of each call for redemption, identifying the Bonds or portions thereof to be redeemed and other identifying information, will be given by the Fiscal Agent in the name of the Authority by mailing a copy of such notice by first class mail, postage prepaid, not less than 30 days nor more than 60 days before the redemption date, to the registered owners of any Bonds to be redeemed, at their last addresses appearing on the registry books. In addition, the Fiscal Agent shall cause copies of such notice of redemption to be sent by registered mail, certified mail, overnight deliveryserviceor confirmed telecopy (or other similarly secure service acceptable to the Fiscal Agent) to The Depository Trust Company and to two or more national information services that disseminAtp The Fiscal Agent shall send a second copy of said redemption notice by registered or certified mail,redemption prepaid,artto all registered bond owners that do not present their Bonds for payment within thirty postage No further interest will accrue on the principalmion on following the redemption date. ofe any Bond called forca redemption on and after the redemption date if sufficient moneys for such redemption have been deposited with the Fiscal Agent. Debt Service Requirements The following table sets forth the total debt service payments required to be made on the Bonds. Annual ate Principel serpits est Debt Service ariff_ al Annual � Interest Debt Service 1994 S -0- $233,613.75 "S233,613.75 2008 $155,000 $168,973.75 $323,973.75 1995 90,000 233,613.75 1323,613.75 2009 165,000 161,068.75 326,068.75 1996 90,000 230,823.75 '320,823.75 2010 175,000 152,612.50 327,612.50 1997 95,000 227,763.75 322,763.75 2011 185,000 143,512.50 328,512.50 1998 100,000 224,343.75 324,343.75 2012 195,000 133,568.75 328,568.75 1999 100,000 220,543.75 320,543.75 2013 205,000 123,087.50 328,087.50 2000 105,000 216,543.75 321,543.75 2014 215,000 2001 110,000 212,133.75 322,133.75 2015100,512.50 325,512.50 2016 240,000 88,418.75 2002 115,000 207,293.75 322,293.75 225,000 180,418.75 328,418.75 2003 120,000 328,418.75 202,118.75 322,118.75 2017 250,000 75,518.75 325,518.75 2004 130,000 196,478.75 326,478.75 2018 265,000 62,081.25 327,081.25 2005 135,000 190,238.75 325,238.75 2019 280,000 47,837.50 327,837.50 2006 140,000 183,623.75 323,623.75 2020 295,0001 32,787.505 327,787.5031. 2007 150,000 176,623.75 326,623.75 2021 315,000 16,931.25 331,931.25 Total S 019,737.50 The Authority has no other debt outstanding other than the Bonds. APPLICATION OF BOND PROCEEDS The estimated sources and uses of Bond proceeds are as follows: ESTIMATED SOURCES OF FUNDS: Principal amount of the Bonds $4,645,000.00 Accrued Interest 10,382.83 Original Issue Discount (62,714.751 Total Sources of Funds $4,592.668.08 ESTIMATED USES OF FUNDS: Construction of the Project $3,800,000.00 Costs of Issuance 146,867.28 Capitalized Interest 423,002.34 Debt Service Reserve Fund 165,965.63 Debt Service and Sinking Fund 10,382.83 Underwriter's Discount 46,450.00 Total Uses of Funds $4,592,668.08 5 THE GUARANTEE The Town's payment from its own funds of the principal of the Bonds and of each installment of interest thereon will be implemented pursuant to the Guarantee. In case of the failure of the Authority to make timely payment of principal and interest, the Town has agreed to make such payment itself. Pursuant to the Guarantee, following the receipt by the Town from the Fiscal Agent of a Nonpayment Notice, the Town agrees to pay the amounts necessary to allow the Fiscal Agent to make timely payment of principal of and interest or interest only, as the case may be, on the Bonds, which payment shall be made by the Town in immediately available funds to the Fiscal Agent two Business Days prior to an Interest and Principal Payment Date, provided that the Town's obligation shall not occur unless the Town has received written notice from the Fiscal Agent, not later than five Business Days (as defined in the Resolution) prior to an Interest or Principal Payment Date (see "Appendix E - Form of Guarantee"). THE AUTHORITY Organized in 1992, the Authority is a municipal housing authority created and established for the Town under the Public Housing Law of the State of New York for the purpose of providing affordable, decent, safe and sanitary housing for persons of limited income and other related purposes. The address of the Authority is Town Hall, Mamaroneck, New York. The Authority has no other projects and has no current plans to acquire or develop additional projects. The Authority has no substantial assets or operating history. The Public Housing Law allows the Authority to issue bonds in furtherance of the Law's purpose. The Bonds are special obligations of the Authority. The five members of the Authority are appointed by the Town Board of the Town. The present members and officers of the Authority are listed below. Name Position Term Expires Paul Winick Chairperson September 9, 1993 Susan Side! Board Member September 9, 1994 Barry A. Weprin Board Member September 9, 1995 Mary Regina Carlson Board Member September 9, 1996 Jeffrey L. Marston Board Member September 9, 1997 THE PROJECT The Project site is located in the Town of Mamaroneck, New York. The Town covers approximately 10.5 square miles and is located in the southeastern portion of Westchester County approximately 10 miles north of the New York City border. The Project site is located on Hommocks Road and is situated on 1.7 acres of property. Perkins, Eastman & Partners, New York, New York is serving as architects and planners for the Project. In its 12-year history, Perkins, Eastman & Partners has built numerous units of housing in the Westchester County region and is currently providing services for the construction of additional housing projects in New York and Connecticut. There will be 54 independent living units in the Project, including a unit reserved for an on-site superintendent. Each independent living unit will be either a one-bedroom or two-bedroom unit with a full kitchen and full bath and garage. The units in the Project will be regulated to insure that only families earning at or below 95% of the area median income will be eligible to rent. Additionally, 20% of the units will be reserved for families earning at or below 50% of the area median income and receiving Section 8 rent subsidies. Monthly rental fees for the units initially will range from $733 for a one-bedroom unit to$1,250 for a two-bedroom unit. The Project operations will be managed by a professional manager to be selected by the Authority in 1994. The manager selected will be responsible for the day-to-day maintenance of the Project and supervision of Project employees, under the direction of the Authority. The Town agrees that the Project will be exempt from all local and municipally imposed taxes, but the Town will levy an annual payment in lieu of any such local or municipal taxes or charges against the Project, commencing on July 1, 1997. Said PILOT payment shall commence in 1997 in the amount of$40,000 and shall increase by 3% each year throughout the life of the Project. See "SUMMARY OF PROVISIONS OF GROUND LEASE" herein for further information regarding the Project. 6 SUMMARY OF PROVISIONS OF GROUND LEASE The Ground Lease provides for the occupancy of vacant land owned by the Town of Mamaroneck by the Town of Mamaroneck Housing Authority and for the construction of housing on that site to be operated by the Authority. Term. The term of the Ground Lease is 30 years six months commencing July 1993 and ending in December 2023. Find Rent. The fixed rent payment for the period July 1993 through June 30, 1996, is $1.00 per year. Commencing on July 1, 1996, there is an annual fixed rent of$125,000 which increases by 1.5% on July 1st of each year thereafter. Grant Agreements. In order to facilitate the construction of the Project, the Town has obtained $841,000 in grants from the County of Westchester and the New York State Housing Finance Agency. The Ground I Pirie provides for acknowledgment of those grants and cooperation between the parties in administration of those grants and the requirements attached to the grants. Use and Occupancy. The Ground Lease provides for subletting of the apartment units to be constructed on the site. The subletting is subject to the requirement that 20% of the occupants be eligible for Title VII, Section 8 housing certificates and that the balance of the tenants meet selection criteria relating to income levels and with certain priorities given to Town of Mamaroneck volunteers, employees and residents. Management. The Ground Lease provides that the Authority shall retain professional management for the site in consultation with the Town. Guarantee and Utilization of Revenues. The Ground Lease acknowledges the Guarantee by the Town of these Bonds and provides for a flow of revenues so as to ensure priority of payment of operation and maintenance and debt service on the Bonds prior to the payment of rental to the Town. In consideration of that cash flow and the Guarantee by the Town, there is provision for the Town to obtain as additional rent certain surpluses, should they exist. There is further provision that the Authority maintain a contingency fund of no less than$180,000 for emergency repairs or shortfalls in income. Additional Rent. As noted above there is provision for the payment of certain income surpluses as additional rent to the Town and, further, commencing on July 1, 1997, the Authority shall be responsible for payment of an annual payment in lieu of taxes to the Town of$40,000 which amount shall increase by 3% annually thereafter. Insurance. There is a requirement that the Authority maintain no less than $5,000,000 of liability insurance, all risk property coverage, plus $1,000,000 in coverage for damage to property of others, all with a deductible of not more than $10,000. It is further required that those insurance policies name the Town as an additional insured. Indemnification. There is provision that the Authority indemnify and hold the Town, the County of Westchester and the State of New York Housing Finance Agency harmless from claims for personal injuries and property damage. Failure to Pay Impositions. There is provision for the Town to act on behalf of the Authority should it fail to make payment on the Bonds, payment of premiums for insurance, payment of any impositions by any municipal authority, etc., in which case, those sums paid by the Town on behalf of the Authority shall become additional rent. Construction of Buildings. The Ground Lease acknowledges the construction of the housing on the site by the Authority and makes provision for the satisfaction of mechanic's liens. It further requires indemnification by the Authority to the Town and states that all construction be in accordance with all governmental requirements. Federal Tax Covenants. The Ground Lease requires that the Authority not take or omit to take any action which would cause interest on the Bonds to be no longer excluded from gross income for purposes of federal taxation. Maintenance of the Easements, Utilities and Sidewalks. The Ground IPAse requires that the Authority shall maintain various utilities, sidewalks, internal roadways and easements required for the construction. Acts of Default. The Ground Lease provides that should the Authority fail to pay basic or additional rent, perform any other requirement under the Ground Lease and/or fail to make payment under the Bonds, file a petition in bankruptcy or borrow funds in excess of these Bonds, that such would be considered a default which must be corrected within 90 days' of written notice from the Town or the Town may declare the Ground Lease terminated and take appropriate legal steps for same. However, the default provisions specifically provide that should the Town fail to make payments as required by the Guarantee that nothing in the Ground Lease will act to preclude the rights of enforcement by the bond holders or their duly appointed trustee. Right of the Town to Sell Land. Pursuant to the Ground Lease, the Town has reserved the right to sell the land on which the Project is located subject to the purchaser assuming the obligation of the Town under the Ground Lease. The Town's obligation under the Guarantee would not be affected by such sale. 7 Damages upon Default. The Ground Lease provides for damages to the Town should the Authority default under the Ground Lease. Surrender at End of Tenn. The Ground Lease provides that at the end of the term of the Ground Lease or should the Ground I M+se be terminated prior to its full term that the premises are to be surrendered to the Town. Notice. The Ground Lease provides for written notice to the parties with respect to any action or claim under the Ground Lease. Operating Reserve. The Ground Lease provides that the Authority budget includes sums for operation and maintenance, a portion of which shall be set aside annually for an operating reserve. It further requires that there shall be an annual study by a professional engineer to determine whether or not additional sums should be set aside for such operating reserve and sets forth a mechanism for review of the proposed additional reserve by the Town. Independent Audit. The Ground Lease provides that within 30 days of the close of each fiscal year certified independent public accountants shall commence an audit of the books of the Authority and provide a copy of same to the Town upon completion. Condemnation. There are provisions regarding condemnation of the property except that there are specific provisions that should there be condemnation of the property the award in condemnation shall be used first to pay the principal of and interest on the Bonds. Enforcement of Rights Under Title Insurance. There is provision that in the event possession of the premises is taken by the bondholders or their trustee and there is any cloud upon the title, the Town shall exercise its rights under its existing title insuranCe policy on behalf of the bondholders. Arbitration. The Ground Lease provides for arbitration of disputes between the parties. LITIGATION There is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, pending or, to the knowledge of the Authority, threatened against or affecting the Authority to restrain or enjoin the issuance, sale or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings of the Authority taken with respect to the issuance or sale of the Bonds, with respect to the Resolution, including the application of any money or security provided for the payment of the Bonds thereunder, the security provided for the Bonds under the Guarantee, or the existence or powers of the Authority. The Authority has been advised by the Town that a claim has been made by an unsuccessful bidder on one of the contracts involving construction of the Project. This claim has been made with the local office of the Department of Housing and Urban Development ('HUD"). The Town and the Authority have answered said complaint and counsel for the Authority has rendered an opinion letter, indicating his opinion that the complaint lacks merit. At this time, it is not clear what remedies, if any, are being sought by the claimant; however, the Authority has no reason to believe that such a claim, if adversely decided, would have an impact on the ability of the Authority or the Town, pursuant to its Guarantee, to pay timely principal and interest on the Bonds. CERTAIN LEGAL MATTERS All of the legal proceedings in connection with the authorization, issuance and sale of the Bonds by the Authority and the execution and delivery of the Guarantee by the Town are subject to the approval of Willkie Farr& Gallagher, New York, New York, Bond Counsel. The form of approving opinion which Bond Counsel proposes to.render is attached hereto as Appendix G. Certain legal matters will be passed upon for the Underwriter by its counsel, Whitman & Ransom, New York, New York. Certain legal matters will be passed upon for the Town by its counsel, Steven Silverberg, Esq. Certain legal matters will be passed upon for the Authority by its counsel, Edward Lieberman, Esq., Elmsford, New York. 8 ORIGINAL ISSUE DISCOUNT With respect to Bonds which are being issued with original issue discount (hereinafter, 'Discount Bonds"): (a) under present federal income tax law, the original issue discount is, for federal income tax purposes, excluded from the gross income of a bondholder who has purchased such Discount Bond pursuant to the original offering, and such holder would not, under present federal income tax law, realize taxable gain on such amount upon payment of such Discount Bond at maturity; and (b) the original issue discount with respect to a Discount Bond is the difference between the principal amount of such Discount Bond and the initial selling price to the public of such Discount Bond pursuant to the original offering as stated on the cover of the Official Statement See Appendix G - 'Form of Approving Opinion of Bond Counsel' for additional information regarding the Discount Bonds. UNDERWRITING Glickenhaus & Co. (the 'Underwriter') has agreed to purchase the Bonds from the Authority pursuant to the terms of a bond purchase agreement dated August 12, 1993 (the "Bond Purchase Agreement') by and between the Underwriter and the Authority. The Underwriter is obligated to purchase all of the Bonds if any of the Bonds are purchased. The Underwriter will purchase the Bonds at a price equal to$4,582,285.25 plus accrued interest. RATING The Authority has been assigned an 'Aal' rating on the Bonds by Moody's Investors Service, Inc. ("Moody's"). Moody's has also assigned the uninsured outstanding bonded indebtedness of the Town a rating of 'Aal'. Such ratings reflect only the view of Moody's and the Authority makes no representation as to the appropriateness of its or the Town's rating. There can be no assurance that such ratings will continue for any specified period of time or that such ratings will not be revised or withdrawn, if in the judgment of Moody's, circumstances so warrant. Any such change or withdrawal of such ratings may have an adverse effect on the market price of or the availability of a secondary market for the Bonds. MARKET FACTORS The financial condition of the Authority as well as the market for the Bonds could be affected by a variety of factors, some of which are beyond the Authority's control. There can be no assurance that adverse events in the State, including, for example, the seeking by a municipality of remedies pursuant to the Federal Bankruptcy Act or otherwise, will not occur which might affect the market price of and the market for the Bonds. If a significant default or other financial crisis should occur in the affairs of the State or at any of its agencies or political subdivisions thereby further impairing the acceptability of obligations issued by borrowers within the State, both the ability of the Authority to arrange for additional borrowings and the market for and market value of outstanding debt obligations, including the Bonds, could be adversely affected. TAX MATTERS In the opinion of Wilikie Farr& Gallagher, assuming continuing compliance by the Authority with its covenants relating to certain requirements contained in the Internal Revenue Code of 1986 (the 'Code"), interest on the Bonds is not includable in the gross income of the owners thereof for Federal income tax purposes under existing statutes and court decisions. Moreover, interest on the Bonds is not an 'item of tax preference' for purposes of the individual and corporate alternative minimum taxes and the corporate environmental tax imposed by the Code. However, interest on the Bonds is includable in the 'adjusted current earnings' of a corporate owner of the Bonds and 75 % of the interest on the Bonds is thus includable in the tax base for computing a corporation's liability with respect to the 20% alternative minimum tax and the 0.12% environmental tax imposed on corporations by the Code (such 0.12% corporate environmental tax is generally scheduled to terminate for taxable years beginning after December 31, 1995). Moreover, interest on the Bonds may be subject to a branch profits tax of up to 30% when owned by certain foreign corporations. Furthermore, the United States Treasury Department has promulgated regulations which might have the effect of imposing a tax at ordinary income rates with respect to interest on Bonds owned by 'S Corporations" in certain cases. Interest on the Bonds is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof, including the City of New York. 9 Among other things, the Code requires that, under certain circumstances, the yield on investments acquired with the proceeds of obligations be restricted and that an amount equal to the net arbitrage earnings from the investment of the proceeds thereof be paid to the Federal Government. If, in those circumstances, the Authority were to intentionally fail to restrict the yield on such investments, or fail to make the required payments to the Federal Government within the periods and in the manner specified by the Code, with regard to both the Bonds and any obligations refunded with proceeds of the Bonds, or fail to comply with certain other provisions of the Code, interest on the Bonds would be subject to Federal income taxes from their date of issuance unless, in the case of a failure to make the required payments to the Federal Government on a timely basis, such noncompliance was not due to willful disregard and relief was sought from, and granted by, the Internal Revenue Service. The Authority will covenant in its arbitrage certificate with respect to the Bonds that it will take all actions on its part necessary under the Code to cause interest on the Bonds not to be includable in the gross income of the owners thereof for Federal income tax purposes, including compliance with the requirements set forth above, to the extent the same are applicable, and refrain from taking any action which would cause interest on the Bonds to be includable in the gross income of the owners thereof for Federal income tax purposes. The opinion of Bond Counsel set forth above with respect to the Federal income tax treatment of interest paid on the Bonds is based upon the current provisions of the Code. There can be no assurance that the Code will not be amended in the future so as to reduce or eliminate such favorable Federal income tax treatment on the Bonds. Any such future legislation would have an adverse effect on the market value of the Bonds. Bond Counsel expresses no opinion regarding other Federal income tax consequences arising with respect to the Bonds. The Bonds will be designated by the Authority as 'qualified tax-exempt obligations- pursuant to Section 265(bX3) of the Code. MISCELLANEOUS This Official Statement is not to be construed as a contract or an agreement between the Authority and the purchasers or holders of any of the Bonds. Any statements made in this Official Statement involving matters of opinion, whether or not expressly so stated, are intended merely as an opinion and not as representations of fact. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement or any sale made hereunder shall, under any circumstances, create any implication that there has been no material change in the affairs of the Authority or the Town since the date hereof. Additional copies of this Official Statement may be obtained upon request from the Authority's financial advisor, Evensen Dodge, Inc., 666 Fifth Avenue, Suite 3600, New York, New York, 10103, (212)541-3917. The execution and delivery of this Official Statement have been duly authorized by the Authority. TOWN OF MAMARONECK HOUSING AUTHORITY BY: /s/Paul A. Winick Chairman Dated: August 12, 1993 10 APPENDIX A CERTAIN INFORMATION CONCERNING THE TOWN THIS PAGE INTENTIONALLY LEFT BLANK • CERTAIN INFORMATION CONCERNING THE TOWN General Information Town southeastern of Mamarrter County (the "Coneck (the ounty")encompasses an area of approximately 10.5 square miles, and is located in y') in the State of New York (the 'State') about 10 miles north of New York City along the Long Island Sound. The area is primarily residential in character, with some commercial development. Most residential development consists of single-family homes, but townhouse complexes and estates are also located within the area. Commercial facilities mainly include professional buildings and suburban shopping centers. The population of the Town is 27,706, according to the 1990 Census. Most residents are employed throughout Westchester County or Manhattan where they hold positions in industry, finance, and are engaged in the professions. Rail transportation is provided by the Metro North Railroad (now part of the Metropolitan Transit Authority). Highways serving the Town include the New England Thruway (Interstate I-95) and the Hutchinson River Parkway. The area is also covered by an extensive network of County and Town roads. Form of Government in The Town was established as a municipal government in 1661, and is vested with the powers and responsibilities inherent the�Village of Larchmontandlgovernment including the Mamaroneck Schooll Dishe trict w Illas port ns of thoperty e gof debt. The Town includesndth Scarsdale School District. VillageMamaroneck and the Governmental operations of the Town are subject to the provisions of the State constitution and various statutes affecting local governments including Town Law, General Municipal Law and the Local Finance Law. Realro rt and tax collection procedures are determined by the Westchester County Tax Law, a basic feature of which y gssresmhat the Town guarantee and enforce the real property taxes levied by the County as well as school districts situated is n the Town. The Real Property Tax Law, in part, also governs certain assessment and taxing procedures for the Town. Under Article 3-A of the Town Law, the Town is classified as a suburban town. Elected and Appointed Officials The Town Board is the legislative, appropriating, governing and policy determining body of the Town and consists of four Board members, elected at large to serve four-year terms, plus the Supervisor. Board members may serve an unlimited number of terms. It is the responsibility of the Town Board to enact, by resolution, all legislation including ordinances and local laws. Annual operating budgets for the Town must be approved by the Board; modifications and transfers between budgetary appropriation also must be authorized by the Board on the recommendation of the Supervisor. The original issuance of all Town indebtedness is subject to approval by the Town Board. The Supervisor is the chief executive and financial officer of the Town and is elected for a two-year term of office with the right to succeed himself/herself. In addition, the Supervisor is a full member of and the presiding officer of the Town Board. The Supervisor and the Town Board appoint a Town Administrator who serves as chief operating officer of the Town. Duties of the Town Administrator include: the administration of the Town's daily functions, budget preparation and control, treasury management and the renewal of notes evidencing short term indebtedness. The Town Clerk acts as the custodian of the Town's records as well as the clerk to the Town Board. Duties of this office include: recording and maintaining the minutes of the proceedings of the Town Board, issuing certain licenses and permits, and coordinating Town elections. The Town Clerk is elected to a four-year term and may serve an unlimited number of terms. The Receiver of Taxes, Comptroller and Town Attorney are all appointed by the Town Board. It is the responsibility of the Receiver of Taxes to receive and collect all State, County, Town and school taxes, and all assessments levied or assessed in the Town. The Town Assessor is appointed by the Town Board, on the Supervisor's recommendation, to serve a six-year term. It is the Assessor's responsibility to appraise real property in the Town for the purpose of preparing and maintaining tax assessment rolls in the form prescribed by the State Board of Assessment and Equalization ('State Board"). The State Board is required annually to determine the assessment of each special franchise in the Town that is subject to assessment. In addition, the State Board provides an advisory service to assist with the assessment of certain forested lands, public utilities or unusually complex properties. Assessment review procedures include examination of the tentative assessment roll in the Assessor's presence, a public hearing before an independent board of assessment review and, finally, judicial review in State Supreme Court. of Services and Programs The Town provides its residents with many of the services traditionally provided by Town governments, including water, street maintenance and lighting, mow removal and recreational activities. Education is provided by the Mamaroneck School District and the Scarsdale School District. In addition, the County furnishes certain other services. Fire protection is furnished by the Mamaroneck Fire District No. 1. Police protection is provided by the Town's police • department. Pursuant to State Law, the County, not the Town, is responsible for funding and providing various social service and health care programs such as Medicaid, aid to the families with dependent children, home relief and mental health programs. Employees The Town provides services through approximately 112 full-time employees, some of whom are represented by the following units of organized labor. Number Contract of Employees Contract Organization Expiration Date 44 Civil Service Employees Association 12/31/93 39 Policemen's Benevolent Association 12/31/93 14 Uniformed Firefighters Association 12/31/93 Employee Pension Benefits Substantially, all employees of the Town are members of the New York State and Local Employee's Retirement System ("ERS") or the New York State and Local Police and Fire Retirement System(the "PFRS"). (Both systems are referred to together hereinafter as the "Retirement Systems", where appropriate.) The Retirement Systems are cost-sharing multiple public employer retirement systems. The obligation of employers, and employees to contribute and the benefits to employees are governed by the New York State Retirement System and Social Security Law (the "Retirement System Law"). The Retirement Systems offer a wide range of plans and benefits which are related to years of service and final average salary, vesting of retirement benefits, death and disability benefits and optional methods of benefit payments. All benefits generally vest after ten years of credited service. The Retirement System Law generally provides that all participating employers in each Retirement System are jointly and severally liable for any unfunded amounts. Such amounts are collected through annual billings to all participating employers. Generally, all employees, except certain part- time employees, participate in the Retirement Systems. The Retirement Systems are non-contributory with respect to members hired prior to July 27, 1976. All members hired on or after July 27, 1976 must contribute 3% of their gross annual salary toward the costs of retirement programs. Pursuant to Chapter 62 of the Laws of 1989 (the "1989 Legislation"), the Town's liability to the ERS and PFRS is accounted for according to generally accepted accounting principles (GAAP). Bills are sent November 15 each year for payment December 15. The December 15 payment covers the 12 month period covering the payment date to the following March 31. Under previous legislation, the Town's payment period covering the payment date was due June 30 and represented liabilities incurred through March 31 of the previous year. As a result of the 1989 Legislation, the Town is allowed to amortize contributions for State fiscal year ending March 31, 1988 and March 31, 1989 over a seventeen year period at a rate of 8.75%. The first annual installment was payable December 15, 1989. In addition to the change in billing procedures, the 1989 Legislation authorized, on an option basis, the prepayment of the amount which would otherwise be amortized over the seventeen year period. The Town's obligation to the ERS and PFRS for the year ending March 31, 1990 was paid on December 15, 1990 together with the first of the seventeen annual installments allowed under the 1989 Legislation. Further changes to the Retirement Systems were made pursuant to Chapter 210 of the Laws of 1990, which, among other changes, replaced the aggregate cost actuarial funding method, previously used to determine Retirement Systems contributions,with a modified projected unit cost method. The new funding method was used for contributions relating to the State fiscal year ending March 31, 1991, which reduced the Town's retirement contribution paid on December 15, 1990. In accordance with Chapter 53 of the Laws of 1991, the State Comptroller withheld from State aid payments to the Town an amount equal to 35% of the savings the Town realized from the change to the new funding method. The Town's contributions to the ERS and PFRS for 1990 was $178,358; however, the Town's State Aid for fiscal year 1990 was reduced by $230,500 to offset the aforesaid savings. For the five years 1988 through 1992, the Town's contributions to the ERS and PFRS together were: $583,336; $482,906; $178,385; $160,737; and $389,042, respectively. FINANCIAL FACTORS Budgetary Procedure The head of each administrative unit of the Town is required to file detailed estimates of revenues(other than real property taxes) and expenditures for the next fiscal year with the budget officer on or before October 20th. Estimates for each fire district situated within the Town must also be filed with the budget officer by this date; however, the Town has no authority to change a fire district budget. After reviewing these estimates, the budget officer prepares a tentative budget which includes his recommendations. A budget message explaining the main features of the budget is also prepared at this time. The tentative budget is filed with the Town Clerk not later than the 30th of October. Subsequently, the Town Clerk presents the tentative budget to the Town Board at a regular or special hearing which must be held by November 10th. The Town Board reviews the tentative budget and makes such changes as it deems necessary and that are not inconsistent with the provisions of law. Following this review process, the tentative budget and such modifications, if any, as approved by the Board becomes the preliminary budget. A public hearing, notice of which must be duly published in the Town's official newspaper, on the preliminary budget is required to be held on or before the 10th day of December. At such hearing, any person may express his opinion concerning the preliminary budget; however, there is no requirement or provision that the preliminary budget or any portion thereof be voted on by members of the public. After the public hearing, the Town Board may further change and revise the preliminary budget. The Town Board, by resolution, adopts the preliminary budget as submitted or amended not later than December 20th, at which time, the preliminary budget becomes the annual budget of the Town for the ensuing fiscal year. Any changes or modifications to the annual budget, with the exception of transfers between budget lines of less than $2,000 quarterly, must be approved by resolution of the Town Board. Independent Audits The financial statements of the Town are audited by the firm of Bennett Kielson Storch & Company, independent certified public accountants. Appendix B to this Official Statement presents a summary of the audited financial statements for the fiscal years ended December 31, 1988 through 1992 and Appendix C presents the Town's audited financial statement for the fiscal year ended December 31, 1992. Fund Structures and Accounts The Town utilizes fund accounting to record and report its various service activities. A fund represents both a legal and an accounting entity which segregates the transactions of specific programs in accordance with special regulations, restrictions or limitations. There are two basic fund types: (I)governmental funds that are used to account for basic services, debt service and capital projects; and (2) fiduciary funds that account for assets held in a trustee capacity. Account groups, which do not represent funds, are used to record fixed assets and long-term obligations that are not accounted for in a specific fund. The Town maintains the following governmental funds: General Fund, Special Revenue Funds consisting of Town outside Village Fund, Federal Revenue Sharing Fund, Highway Fund, Special Districts Fund (Water, Sewer, Street, Lighting, Fire Protection and a Refuse and Garbage District), Tri-Municipal Cable T.V. Fund, Public Housing Agency Fund, Debt Service Fund and Capital Projects Fund. Basis of Accounting The financial statements of the Town are prepared on the modified accrual basis of accounting. Under the modified accrual basis, revenues are recorded in the accounting period in which they are "measurable" and "available" to finance current operations. Revenues susceptible to accrual include real property taxes, services to other governments, intergovernmental revenues and operating transfers. Expenditures are generally recognized under the modified accrual basis, that is when the related fund liability is incurred. Exceptions to this general rule are (1) payments to employee retirement systems which are recorded in the general long-term obligations account group and recognized as an expenditure when due, (2) unmatured interest on general long-term debt which is recognized as an expenditure when due and (3) compensated absences which are charged to expenditures when paid. 3 Revenue The Town derives a major portion of its revenues from a tax on real property (see 'Statement of Revenues, Expenditures and Changes in Fund Balance' in Appendix B.) Property taxes accounted for 40.3% of total general fund revenues for the fiscal year ended December 31, 1992, while State aid accounted for 17.5%. The following table sets forth total general fund revenues and real property taxes received for each of the fiscal years ended December 31, 1988 through 1992 and the amounts budgeted for the fiscal year 1993. TABLE 2 General Fund Revenues& Real Property Taxes Real Property Fiscal Year Total Real Property Taxes to Ended December 31 Revenues (a) Taxes Revenues 1988 $3,760,772 $903,623 24.0% 1989 4,161,667 1,075,862 25.9 1990 4,687,839 1,519,714 32.4 1991 3,983,641 1,167,880 29.3 1992 4,893,349 1,972,265 40.3 1993(Budget) 4,985,736 1,964,499 39.4 • (a) General Fund. Source: Audited financial.statements for fiscal years ended December 31, 1988 through 1992 and Adopted Budget for Fiscal Year ending December 31, 1993. State Aid The Town receives financial assistance from the State. In its budget for the current fiscal year, approximately 16.3% of the total general fund revenues of the Town are estimated to be received in the form of State aid. If the State should experience difficulty in borrowing funds in anticipation of the receipt of State taxes in order to pay State aid to municipalities and school districts in the State, including the Town, in this year or future years, the Town may be affected by a delay in the receipt of State aid until sufficient State taxes have been received by the State to make State aid payments. Additionally, if the State should not adopt its budget in a timely manner, municipalities and school districts in the State, including the Town, may be affected by a delay in the payment of State aid in any future year. The State is not constitutionally obligated to maintain or continue State aid to the Town. No assurance can be given that present State aid levels will be maintained in the future. In view of the State's continuing budget problems, future State aid reductions are likely. State budgetary restrictions which eliminate or substantially reduce State aid could have a material adverse affect upon the Town, requiring either a counterbalancing increase in revenues from other sources to the extent available, or a curtailment of expenditures. The following table sets forth total general fund revenues and State aid revenues received for each of the fiscal years ended December 31, 1988 through 1992 and the amounts budgeted for the fiscal year 1993. TABLE 3 General Fund Revenues& State Aid Revenues Fiscal Year Total State Aid Ended December 31 Revenues (a) State Aid to Revenues 1988 $3,760,772 $1,142,951 30.4% 1989 4,161,667 1,150,264 27.6 1990 4,687,839 1,085,956 23.2 1991 3,983,641 689,946 17.3 1992 4,893,349 858,749 17.5 1993 (Budget) 4,985,736 814,186 16.3 (a) General Fund. Source: Audited financial statements for fiscal years ended December 31, 1988 through 1992 and Adopted Budget for Fiscal Year ending December 31, 1993. 4 vJ Sales Tar In July, 1991, the State Legislature authorized an additional 1% sales tax for the County to impose in localities other than cities which have their own sales tax. This additional 1% sales tax became effective on October 15, 1991 and has a termination date of June 30, 1994. The additional 1% sales tax is to be apportioned between the County (33 1/3%), school districts in the County(16 2/3%), and towns, villages and cities in the County which have not imposed sales taxes (50%). For fiscal year 1991, the Town received$76,881 in sales tax revenues and $239,012 during fiscal year 1992. The Town budgeted total sales tax revenues of$417,926 for the 1993 fiscal year. TAX INFORMATION Valuations and Tax Data The Town derives its power to levy an ad valorem real property tax from Article 8, Section 10 of the Constitution of the State of New York. The Town is responsible for levying taxes for operating purposes and debt service. The following table shows the trend during the last five years for taxable assessed valuations, state equalization ratios, full valuations, real property taxes and real property tax rates per$1,000 assessed valuation. TABLE 4 Valuations and Tax Data 1988 1989 1990 1991 1992 Assessed Value $172,055,132 $173,538,138 $172,234,863 $170,756,081 Equal. Ratio .1152 .0790 .0602 $168,711,0501 Full Value 1,493,534,131 2,196,685,291 2,861,044,235 3,296,449,440 3,367,491,137 Tax Rates: General Townwide(a) S 5.50 $ 5.10 $ 5.60 $ 8.60 $ General Town Outside Village(a) 46.60 48.1011.307 Highway(a) 18.45 50.85 53.9022.1 19.555 19.75 21.1155 22.25 0 (a) Per$1,000 assessed valuation. Source: Town officials and the New York State Board of Equalization and Assessment. Tax Collection Procedures The assessment and collection of real property taxes is governed by the Westchester County Tax Law as well as by the Real Property Tax Law of the State. Towns and cities in Westchester County are responsible within their boundaries, with the exception of franchised utility companies, and to collect ll real property all taxer. The Town collects all Town, County, fire district and school district taxes. It receives warrants for the collection of taxes from the County, from its fire districts and from each of its school districts. The Town then remits the amount of the County and individual fire and school district warrants at times set forth in the Westchester County Tax Law. The Town is required to remit the full amount of each warrant presented by the County or the individual fire or school districts, whether or not these sums are actually collected by the Town. The Town also has the responsibility for conducting tax lien sales and in rem foreclosure proceedings. Town, County, State judicial and special district taxes for the period from January I to December 31 are due in a single payment on April 1. Payment may be made without penalty until April 30, after which the penalty is 2% during May, 5% during June and July, 7% during August and September, 10% during October, November and December and 12% thereafter to the date of the tax lien sale. School taxes for the period from July 1 to June 30 are due on September 1, with the first half payable without penalty until September 30th, after which the penalty is 2% during October, 5% during November, 7% during December and January, 10% during February and March, and 12% thereafter to the date of the tax lien sale. Second half school taxes are payable without penalty until January 3, after which the penalty is 10% during February and March, and 12% thereafter to date of the tax lien sale. 5 TABLE 5 Real Property Tax Le Levies nd Collections 1988-1992 County/Town Percentage Fiscal Year Gross Current Taxes Current Taxes Ended December 31 Tax Levy(al Collected Collected (b1 1988 $7,899,033 $7,568,869 95.8% 1989 8,461,642 7,878,311 93.1 1990 9,275,674 8,790,053 94.7 1991 9,201,420 8,616,488 93.6 1992 10,298,860 9,821,307 95.4 School Districts Percentage Fiscal Year Gross Current Taxes Current Taxes Ended December 31 Tax Levy(a) Collected Collected (bl 1988 $32,978,579 $32,595,043 99.4% 1989 36,304,175 36,048,588 99.2 1990 38,928,477 38,681,632 99.3 1991 41,136,408 40,788,378 99.2 1992 43,554,017 43,198,760 99.2 (a) Includes Town and County purposes. (b) County/Town taxes are levied and collected in the calendar year;school district taxes are levied and collected for a June-July fiscal year. Source: Audited financial reports for fiscal years ended December 31, 1988 through 1992. Ten of the Largest Taxpayers for the 1993 Fiscal Year TABLE 6 Taxable Assessments 1993 Nature of Assessed Percentage of Taxpayer Business Valuation (a) Total Assessed Valuation Consolidated Edison Company Public Utility $2,717,979 1.61% New York Telephone Company Public Utility 928,987 .55 Winged Foot Holding Corporation Country Club 1,122,300 .67 Larchmont Acres Apartments 754,000 .44 James L. Garrity Real Estate 850,000 .50 Palmer Terrace Apartments 645,526 .38 Bonnie Briar Country Club Country Club 606,600 .35 Mamaroneck/Palmrich Gardens Apartments 559,000 .33 Hampshire Country Club Country Club 521,800 .30 Carlshire Tenants Corp. Co-op (Apts.) 510,000 .30 $9,216,192 5.43% (a) Based on 1992 total assessment roll for the 1993 fiscal year of S168,711,306. Source: Town Officials. 6 TOWN INDEBTEDNESS Constitutional and Statutory Requirements The Public Housing Law authorizes the Town to guarantee the principal of and interest on the Authority's Bonds. The Town's guarantee of the principal of and interest on the Bonds constitutes a general obligation of the Town. The State's Constitution and its Local Finance Law limit the power of the Town to issue obligations and to otherwise contract indebtedness. Such constitutional and statutory limitations include the following, in summary form, and are generally applicable to the Town and its guarantee of the Bonds. Purpose and Pledge The Town shall not give or loan any money or property.to or in aid of any individual or private corporation or private undertaking or give or loan its credit to or in aid of any of the foregoing or any public corporation. The Town may contract indebtedness only for a Town purpose and shall pledge its faith and credit for the payment of principal of and interest thereon. General The Town is further subject to constitutional limitations by the general constitutionally imposed duty on the State Legislature to restrict the power of taxation and contracting indebtedness to prevent abuses in the exercise of such power; however, the State Legislature is prohibited by a specific constitutional provision from restricting the power of the Town to levy taxes on real estate for the payment of interest on or principal of indebtedness theretofore contracted. Debt Limit The Town has the power to contract indebtedness for any Town purpose so long as the outstanding principal amount thereof shall not exceed seven percentum of the average full valuation of taxable real estate of the Town and subject to certain enumerated exclusions and deductions such as water and certain sewer facilities and cash or appropriations for current debt service. The Town also has the power to contract indebtedness and guarantee indebtedness of the Authority so long as the aggregate principal amount shall not exceed seven percentum of average full valuation of taxable real estate of the Town. The constitutional method for determining full valuation is determined by taking the assessed valuation of taxable real estate for the last completed assessment roll and applying thereto the ratio which such assessed valuation bears to the full valuation as determined by the State Board of Equalization and Assessment. The State Legislature is required to prescribe the manner by which such ratio shall be determined. Average full valuation is determined by taking the sum of the full valuation of such last completed assessment roll and the four preceding assessment rolls and dividing such sum by five. Constitutional Debt-Contracting Limitation There is no constitutional limitation on the amount that may be raised by the Town by tax on real estate in any fiscal year to pay interest on or principal of indebtedness theretofore contracted. The following table sets forth the current debt-contracting limitation of the Town, as of August 2, 1993. 7 i TABLE 7 Debt Contracting Limitation Fiscal Year Ended Assessed State Equalization Full December 31 Valuation Egi.2_(31 Valuation 1988 $172,055,132 .1152 $1,493,534,131 1989 173,538,138 .0790 2,196,685,291 1990 172,234,863 .0602 2,861,044,235 1991 170,456,081 .0518 3,296,449,440 1992 168,711,306 .0501 3,367,491,137 Total Five-Year Full Valuation 13,215,204,234 Average Five-Year Full Valuation 2.643,040,847 Debt Contracting Limitation-7% of Average Full Valuation $ 185,012,859 (a) Equalization rates are established by the New York State Board of Equalization and Assessment. Source: New York State Board of Equalization and Assessment. The following table, based on information furnished by the Town, presents the debt-incurring power of the Town and shows that the Town is within its constitutional debt limit, as of August 2, 1993. TABLE 8 Statement of Debt-Contracting Power (As of August 2, 1993) Debt-Contracting Limitation: $185,012,859 Gross Direct Indebtedness: Bonds: General Purpose $7,242,000 Water 210,000 Sewer 1,493,000 $8,945,000 Bond Anticipation Notes: General Purpose $914,280 Water 850,000 $1,764,280 Total Gross Direct Indebtedness $10,709,280 Less Exclusions and Deductions: Water Bonds $ 210,000 Sewer Bonds 1,493,000 Water BANs 850,000 Appropriations for Non-Exempt Indebtedness During 1993 Fiscal Year $ 28,040 2,581,040 Total Net Direct Indebtedness 8,128,240 Debt-Contracting Margin $176,884,619 Percentage of Debt-Contracting Power Exhausted 4.4% 8 Remedies Upon Default Under current law, provision is made for contract creditors (including the Bondholders) of the Town to enforce payments upon such contracts, if necessary, through court action, although the present statute limits interest on the amount adjudged due to creditors to nine percentum per annum from the date due to the date of payment. As a general rule, property and funds of a municipal corporation serving the public welfare and interest have not been judicially subjected to execution or attachment to satisfy a judgment, although judicial mandates have been issued to officials to appropriate and pay judgments out of current funds or the proceeds of a tax levy. Remedies for enforcement of payment are not expressly included in the Town's contract with holders of its bonds and notes, although any permanent repeal by statute or constitutional amendment of a bondholder's remedial right to judicial enforcement of the contract should, in the opinion of Bond Counsel, be held unconstitutional. The State has consented that any municipality in the State pursuant to Section 85.80 of the Local Finance Law may file a petition with any United States district court or court of bankruptcy under any provision of the laws of the United States, now or hereafter in effect for the composition or adjustment of municipal indebtedness. Subject to such State consent, under the United States Constitution, Congress has jurisdiction over such matters and has enacted amendments to the existing federal bankruptcy statute, generally to the effect and with the purpose of affording municipal corporations, under certain circumstances, with easier access to judicially approve adjustment of debts including judicial control over identifiable and unidentifiable creditors. In recent times, certain events and legislation affecting remedies on default have resulted in litigation. While courts of final jurisdiction have upheld and sustained the rights of bondholders, such courts might hold that future events including financial crises as they may occur in the State and in municipalities of the State require the exercise by the State of its emergency and police powers to assure the continuation of essential public services. No principal or interest payment on Town indebtedness is past due. The Town has never defaulted in the payment of the principal of and interest on any indebtedness. Trend of Capital Indebtedness The following table sets forth the amount of direct capital indebtedness outstanding for the fiscal years ended December 31, 1989 through 1993. TABLE 9 Direct Capital Indebtedness Outstanding (As of August 2, 1993) 1989 1990 1991 1992 1993(a) Bonds $8,095,000 $ 7,990,000 $10,360,000 $9,670,000 $ 8,945,000 Bond Anticipation Notes 673.100 3,314,960 2,783,020 1,890,280 1,764,280 Total $8,768,100 $11,304,960 $13,143,020 $11,560,280 510,709,280 (a) As of August 2, 1993. Overlapping and Underlying Debt The real property taxpayers of the Town are responsible for a proportionate share of outstanding debt obligations of the County, the two school districts, and the fire district. Such taxpayers' share of this overlapping debt is based upon the amount of the Town's equalized property values taken as a percentage of each separate units' total values. The table below sets forth both the total outstanding principal amount of debt issued by the Town and the approximate magnitude of the burden on taxable property in the Town of the debt issued and outstanding by such overlapping entities. 9 TABLE 10 ,statement of Direct and Overlapping Indebtedness (As of August 2, 1993) Gross Direct Indebtedness Exclusions and Deductions $12,58 .040 2,5811,040 Net Direct Indebtedness $ 8,128,240 Overlapping Debt Net Debt Town Amount Applicable Issuer Outstanding Share To Town Westchester County $356,281,000(a) 4.5% S16,032,645 Village of Larchmont 1,082,000(b) 100.00 1,082,000 Village of Mamaroneck 7,377,000(c) 48.5 3,577,845 Mamaroneck CSD 15,025,000(d) 100.0 15,025,000 Scarsdale CSD 9,930,000(e) 4.6 456,780 Mamaroneck No. 1 Fire District 94,000(e) 100.0 94,000 Total Net Overlapping Debt 36,268,270 Total Net Direct Debt 8,128,240 Total Net Direct and Overlapping Debt $44,396,510 (a) As of October 30, 1992. (b) As of June 1, 1993. (c) As of August 2, 1993. (d) As of July 8, 1993. (e) As of December 31, 1991. Debt Ratios The following table presents certain debt ratios relating to the Town's direct and overlapping indebtedness, as of August 2, 1993. TABLE 11 Debt Ratios (As of August 2, 1993) Debt Per Debt to Amount Capita (a) Full Value (b1 Net Direct Debt $ 8,128,240 S 293 .24% Net Direct and Overlapping Debt 44,396,510 1,602 1.31 (a) The population of the Town is 27,706 according to the 1990 Census. (b) The full valuation of real property located in the Town for the 1992 fiscal year is$3,367,491,137. 10 Debt Service Schedule The following table shows the debt service requirements to maturity on the Town's outstanding bonded general obligation indebtedness, as of January 1, 1993. TABLE 12 Bond Principal and Interest Maturity Table As of January 1. 1993 Fiscal Year Ending December 31 Principal Interest Total 1993 $725,000 $654,886.14 1994 700,000 604,601.26 $1,304,3,601.16 1,255 1995 700,000 08.76 555 1996 ,308.76 1,255,308.76 1997 630,000 508,600.64 1,138,600.64 1997 630,000 464,476.89 1,094,476.89 19998 615,000 419,209.39 1,034,209.39 1999 620,000 376,173.14 996,173.14 625,000 332,741.89 957,741.89 2001 2002 615,000 289,891.89 904,891.89 590,000 246,578.14 836,578.14 2003 2 585,000 204,859.39 789,859.39 2004 585,000 163,340.64 748,340.64 2005 385,000 121,790.63 506,790.63 2006 2007 390,000 95,850.00 485,850.00 2008 345,000 71,550.00 416,550.00 2009 345,000 49,050.00 394,050.00 2010 345,000 26,550.00 371,550.00 2011 120,000 11,475.00 131,475.00 120.000 3.825.00 123.825.00 Total $9,670,000 $5,200,738.80 $14,870,738.80 ECONOMIC AND DEMOGRAPHIC DATA Population The following table presents population trends for the Town, County and State, based upon recent census data. TABLE 13 Population Trend (1970-1990) 1970 Percentage Change 1980 1990 70/80 80/90 Town 31,243 29,017 27,706 (7.1)%O (4.5)% County 894,406 866,599 874,866 (3.1) 1.0 State 18,241,266 17,558,165 17,990,455 (3.7) 2.5 Source: New York State Department of Commerce;New York State Department of Economic Development. 11 1.. Income The following table presents per capita money income for the Town, County and State. TABLE 14 Per Capita Money Income (1985-1987) 1985 1987 % Change Town $24,678 $27,772 12.5% County 17,649 19,567 10.9 State 11,765 13,167 11.9 Source: New York State Department of Commerce; New York State Department of Economic Development. Employment and Unemployment The following tables provide information concerning employment and unemployment in the Town, County and State. Data provided for the County and State are not necessarily representative of the Town. TABLE 15 Major Manufacturers Located in the Town Number of Employers Employees Product or Service Archie Comic Publications, Inc. 54 Publishing of Comic Magazines Cine Magnetics, Inc. 250 Photographic Equipment Customart Press, Inc. 20 Weekly Newspaper Derecktor, Robert E., Inc. 100 Boat and Ship Building Marval Industries, Inc. 50 Plastic Materials and Compounds Metaglo Corporation 50 Metal Coated Plastic Closures Pre--ccs-Air-Trol Corporation 25 Safety Switches Semiconductor Packaging Materials, Inc. 50 Metal Stampings and Fabricated Wire Sppri� ngdale Ice Co., Inc. 31 Ice Thinking Vents Company 20 Ventilating Systems Source: 1992-1993 Metro New York Directory of Manufacturers. TABLE 16 Civilian Labor Force (1991, 1992) (Thousands) 1991 July 1992 County 454.7 445.4 State 8,583.0 8,694.0 Source: New York State Department of Economic Development; Bureau of Economic and Demographic Information. TABLE 17 Yearly Average Unemployment Rates (1988-1992) Year Town County State 1988 2.1% 2.9% 4.2% 1989 2.7 3.7 5.1 1990 2.5 3.4 5.2 1991 3.2 5.4 7.2 1992 3.8 6.2 8.5 Source: New York State Department of Economic Development; Bureau of Economic and Demographic Information. 12 11116.111 - 41- TABLE 18 Monthly Unemployment Rates (%) (January-June 1993) Month Town County State January 1993 3.5% 5.9% 9.3% February 3.6 5.9 March 3.3 8.5 5.5 7.6 April 2.7 4.5 7.0 May 3.4 June 5.4 6.8 7.66.4 7.7 Source: Ncw York State Department of Labor,Bureau of Labor Statistics. Information not seasonally adjusted. Utilities The residents of the Town receive electricity and natural gas from the Consolidated Edison. The Town receives water from the Westchester Joint Waterworks, which consists of the Town of Mamaroneck, the Village of Mamaroneck and the Town of Harrison. Transportation The Town is served by a transportation network consisting of all major forms of transportation. Several primary State and U.S. highways including the New England Thruway and the Hutchinson River Parkway run through the Town. The Metropolitan Transpiration Authority provides passenger rail service via the New Haven Division of Metro-North. Air transportation is provided by the Westchester County Airport, as well as the three major New York metropolitan airports (Kennedy, LaGuardia and Newark), and the Stewart International Airport in Newburgh. 13 APPENDIX B SUMMARY OF FINANCIAL,STATEMENTS OF THE TOWN g b CTI Z 0 Z 0C P 4 TOWN OF MAMARONECK Conseotidatad Stateliest el Revenues,Etpendittras and Changes In Fwd Balaoea Operating Funds(a) Flacal Year Ended Demenbr 31 14$$ 1212 iit�t 1244 1441 12£1 Real Property Taxes and Tax Items 58,085,058 pand xat come $8,�,� $9,481,479 $9,525,517 952,003 1,136,928 $11,345,881 Use of Money and Property 755,462 1,290,423 1.779.424 1,312,721 Licenses and Permit %I'� 904,339 52,600 78,219 779,424 463,737 Fines and Forfeitures 241 44480,165 73,765 151,779 Sales of Property and 192,867 179,855 131,227 159,657 Compensation for Lou 26,821 32.743 SUM Aid 1.296,664 1,279,999 47,044 24,016 89,462 Federal Aid 1 211,88E 776,468 816,056 924,575 1,011,590343,571 Services to Other Governmeau 7,273 5,9021,144,753 1,345, 3 Miscellaneous 39,8665,7099,854 3.11123 44,316 106,103 66,191 Total Revenues (11,277,826 f13,292,762 028 $13,907,901 $15,877,805 E4p uditursat General Government Support 51.658,445 $2,253,950 52.012,572 $1,867,136 T2 282 922 Public Safety 2.834,758 Health 3,057,686 3,250,528 209,981 �q0 3,342,506 3,478,465 Economic Assistance 235,038 242,509 260,629 ft Opportunity 48.470 43,518 T nation 42,101 rasp° 1,053,626 1,145,471 1,181,533 49,4461 37,339 Culture and Recreation 1,173,1161,529, 2 1,245,9275 1,253,327 1,480,415 1,529,512 Home and Community Service 2,091,736 2,188,7861,584,514 employee Benefit 2,180,853 2,193,801 2,584,314 1,656,582 1,841,683 2,078,614 Debt u� 41,526 1.837,644 `51,315 162,381206,753 2,126,36708 Capital Outlay44- 140,968 � 19,180 -0- Total Expenditures $10,998,029 $12,171,422 $12,522,360 $12,561,503 $13,650,719 Excess(Dell of Revenues • • Over Expenditures 1,275,797 1.121,340 • 1,734,668 1,346,398 2,227,086 Other Financing Sources(Uses); Ioterfuod Transfers(Net) (1.508,752) (1,772,514) (1,733,586) (1,484,593) Retirement System Credit -0- -0- (1.629,098) 1 x,633 -0- 0 Total Other Financing SOurt s(Use!) (1,508,752) (1,772,514) (1,610,953) (1,484,593) (1,629,098) Excess(Dell of Revenues and Other Financing Sources Over Expenditures and Other Uses (232,955) (651,174) , 1 ,715 (138,195) 397,988 Fund Balances- Beginning of Year 3,571,162 3,338,207 2.687,033 2,810,748 2,672,553 Fund Balan m-End of Year $3,338,207 $2,687,033 2,810,748 $2,672,553 $3,270,541 Ial Includes General. Special and Trust and Agency Funds. Source: Town of Mamaroneck,Audited Financial Statements for the Fiscal Years Ended December 31, 1988 through December 31, 1942. THIS PAGE INTENTIONALLY LEFT BLANK APPENDIX C 1992 AUDITED FINANCIAL STATEMENT OF THE TOWN THIS PAGE INTENTIONALLY LEFT BLANK BIS&CO BENNETT KIELSON STORCH & COMPANY Certified Public Accountants Les Storch Stuart S. Stengel David A. Yablon Nicholas DeSantis INDEPENDENT AUDITORS' REPORT David A. Shulman Domenick Consolo Bruce L. Blasnik To the Honorable Supervisor and Town Board of the Town of Mamaroneck, New York: We have audited the general purpose financial statements of the Town of Mamaroneck, New York as of and for the year ended December 31. 1992 as listed in the accompanying table of contents. These general purpose financial statements are the responsibility of the Town's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in .accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The Town does not maintain a complete record of its general fixed assets and accordingly, a statement of general fixed assets, required by generally accepted accounting principles, is not included in the financial report. In our opinion, except for the matter disclosed in the preceding paragraph, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Town of Mamaroneck, New York at December 31, 1992, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as whole. The accompanying financial information listed as combining and individual fund financial statements and schedules in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Town of Mamaroneck, New York. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and. in our opinion, is fairly stated in ail material respects in relation to the general purpose financial statements taken as a wnole. &w t Xie,14o6 Sca cJ & Camey March 8, 1993 TOWN OF MAMARONECK, NEW YORK COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1992 (With Comparative Totals for 1991) __ _ Governmental Funds Special Debt Capital General Revenue Service Projects ASSETS Cash and Equivalents S 5,769,226 S 1,765,916 $ 119,357 S 1,433,822 Taxes Receivable, net of allowance for uncollectible taxes 18,625,587 - _ Other Receivables: Accounts 78,131 6,250 - - State and federal aid 91,318 136,077 - 27,000 Due from other governments 31,975 - - Due from other funds 45,000 - 59,563 - 246,424 142,327 59,563 27,000 Prepaid Expenditures - _ - _ Fixed Assets - Equipment - 16,551 - Amount Available in Other Funds for Debt Service - - - Amount to be Provided for General Long-Term Debt - - - Total Assets S 24.641.237 $ 1.924.794 S 178.920. $ 1.460.822 2 Fiduciary Account Fundroqp Totals -- (Memyorandum General Onl _ Trust and Long-Term Aaenc� Debt _ _1992 S 216 389 S _ S 9.304.710 S _ 9666 438 - 18,625'587 18,582 840 84,381 78,812 254,395 30,767 31,975 76,881 104 563 297 545 475,314 484 005 - - 29,739 16 551 16 551 - 230,768 230,768 240,672 9.938 730 9,938 730 10668 948 1 fi u_ S 10.169 4QR S 38 1 660 S 39-fi89 (Continued) TOWN OF MAMARONECK. NEW YORK COMBINED BALANCE SHEET(Continued) ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1992 (With Comparative Totals for 1991) __. ____ Governmental Funds Special Debt Capital General _ Revenue _ Service__ Projects LIABILITIES. EQUITY AND OTHER CREDITS Liabilities: Accounts payable S 119,011 S 79,314 S. - S - Employee payroll deductions _ - _ _ Due to school districts 22,737,342 - - Bond interest and matured bonds payable - - 14,375 - Due to other funds - 45,000 - 59,563 Deposits - - _ Due to other governments - 62,885 - - Deferred revenues 364,257 - - - Bond anticipation notes payable - - 1,890,280 Bonds payable - _ - Due to retirement systems - - - - Compensated absences - - - - Total Liabilities 23.220,610 187,199 14,375 1,949,843 Equity and Other Credits: Fund Balances: Reserved for prepaid expenditures - - - . Reserved for encumbrances - - - _ Reserved for parklands - - - _ Reserved for police pension fund - - - . Reserved for gifts and endowments - - - _ Reserved for debt service - 66.223,- 64,545 - Reserved for equipment - 16,551 - - Unreserved: Designated for subsequent year's expenditures 150,000 244,750 - - Undesignated 1.270.627 1.410.071 100,000 (489,021) Total Equity and Other Credits 1.420.627 1,737.595 164,545 (489.021 Total Liabilities , Equity and Other Credits S 24,641,237 S 1.924,794 S 178,920 S 1,460,822 The accompanying notes are an integral part of the financial statements. 4 Fiduciary Account Totals -Fund _ - Group LMemorandum Only— General Trust and Long-Term _ Debt 1992 — _____ 1991 S - S - S 198.325 S 96.080 23,464 - 23,464 15,856 - 22.737,342 21,794,666 14.375 14,781 104,563 297,545 80.606 80,606 61,730 62.885 29.700 364,257 468,266 1,890,280 2,783,020 9.670,000 9.670,000 10,360,000 419,614 419,614 501,688 - 79.884 79.884 47 7 932 104 070 10.169 498 35.645 595 36,471.264 29,739 63,993 177,845 63,993 63,993 • 5.377 - 5.377 42,949 2,977 - 42.949 56,343 130,768 240,672 16,551 16,551 394.750 310,200 - 2.291,677 2319.609 112.319 - 2.946,065 3217 929 5 216,389 $ 10 169 498 S 38,591,660 $ 39.684 193 TOWN OF MAMARONECK. NEW YORK COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS YEAR ENDED DECEMBER 31. 1992 &lrth Comparative Totals for 1991) Governmental Funds Special Debt Capital General Revenue Service Projects Revenues: Real property taxes $ 1,972.265 5 8,326,595 $ - $ Other tax items 357,819 - - _ Non-property taxes 239,012 450,190 Departmental income 831,149 481,572 - _ Intergovernmental charges 789 4.334 Use of money and property 438,944 23,001 32,020 - Licenses and permits 16,335 135,444 Fines and forfeitures 152,622 7,035 - Sale of property and - compensation for loss 15,773 73.689 - State aid 858,749 80.732 • - Federal aid • 1.343.573 - 72,000 Miscellaneous 9,892 38,879 - - Total Revenues 4.893,349 10.965.044 32.020 72,000 Expenditures: Current: General government support 1,882,735 400,187 - - Public safety - 3,478,465 - Health 248,619 12.010 - - Transportation 652 1,245,275 - - Economic assistance and opportunity 9,300 28,039 - • Culture and recreation 959,715 533.873 - Home and community services 9,946 2.544,262 - - Employee benefits 456,803 1,659,964 - - Debt Service: Principal - - 690,000 - Interest 119,226 21,742 755.234 - Capital Outlay - - - 1.157,736 • Total Expenditures 3,686,996 9.923,817 1,445,234 1,157,736 Excess (Deficiency) of Revenues Over Expenditures 1,206,353 1,041,227 (1,413,214) (1,085,736) Other Financing Sources (Uses): Proceeds from serial bonds - - - Operating transfers in 266.000 111,820 1.481,407 321,740 Operating transfers out (1,160,207) (856.211) (144.320) (29,72 ) Total Other Financing Sources (Uses) (894.207) (744,391) 1,337,087 292,011 Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses 312.146 296.836 (76,127) (793.725) Fund Balances - Beginning of Year 1,185,362 1,363.878 240.672 304.704 Residual Equity Transfer (76,881) 76,881 - Fund Balances (Deficits) - End of Year $ 1.420.627 $ 1.737.595 S 164,545 S (489.021. The accompanying notes are an integral part of the financial statements. 6 Fiduciary Totals Fund (Memorandum Only) Expendable Trusts _ _ 1992 199. 1 5 - S 10.298.860 S 9.201,420 357.819 247.216 689.202 76,881 1.312.721 1,346,626 5,123 1,992 495.957 869,229 151.779 73.765 159,657 131.227 89.462 26,680 939,481 789.968 1.415.573 1,144,753 17 420 66191 105.131 19 412 15,981 825 14012 896 2.282.922 1,867,156 3,478,465 3,342,506 260.629 242,509 1,245,927 1,290,176 37,339 49,446 1,493.588 1,529,512 30.306 2.584,514 2,195,801 9,600 2.126,367 1,837,644 • 690,000 490,000 896.202 772,940 - 1.157,736 482,794 39.906 16,253.689 14 100 484 (20,494) (271,864) 011_81)3 2.860,000 12.000 2.192,967 2,180,365 (2,500) (2,192,967) (2,180,365) 9.500 - 2.860,000 (10,994) (271,864) 2,772,412 123,313 3.217.929 445,517 $ 2.946,065 $ 3,217.929 It TOWN OF MAMARONECK. NEW YORK COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL GENERAL. SPECIAL REVENUE. AND DEBT SERVICE FUNDS YEAR ENDED DECEMBER 31. 1992 __ General Fund Special Qeverue Funds Variance Variance Revised Favoraole Revised Favorable Budget Actual (Unfavoraole) Budget Actual (Untavoraoie, Revenues: Real property taxes 5 1,908.320 5 1.972.265 S 63.945 S 8.325.745 S 8.326.595 S 850 Other tax items 200.000 357.819 157,819 Non•prooerty taxes 200.000 239.012 39.012 450.000 450.190 190 Departmental income 791.550 831.149 39.599 484.607 481.572 (3.035) Intergovernmental charges - 789 789 5.000 4.334 (666) Use of money and property 545.300 438.944 (106.356) 8,000 11.910 3.91.3 Licenses and permits 14.500 16.335 1.835 50.000 135.444 85.444 Fines and forfeitures 125.000 152.622 27,622 8,500 7.035 (1.465) Sale of property and compensation for loss 76.000 15.773 (60,227) 15,300 73.689 58.389 State aid 600,000 858,749 258.749 25.500 80,732 55.232 Federal aid - - - 55.943 55,943 Miscellaneous - 9.892 9.892 - 38.879 38,879 Total Revenues 4.460.670 4.893.349 432.679 9,372.652 9,666.323 293.671 Expenditures: Current: General government support 2.014.293 1,882,735 131,558 431,549 400.187 31.362 Public safety - - - 3,505.544 3,478,465 27.079 Health 248.700 248.619 81 12.040 12.010 30 Transportation 7,050 652 6,398 1,307,100 1,245.275 61.825 Economic assistance and opportunity 9,900 9,300 600 31,100 28,039 3.0, Culture and recreation 1,046.236 959.715 86.521 538.860 533.873 4.987 Home and community services 13.000 9.946 3.054 1.421.360 1.294.026 127.334 Employee benefits 513.800 456.803 56.997 1.699,469 1.659,964 39.505 Debt Service: Principal - - - - Interest 127,300 119.226 8.074 31.260 21.742 9.518 Total Expenditures 3.980.279 3.686.996 293.283 8,978.282 8.673.581 304,7' Excess (Deficiency)of Revenues Over Expenditures 480,391 1,206,353 725,962 394.370 992.742 598.372 Other Financing Sources(Uses): Operating transfers in 266.000 266.000 - 111,800 111,820 23 Operating transfers out ;1.171,825; (1.160.2007) ".618 (880.0211 (856.211) 23.6' Total Other Financing Sources (Uses) 1905.825) (894.207) ''.618 (768.221) (744.391) 23.833 Excess ;Deficiency) of Revenues and Other Sources Over Expenortures and Other Uses '425.434 312..46 2 .58C ;373.8511 248,351 622.2:2 Fund Balances - Beginning of Year 425.434 1.185.362 7E9.928 373.851 1.041.037 667.1=c Residual Equity Transfer • (76.381) 75.881) 76.881 76.83' Fund Balances - End of Year $ - S 1,420,627 $ 1,420.627 $ - $ 1,366.269 $ 1,366.2 8 Debt Service_ Fund _ Tctats (Memorandum Only Variance Variance Rev'sed Favorable Revised Favcrable B6c9_et Actual (Unfavorable) Budget _ Actual _ Lntavorab(e) ' • $ • $ • $ 10.234.065 5 10.298.860 S 64 795 200.000 357.819 157.819 - 650.000 689.202 39.202 • 1.276.157 1.312.72, 36.564 5,000 5.123 123 - 32.020 32.020 553.300 482.874 (70.426) 64.500 151,779 27,279 - - - 133.500 159.657 26.157 91.300 89.462 ;1,838) - 625,500 939.481 313.981 55,943 55.943 - 48.771 48,771 - _ 32.020 32.020 13.833.322 14,591.692 758.370 - - - 2.445,842 2.282.922 162.920 • - 3,505.544 3,478,465 27,079 - - - 260,740 260,629 111 - - - 1,314,150 1,245,927 68,223 • - 41,000 37.339 3.661 - - - 1.585,096 1,493,588 91,508 - 1,434,360 1.303,972 130,388 - - - 2,213,269 2,116.767 96,502 711.000 690.000 21.000 711,000 796.675 755.234 41,441 690,000 21,000 955.235 896,202 59.033 1.507.675 1 445 234 62.441 14,466.236 13.805.811 660,425 (1.507.675) (1.413.214) 94,461 (632.914) 785.881 1.418,795 .607.675 1,481,407 (126,268) 1.985.475 1.859.227 (126.248) 144.500) (144.320) 180 (2.196.346) (2.160,738) 35.608 1 463.175 1.337.087 (126.088) (210.8711 (301.511) 90.640 ) 1,44 500) (76.127) (31,627) (843.785) 484,370 1,328,155 44.500 240.672 196.172 843.785 2.467.071 1.623.286 $ 164,545 $ 164,545 $ • $ 2,951,441 $ 2 951 441 9 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 199 Note t Summary of i9nificant Accounting Policies The Town of Mamaroneck, New York was established in 1661. and operates in accordance with Town Law and the vanous other applicable laws of the State of New York. The Town Board is the legislative body responsible for overall operation. The Town Supervisor serves as the chief executive officer and the Town Comptroller serves as the chief financial officer. The Town provides the following services to its residents: public safety, health, transportation, economic assistance. culture and recreation, home and community services and general and administrative support. The accounting policies of the Town of Mamaroneck, New York conform to generally accepted accounting pnnciples as applicable to governments except as disclosed in Ncte 2 below. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the Town's more significant accounting policies: A. Reporting Entity In evaluating how to define the Town, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the reporting entity was made by applying the criteria set forth in generally accepted accounting principles. The basic, but not the only, criterion for including a potential component unit within the reporting entity is the governing body's ability to exercise oversight responsibility. The most significant manifestation of this ability is financial interdependency. Other manifestations of the ability to exercise oversight responsibility include, but are not limited to, the selection of governing authority, the designation of management, the ability to significantly influence operations, and accountability for fiscal matters. A second criterion used in evaluating potential component units is the scope of public service. Application of this criterion involves considering whether the activity benefits the Town and/or its citizens, or whether the activity is conducted within the geographic boundaries of the Town and is generally available to its citizens. A third cntenon used to evaluate potential component units for inclusion or exclusion from the reporting entity is the existence of special financing relationships, regardless of whether the Town is able to exercise oversight responsibility. Based upon the application of these criteria, there are no other entities which could be considered for possible inclusion in the financial statements. Although the following organizations, functions or activities are related to the Town, they are not included in the reporting entity because of the following reasons. The various school districts which service the residents of the Town were created by State legislation. This legislation specifies the Board of Education as the governing authority. School board members are elected by the qualified voters of the oistnct. The Board designates management and exercises complete responsibility for all fiscal matters. The Town Board exercises no oversight over school operations. The fire districts which are located within the Town were created pursuant to Section 170 of Town Law. The fire district officers are elected by the voters of the District. The fire distnct officers exercise complete responsibility for all fiscal matters. The Town Board exercises no oversight over fire district operations. TOWN OF MAMARONECK. NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) D M: R 1 1•• Note 1 - Summary of Sionifi Ant Gntino P (Continued) B. Basis of Presentation The accounts of the Town are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. Town resources are allocated to and accounted for within a separate set of self-balancing accounts that comprise its assets, liabilities, fund balances, revenues and expenditures which are segregated for the purpose of carrying specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. The various funds are grouped in the financial statements into five generic fund types and two broad fund categones, in accordance with generally accepted accountingprinciples as follows: 1. Fund Categories a. Governmental Funds - Governmental Funds are those through which most general government functions are financed. The acquisition, use and balances of expendable financial resources and the related liabilities are accounted for through governmental funds. The measurement focus is upon determination of financial position and changes in financial position. General Fund - The General Fund constitutes the primary operating fund of the Town in that it includes all revenues and expenditures not required by law to be accounted for in other funds. Special Revenue Funds - Special revenue funds are established to account for the proceeds of specific revenue sources (other than expendable trusts or capital projects) that are legally restricted to expenditures for certain defined purposes. The special revenue funds of the Town are as follows: Town Outside Villages Fund - The Town Outside Villages Fund is used to account for transactions, which by statute, affect only those areas outside the boundaries of the villages located within the Town. Highway Fund - The Highway Fund is used to account for road and bridge maintenance and improvements as defined in the Highway Law of the State of New York. Special Districts Fund - The Special Districts Fund is provided to account for the operation and maintenance of the Town's water, sewer, street lighting, fire protection and refuse and garbage districts. Tri-Municipal Cable T.V. Fund - The Tri-Municipal Cable T.V. Fund is used to account for franchise fees and expenditures for cable T.V. operations. Public Housing Agency Fund - The Public Housing Agency Fund is provided to account for grants from the U.S. Department of Housing and Urban Development. 11 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) QEC_EMBER 31. 1992 Note 1 - Summary of Significant Accounting Poliolea (Continued) Debt Service Fund - The Debt Service Fund is provided to account for the accumulation of resources to be used for the redemption of interest and pnncipal on general long-term debt. Capital Projects Fund - The Capital Projects Fund is used to account for financial resources to be used for the acquisition or construction of major capital facilities. b. Fiduciary Funds - Fiduciary Funds are used to account for assets held by the Town in a trustee or custodial capacity. Trust and Agency Fund - Trust and Agency Funds are used to account for assets held by the Town for individuals, private organizations, other governmental units and/or other funds. These include Expendable Trust and Agency Funds. Expendable trust funds are accounted for in essentially the same manner as governmental funds. Agency funds are custodial in nature (assets equal liabilities) and do not involve the measurement of results of operations. 2. Account Groups Account groups are used to establish accounting control and accountability for the Town's general fixed assets and general long-term debt. The two account groups are not "funds". They are concerned only with the measurement of financial position, and not with the results of operations. General Fixed Assets Account Group-This account group is established to account for all land, buildings and equipment utilized by the Town for Town purposes (See Note 2). General Long-Term Debt Account Group - This account group is established to account for all long-term obligations of the Town. C. Basis of Accounting Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. Modified Accrual Basis of Accounting The modified accrual basis of accounting is followed in the governmental fund types, expendable trust and agency funds. Revenues are recorded in the accounting period in which they are "measurable" and "available" to finance current operations. "Measurable" means the amount of the transaction can be determined and "available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current penod. The Town considers property taxes as available if they are collected within sixty days after year-end. A one year availability penod is used for revenue recognition for all other Town revenues. Revenues susceptible to accrual include real property taxes, services to other governments. intergovernmental revenues and operating transfers. TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) M- R 1 1•. Note 1 - Summary of Significant Accounting Policies (Continued) Permits, fees and other similar revenues are not susceptible to accrual because generally they are not measurable until they are received in cash. If expenditures are the pnme factor for determining eligibility, revenues from Federal and State grants are accrued when the expenditure is made. Expenditures, under the modified accrual basis, are generally recognized when the related fund liability is incurred. Exceptions to this general rule are (1) certain retirement systems. which are recorded in the General Long-Term DebtaAccountt Grouployed p and recognized as an expenditure when due, (2) unmatured interest on general long-term debt which is recognized as an expenditure when due and (3) compensated absences which are charged as an expenditure when paid and recorded in the General Long-Term Debt Account Group. Account Groups The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a fund is determined by its measurement focus. All govemmental funds are accounted for on a spending or"financial flow" measurement. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources". Governmental fund operating statements present increases (revenues and other financing sources)and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in govemmental fund type operations are accounted for in the General Fixed Assets Account Group, rather thaningovernmentalal fixed ats)funds. General fixed assets consisting of land, buildings and equipment should be valued at historical cost or estimated historical cost if actual cost is not available. Public domain ("infrastructure") general fixed assets consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are excluded from general fixed assets since such items are immovable and are of value only to the Town. Donated assets should be recorded at their fair market value on the date donated (See Note 2). No provision for depreciation is made on general fixed assets. Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-Term Debt Account Group, rather than governmental funds. D. Budgetary Data • The Town follows the procedures enumerated below in establishing the budgetary data reflected in the financial statements: a) Pnor to October 20th, the head of each administrative unit shall submit to the budget officer an estimate of revenues and expenditures for such administrative unit for the ensuing year. b) The budget officer, upon completion of the review of the estimates, shall prepare a tentative budget and file such budget in the office of the Town Clerk on or before October 30th. c) On or before November 10th, the Town Clerk shall present the tentative budget to the Town Board. 11 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31. 1992 Note 1 - Summary of Significant Accounting Policies (Continued) d) The Town Board shall review the tentative budget and may make such changes, alterations and revisions as it shall consider advisable and which are consistent with law. Upon completion of such review, the tentative budget and any modifications, as approved by the Town Board, shall become the preliminary budget. e) On or before December 10th, the Town Board shall hold a public hearing on the preliminary budget. f) After the public hearing, the Town Board may further change, alter and revise the preliminary budget subject to provisions of the law. g) The preliminary budget as submitted or amended shall be adopted by resolution no later than December 20th. h) Formal budgetary integration is employed during the year as a management control device for the General, certain Special Revenue and Debt Service funds. i) Budgets for General, certain Special Revenue and Debt Service funds are adopted on a basis consistent with generally accepted accounting principles. The Capital Projects Fund is budgeted on a project basis. The Town Board does not adopt a budget for the Public Housing Agency Fund. The Town Board maintains legal control of the budget at the function level of expenditures. Transfers between appropriation accounts, at the function level, require approval by the Town Board. Any modification to appropriations resulting from increases in revenue estimates or supplemental reserve appropriations also require a majority vote of the Board. k) Appropnations in the General, certain Special Revenue and Debt Service funds lapse at the end of the fiscal year except that outstanding encumbrances are reappropriated in the succeeding year. Budgeted amounts are as originally adopted, or as amended by the Town Board. Individual amendments for the current year were not material in relation to the original appropriations which were amended. E. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve applicable appropriations, is generally employed as an extension of formal budgetary integration in the General and certain Special Revenue funds. Encumbrances outstanding at year-end are reported as reservations of fund balance since they do not constitute expenditures or liabilities. TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31. 1992 Note 1 - Summary of Significant Accounting Policies (Continued) F. Assets, Liabilities and Fund Equity Property Taxes Receivable - Property taxes attach as an enforceable lien and are levied on January 1st. The Town collects county, town, highway and special districts taxes which are due Apnl 1st and payable without penalty to April 30th. Delinquent property taxes are offered for sale in May. School district taxes for the period July 1st to June 30th are levied on July 1st and due on September 1st with the first half payable without penalty until September 30th and the second half payable without penalty until January 31st. Delinquent school district taxes are offered for sale in May of the subsequent year. The Town guarantees the full payment of the County and school district warrants and assumes the responsibility for uncollected taxes. The Town also has the responsibility for conducting tax lien sales and in-rem foreclosure proceedings. Other Receivables - Other receivables include amounts due from other governments individuals for services provided by the Town. Receivables are recorded and revenues recognized as earned or as specific program expenditures are incurred. Interfund Receivables - During the course of its operations, the Town has numerous transactions between funds to finance operations, provide services, and construct assets. To the extent that certain transactions between funds had not been paid or received as of December 31, 1992, balances of Interfund amounts receivable or payable have been recorded. Inventories - There are no inventory values presented in the balance sheets of the respective funds of the Town. Purchases of inventoriable items at various locations are recorded as expenditures at the time of purchase, and year-end balances at these locations are not material. Deferred Revenues - Deferred revenues are those where asset recognition criteria have been met, but for which revenue recognition criteria have not been met. The Town has reported as deferred revenues the amount of $364,257 for real property taxes'in the General Fund. Such amounts have been deemed to be measurable but not "available" pursuant to generally accepted accounting principles. Long-Term Obligations - Long-term debt is recognized as a liability of a governmental fund when due, or when resources have been accumulated in the Debt Service Fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the General Long-Term Debt Account Group. Fund Equity- Reserves and Designations - Portions of fund equity are segregated for future use, and are therefore not available for future appropriation or expenditure. Amounts reserved for encumbrances, parklands, police pension fund, gifts and endowments, debt service and equipment represent portions of fund equity which are segregated in accordance with State law or generally accepted accounting principles. Designation of unreserved fund balances in governmental funds indicates the utilization of these resources in the ensuing year's budget or tentative plans for future use. 1 7 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31. 1992 Note 1 - Summary of Significant Accounting Policies (Continued) G. Revenues and Expenditures Real Property Tax Recognition - The Governmental Accounting Standards Board (GASB) has specified the pnnctpfes to be used in the recognition of real property tax revenue. These principles provide that real property taxes be recognized as revenue only when received in cash dunng the current penod, or soon enough thereafter to be 'available" to meet the obligations of the current penod. The term "available" has been limited to a period not to exceed sixty days subsequent to the end of the fiscal year unless unusual circumstances are present. The Town has incorporated these pnnciples in the preparation of these financial statements. County and School Distnct Taxes Receivable - The Town functions in both a fiduciary and guarantor relationship with the County of Westchester and the various school districts located within the Town with respect to the collection and payment of real property taxes levied by such junsdictions. County taxes are included in the Town s levy and are payable without penalty for thirty days. School distnct taxes are levied on July 1st and due on September 1st with the first half payable without penalty until September 30th and the second half payable without penalty until January 31st. The County Charter provides for the Town to collect County and school district taxes and remit them as collected to the respective municipality. However, the Town must remit to the County sixty percent of the amount levied by May 25th and the balance of forty percent on October 15th. With respect to school district taxes, the Charter provides that the Town satisfy the warrant of each school district by April 5th. Thus, the Town's fiduciary responsibility is from the date of the levy until the due date of the respective tax warrant at which time the Town must satisfy its obligations to the municipalities regardless of the amounts collected. The County tax warrant is due in October, and uncollected County taxes have been accounted for in a manner similar to Town taxes. The collection of school district taxes is deemed a financing transaction until the warrants are satisfied. Interfund Transactions - Quasi-external transactions are accounted for as revenues or expenditures. Transactions that constitute reimbursements to a fund for expenditures initially made from it that are properly applicable to another fund, are recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Non-recurnng or non-routine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. Compensated Absences - Vested or accumulated vacation or sick leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Amounts of vested or accumulated vacation or sick leave that are not expected to be liquidated with expendable available financial resources are reported in the General Long-Term Debt Account Group. No expenditure is reported for these amounts. In accordance with the provisions of Statement of Financial Accounting Standards No. 43, Accounting for Compensated Absences, no liability is recorded for non-vesting accumulating rights to receive sick pay benefits. 16 TOWN OF MAMARONECK. NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) D M: R 1 1•• Note 1 - Summf iQrnfiCant A rrn ntina Pi (Continued) H Comparative Financial Data Comparative total data for the prior year have been presented in the accompanying combined financial statements in order to provide an understanding of chanoes in the Town's financial position and operations. Total Columns on Combined Statements Total columns on the combined statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with principles. Neither is such data comparatple to a consolidation. glnterfund el minations have nenerally acceptd ot been made in the aggregation of this data. Note 4rawardshio Compliance a�ri A r�� ntability Property Tax Limitations The Town is not limited as to the maximum amount of real property taxes which may be raised. Departure from Generally Accepted Accounting Principles The Town has not maintained a complete record of its general fixed assets and accordingly, not established a General Fixed Assets Account Group. This is contrary to generally accepted accounting pnnciples which require all such assets be recorded and valued at historical cost, or estimatedi t has cost if the original cost is not determinable. historical Capital Projects Fund Deficit The deficit in the Capital Projects Fund of 5489,021 arises because of the application of generally accepted accounting principles to the financial reporting of such funds. The proceeds of bond anticipation notes issued to finance construction of capital projects are not recognized as an "other financingsource." Liabilities for bond anticipation notes payable are accounted for in the Capital Projects Fun . anticipation notes are recognized as revenue only to the extent that they are redeemed. The deficBon it be reduced and eliminated as the bond anticipation notes are redeemed or convened to permanent financing. Other deficits, where no bond anticipation notes were issued or outstanding to the extent of the deficit, anse because of expenditures exceeding current financing on the project. These deficits will be eliminated with the receipt of issuance of subsequent financing. Residual Equity Transfer The Town, in 1991, recorded certain revenues received as non-property tax dist-butions from the County in the General Fund. Dunng 1992, it was determined that these revenues snould have been reflected in the Town Outside Villages Fund. Accordingly, a residual equity transfer of S76,881 from the General Fund has been reflected in these financial statements. 17 { TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31. 199? Note 3 - Detailed Notes on All Fund and Account Groups A. Assets • Cash and Equivalents Cash and equivalents consist of funds deposited in demand accounts, money market accounts, time deposits and certificates of deposit with maturities of less than three months. The Town's investment policies are governed by State statutes. The Town has adopted its own written investment policy which provides for the deposit of funds in FDIC insured commercial banks or trust companies located within the State. The Town Comptroller is authorized to use demand accounts, savings accounts and certificates of deposit. Permissible investments include obligations of the U.S. Treasury, U.S. Agencies, and obligations of New York State or its political subdivisions. Collateral is required for demand, savings and certificates of deposit at 100% of all deposits not covered by federal deposit insurance. Obligations that may be pledged as collateral are obligations of the United States and its agencies and obligations of the State and its municipal and school distnct subdivisions. The carrying amount of the Town's deposits at year-end was $9,303,410 and the bank balance was$9,517,785. (1f the bank balance, $677,979 was covered by federal deposit insurance and $8,839,806 was covered by collateral held by trust department of the pledging financiE institution in the entity's name. Taxes Receivable Taxes receivable at December 31, 1992 consisted of the following: School Town and Distract County Taxes Taxes Total Current Year $ 391,606 S 18,185.947 $ 18,577,553 Prior Years 841,810 - 841,810 S 1.233,416 $ 18,185,947 19,419,363 Allowance for uncollectible taxes 793.776 S 18.625.587 School distnct taxes are offset by liabilities to the school distncts which will be paid no later than April 5, 1993. Taxes receivable are also partially offset by deferred tax revenues of S364,257 which represents an estimate of the receivable which will not be collected within the first sixty days of the subsequent year. 1A 7 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31, 1992 Note 1- Detailed Notes on All Funds and Account Groups (Continued) Interfund Receivables and Payables Interfund receivable and payable balances at December 31, 1992 were as follows: Amount Amount - - Rereiyabl Payable General Fund $ 45,000 S - Town Outside Villages Fund Debt Service Fund 45,000 59,563 Capital Projects Fund - 59.563 B. Liabilities $ 104.563 S 104.563 Indebtedness Bond Anticipation Notes Payable The following bond anticipation notes appear as obligations of the Capital Projects Fund and were outstanding at December 31, 1992: Year of Original Interest Purpose Issue Rate Amount Purchase of Highway Equipment 1989 3.29 % S 45,280 Computer Equipment 1990 4.25 Monroe School Renovation 96,000 1991 3.25 32,000 Sheldrake River Improvements 1991 3.10 28,000 Environmental Impact Study-Phase I 1991 3.25 132,000 Fire Pumper 1990 3.10 45,000 Environmental Impact Study-Phase II 1992 3.24 150,000 Water Improvements 1992 3.24 850,000 Purchase of Garbage Trucks 1992 3.14 90000 Purchase of Highway Equipment 1992 3.47 130,000 Purchase of Fire Pumper 1992 3.29 182,000 Purchase of Monroe School 1992 3.29 110.000 S 1.890.280 Liabilities for bond anticipation notes are generally accounted for in the Capital Projects Fund. Bond anticipation notes issued for judgments or settled claims are recorded in the fund paying the claim. Principal payments on bond anticipation notes must be made annually. State law requires that bond anticipation notes issued for capital purposes be converted to long-term obligations within five years after the original issue date. However, bond anticipation notes issued for assessable improvement projects may be renewed for penods equivalent to the maximum life of the permanent financing, provided that stipulated annual reductions of principal are made. 19 TOWN OF MAMARONECK, NEW YORK 1 NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31. 1992 fete 3 - Detailed Notes an All Funds and Account Groups (Continued) Long-Term Indebtedness The changes in the Town's long-term indebtedness for the year ended December 31, 1992 are summanzed as follows: Balance Balance January 1, December 31, 1992 Additions Reductions 1992 Bonds: General Fund S 7,910,500 S - S 466.500 S 7,444,000 Town Outside Villages Fund 303,000 - 18.000 285,000 Highway Fund - 162,500 82.500 80,000 Sewer Distract 1,796,000 103.000 1,693,000 Water Distract 138,000 - 10,000 128,000 Refuse and Garbage District 50.000 - 10.000 40.000 10,360,000 - 690,000 9,670,000 Due to Retirement Systems 501,688 - 82,074 419,614 Compensated Absences 47.932 31.952 - 79.884 $ 10.909.620 31.952 5 772.074 $ 10.169.498 Additions and reductions to due to retirement and compensated absences are shown net since it is impractical to determine those amounts separately. Bonds Payable Bonds payable at December 31, 1992 are comprised of the following individual issues: $518,500 - 1973 bonds for the acquisition of municipal building and sewer district purposes due in annual installments of $5,000 through 2004; interest at 5.25% S 60,000 $850,000 - 1982 bonds for various capital improvements and acquisitions due in annual installments of S50,000 in 1993 and $25,000 in 1994 and 1995, interest at 9.2% 100.000 S1,108,000 - 1983 bonds for vanous purposes due in annual installments of $50,000 through 2002, and $45,000 through 2006; interest at 8.0% 680.000 $3,300,000 - 1985 bonds for Town Hall renovations and sewer reconstruction due in annual installments of 5175.000 through 1998, S180,000 in 1999 and 2000, and S200,000 through 2004; interest at 7.9% 2.210.000 k 20 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) ECEMBER 31. 1992 Note 3 - Detailed NoteS on All Funds and Account Groups (Continued) • Bonds Payable (Continued) S4.215.000 - 1989 bonds for water and sewer distract improvements due in annual installments of S200,000 I' through .1997, and $225,000 through 2009: interest at I 6.6% S 3,700.000 S325,000 - 1990 bonds for improvements to the ice rink due in annual installments of $45,000 in 1993, $50,000 through j 1997; interest at 6.75% 245,000 S2.650,000 - 1991 bonds for various capital improve-ments and acquisitions due in annual installments of $180,000 in 1993, S175,000 in 1994 and 1995, $130,000 in 1996 and 1997, S140,000 through 2000, $110,000 througn 2004, 9115,000 in 2005 and $120,000 through 2011; interest at 6.375% 2,485,000 S210,000 - 1991 bonds for reconstruction of the Pryer Manor Bridge due in annual installments of $20,000 through 1999 and $25,000 through 2001; interest at 5.90% 190000 9.670.000 The annual requirements to amortize all bonded debt outstanding as of December 31, 1992, including interest payments of $5,200,739 are as follows: Town .' Refuse Outside and General Villages Highway Sewer Water Garbage Year Fund Fund Fund District District Distnct Total • 1993 S 994.823 $ 28,984 $ 101,834 $ 215.867 S 24,190 $ 14.168 $ 1,379,866 1994 981,830 27,391 48,656 207,856 23,530 15,339 1,304,602 1995 945,960 25,797 46.392 199,844 22,870 14,446 1,255,309 1996 915,738 - 27,670 172,983 22,210 - 1,138,601 1997 874,725 - 26,490 171,712 21,550 - 1,094,477 1998-2002 3,734,914 - 103,865 779.450 111,365 - 4,729,594 2003-2007 2,267,252 - - 582,863 97,275 - 2,947,390 2008-2012 829.020 - - 159,900 31.980 - 1.020.900 S 11,544.262 82.172 S 354.907 � 2.490.475 S 354.970 S 43.953 � 14.870.739 The above general obligation bonds are direct obligations of the Town for which its full faith and credit are pledged, and are payable from taxes levied on all taxable real property within the Town. The provision to be made in future budgets for capital indebtedness represents the amount. exclusive of interest, authorized to be collected in future years from taxpayers and others for liquidation of long-term liabilities. 21 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31. 1992 Note 3 - Detailed Notes on All Funds and Account Grouo5 (Continued) Pension Plans The Town of Mamaroneck, New York participates in the New York State and Local Employees' Retirement System, and the New York State and Local Police and Fire Retirement System. These are cost sharing multiple public employer retirement systems. Obligations of employers and employees to contnbute and benefits to employees are governed by the New York State Retirement and Social Security Law. The Systems offer a wide range of plans and benefits which are related to years of service and final average salary, vesting of retirement benefits, death and disability benefits and optional methods of benefit payments. All benefits generally vest after ten years of credited service. The New York State Retirement and Social Security Law provides that all participants in each System are jointly and severally liable for any actuarial unfunded amounts. Such amounts are collected through annual billings to all participating employers. Generally, all employees, except certain part-time employees, participate in the Systems. The Systems are non-contributory except for employees who joined the Employees' Retirement System after July 27, 1976, who contribute 3% of their salary. Effective Apnl 1, 1990, the New York State Legislature amended the Retirement and Social Security Law and mandated a change to a different actuarial funding method for both the Employees' Retirement System(ERS)and the Police and Fire System. The Systems changed from the aggregate cost funding method to a redefined projected until credit funding method. As a result of the legislated changes for the year ended March 31, 1992, the ERS employer contributions wer generally lower than would have been the case under the aggregate cost funding method. The anticipated future effect is that employer contributions will be, for a time, less than they would have been under the aggregate cost funding method. However, over the long-term, employer contributions are expected to be higher under the modified projected unit credit funding method (See Note 4). The legislation also mandated the changes to payment dates and periods covered by the payments. The effect of these changes was to create two years of unfunded pension costs. The legislation provides that the municipality may amortize the unfunded pension obligations over a seventeen year penod with interest of 8.75% or may satisfy all or a part of the obligation on December 15th of any year during the amortization period. The Town, in the prior year, satisfied the prior pension obligation for the Employees' Retirement System. The Police and Fire Retirement System amount required to be amortized during 1992 was $56,674, including interest of $39,751. Of this amount, $43,072 was charged to the Town Outside Villages Fund and $13,602 was charged to the Fire Protection District. The Town has elected to participate in the "Early Retirement Incentive Program" offered by the New York State and Local Employees' Retirement System and enacted by the New York State Legislature. The program provides that employees eligible for retirement would receive up to a maximum of three years service credit added to their pension benefit calculation. The cost to the Town is estimated at eighty percent of the average of the employee's three highest consecutive years' eligible wages. The cost for this incentive will be paid over a five-year penod beginning • December, 1992. 22 TOWN OF MA?:iAI-ONECK, NEW Y,iRK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31. 1992 • - • I- .il-. N• - .n All F n. .n• A • n r• . (Continued) The Town, at December 31, 1992. had aggregate unfunded pension obligations of S347,866 to the Police and Fire Retirement System. The Town has also recorded a liability of $71,748 for the early retirement incentive program. These amounts have been reflected in the General Long-Term Debt Account Group since they will be redeemed from future resources or budgets. The Town has recorded current year pension costs based upon salaries earned during the fiscal year. The payroll for all employees of the Town of Mamaroneck, New York for the year ended December 31, 1992 was $5.521.058. The payroll for employees covered by the Systems' was 52,198,720 for the Employees' Retirement System and S2,731,545 for the Police and Fire System. Contnbution rates are determined in accordance with funding requirements calculated by the actuary of the Systems. Current expenditures for the Employees' Retirement System were S40,061. Of this amount S22,435 was charged to the General Fund, $4,162 to the Town Outside Villages Fund and S13,464 to the Highway Fund. Current pension expenditures for the Police and Fire System were $348,981, net of prior funding amortization credits. Of this amount, S265,225 was charged to the Town Outside Villages Fund, and S83,756 was charged to the Fire Protection District. These contnbutions represented 1.8% and 12.78% respectively of covered payroll for that penod. The employees' cost of pension contributions for the year ended December 31, 1992 was $93,964. The pension benefit obligation is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases estimated to be payable in the future as a result of employees service to date. The measure, which is the actuarial present value of credited projected benefits, is intended to help users assess the Systems' funding status on a going concern basis, assess progress made in accumulating sufficient assets to pay benefits when due and make comparisons among public employees retirement systems and employers. The Systems do not make separate measurements of assets and pension benefit obligations for individual employers. The pension benefit obligation at March 31, 1992 for the Employees' Retirement System, as a whole, determined through an actuarial valuation performed as of that date, was S44.0 billion. The System's net assets available for benefits on that date were $45.5 billion. The Town's employer contribution requirements were less than 1°,10 of total contributions required of all employers participating in the System. The pension benefit obligation at March 31, 1992 for the Police and Fire Retirement System determined through an actuarial valuation performed as of that date was $9.1 billion. The System's net assets available for benefits at that date were $8.2 billion. The unfunded pension obligation at that date was S.9 billion. The Town's employer contnbution requirements were less than 1% of total contributions required of all employers participating in this System. Histoncal trend information showing the progress in accumulating sufficient assets to pay benefits when due is presented in the annual reports of the Systems. Additional detailed information concerning the Systems may also be found in this report. The Town also provides benefits to those police officers who retired from service prior to the inception of the New York State and Local Police and Fire Retirement System. The Town's plan was established in the 1950's and was available to all police officers. Benefits are calculated pursuant to Section 192 of the Retirement and Social Secunty Law. It is the policy of the Town to fund any benefits with transfers from the General Fund. Local pension costs for the year ended December 31, 1992 were $9,600. 23 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31. 192 Note 3 - Detailed Notes on All Funds and Ac_coUnt Grouoa (Continued) Compensated Absences Pursuant to its collective bargaining agreements, the Town is required to pay its civil service employees for accumulated sick leave. The contract provides for the payment of S35 per day for those days earned in excess of 165 days but not more than 210 days. The contract also provides for these employees to be compensated at their regular rate of pay for unused vacation time upon separation of employment. No payment is provided for unused sick leave or vacation time for police and fire employees. The Towns liability at December 31, 1992 for such sick leave and vacation time has been recorded in the General Long-Term Debt Account Group in accordance with generally accepted accounting pnnciples, since it will be redeemed from future resources or budgets. Post Employment Health Care Benefits In addition to providing pension benefits, the Town provides certain health care benefits for retired employees. Substantially, all of the Town's employees may become eligible for those benefits if they reach normal retirement age while working for the Town. This cost of retiree health care benefits is recognized as an expenditure as claims are paid. For 1992, these costs totaled $299,666. Joint Venture The Town and the Village of Larchmont participate in the Larchmont-Mamaroneck Joint Garbage Disposal Commission. The purpose of the joint venture is to provide incineration of garbage and refuse from the Village and the Town Garbage District. The following is an audited summary of financial information included in the financial statements for the joint venture. Balance Sheet Date - December 31, 1991 Total Assets $ 224,072 Total Liabilities 1.448 Total Fund Balance 222,624 Total Revenues 1,462,521 Total Expenditures 1,384.543 Net Increase in Fund Balance 77,978 Financial information for the year ending December 31, 1992 is not currently available. Payments made dunng the year ended December 31, 1992 to the Larchmont-Mamaroneck Joint Garbage Disposal Commission by the Town aggregated S700,536. 24 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31, 1992 Note 3 - Detailed Notes on All Funds and Account Groups (Continued) C. Fund Balances Reserved Encumbrances outstanding have been reserved as it is the Town's intention to honor the contracts in process at year-end. The subsequent years appropriations will be amended to provide authority to complete the transactions. The Reserve for Parklands has been established pursuant to New York State Law. These amounts represent funds received by the Town in lieu of parklands as a condition precedent to the approval of a parcel by the planning board. These funds may be used only for recreation purposes. The Reserve for Police Pension Fund was established to provide benefits to those policemen who retired prior to inception of the New York State and Local Police and Fire Retirement System. The amount in the fund represents prior contributions from the employer and interest thereon. The Reserve for Gifts and Endowments has been established to set aside funds in accordance with the terms of the grants. The Reserve for Debt Service represent a segregation of the fund balance for debt service in accordance with the provisions of the Local Finance Law of the State of New York. The Reserve for Equipment has been established to indicate that funds are not available for operating purposes but have been invested in equipment. Unreserved - Designated for Subsequent Years Expenditures General and Special Revenue Funds - Designations of fund balance are not legally required segregations but represent intended use for a specific purpose. At December 31. 1992, the Town Board has designated that $150,000 of the General Fund, $75,000 of the Highway Fund, $142,900 of the Special Districts Fund and $26,850 of the Tri-Municipal Cable T.V. Fund be used in 1993. Note 4 - Summary Disclosure of Significant Contingencies Litigation The Town, in common with other municipalities, receives numerous notices of claims for money damages accruing from false arrest, property damage or personal injury. Of the claims currently pending, none are expected to have a material effect on the financial position of the Town if adversely settled. The Town is also defendant in numerous tax certiorari proceedings, the results of which generally require tax refunds on the part of the Town. The amount of possible refunds cannot be determined at the present time and any refunds resulting from adverse settlements will be funded in the year in which the payments are made. TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Continued) DECEMBER 31. 1952 N. - 4 - mm. ei I. r- .f isnifi .n .n 'n.-n (Continued) Other Contingencies The Town participates in vanous federal grant programs. These programs are subject to program compliance audits pursuant to the Single Audit Act of 1984. Accordingly, the Town's compliance with applicable grant requirements will be established at a future date. The amount of expenditures which may be disallowed by the granting agencies cannot be determined at this time, although the Town anticipates such amounts, if any, to be immatenal. Risk Management The Town maintains various liability insurance policies to protect against potential losses. The general liability policy provides coverage up to S2 million and the Town has an excess umbrella policy with S9 million of coverage. In addition, there is a law enforcement liability policy providing coverage of S4 million and a public officials liability policy, providing coverage of S1 million. Pension.Plans The New York State Supreme Court ruled, on August 10, 1992, that the change by the New York State and Local Employees' Retirement System, in 1990, to the projected unit credit method for contribution calculations was unconstitutional. New York State officials have appealed the Court ruling. the ruling did not specify if the payments that would have been made under the previous actuarial method would have to be repaid to the pension systems. It is not possible at this time to quantify the financial impact, if any, of the Court's decision. Note 5 - Additional Disclosures Budgetary Reconciliation The Town does not budget all special revenue funds and, accordingly, the applicable columns of the Combined Statement of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual. exclude amounts relating to the unbudgeted fund. A reconciliation of actual results of budgeted and unbudgeted special revenue funds follows. Revenues Expenditures and Other and Other Financing Financing Fund Sources Uses Eauity Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Special Revenue Funds S 9,778,143 S 9,529,792 S 1,366,269 Add: Governmental funds that are not budgeted - Public Housing Agency Fund 1.298.721 1 .250.236 371.326 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Special Revenue Funds $ 11,976.864 S 10.780.028 1.737,595 TOWN OF MAMARONECK, NEW YORK NOTES TO FINANCIAL STATEMENTS (Concluded) PECEMBER 31._1992 Note 5 - Additional Disclosures (Continued) Public Housing Agency Fund - Analysis of Surplus The following is an analysis of the surplus of the Public Housing Agency Fund of the Village. Unreserved surplus S (11,408,416) Operating reserve 354,775 Project account 235,840 Cumulative annual contributions 11.189,127 S 371.326 THIS PAGE INTENTIONALLY LEFT BLANK • • APPENDIX D FORECAST OF CASH FLOWS THIS PAGE INTENTIONALLY LEFT BLANK I TOWN OF MAMARONECK HOUSING AUTHORITY IIOMMOCKS PARK APARTMENTS CASII FLOW STATEMENT Year 1 2 3 4 5 6 7 8 9 to 2J )-7/94 7/94-7/95 7/95-7/96 7/96-7/97 7/97-7/98 /98-7/99 7/2000 7/2001 7/2002 2/2002 �20U3 Rental Income -0- 166,900 I. 677,609 687,773 698,089 708,560 719, 188 729,975 740,925 752,038 Lcss Vacancy - 51 -0- (. 8..)4 1 f)),8801. 134.38e ,90n 1 134 _ l ( )'?,nzel 1P�,,91411. ( i6, ,"nl (37.04(!1 (17,601) Cross Revenue -0- 158,555 643,729 653,385 663, 185 673,132 683,230 693,475 703,879 714,438 Operations/Matntcn;uice -0- 67,500 2. 135,000 139,050 143,221 147,517 151 ,942 156,500 161 , 195 166,010 Additional Rent (In Lieu of taxes) -0- -0- -0- -0- 40,000 41,200 42,435 43,705 45,015 46, 165 Land Lease -0- -0- -o- 125,000 126,875 128,780 130,710 132,670 134,660 116,680 TOTAL OPERATING EXPENSES -0- 67,500 135,000 264,050 310,096 317,497 325,087 332,875 340,870 349,075 Net Operating Income -0- 91,055 508,729 389,335 353,089 355,635 358,143 360,600 363,009 365, 363 Capitalized Interest 128,347 256,695 128,347 -0- -0- -0- Other Interest Income -0- -0- 3.642 22.228 23. 117 24.041 25.002 26,002 27,042 21, 123 Income Avail . for Debt 128,347 347,750 640,718 411,563 376,206 379,676 383, 145 386,602 390,0151 393,486 Net Debt Service 128,347 256,695 341,695 328,901 330,586 331,716 327,441 327,976 328,076 327,826 Net Cash Flow -0- 91,055 299,023 82,662 45,620 47,960 1,5,704 58,626 61 ,975 65,660 Fund balance -0- 91,055 390,.078 262,662 225,620 227,960 235,704 238,626 241;975 245,660 Additional Rent -0- -0- 210,078 82,662 45,620 47,960 55,704 58,626 61,975 65,660 Net Hous. Auth. balance -0- 91,055 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 1 . Three Month of Revenue 2. 50% of Operating Expenses spread-pg12 TOWN OF MAMAkONECK HOUSING AUTHORITY IIOM11OCKS PARK APARTMENTS CASH FLOW STATEMENT 'ear 11 12 13 14 15 16 17 18 19 20 7/2003 7/2004 7/2005 7/2006 7/2007 7/2008 7/2009 7/2010 7/2011 7/2012 _1[2004 _1.2005 7(200¢ 712007 7/2008 _712009 7!2010 _7!2011 _ZL.2P12 ._7i2Q)3 ;ental Income 763, 318 774,768 786, 390 798, 185 810, 160 822,310 834,645 847, 165 659,870 872,770 Less Vacancy - 51 138, 1651 138,7401 1,3913201 19.9101 (40,.5101 141,1151 (41.7301 142,.3601 142.9951, j4)..,6401 ;ross Revenue 725, 153 736,028 747,070 758,275 769,650 781, 195 792,915 804,805 816,875 829, 110 )perations/Maintenance 171,010 176,140 181,425 186,865 192,475 198,245 204, 195 210, 320 216,6)0 223, 130 ldditional Rent (In ,ieu of Taxes) 47,755 49, 190 50,665 52, 185 53, 170 55, 360 57,025 56,735 60,495 62, 110 sand Lease 138,730 140,810 142,925 145,065 147,245 149,450 151,695 153,970 156,280 158,620 'OTAL OPERATING EXPENSES 357,495 366,140 . 375,015 384,115 392,890 403,055 412,915 423,025 433,405 444,060 let Operating Income 367,658 369,888 372,055 374,160 376,760 378, 140 380,000 381,780 383,470 385,070 :apitalized Interest )then Interest Income 29,245 30,415 31,635 32,900 34,215 35,585 37,005 38,490 40,025 41,630 Income Avail. for Debt 396,903 400,303 403,690 407,060 410,975 413,725 417,005 420, 270 423,495 426700 )ebt Service 332, 216 330,976 329,351 327,331 329,906 331,786 327,951 328,751 328,891 326,2/1 \let Cash Flow 64,687 69,327 74,3T9, 79,729 81,069 81,939 89,054 91,519 94,t04 98,429 Fund Balance 244,687 249,327 254, 339 259,729 261 ,069 261,939 269,054 271,519 274,604 278,429 Additional Rent 64,687 69,327 74,339 79,729 81,069 81,939 89,054 91 ,519 94,604 98,429 Net Hous. Auth. Balance 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 180,000 spread-pg13 'OWN OF MAMARONECK ROUSING AUTHORITY tIOMMOCKS PARK APARTMENTS CASH FLOW STATEMENT Year 21 22 2) 24 25 26 27 28 29 lU 7/2013 7/2014 7/2015 7/2016 7/2017 7/2018 7/2019 7/2020 7/2021 7/2022 7/2014 7/2075 712076 712017 7/2018 _112012 712020 7/20i1 712022 • 712023 Rental Income 888,860 899, 150 912,635 926, 325 940,220 954, 325 968,640 981, 170 997, 915 1 ,012,,,I15 Less Vacancy - 5% 144,29 144 9551 145, 6301 146 0151 147f010 1 147,7141 14P,4301 .07, 7601 149,13751 150,6451 Gross Revenue 841 , 565 854, 195 867,005 880,010 893, 210 906,610 920, 210 914,010 948,020 962, 240 Operations/Ma1nten,ince 229,825 236,718 243, 820 251 , 135 258,670 266,430 274, 420 282,655 291 , 1 )5 299,8/0 Additional Rent (Io Lieu of Taxes) 64, 180 66, 105 68,090 70, 130 72,235 74,400 76, 635 28,935 81 , 300 83, 740 Land Lease 161,000 163,415 165,865 168,355 170,879 173,440 176,045 178,685 181, 365 184,085 TOTAL OPERATING EXPENSES 455,005 466,238 477,775 489,620 501,784 514,270 527, 100 540,275 533, 800 567,695 Net Operating Income 386, 560 387,950 389,230 390,390 391,426 392,340 393, 110 393,735 394 ,220 394, 545 Capitalized Interest Other Interest Income 43,295 45,025 46,830 48,700 50, 650 52,675 54, 780 56,975 59, 250 61 ,620 Income Avail . for Debt 429,855 432,975 436, 060 4)9,090 442,076 445,015 447,890 450,710 453,470 456, 165 Debt Service 332,061 329,966 327, 281 329,006 329,846 329, 801 378,871 312,056 158, 044 -0- Net Cash Flow 97, 794 103,009 108, 779 110,084 112,230 115,214 119, 019 118,654 295, 426 456, 165 Fund Balance 277,794 283,009 288, 779 290,084 292, 230 295,214 299,019 298,654 475, 426 636, 165 Additional Pent 97,794 103,009 108, 779 110,084 112,230 115,214 119,019 118,654 295, 426 456, 165 Net Hous. Auth. Balance 180,000 180,000 180,000 180,00 180,000 180,000 180,000 180,000 180, 000 180,000 spread-pg14 THIS PAGE INTENTIONALLY LEFT BLANK ti I APPENDIX E FORM OF GUARANTEE THIS PAGE INTENTIONALLY LEFT BLANK I APPENDIX E GUARANTEE GUARANTEE, dated as of the date of issue of the Bonds hereafter described, made pursuant to Section 95 of the New York Public Housing Law and a resolution of the Town Board of the Town of Mamaroneck, Westchester County, New York, duly adopted pursuant thereto on July 14, 1993 by the Town Board of said Town, acting by and through its Supervisor as provided in said resolution, relating to $4 , 645, 000 HOMMOCKS PARK APARTMENT REVENUE BONDS, 1993, dated August y (the "Authority") . The Town of Mamaroneck, Westchester County, New York (the "Town") , hereby irrevocably and unconditionally agrees to pay to the registered owners of the Bonds (the "Registered Owners") any payment of principal of and interest, or only interest, as thecase may be, due and payable on the Bonds ( "Debt Service" ) which shall be unpaid because of Nonpayment (as defined below) by paying, or causing to be paid, to the Fiscal Agent (as defined below) Debt Service on the Bonds in the manner described below, except in those circumstances herein described in which any payment of Debt Service will be made directly to the Registered Owners; provided, however, that in no event shall the aggregate total of all payments of Debt Service made by the Town hereunder exceed the lesser of $9, 750, 000 or the actual amount which shall become due for the payment of Debt Service but shall be unpaid because of Nonpayment (as defined below) . The Town, in recognition of its irrevocable and unconditional agreement to pay Debt Service, hereby waives its rights to any defenses that may limit or alter its obligations under this Guarantee and agrees that the obligations of the Town under this Guarantee will not be released, reduced or discharged in the event the obligation of the Authority to pay Debt Service becomes unenforceable or upon the bankruptcy of the Authority. The Town further agrees that it will not be entitled to subrogation rights until the Bonds are paid in full . "Nonpayment" means : (a) failure of the Authority to pay, or cause to be paid, Debt Service on the Bonds to the fiscal agent for the Bonds, appointed pursuant to that certain fiscal agent agreement between the Authority and such fiscal agent relating to the Bonds (the "Fiscal Agent") , at least five Business Days (as defined below) prior to any date on which Debt Service on the Bonds is due and payable (a "Debt Service Payment Date" ) and which payment failure by the Authority shall be continuing on the date two Business Days (as defined below) following receipt by the Town from the Fiscal Agent of a Notice of Nonpayment (as defined below) , or (b) the avoidance and recovery of any payment of principal of or of interest on the Bonds from the Fiscal Agent or the Registered Owners by a trustee in bankruptcy, debtor or debtor in Possession, *tt -2- as the case may be, or any person or entity acting on their behalf, as a preferential transfer under Section 547 of title 11 of the United States Code or any successor Federal bankruptcy law governing the avoidance of preferential transfers, pursuant to a final court order, which is not or no longer subject to appeal or rehearing. Except in the circumstances described below, payments under this Guarantee shall be made by the Town in immediately available funds, to the Fiscal Agent, not later than two Business Days (as defined below) following receipt by the Town from the Fiscal Agent of notice in the form and given in the manner specified below (a "Notice of Nonpayment") . "Business Day" means any day other than a Saturday, Sunday or a day on which the offices of the Fiscal Agent or the Town are authorized by law to remain closed. A Notice of Nonpayment : (a) in the event of a failure by the Fiscal Agent to have received from the Authority moneys sufficient for the payment of Debt Service at least five Business Days prior to any Debt Service Payment Date (i) shall be mailed by express mail, next day delivery, or sent by overnight service or courier not less than four Business Days prior to the Debt Service Payment Date to which it pertains, and (ii) shall state that the Fiscal Agent has not received from the Authority or any other source or party at least five Business Days prior to such Debt Service Payment Date an amount or amounts sufficient for the payment on such Debt Service Payment Date of Debt Service payable on the Bonds, or (b) in the event that funds shall have been paid to the Fiscal Agent as provided herein for the payment of Debt Service on the Bonds on any Debt Service Payment Date, and either (x) the Fiscal Agent is precluded from making payment with such funds by actions of a trustee in bankruptcy, debtor or debtor in possession, as the case may be, or any person or entity acting on their behalf, pursuant to a final court order, which is not or no longer subject to appeal or rehearing or (y) there occurs an avoidance and recovery by any such trustee in bankrupt:y, debtor or debtor in possession, as the case may be, or any person or entity acting on their behalf, pursuant to a final court order, which is not or no longer subject to appeal or rehearing of any Debt Service Payment on the Bonds from the Fiscal Agent or the Registered Owners of the Bonds ir- -3- (i) shall be mailed by express mail, next day delivery, sent by overnight services or courier as soon as practicable, (ii) shall state which of such contingencies shall have occurred, and (iii) shall be accompanied by a duplicate original or certified copy of the order or instrument received by the Fiscal Agent barring such payment or requiring such repayment and, in the case of such repayment, by evidence satisfactory to the Town that such repayment has been made. P yment A Notice of Nonpayment shall, in either event, be in writing, shall be executed by a duly authorized officer or employee of the Fiscal Agent, and shall set forth (i) the Debt Service Payment Date to which such notice pertains, (ii) the aggregate amount of Debt Service to be paid on said Debt Service Payment Date, (iii) the amount, if any, received by the Fiscal Agent from the Authority or any other source with respect thereto or otherwise available therefor, and (iv) the amount to be paid by the Town hereunder (which amount, when added to the total of amounts theretofore drawn hereunder, if any, shall not exceed $9, 750, 000) . A Notice of Nonpayment shall be deemed to be received by the Town upon delivery thereof to the Supervisor at the address set forth below if such delivery is made on a Business Day between the hours of 9 : 00 a .m. and 4 : 00 p.m. ; if delivery is made at any other time, then receipt shall be deemed to occur on the Business Day next following such receipt between the hours of 9 : 00 a .m. and 4 : 00 p.m. Notices of Nonpayment and any other communications with respect to this Guarantee shall be to the following address : Town of Mamaroneck Town Center 740 West Boston Post Road Mamaroneck, New York 10543 Attention: Supervisor with a copy thereof to the Town Administrator, at the following address : Town of Mamaroneck Town Center 740 West Boston Post Road Mamaroneck, New York 10543 Attention: Town Administrator 1 -4- • The Town shall not be responsible under this Guarantee for the payment on any Debt Service Payment Date of any amount exceeding the aggregate Debt Service due on the Bonds on such Debt Service Payment Date, and in no event shall the Town be responsible under this Guarantee for the payment of any amount which would cause the total amount drawn hereunder to exceed the limit hereinbefore provided. If a Nonpayment occurs more than 123 days after the final payment on the Bonds, payments by the Town under this Guarantee shall be made directly to the Registered Owner of each Bond affected thereby. Such payments will be made by the Town not more than two Business Days after delivery to the Town of a notice given in the manner set forth above for delivery of Notices of Nonpayment, setting forth details of the Nonpayment . Such notice shall be executed by each Registered Owner of each Bond or by their duly appointed agent or attorney, and shall be accompanied by evidence satisfactory to the Town that such Nonpayment has occurred, and shall specify the Debt Service Payment Date with respect to which it has occurred, the amount payable . to such Registered Owner on such Debt Service Payment Date, the portion thereof which such Registered Owner has been required to repay and the amount requested to be paid by the Town hereunder on account thereof . IN WITNESS WHEREOF, the Deputy Supervisor of the Town of Mamaroneck has signed this Guarantee as of date first above written. By Elaine Price Deputy Supervisor APPENDIX F FORM OF THE RESOLUTION THIS PAGE INTENTIONALLY LEFT BLANK APPENDIX F RESOLUTION DATED AUGUST 12, 1993 . A RESOLUTION AUTHORIZING THE ISSUANCE OF $4, 645, 000 REVENUE BONDS OF THE TOWN OF MAMARONECK HOUSING AUTHORITY, WESTCHESTER COUNTY, NEW YORK, TO PAY COSTS OF THE CONSTRUCTION OF A 54-UNIT GARDEN STYLE HOUSING FACILITY. WHEREAS, the Town of Mamaroneck Housing Authority, Westchester County, New York, is a municipal housing authority of the State of New York; and WHEREAS, Article 3 of the Public Housing Law authorizes municipal housing authorities to provide for the construction of housing and related facilities; and WHEREAS, the Members of the Town of Mamaroneck Housing Authority, Westchester County, New York, have determined it to be in the best interest of the Authority to lease a certain parcel of land from the Town of Mamaroneck, Westchester County, New York, and to construct thereon a 54-unit garden style housing facility containing apartments which are affordable for rental by persons and families of low and/or moderate income; and WHEREAS, it is now desired to provide for the issuance of revenue bonds of the Authority to pay costs of such construction; NOW THEREFORE BE IT RESOLVED, by the Members of the Town of Mamaroneck Housing Authority, Westchester County, New York, as follows : 1! -2- ARTICLE I . GENERAL PROVISIONS. SECTION 1 . 01 . Resolution to Constitute Contract . In consideration of the purchase and acceptance of the Bonds by the Beneficial Owners, in the case of Bonds issued pursuant to the Book-Entry System, and Registered Owners, in the case of Bonds issued in certificated form, from time to time, and of the guaranty of the principal of and interest of the Bonds by the Town, the provisions of this Resolution shall be deemed to be and shall constitute a contract between the Authority, the Beneficial Owners and Registered Owners, as the case may be, from time to time of the Bonds and the Town and the covenants and agreements herein set forth to be performed on behalf. of the Authority shall be for the equal benefit, protection and security of the Beneficial Owners and Registered Owners of any and all of the Bonds, all of which, regardless of the maturity, shall be of equal rank without preference, priority or distinction of any of the Bonds over any other thereof except as expressly provided herein and of the Town. SECTION 1 . 02 . Scope of Resolution. Nothing in this Resolution shall either limit the power of the Authority (i) to issue obligations of the Authority outside this Resolution for any lawful purpose of the Authority; provided, however, the Authority shall not issue additional obligations, parity or subordinate, for the Housing Project without the written consent of the Town, or (ii) to amend this Resolution with the consent of the Town; provided, however, no amendment of this Resolution shall be made to this Resolution without the consent of not less than fifty per centum of the Holders of the Bonds then Outstanding if such amendment shall, in the reasonable judgment of the Authority, adversely affect the interests of the Holders of the Bonds then outstanding; provided further that no amendment shall be made to this Resolution extending the fixed maturity of the Bonds, reducing the interest rate of the Bonds, extending the time for payment of the Bonds, reducing the amount of principal of the Bonds, reducing any premium payable on the redemption of the Bonds or reducing the percentage of Holders of the Bonds required for an amendment to this Resolution without the consent of each Holder of Bonds then Outstanding. This Resolution shall supplement the terms of the Lease and all provisions of the Lease not specifically provided for in this Resolution shall be incorporated in this Resolution as if the same were a part hereof; provided, however, that the consent of Holders of Bonds then Outstanding shall not be required to amend the Lease . SECTION 1 . 03 . Construction. (a) In this Resolution (except as otherwise expressly provided or unless the context clearly otherwise requires) the -3- singular includes the plural, the masculine includes the feminine, all definitions and references to documents include all amendments or supplements thereto, and all definitions and references to persons or entities include their respective successors and assigns . (b) Words importing the "redemption" "redeemed" or "calling for redemption" of Bonds do not include or connote the payment of Bonds at their stated maturity, or the payment of Bonds upon declaring such Bonds due and payable in advance of their maturity, or the purchase of Bonds . (c) All references in this Resolution to designated "Articles, " "Sections" and other subdivisions of this Resolution are to the designated Articles, Sections or other subdivisions of this instrument as amended from time to time . The words "herein, " and "hereunder" and other words of similar import refer to this Resolution as a whole and not to any particular Article, Section or other subdivision unless otherwise specified. SECTION 1 . 04 . Definitions . The following terms whenever used in this Resolution shall have the meanings set forth in this Section except as otherwise expressly provided or unless the context clearly requires otherwise : "Accrued Debt Service" means for any calendar month, the sum of Accrued Interest and Accrued Principal for that month for all Outstanding Bonds . "Accrued Interest" means for any calendar month, the interest component of Debt Service Requirements which has accrued or will accrue on Outstanding Bonds during that month less (i) any interest component which accrues during such period, which is to be paid from money or Investment Securities or the earnings thereon, which money or Investment Securities are on deposit in a separate fund or account, such as a capitalized interest subaccount, or are otherwise segregated for such purpose, and (ii) any interest which has accrued but is not due and payable within the twelve (12) month period immediately following such accrual . For purposes of this definition the interest component which is due and payable within the six (6) month period immediately preceding the next Payment Date shall be included as Accrued Interest in six (6) equal consecutive monthly installments commencing on :he sixth month preceding such Payment Date . In all events, interest shall be determined to accrue in monthly amounts sufficient to assure the full amount due on any Interest Payment Date and to be paid from the Debt Service and Sinking Fund will be on deposit in the Debt Service and Sinking Fund on each Payment Date . "Accrued Principal" means for any calendar month, the principal component of Debt Service Requirements which has accrued or will accrue on Outstanding Bonds durinc that month less any -4- principal component which accrues during such period but is to be paid from money or Investment Securities or the earnings thereon which money or Investment Securities are on deposit in a separate fund or account or are otherwise segregated for such purpose. For purposes of this definition the principal component which is due and payable within the twelve (12) month period immediately preceding the next Payment Date preceding a Principal Payment Date shall be included as Accrued Principal in twelve (12) equal monthly installments commencing on the twelfth month preceding the next Payment Date preceding a Principal Payment Date. In all events, principal shall be determined to accrue in monthly amounts sufficient to assure the full amount due on any Payment Date preceding a Principal Payment Date and to be paid from the Debt Service and Sinking Fund will be on deposit in the Debt Service and Sinking Fund on each such Payment Date. "Act" means, collectively (i) the Town of Mamaroneck Housing Authority Act, being Section 589 of the Public Housing Law as enacted by Chapter 303 of the Laws of 1992 of the State, as it may from time to time be amended and (ii) the Public Housing Laws of the State, as the same may from time to time be amended. "Act of Bankruptcy" means with respect to the Town the occurrence of one of the following events: (a) the Town shall file under the Federal Bankruptcy Code to be declared a bankrupt or for reorganization; (b) the Town shall consent to, or petition or apply to any authority for the appointment of a receiver, liquidator, trustee or similar official; (c) any such receiver, liquidator, trustee or similar official shall otherwise have been appointed and shall not have been removed, dismissed or stayed within sixty (60) days of such appointment; or (d) insolvency, reorganization, arrangement or liquidation proceedings (or similar proceedings) shall have been instituted by or against the Town, and if instituted against the Town, shall not have been dismissed within sixty (60) days of being instituted. "Advance-Refunded Municipal Bonds" means obligations the interest on which is excluded from gross income for purposes of federal income taxation that have been advance-refunded prior to their maturity and that are fully and irrevocably secured as to principal and interest by Government Obligations held in trust for the payment thereof, which Advance-Refunded Municipal Bonds are rated in the highest rating category by each Rating Agency that, pursuant to the request of the Authority, maintains a credit rating with respect to such Advance-Refunded Municipal Bonds . "Authority" means the Town of Mamaroneck Housing Authority. "Authorized Denominations" means with respect to the Bonds, a minimum denomination of $5 , 000 and integral multiples thereof . -5- "Authorized Representative" or "Authorized Officer" means, in the case of the Authority, the Chairman, Vice Chairman or Treasurer of the Authority, or any other officer or person authorized to perform specific acts or duties by resolution duly adopted by the members of the Authority. "Beneficial Owners" means purchasers of Bonds whose ownership interest is evidenced only in the Book-Entry System maintained by the Depository. "Bondholder, " "Holder, " "holder" and " Reisteredner" the Depository or its nominee, if the Book-Ent y System Omain winled d by the Depository pursuant to Section 2 . 01 is neffect, or the person in whose name any Bond is registered in the Bond Register System maintained by the Fiscal Agent pursuant to Section 2 . 01 hereof. "Bond Register System" means a system of ownership and transfer of Bonds registered on the registration books of the Authority kept for that purpose by the Fiscal Agent, as Bond register. "Bond" or "Bonds" means the Bonds issued pursuant to this Resolution. "Bond Counsel" means any nationally recognized counsel experienced in matters of municipal law and the tax-exempt status of obligations under the Code, acceptable to the Authority. "Book-Entry System" means a system for clearing and settlement of securities transactions among participants of a Depository (and other parties having custodial relationships with such participants) through electronic or manual book-entry changes in accounts of such participants maintained by the Depository for recording ownership of the Bonds by Beneficial Owners and transfers of ownership interests in the Bonds. "Business Day" or "business day" means any day (other than Saturday or Sunday) during which (i) commercial banks located in the State or in any of the cities in which the Principal Office of the Fiscal Agent is located are not required or authorized by law to close; and (ii) The New York Stock Exchange, Inc. is not closed. "Code" means the Internal Revenue Code of 1986, as amended, and with respect to a specific section thereof, such reference shall be deemed to include (i) the regulations promulgated under such section, (ii) any successor provision of similar import hereafter enacted, (iii) any corresponding provisions of any subsequent Internal Revenue Code, (iv) the regulations prescribed under the provisions described in (ii) and (iii) , and (v) any published revenue rulings applicable thereto. -6- "Construction Fund" means the fund so designated which is established pursuant to Section 3 . 01 of this Resolution. "Construction Manager" means such Person of recognized standing having skill and experience with respect to the supervision or construction of a housing project similar to and having like characteristics as the Housing Project as shall be at the time employed by the Authority for the purpose of performing the function and duties of a Construction Manager under this Resolution. "Contingency Fund" means the fund so designated which is described in Section 4 . 07 of this Resolution. "Costs of Issuance" means any costs relating to the issuance of the Bonds, including, without limitation, costs pertaining to underwriting fees, expenses and discounts, attorneys' fees and expenses, printing and advertising expenses, fees and expenses of consultants and governmental or administrative fees and expenses . "Counsel" means an attorney at law or law firm (who may be counsel for the Authority or the Town or both) . "Debt Service and Sinking Fund" means the fund so designated which is established pursuant to Section 4 . 04 of this Resolution. "Debt Service Requirements" means, with reference to any specified period, the amounts required to be paid by the Authority to the Holders of the Bonds (or any fiscal agent or paying agent for such Holders) in respect of the principal of the Bonds (including mandatory redemptions or prepayments) and the interest thereon, provided that, for the purposes of the foregoing the amount deemed payable by the Authority in respect of interest on the Bonds shall not include interest funded and available from the proceeds thereof or, upon initial issuance, any accrued interest . "Debt Service Reserve Fund" means the fund so designated which is established pursuant to Section 4 . 05 of this Resolution. "Debt Service Reserve Requirement" means with respect to a particular date, one-half of the maximum annual Debt Service Requirements with respect to the Outstanding Bonds in the then current and all future Fiscal Years . "Depository" means The Depository Trust Company, New York, New York, or any other entity performing substantially the same function under a Book-Entry System, and any successor depository designated pursuant to Section 2 .01 hereof. "Event of Default" means any of the events described in Section 7 . 01 of this Resolution. -7- "Federal Bankruptcy Code" means Title 11 of the United States Code . "Fiscal Agent" means Manufacturers and Traders Trust Company, Buffalo, New York. "Fiscal Year" means the period of twelve months beginning January 1 of each year and ending on December 31 of the next succeeding year, or any other twelve (12) month period adopted by the Authority as its fiscal year for accounting purposes. "Generally Accepted Accounting Principles" shall mean those accounting principles applicable in the preparation of financial statements of municipalities, authorities, or corporations as appropriate, as promulgated by the Financial Accounting Standards Board or such other body recognized as authoritative by the American Institute of Certified Public Accountants or any successor body. "Governing Board" means the members of the Authority constituting and acting as the governing body of the Authority. "Government Obligations" means United States Treasury bills or other interest-bearing direct obligations of (including obligations issued or held in book entry form on the books of the Department of the Treasury of the United States of America) , or obligations the principal and interest of which are unconditionally guaranteed as to full and timely payment by, the United States of America, but not mutual funds (including unit investment trusts) ) investing in such obligations other than money market funds that are rated in the highest category by Moody' s and S&P. "Guaranty" means the guaranty of the principal of and interest on the Bonds by the Town. "Housing Project" means the 54-unit garden style housing facility described in the preambles hereof . " Independent" means a Person who is not an officer, director or employee of the Authority or the Town; provided, however, that the fact that such Person is retained regularly by or transacts business with the Authority shall not make such Person an employee within the meaning of this definition. "Interest Payment Date" means the date on which interest on the Bonds is payable. "Investment Securities" means and includes any of the following : (a) Government Obligations; -8- (b) Government Obligations which have been stripped of their unmatured interest coupons and interest coupons stripped from either Government Obligations or obligations of the Resolution Trust Company, which interest coupons are guaranteed by the United States of America; (c) Bonds, debentures, notes or other evidence of indebtedness issued by any of the following: Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Bank, Export-Import Bank of the United States, or Federal Land Banks, or of the Resolution Trust Company; (d) All other obligations issued or unconditionally guaranteed as to the timely payment of principal and interest by an agency or person controlled or supervised by and acting as an instrumentality of the United States government pursuant to authority granted by Congress; (e) (i) Interest-bearing time or demand deposits, certificates of deposit, or other similar banking arrangements with any government securities dealer, bank, trust company, savings and loan association, national banking association or other savings institution, provided that such deposits, certificates, and other arrangements are fully insured by the Federal Deposit Insurance Corporation or any successor federal deposit insurance corporation or entity or (ii) interest-bearing time or demand deposits or certificates of deposit with any bank, trust company, national banking association or other savings institution, provided such deposits and certificates are in or with a bank, trust company, national banking association or other savings institution which either (A) has an unsecured, uninsured and unguaranteed obligation rated "Prime-1" or "A3" or better by Moody' s and "A-1" or "A-" or better by S&P or (B) is the lead bank of a parent bank holding company with an unsecured, uninsured and unguaranteed obligation meeting the rating requirements in (e) (ii) (A) above, and provided further that with respect to (i) and (ii) any such obligations are held by the Fiscal Agent or a bank, trust company or national banking association other than the issuer of such obligations; (f) Repurchase agreements or investment agreements collateralized by securities described in subparagraphs (a) , (b) , (c) or (d) above with any registered broker/dealer subject to the Securities Investors' Protection Corporation or that is an approved Federal Reserve Bank primary dealer or with any commercial bank (including the Fiscal Agent) , provided that (1) a specific written repurchase agreement or investment agreement governs the transaction, (2) the securities, free and clear of any lien, are held by the Fiscal Agent or an independent third party acting solely as agent for the Fiscal Agent , and such third party is (a) a Federal Reserve Bank, or (b) a bank which is a member of the -9- Federal Deposit Insurance Corporation and which has combined capital, surplus and undivided profits of not less than $25 million, and the Fiscal Agent shall have written confirmation from such third party that it holds rsuchved securities, free and clear of any lien, as agent for the Fiscal Agent, (3) a perfected first security interest under the Uniform Commercial Code, or book entry procedures described in 31 CFR 306 . 1 et seq. or 31 CFR 350 . 0 et seq. , in such securities is created for the benefit of the Fiscal Agent, (4) the Fiscal Agent will value the collateral securities no less frequently than monthly and will liquidate the collateral securities if any deficiency in the required collateral percentage is not restored within two (2) Business Days of such valuation, or, in the case of a repurchase agreement, the agreement has a term of thirty (30) days or less, (5) the fair market value of the collateral securities in relation to the amount of the repurchase obligation or the payment obligation, depending on whether it is a repurchase agreement or an investment agreement, including principal and interest, is equal to at least 1106 and (6) the collateral was not acquired by the broker/dealer pursuant to a repurchase agreement or reverse repurchase agreement; (g) Advance-Refunded Municipal Bonds; (h) Tax-Exempt Obligations that are rated "A-3 " or better or V-MIG 1 by Moody' s and "A- " or better or A-i by S&P, or shares of investment companies that invest only in such obligations; (i) Certificates that evidence ownership of the right to payments of principal of or interest on Government Obligations, provided that (1) such obligations shall be held in trust by a bank or trust company or national banking association meeting the requirements for a successor Fiscal Agent under this agreement, (2) the owner of the investment is the real party in interest and has the right to proceed directly and individually against the obligor of the underlying Government Obligations, and (3) the underlying Government Obligations are held in a special account separate from the custodian' s general assets, and are not available to satisfy any claim of the custodian, any person claiming through the custodian or any person to whom the custodian may be obligated; and "Lease" means the lease dated July 19, 1993 by and between the Authority and the Town relating to the site of the Housing Project, as the same may be amended from time to time. "Moody' s" means Moody' s Investors Service, Inc. , New York, New York, and its successors and assigns . "1986 Code" means the Code . -10- "Non-Purpose Investments" shall have the meaning given such term under Section 1.148-1 (b) of the Income Tax Regulations of the United States Department of the Treasury. "Officer' s Certificate" means a certificate or statement signed by an Authorized Representative or Authorized Officer of the Authority. "Operating Expenses" means the expenses reasonably incurred or to be incurred by the Authority in connection with the operation of the Housing Project, including, without limitation, all reasonable annually recurring costs of operating, maintaining, insuring or repairing the Housing Project as may be necessary or proper to maintain adequate service, all fees to be paid by the Authority to other parties in connection with the operation of the Housing Project, all taxes, assumptions or impositions imposed upon the Authority or its assets or properties, auditing fees, legal fees, engineering fees, financial advisory fees, office expenses, general administrative and management expenses, compensation and expenses of the Fiscal Agent (including those if its counsel) and any fees and expenses with respect to any Bonds; provided, however, that Operating Expenses shall not include depreciation of the Housing Project or any other non-cash charge, or interest or principal on the Bonds or expenses to be paid from the Operating Reserve Fund or the Contingency Fund. "Operating Fund" means the fund so designated which is described in Section 4 . 03 of this Resolution. "Operating Reserve Fund" means the fund as designated which is described in Section 4 . 06 of this Resolution. "Operating Revenues" means for any period the Revenues of the Authority, excluding any extraordinary gain or loss resulting from the sale of capital assets, the proceeds of insurance claims, except business interruption insurance, and settlements and or condemnation awards or payments in lieu thereof , all determined in accordance with Generally Accepted Accounting Principles . "Outstanding, " when used with reference to Bonds, shall mean as of any particular time, all of the Bonds authenticated and delivered under the Resolution, except : (a) Bonds theretofore cancelled or delivered for cancellation; (b) Bonds for the payment or redemption of which money in the necessary amount shall have been deposited with the Fiscal Agent, and with respect to Bonds to be redeemed prior to maturity, notice of such redemption shall have been given or provided for as provided in the Resolution; -11- (c) Bonds in substitution for which other Bonds shall have been authenticated and delivered pursuant to the terms of the Resolution; and (d) Bonds which are deemed to have been paid pursuant to the provisions of Article IX hereof. "Payment in Lieu of Taxes Fund" means the fund so designated which is described in Section 4 . 08 of this Resolution. "Paying Agent" shall mean the Fiscal Agent or any other or successor Paying Agent. "Payment Date" or "payment date" means the date five (5) Business Days prior to any Interest Payment Date or Principal Payment Date . "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a trust, any unincorporated organization, a governmental body, political subdivision, municipality or authority or any other group or entity. "Principal Office, " when referring to the Fiscal Agent or any Paying Agent, means the office where any such institution maintains its principal corporate trust office . "Principal Payment Date" means the date on which principal on the Bonds is payable. "Rating Agency" means S & P or Moody' s . "Rebate Amount" means all interest income and profits earned on the investment of the proceeds of Tax-Exempt Bonds which is required to be paid to the United States under Section 148 (f) of the Code, calculated and determined in accordance with the Regulations in effect from time to time under that Section. "Rebate Fund" means the so designated which is described in Section 4 . 09 of this resolution. "Record Date" means the fifteenth (1E ) day of the month, whether or not a Business Day, immediately preceding each Interest Payment Date . "Registered Owner" means the Depository or its nominee, if the Book-Entry System maintained by the Depository pursuant to Section 2 . 01 is in effect, or the person in whose name any Bond is registered, if the Bond Register System maintained by the Fiscal Agent pursuant to Section 2 . 01 hereof is in effect . "Resolution" means this resolution, together with all amendments and supplements thereto . -12- "Revenues" means (a) all receipts, revenue, income, rents, fees, surcharges and other amounts received by or on behalf of the Authority from the operation of the Housing Project, and all rights to receive the same whether in the form of accounts receivable, general intangibles, contract rights, chattel paper, instruments or other rights, insurance proceeds or condemnation awards, whether now existing or hereafter coming into existence and whether now owned or held or hereafter acquired by the Authority, and all proceeds of the foregoing; (b) all income, interest and profits received from the investment of money held in any fund established under the Resolution; and (c) all grants and subsidies for the Housing Project paid or payable to the Authority by the United States, the State or any agency or subdivision thereof or other Person or entity except to the extent that any pledge thereof would violate or be inconsistent with-the terms of the grant or subsidy. "Revenue Fund" means the fund so designated which is described in Section 4 . 02 of this Resolution. "Serial Bonds" means those Bonds other than Term Bonds. "Sinking Fund Installments" means for any fiscal year, the principal amounts of Term Bonds Outstanding subject to mandatory redemption. "S & P" means Standard & Poors Corporation, New York, New York, and its successors and assigns. "State" means the State of New York. "Tax-Exempt" means, with respect to interest on any obligations of a state or local government or public instrumentality, including Bonds, that such interest is excluded from gross income for federal tax purposes (other than for an owner who is a "substantial user" of the project being financed or a "related person" within the meaning of Section 147 (a) of the Code) , whether or not such interest is includable as an item of tax preference or otherwise includable directly or indirectly for purposes of calculating other tax liabilities, including any alternative minimum tax or environmental tax under the Code . The Fiscal Agent may conclusively rely on an opinion of Independent Counsel experienced in the field of Tax-Exempt obligations to the effect that a particular series of Bonds is Tax-Exempt . "Term Bonds" means those Bonds which shall be subject to retirement pursuant to mandatory Sinking Fund Installments . "Town" means the Town of Mamaroneck, Westchester County, New York. -13- SECTION 1 . 05. Form of Documents. Every "request, " "order, " "demand, " "application, " "requisition, " "appointment, " "notice, " "statement, " "certificate, " "consent, " or similar action hereunder by the Authority, unless the form thereof is specifically provided, shall be in writing signed by an Authorized Representative or Authorized Officer. -14- ARTICLE II . CONCERNING THE BONDS. SECTION 2 . 01. Authorization of Bonds. (a) There shall be issued hereunder $4, 645, 000 Bonds . The Bonds shall be issued to pay costs of the Housing Project, including an amount necessary for the Debt Service Reserve Requirement, capitalized interest, Costs of Issuance and to reimburse the Town for certain costs of the Housing Project previously incurred. (b) Each maturity of the Bonds shall be issued in one fully registered form, without coupons, in the name of Cede & Co. , as nominee for The Depository Trust Company, New York, New York, which shall act as Depository for the Bonds. The Bonds shall initially be available to investors in book-entry form only. The Bonds subject to the Book-Entry System of ownership and transfer may not thereafter be transferred or exchanged on the registration books of the Authority held by the Fiscal Agent as bond registrar. except : (i) to any successor Depository designated pursuant to (b) below; (ii) to any successor nominee designated by a Depository; or (iii) if the Authority shall, by resolution, elect to discontinue the Book-Entry System, the Authority will deliver replacement Bonds in fully registered form to such persons, and in such Authorized Denominations, as may be designated by the Depository, but without any liability on the part of the Authority for the accuracy of such designation; thereafter the provisions herein regarding registration, transfer and exchange of Bonds pursuant to the Bond Register System shall apply. Upon the resignation of any institution acting as Depository hereunder, or if the Authority determines that continuation of any institution in the role of Depository is not in the best interests of the Beneficial Owners or the Authority, the Authority will attempt to identify another institution qualified to act as Depository hereunder. If the Authority is unable to iden:.ify such successor Depository prior to the effective date of the resignation, the Authority shall , by resolution, discontinue the Book-Entry System. So long as the Book-Entry System is used for Bonds, the Authority and the Fiscal Agent shall treat the Depository (or its nominee) as the sole and exclusive owner of such Bonds registered in its name for the purposes of payment of the principal or redemption price of or interest on the Bonds, selecting the Bonds -15- or portions thereof to be redeemed, giving any notice permitted or required to be given to Bondholders under this Resolution, registering the transfer of such Bonds, obtaining any consent or other action to be taken by Bondholders and for all other purposes whatsoever, except as may otherwise set forth herein or be provided by law; and neither the Authority nor the Fiscal Agent shall be affected by any notice from any Person other than the Depository (or its nominee) to the contrary. Neither the Authority nor the Fiscal Agent shall have any responsibility or obligation to any participant in the Depository, any person claiming a beneficial ownership interest in Bonds subject to the Book-Entry System of ownership and transfer under or through the Depository or any such participant, or any other person which is not shown on the registration books of the Fiscal Agent as being a Bondholder, with respect to: (A) such Bonds; or (B) the accuracy of any records maintained by the Depository or any such participant; or (C) the payment by the Depository or any such participant of any amount in respect of the principal or redemption price of or interest on such Bonds; or (D) any notice which is permitted or required to be given to Bondholders under this Resolution; or (E) the selection by the Depository or any such participant or any person to receive payment in the event of a partial redemption of such Bonds; or (F) any consent given or other action taken by the Depository as Bondholder. Notwithstanding the payment provisions contained in the forms of Bonds subject to the Book-Entry System of ownership and transfer, so long as such Bonds or any portion thereof are registered in the name of the Depository or any nominee thereof, all payments of the principal or redemption price of or interest on such Bonds shall be made to the Depository or its nominee in New York Clearing House or equivalent next day funds on the dates provided for such payments under this Resolution. Each such payment to the Depository or its nominee shall be valid and effective to fully discharge all liability of the Authority or the Fiscal Agent with respect to the principal or redemption price of or interest on such Bonds to the extent of :he sum or sums so paid. In the event of the redemption of less :han all of the Bonds subject to the Book-Entry System of cwnership and transfer Outstanding, the Fiscal Agent shall not require surrender by the Depository or its nominee of the Bonds so redeemed, but the Depository (or its nominee) may retain such Bond certificate so as to evidence the balance due on the Bonds after such partial redemption; provided that, in each case :he Fiscal Agent shall request, and the Depository shall deliver :o the Fiscal Agent, a written confirmation of such partial redemp=ion and thereafter the records maintained by the Fiscal Agent shall be conclusive as to the amount of the Bonds of such series and maturity which have been redeemed. So long as the Bonds subject to the Book-Entry System of ownership and transfer or any portion thereof are registered in the -16- name of the Depository or any nominee thereof, all notices required or permitted to be given to the Bondholders under this Resolution shall be given to the Depository. If the Book-Entry System shall be discontinued for the Bonds, the conversion to a Bond Register System for these Bonds shall be effected pursuant to arrangements for the surrender of the Bonds by the Depository and the issuance of Bonds to Registered Owners which arrangements shall be communicated to the Depository on behalf of the Beneficial Owners. The conversion shall become effective hereunder and binding upon the Authority, the Fiscal Agent and all Registered Owners and Beneficial Owners at such time as may be specified in a resolution of the Authority. The general provisions of such Bond Register System, after conversion from the Book-Entry System, are as follows. Any Bond may be transferred at the principal corporate trust office of the Fiscal Agent by the Registered Owner in person or by his attorney duly authorized in writing, and thereupon, the Authority shall execute in the name of the transferee or transferees, and the Fiscal Agent shall authenticate and deliver, a new Bond or Bonds of the same maturity, and for the same aggregate principal amount registered in such name or names as shall be requested. The Fiscal Agent shall register any transfer and shall deliver an appropriately registered and authenticated Bond or Bonds within seventy-two (72) hours of the receipt of the Bond or Bonds to be transferred and such other necessary documentation. All Bonds shall be exchangeable for like Bonds of different Authorized Denominations, in the same aggregate principal amount, maturing on the same dates and bearing the same rate of interest as the Bonds to be exchanged, all in the manner hereinafter provided. The Registered Owner of any Bond or Bonds, desiring to exchange such Bond or Bonds, shall present such Bond or Bonds, accompanied by appropriate instruments of transfer, at the principal corporate trust office of the Fiscal Agent, together with a written request for exchange, in form approved by the Authority, setting forth the denomination or denominations thereof and the person or persons in whose name such Bond or Bonds are to be registered. Thereupon, the Fiscal Agent shall authenticate and deliver to the Registered Owner thereunto entitled a new Bond or new Bonds of the same series of Bonds in authorized denominations aggregating the principal amount of the Bond or Bonds surrendered, maturing as to principal on the same date or dates, bearing the same rate of interest and bearing the same designation as to series . Bonds issued in exchange for or upon the registration of transfer of Bonds on or after the first Interest Payment Date thereon shall be dated as of the Interest Payment Date next preceding the date of delivery thereof by the Fiscal Agent , except that (a) if such date of delivery shall be an Interest Payment Date -17- thereof, said Bonds shall be dated as of such date of delivery, or (b) if there shall be no Interest Payment Date thereof preceding such date of delivery, then notwithstanding any of the foregoing provisions of this section, such Bonds shall be dated the date of Bonds of such series upon their original issuance, or (c) if such date of delivery is on or after a Record Date and before the next succeeding Interest Payment Date, such Bonds shall be dated the date of such next succeeding Interest Payment Date, or (d) if interest on such Bonds shall not have been paid in full in accordance with its terms, then, notwithstanding any of the foregoing provisions of this Section, such Bonds shall be dated as of the date to which interest has been paid in full on such Bonds. Registration, transfer and exchanges of Bonds authorized under this Article shall be without expense to the Registered Owners of such Bonds, except that any taxes or other governmental charges shall be paid by the Registered Owner requesting any such transaction, as a condition precedent to the exercise of such privilege . The Fiscal Agent shall not be required to issue or transfer any Bonds during a period beginning at the opening of business on the fifth day (whether or not a Business Day) next preceding any date of selection of Bonds tobe redeemed and ending at the close of business on the day on which the applicable notice of redemption is given or to transfer any Bonds which have been selected or called for redemption in whole or in part . All Bonds executed, authenticated and delivered in exchange for Bonds surrendered or upon the transfer of registered Bonds shall be valid obligations of the Authority, evidencing the same debt as the Bonds surrendered, and shall be secured by the lien of this Resolution to the same extent as such surrendered Bonds . (c) The Bonds shall be designated "Town of Mamaroneck Housing Authority, Hommocks Park Apartment Project" , shall be issued as fully registered Bonds without coupons in Authorized Denominations and shall be numbered consecutively from one (1) upward. (d) Interest on the Bonds will be payable on each February 1 and August 1, commencing February 1 , 1994 . The Bonds will bear interest from and including August 1 , 1993 . (e) Of the Bonds $1, 975, 000 shall be issued as Serial Bonds which shall mature on August 1 in the years and in the aggregate principal amounts and shall bear interest, determined on the basis of a year of 360 days consisting of 12 months of 30 days each, at the rates per annum set forth below: 1 -18- Aggregate Year Principal Amount Interest Rate 1995 $90, 000. 00 3 .100% 1996 $90, 000 . 00 3 .400% 1997 $95, 000 . 00 3 . 600% 1998 $100, 000 . 00 3 . 800% 1999 $100, 000 .00 4 .000% 2000 $105, 000 .00 4 .200% 2001 $110, 000 .00 4 .400% 2002 $115, 000 . 00 4 .500% 2003 $120, 000 .00 4 . 700% 2004 $130, 000 .00 4 . 800% 2005 $135, 000 .00 4 . 900% 2006 $140, 000 . 00 5 . 000% 2007 $150, 000 . 00 5 . 100% 2008 $155, 000 . 00 5 . 100% 2009 $165, 000 . 00 5 .125% 2010 $175, 000 .00 5 .200% (f) (i) Of the Bonds $1, 025, 000 shall be issued as a Term Bond which shall mature August 1, 2015, shall bear interest at the rate of 5 . 375% per annum, determined on the basis of a year of 360 days consisting of 12 months of 30 days each, and shall be subject to mandatory redemption in part at a redemption price of 100% of the principal amount thereof commencing August 1, 2011 and on each August 1 thereafter until maturity together with the interest accrued thereon to the date fixed for redemption from mandatory Sinking Fund Installments. The following mandatory Sinking Fund Installment amounts and dates for such Term Bond is hereby established. Sinking Fund Installment Date August 1 of the Year Amount 2011 $185, 000 . 00 2012 $195, 000 . 00 2013 $205, 000 . 00 2014 $215 , 000 . 00 2015 $225, 000 . 00 (ii) Of the Bonds $1, 645 , 000 shall be issued as a Term Bond which shall mature August 1, 2021, shall bear interest at the rate of 5 . 375% per annum, determined on the basis of a year of 360 days consisting of 12 months of 30 days each, and shall be subject to mandatory redemption in part at a redemption price of 100% of the principal amount thereof commencing August 1, 2016 and on each August 1 thereafter -19- until maturity together with the interest accrued thereon to the date fixed for redemption from mandatory Sinking Fund Installments. The following mandatory kg Fund Installment amounts and dates for such Term Bond is hereby established. Sinking Fund Installment Date August i of the Year Amount 2016 $240, 000 . 00 2017 $250, 000 . 00 2018 $265, 000 . 00 2019 $280, 000 . 00 2020 $295, 000 . 00 2021 $315, 000 . 00 Any Sinking Fund Installment may, at the option of the Authority, be reduced by all or any portion of the principal amount of Bonds of the maturity subject to redemption therefrom that have been acquired or redeemed otherwise than by application of Sinking Fund Installments and have not previously been applied to such a reduction. (g) The Bonds maturing on and after August 1, 2004 will be subject to redemption prior to maturity at the option of the Authority on and after August 1, 2003 as a whole at any time or in part on any Interest Payment Date on or after August i, 2003 . Any such redemption shall be at the redemption price as a percentage of the principal amount of the Bonds or portionspthereof toto be so redeemed) set forth below, together with the interest accrued thereon to the date fixed for redemption: Period During Which Redeemed Price August 1, 2003 to July 31, 2004 August 1, 2004 to July 31, 2005 1010 August 1, 2005 and thereafter prior to matuirty 1000 0 (h) The Bonds are subject to redemption prior to maturity at the direction of the Authority with the consent of the Town upon the occurrence of one or more of the following events, as a whole at any time but not in part, at a redemption price equal to 1000 of the principal amount thereof, without premium, together with accrued interest to the date of redemption : (1) The Housing Project shall have been damaged or destroyed to the extent that, in the opinion of the Construction Manager or a professional engineer submitted to the Authority at the request of the Authority, either (i) the Housing Project cannot be reasonably restored or repaired within a period of six months to the condition thereof -20- immediately preceding such damage or destruction or (ii) the Authority would thereby be prevented from carrying on the normal rental operations of the Housing Project, as it existed immediately prior to such damage or destruction, for a period of six months or more; or (2) Title to, or the use or possession of, all or substantially all of the Housing Project shall have been condemned or taken under the exercise of the power of eminent domain by any governmental authority, or a Person acting under governmental authority, for any public use or purpose to such an extent that, in the opinion of the Construction Manager or a professional engineer submitted to the Authority and at the request of the Authority, either (i) the Housing Project as it existed immediately prior to such condemnation or taking cannot be reasonably restored or replaced within a period of six months to a condition of comparable usefulness to that existing prior to such condemnation or taking or (ii) the Authority would thereby be prevented from carrying on the normal rental operations of the Housing Project as it- existed immediately prior to such condemnation or taking for a period of six months or more. (i) In the event any of the Bonds are to be redeemed, the Fiscal Agent shall cause notice to be given to the Holders of the Bonds to be redeemed as specified in this Resolution. If less than all of the Bonds of any one maturity shall be called for redemption, the particular Bonds and Authorized Denominations thereof to be redeemed shall be selected by the Fiscal Agent by lot . In the event of redemption of less than all of the Bonds, the maturity or maturities to be redeemed shall be selected by the Authority. (j ) Pursuant to recommendations promulgated by the Committee on Uniform Security Identification Procedures, "CUSIP" numbers may be printed or typed on the Bonds . The Bonds may bear such endorsement or legend as may be required to conform to usage or law with respect thereto. (k) The Authority shall cause a copy of the text of the opinion of Bond Counsel delivered in connection with the original issuance of the Bonds . (1) Bonds may also be issued under this Resolution in lieu of Bonds theretofore issued which have been mutilated, lost, destroyed or stolen. SECTION 2 . 02 . Execution of Bonds . All Bonds issued hereunder shall be executed in the name of the Authority by the manual or facsimile signature of its Chairman, and an actual impression or facsimile of the corporate seal shall be thereunto affixed and attested by the manual 'or facsimile signature of its Secretary. -21- Any such Bonds may be authenticated, issued and delivered notwithstanding that one or more of the officers signing such Bonds or whose facsimile signature shall be upon such Bonds or any thereof, shall have ceased to be such officer or officers at the time when such Bonds shall actually be delivered, the nominal date of the Bonds any such person shallnnot lhavegh been such officer of the Authority. SECTION 2 . 03 . Bonds Are Ne otiable Instruments. The Bonds shall have the qualities of negotiable instruments under the merchant law and the negotiable instruments law of the State, as well as the Uniform Commercial Code as adopted by the State, subject to the provisions for registration and transfer contained in the Bonds . SECTION 2 . 04 . Ownership of Bonds . The Authority, the Fiscal Agent and any Paying Agent may treat the Registered Owner of the Bond as the absolute owner of such Bond for all purposes whether or not such Bond shall be overdue, and neither the Authority, the Fiscal Agent nor any Paying Agent shall be affected by any notice to the contrary. Any consent, waiver or other action taken by the Registered Owner of any Bond shall be conclusive and binding upon such Registered Owner, his heirs, successors or assigns, and upon all transferees of such Bond whether or not notation of such consent, waiver or other action, shall have been made on such Bond or on any Bond issued in exchange therefor or upon registration or transfer thereof . SECTION 2 . 05 . Temporary Bonds . Until Bonds in definitive form are ready for delivery, the Authority may execute and deliver in lieu of any thereof, and subject to the same provisions, limitations and conditions, one or more printed, lithographed or typewritten Bonds in temporary form, substantially of the tenor of the Bonds hereinbefore described and with appropriate omissions, variations and insertions. Such Bond or Bonds in temporary form may be for the amount of any authorized denomination or any multiple thereof, as the Authority may determine . Until exchanged for Bonds of the same series of Bonds in definitive form such Bonds in temporary form shall be entitled to benefit of this Resolution. Unless otherwise agreed with the Registered Owner of such temporary Bond, the Authority shall, without unreasonable delay, prepare, execute and deliver to the Fiscal Agent, and thereupon, upon the presentation and surrender of any Bond or Bonds in temporary form, in exchange therefor, a Bond cr Bonds in definitive form of the same maturity for the same agcregate principal amount as the Bond or Bonds in temporary form surrendered. Such exchange shall be made by the Authority at its own expense and without making any charge therefor. Until such Bonds in definitive form are ready for delivery, the Registered Owner of one or more Bonds in temporary form may, with the consent of the Authority, exchange the same, upon surrender thereof to the Fiscal Agent for cancellation, for AINIMMINONOMMIligh -22- Bonds in temporary form of like aggregate principal amount, of the same series and maturity and in authorized denominations . SECTION 2 . 06 . Mutilated_, Destroyed, Lost or Stolen Bonds. Upon receipt by the Authority and the Fiscal Agent of evidence satisfactory to both of them that any Outstanding Bond has been mutilated, destroyed, lost or stolen, and of indemnity satisfactory to both of them, then the Authority, in its discretion, may execute and thereupon deliver a new Bond of the same series and same maturity and of like tenor in exchange and substitution for, and upon surrender and cancellation of, the mutilated Bond or in lieu of and in substitution for the Bond so destroyed, lost or stolen. The Authority may, for each new Bond authenticated and delivered under the provisions of this Section, require the payment of the expenses, including Counsel fees, which may be incurred by the Authority and the Fiscal Agent in connection therewith. In case any such mutilated, destroyed, lost or stolen Bond has become or is about to become due and payable, the Authority, in its discretion, may, instead of issuing a new Bond, direct the payment thereof and the Fiscal Agent shall thereupon pay the same. Any Bond issued under the provisions of this Section in lieu of any Bond alleged to be destroyed, lost or stolen, shall constitute an original additional contractual obligation on the part of the Authority whether or not the Bond so alleged to be destroyed, lost or stolen be at any time enforceable by anyone, and shall be equally and proportionately entitled to the benefits of this Resolution with all other Bonds issued under this Resolution. -23- ARTICLE III . CONSTRUCTION FUND. SECTION 3 . 01 . Establishment of Construction Fund. The Authority shall establish and maintain a Construction Fund for the Housing Project . No disbursements of funds held from time to time in the Construction Fund shall be made except as permitted in this Article . Any money held as part of the Construction Fund shall be held by the Authority which shall invest the money on deposit in the Construction Fund pursuant to the provisions of Section 4 . 10 of this Resolution and shall apply the income from such investments as provided therein. SECTION 3 . 02 . Payments From Construction Fund. The Authority shall make payments from the Construction Fund with respect to the Housing Project only (i) upon the prior receipt of a requisition, signed on behalf of the Authority by an Authorized Representative, and, if with respect to construction costs which must be approved by the Construction Manager pursuant to any agreement for construction management and supervision services by and between the Authority and the Construction Manager, then stating (a) the date, (b) the name of the Person to whom the payment is to be made, (c) the amount to be paid, (d) in reasonable detail and if appropriate by reference to cost categories, the purpose for which the payment is to be made, (e) that the obligation was properly incurred, (f) that the amount requisitioned is due and unpaid, and has not been the subject of any previously paid requisition, (g) that following the payment the amount remaining on deposit in the Construction Fund either (i) is estimated to be sufficient to pay the remaining cost of completing the Housing Project or (ii) the Authority has certified that it is taking appropriate steps either to reduce the cost or raise additional moneys (whether through increasing Revenues or through the issuance of debt) so that the amount remaining or deposited in the Construction Fund is estimated to be sufficient to pay the remaining costs of completing the Housing Project , and (h) that with respect to items covered in the requisition, the signer has no knowledge of any vendors' , mechanics' or other liens, conditional sales contracts, chattel mortgages, leases of personalty, title retention agreements or security interests which should be satisfied or discharged before the payments as requisitioned therein are made or which will not be discharged by such payment . SECTION 3 . 03 . Covenant to Complete Facilities . The Authority covenants and agrees to complete the construction of the Housing Project , free of all liens and encumbrances with the proceeds of the Bonds with all due dispatch and efficiency. SECTION 3 . 04 . Compliance With Laws . The Authority covenants that in the construction of the Housing Prcject it will comply with all laws, acts, rules, regulations , permits , orders and -24- requirements lawfully made, of any national, state, legislative, executive, administrative or judicial body, commission or office, or other competent public authorities now or hereafter existing, exercising any power of regulation or supervision over the Authority or over the manner of the construction or operation thereof . -25- ARTICLE IV. REVENUES AND FUNDS. SECTION 4 . 01 . Rent Covenant . The Authority covenants that it will fix, charge and collect Revenues from the Housing Project so long as any Bonds shall remain Outstanding, which shall produce, together with other Authority moneys, in the aggregate, Revenues which shall be sufficient in each Fiscal Year to provide for: (a) the Operating Expenses of the Housing Project, and (b) an amount equal to one hundred percent (1009s) of the Debt Service Requirements for the Bonds in such Fiscal Year, and (c) an amount necessary to fund (i) any deficiency in the Debt Service Reserve Fund, (ii) any deficiency in the Operating Reserve Fund, (iii) any deficiency in the Contingency Fund, (iv) the Payment in Lieu of Taxes Fund and (v) the Rebate Fund, if required. SECTION 4 . 02 . Revenue Fund. The Authority covenants to create and maintain one or more accounts in one or more banks or trust companies, including but not limited to the banking department of the Fiscal Agent or of any Paying Agent, designated as the "Revenue Fund, " separate and apart from the other funds and accounts of the Authority. The Authority shall deposit or cause to be deposited into the Revenue Fund, as soon as possible after receipt, but in no event less frequently than monthly, all of its Revenues, except as otherwise provided in the Lease . Any money held as part of the Revenue Fund shall be held by the Authority which shall invest the money on deposit in the Revenue Fund pursuant to the provisions of Section 4 . 10 of this Resolution and shall apply the income from such investments as provided therein. The money from time to time in the Revenue Fund shall be applied by the Authority for the purpose of making the deposits required to be made to the following funds or accounts as hereinafter set forth in the following order of priority: the Operating Fund, the Debt Service and Sinkinc Fund, the Debt Service Reserve Fund, the Operating Reserve Fund, the Contingency Fund, the Payments in Lieu of Taxes Fund. On the last Business Day of the last calendar month of a Fiscal Year the Authority shall transfer to the funds or accounts established under the Resolution all amounts required by the Resolution to be transferred thereto from the Revenue Fund as of such Business Day. Any amounts then remaining in the Revenue Fund shall be withdrawn from the Revenue Fund and paid to the Town. -26- SECTION 4 .03 . Operating Fund. The Authority covenants to create and maintain one or more accounts in one or more banks or trust companies, ' including but not limited to the banking department of the Fiscal Agent, designated as the "Operating Fund" , separate and apart from the other funds and accounts of the Authority. During each Fiscal Year, the Authority will transfer from the Revenue Fund to the Operating Fund such amounts as may be necessary to pay Operating Expenses. The Operating Fund and the money from time to time on deposit therein shall be applied solely for the payment of Operating Expenses . Any money held as part of the Operating Fund shall be held by the Authority which shall invest the money on deposit in the Operating Fund pursuant to the provisions of Section 4 .10 of this Resolution and shall apply the income from such investments as provided therein. The disbursement of amounts in the Operating Fund shall be governed by such financial control standards and practices as are deemed prudent by the Authority. SECTION 4 . 04 . Debt Service and Sinking Fund. There is hereby created a special fund to be held by the Fiscal Agent to be known as the Debt Service and Sinking Fund. The Authority shall pay from Revenues and deposit in the Debt Service and Sinking Fund on or before the first Business Day of each calendar month an amount equal, in aggregate, to Accrued Debt Service for the Bonds. In the event moneys are not sufficient for the payment of the Debt Service Requirement on a Payment Date, the Fiscal Agent shall, without instruction or further direction from the Authority, promptly transfer the requisite amounts from the Debt Service Reserve Fund to the Debt Service and Sinking Fund to make good any such deficiency. Any money held as a part of the Debt Service and Sinking Fund shall be held by the Fiscal Agent and invested or reinvested by the Fiscal Agent, as directed in writing by the Authority, in Investment Securities, subject to the restrictions set forth in the Act . The Fiscal Agent may make any and all such investments through its own investment department. In making investments, the Fiscal Agent may rely upon the directions cf the Authority as to the investments purchased and shall be and hereby is relieved of all liability with respect to making, holding, redeeming or selling such investments in accordance with the foregoing. Income from investments shall be applied as provided in Section 4 . 10 hereof . The money held from time to time in the Debt Service and Sinking Fund shall be applied by the Fiscal Agent without further direction from the Authority to the payment of the Debt Service Requirements on the Bonds as and when the same shall become due and payable . -27- SECTION 4 . 05 . Debt Service Reserve Fund. There is hereby created a special fund to be held by the Fiscal Agent to be known as the Debt Service Reserve Fund. The Authority shall pay from Revenues and deposit in the Debt Service Reserve Fund on or before the first Business Day of each calendar month an amount equal, in aggregate, to one-twelfth of the Debt Service Reserve Requirement for the Bonds not then on deposit in the Debt Service Reserve Fund. Any money held as a part of the Debt Service Reserve Fund shall be held by the Fiscal Agent and invested or reinvested by the Fiscal Agent, as directed in writing by the Authority, in Investment Securities, subject to the restrictions set forth in the Act. The Fiscal Agent may make any and all such investments through its own investment department . In making investments, the Fiscal Agent may rely upon the directions of the Authority as to the investments purchased and shall be and hereby is relieved of all liability with respect to making, holding, redeeming or selling such investments in accordance with the foregoing. Income from investments shall be applied as provided in Section 4 . 10 hereof . The Fiscal Agent shall be authorized, without further direction from the Authority, to apply the money in the Debt Service Reserve Fund toward the payment of the Debt Service Requirements from time to time becoming due and payable upon the Bonds, to the extent that the Debt Service and Sinking Fund shall at any time be insufficient with respect to amounts necessary to pay the Debt Service Requirements on such Bonds . SECTION 4 . 06 . Operating Reserve Fund. There is hereby created and established a fund to be known as the Operating Reserve Fund, which shall be governed by paragraph 36 of the Lease . During each Fiscal Year the Authority will transfer from the Revenue Fund to the Operating Reserve Fund such amounts as may be required pursuant to paragraph 36 of the Lease. Any money held as part of the Operating Reserve Fund shall be held by the Authority which shall invest the money on deposit in the Operating Reserve Fund pursuant to the provisions of Section 4 .10 of this Resolution and shall apply the income from such investment as provided therein. The Authority shall expend moneys from the Operating Reserve Fund as provided in paragraph 36 of the Lease. SECTION 4 . 07. Contingency Fund. There is hereby created and established a fund to be known as the Contingency Fund, which shall be governed by paragraph 6 (B) of the Lease . During each fiscal year the Authority will transfer from the Revenue Fund to the Contingency Fund such amounts as may be required pursuant to paragraph 6 (B) of the Lease . Any money held as part of the Contingency Fund shall be held by the Authority which shall invest the money on deposit in the Contingency Fund pursuant to the provisions of Section 4 . 10 of this Resolution and shall apply the income from such investment as provided t'nerein. The Authority -28- shall expend moneys from the Contingency Fund as provided in paragraph 6 (B) of the Lease . SECTION 4 .08 . Payment in Lieu of Taxes Fund. There is hereby created and established a fund to be known as the Payment in Lieu of Taxes Fund, which shall be governed by paragraph 6 (E) of the Lease . During each fiscal year the Authority will transfer from the Revenue Fund to the Payment in Lieu of Taxes Fund such amounts as may be required pursuant to paragraph 6 (E) of the Lease . Any money held as part of the Payment in Lieu of Taxes Fund shall be held by the Authority which shall invest the money on deposit in the Payment in Lieu of Taxes Fund pursuant to the provisions of Section 4 . 10 of this Resolution and shall apply the income from such investment as provided therein. The Authority shall expend moneys from the Payment in Lieu of Taxes Fund as provided in paragraph 6 (E) of the Lease . SECTION 4 . 09 . Rebate Fund. (a) There is hereby created a special fund to be held by the Fiscal Agent and to be known as the Rebate Fund which shall be used for the deposit of the Rebate Amount . (b) The Authority covenants to determine the Rebate Amount or cause the same to be determined in the manner provided in Section 148 (f) of the Code, the Treasury Regulations promulgated thereunder and any other rules which may be promulgated thereafter by the Treasury Department or Internal Revenue Service (the "Rules" ) and to transfer or cause to be transferred to Fiscal Agent such determination for purposes of paragraph (c) of this Section. (c) Records of each of the determinations required to be made hereunder and by the Rules shall be retained by the Fiscal Agent until a date which is six (6) years after the retirement of the last Bond. (d) The Authority shall pay from Revenues and deposit in the Rebate Fund the Rebate Amount prior to the date on which the Rebate Amount must be paid to the United States . (e) If any amount shall remain in the Rebate Fund after the Fiscal Agent has made the final payment to the United States in accordance with the Rules, such amount shall be paid to the Authority. The Fiscal Agent may pay any projected excess amount in the Rebate Fund to the Authority prior to such final payment , but only upon receipt of an opinion of Bond Counsel to the effect that such prior payment will not adversely affect the tax-exempt status of interest on any Tax-Exempt Bonds , nor subject either the Fiscal Agent or the Authority to any penalty for an improper calculation or payment of the Rebate Amount . -29- (f) Any money held as a part of the Rebate Fund shall be invested or reinvested by the Fiscal Agent, as directed in writing by the Authority, in Investment Securities, subject to the restrictions set forth in the Rules . The Fiscal Agent may make any and all such investments through its own investment department . In making investments, the Fiscal Agent may rely upon the directions of the Authority as to the investments purchased and shall be and hereby is relieved of all liability with respect to making, holding, redeeming or selling such investments in accordance with the foregoing. (g) Any and all money held as part of the Rebate Fund shall be considered proceeds of the Bonds for all purposes including, but not limited to, the limitations on investments in Non-Purpose Investments. (h) The Rebate Amount shall be paid to the United States by the Fiscal Agent on behalf of and at the written direction of the Authority in installments as provided in the Rules . Each payment of an installment of the amount required to be paid to the United States shall be paid at the time and in the manner provided in the Rules . The duty of the Fiscal Agent to make payments to the United States pursuant to this Section and the Rules shall be expressly limited to funds available in the Rebate Fund at the times such payments are required to be made (including all investment earnings on funds theretofore deposited by. the Fiscal Agent in the Rebate Fund) , and any other funds actually provided to the Fiscal Agent by the Authority for such payments . The Fiscal Agent shall not be under any duty to pay any amounts in excess of the amount available in the Rebate Fund, if any, or actually provided to it by the Authority. The Fiscal Agent shall not have any duty to determine the Rebate Amount or expend its own funds with respect to the determination that any amounts are rebatable or the calculation thereof . SECTION 4 . 10 . Investment of Money in Certain Funds . Any money held as part of either the Construction Fund, the Revenue Fund or the Operating Fund shall be invested or reinvested by the Authority in Investment Securities . Any money held as part of the Operating Reserve Fund, the Contingency Fund or the Payment in Lieu of Taxes Fund shall be invested by the Authority in either Investment Securities or as provided in Section 37 (1) (r) of the Public Housing Law of the State, as the same may be amended from time to time . Income from any investments of money in any Fund established pursuant to this Resolution shall be credited to the Fund from which the money invested was derived. Any method of allocating investment income in accordance with Generally Accepted Accounting Principles may be utilized by either the Authority or the Fiscal Agent, as the case may be, in allocating such moneys to the appropriate fund. -30- SECTION 4 . 11 . Discontinuation of Funds. In the event that the Authority shall desire to redeem and pay all Outstanding Bonds, and the money in ' the funds held by the Fiscal Agent under this Resolution, or in any one or more of said funds, together with other available money, are sufficient to effect such redemption or payment, including in addition to principal and interest, costs of redemption and proper charges and expenses of the Fiscal Agent, said funds or any one or more of them as the case may be, may be discontinued and the money therein applied toward such redemption or payment. -31- ARTICLE V. REDEMPTION OF BONDS. SECTION 5 . 01 . Notice of Redemption. Whenever the Authority shall, by Resolution of the Authority, determine to redeem Outstanding Bonds in accordance with the right reserved to do so, the Authority shall give the Fiscal Agent not more than sixty (60) days' and at least forty-five (45) days' notice of the date fixed for redemption. When Bonds are called for redemption, the Fiscal Agent shall cause a notice to be deposited in the United States mail first class, postage prepaid, not more than sixty (60) days and at least thirty (30) days prior to the redemption date addressed to the Registered Owners of the Bonds called for redemption, at the addresses appearing in the records kept by the Fiscal Agent . Such Notice shall be given in the name of the Authority, shall identify the Bonds to be redeemed by certificate number, CUSIP number, date of issue, interest rate, maturity date and any other identifying information (and in the case of a partial redemption of any Bonds, the respective principal amounts thereof to be redeemed and the numbers, including CUSIP numbers if applicable, of the Bonds to be redeemed which may, if appropriate, be expressed in designated blocks of numbers) , shall specify the redemption date, the redemption price, and the Fiscal Agent' s name and address and shall state that on the redemption date the Bonds called for redemption will be payable at the principal corporate trust office of the Fiscal Agent and that from and after the date of redemption interest will cease to accrue provided, however, that the Registered Owners of all Bonds to be redeemed may file written waivers of notice with the Fiscal Agent, and if so waived, such Bonds may be redeemed and all rights and liabilities of the Owners shall mature and accrue on the date set for such redemption, without the requirement of written notice . Any defect in or failure to give such notice with respect to any particular Bond or Bonds shall not affect the validity of any such redemption of other Bonds . In addition, the Fiscal Agent shall cause copies of such notice of redemption to be sent by registered mail, certified mail, overnight delivery service or confirmed telecopy (or other similarly secure service acceptable to the Fiscal Agent) to The Depository Trust Company and the Philadelphia Depository Trust Company and to two or more naticnal information services that disseminate redemption information. Unless otherwise waived by the depositories, the notices tc registered securities depositories shall be sent at least two (2) business days in advance of the date notices addressed to registered owners and national information services are deposited in the United States mail . The current names and addresses of the two registered securities depositories are as follows : The Depository Trust Company, 711 Stewart Avenue, Garden City, New York, 11530, Attn: Diana Difiglia; and Philadelphia Depository Trust Company, Reorganization Division, -32- 1900 Market Street, Philadelphia, Pennsylvania 19103, Attn: Bond Department . Certain national information services include : Kenny Information Systems, Inc. , Called Bond Service, 55 Broad Street, 28th Floor, New York, New York 10004; Moody' s Investors Service, Inc. , Municipal and Government, 99 Church Street, 8th Floor, New York, New York 10007; Standard & Poor' s Corporation, Called Bond Records, 25 Broadway, New York, New York 10004; and The Bond Buyer, One State Street Plaza, New York, New York 10004 . The Fiscal Agent shall not be required to advertise said notice of redemption. The Fiscal Agent shall send a second copy of said redemption notice by registered or certified mail, postage prepaid, to all registered bond owners that do not present their Bonds for payment within thirty (30) days following the redemption date. If at the time of the notice of redemption the Authority shall not have deposited with the Fiscal Agent money sufficient to redeem all the Bonds called for redemption and the Fiscal Agent shall not otherwise hold such money for such purpose, such notice may state that it is conditional, that is, subject to the deposit of the redemption money with the Fiscal Agent not later than the opening of business on the redemption date, and such notice shall be of no effect unless and until such moneys are so deposited. SECTION 5 . 02 . Payment of Redemption Price . Notice having been given in the manner hereinbefore provided, or written waivers of notice having been filed with the Fiscal Agent prior to the date set for redemption, the Bonds so called for redemption shall become due and payable on the redemption date so designated and, if an amount sufficient to pay the redemption price is on deposit with the Fiscal Agent for such purpose on such date, interest on such Bonds shall cease to accrue from and after the redemption date whether or not the Bonds shall be presented for payment . The principal amount of all Bonds or portions thereof so called for redemption, together with the accrued and unpaid interest thereon to the date of redemption shall be paid by the Fiscal Agent or the Paying Agent, if any, mentioned in the Bond called for redemption, upon presentation and surrender thereof in negotiable form. SECTION 5 . 03 . Destruction of Bonds . All Bonds which shall be paid, purchased or redeemed by the Fiscal Agent or the Authority pursuant to the terms and provisions of this Resolution shall be cancelled and destroyed by the Fiscal Agent which shall furnish the Authority with its certificates of destruction. . -33- ARTICLE VI . PARTICULAR COVENANTS OF THE Authority. SECTION 6 . 01 . Payment of Bonds and Other Indebtedness . The Authority covenants that it will promptly pay the Debt Service Requirements for every Bond issued hereunder at the place and on the dates and in the manner specified herein and in said Bonds, or therein, according to the true intent and meaning thereof . SECTION 6 . 02 . Operation of Authority Facilities . The Authority covenants that it will at all times: (a) maintain, or undertake its best efforts to cause to be maintained, the Housing Project and every part thereof in good repair, working order and condition; (b) operate, or undertake its best efforts to cause to be operated, the Housing Project; (c) make all necessary and proper repairs, renewals and replacements, or undertake its best efforts to cause to be repaired, renewed and replaced, the Housing Project; and (d) use its best efforts to maintain all its rights, powers, privileges and franchises; and comply with all valid and applicable laws, including the Act, as the same may be amended from time to time, acts, rules, regulations, permits, orders, requirements and directions of any legislative, executive, administrative or judicial body. SECTION 6 . 03 . Corporate Existence and Service . The Authority shall throughout the term of :he Bonds maintain its existence . SECTION 6 . 04 . No Impairment of Bondholders' Rights . The Authority covenants and agrees that so long as any of the Bonds are Outstanding, none of the Revenues shall be used for any purpose other than as provided in this Resolution. SECTION 6 . 05 . Federal 7ax Covenants . The Authority hereby covenants not to take or omi: to take any action so as to cause interest on any Tax-Exempt Bcnds to be no longer excluded from gross income for the purposes of federal income taxation and to otherwise comply with the requirements of Section 103 and Sections 141 through 150 of the Code, and all applicable regulations promulgated with respect thereto, throuchout the term of such Tax-Exempt Bonds . The Authority further covenants that it will make no investments or other use of the proceeds of any Tax-Exempt Bonds which would cause such Tax-Exempt Bonds to be "arbitrage bonds" as defined in Section 148 of the Code . The Authority further covenants to comply with the rebate requirements (including the prohibited payment provisions) contained in Section 148 (f) of -34- the Code and any regulations promulgated thereunder, including the payment of any Rebate Amount, to the extent applicable, and to pay any interest or penalty imposed by the United States for failure to comply with said rebate requirements, to the extent applicable'. -35- ARTICLE VII . EVENTS OF DEFAULT AND REMEDIES. SECTION 7. 01. Events of Default Defined. Each of the following shall be an "Event of Default" hereunder: A. Payment of the principal of any Bond is not made when it becomes due and payable at maturity, upon redemption or otherwise, or if payment of any installment of interest on any Bond is not made when it becomes due and payable; or B. A final determination by a court of competent jurisdiction that the Guaranty is either invalid or unenforceable, including as a result of the occurrence of any Act of Bankruptcy with respect to the Town. SECTION 7 . 02 . Enforcement of Remedies . Upon the happening and continuance of any Event of Default then, and in every such case, the Registered Owners of not less than twenty-five percent (250) in principal amount of the Bonds then Outstanding hereunder may: (1) Appoint a trustee; and/or (2) By mandamus or other suit, action or proceeding at law or in equity enforce all rights of the Registered Owners, including the right to require the Authority to collect Revenues, to perform its duties under this Resolution and the Act; and/or (3) Bring suit upon such Bonds; and/or (3) By action or suit in equity, require the Authority to account as if it were the trustee of an express trust for the Registered Owners of such Bonds; and/or (4) By action or suit in equity, enjoin any acts or things which may be unlawful or in violation of the rights of the Registered Owners of such Bonds . Any trustee appointed pursuant to this Section shall proceed, in accordance with the Act, to protect and enforce the rights of the Registered Owners under the laws of the State or under this Resolution by such suits, actions or special proceedings in equity or at law, or by proceedings in the office of any board or officer having jurisdiction, either for the specific performance of any covenant or agreement contained herein or in aid or execution of any power herein granted or for the enforcement of any proper, legal or equitable remedy as the trustee, being advised by counsel, shall deem most effectual to protect and enforce such rights . In -36- the enforcement of any remedy under this Resolution the trustee shall be entitled to sue for, enforce payment of and receive any and all amounts then or during any default becoming and at any time remaining due from the Authority for principal, interest or otherwise under any of the provisions of this Resolution or of the Bonds and unpaid, with interest on overdue payments at the rate or rates of interest specified in such Bonds, together with any and all costs and expenses of collection and of all proceedings hereunder and under such Bonds, without prejudice to any other right or remedy of the trustee or of the Registered Owners, and to recover and enforce any judgment or decree against the Authority, but solely as provided herein and in such Bonds, for any portion of such amounts remaining unpaid, with interest, costs and expenses, and to collect (but solely from money in the Debt Service and Sinking Fund, Debt Service Reserve Fund, and any other money available for such purpose) in any manner provided by law, the money adjudged or decreed to be payable. Any suit, action or proceeding by the trustee on behalf of Registered Owners shall be heard or maintained in a court of competent jurisdiction. The trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth in the Act or incident to the general representation of Registered Owners in the enforcement and protection of their rights . All rights of action under this Resolution or under any of the Bonds secured hereby, enforceable by the trustee, may be enforced by it without the possession of any of the Bonds or the production thereof at the trial or other proceeding relative thereto, and any such suit, action or proceeding instituted by the trustee shall be brought in its name for the benefit of all the Registered Owners of such Bonds, subject to the provisions of this Resolution. SECTION 7 . 03 . Effect of Discontinuance of Action. In case any proceeding taken by the trustee appointed pursuant to this Article VII on account of any default shall have been discontinued or abandoned for any reason or shall have been determined adversely to the trustee, then and in every such case the Authority, the Fiscal Agent and the Registered Owners shall be restored to their former positions and rights hereunder, respectively, and all rights, remedies, powers and duties of the Fiscal Agent shall continue as though no such proceeding had been taken. -37- ARTICLE VIII . EVIDENCE OF RIGHTS OF BONDHOLDERS. SECTION 8 . 01 . Proof From Registered Owners. Any request, consent or other instrument required by this Resolution to be signed and executed by Bondholders may be in any number of concurrent writings of substantially similar tenor and may be signed or executed by such Bondholders in person or by agent duly appointed by an instrument in writing. Proof of the execution of any such request, consent or other instrument or writing appointing any such agent shall be sufficient for any purpose of this Resolution. SECTION 8 . 02 . Proof of Writing. The fact and date of the execution by any Person of any such request, consent or other instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer of any jurisdiction, authorized by laws thereof to take acknowledgments of deeds, certifying that the Person signing such request, consent or other instrument acknowledged to him the execution thereof. Where such execution is by an officer of a corporation or association or a member of a partnership on behalf of such corporation, association or partnership, such affidavit or certificate shall also constitute sufficient proof of his authority. SECTION 8 . 03 . Proof of Bonds Held. The ownership of Bonds shall be proved by the registration books of such Bonds kept by the Fiscal Agent . Any request, consent, vote, other instrument or action, required by this Resolution of the Registered Owner of any Bond shall bind every future Registered Owner of the same Bond and the Registered Owner of every Bond issued in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Fiscal Agent or the Authority pursuant to such request, consent or vote, whether or not notation thereof be made on any Bond issued hereunder. SECTION 8 . 04 . Presumptions . In determining whether the Registered Owners of the requisite aggregate principal amount of Bonds shall have concurred in any demand, request , direction, consent or waiver under this Resolution, Bonds which are owned by the Authority or by any person directly or indirectly controlling or controlled by or under common control with the Authority shall be disregarded and deemed not to be Outstanding. -38- ARTICLE IX. DEFEASANCE. SECTION 9 . 01. Defeasance. If the Authority shall pay or cause to be paid, in accordance with the provisions of this Resolution, to the Registered Owners of any Bond, the principal and interest and premium, if any, to become due thereon, at the times and in the manner stipulated therein and in the Resolution, then any money and securities hereby pledged and all other rights granted hereby shall be discharged and satisfied with respect to such Bond. Notwithstanding the release and discharge of this Resolution as provided above, those provisions of this Resolution relating to the maturity of the Bonds, interest payments and dates thereof, exchange and transfer of Bonds, replacement of mutilated, destroyed, lost or stolen Bonds, the safekeeping and cancellation of Bonds, nonpresentment of Bonds, the holding of moneys in trust, and the duties of the Fiscal Agent in connection with all of the foregoing, shall remain in effect and shall be binding upon the Fiscal Agent, Authority and the Bondholders . Any Bond for the payment or redemption of which funds shall have been set aside (through deposit of funds for such payment or redemption or otherwise) whether at or prior to the maturity or redemption date thereof shall be deemed to have been paid within the meaning and with the effect expressed in the first sentence of this Section. Any Outstanding Bond shall, prior to the maturity or redemption date thereof, be deemed to have been paid within the meaning and with the effect expressed in the first sentence of this Section if (i) in case any of said Bonds are to be redeemed on any date prior to their maturity, the Authority shall have given to the Fiscal Agent in form satisfactory to it irrevocable instructions to give notice of redemption of such Bonds on said date as provided herein, (ii) there shall have been deposited with the Fiscal Agent either money in an amount which shall be sufficient, or noncallable Investment Securities of the type listed in subparagraphs (a) or (b) of the definition of Investment Securities, the principal of and the interest on which when due will provide money which, together with the money, if any, deposited with the Fiscal Agent at the same time, shall be sufficient to pay when due the principal, premium,, if applicable, and interest due and to become due on said Bonds on and prior to the redemption date or maturity date thereof, as the case may be, and (iii) if said Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days and such Bonds are to be redeemed the Authority shall have given the Fiscal Agent in form satisfactory to it irrevocable instructions to give notice to the Registered Owners of such Bonds that the deposit required by (ii) above has been made in accordance with this Section and stating such maturity or redemption date upon which T -39- money is to be available for the payment of the principal, interest and premium, if applicable, on said Bonds. Neither Investment Securities or money deposited with the Fiscal Agent pursuant to this Section, nor principal or interest payable on any such Investment Securities, shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal or premium, if applicable, and interest on said Bonds; provided that any cash received from such principal or interest payments on such Investment Securities deposited with the Fiscal Agent, if not then needed for such purpose, shall, at the written direction of the Authority and to the extent practicable, be reinvested in Investment Securities of the type hereinbefore described in this paragraph maturing at times and in amounts sufficient, together with other money available for the purpose, to pay when due the principal , premium, if applicable, and interest to become due on said Bonds on and prior to the redemption date or maturity date thereof, as the case may be, and interest earned from such reinvestments shall be paid over to the Authority, as received by the Fiscal Agent, free and clear of any trust, lien or pledge, provided, further that any Investment Securities may be sold, transferred, redeemed or otherwise disposed of, and the proceeds thereof applied to the purchase of other Investment Securities of the type permitted for this purpose, the principal of and interest on which, when due, together with money and other Investment Securities then held by the Fiscal Agent for such purpose shall be sufficient to pay when due the principal, premium, if applicable, and interest due and to become due on said Bonds on or prior to the redemption date or maturity date thereof, as the case may be. Anything in the Resolution to the contrary notwithstanding and except as the escheat laws of the State may otherwise provide, any money held by the Fiscal Agent in trust for the payment and discharge of any of the Bonds which remain unclaimed for four years after the date when all of the Bonds have become due and payable, either at their stated maturity dates or by call for earlier redemption, if such money were held by the Fiscal Agent at such date, or for four years after the date of deposit of such money if deposited with the Fiscal Agent after the said date when all of the Bonds become due and payable, shall , at the written request of the Authority, be repaid by the Fiscal Agent to the Authority, as its or their absolute property and free from trust , and the Fiscal Agent shall thereupon be released and discharged; provided, however, that before being required to make any such payment, the Fiscal Agent shall, at the expense of the Authority, cause to be published once in an Authorized Newspaper, notice that said money remains unclaimed and that, after a date named in said notice, which date shall be not less than ten (10) nor more than twenty (20) days after the date of first publication of such notice, the balance of such money then unclaimed will be returned to the Authority as provided above . -40- ARTICLE XV. MISCELLANEOUS PROVISIONS. SECTION 10 . 01 . Benefit of Covenants. All the covenants, stipulations, promises and agreements in this Resolution contained by or on behalf of the Authority shall bind and inure to the benefit of its successors and assigns, whether so expressed or not . SECTION 10 . 02 . No Further Beneficiaries. Nothing expressed or implied in this Resolution or in the Bonds is intended or shall be construed to give to any person other than the Registered Owners _ of the Bonds issued hereunder and the Town any legal or equitable right, remedy or claim under or in respect of this Resolution or any covenants, conditions or provisions therein or herein contained. SECTION 10 . 03 . Waiver of Notice. Whenever in this Resolution the giving of notice by mail or otherwise shall be required, the giving of such notice may be waived in writing by all ' Persons entitled to receive such notice, and in any such case the giving or receipt of such notice shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. SECTION 10 . 04 . Severability. In case any one or more of the provisions contained in this Resolution or in the Bonds shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Resolution or the Bonds, but this Resolution or the Bonds shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. SECTION 10 . 05 . Notices . Except as otherwise provided herein, all notices, demands, requests, consents, certificates, directions, elections and waivers pursuant to any provision of this Resolution shall be in writing and sent by United States registered or certified mail, return receipt requested, postage prepaid, or alternatively, by hand delivery, addressed to the Authority as follows : -41- To the Authority: Town of Mamaroneck Housing Authority Town Center 740 Boston Post Road Mamaroneck, New York 10543 Attention: Chairman To the Fiscal Agent: Manufacturers and Traders Trust Company Corporate Trust Department One M&T Plaza Buffalo, New York 14240 Attention: Trust Department or to such other address as the party to receive the communication may hereafter designate by written notice to all other Persons listed above . All notices shall be deemed to have been given hereunder on the day following mailing thereof in accordance with the requirements of this Section, except for telephonic notice pursuant to specific provisions hereof authorizing such notice or notice by hand delivery, which shall be deemed given immediately. SECTION 10 . 06 . Successors and Assigns . All the covenants, promises and agreements contained in this Resolution by or on behalf of the Authority shall bind and inure to the benefit of its respective successors and assigns, whether so expressed or not . SECTION 10 . 07 . Headings for Convenience Only. The descriptive headings herein are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof . SECTION 10 . 08 . Payments on Weekends, Holidays . Whenever the date fixed for the payment of the principal or redemption price of or the interest on any Bonds falls on any date that is not a Business Day, then the payment of principal, redemption price or interest need not be made on such date, but may be made on the next succeeding regular Business Day with the same force and effect as if made on the date fixed, and no interest shall accrue on such payment to the date payment is made . SECTION 10 . 09 . No Personal Liability. No recourse under or upon any obligation, covenant or agreement contained in this Resolution or in any Bond hereby secured, or under any judgment obtained against the Authority or by the enforcement of any assessment or by any legal or equitable proceeding by virtue of any constitution or statute or otherwise, or under any circumstances, under or independent of this Resolution, shall be had against any member, officer or employee, as such, past, present or future, of -42- the Authority for the payment for or to the Authority or any receiver thereof, or for or to the Registered Owners of any Bonds issued hereunder or otherwise, of any sum that may be due and unpaid by the Authority upon any such Bond. Any and all personal liability of every nature, whether at common law or in equity, or by statute or by constitution or otherwise, of any such member, officer or employee of the Authority as such, to respond by reason of any act or omission on his part or otherwise, for the payment for or to the Registered Owner of any Bond issued thereunder or otherwise, of any sum that may remain due and unpaid upon the Bonds and hereby secured or any of them, is hereby expressly waived and released as a condition of and consideration for the execution of this Resolution and the issuance of such Bond. SECTION 10 .10 . No Indebtedness Created. Neither the State, the Town nor any other municipality or public corporation, other than the Authority and, pursuant to the Guaranty, the Town shall be liable for the payment of the principal of or interest on any of the Bonds issued hereunder, or for the performance of any obligation or agreement of the Authority, and none of the-Bonds of the Authority issued hereunder shall be construed to constitute an indebtedness of said State, the Town or any other municipality or. public corporation, other than the Authority and, pursuant to the Guaranty, the Town. SECTION 10 . 11. Governing Law. This Resolution shall be governed exclusively by the provisions hereof and by the applicable laws of the State without reference to conflict of law provisions. APPENDIX G FORM OF APPROVING OPINION OF BOND COUNSEL THIS PAGE INTENTIONALLY LEFT BLANK APPENDIX G Form of Approving Opinion of Bond Counsel (Date of Closing) Town of Mamaroneck Housing Authority Mamaroneck, New York Town of Mamaroneck Housing Authority $4 , 645, 000 Hommocks Park Apartment Project Revenue Bonds, 1993 Ladies and Gentlemen: We have acted as bond counsel with respect to the issuance by the Town of Mamaroneck Housing Authority (the "Authority" ) , a municipal housing authority and a public corporation of the State of New York (the "State") , of its Hommocks Park Apartment Revenue Bonds, 1993, in the aggregate principal amount of $4 , 645, 000 (the "Bonds") . The Bonds are authorized to be issued pursuant to Article 3 and Section 569 of Article 13 of the Public Housing Law, as amended, of the State (collectively, the "Act") and a resolution, duly adopted by the Authority on August 12, 1993 (the "Resolution") . The Bonds are issued for the principal purpose of providing funds to finance the (i) construction of a 54-unit garden style housing facility containing apartments which are affordable for rental by persons and families of low and/or moderate income (the "Housing Project" ) , (ii) funding of a debt service reserve fund established under the Resolution, (iii) funding capitalized interest on the Bonds, (iv) costs of issuing the Bonds, and (v) reimbursement to the Town of Mamaroneck, Westchester County, New York (the "Town" ) , for certain costs of the Housing Project previously incurred. The payment of principal of and interest on the Bonds is unconditionally guaranteed by the Town (the "Guarantee") . The Bonds are dated August 1, 1993 , initially issued only in registered form in denominations such that one bond shall be issued for each maturity of Bonds and will mature and bear interest at the respective rates per annum as set forth in the Resolution. The Bonds are subject to redemption prior to maturity as a whole or in part , at such time or times, under such circumstances, at such redemption prices and in such manner as set forth in the Resolution . For purposes of rendering the opinions expressed herein we have examined certified copies of proceedings of the Authority and the . -2- Town and other certificates and proofs authorizing and relating to the issuance of the Bonds, including the form of the Bonds. In addition, we have examined the following: (a) The Constitution of the State and such statutes and regulations as we have deemed relevant to this opinion, including particularly the Act; (b) The Internal Revenue Code of 1986, as amended, including particularly Sections 103 and 141 through 150 thereof and the applicable regulations of the United States Treasury Department promulgated thereunder (collectively, the "Code" ) ; (c) Certified copies of proceedings of the Authority preliminary to and in connection with the issuance of the Bonds, including particularly the Resolution; (d) The Arbitrage Certificate of the Authority provided in accordance with the Code; (e) A resolution of the Town Board of the Town (the "Town Board" ) duly adopted by the Town Board on July 14 , 1993, authorizing the Guarantee (the "Guarantee Resolution") ; and (f) Such other documents and proceedings as we have considered necessary or appropriate in the circumstances to render the following opinions . The opinion expressed in paragraph (7) below is premised upon (i) the accuracy of the factual information and the truthfulness of the representations and expectations set forth in :he certificate described in paragraph (d) above, and (ii) the assumption that the Authority will comply with its covenants as to future acts that are necessary to preserve the exclusion of interest on the Bonds from gross income for federal income tax purposes. In rendering the opinions expressed herein we have assumed the accuracy and truthfulness of all public records, documents and proceedings, including factual information, expectations and statements contained therein, examined by us which have been executed or certified by public officials acting within the scope of their official capacities, and have not verified the accuracy or truthfulness thereof . We also have assumed the genuineness of the signatures appearing upon such public records, documents and proceedings and the certifications thereof. Based upon the foregoing, it is our opinion that : (1) The Authority was duly created and is -:al i dly existing under the provisions of the Act as a municipal hous_na authority of -3- the State with full power and authority to issue the Bonds for the purposes described above and to perform all its obligations under the Resolution. (2) The Authority has full power and authority to adopt the Resolution. The Resolution has been duly and lawfully adopted by the Authority, is in full force and effect, is the valid and binding obligation of the Authority and is enforceable in accordance with its terms, except to the extent that the enforceability (but not the validity) of the Resolution may be limited by any applicable bankruptcy, insolvency, moratorium or other law or enactment now or hereafter enacted by the State or federal government affecting the enforcement of creditors' rights and except that equitable remedies lie in the discretion of a court and may not be available . (3) The Bonds have been duly and validly authorized and issued in accordance with law, including the Act, and in accordance with the Resolution. The Bonds, together with the interest payable with respect thereto, are legal, valid and binding special obligations of the Authority as provided in the Resolution, enforceable in accordance with their terms and the terms of the Resolution, except to the extent that the enforceability (but not the validity) of the Bonds may be limited by any applicable bankruptcy, insolvency, moratorium or other law or enactment now or hereafter enacted by the State or federal government affecting the enforcement of creditors' rights and except that equitable remedies lie in the discretion of a court and may not be available . The Bonds are entitled to the benefits of the Resolution and the Act . (4) The Town Board has the power and authority to adopt the Guarantee Resolution. The Guarantee Resolution was duly adopted by the Town Board and took effect in the manner provided by applicable statutes . The Guarantee Resolution has not been amended, and remains in full force and effect . (5) The Guarantee has been duly executed, issued and delivered and constitutes the valid and binding obligation of the Town to pay the principal of and interest on the Bonds when due and is enforceable against the Town in accordance with its terms; provided, however, that the enforceability (but not the validity) of the Guarantee may be limited by any applicable bankruptcy, insolvency or other law now existing or hereafter enacted by the State or the federal government affecting the enforcement of creditors' rights and except that equitable remedies lie in the discretion of a court and may not be available . (6) Neither the State, the Town nor any other municipality or public corporation shall be liable on the Bonds (except, with respect to the Town, pursuant to the Guarantee) . The Bonds are not a debt of the State, the Town, or any other municipality or public -4- corporation (expect, with respect to the Town, pursuant to the Guarantee) . (7) Under existing statutes and court decisions, interest on the Bonds is excludable from gross income for federal income tax purposes. Moreover, interest on the Bonds is not an "item of tax preference" for purposes of individual and corporate alternative minimum taxes and the corporate environmental tax imposed by the Code. However, interest on the Bonds is includable in the "adjusted current earnings" of a corporate owner and 75% of the interest on the Bonds is thus includable in the tax base for computing a corporation' s liability with respect to the 20% alternative minimum tax and the 0.12% environmental tax imposed on corporations by the Code. (Such 0 .12% corporate environmental tax is generally scheduled to terminate for taxable years beginning after December 31, 1995 . ) Moreover, interest on the Bonds may be subject to a branch profits tax of up to 30% when owned by certain foreign corporations. Furthermore, the Thited States Treasury Department has promulgated regulations which might have the effect of imposing a tax at ordinary income rates with respect to interest on the Bonds when owned by "S Corporations" in certain cases. (8) Under statutes existing as of the date of delivery of the Bonds, interest on the Bonds is exempt from personal income taxes imposed by the State or any political subdivision thereof (including The City of New York) . (9) With respect to Bonds which are being issued with original issue discount, as defined below 'hereinafter, "Discount Bonds" ) , we are of the opinion that for each such Discount Bond, under present federal income tax law, the original issue discount, is, for federal income tax purposes, excluded from the gross income of a bondholder who has purchased such Discount Bond pursuant to the original offering, and such holder wc-_:ld not, under present federal income tax law, realize taxable gain on such amount upon payment of such Discount Bond at maturity. The original issue discount with respect to a Discount Bond is the difference between the principal amount of such Discount Bond and the initial selling price to the public of such Discount Bond p._:rsuanc to the original offering as stated on the cover the Official Statement (hereinafter defined) . Further, we are of the opinion that a bondholder who acquires a Discount Bond in the original offering will be treated as receiving on each day from the date of issuance of such Discount Bond interest that is excluded from gross income for federal income tax purposes in an amount computed as described in the next paragraph. The amount representing original issue discount that is treated as being received by the bondholder will be added to the bondholder' s tax basis for purposes of determining gain or loss upon a sale or redemption of a Discount Bond. Unearned d:scour_= and redemption premium, if any, received by the bondholder upon any redemption of -5- • a Discount Bond will not constitute interest that is excluded from gross income for federal income tax purposes. To determine the amount of original issue discount which is considered to be received on each day by a bondholder who acquires a Discount Bond in the original offering, the period between the issue date of the Discount Bond and the date such Discount Bond matures is first subdivided into a series of shorter periods (the "accrual periods") , the first of which begins on such date of issuance and ends on February 1, 1994 and the remainder of which are six-month periods ending on each successive August i and February 1 thereafter during the term of the Discount Bond. A portion of the original issue discount is then allocated to each accrual period in an amount equal to the product of the issue price of the Discount Bond (increased by the amount of original issue discount allocated to all prior accrual periods) and the yield to maturity of the Discount Bond (determined on the basis of compounding at the close of each accrual period and properly adjusted for the length of the accrual period) . The amount so allocated to an accrual period is reduced by the interest payable on the Discount Bond during and with respect to such period. The original issue discount allocated to a particular accrual period is then allocated ratably to each day in the accrual period. (10) We express no other opinion with respect to the tax consequences of ownership of the Bonds. The scope of our engagement in relation to the issuance of the Bonds has extended solely to the examination of the facts and law incident to rendering the opinions expressed herein. Such opinions are not intended and should not be construed to express or imply any conclusion that the amount of revenues or moneys of the Authority legally available will be sufficient to enable the Authority to pay the principal of or interest on the Bonds as the same respectively become due and payable, or that the amount of revenues or moneys of the Town legally available will be sufficient to enable the Town to make payments under the Guarantee if it is required to do so. Reference should be made to the Official Statement prepared by the Authority in relation to the Bonds for factual information which, in the judgment of the Authority, could materially affect the ability of the Authority to pay such principal and interest, and the ability of the Town to make such payments under the Guarantee . While we have participated in the preparation of such Official Statement, we have not verified the accuracy, completeness or fairness of the factual information contained therein and, accordingly, we express no opinion as to whether the Authority, in connection with The sale of the Bonds, -6- has made any untrue statement of a material fact or omitted to state a material fact necessary in order to make any statements made, in the light of the circumstances under which they were made, not misleading. Very truly yours, Ground Lease r ` TABLE OF CONTENTS PREMISES 4 TERM 5 •PARTIES TO EXECUTE SHORT FORM MEMORANDUM FOR RECORDING . . . . . 6 "BASIC" RENT ("FIXED" RENT) TO BE PAID BY TENANT 7 GRANT AGREEMENT; REIMBURSEMENT OF LANDLORD 8 USE AND OCCUPANCY 10 LANDLORD'S GUARANTEE OF TENANT'S BONDS; UTILIZATION OF REVENUES; CONTINGENCY FUND; IMPOSITIONS; ADDITIONAL RENT 11 GUARANTEE AND UTILIZATION OF REVENUES 11 CONTINGENCY FUND 11 GUARANTEE BY LANDLORD OF BONDS; ADDITIONAL RENT . . . 12 IMPOSITIONS 12 ADDITIONAL RENT 14 INSURANCE 17 INDEMNITY 19 LANDLORD'S REMEDIES IN EVENT TENANT FAILS TO PAY IMPOSITIONS 20 CONSTRUCTION OF BUILDINGS AND IMPROVEMENTS 21 COMPLIANCE WITH LAWS; FEDERAL TAX COVENANTS 26 MAINTENANCE OF EASEMENTS, UTILITIES AND SIDEWALKS 27 ASSIGNMENT AND SUBLETTING 28 SIGNS 30 TENANT TO PERMIT LANDLORD TO EXHIBIT PREMISES TO PURCHASERS 31 ACTS OF DEFAULT 31 DEFAULT, BREACH OR VIOLATION 34 NO RIGHT OF REDEMPTION 34 DEMISE EXCLUDES SPACE IN PUBLIC STREET, ETC. 35 DAMAGES FOR TENANT'S DEFAULT 35 Pu' ICAL CONDITION OF DEMISED PREMISES 36 TENANT LIABLE FOR FAILURE TO SURRENDER PREMISES AT END OF TERM 36 NOTICES 37 ACKNOWLEDGEMENT BY TENANT THAT LEASE IS IN FULL FORCE AND EFFECT 38 REPRESENTATIONS BY TENANT AS TO ITS CORPORATE EXISTENCE 38 NO REPRESENTATIONS 39 LEASE CONTROLLED BY LAWS OF NEW YORK 39 WAIVERS 39 REMEDIES CUMULATIVE 41 END OF TERM 41 LANDLORD'S TERMINATION OF LEASE, ETC. , NO VIOLATION OF COVENANT OF QUIET POSSESSION . . . 42 AGREEMENT CAN BE SIGNED IN COUNTERPARTS 42 LANDLORD RELIEVED OF PERFORMANCE OF LEASE AND COVENANT OF QUIET ENJOYMENT OF DEMISED PREMISES ON SALE OF PROPERTY 43 EXPRESS CONDITIONS AND COVENANTS 43 RIGHTS AND OBLIGATIONS OF PARTIES 44 OPERATING RESERVE AND AUDIT 44 LANDLORD'S WARRANTIES 46 QUIET POSSESSION 47 CAPTIONS 47 CONDEMNATION, LOSS OF ACCESS, ETC. 48 LEASE TO BE EFFECTIVE WHEN SIGNED BY LANDLORD 50 INTERPRETATIONS 50 FIXTURES 51 RIGHT TO PERFORM FOR OTHER PARTY 51 PHYSICAL CONDITION OF DEMISED PREMISES 36 TENANT LIABLE FOR FAILURE TO SURRENDER PREMISES AT END OF TERM 36 NOTICES 37 ACKNOWLEDGEMENT BY TENANT THAT LEASE IS IN FULL FORCE AND EFFECT 38 REPRESENTATIONS BY TENANT AS TO ITS CORPORATE EXISTENCE 38 NO REPRESENTATIONS 39 LEASE CONTROLLED BY LAWS OF NEW YORK 39 WAIVERS 39 REMEDIES CUMULATIVE 41 END OF TERM 41 LANDLORD'S TERMINATION OF LEASE, ETC. , NO VIOLATION OF COVENANT OF QUIET POSSESSION . . . 42 AGREEMENT CAN BE SIGNED IN COUNTERPARTS 42 LANDLORD RELIEVED OF PERFORMANCE OF LEASE AND COVENANT OF QUIET ENJOYMENT OF DEMISED PREMISES ON SALE OF PROPERTY 43 EXPRESS CONDITIONS AND COVENANTS 43 RIGHTS AND OBLIGATIONS OF PARTIES 44 OPERATING RESERVE AND AUDIT 44 LANDLORD'S WARRANTIES 46 QUIET POSSESSION 47 CAPTIONS 47 CONDEMNATION, LOSS OF ACCESS, ETC. 48 LEASE TO BE EFFECTIVE WHEN SIGNED BY LANDLORD 50 INTERPRETATIONS 50 FIXTURES 51 RIGHT TO PERFORM FOR OTHER PARTY 51 IMPOSSIBILITY OF PERFORMANCE UNDER CERTAIN CONDITIONS 52 MODIFICATION TO BE IN WRITING 52 LANDLORD TO ENFORCE RIGHTS UNDER TITLE INSURANCE 52 ARBITRATION PROCEDURE 53 PARTIES TO DESIGNATE ONE PERSON 53 HOLDING OVER 55 GROUND LEASE ) ,T( C-/I THIS Lease made as of the day of U L between the Town of Mamaroneck, a municipal corporation with offices at 740 West Boston Post Road, in the Town of Mamaroneck, County of Westchester, and State of New York (hereinafter called the "Landlord") and the Town of Mamaroneck Housing Authority, a public housing authority created pursuant to the Public Housing Law of the State of New York, having its principal office at 740 West Boston Post Road, in the Town of Mamaroneck, County of Westchester, and State of New York (hereinafter called the "Tenant") . WITNESSETH: PREMISES 1. A. The Landlord, in consideration of the rents, terms, covenants, conditions and agreements hereinafter reserved, mentioned and contained on the part of the Tenant, its successors and assigns, to be paid, kept and performed, grants, demises and lets to the Tenant, and the Tenant hereby takes and hires from the Landlord, upon and subject to the rents, terms, covenants, conditions and agreements hereinafter expressed and contained: 4 All that certain tract or parcel of vacant land lying and being in the Town of Mamaroneck, County of Westchester, State of New York, and bounded and described in Exhibit A attached hereto and made part hereof (except as the context may otherwise require, the above mentioned premises being hereinafter referred to as the "premises" or the "Demised Premises") ; TOGETHER with any and all buildings and other improvements hereafter erected on the demised premises; TOGETHER with all and singular the appurtenances, rights, interests, easements and privileges in any way pertaining thereto; SUBJECT, HOWEVER, to the matters set forth herein, provided the same do not prohibit the use of the Demised Premises for multi-family housing. TERM B. The term of this Lease shall be thirty (30) years and six (6) months commencing as of the 1st day of July, 1993, and shall end at midnight on the 31st day of December, 2023 . 5 PARTIES TO EXECUTE SHORT FORM MEMORANDUM FOR RECORDING 2. The parties hereto covenant and agree that at the request of either party, Landlord and Tenant will, at or after the commencement of the term of this Lease, execute and deliver a short memorandum of Lease properly acknowledged and in recordable form setting forth, among other things, the names and addresses of the parties, a reference to this Lease and its date, the description of the property demised, and the date of the commencement and termination of the Lease and a statement of or reference to the right of the Tenant to build, alter, repair, improve, change or demolish buildings and structures, provided that this permission or consent shall not be construed as to permit the filing of any Mechanic's Notice of Intention or any mechanic's lien for the performance of any work or labor or the supplying of materials with respect to the demised premises, and such other terms and conditions of this Lease, other than the rental provisions, as the parties may agree upon. Failure to agree upon such other terms and conditions to be set forth in such memorandum of Lease shall not affect or impair the validity of this Lease or the obligations of the parties hereunder. The short memorandum of Lease, or this Lease, may be recorded by either Landlord or Tenant, Landlord and Tenant in any case to share all costs of recording the short memorandum of Lease. 6 "BASIC" RENT ("FIXED" RENT) TO BE PAID BY TENANT 3 . The Tenant covenants and agrees to pay to the Landlord at its place of business at 740 West Boston Post Road, Mamaroneck, New York in the Town of Mamaroneck, County of Westchester and State of New York, or at such other place or places as the Landlord shall from time to time designate in writing, for and throughout each Lease year of the term of this Lease, without demand or deduction of any nature whatsoever, except as may be otherwise provided for herein, a net annual minimum basic rental (hereinafter sometimes referred to as the "Basic" or the "Fixed" rent or "the Basic Rent Expressly Reserved Hereunder") , as follows: (a) The basic rent of one dollar ($ 1. 00) for the period commencing the 1st day of July, 1993 through June 30, 1996. (b) The basic rent commencing on July 1, 1996 shall be one hundred twenty five thousand ($ 125, 000. 00) dollars per year, and shall increase by one and one-half (1.5%) percent on each July 1st thereafter during the term of this Lease. Basic rent shall be payable in monthly installments, each equal to one-twelfth of the annual rent, payable on the first day of each calendar month, in advance. (c) Tenant covenants to pay to the Landlord the basic rent herein reserved and all the other sums and additional payments to 7 be made by the Tenant hereunder, at the time and in the manner provided in this Lease, all of which rent, sums and payments are to be paid in legal and lawful money of the United State of America, without any deduction, diminution, abatement or rebate of whatsoever kind, nature and description, except as in this Lease otherwise provided. GRANT AGREEMENT; REIMBURSEMENT OF LANDLORD 4. A. In order to facilitate the construction of housing on the demised premises, the Landlord has or will enter into agreements by and between Landlord (therein called "Owner") , and the County of Westchester and the New York State Housing Finance Agency (which agreements are hereinafter called the "Grant Agreements") under the terms of which the County of Westchester and State of New York Housing Finance Agency have or will make available to the Landlord funds for construction of the proposed housing. Landlord has or will agree to cause construction of the certain aspects of the housing pursuant to certain easements, covenants, conditions, restrictions and requirements set forth in the Grant Agreements. As one of the considerations of and as an inducement to Landlord to enter into this Lease with Tenant, Tenant does hereby assume each and every one of the obligations of the Landlord set forth in the Grant Agreements to the extent said agreements permit the assumption of such obligations by Tenant. Tenant further agrees to execute such documents and abide by such 8 covenants, easements and other restrictions as may be required by such grant agreements. B. In conjunction with the grant agreements referenced above, Landlord has agreed to provide certain site work and infrastructure in accordance with plans and specifications for which bids were received on June 25, 1993 . Tenant has examined the bids and is familiar with the work to be provided for the benefit of Tenant and the cost to be incurred to provide the work contemplated. Tenant is also cognizant of the fact that the above referenced grants are insufficient to pay the entire cost of the work to be performed by the Landlord on behalf of the Tenant. Tenant shall therefore pay, from the proceeds of bonds anticipated to be issued by the Tenant, any and all expenses incurred by the Landlord in excess of the aforesaid grant payments for work performed on the site by Landlord, its employees, agents or contractors, upon presentation of properly prepared certificates of payment. Should the Tenant fail to make any such payment, then upon five (5) days written notice to Tenant, Landlord may, but shall not be obligated to, make such payment which shall then become due as additional rent within thirty (30) days of such payment. 9 USE AND OCCUPANCY 5. A. Subtenants occupying the apartments to be constructed on the premises shall be selected in accordance with the selection criteria annexed hereto as Schedule "A" . Tenant acknowledges that certain grants have been obtained for the construction of apartments which provide for specific income and rent levels and other criteria for selection of occupants, which shall be complied with by the Tenant in its selection of subtenants for the premises. In addition, notwithstanding the selection criteria set forth in Schedule "A" , Tenant agrees that it will cooperate with the Town of Mamaroneck Public Housing Agency, which administers Title VII Section 8 Housing Certificates, in providing for occupancy of and will cause to be rented no less than twenty (20-„) percent of the units to be constructed on the premises by individuals or families eligible for Title VII Section 8 certificates. B. Management: Tenant agrees that upon completion of the buildings and improvements contemplated herein, it shall retain, during the remaining term of this Lease Agreement, a professional manager or management company to manage and maintain the premises in accordance with this Lease and all applicable laws, rules and regulations. Management shall be selected in consultation with the Landlord, which shall be given no less than two (2) weeks notice prior to Tenant's selection of management. 10 LANDLORD'S GUARANTEE OF TENANT'S BONDS; UTILIZATION OF REVENUES; CONTINGENCY FUND; IMPOSITIONS; ADDITIONAL RENT 6. A. GUARANTEE AND UTILIZATION OF REVENUES The parties acknowledge that in order to construct housing on the premises it shall be necessary for the Landlord to provide a guarantee of the principle and interest of certain bonds to be issued by the Tenant, which guarantee is the subject of a separate agreement. Further, in order to provide for the housing to be constructed on the premises the Landlord has lost certain investment opportunity by making the premises available to the Tenant as provided for in this Lease. In consideration of the above the Tenant agrees that funds collected by the Tenant from subtenant rentals and any other source, except the proceeds from the issuance of bonds for construction on the premises, shall only be utilized in the manner set forth in Schedule "B", annexed hereto. B. CONTINGENCY FUND Tenant shall maintain a contingency fund (which appears on Schedule "B") of one hundred eighty thousand ($ 180, 000.00) dollars, which fund may be used for emergency or similar extraordinary repairs or replacement, or if income is insufficient to cover normal operating expenses (the amount of such fund may be increased annually commencing after July 1, 1995 by an amount equal to the percentage increase, during the previous twelve months, in the consumer price index for the New York Metropolitan Region or if such index ceases to exist such other index of inflation as may be 11 substituted therefor) . Such contingency fund shall be replenished by Tenant if reduced through an expenditure provided for in this paragraph. Any sum collected by the Tenant in excess of the amounts set forth in Schedule "B" in any Lease year, after replenishment of the contingency fund and operating reserve fund (as defined in paragraph 36) , shall be paid over to Landlord as additional rent. C. GUARANTEE BY LANDLORD OF BONDS; ADDITIONAL RENT In conjunction with the financing of the improvements to the premises the Landlord has or will enter into an agreement guaranteeing payment of principle and interest of certain bonds to be issued by Tenant for construction on the premises. In the event the Landlord makes any payment pursuant to such guarantee agreement, any such payment shall be reimbursable by Tenant to Landlord as additional rent under the terms of this Lease, on a schedule to be agreed to by the parties. If the parties are unable to reach agreement upon a schedule of reimbursement to the Landlord, within sixty (60) days of any such payment by Landlord, then the question of a schedule of reimbursement shall be submitted to arbitration as provided for herein. D. IMPOSITIONS Commencing on the first day of July, 1997, the Tenant shall at its own cost pay, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, any 12 assessments, liens and imposts in the nature of assessments for public improvements and/or benefits, sewer assessments and rents, water meter and water charges and other charges assessments, general and special, ordinary and extraordinary, unforeseen as well as foreseen, of any kind which may lawfully come due, and to which the property, or landlord as owner of the property or Tenant has been or is subject, including but not limited to assessments for public improvements or benefits, which shall, during the term of this Lease be laid, assessed, levied, imposed or charged against the premises demised to the Tenant hereunder and also against all buildings, structures and improvements erected thereon, by virtue of any present or future law of the United States of America, the State of New York, or of any county, municipality or other political subdivision thereof, or any present or future law, ordinance, order of the Town of Mamaroneck or any of its boards, departments, bureaus, commissions or officials (all of which assessments, sewer assessments, sewer rents, water rates or charges, levies and other governmental charges are hereinafter referred to as "Impositions") ; provided, however, that if, by law, any such Imposition may at the option of the payor be paid in installments (whether or not interest shall accrue on the unpaid balance of such Imposition) , Landlord, as to any Imposition levied prior to the commencement of the term hereof, and Tenant as to any Imposition during the term hereof, may exercise its option to pay the same, including any accrued interest on the unpaid balance of such Impositions, in installments. In such event, Tenant shall pay 13 such installments (Tenant to have no responsibility with respect to installments relating to Impositions which were scheduled to be paid prior or subsequent to the term hereof) as may become due during the term of this Lease before the demised premises or any part thereof might be forfeited as a result of non-payment: provided that Tenant shall not be obligated to pay those installments which are to become due and payable after the expiration of the term of this Lease. E. ADDITIONAL RENT Landlord recognizes that Tenant is a public authority not subject to real estate taxes and levies. However, Tenant hereby covenants and agrees to make an annual payment of additional rent in lieu of taxes of forty thousand ($ 40, 000. 00) dollars commencing on July 1, 1997 , which annual payment shall be increased by three (3%) percent on each July 1st, during each remaining year of the term of this Lease. F. In the event that either Landlord or Tenant shall default in the payment of any Imposition as set forth above in this Paragraph 6, which the Landlord or Tenant, as the case may be, is obligated to pay hereunder, then, the other party at its option may pay the same after five (5) days' written notice to the defaulting party. If the defaulting party is the Tenant, then Landlord, after payment thereof, shall have the right to reimbursement thereof as additional rent from Tenant, together with interest at a rate equal 14 to the average bond borrowing cost to the Landlord during the period that the Tenant is in default, to be paid as otherwise provided for herein after Tenant shall have received evidence of such payment by Landlord, and Landlord shall have all rights and remedies in connection with the collection and payment of same, or otherwise, as it has concerning the default in the payment of the "basic" rent to be paid by Tenant. This right shall not limit the Landlord in respect to any other rights and remedies it may have in the premises against the Tenant for the default, breach or violation of any of the terms, covenants and conditions of this Lease. If the defaulting party is the Landlord, Tenant may, after notice as provided for above, pay such Imposition and, after payment, may deduct the amount of such payment as an offset against its next monthly installment of basic rent hereunder. G. At the commencement and expiration of the demised term of this Lease, any Impositions required to be paid by the Tenant hereunder shall be apportioned, and Landlord shall pay the portion applicable to the period prior to the commencement of the original term of this Lease and after the expiration of the term thereof. H. Each Party, at the request of the other, agrees to submit and exhibit receipts from the authorities making any Imposition, evidencing payments made by the respective parties of the Impositions described in this Paragraph 6. 15 I . Tenant shall have the right to contest, at its own cost and expense, the amount or validity of any such Imposition by appropriate legal proceedings, provided that Tenant shall first have paid such Imposition, if payment is required by the imposing authority as a condition precedent to such contest. If the payment of such Imposition may be postponed during the contest, Tenant shall deposit the amount contested in a separate interest bearing account maintained by Tenant expressly for such purpose. Nothing contained herein, however, shall be deemed or construed to release, relieve, or modify Tenant's covenant to pay any such Imposition. Anything to the contrary herein notwithstanding, Tenant shall pay all such contested Impositions before the time when the Demised Premises or any part thereof might be forfeited as a result of nonpayment. The Landlord shall not be required to join in any such proceedings unless it shall be necessary for it to do so in order to enable Tenant to properly prosecute such proceedings and the Landlord shall have been fully indemnified to its reasonable satisfaction against all costs, expenses and legal fees in connection therewith, in which case Landlord agrees to join in such proceeding. • J. The certificate, advice or bill of the appropriate official designated by law to make or issue the same or to receive payment of any such Imposition, of the non-payment of any such Imposition, shall be prima facie evidence that such Imposition is 16 due and unpaid at the time of the making or issuance of such certificate, advice or bill, and may be relied upon by either Landlord or Tenant. INSURANCE 7. A. The Tenant covenants and agrees, at its sole cost and expense throughout the entire demised term of this Lease to effect, obtain, keep and maintain in full force and effect, for the mutual benefits of the Landlord and Tenant, comprehensive liability insurance against claims for damage to persons or property arising out of the use and occupancy of the Demised Premises or any part thereof in limits of not less than Five Million ($ 5, 000, 000. 00) Dollars with respect to bodily injury or death to any one person in any one accident, and in limits of not less than Five Million ($ 5, 000, 000. 00) Dollars with respect to bodily injury or death to more than one person in any one accident, all risk property coverage providing for replacement value of the premises, and not less than One Million ($ 1, 000, 000. 00) Dollars for damage to property of others. Such public liability policies may provide for deductible not in excess of Ten Thousand ($ 10, 000. 00) Dollars in respect to any one accident or occurrence, irrespective of the number of persons involved. A certificate or binder of such insurance shall be furnished to the Landlord at the commencement of the term of this Lease and each renewal certificate of such policy shall be furnished to the Landlord at least 15 days prior to the 17 expiration of the policy it renews. Each such policy of insurance shall contain an agreement by the insurer, if obtainable, that such policy shall not be canceled without thirty (30) days' prior written notice to the Landlord. In addition, during construction of any improvements on the premises, Tenant shall maintain builders risk insurance in a sum sufficient to insure the work being performed and shall further require contractors to maintain liability insurance naming Landlord as an additional insured in amounts not less than those provided for herein unless the Landlord shall agree in writing to a lesser amount. B. All insurance provided for in this Paragraph may be in the form of a general coverage or excess policy, or if not, shall be in such form as may be reasonably satisfactory to Landlord and Tenant, to be issued by insurers licensed to do business in the State of New York. C. The failure of the Tenant to effect any and all such insurance and renewal policies of insurance required above, and to pay the premiums and renewal premiums on all such policies of insurance as they become due and payable, and to deliver all such certificates of insurance and renewal thereof to the Landlord within the time hereinabove limited, shall constitute a default under the terms of this Lease. 18 D. In the event the Tenant fails to cause the above insurance policies to be written or to pay the premiums for the same and deliver all such certificates of insurance to the Landlord within the time hereinabove provided for, the Landlord shall nevertheless have the right, without being obligated to do so, upon five (5) days' written notice to Tenant, to obtain such insurance and pay the premiums therefor on account of the Tenant, and all such premiums paid by the Landlord shall be repaid to the Landlord as additional rent, upon the first of the next month, together with interest at a rate equal to the average bond borrowing cost to the Landlord during the period that Tenant is in default. The failure of the Tenant to repay the same shall constitute a default under the terms of this Lease. E. Nothing in this Paragraph 7 and the subdivisions thereof shall affect or limit Tenant's obligations under Paragraph 8 and the subdivisions thereof. INDEMNITY 8. The Tenant covenants and agrees that from and after the commencement of the term of this Lease, Landlord shall not be liable or responsible in damages, and Tenant shall indemnify, save harmless and defend Landlord, County of Westchester and The State of New York Housing Finance Agency from any personal injuries, death, damages or losses to any person or property that may be 19 suffered or sustained by the Tenant, its agents, servants, employees, patrons, customers, invitees, visitors, licensees and subtenants, or by any other person or persons in, on or about the demised premises or any part thereof, arising from the failure of the Tenant to keep the premises in good condition and repair, or arising from the use or occupancy of the demised premises by the Tenant, its agents, servants, employees, subtenants, invitees, visitors and licensees. LANDLORD'S REMEDIES IN EVENT TENANT FAILS TO PAY IMPOSITIONS 9 . The Tenant covenants and agrees that if it shall at any time fail to pay any of the Impositions mentioned in and pursuant to the provisions of Paragraph 6 and the subdivisions thereof, or to take out, pay for, and maintain any of the insurance policies provided for in Paragraph 7 and the subdivisions thereof, to make payments on the Bonds issued for construction of housing on the site, as set forth in Paragraph 10 and the subdivisions thereof, or shall fail to make any other payment or perform any other act on its part to be made or performed as provided in this Lease, then the Landlord may, after reasonable notice to or demand upon the Tenant, without waiving or releasing the Tenant from any obligations of the Tenant contained in this Lease, pay any such Imposition, obtain any such insurance coverage and pay premiums therefor, at regular rates or otherwise, and may make any other payment or perform any other act on the part of the Tenant to be 20 made and performed as in this Lease provided, in such manner and to such extent as the Landlord may reasonably deem desirable, and in exercising any such rights to pay reasonable, necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorney's fees. All sums so paid by the Landlord and all reasonably necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereof at the average rate paid by the Landlord for bond borrowing from the date of the making of such expenditure by the Landlord shall be deemed "additional" rent hereunder and, except as otherwise in this Lease expressly provided, shall be payable to the Landlord as additional rent becoming due under this Lease, and the Tenant covenants to pay any such sum or sums with interest as stated above and the Landlord shall have (in addition to any other right or remedy of the Landlord) the same rights and remedies in the event of the non- payment thereof by the Tenant as in the case of default by the Tenant in the payment of the basic rent. It is understood by the parties that by exercising its option to pay any of the Impositions hereunder, Landlord is not waiving or releasing Tenant from any of its obligations under this Lease. CONSTRUCTION OF BUILDINGS AND IMPROVEMENTS 10. A. Tenant shall construct certain buildings, structures, improvements, parking facilities and ingress and egress to the 21 premises, in accordance with contract documents issued by the Tenant on or about June 10, 1993 . Tenant shall construct such buildings, structures, improvements, means of ingress and egress and parking facilities into and thereon, without cost or expense to the Landlord and in accordance with the requirements of all laws, ordinances, codes, orders, rules and regulations of all Governmental authorities having jurisdiction over the demised premises or providing funding for construction on the premises, as well as any site plan or other approvals granted by any Town, County or State agencies. B. After the commencement of the Lease term, Tenant shall, at its own cost and expense, obtain all necessary permits and licenses required for the construction as mentioned in subparagraph A of this Paragraph 10. Landlord, without expense to itself, shall cooperate with Tenant in securing building and other permits and authorizations necessary from time to time for the doing of any construction, alteration or other work permitted to be done by Tenant under this Lease, but such cooperation by Landlord shall not be construed as consent to the filing of any Mechanic's Notice of Intention or Mechanic's Lien. C. Tenant covenants and agrees that it shall indemnify, defend and hold Landlord, the State of New York Housing Finance Agency and the County of Westchester harmless against and from any and all liabilities, losses, costs and expenses incurred by Tenant 22 or asserted against Landlord,the State of New York Housing Finance agency, the County of Westchester and/or Tenant for or on account of any injury to or death of any person or for or on account of any loss or damage to any property arising out of or in relation to the operations in connection with the construction of the building, buildings, structures and improvements, and performance of the work to be performed by Tenant or any person or persons directly or indirectly employed by Tenant or any contractors, subcontractors or any person employed directly or indirectly by any of them. Tenant agrees that it shall, at its sole cost and expense, furnish certificates to Landlord evidencing that its liability to provide insurance coverage (including complete operations coverage) has been complied with in the amounts provided for in paragraph 7 of this Lease. At or before the commencement of work for the construction of any building, buildings, structures and improvements, and thereafter not later than twenty (20) days prior to the expiration date of any such certificates previously furnished as so provided, Tenant shall furnish Landlord with renewal certificates of such coverage, and such certificate shall contain an agreement by the insurer, if obtainable, that such policies shall not be canceled or modified without at least thirty (30) days' prior written notice to Landlord. Liability and property damage insurance may be in the form of a general coverage or excess policy including the Demised Premises within its coverage. The insurance shall be issued by insurers licensed to do business in the State of New York. 23 Tenant and Landlord shall also require contractors to maintain such insurance as will protect them from claims and liabilities under Workers' Compensation Acts and in addition shall indemnify, defend and save them harmless from and against any liability for Unemployment Insurance or under any Social Security Legislation as to all persons engaged in the performance of any such construction work. D. Throughout the demised term of this Lease, Tenant agrees that all equipment and installations in the buildings and improvements that may be erected on the demised premises, including but not limited to all plumbing, electrical, heating, air conditioning and ventilation equipment and systems, and all other equipment, to the extent erected and provided, will be operated and maintained in accordance with law and with the regulations and requirements of any and all Municipal, County, State and Federal Governments, agencies or departments having jurisdiction thereof and without cost or expense to Landlord. E. Tenant will not permit any mechanic's lien, materialmen's or other liens to stand against the Demised Premises for any labor or material furnished to Tenant in connection with work of any character performed on the premises by the Tenant or at the direction of the Tenant. The Landlord and Tenant shall, however, respectively have the right to contest the validity or amount of any such lien, but upon the final determination of such questions 24 the Tenant shall immediately pay any judgment rendered with all proper costs and charges and shall have the lien released at the Tenant's own expense. The Tenant shall bond such lien within twenty (20) days after the demand of the Landlord, in default of which the Landlord may do so at the cost and expense of the Tenant, including reasonable attorney's fees, which shall thereafter be payable as additional rent. F. Prior to commencing construction of any building Tenant shall without cost to Landlord: (i) Obtain from each prime contractor in charge of construction of any building under a contract with the Tenant a performance bond and labor and material payments bond in an amount equal to the value of each prime contract issued by a reputable surety company licensed to do business in the State of New York, guaranteeing completion of the contract relating to the building and all other improvements, appurtenances, grounds and parking facilities, and payment of all costs therefor and incident thereto. (ii) Such bond shall name Landlord as co-obligee, as its interests may appear and a certificate or true copy thereof shall be delivered to Landlord. 25 COMPLIANCE WITH LAWS; FEDERAL TAX COVENANTS 11. A. Tenant covenants and agrees that during the term of this Lease, it shall promptly comply with all present and future laws, ordinances, orders, rules, regulations and requirements of the Federal, State, County and Municipal Governments or any of their departments, bureaus, boards, commissions and officials with respect to the Demised Premises, the buildings and improvements thereon, or the use or occupancy or construction thereof, whether compliance shall be ordered or directed to or against Landlord or Tenant, or both. B. Tenant shall have the right, after prior written notice to Landlord, to contest by appropriate legal proceedings, diligently conducted in good faith in the name of Landlord, Tenant, or both, without cost or expense to Landlord, the validity or applicability of any law, ordinance, order, rule or regulation of the nature referred to in Paragraph ilA, and Tenant shall have the right to delay observance and compliance therewith until the final determination of such contest, provided that observance and compliance therewith pending the prosecution of such proceeding may be legally delayed without subjecting Landlord to any criminal liability or fine. C. The Tenant hereby covenants not to take or omit to take any action so as to cause interest on any Tax-Exempt Bonds to be no 26 longer excluded from gross income for purposes of federal income taxation and to otherwise comply with the requirements of Section 103 and Sections 141 through 150 of the Internal Revenue Code, and all applicable regulations promulgated with respect thereto, throughout the term of such Tax Exempt Bonds. The Tenant further covenants that it will make no investments or other use of the proceeds of any Tax-Exempt Bonds which would cause such Tax-Exempt Bonds to be "arbitrage bonds" as defined in Section 148 of the Internal Revenue Code. The Tenant further covenants to comply with the rebate requirements (including the prohibited payment provisions) contained in Section 148 (f) of the Internal Revenue Code and any regulations promulgated thereunder, including the payment of any rebate amount, to the extent applicable, and to pay any interest or penalty imposed by the United States for failure to comply with said rebate requirements, to the extent applicable. MAINTENANCE OF EASEMENTS, UTILITIES AND SIDEWALKS 12 . A. Landlord agrees, at the request and expense of Tenant, to join with Tenant in the execution of such instruments as Tenant reasonably requires for granting easements and rights of way in, under and over the Demised premises for, cable television, and public and other utilities, including but not limited to, gas, telephone, water, power and electricity and for the maintenance and repair thereof. 27 B. Anything contained in this paragraph to the contrary notwithstanding, Tenant agrees to execute such documents as may be required to dedicate to the Landlord, and Landlord agrees to accept, all roadways and sewer lines located in such roadways in the complex of buildings to be constructed on the premises. Anything to the contrary contained herein notwithstanding, all water, sanitary sewer and storm pipes, lines and drains located in the premises and any roadway constructed on the premises, shall be maintained by the Tenant without any obligation by the Landlord for maintenance of same. C. Anything contained in this paragraph to the contrary notwithstanding, Tenant agrees that it shall maintain all site lighting to municipal standards, so as to properly illuminate the internal roadways on the premises in accordance with municipal standards. D. Tenant shall be responsible for the maintenance and repair of all paved walkways constructed on the premises, whether constructed by the Tenant or any other party. ASSIGNMENT AND SUBLETTING 13. A. Tenant shall have the right, without the consent of the Landlord, at any time and from time to time to sublet apartment 28 units for the use and purposes permitted hereunder, to subtenants meeting the selection criteria set forth in Paragraph 5 hereof. B. Tenant covenants that each such sublease made of a portion of the premises shall provide: (i) That it shall be subordinate to this Lease, and any modifications thereof; and (ii) That in the event of the termination of this Lease, and provided that such sublease is in full force and effect, such sublease shall, without more, become the Lease of the portion of the premises covered thereby between the subtenant and Landlord upon all the terms and conditions set forth in such sublease, including the options to renew the term thereof; in such event Landlord shall not be liable to the subtenant for any default, theretofore committed by Tenant. C. For the benefit of Landlord, Tenant covenants as follows with respect to all subleases: (i) Tenant may not enter into any sublease whose term exceeds the term of this Lease agreement unless Tenant first receives the prior written consent of the Landlord to such sublease; and 29 (ii) Upon request, but not more often than once in any Lease year, Tenant shall provide Landlord with a complete listing of subtenants showing the rents payable and the premises occupied by each. D. Landlord hereby agrees, for the benefit of the subtenants, that it will, upon the termination of this Lease by reason of a default of Tenant, recognize and give effect to all subleases then in effect which are not in default beyond the period for the curing of same, provided that Landlord shall not be obligated pursuant to this Paragraph 13 to recognize and give effect to a sublease which is not in full compliance with all of the terms and conditions of this Lease; SIGNS 14 . Tenant may, without cost or expense to Landlord, from time to time, place or permit to be placed, signs in, on or about the demised premises and any buildings thereon and to remove them or permit them to be removed, provided the same is done in full compliance with all requirements of law pertaining thereto. Landlord hereby agrees to execute any consents that are required by governmental authorities, provided that no such consent shall impose any liability upon Landlord by virtue of the erection or maintenance of any of the signs. Tenant covenants and agrees to 30 indemnify, defend and save Landlord harmless from any damages or injuries that may be sustained by anyone by reason thereof. TENANT TO PERMIT LANDLORD TO EXHIBIT PREMISES TO PURCHASERS 15. Tenant agrees to permit Landlord or their authorized agents or representatives to show the demised premises or any part thereof at reasonable times during business hours to persons wishing to purchase the same; provided that such shall not interfere with the business then being conducted in the Demised Premises. ACTS OF DEFAULT 16. A. The following shall constitute events of default under this Lease: (i) failure of Tenant to pay any basic rent or additional rent, when due; (ii) failure of Tenant to perform any term, covenant, condition or provision which it is obligated to perform under this Lease; (iii) the failure of Tenant to make any payment of principle and/or interest on any bonds issued to finance the 31 construction of any improvements on the premises (provided, however, that should the Landlord then fail to make any payment required under the bond guarantee agreement, nothing contained herein shall preclude the enforcement of any rights of the bondholders, or their duly appointed trustee to collect on such bonds including, to the extent permitted, foreclosure of the premises) ; (iv) the filing by Tenant of a petition in bankruptcy or an assignment or other arrangement for the benefit of • creditors under state statute; (v) borrowing of funds (other than the bonds set forth in paragraph 6) or placing a mortgage on the premises without the prior written consent of Landlord. B. If an event of default, as defined in subparagraph A above, occurs and such default shall continue for a period of ninety (90) days after written notice from Landlord to Tenant, or in the case of a default which cannot, with due diligence, be cured within such ninety (90) days, the Tenant fails to proceed with all due diligence within such ninety (90) day period to cure the same and thereafter to prosecute the curing of such default, (it being intended that in connection with a default not susceptible of being cured with due diligence within ninety (90) days that the time of Tenant within which to cure same shall be extended for such period 32 as may be necessary to complete the same with due diligence) then this Lease shall terminate. Provided, however, that if in any proceeding in bankruptcy or for reorganization no application is made, or relief sought to disaffirm or reform this Lease or any of its terms and conditions, this Lease shall not be terminated as long as Tenant is not in default in its payments of rent, additional rent, Impositions or any other obligation hereunder. C. Upon termination of the Lease, as provided for in this paragraph, all subleases, rents and security held by Tenant shall be automatically assigned to Landlord and shall be delivered by Tenant to Landlord without the requirement of further notice or demand. D. Upon any such termination of this Lease pursuant to the provisions of this Paragraph, or any termination by summary proceedings, or otherwise, Tenant shall quit and peaceably surrender the Demised Premises to Landlord without any payment therefor by Landlord, and Landlord may at any time after such termination or expiration, without further notice, enter upon and reenter the Demised Premises and possess and repossess the premises, by summary proceedings, ejectment, or otherwise, without being liable to suit, action or prosecution therefor, and may remove and dispossess Tenant and all other persons and property (not otherwise permitted to remain pursuant to this Lease) from the 33 Demised Premises, and may have, hold and enjoy the Demised Premises and the right to receive all rental income of and from the same. E. Landlord and Tenant also, insofar as permitted by law, waive and will waive any and all rights to a trial by jury in the event that summary proceedings shall be instituted by Landlord. DEFAULT, BREACH OR VIOLATION 17 . Landlord and Tenant shall have the right to invoke or pursue any remedy allowed at law or in equity in addition to, but not exclusive of any and all other rights and remedies that they may have under the terms of this Lease in connection with any default, breach or violation of any terms, covenants, conditions, provisions and agreements of this Lease. NO RIGHT OF REDEMPTION 18 . In the event of a default in or breach or violation of any of the terms, covenants, conditions, provisions and agreements of this Lease by the Tenant, which default, breach or violation continues beyond the time fixed for curing same under Paragraph 16 of this Lease, should the Landlord re-enter the demised premises by virtue of any summary proceedings, ejectment, or in any other lawful manner, neither the Tenant nor any other person shall have or claim to have any right or redemption in or of the premises or 34 any part thereof, under any law now or hereafter in force, and Tenant for itself, and other persons hereby releases and surrenders the right of redemption. DEMISE EXCLUDES SPACE IN PUBLIC STREET, ETC. 19. No space appurtenant or attached to or connected with the demised premises lying in, upon or under any public street, road, or highway or other public or quasi-public property is included in this demise except as may otherwise be specifically provided for herein. DAMAGES FOR TENANT'S DEFAULT 20. In the event of the expiration or termination of this Lease on account of Tenant's default, pursuant to the terms of this Lease, Tenant shall pay to Landlord and shall be liable to Landlord for all monies collected for the use and occupancy of the premises and all equipment, fixtures and appurtenances to the premises used in any way in connection with the use, occupancy, maintenance, repair and construction of the premises. All funds, furniture, fixtures, appurtenances and equipment shall be deemed to be assigned by the Tenant to the Landlord so that the Landlord may continue to maintain and operate the premises in accordance with 35 the Grant Agreement and Bonds issued for the construction and maintenance of housing on premises. PHYSICAL CONDITION OF DEMISED PREMISES 21. Tenant is fully familiar with the physical condition of the vacant land comprising the Demised Premises and the Landlord has made no representations of whatever nature in connection with the condition of the vacant land, except that Landlord represents that it has undertaken an environmental assessment of the property and to the best of Landlord's knowledge there is no hazardous substance on the site. TENANT LIABLE FOR FAILURE TO SURRENDER PREMISES AT END OF TERM 22 . Tenant hereby covenants and agrees that if the demised premises are not surrendered and delivered up to the Landlord by the Tenant at the expiration of the term, or the sooner termination of this Lease as in this Lease provided, that Tenant agrees to be and to remain liable to the Landlord and will make good and pay to the Landlord all damages and losses, if any, that the Landlord may suffer or sustain by reason thereof, and Tenant agrees and covenants to indemnify and save Landlord harmless against all claims, demands, suits, actions, proceedings, judgments, executions and levies made, instituted and recovered by any succeeding Tenant of the Landlord against the Landlord founded or due to any delay on 36 the part of the Landlord in delivering possession of the demised premises to the succeeding Tenant, or preventing the succeeding Tenant from taking possession of the premises, which delay was caused by or due to the Tenant. NOTICES 23 . A. All notices which may or are required to be given by either party to the other shall be in writing, and shall be sent by Registered or Certified Mail, Return Receipt Requested, postage prepaid, addressed to the party at the address stated herein or at such other place as each party may from time to time designate in a written notice to the other party. B. The date of the giving of such notices shall be the date of receipt thereof. C. A waiver by the Landlord or by the Tenant of the provisions of this Paragraph 23 with respect to the giving of any single written notice shall not constitute a waiver of any of the provisions of this Paragraph 23 with respect to the giving of any previous or subsequent notice. 37 ACKNOWLEDGEMENT BY TENANT THAT LEASE IS IN FULL FORCE AND EFFECT 24. The parties agree, upon not less than five (5) days' prior written request by the other party, to execute, acknowledge and deliver to the other party a statement in writing certifying that this Lease has not been modified and is in full force and effect (or if there have been modifications that the same is in full force and effect as modified and stating the modifications) , and the dates to which the "basic" rent and "additional" rents and other sums, amounts, charges and Impositions have been paid. Landlord further agrees, upon not less than five (5) days' prior written request of Tenant to execute, acknowledge and deliver to the Tenant a statement in writing certifying that Landlord knows of no condition or event which constitutes a default under Tenant's obligations under this Lease, or, if Landlord knows of any such condition or event, specifying, to the best of Landlord's knowledge, the nature thereof. REPRESENTATIONS BY TENANT AS TO ITS CORPORATE EXISTENCE 25. Tenant represents, it is a corporation organized and existing under the State of New York Public Housing Law, that the corporation has not been dissolved, that its charter has never been forfeited, and that the execution of this Lease was authorized by 38 its Board of Directors at a properly convened meeting for that purpose. NO REPRESENTATIONS 26. This Lease contains all agreements made between the parties hereto relating to the subject matter of this Lease. Any additions, changes or modifications to this agreement or other agreements made hereafter, or conditions created, to be binding upon the parties must be in writing and signed by all parties hereto, and it is agreed that none of the provisions of this Lease, including this Paragraph 26, can be waived, except in writing signed by all parties hereto. LEASE CONTROLLED BY LAWS OF NEW YORK 27 . This Lease shall be governed exclusively by the laws of the State of New York. WAIVERS 28 . A. No failure or successive failure on the part of a party hereto to enforce any obligation of the other party to be performed, and no waiver or successive waiver, unless expressly agreed to in writing of any covenant, term, condition or provision contained herein shall operate as a discharge of such covenant, 39 term, condition or provision, or render the same invalid or impair the right of the party to enforce the same in the event of any subsequent default or defaults, breach or breaches, violation or violations thereof. B. The consent or approval of the Landlord to any action by the Tenant or subtenant, or any person, firm, association or corporation claiming through or under the Tenant, requiring the Landlord's consent or approval shall not be deemed to waive or render unnecessary the Landlord's written consent to or approval of any subsequent act by the Tenant, or subtenant, or any person, firm, association or corporation claiming through or under the Tenant. C. The failure of the Landlord or Tenant to insist upon the strict performance of any of the terms, covenants, conditions and provisions of this Lease, or to exercise any option herein conferred in any one or more instances shall not be construed as, a waiver or relinquishment for the future of the ability to require or demand the performance of any such term, covenant, condition, provision and option. D. No provision, term, covenant or condition of this Lease, insofar as future performance of the same is concerned, shall be deemed to have been waived by either party unless such waiver is in writing, signed by such party. 40 E. No act or thing done by the Landlord shall be deemed an acceptance of a surrender of this Lease or of the Demised Premises and no agreement to accept the surrender shall be valid and binding unless same shall be in writing signed by the Landlord. REMEDIES CUMULATIVE 29. The specified remedies to which the Landlord or Tenant may resort under the terms of this Lease are cumulative and are not intended to be exclusive of any other remedies or means of redress to which the Landlord or Tenant may be lawfully entitled in case of any breach or threatened breach of any provisions of this Lease. END OF TERM 30. Tenant shall, at the last day of the Term, or upon the sooner termination of the Term, peaceably and quietly surrender to Landlord the Demised PremisesAincluding all buildings, alterations, rebuilding, replacements, changes, additions and improvements constructed, erected, added or placed thereon by Tenant, with all equipment in or appurtenant to the Demised Premises in good CAO c&JeLL_ AS FUND 3AL.A J EIS Nor o1=PAymONI-r OF Oi r)) )/ ArJv Na*eSJAfzy o13U9A1-10N5 condition and repair, normal wear and tear excepte . Except as may tiff' TEN Arrr. be otherwise provided herein, any failure of any Tenant or occupant other than the Tenant to remove any furnishings, equipment and signs installed by such Tenant or occupant shall be deemed forfeiture or abandonment of such property, but Landlord shall have 41 the right but not the obligation to remove such property, and shall be entitled to reimbursement by such Tenant or occupant for any damages suffered thereby. LANDLORD'S TERMINATION OF LEASE, ETC. , NO VIOLATION OF COVENANT OF QUIET POSSESSION 31. It is covenanted and agreed between the parties that in the event that this Lease shall be terminated under or pursuant to any of the terms, covenants, conditions, provisions or agreements of this Lease, that the same shall not be considered a breach or violation of the Landlord's covenant of quiet possession contained in this Lease. AGREEMENT CAN BE SIGNED IN COUNTERPARTS 32 . This agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and such instrument, for convenience and recital purposes, shall be deemed to have been made, executed and delivered on the date first set forth hereinabove, irrespective of the time or 'times when the same or any of the counterparts thereof may have been made, executed and delivered. 42 LANDLORD RELIEVED OF PERFORMANCE OF LEASE AND COVENANT OF QUIET ENJOYMENT OF DEMISED PREMISES ON SALE OF PROPERTY 33 . In the event of a sale and conveyance of the Demised Premises by Landlord, Landlord shall be relieved, released and discharged of all obligations and liability for the performance of the terms, covenants, conditions, provisions and agreements of this Lease, and of the covenant of quiet enjoyment, arising out of any act or omission occurring after the consummation of such sale. However, the purchaser or purchasers at such sale, or any ' subsequent sale, of the Demised Premises shall be deemed, without any further agreement between the parties hereto or their successors in interest, to have assumed the obligations of the Landlord for the performance of the terms, covenants, conditions, provisions and agreements of this Lease and the covenant of quiet enjoyment. Such purchaser or purchasers do hereby covenant and agree to perform all the terms, covenants and conditions of this Lease that the Landlord hereunder has agreed to perform under the terms of this Lease agreement. Landlord hereby covenants to make any transfer of the demised premises during the term of this Lease subject to the terms of this Lease, and require that any subsequent transfer be likewise subject to the terms of this Lease. EXPRESS CONDITIONS AND COVENANTS 34 . Landlord and Tenant agree that all of the covenants contained herein to be kept and performed shall be deemed express 43 conditions as well as covenants, and upon the default in, breach or violation of any such term, covenant, condition, provision or agreement herein contained, the Landlord and Tenant shall have such rights and remedies as are provided in this Lease. RIGHTS AND OBLIGATIONS OF PARTIES 35. All rights and obligations, if any, granted or imposed upon the Landlord or Tenant by the terms of this Lease shall extend and inure to, and be also for the benefit of, the Landlord's or Tenant's heirs, executors, administrators, and assigns. OPERATING RESERVE AND AUDIT 36. A. Tenant's budget includes, under maintenance and operations, a sum of $ 135, 000. 00, which shall be used to maintain the premises, a portion of which shall be set aside each year into an operating reserve fund for the purpose of anticipated repairs, replacements and maintenance. Each year, on or before February 1, the Tenant shall cause a study ("the study") of the premises to be made by a professional engineer, who shall review the condition of all structures, fixtures and equipment on the premises and determine, based upon the reasonably anticipated useful life of the structures, fixtures and equipment, the amount of a sufficient operating reserve which should be set aside, in addition to the existing operating reserve, for the next twelve months commencing 44 on the following April 1, so as to ensure that when maintenance is required to preserve the structures, or to repair or replace fixtures and/or equipment, a sufficient sum of money shall be available for such purpose. By way of illustration it is intended that if a particular repair is anticipated to be required in five years, one fifth of the anticipated expense of that repair shall be placed in the operating reserve fund in each of the preceding five years. The operating reserve fund shall be used solely for the purposes set forth in this subparagraph and in no event shall it be accumulated for any expense anticipated to occur more than five (5) years into the future, unless specifically itemized. B. In consideration of the Landlord's right to additional rent under paragraph 6 of this Lease, Landlord shall have the right to review the annual engineering study and the proposed annual operating reserve fund and shall have the right to reject either the study, the proposed annual operating reserve fund or both. If Landlord rejects either or both, it shall provide Tenant with its reasons for such rejection, in writing, within fifteen (15) days of receipt of the study and proposed operating reserve fund. Upon receipt of the Landlord's written rejection the Tenant shall have fifteen (15) days to agree, in writing, to a modification of the study and/or reserve fund, and/or to advise the Landlord that it does not accept such modification. If the Landlord and Tenant cannot agree to a final study and annual operating reserve fund then the parties shall submit their dispute to a qualified 45 professional engineer mutually agreeable to the parties (arbitrator) , who shall review the study, proposed operating reserve fund and the written comments of the parties and make a final binding determination as to the operating reserve fund for the next twelve months. The arbitrator shall assess the costs of the arbitration against the party whose position he rejects,. provided, however, that if the arbitrator determines that neither party's position is to be rejected in its entirety, the costs of such arbitration shall be shared equally.The decision of the arbitrator shall be final and binding on the parties and not subject to review. C. Tenant shall have an independent audit commenced within thirty (30) days of the close of each fiscal year which audit shall be certified by independent certified public accountants. Such certified audit shall be provided to the Landlord in writing by the Chair of the Tenant at a regular meeting of the Mamaroneck Town Board within thirty (30) days of its completion. LANDLORD'S WARRANTIES 37. Landlord covenants and represents: (a) That it is the Owner in fee simple of the demised premises; 46 (b) That Landlord has the full right and power to execute and perform this Lease and to grant the estate as demised hereunder; and, (c) Landlord further represents that the use of the Demised Premises as defined in this Lease is not a violation of any zoning ordinances or regulations now existing. QUIET POSSESSION 38 . Landlord covenants and agrees that the Tenant, upon payment of the "basic" or "fixed" rent, "additional" rents, and all other payments, sums, amounts, Impositions and other charges herein provided for, and upon observing and keeping the terms, covenants, conditions, provisions and agreements of this Lease on part to be kept and performed, shall peaceably and quietly have, hold and enjoy the Demised Premises during the term of this Lease, subject to the terms,covenants and provisions of this Lease. CAPTIONS 39. The captions of this agreement are inserted only as a matter of convenience and reference and are not to be construed as part of this Lease nor in any way to define, amplify, limit or describe the scope or intent of this Lease, or the terms, 47 covenants, conditions, provisions and agreements therefor nor as affecting the meaning of the text of any Paragraph in any way. CONDEMNATION, LOSS OF ACCESS, ETC. 40. A. If the entire Demised Premises be taken by virtue of the exercise of the right of eminent domain for any public or quasi-public improvement or use, this Lease and the terms hereof shall then expire, cease or terminate upon the date when title to the premises or the part so taken shall vest in the appropriate authority, and the fixed net rent, additional rent and other sum or sums of money and other charges herein reserved and required to be paid by Tenant shall be apportioned and paid to the date of such taking. If a portion of the Demised Premises is taken and the remaining portion of the Demised Premises is not reasonably adequate from a standpoint of practical economy for the continuation of substantially the type of development existing on the Demised Premises prior to the taking, then Tenant shall have the right to terminate this Lease, provided it does so by notice to Landlord given not less than seventy-five (75) days after possession is required by the condemning authority and that there are sufficient funds to be obtained from any award in condemnation to retire any outstanding bonds issued to finance construction of CS (_JeL_L_ / S ©RD)NAIZ.Y AND N 'CSAR'/ f1 Navel AL_C3UGATI orJ5 or TENANT any improvements on the premises In the event that any dispute or c e controversy shall arise between the parties with respect to whether or not the portion of the Demised Premises remaining after 48 condemnation shall be reasonably adequate for the continuance of the development as described in this paragraph, such dispute or controversy shall be determined by arbitration pursuant to the provisions of Paragraph 48 of this Lease. It is agreed that the taking or deeding in lieu of condemnation of a portion of the Demised Premises along the boundary thereof for any widening of Boston Post Road pursuant to subdivision E of this Paragraph shall not, by and of itself, entitle Tenant to terminate this Lease. B. If less than all the Demised Premises shall be taken as stated above, and this Lease shall not be terminated pursuant to subdivision A of this Paragraph, this Lease and the term thereof shall continue but the fixed rent thereafter payable by Tenant shall be equally apportioned and reduced as and from the date of such partial taking according to the nature and extent of the injury to the Demised Premises resulting from such taking. In the event of any dispute with respect to any such rent reduction, it is agreed that the dispute shall, upon the application of either party, be determined by arbitration pursuant to the provisions of Paragraph 48. C. In the event of any such taking Tenant hereby waives all right to any award in condemnation, and, after the proceeds of the award in condemnation are applied to redeem the bonds issued for construction of housing on the premises and payment of ordinary and necessary obligations of Tenant, said award shall be made payable to the Landlord in full. 49 D. In the event that title should be vested in the condemning authority prior to the actual taking of possession by the condemning authority, Landlord agrees that it will cooperate with Tenant to enable Tenant to remain in possession for such period of time as Tenant may elect after actual vesting of title in the condemning authority and until the actual taking of possession by the condemning authority. LEASE TO BE EFFECTIVE WHEN SIGNED BY LANDLORD 41. It is agreed that the signing of this Lease by the Tenant and its delivery to the Landlord does not constitute a completed transaction until such time as this Lease shall have been accepted by the Landlord and signed by it and a signed copy mailed or delivered to the Tenant. INTERPRETATIONS 42 . This Lease shall be construed neither against the Landlord nor against the Tenant. No remedy or election given by any provision in this Lease shall be deemed exclusive unless so indicated, but each shall whenever possible, be cumulative with all other remedies in law or in equity, except as otherwise specifically provided. Whenever the context of any provision shall require it, the singular number shall be held to include the plural form and vice-versa. This agreement shall apply to, inure to and 50 be binding upon the respective successors and assigns of the parties hereto. FIXTURES 43 . Any law, agreement or custom to the contrary notwithstanding, the Tenant shall not, except as otherwise provided in this Lease, be permitted at any time during or at the expiration of the term hereof, to remove any fixture or equipment located in or on the demised premises, whether or not affixed to the realty, except as may be required before the end of the term hereof in the ordinary course of the maintenance, repair or replacement thereof. RIGHT TO PERFORM FOR OTHER PARTY 44 . If the Tenant shall, after reasonable notice and demand, fail to perform any covenant, condition or other obligation on its part to be performed under this Lease, the Landlord may, but shall not be obligated to perform such obligation(s) on behalf of and at the cost and expense of the Tenant. In either case, interest at the rate of the average interest paid on bond borrowing by the Landlord during the period of such default, together with reasonable attorneys' fees, resulting from such failure to perform, if any, shall be collectible from the Tenant. 51 IMPOSSIBILITY OF PERFORMANCE UNDER CERTAIN CONDITIONS 45. In the event that either party is unable to perform any act or render any service required herein because of strike, mechanical difficulties, war conditions or any other cause beyond the control of the party, whether similar or dissimilar to those enumerated, financial responsibility excepted, such party shall be excused from such performance while it is unable so to perform, provided it acts with due diligence in attempting to render performance. MODIFICATION TO BE IN WRITING 46. Any and all agreements hereafter made by the parties hereto to amend, modify, change, revise, extend or discharge this Lease, in whole or in part,or on one or more occasions, shall not be invalid or unenforceable because of lack of consideration, provided that such agreement or agreements to amend, modify, change, revise, extend or discharge the Lease shall be in writing and executed by the parties hereto, their successors or assigns, as the case may be. LANDLORD TO ENFORCE RIGHTS UNDER TITLE INSURANCE 47 . In the event that any question is raised regarding title to the premises at any time, including after possession by the 52 bondholders or their trustee, in the event of any default under bonds issued to finance construction of improvements upon the premises, the Landlord shall exercise all rights it may have in the title insurance policy it holds for the premises, so as to remove any cloud upon the title or to recover damages under such title insurance policy for itself, the Tenant and/or the bondholders, as the interests of the parties may then exist. ARBITRATION PROCEDURE 48. Any disputes which are subject to arbitration pursuant to the provisions of this Lease shall be arbitrated in the City of White Plains before a single arbitrator of the American Arbitration Association, in accordance with the rules and regulations of such Association and judgment on the award may be entered in any court having jurisdiction thereof. In making his award the arbitrator shall assess the costs of the arbitration against the party whose position he rejects; provided, however, that if the arbitrator determines that neither party's position is to be rejected in its entirety, the costs thereof shall be shared equally. PARTIES TO DESIGNATE ONE PERSON 49. A. The parties agree that at all times during the term of this Lease, they will designate in writing one person, corporation or other entity to receive all payments of rent, additional rent 53 and other sums and charges hereunder, to receive all notices from each other, and who or which will otherwise enforce the remedies of the parties hereunder and against and upon whom or which the rights of the other hereunder may be noticed and enforced. Such designations in the first instance shall be made in subdivisions B and C hereof. If at any time a party shall desire to change such designation, it shall give written notice to the other, executed by the Supervisor of the Landlord or Chairperson of the Tenant, setting forth the name and address of the new designee. B. Landlord hereby appoints as its designee to act in accordance with subdivision A above,and to receive notices hereunder, the then duly elected Supervisor of the Town of P".amaroneck, whose address is 740 West Boston Post Road, Town of Mamaroneck, County of Westchester, State of New York, or as such address may be subsequently changed in writing. C. Tenant hereby appoints as its designee to act 'in accordance with subdivision A above, and to receive notices hereunder its then chairperson at the address first noted hereinabove, or at such address as may be subsequently designated in writing. D. If Landlord shall at any time assign the rents hereunder or convey its fee interest in the demised premises, until and unless Landlord shall have given Tenant written notice thereof and 54 shall have designated in such notice one person, corporation or other entity to receive all rent, additional rent and other sums and charges which may be due and payable to Landlord hereunder, and who will otherwise act as Landlord hereunder for the purpose of enforcing all obligations of Tenant under this Lease, giving and receiving notices, consents, approvals and the like provided for hereunder and against whom all rights of Tenant hereunder may be enforced, Tenant shall not be deemed to have received any notice of or to be bound by such conveyance or assignment and shall have the right, and shall be fully protected in so doing, to continue to pay the rent, additional rent and all other sums and charges due hereunder to Landlord (or the designee of Landlord in accordance with subdivision A above) and not to Landlord's transferee or assignee, and otherwise deem and treat Landlord (and not Landlord's transferee or assignee) as the Landlord hereunder for all purposes of this Lease as specified above. HOLDING OVER 50. If Tenant shall hold over after the expiration of the Term, the holding over shall be deemed a tenancy from month to month upon the terms and provisions of this Lease, and shall be terminable upon one month's notice in writing. IN WITNESS WHEREOF, the Landlord has hereunto set its hand and seal, and the Tenant has caused these presents to be executed by 55 its proper corporate officer and its corporate seal hereto affixed, the day and year first above written. WITNESS: Landlord: ,1/ By: all tone, p vi c,o - lam" i9/wu Tenant: J .4 By: Paul Winick, Chair 56 Schedule A TOWN OF MAMARONECK HOUSING AUTHORITY APPLICANT ELIGIBILITY CRITERIA I. General Eligibility Requirements upon initial application: A. Income Requirements Overall income standards will be determined by the Authority in its discretion, but will comply with income limitations established by applicable local, state and federal law and by the terms and conditions imposed by grants received by the Town or Authority. In addition, the Authority will consider the assets and liabilities of each liability of applicants and their household members for the purposes of determining both creditworthiness and suitability, given the goal of the project as affordable housing, and shall require applicants to produce such financial information as the Authority deems necessary for that purpose. All applications will also be examined for creditworthiness, and the Authority shall require such supporting financial information from applicants as it deems necessary for this purpose. B. Tier Requirements Each applicant will specify the Tier, of those provided in paragraph II of this Schedule, under which his or her application will be considered. All applicants and household members who will occupy the units must meet the eligibility requirements applicable to the Tier under which they are applying both on the day upon which they submit an application and for at least two years before such day, provided, however, that DC66G685.DOG this two year eligibility requirement shall not apply to applicants seeking consideration under Tiers I and II.c. Applicants and members of their families who will occupy the units must continue to meet applicable eligibility requirements until their applications are reviewed, offers of residency in the Hommocks Park Apartments are extended to them, and they take occupancy. The Authority shall require such supporting proof of compliance with Tier criteria as it deems necessary for evaluating an application. �I. Tiers Tier i. Unpaid members of the Volunteer Fire Departments and Volunteer Ambulance Corps of the Town and the Villages and full-time employees of the Town, the Villages and the School District. Tier II. Applicants from the Town, the Village of Larchmont, and geographical area of the Village of Mamaroneck within the Town of Mamaroneck who are: a. Residents over 62 years of age; b. Residents under 30 years of age; or c. Residents under 30 years of age who attended high school while residents of the above jurisdictions for a period of at least two years and who have lived at least half of their lives in the above jurisdictions. Time spent in college, technical school, the Armed Forces, or a federal government - administered service corps may be counted towards the residency requirement. Tier III. Part time employees of the Town, Villages and School District who can demonstrate that the majority of their family income comes from this employment. Tier IV. Current residents DC66G685.DOC Tier V. Non-resident employees of private firms or entities located in the Town, Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck; and Members of the immediate family (mother, father, brother, sister, daughter, son) of current residents of the Town, Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck. Tier VI. Residents of Westchester County Tier VII All other persons. Ill. Application of the Tiers A. It will be the policy of the Authority to prefer community volunteers of the Volunteer Fire Departments and Volunteer Ambulance Corps of the Town of Mamaroneck (the "Town") and the Villages of Larchmont and Mamaroneck (collectively, the "Villages"), employees of the Town, the Villages and the Mamaroneck Union Free School District (the "School District") and residents of the Town and the Villages to the extent located within the geographic area of the Town. It will also be the policy of the Authority that diversity of residency will be promoted through the administration of the selection process. Notwithstanding the foregoing, the Authority will exercise its discretion in allocating vacancies among the various tiers within the preference criteria. B. To the extent that The Authority considers applications from any or all of the seven tiers of preference described below, the Authority will consider applications submitted under each Tier separately, and will use a lottery system to determine the order in which it will review applications within each Tiers. IV. Lease Renewal Policy DC66G685.DOC A. Tenants seeking renewal of leases will be required to show that they meet the income requirements applicable at the time of processing of their renewal application. All renewal applications will be examined for creditworthiness and compliance with income requirements, and the Authority shall require such supporting financial information from applicants as it deems necessary for this purpose. B. Tenants seeking renewal of leases will be required to show that they have been in continuous compliance, during the expiring lease term and through the date of granting of the renewal lease, with the requirements of the Tier in which their original application was considered. The Authority shall require such supporting proof of compliance with Tier criteria as it deems necessary for evaluating a renewal application. DC66G685.DOC DATE, 7 9 ;20,4 MEMORANDUM RMW801110 IOMN A/DMMiISTRAIDR July 6, 1993 &I Are6e21„ fiLOL JP- 411N/G/7 TO: Supervisor, Members of Town Board I FROM: Steven M. Silverberg, Counsel RE: Groundlease I am attaching what I hope will be the final draft of the groundlease agreement. This now incorporates extensive comments from Ed Lieberman and Tom Rothman. Unfortunately when Tom Rothman picked up his copy of the groundlease last week, he had picked up an old draft and therefore has not seen a number of the changes made. This may, unfortunately, necessitate additional revisions after Tom has reviewed this document. The groundlease which is submitted to you reflects a number of changes made subsequent to your last review based upon input from both Boards and from the other attorneys. While much of what is contained in the groundlease is boilerplate and may not be of particular interest to you, I would like to highlight certain provisions which you should definitely review, although I think it is important for you to review the entire document. Paragraph 1B deals with the term of the lease, paragraph 3 deals with the rent, paragraph 4 deals with the grant agreement, paragraph 5 deals with the tenant criteria selection, etc. , paragraph 6 deals with pilot payment, guarantees and a number of other issues which are of import, paragraph 7 deals with insurance, paragraph 8 deals with indemnification, paragraph 10 deals with the construction of buildings and improvements on the premises, paragraph 12 deals with the maintenance of utilities, easements and sidewalks, paragraph 13 deals with subletting of apartments, paragraph 16 deals with defaults and landlord's remedies in event of a default, paragraph 30 deals with the end of the lease term, paragraph 36 deals with the operating reserve and audit, paragraph 48 deals with arbitration. In addition, I have attached what I believe are the final schedules. S.M.S. SMS:jas 7 :Jai Fiscal Agent Agreement and Related Documentation ii .SUS ` �� AGREEMENT S�VIE\T RVICESoNI&T Bank FISCAL AGENT tNE EAST"EW YOPK SAVINGS BANK rfri:gam tis Agreement made this I day of 4 J G vJ 1, 1993 , between the Town of Ki ,roneck Housing Authority, Mamaroneck, New York ( "Issuer" ) , and pufacturers and Traders Trust Company ( "M&T") , having a principal place 4 business in the City of Buffalo, Erie County, New York. 1. T hereby agrees to act as Fiscal Agent for the Issuer with respect to ,. . ocks Park Apartment Bonds, 1993 (the "Bonds") , of the Issuer. M&T • iireby agrees to act as Fiscal Agent for those additional obligations of • ! le Issuer which may from time to time be issued. M&T agrees to maintain - n office, presently located at One M&T Plaza, Buffalo, New York 14203, for e registration, conversion, reconversion, and transfer of the Bonds and • ether obligations; the preparation and substitution of new Bonds and other • •ligations; and the payment of principal thereof, redemption premium, if VW, and interest thereon, on the following terms and conditions : TAL I Issuer agrees to deposit with M&T from time to time sufficient monies to meet the payment of principal, redemption premium, if any, and interest on the Bonds, and upon making such deposits, M&T will credit the Issuer' s accounts as provided in the : _;, Resolution and the Guarantee hereinafter defined. Manufacturers and Traders Trust Company • One M&T Plata. Buffalo. New York 14203 • (716) 8424547 torn the funds on deposit, M&T shall pay to the registered owner, his egal representatives, successors or transferees : (1) Interest on the ,nds and other obligations as it becomes due, and (2) Principal, -1 tion, and premium, if any, upon edemp p presentation and surrender of £- e Bonds and other obligations at maturity. The Issuer agrees that M&T is under no obligation to pay or mail principal, redemption, premium, if any, or interest to the registered owner, his legal representatives, successors or transferees prior to the receipt of funds from the Issuer. r„ On making such principal payments, M&T shall take possession of the 'ponds and other obligations in question and shall immediately cancel � :. the same. Upon cancellation it shall forthwith deliver all paid and .2 f '"cancelled Bonds and other obligations to the Issuer, or at the Issuer' s written option, said Bonds and other obligations will be destroyed and a Certificate of Destruction provided. M&T agrees that it shall comply with such order or rule respecting the same as may be ,* established by the State Comptroller. 1' T- M&T agrees to maintain an office for the registration, conversion, reconversion and transfer of the Bonds and other obligations upon ,` presentation of outstanding and unmatured Bonds and other obligations 44' and for the preparation and substitution of new Bonds and other € i'4; obligations . M&T shall record all transfers , cancel transferred Bonds and other obligations, reissue new Bonds and other obligations, and f' maintain records relating to such transactions, as provided in the Resolution, as hereinafter defined. g C i ' J ; agrees to be responsible to the Issuer for the faithful and safe 3'"auct of the services to be performed by M&T as Fiscal Agent and for '` 111, ;�8 ,fidelity and integrity of its officers and agents performing the ; ! , `ties or services related thereto, and for all loss or damage which 'i '-Y result from any failure of such officers or agents to discharge H ir duties or for any improper or incorrect discharge of those /41ties, or shall save the Issuer free and harmless from any and all qloss or damage occasioned by or incurred in the performance of such ` ' 418rvices . T �., he Issuer agrees to pay M&T reasonable compensation in accordance 4� b With the schedule of fees attached hereto for its services performed 4ursuant to this agreement and to reimburse M&T for its out-of-pocket IIi -texpenses reasonably incurred in rendering its services hereunder. '! 1P 'JiM&T shall not charge, impose, or collect from the holder of any such {{I !I: Bond or other obligation, any fee or consideration for services 111 ,, performed in connection with the payment :ax to anysuch holder of the f Tprincipal of or interest on, or the transfer of registered ownership '1 i '_:i, of, any such Bond or other obligation. }I ' ° M&T shall at least annually at the end of each December render to and 11 file with the Authority a statement of all monies received and 1f� ' disbursed by it as Fiscal Agent and of the monies remaining in its :' possession. .1 tl l' ; 'tl' 11I 411 it A. al� / rem2nt shall take effect immediately upon the execution thereof, . .g} . d, however, that it may be terminated by the Issuer at any time upon de } > i notice in writing to M&T. ..�. � �ƒ ac(G£e£S and Traders Trust Company • � -__ mmBy: §_\ ASST VICE PR'S' r ^ e: Title: C�l/e?1,/f-`-1 2 +� E. \ �y \ � : E« am/ ) 0f } � 4 y } ƒ � } ? • . t ti ky CE Cj Q M20 Bank 41 RIDER TO FISCAL AGENT AGREEMENT a. Receipt is hereby acknowledged by the Fiscal Agent of a conformed copy of the guarantee by the Town of Mamaroneck of the principal of and interest on the Bonds of the Authority (the "Guarantee") and of a conformed copy of the resolution of the Authority dated August f 2, 1993 providing for the issuance of the Bonds (the "Resolution"). The Guarantee and the Resolution shall be deemed to be incorporated as a part hereof in the same manner and with the same effect as if they were fully set forth herein. t,.. The Fiscal Agent agrees to and accepts the responsibilities and obligations of the Fiscal Agent under the Guarantee and the Resolution and agrees to perform each of such obligations and responsibilities in accordance with the terms and intent of the Guarantee and the Resolution_ Bank agrees that not more than $2,000 will be charged to Issuer for legal fees • charge connection with the initialit offering. Bank agrees thatshallonly the Issuer for the Bank's reasonable legal fees, if any, following the initial offering and the bank shall, to the extent possible, provide the Issuer with advance notice of the legal fees incurred by Bank following the initial offering. By: 77/4 /(71517/ By: N,� NEIL B.WITOFF Title: � TistvncE s+err Title: C/Aff '/z r)%4 CLAIM NO.. TOWN Of MAMARONECk VENDOR NO. HousiN AuThoRiTy iy AUDITED BY 740 West Boston Post Road DATE PAID CHECK NUMBER Mamaroneck NY 10543-3319 uv 2 v 1994 BUDGET CODE AMOUNT PAID REMIT TO: /gAiwc__ G Sl , %iii �G i - �' //27-(G /C 4C.I1S — ��� TOTAL S 5 FEDERAL I .NUMBER - SOCIAL SECURITY - - DATE DESCRIPTION`OFGOODS•ORSERVICES QUANTITYUNIT PRICE EXTENDED:PRICEf4g[_ --75-Cg.6 /96,-,-,oui & 7 _ .376 Say. G r PLEASE COMPLETE AND SIGN THIS CLAIM FORM AND RETURN IMMEDIATELY WITH INVOICES ATTACHED. OUR TAX EXEMPTION CERTIFICATE NO. 13-3727126 TOTALCLAIMANT'S CERTIFICATION $ I CERTIFY THAT THE ABOVE ACCOUNT FOR$ lJ U IS TRUE AND CORRECT;THAT THE ITEMS,SERVICES AND DISBURSEMENTS CHARGED WERE KENDE' D • OR FOR THE HOUSING AUTHORITY ON THE DATES STATED;AND THAT NO PART HAS BEEN PAID OR SATISFIED TA 4 E S F'o WHIG .THE HOUSING AUTHORITY IS EXEMPT, ARE NOT INCLUDED; ND HAT THE AMOUNT CLA D IS A "•" •Y D (DA El (SIGNATURE OF CLAIMANT OR AUTHORIZED REPRESENTATIVE) / (TITLE) APPROVAL OF PAYMENT This claim is approved and ordered paid from the app •*nations indicated above. 2_3bLI ATE CHAIRMAN/VICE-CHAIRMAN ( 1) //)/ TOWN.-O< gMARONECI( CLAIM NO. VE JDOR N0. HOUSING AUTIiORITy 740 West Boston Post Road Mamaroneck NY 10543-3319 DATE PAID CHECK NUMBER iG y3 ; / 60 BUDGET CODE AMOUNT PAID REMIT TO: M & T Bank / Trust & Investment Services On3 M&T Plaza Buffalo,NY 14240 TOTAL $ 2,500 00 FEDERAL I.D.NUMBER -( I I I I I I I SOCIAL SECURITY - I - DATE DESCRIPTION OF GOODS OR SERVICES QUANTITY UNIT PRICE EXTENDED PRICE:. Hominocks Park Apartments M&T_Trust_Company as fiscal agent for___ Town of Mamaroneck Housing Authority Acceptance Fee 1,000.00 Annual Fee 1,500.00 k - PLEASE COMPLETE AND SIGN THIS CLAIM FORM AND RETURN IMMEDIATELY WITH INVOICES ATTACHED. OUR TAX EXEMPTION CERTIFICATE NO. 13-3727126 TOTAL $2,500.00 CLAIMANT'S CERTIFICATION I CERTIFY THAT THE ABOVE ACCOUNT FOR$ 2,500.00 IS TRUE AND CORRECT;THAT THE ITEMS, SERVICES AND DISBURSEMENTS CHARGED WERE RENDERED TO OR FOR THE HOUSING AUTHORITY ON THE DATES STATED;AND THAT NO PART HAS BEEN PAID OR SATISFIED; THAT TAXES FROM WHICH THE HOUSING AUTHORITY IS EXEMPT, ARE NOT INCLUDED;AND THAT THE 114• T CLAIMED IS ACTUALLY DUE. (D(TE) (SIGNATURE OF CLAI •• •R AUTHORIZED RE•.. ENTATIVE) (TITLE) APPROVAL OF PAYMENT This claim is approved and ordered paid from the appropriations indicated above. / 93 - DATE CHAT -CHAIRMAN Documentation re: $390,000 Notes due 11/95 WILLKIE FARR&GALLAGHER New York Washington,DC London Paris November 1, 1994 Town of Mamaroneck Housing Authority Mamaroneck, New York Re : Town of Mamaroneck Housing Authority $390, 000 Hommocks Park Apartment Project Revenue Capital Notes, 1994 Ladies and Gentlemen: We have acted as bond counsel with respect to the issuance by the Town of Mamaroneck Housing Authority (the "Authority" ) , a municipal housing authority and a public corporation of the State of New York (the "State" ) , of its Hommocks Park Apartment Revenue Capital Notes, 1994 , in the aggregate principal amount of $390, 000 (the "Notes" ) . The Notes are authorized to be issued pursuant to Article 3 and Section 569 of Article 13 of the Public Housing Law, as amended, of the State (collectively, the "Act" ) and a resolution, duly adopted by the Authority on October 25, 1994 (the "Resolution" ) . The Notes are issued for the principal purpose of providing additional funds to finance the construction of a 54-unit garden style housing facility containing apartments which are affordable for rental by persons and families of moderate income (the "Housing Project") . The Notes are dated November 1, 1994, are payable at maturity, which shall be on November 1, 1995, are issued in fully registered form, without coupons, in the denomination of $100, 000 each as to Notes numbered one, two and three and in the denomination of $90, 000 as to Note numbered four, and bear interest at a rate of four and eight hundred seventy-five hundredths per centum (4 . 8750) per annum. For purposes of rendering the opinions expressed herein we have examined certified copies of proceedings of the Authority and other certificates and proofs authorizing and relating to the issuance of the Notes, including the form of the Notes . One Citicorp Center 212 821 8000 153 East 53rd Street Fax:212 821 8111 New York,NY 10022-4677 Town of Mamaroneck Housing Authority -2- November 1, 1994 In addition, we have examined the following: (a) The Constitution of the State and such statutes and regulations as we have deemed relevant to this opinion, including particularly the Act; (b) The Internal Revenue Code of 1986 , as amended, including particularly Sections 103 and 141 through 150 thereof and the applicable regulations of the United States Treasury Department promulgated thereunder (collectively, the "Code" ) ; (c) Certified copies of proceedings of the Authority preliminary to and in connection with the issuance of the Notes, including particularly the Resolution; (d) The Arbitrage Certificate of the Authority provided in accordance with the Code; (e) Such other documents and proceedings as we have considered necessary or appropriate in the circumstances to render the following opinions . The opinion expressed in paragraph (5) below is premised upon (i) the accuracy of the factual information and the truthfulness of the representations and expectations set forth in the certificate described in paragraph (d) above, and (ii) the assumption that the Authority will comply with its covenants as to future acts that are necessary to preserve the exclusion of interest on the Notes from gross income for federal income tax purposes . In rendering the opinions expressed herein we have assumed the accuracy and truthfulness of all public records, documents and proceedings, including factual information, expectations and statements contained therein, examined by us which have been executed or certified by Authority officials acting within the scope of their official capacities, and have not verified the accuracy or truthfulness thereof . We also have assumed the genuineness of the signatures appearing upon such public records, documents and proceedings and the certifications thereof . Based upon the foregoing, it is our opinion that : (1) The Authority was duly created and is validly existing under the provisions of the Act as a municipal housing authority of the State with full power and authority to issue the Notes for the purpose described above and to perform all its obligations under the Resolution. (2) The Authority has full power and authority to adopt the Resolution. The Resolution has been duly and lawfully adopted by the Authority, is in full force and effect, is the valid and Town of Mamaroneck Housing Authority -3- November 1, 1994 binding obligation of the Authority and is enforceable in accordance with its terms, except to the extent that the enforceability (but not the validity) of the Resolution may be limited by any applicable bankruptcy, insolvency, moratorium or other law or enactment now or hereafter enacted by the State or federal government affecting the enforcement of creditors' rights and except that equitable remedies lie in the discretion of a court and may not be available . (3) The Notes have been duly and validly authorized and issued in accordance with law, including the Act, and in accordance with the Resolution. The Notes, together with the interest payable with respect thereto, are legal, valid and binding general obligations of the Authority as provided in the Resolution, enforceable in accordance with their terms and the terms of the Resolution, except to the extent that the enforceability (but not the validity) of the Notes may be limited by any applicable bankruptcy, insolvency, moratorium or other law or enactment now or hereafter enacted by the State or federal government affecting the enforcement of creditors' rights and except that equitable remedies lie in the discretion of a court and may not be available. The Notes are entitled to the benefits of the Resolution and the Act . (4) Neither the State, the Town of Mamaroneck (the "Town") nor any other municipality or public corporation shall be liable on the Notes . The Notes are not a debt of the State, the Town, or any other municipality or public corporation. (5) Under existing statutes and court decisions, interest on the Notes is excludable from gross income for federal income tax purposes . Moreover, interest on the Notes are not an "item of tax preference" for purposes of individual and corporate alternative minimum taxes and the corporate environmental tax imposed by the Code. However, interest on the Notes is includable in the "adjusted current earnings" of a corporate owner and 75% of the interest on the Notes is thus includable in the tax base for computing a corporation' s liability with respect to the 20% alternative minimum tax and the 0 . 12% environmental tax imposed on corporations by the Code. (Such 0 . 12% corporate environmental tax is generally scheduled to terminate for taxable years beginning after December 31, 1995 . ) Moreover, interest on the Notes may be subject to a branch profits tax of up to 30% when owned by certain foreign corporations. Furthermore, the United States Treasury Department has promulgated regulations which might have the effect of imposing a tax at ordinary income rates with respect to interest on the Notes when owned by "S Corporations" in certain cases. (6) Under statutes existing as of the date of delivery of the Notes, interest on the Notes is exempt from personal income taxes imposed by the State or any political subdivision thereof (including The City of New York) . Town of Mamaroneck Housing Authority -4- November 1, 1994 (7) We express no other opinion with respect to the tax consequences of ownership of the Notes . The scope of our engagement in relation to the issuance of the Notes has extended solely to the examination of the facts and law incident to rendering the opinions expressed herein. Such opinions are not intended and should not be construed to express or imply any conclusion that the amount of revenues or moneys of the Authority legally available will be sufficient to enable the Authority to pay the principal of or interest on the Notes as the same respectively become due and payable. We have not examined, reviewed or passed upon the accuracy, completeness or fairness of any factual information which may have been furnished to any purchaser of the Notes by or on behalf of the Authority and, accordingly, we express no opinion as to whether the Authority in connection with the sale of the Notes, has made any untrue statement of a material fact or omitted to state a material fact necessary in order to make any statements made, in the light of the circumstances under which they were made, not misleading. Very truly yours, pds • • 85230290 ARBITRAGE CERTIFICATE $390, 000 TOWN OF MAMARONECK HOUSING AUTHORITY Hommocks Park Apartment Project Revenue Capital Notes, 1994 I, the undersigned Paul Winick, hereby certify that I am the Chairman of the Town of Mamaroneck Housing Authority (the "Authority" ) and that, as such officer, I am charged, with others, with the responsibility for issuing $390, 000 aggregate principal amount of the Authority' s Hommocks Park Apartment Project Revenue Capital Notes, 1994 (the "1994 Notes" ) ; and that : I . EXPECTATIONS AND PURPOSES 1 . 01 Set forth below are the Authority' s expectations as of the date hereof, which is the date of issuance of the 1994 Notes, regarding the amount and use of the proceeds of the 1994 Notes and of certain other amounts, together with the facts and estimates upon which such expectations are based. To the best of my knowledge and belief, such expectations are reasonable . Based upon these expectations, the 1994 Notes will not be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986 (the "1986 Code") and any applicable temporary, proposed or final regulations promulgated thereunder, as amended, by the United States Department of the Treasury. For purposes of this Arbitrage Certificate, the term "Regulations" shall mean the regulations described in the previous sentence as well as any other temporary, -2- proposed, or final regulations promulgated by the United States Department of the Treasury that are applicable to the 1994 Notes. 1 . 02 Certain of the expectations referred to in Section 1 . 01 above are based upon (a) the Authority' s covenant, which is contained in Section IV below, to comply with the arbitrage rebate requirement imposed by Section 148 (f) of the 1986 Code and to comply with certain of the other arbitrage-related requirements imposed by Section 148 of the 1986 Code, and (b) certain representations made to, and calculations performed on behalf of, the Authority by A.H. Williams & Co. , Inc. , the underwriter with respect to the marketing of the 1994 Notes, that are set forth in Exhibit A hereto. Exhibit A hereto is incorporated herein by reference . The Authority is not aware of anything which would cause it to question the accuracy of the representations and calculations that are contained in Exhibit A hereto. 1 . 03 The 1994 Notes are being issued pursuant to the Resolution, dated as of October 25, 1994 (the "Resolution" ) , of the Authority. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Resolution. 1 . 04 The 1994 Notes are being issued by the Authority for the principal purpose of making a deposit to the Construction Account established under a prior resolution of the Authority dated as of August 12 , 1993 (the "1993 Resolution" ) for the purpose of financing certain additional costs of constructing, equipping and completing a 54-unit garden style housing facility (the "Project") -3- on land owned by and located in the Town of Mamaroneck, Westchester County, New York (hereinafter the "Town" ) . 1 . 05 The 1994 Notes are special obligations of the Authority, payable under the Resolution from the amount of Revenues to be derived from the operation of the Project and other moneys of the Authority lawfully available therefor. Because of the security provided by the Resolution, it is reasonably certain that the debt service on the 1994 Notes will be paid when due, irrespective of whether or not the proceeds of such 1994 Notes are actually applied for the purposes for which the 1994 Notes were issued. 1 . 06 The 1994 Notes will bear a fixed rate of interest, and interest on the 1994 Notes is payable at maturity on November 1, 1995 . Under the Resolution, a failure to make the debt service payment on the 1994 Notes on a timely basis results in significant remedies and consequences to the Authority that are normal in similar types of financings . 1 . 07 For purposes of this Arbitrage Certificate, the term "Aggregate Issue Price" shall mean the sum of the "issue prices" of the 1994 Notes . For this purpose, the term "issue price" shall have the meaning ascribed thereto by Sections 1273 and 1274 of the 1986 Code and Section 1 . 148-1 (b) of the Regulations, and shall thus generally mean the total amount at which the 1994 Notes were sold to public purchasers other than brokers, bond houses or similar persons acting in the capacity of underwriters or wholesalers . -4- 1 . 08 For purposes of this Arbitrage Certificate and except as otherwise provided in this Section 1 . 08, the Fair Market Value of an investment is the price at which a willing buyer would purchase such investment from a willing seller. If the investment is not readily salable, its Fair Market Value shall be determined by taking into account the price at which a willing buyer would purchase the same (or a substantially similar) investment from the issuer of the investment . Such price shall not be increased by brokerage commissions, administrative expenses, or similar expenses . However, if an investment is traded on an established securities market (within the meaning of Section 15A.453-1 (e) (4) (iv) of the Regulations) , the Fair Market Value of such investment shall be determined as provided in Section 20 . 2031-2 of the Regulations; provided that, if the investment is an obligation of the United States (or any agency or instrumentality thereof, within the meaning of Section 149 (b) of the 1986 Code) and is backed by the full faith and credit of the United States (or any such agency or instrumentality) , the Fair Market Value of such investment shall be the mean of the bid and asked prices on the date of determination (or, if there are no bid and asked prices on such date, on the first day preceding such date for which there are bid and asked prices) . The bid and asked prices shall be determined either by reference to "Composite Closing Quc:ations for United States Government Securities" published by the Federal Reserve Bank of New York, or by reference to a comparable compilation of bid and asked prices regularly -5- published in a newspaper of general circulation throughout the United States . Notwithstanding the foregoing, however, the Fair Market Value of United States Treasury Obligations of the State and Local Government Series ("SLG' s" ) shall be determined as set forth under the Regulations promulgated under Section 148 of the 1986 Code . II . APPLICATION OF PROCEEDS REALIZED FROM BOND ISSUANCE 2 . 01 The face amount of the 1994 Notes is $390, 000 . The sale proceeds of the 1994 Notes (the "Sale Proceeds" ) are likewise $390, 000, there being no original issue discount or premium. There is also no accrued interest. The Sale Proceeds of the 1994 Notes, together with the expected investment earnings thereon, do not exceed the amount necessary for the governmental purposes for which the 1994 Notes are being issued. Thus, no portion of the 1994 Notes is being issued solely to invest the proceeds thereof at a yield which is materially higher than the yield on the 1994 Notes . There is no deposit of proceeds to a debt service reserve fund for the 1994 Notes and therefore the $390, 000 shall also constitute Net Sale Proceeds . 2 . 02 The Net Sale Proceeds of $390, 000 will be deposited in the Construction Account established under the 1993 Resolution to finance the additional costs of the Project . III . FINANCING THE COMPLETION OF THE PROJECT 3 . 01 The $390, 000 of the Net Sale Proceeds deposited in the Construction Fund established under the 1993 Resolution and the -6- investment income that is expected to be realized with respect thereto will be used to pay a portion of the costs of constructing, equipping and completing the Project as more fully described in the Resolution. For purposes of the previous sentence, the cost of acquiring a particular component or item shall not be deemed to constitute a cost of construction of the Project unless such component or item is incorporated as an integral part of a larger structure or other item which has itself been constructed by the Authority or by the Town. (For example, the acquisition of piping for the apartment building would be a cost of construction of the Project, while the acquisition of a computer for the Authority' s records system would not . ) The Authority presently expects that the entire cost of completing the 1994 Note - financed portion of the Project will be expended prior to April 30, 1995 and in no event later than November 1, 1997, and that such costs will be paid from the $390, 000 Net Sale Proceeds of the 1994 Notes deposited in the Construction Fund established under the 1993 Resolution and investment earnings with respect to such Net Sale Proceeds . 3 . 02 The $390, 000 of the Net Sale Proceeds deposited in the Construction Fund and the investment earnings thereon, will be invested without restriction as to yield prior to its expenditure to pay the costs of completing the Project . In the unexpected event that any of such Net Sale Proceeds and the investment income thereon remain unexpended as of November 1, 1997, such amounts will not (except as set forth in Sections 8 . 02 and IX below) be invested -7- at a yield in excess of the yield on the 1994 Notes plus 1/8 of one percent . 3 . 03 The Authority and the Town have heretofore entered into binding contracts obligating the expenditure of at least 50 of the Net Sale Proceeds for the completion of the Project and such expenditures will be paid with the Net Sale Proceeds of the 1994 Notes and investment earnings thereon. 3 . 04 Construction of the Project will proceed with due diligence to completion. 3 . 05 In the event that the $390, 000 of Net Sale Proceeds of the 1994 Notes deposited in the Construction Fund established under the 1993 Resolution are not spent in accordance with the schedule set forth in Section 148 (f) (4) (C) (ii) of the 1986 Code, the Authority hereby specifically determines not to pay the penalty provided for by Section 148 (f) (4) (C) (vii) (I) of the 1986 Code in lieu of making the rebate payments to the Internal Revenue Service which would otherwise be required with respect to such amounts pursuant to Section 148 (f) (2) of the 1986 Code . 3 . 06 The Authority hereby determines not to make the election which is available to the Authority under Section 148 (f) (4) (C) (vi) (IV) of the 1986 Code . 3 . 07 None of the $390 , 000 Net Sale Proceeds in the Construction Fund are reasonably expected to be invested at a yield in excess of the yield on the 1994 Notes prior to expenditure . -8- IV. AUTHORITY' S COVENANTS The Authority hereby covenants with the owners of the 1994 Notes that the Authority will (i) take all actions on its part necessary to cause interest on the 1994 Notes not to be includable in the gross income of the owners thereof for Federal income tax purposes, and (ii) refrain from taking any action which would cause interest on the 1994 Notes to be includable in the gross income of the owners thereof for Federal income tax purposes . In this regard, and without limiting the applicability of the foregoing, unless an opinion is rendered by Willkie Farr & Gallagher that the following actions are not required in order to maintain the exclusion of interest on the 1994 Notes from the gross income of the owners thereof for Federal income tax purposes, the Authority hereby covenants that it will : (a) not use any of the original or investment proceeds of the 1994 Notes to, (i) make loans (including loans made pursuant to financing leases, installment sale agreements or other similar types of contractual arrangements) , (ii) finance facilities that will be sold or leased (except, in the case of leasing, leases to non-corporate members of the general public) , or (iii) finance facilities other than facilities that will be used exclusively by state or local governmental units or by members of the general public on an equal basis; and -9- (b) with respect to original and investment proceeds of the 1994 Notes, if any, which remain after three years, invest not more than an amount equal to the lesser of $100, 000 or 5% of the sale proceeds of the 1994 Notes in obligations having a yield higher than the yield on the 1994 Notes plus 1/8 of one percent . For purposes of this certificate, yield shall be computed in accordance with Section 148 (h) of the Code; and (c) make the payments, if any, required to be made to the United States pursuant to Section 148 (f) of the Code . In this regard, the Authority will maintain books and records setting forth: (i) from the date hereof, the date of each expenditure of "gross proceeds" as such term is defined in Section 148 (f) (6) of the Code of the 1994 Notes to pay the costs of the Project; (ii) from the date hereof, with respect to all investments made with "gross proceeds" of the 1994 Notes (including, without limitation, "overnights" and "repos") : (A) the purchase date; (B) the purchase price; (C) the date of sale or maturity; (D) the proceeds received at sale or maturity; and (E) investment income realized with respect to such investments; and (d) not acquire any investment made with "gross proceeds" of the 1994 Notes at a price in excess of its "fair market value" or -10- sell any such investment at a price less than its "fair market value" within the meaning of Regulations Section 1 . 148-5 (d) (6) . V. QUALIFICATION FOR THREE-YEAR TEMPORARY PERIOD 5 . 01 It is reasonably expected that 100% of the Net Sale Proceeds will be expended on the Project by April 30 , 1995, but in no event later than November 1, 1997 . 5 . 02 As set forth above, all of the Net Sale Proceeds which will be used to finance the costs of completing the Project will have been expended prior to November 1, 1997 . 5 . 03 The 1994 Notes are being issued on the date hereof in order for the Authority to complete the Project prior to April 30, 1995 . Thus the date of issuance of the 1994 Notes has been determined solely on the basis of bona fide financial reasons, in accordance with ordinary financial practices in financings similar to the present financing, and has not been determined with a view to prolonging abnormally the period between the issuance of the 1994 Notes and the expenditure of the proceeds thereof . 5 . 04 None of the Net Sale Proceeds will be invested in taxable securities or debt obligations which mature more than four years after the date hereof and which have a minimum guaranteed yield. VI . THE REVENUES AND PRIVATE BUSINESS USERS 6 . 01 Under the terms of the Resolution, the 1994 Notes are secured solely by the Revenues realized by the Authority from the operation of the Project, and the other monies of the Authority -11- lawfully available therefor. Thus, the holders of the 1994 Notes do not have a mortgage or other similar lien on the Project . The Project will not be used in the trade or business of any person or entity other than the Authority, or the Town. Any management contract entered into between the Authority and a private business entity will conform to the requirements of Section 1301 (e) of the Tax Reform Act of 1986 and Revenue Procedure 93-19 of the Internal Revenue Service . 6 . 02 Thus, the sole underlying security for the payment of the 1994 Notes will be Revenues resulting from the operation of the Project, and other monies of the Authority lawfully available therefor. VII . DEBT SERVICE PAYMENTS AND RELATION TO FUNDS ESTABLISHED UNDER 1993 RESOLUTION 7 . 01 The Revenues will be deposited in the Revenue Fund established under the 1993 Resolution. Revenues deposited in the Revenue Fund will, as a practical matter, generally be limited to amounts required to pay annual debt service on the 1993 Bonds and debt service on the 1994 Notes, make up deficiencies in certain Funds established under the 1993 Resolution and pay Authority expenses and make certain payments to the Town under the terms of a Ground Lease between the Town and the Authority dated July 19, 1994 with regard to the land upon which the Project is situated (the "Ground Lease") . That portion of the Revenue Fund which is ultimately to be used to pay debt service on the 1993 Bonds and 1994 Notes is held primarily to achieve a proper matching of -12- revenues and debt service requirements within each Bond year and for the 1994 Notes . Amounts held in such portion of the Revenue Fund will be transferred to the Debt Service and Sinking Fund established under the 1993 Resolution for the Bonds issued pursuant to the 1993 Resolution and transferred to the Authority to pay debt service on the 1994 Notes on November 1, 1995 . Amounts held in the remaining portion of the Revenue Fund will be used to pay Authority expenses and for certain other purposes; at the end of each year amounts in the Revenue Fund in excess of amounts to be required to be transferred to other Funds shall be withdrawn by the Authority under the terms of the Resolution and paid to the Town in accordance with the terms of the Ground Lease . Thus, there is no reasonable assurance that such remaining amounts would be available to pay debt service on the 1993 Bonds and the 1994 Notes in the event that the Authority encountered financial difficulties . Moreover, such remaining amounts are not pledged to the payment of debt service on the 1993 Bonds or 1994 Notes and are not reasonably expected to be used, directly or indirectly, to pay debt service on the 1993 Bonds or 1994 Notes . Therefore, Revenues held in such remaining portion of the Revenue Fund will be invested without restriction as to yield. 7 . 02 All amounts transferred to the Debt Service and Sinking Fund from the Revenue Fund (i . e . , the Revenues) are required by the 1993 Resolution to be withdrawn by the fiscal agent for the 1993 Bonds for the purpose of making immediate debt service payments . Thus, the Debt Service and Sinking Fund is used -13- primarily to achieve a proper matching of Revenues and debt service within each Bond year for the 1993 Bonds . Current debt service on the 1993 Bonds will be paid from current Revenues (and prior to July 1995 , from the Capitalized Interest Account) . Therefore, the Debt Service and Sinking Fund is not a bona fide debt service fund for the 1994 Notes . However, the portion of the Revenue Fund used indirectly to pay debt service on the 1994 Notes will be fully depleted at least once a year (except for an amount not to exceed the greater of (x) one year' s earnings on such "fund" , or (y) 1/12 of the annual debt service on the 1994 Notes) . Thus, no amounts in such "fund" are reasonably expected to be held, after their initial receipt, for a period longer than the 13-month temporary period provided by Section 1. 148-2 (e) (5) (ii) of the Regulations for a "bona fide debt service fund" . Thus, all amounts in that portion of the Revenue Fund which will be used indirectly to pay debt service on the 1994 Notes will be invested without restriction as to yield. 7 . 03 No amounts of the proceeds of the 1994 Notes are expected to be deposited in the Operating Fund established under the terms of the 1993 Resolution. 7 . 04 No proceeds of the 1994 Notes are expected to be deposited in the Operating Reserve Fund established under the terms of the 1993 Resolution pursuant to paragraph 36 of the Ground Lease . -14- 7 . 05 No proceeds of the 1994 Notes are expected to be deposited in the Contingency Fund established under the terms of the 1993 Resolution pursuant to paragraph 6 (B) of the Ground Lease . 7 . 06 No proceeds of the 1994 Notes are expected to be deposited in the Payment in Lieu of Taxes Fund established under the terms of the 1993 Resolution pursuant to paragraph 6 (E) of the Ground Lease . VIII . RESERVE FUNDS 8 . 01 There is no reserve fund for the 1994 Notes . 8 . 02 Any investment earnings realized with respect to (a) Net Sale Proceeds of the 1994 Notes, and (b) Revenues on deposit in that portion of the Revenue Fund that will be used to pay debt service on the 1994 Notes on November 1, 1995, will be expended within one year of the date of the initial receipt thereof . IX. MINOR PORTION 9 . 01 $100, 000 represents a "minor portion" of the 1994 Note proceeds that may be invested without restriction as to yield as provided in Section 148 (e) of the Code and Section 1 . 148-2 (g) of the Treasury Regulations promulgated thereunder (the "Regulations" ) . Amounts in the following funds and accounts will, unless the Authority later elects otherwise, be counted against this "minor portion" in the following order: (a) Amounts, if any, remaining, in the Construction Fund after three years from the date hereof; and -15- (b) Amounts in the Revenue Fund, to the extent that such amounts are treated as proceeds of the 1994 Notes under Section 148 of the Code and do not qualify for the temporary period allowable under Section 1 . 148-2 (e) (5) (ii) of the Regulations or any other allowable temporary period. 9 . 02 The Authority expects that the sum of the amounts set forth in subparagraphs (a) and (b) of Section 9 . 01 above will not exceed the $100, 000 "minor portion" . Nevertheless, any such amounts which exceed such "minor portion" will not be invested at a yield which exceeds (i) the yield on the 1994 Notes plus 1/8 of one percent in the case of the amounts described in Section 9 . 01 (a) above, or (ii) the yield on the 1994 Notes in the case of amounts described in Section 9 . 01 (b) above. X. COMPLIANCE WITH YIELD LIMITATIONS 10 . 01 For purposes of this Arbitrage Certificate, the yield restrictions set forth herein shall not apply to the extent that yield-restricted amounts are invested in (a) municipal obligations which do not constitute "specified private activity bonds" within the meaning of Section 57 (a) (5) (C) of the 1986 Code and the interest on which is not includable in gross income for Federal income tax purposes, (b) Demand Deposit State and Local Government Series Treasury Securities (as defined in 31 C.F.R. Parts 344 . 6 through 344 . 9) , or (c) stock in a qualified regulated investment company. For purposes of the previous sentence, a qualified regulated investment company is a corporation that (a) is a "regulated investment company" within the meaning of Section -16- 851 (a) of the 1986 Code and meets the requirements of Section 852 (a) of the 1986 Code for the calendar year, (b) has only one class of stock authorized and outstanding, and (c) has at least 98 percent of (i) its gross income (determined without regard to any exclusion of interest on municipal obligations from gross income for Federal income tax purposes pursuant to Section 103 of the 1986 Code) derived from interest on, or gain from the sale or other disposition of, municipal obligations of the type described in clause (a) of the previous sentence, or (ii) the weighted average value of its assets represented by municipal obligations of the type described in clause (a) of the previous sentence . 10 . 02 All amounts held under the Resolution shall be invested in accordance with the "market price rules" set forth in Exhibit B hereto. In the event that the yield-restricted amounts described in this Arbitrage Certificate cannot be invested in "open market" securities acquired pursuant to such "market price rules" without causing the applicable yield restriction to be exceeded, such amounts shall be invested in SLG' s bearing rates of interest necessary to meet such yield restrictions or in obligations of the type described in Section 10 . 01 above . 10 . 03 The Authority has not entered into, and does not plan to enter into, any hedging transactions with respect to any of the 1994 Notes pursuant to an arrangement under which a third party will , directly or indirectly, pay amounts to the Authority which are based upon the debt service on such 1994 Notes in exchange for payments to be made by the Authority which are not based upon the -17- debt service on such 1994 Notes . (Such arrangements could, for example, include interest rate "swaps" , interest rate "collars" , or interest rate "caps" . ) 10 . 04 As set forth in Exhibit A hereto, A.H. Williams & Co. , Inc . has computed that the yield on the 1994 Notes for purposes of Section 148 of the 1986 Code is 4 . 255 . XI . REPLACEMENT PROCEEDS OF THE 1994 NOTES 11 . 01 There are no "replacement proceeds" of the 1994 Notes as defined in Section 1 . 148-1 (c) of the Regulations . XII . ADDITIONAL CERTIFICATIONS 12 . 01 There is no segregated or identifiable fund not described herein held by or on behalf of the Authority, the Town, or the Noteholders which (a) the Noteholders are assured will be available to pay principal of, or interest on, the 1994 Notes, (b) will be pledged as security for the 1994 Notes, or (c) will replace funds that will be used to pay such principal or interest . 12 . 02 There are no other governmental obligations of the Authority, the Town, or any related entity (a) sold, or to be sold, within 15 days of the date hereof, (b) sold pursuant to the same plan of financing with the 1994 Notes, and (c) reasonably expected to be paid from substantially the same source of funds as will be used to pay the 1994 Notes . 12 . 03 The Authority has not received notice that its arbitrage certificates may not be relied upon with respect to its issues of debt obligations, and has not been advised that any such adverse action is contemplated by the Commissioner of Internal Revenue . -Signature Page- IN WITNESS WHEREOF, I have executed this certification as of this 1st day of November, 1994 . Paul Winick Chairman EXHIBIT A A.H. WILLIAMS & CO. , INC. 1631 Locust Street Philadelphia, PA 19103 November 1, 1994 Town of Mamaroneck Housing Authority Town Hall Mamaroneck, New York 10543 Willkie Farr & Gallagher 153 East 53rd Street New York, New York 10022 TOWN OF MAMARONECK HOUSING AUTHORITY $390, 000 Hommocks Park Apartment Project Revenue Capital Notes, 1994 Ladies and Gentlemen: We have acted as the underwriter for the $390, 000 aggregate principal amount of Hommocks Park Apartment Project Revenue Capital Notes, 1994 (the "Notes") issued by the Town of Mamaroneck Housing Authority (the "Authority" ) on the date hereof . We wish to inform you that (a) a bona fide offering of the Notes was made at a yield to the public purchasers of 4 . 250 and (b) at least l096' of the Notes were sold to public purchasers (other than bond houses, brokers or other intermediaries) at or above such respective offering yield. We also wish to inform you that the yield on the Notes, within the meaning of Section 148 (h) of the Internal Revenue Code of 1986 and based on the offering prices to the public is 4 . 250 . We understand that these representations will be relied upon by you for purposes of making certain representations contained in the Arbitrage Certificate, dated as of the date hereof, executed by the Authority in connection with the issuance of the Notes and will be relied upon by Willkie Farr & Gallagher, bond counsel to the Authority, in rendering their opinion that interest on the Notes is excludable from the gross income of the owners thereof for Federal income tax purposes . Very truly yours, A.H. WILLIAMS & CO. , INC. By: Title : A-2 EXHIBIT B MARKET PRICE RULES 1 . The market price (the "Market Price" ) of an obligation shall be the mean of the bid and offered price on an established market where such obligation is traded on the date of acquisition of the obligation (or, if earlier, on the date a binding contract to acquire such obligation is entered into) , or, if there are no bid and offered prices on such date, on the first day preceding such date for which there are bid and offered prices . 2 . Any obligation for which there is not an established market shall not be purchased. 3 . Any market specially established to provide an obligation to the Authority will not be treated as an established market . 4 . The Market Price may be determined by reference to any appropriate publication, such as, for example, "Composite Closing Quotations for United States Government Securities" published by the Federal Reserve Bank of New York. 5 . Where the price of an obligation is quoted on an established market in terms of yield, the Market Price shall be the price necessary to produce such yield using the method of computing yield provided by Section 148 of the 1986 Code and the Regulations . 6 . The Market Price of an obligation may be established by the borrowing practices of the issuer of the obligation as, for example, by determining the Market Price based on the interest ordinarily paid by such issuer to persons other than governmental units with respect to obligations of comparable maturities . 7 . The Market Price of a time or demand deposit shall be determined by taking into account the yield that would be paid by the obligor if the deposit were held as an interest-bearing deposit for the expected period of the deposit (i .e . , a time deposit) , except that if the yield actually paid is higher than such yield the Market Price shall be the amount of the deposit . 8 . The Market Price for a certificate of deposit issued by a commercial bank may be determined as the bona fide price quoted by a dealer who maintains an active secondary market in such certificates of deposit . 9 . If the price paid for an obligation is lower than the mean market price, such lower price shall be the Market Price. 10 . If the price paid for an obligation is higher than the Market Price, such higher price may be used as the Market Price only if the obligation is acquired in an arm' s length transaction without regard to any amount paid to reduce the yield of the obligation. 11 . Where a United States Treasury obligation is acquired directly from the United States Treasury, such acquisition shall be treated as establishing a market for such obligation and as establishing the Market Price of such obligation. For purposes of these rules, yield means that percentage rate which, when used in computing the present value of all payments of principal and interest on an obligation, produces an amount equal to the purchase price thereof . For purposes hereof, yield is, and shall be, calculated on a 360-day basis with interest compounded semiannually. B-2 4719/1086 52461-345P At a special meeting of the Members of the Town of Mamaroneck Housing Authority, Westchester County, New York, held at the Town Center, in Mamaroneck, New York, on the 25th day of October, 1994, at 8 : 00 o' clock P.M. , Prevailing Time. The meeting was called to order by Paul A. Winick, Chairman, and upon roll being called, the following were PRESENT: Susan Sidel Mary Carlson Jeffrey Marston Paul A. Winick ABSENT: Michael Mosely The following resolution was offered by Paul A. Winick, who moved its adoption, seconded by Susan Sidel, to-wit : RESOLUTION DATED OCTOBER 25, 1994 . A RESOLUTION AUTHORIZING THE ISSUANCE OF $390, 000 REVENUE CAPITAL NOTES OF THE TOWN OF MAMARONECK HOUSING AUTHORITY, WESTCHESTER COUNTY, NEW YORK, TO PAY COSTS OF THE CONSTRUCTION OF A 54-UNIT GARDEN STYLE HOUSING FACILITY. WHEREAS, the Town of Mamaroneck Housing Authority, Westchester County, New York, is a municipal housing authority of the State of New York (the "Authority") ; and WHEREAS, Article 3 of the Public Housing Law authorizes municipal housing authorities to provide for the construction of housing and related facilities; and WHEREAS, the Members of the Authority have determined it to be in the best interest of the Authority to lease a certain parcel of land from the Town of Mamaroneck, Westchester County, New York, and to construct thereon a 54-unit garden style housing facility containing apartments which are affordable for rental by persons and families of moderate income; and WHEREAS, on August 13 , 1993 the Authority issued $4, 645, 000 Hommocks Park Apartment Project Revenue Bonds, 1993 to pay costs of such construction; and WHEREAS, it has been determined that it is necessary to issue an additional $390, 000 obligation to pay additional costs of such construction; and WHEREAS, it is now desired to provide for the issuance of revenue capital notes of the Authority to pay costs of such construction; NOW THEREFORE BE IT RESOLVED, by the Members of the Town of Mamaroneck Housing Authority, Westchester County, New York, as follows : -2- ARTICLE I . GENERAL PROVISIONS . SECTION 1 . 01 . Resolution to Constitute Contract . In consideration of the purchase and acceptance of the Notes by the Registered Owners, from time to time, the provisions of this Resolution shall be deemed to be and shall constitute a contract between the Authority, the Registered Owners, from time to time, of the Notes and the covenants and agreements herein set forth to be performed on behalf of the Authority shall be for the equal benefit, protection and security of the Registered Owners, from time to time, of any and all of the Notes, all of which shall be of equal rank without preference, priority or distinction of any of the Notes over any other thereof . SECTION 1. 02 . Scope of Resolution. Nothing in this Resolution shall limit the power of the Authority to issue obligations of the Authority outside this Resolution for any lawful purpose of the Authority; provided, however, that no amendment of this Resolution shall be made without the consent of not less than fifty per centum of the Holders of the Notes then Outstanding if such amendment shall, in the reasonable judgment of the Authority, adversely affect the interests of the Holders of the Notes then outstanding; and provided further that no amendment shall be made to this Resolution extending the fixed maturity of the Notes, reducing the interest rate of the Notes, extending the time for payment of the Notes, reducing the amount of principal of the Notes, or reducing the percentage of Holders of the Notes required for an amendment to this Resolution without the consent of each Holder of Notes then Outstanding. SECTION 1 . 03 . Construction. (a) In this Resolution (except as otherwise expressly provided or unless the context clearly otherwise requires) the singular includes the plural, the masculine includes the feminine, all definitions and references to documents include all amendments or supplements thereto, and all definitions and references to persons or entities include their respective successors and assigns . (b) All references in this Resolution to designated "Articles, " "Sections" and other subdivisions of this Resolution are to the designated Articles, Sections or other subdivisions of this instrument as amended from time to time . The words "herein, " and "hereunder" and other words of similar import refer to this Resolution as a whole and not to any particular Article, Section or other subdivision unless otherwise specified. SECTION 1 . 04 . Definitions . The following terms whenever used in this Resolution shall have the meanings set forth in this -3- Section except as otherwise expressly provided or unless the context clearly requires otherwise : "Act" means, collectively (i) the Town of Mamaroneck Housing Authority Act, being Section 589 of the Public Housing Law as enacted by Chapter 303 of the Laws of 1992 of the State, as it may from time to time be amended and (ii) the Public Housing Laws of the State, as the same may from time to time be amended. "Authority" means the Town of Mamaroneck Housing Authority. "Authorized Representative" or "Authorized Officer" means the Chairman, Vice Chairman or Treasurer of the Authority, or any other officer or person authorized to perform specific acts or duties by resolution duly adopted by the members of the Authority. "Bond Counsel" means any nationally recognized counsel experienced in matters of municipal law and the Tax-Exempt status of obligations under the Code, acceptable to the Authority. "Bond Resolution" means the resolution of the Authority dated August 12, 1993 . "Code" means the Internal Revenue Code of 1986, as amended, and with respect to a specific section thereof, such reference shall be deemed to include (i) the regulations promulgated under such section, (ii) any successor provision of similar import hereafter enacted, (iii) any corresponding provisions of any subsequent Internal Revenue Code, (iv) the regulations prescribed under the provisions described in (ii) and (iii) , and (v) any published revenue rulings applicable thereto. "Counsel" means an attorney at law or law firm (who may be counsel for the Authority) . "Debt Service Requirement" means the amount necessary to pay principal of and interest on the Notes at their maturity. "Event of Default" means the event described in Section 6 . 01 of this Resolution. "Fiscal Agent" means the Treasurer of the Authority. "Governing Board" means the members of the Authority constituting and acting as the governing body of the Authority. "Government Obligations" means United States Treasury bills or other interest-bearing direct obligations of (including obligations issued or held in book entry form on the books of the Department of the Treasury of the United States of America) , or obligations the principal and interest of which are unconditionally guaranteed as to full and timely payment by, the United States of America, but -4- not mutual funds (including unit investment trusts) ) investing in such obligations other than money market funds that are rated in the highest category by Moody' s and S&P . "Housing Project" means the 54-unit garden style housing facility described in the preambles hereof . " Investment Securities" means and includes any of the following: (a) Government Obligations; or (b) Government Obligations which have been stripped of their unmatured interest coupons and interest coupons stripped from either Government Obligations or obligations of the Resolution Trust Company, which interest coupons are guaranteed by the United States of America. "Moody' s" means Moody's Investors Service, Inc . , New York, New York, and its successors and assigns . "1986 Code" means the Code. "Note" or "Notes" means the Notes issued pursuant to the Resolution. "Noteholder, " "Holder, " "holder" and "Registered Owner" means the Person in whose name any Note is registered in the Note Register System maintained by the Fiscal Agent . "Outstanding, " when used with reference to Notes, shall mean as of any particular time, all of the Notes authenticated and delivered under the Resolution, except : (a) Notes theretofore delivered for cancellation; (b) Notes for the payment or redemption of which money in the necessary amount shall have been deposited with the Fiscal Agent; (c) Notes in substitution for which other Notes shall have been authenticated and delivered pursuant to the terms of the Resolution; and (d) Notes which are deemed to have been paid pursuant to the provisions of Article VIII hereof . "Paying Agent " shall mean the Fiscal Agent or any other or successor Paying Agent . "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a trust , any unincorporated -5- organization, a governmental body, political subdivision, municipality or authority or any other group or entity. "Rebate Amount" means all interest income and profits earned on the investment of the proceeds of the Notes which is required to be paid to the United States under Section 148 (f) of the Code, calculated and determined in accordance with the Regulations in effect from time to time under that Section. "Registered Owner" means the person in whose name any Note is registered. "Resolution" means this resolution, together with all amendments and supplements thereto. "Revenues" means (a) all receipts, revenue, income, rents, fees, surcharges and other amounts received by or on behalf of the Authority from the operation of the Housing Project, and all rights to receive the same whether in the form of accounts receivable, general intangibles, contract rights, chattel paper, instruments or other rights, insurance proceeds or condemnation awards, whether now existing or hereafter coming into existence and whether now owned or held or hereafter acquired by the Authority, and all proceeds of the foregoing and (b) all grants and subsidies for the Housing Project paid or payable to the Authority by the United States, the State or any agency or subdivision thereof or other Person or entity except to the extent that any pledge thereof would violate or be inconsistent with the terms of the grant or subsidy. "S & P" means Standard & Poors Corporation, New York, New York, and its successors and assigns . "State" means the State of New York. "Tax-Exempt" means, with respect to interest on any obligations of a state or local government or public instrumentality, including the Notes, that such interest is excluded from gross income for federal tax purposes (other than for an owner who is a "substantial user" of the project being financed or a "related person" within the meaning of Section 147 (a) of the Code) , whether or not such interest is includable as an item of tax preference or otherwise includable directly or indirectly for purposes of calculating other tax liabilities, including any alternative minimum tax or environmental tax under the Code . The Fiscal Agent may conclusively rely on an opinion of Independent Counsel experienced in the field of Tax-Exempt obligations to the effect that a particular series of Notes is Tax-Exempt . "Town" means the Town of Mamaroneck, Westchester County, New York. SECTION 1 . 05 . Form of Documents . Every "request , " "order, " -6- "demand, " "application, " "requisition, " "appointment, " "notice, " "statement, " "certificate, " "consent, " or similar action hereunder by the Authority, unless the form thereof is specifically provided, shall be in writing signed by an Authorized Representative or Authorized Officer. -7- ARTICLE II . CONCERNING THE NOTES . SECTION 2 . 01 . Authorization of Notes . (a) There shall be issued hereunder $390, 000 Notes . The Notes shall be issued to pay costs of the Housing Project . (b) The Notes shall be dated November 1, 1994 , shall be payable at maturity which shall be on November 1, 1995, shall be issued in fully registered form, without coupons, in the denomination of $100, 000 as to Notes numbered one, two and three and in the denomination of $90, 000 as to Note numbered four, shall bear interest at a rate of four and eight hundred seventy-five hundredths per centum (4 . 8750) per annum and both principal of and interest on the Notes shall be payable in lawful money of the United States of America in Federal Funds at the Office of the Authority Treasurer, in the Town Center, in Mamaroneck, New York. Each Note shall be substantially in the form set forth in Exhibit A attached hereto and made a part hereof . (c) The Notes shall each be designated "Town of Mamaroneck Housing Authority, Hommocks Park Apartment Project Revenue Capital Note, 1994" . (d) Interest shall be determined on the basis of a year of 360 days consisting of 12 months of 30 days each. (e) The Notes shall not be subject to redemption prior to maturity. (f) Pursuant to recommendations promulgated by the Committee on Uniform Security Identification Procedures, "CUSIP" numbers may be printed or typed on the Notes . The Notes may bear such endorsement or legend as may be required to conform to usage or law with respect thereto. (g) Notes may also be issued under this Resolution in lieu of Notes theretofore issued which have been mutilated, lost, destroyed or stolen. (h) The Notes are hereby sold to A.H. Williams & Co. , Inc . , Philadelphia, PA, at a price of par with no premium. (i) The Notes are hereby designated as a "qualified tax-exempt obligation" pursuant to Section 265 (b) (3) (b) (ii) of the Code . SECTION 2 . 02 . Obligation of the Notes . The Notes shall be general obligations of the Authority payable in accordance with the Act from the following sources, which are hereby pledged for such -8- payment : (i) from all Revenues and other moneys of the Authority lawfully available therefor, subject to (A) the prior lien and pledge created by the Bond Resolution on the Revenues and other amounts derived by the Authority from the ownership and operation of the Housing Project and (B) the application by the trustee under the Bond Resolution of the revenues and other amounts in accordance with the terms and provisions thereof; and (ii) from the proceeds of sale of bonds, notes or other obligations of the Authority issued for the purpose of paying the principal of or interest on the Notes upon the maturity thereof. THE LIEN AND PLEDGE CREATED BY THIS RESOLUTION ARE AND SHALL BE IN ALL RESPECTS SUBORDINATE TO THE PROVISIONS OF AND TO THE LIEN AND PLEDGE CREATED BY THE BOND RESOLUTION. SECTION 2 . 03 . Execution of Notes . All Notes issued hereunder shall be executed in the name of the Authority by the manual or facsimile signature of its Chairman, and an actual impression or facsimile of the corporate seal shall be thereunto affixed and attested by the manual or facsimile signature of its Secretary. Any such Notes may be authenticated, issued and delivered notwithstanding that one or more of the officers signing such Notes or whose facsimile signature shall be upon such Notes or any thereof, shall have ceased to be such officer or officers at the time when such Notes shall actually be delivered, and although at the nominal date of the Notes any such person shall not have been such officer of the Authority. SECTION 2 . 04 . Notes Are Negotiable Instruments . The Notes shall have the qualities of negotiable instruments under the merchant law and the negotiable instruments law of the State, as well as the Uniform Commercial Code as adopted by the State, subject to the provisions for registration and transfer contained in the Notes . SECTION 2 . 05 . Ownership of Notes. The Authority, the Fiscal Agent and any Paying Agent may treat the Registered Owner of any Note as the absolute owner of such Note for all purposes whether or not such Note shall be overdue, and neither the Authority, the Fiscal Agent nor any Paying Agent shall be affected by any notice to the contrary. Any consent, waiver or other action taken by the Registered Owner of any Note shall be conclusive and binding upon such Registered Owner, his heirs, successors or assigns, and upon all transferees of such Note whether or not notation of such consent, waiver or other action, shall have been made on such Note or on any Note issued in exchange therefor or upon registration or transfer thereof. SECTION 2 . 06 . Mutilated, Destroyed, Lost or Stolen Notes . Upon receipt by the Authority and the Fiscal Agent of evidence satisfactory to both of them that any Outstanding Note has been mutilated, destroyed, lost or stolen, and of indemnity satisfactory to both of the- , then the Authority, in its discretion, may execute -9- and thereupon deliver a new Note of the same series and same maturity and of like tenor in exchange and substitution for, and upon surrender and cancellation of, the mutilated Note or in lieu of and in substitution for the Note so destroyed, lost or stolen. The Authority may, for each new Note authenticated and delivered under the provisions of this Section, require the payment of the expenses, including Counsel fees, which may be incurred by the Authority and the Fiscal Agent in connection therewith. In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Authority, in its discretion, may, instead of issuing a new Note, direct the payment thereof and the Fiscal Agent shall thereupon pay the same. Any Note issued under the provisions of this Section in lieu of any Note alleged to be destroyed, lost or stolen, shall constitute an original additional contractual obligation on the part of the Authority whether or not the Note so alleged to be destroyed, lost or stolen be at any time enforceable by anyone, and shall be equally and proportionately entitled to the benefits of this Resolution with all other Notes issued under this Resolution. -10- ARTICLE III . RENT COVENANTS. SECTION 3 . 01. Rent Covenant . Unless the Authority shall, in its sole discretion, intend to renew the Notes at their maturity or intend, in its sole estimate, to pay the Notes at their maturity from a source not constituting a Revenue, the Authority covenants that it will fix, charge and collect Revenues from the Housing Project so long as any Notes shall remain Outstanding which shall produce, together with other Authority moneys, in the aggregate, Revenues which shall be sufficient to comply with the Rate Covenant provided in Section 4 . 01 of the Bond Resolution in an amount equal to one hundred percent (1000) of the Debt Service Requirement for the Notes . -11- ARTICLE IV. REBATE. SECTION 4 . 01 . Rebate Fund. (a) The Authority covenants to determine the Rebate Amount or cause the same to be determined in the manner provided in Section 148 (f) of the Code, the Treasury Regulations promulgated thereunder and any other rules which may be promulgated thereafter by the Treasury Department or Internal Revenue Service (the "Rules") and to pay the Rebate Amount prior to the date on which the rebate Amount must be paid to the United States . (b) Records of each of the determinations required to be made hereunder and by the Rules shall be retained by the Fiscal Agent until a date which is six (6) years after payment of the Notes . -12- ARTICLE V. PARTICULAR COVENANTS OF THE Authority. SECTION 5 .01. Payment of Notes . The Authority covenants that it will promptly pay the Notes issued hereunder at the place and on the dates and in the manner specified herein and in said Notes according to the true intent and meaning thereof . SECTION 5 . 02 . Operation of Authority Facilities . The Authority covenants that it will at all times : (a) maintain, or undertake its best efforts to cause to be maintained, the Housing Project and every part thereof in good repair, working order and condition; (b) operate, or undertake its best efforts to cause to be operated, the Housing Project; (c) make all necessary and proper repairs, renewals and replacements, or undertake its best efforts to cause to be repaired, renewed and replaced, the Housing Project; and (d) use its best efforts to maintain all its rights, powers, privileges and franchises; and comply with all valid and applicable laws, including the Act, as the same may be amended from time to time, acts, rules, regulations, permits, orders, requirements and directions of any legislative, executive, administrative or judicial body. SECTION 5 . 03 . Corporate Existence and Service. The Authority shall throughout the term of the Notes maintain its existence. SECTION 5.04 . Federal Tax Covenants . The Authority hereby covenants not to take or omit to take any action so as to cause interest on any Tax-Exempt bonds or the Notes to be no longer excluded from gross income for the purposes of federal income taxation and to otherwise comply with the requirements of Section 103 and Sections 141 through 150 of the Code, and all applicable regulations promulgated with respect thereto, throughout the term of such Tax-Exempt bonds or the Notes . The Authority further covenants that it will make no investments or other use of the proceeds of any Tax-Exempt bonds or the Notes which would cause such Tax-Exempt bonds or the Notes to be "arbitrage Bonds" as defined in Section 148 of the Code . The Authority further covenants to comply with the rebate requirements (including the prohibited payment provisions) contained in Section 148 (f) of the Code and any regulations promulgated thereunder, including the payment of any Rebate Amount, to the extent applicable, and to pay any interest or penalty imposed by the United States for failure to comply with said rebate requirements, to the extent applicable. -13- ARTICLE VI . EVENTS OF DEFAULT AND REMEDIES. SECTION 6 . 01 . Events of Default Defined. An "Event of Default" hereunder shall occur if payment of the principal of and interest on the Notes is not made when it becomes due and payable at maturity. SECTION 6 . 02 . Enforcement of Remedies. Upon the happening and continuance of any Event of Default then, and in every such case, the Registered Owners of not less than twenty-five percent (250) in principal amount of the Notes then Outstanding hereunder may: (1) Appoint a trustee; and/or (2) By mandamus or other suit, action or proceeding at law or in equity enforce all rights of the Registered Owners, including the right to require the Authority to collect Revenues, to perform its duties under this Resolution and the Act; and/or (3) Bring suit upon such Notes; and/or (4) By action or suit in equity, require the Authority to account as if it were the trustee of an express trust for the Registered Owners of the Notes; and/or (5) By action or suit in equity, enjoin any acts or things which may be unlawful or in violation of the rights of the Registered Owners of the Notes. Any trustee appointed pursuant to this Section shall proceed, in accordance with the Act, to protect and enforce the rights of the Registered Owners under the laws of the State or under this Resolution by such suits, actions or special proceedings in equity or at law, or by proceedings in the office of any board or officer having jurisdiction, either for the specific performance of any covenant or agreement contained herein or in aid or execution of any power herein granted or for the enforcement of any proper, legal or equitable remedy as the trustee, being advised by counsel, shall deem most effectual to protect and enforce such rights . In the enforcement of any remedy under this Resolution the trustee shall be entitled to sue for, enforce payment of and receive any and all amounts then or during any default becoming and at any time remaining due from the Authority for principal, interest or otherwise under any of the provisions of this Resolution or of the Notes and unpaid, with interest on overdue payments at the rate of interest specified in the Notes, together with any and all costs and expenses of collection and of all proceedings hereunder and -14- under the Notes, without prejudice to any other right or remedy of the trustee or of the Registered Owners, and to recover and enforce any judgment or decree against the Authority, but solely as provided herein and in the Notes, for any portion of such amounts remaining unpaid, with interest, costs and expenses, and to collect in any manner provided by law, the money adjudged or decreed to be payable . Any suit, action or proceeding by the trustee on behalf of Registered Owners shall be heard or maintained in a court of competent jurisdiction. The trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth in the Act or incident to the general representation of Registered Owners in the enforcement and protection of their rights . All rights of action under this Resolution or under any of the Notes secured hereby, enforceable by the trustee, may be enforced by it without the possession of any of the Notes or the production thereof at the trial or other proceeding relative thereto, and any such suit, action or proceeding instituted by the trustee shall be brought in its name for the benefit of all the Registered Owners of the Notes, subject to the provisions of this Resolution. SECTION 6 . 03 . Effect of Discontinuance of Action. In case any proceeding taken by the trustee appointed pursuant to this Article VI on account of any default shall have been discontinued or abandoned for any reason or shall have been determined adversely to the trustee, then and in every such case the Authority, the Fiscal Agent and the Registered Owners shall be restored to their former positions and rights hereunder, respectively, and all rights, remedies, powers and duties of the Fiscal Agent shall continue as though no such proceeding had been taken. -15- ARTICLE VII . EVIDENCE OF RIGHTS OF NOTEHOLDERS. SECTION 7. 01 . Proof From Registered Owners . Any request, consent or other instrument required by this Resolution to be signed and executed by Noteholders may be in any number of concurrent writings of substantially similar tenor and may be signed or executed by such Noteholders in person or by agent duly appointed by an instrument in writing. Proof of the execution of any such request, consent or other instrument or writing appointing any such agent shall be sufficient for any purpose of this Resolution. SECTION 7. 02 . Proof of Writing. The fact and date of the execution by any Person of any such request, consent or other instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary, public or other officer of any jurisdiction, authorized by laws thereof to take acknowledgments of deeds, certifying that the Person signing such request, consent or other instrument acknowledged to him the execution thereof . Where such execution is by an officer of a corporation or association or a member of a partnership on behalf of such corporation, association or partnership, such affidavit or certificate shall also constitute sufficient proof of his authority. SECTION 7. 03 . Proof of Notes Held. The ownership of Notes shall be proved by the registration books of such Notes kept by the Fiscal Agent . Any request, consent, vote, other instrument or action, required by this Resolution of the Registered Owner of any Note shall bind every future Registered Owner of the same Note and the Registered Owner of every Note issued in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Fiscal Agent or the Authority pursuant to such request, consent or vote, whether or not notation thereof be made on any Note issued hereunder. SECTION 7 . 04 . Presumptions . In determining whether the Registered Owners of the requisite aggregate principal amount of Notes shall have concurred in any demand, request, direction, consent or waiver under this Resolution, Notes which are owned by the Authority or by any person directly or indirectly controlling or controlled by or under common control with the Authority shall be disregarded and deemed not to be Outstanding. -16- ARTICLE VIII . DEFEASANCE. SECTION 8 .01. Defeasance . If the Authority shall pay or cause to be paid, in accordance with the provisions of this Resolution, to the Registered Owners of any Note, the principal and interest to become due thereon, at the times and in the manner stipulated therein and in the Resolution, then any money and securities hereby pledged and all other rights granted hereby shall be discharged and satisfied with respect to such Note . Notwithstanding the release and discharge of this Resolution as provided above, those provisions of this Resolution relating to the maturity of the Notes, the payment of interest, replacement of mutilated, destroyed, lost or stolen Notes, the safekeeping and cancellation of Notes and the nonpresentment of Notes shall remain in effect and shall be binding upon the Authority and the Noteholders . Any Note for the payment of which funds shall have been set aside shall be deemed to have been paid within the meaning and with the effect expressed in the first sentence of this Section. Any Outstanding Note shall, prior to the maturity thereof, be deemed to have been paid within the meaning and with the effect expressed in the first sentence of this Section if there shall have been deposited with the Fiscal Agent either money in an amount which shall be sufficient or noncallable Investment Securities, the principal of and the interest on which when due will provide money which, together with the money, if any, deposited with the Fiscal Agent at the same time, shall be sufficient to pay when due the principal and interest due on the maturity date of the Notes . Neither Investment Securities or money deposited with the Fiscal Agent pursuant to this Section, nor principal or interest payable on any such Investment Securities, shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of and interest on said Notes; provided that any cash received from such principal or interest payments on such Investment Securities deposited with the Fiscal Agent if not then needed for such purpose shall, at the written direction of the Authority and to the extent practicable, be reinvested in Investment Securities maturing at times and in amounts sufficient, together with other money available for the purpose, to pay when due the principal and interest to become due on said Notes on and prior to the maturity date thereof, and interest earned from such reinvestments shall be paid over to the Authority, as received by the Fiscal Agent, free and clear of any trust, lien or pledge, provided, further that any Investment Securities may be sold, transferred, redeemed or otherwise disposed of, and the proceeds thereof applied to the purchase of other Investment Securities the principal of and interest on which, when due, together with money and other Investment Securities then held by the Fiscal Agent for -17- such purpose shall be sufficient to pay when due the principal of and interest due and to become due on said Notes on or prior to the maturity date thereof . Anything in the Resolution to the contrary notwithstanding and except as the escheat laws of the State may otherwise provide, any money held by the Fiscal Agent in trust for the payment and discharge of any of the Notes which remain unclaimed for four years after the date when the Notes mature, if such money were held by the Fiscal Agent at such date, or for four years after the date of deposit of such money if deposited with the Fiscal Agent after the date when all of the Notes mature, shall, at the written request of the Authority, be repaid by the Fiscal Agent to the Authority, as its or their absolute property and free from trust, and the Fiscal Agent shall thereupon be released and discharged. -18- ARTICLE IX. MISCELLANEOUS PROVISIONS. SECTION 9 . 01 . Benefit of Covenants. All the covenants, stipulations, promises and agreements in this Resolution contained by or on behalf of the Authority shall bind and inure to the benefit of its successors and assigns, whether so expressed or not . SECTION 9 . 02 . No Further Beneficiaries . Nothing expressed or implied in this Resolution or in the Notes is intended or shall be construed to give to any person other than the Registered Owners of the Notes issued hereunder any legal or equitable right, remedy or claim under or in respect of this Resolution or any covenants, conditions or provisions therein or herein contained. SECTION 9 . 03 . Waiver of Notice. Whenever in this Resolution the giving of notice by mail or otherwise shall be required, the giving of such notice may be waived in writing by all Persons entitled to receive such notice, and in any such case the giving or receipt of such notice shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. SECTION 9 .04 . Severability. In case any one or more of the provisions contained in this Resolution or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Resolution or the Notes, but this Resolution or the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. SECTION 9 . 05 . Notices. Except as otherwise provided herein, all notices, demands, requests, consents, certificates, directions, elections and waivers pursuant to any provision of this Resolution shall be in writing and sent by United States registered or certified mail, return receipt requested, postage prepaid, or alternatively, by hand delivery, addressed to the Authority and the Fiscal Agent as follows : Town of Mamaroneck Housing Authority Town Center 740 Boston Post Road Mamaroneck, New York 10543 Attention: Chairman or Treasurer, as the case may be or to such other address as the party to receive the communication may hereafter designate by written notice to all other Persons -19- listed above. All notices shall be deemed to have been given hereunder on the day following mailing thereof in accordance with the requirements of this Section, except for hand delivery, which shall be deemed given immediately. SECTION 9 . 06 . Headings for Convenience Only. The descriptive headings herein are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof . SECTION 9 . 07 . No Personal Liability. No recourse under or upon any obligation, covenant or agreement contained in this Resolution or in any Note, or under any judgment obtained against the Authority or by the enforcement of any assessment or by any legal or equitable proceeding by virtue of any constitution or statute or otherwise, or under any circumstances, under or independent of this Resolution, shall be had against any member, officer or employee, as such, past, present or future, of the Authority for the payment for or to the Authority or any receiver thereof, or for or to the Registered Owners of any Notes issued hereunder or otherwise, of any sum that may be due and unpaid by the Authority upon any such Note. Any and all personal liability of every nature, whether at common law or in equity, or by statute or by constitution or otherwise, of any such member, officer or employee of the Authority as such, to respond by reason of any act or omission on his part or otherwise, for the payment for or to the Registered Owner of any Note issued thereunder or otherwise, of any sum that may remain due and unpaid upon the Notes and hereby secured by any of them, is hereby expressly waived and released as a condition of and consideration for the execution of this Resolution and the issuance of such Note . SECTION 9 . 08 . No Indebtedness Created. Neither the State, the Town nor any other municipality or public corporation, other than the Authority shall be liable for the payment of the principal of or interest on any of the Notes issued hereunder, or for the performance of any obligation or agreement of the Authority, and none of the Notes of the Authority issued hereunder shall be construed to constitute an indebtedness of said State, the Town or any other municipality or public corporation, other than the Authority. SECTION 9 . 9 . Governing Law. This Resolution shall be governed exclusively by the provisions hereof and by the applicable laws of the State without reference to conflict of law provisions. -20- The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows : Susan Sidel VOTING YES Mary Carlson VOTING YES Jeffrey Marston VOTING YES Paul A. Winick VOTING YES VOTING The resolution was thereupon declared duly adopted. -21- STATE OF NEW YORK ss . : COUNTY OF WESTCHESTER ) I, the undersigned Secretary of the Town of Mamaroneck Housing Authority, Westchester County, New York, DO HEREBY CERTIFY: That I have compared the annexed extract of the minutes of the meeting of the Members of said Authority, including the resolution contained therein, held on the 25th day of October, 1994, with the original thereof on file in my office, and that the same is a true and correct transcript therefrom and of the whole of said original so far as the same relates to the subject matters therein referred to. I FURTHER CERTIFY that all members of said Board had due notice of said meeting. I FURTHER CERTIFY that, pursuant to Section 103 of the Public Officers Law (Open Meetings Law) , said meeting was open to the general public . I FURTHER CERTIFY that, PRIOR to the time of said meeting, I duly caused a public notice of the time and place of said meeting to be given to the following newspapers and/or other news media as follows : Newspaper and/or other news media Date given Sound View News October 18, 1994 WFAS October 18, 1994 WVOX October 18, 1994 LMC-TV October 18, 1994 Gannett Press October 18, 1994 -22- I FURTHER CERTIFY that PRIOR to the time of said meeting, I duly caused public notice of the time and place of said meeting to be conspicuously posted in the following designated public location (s) on the following dates : Designated Location(s) of posted notice Date of Posting Town Center Bulletin October 18, 1994 740 W. Boston Post Road IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said AuthorityT- this ��"- "'day of October, 1994 . secreta y -23- EXHIBIT A [FORM OF NOTE] TOWN OF MAMARONECK HOUSING AUTHORITY HOMMOCKS PARK APARTMENT PROJECT REVENUE CAPITAL NOTE, 1994 $ No. THE TOWN OF MAMARONECK HOUSING AUTHORITY (herein called the "Authority") , a municipal housing authority and a public corporation of the State of New York, created under the Public Housing Law of the State of New York (the "Act") , for value received hereby promises to pay, solely from the sources and as hereinafter described, to CEDE & Co. , or its assigns (the "Registered Owner") , on November 1, 1995 (the "Maturity Date") upon presentation and surrender hereof, the principal sum of ($ ) , and in like manner to pay to the Registered Owner, solely from said sources, interest on such principal sum from the date hereof until the Maturity Date, at the rate of four and seven-eighths per centum (4 . 875%) per annum. The principal of and interest on this Note are payable in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts . The principal of and interest on this Note at maturity, upon presentation and surrender, shall be payable at the Office of the Treasurer of the Authority, Town Center, Mamaroneck, New York, as fiscal agent (said fiscal agent and any successor thereto being herein called the "Fiscal Agent" ) , to the Registered Owner appearing on the registration books of the Authority maintained by the Fiscal Agent . Except as provided in the preceding sentence, payment of the interest on this Note shall be made by check mailed to or, at the option of the Registered Owner, by wire transfer to the Registered Owner at such person' s address as it appears on such registration books as of the fifth Business Day preceding the Maturity Date (hereinafter defined) . The term "Business Day" shall mean a day of the year on which banks located in New York State are not required or authorized to remain closed and the New York Stock Exchange is not closed. Interest on this Note shall be computed on the basis of a year of 360 days and twelve 30-day months . This Note is one of a duly authorized series of Notes of the Authority, herein called the "Notes" , issued for the purpose of paying costs of the construction of a 54-unit garden style housing facility containing apartments which are affordable for rental by persons and families of moderate income (the "Housing Project" ) pursuant to resolution adopted on October 25, 1994 (the "Resolution" ) , authorizing the issuance of the Notes . -24- This Note is a general obligation of the Authority, to the payment of which the Authority has specifically pledged (i) all Revenues (as defined in the Resolution; the "Revenues") and other moneys of the Authority lawfully available therefor, subject to (A) the prior lien and pledge on the Revenues and other amounts derived by the Authority from the ownership of the Housing Project created by the $4, 645, 000 Hommocks Park Apartment Project Housing Revenue Bonds, 1993 and a resolution adopted by the Authority on August 12, 1993 authorizing such bonds (the "Bond Resolution" ) and (B) the application by the trustee under the Bond Resolution of Revenues and other amounts in accordance with the terms and provisions of the Bond Resolution, and (ii) the proceeds of sale of bonds, notes or other obligations of the Authority issued for the purpose of paying the principal of or interest on the notes upon the maturity thereof. THE LIEN AND PLEDGE CREATED BY THE RESOLUTION ARE AND SHALL BE IN ALL RESPECTS SUBORDINATE TO THE PROVISIONS OF AND THE LIEN AND PLEDGE CREATED BY THE BOND RESOLUTION. Copies of the Resolution and the Bond Resolution are on file at the office of the Authority in the Town Center, Town of Mamaroneck, Westchester County, New York, and reference to the Resolution and the Bond Resolution is made for a description of the terms and conditions upon which the Notes are issued and the covenants, agreements and other obligations of the Authority. The covenants, agreements and other obligations of the Authority under the Resolution may be discharged at or prior to maturity of the Notes upon the making of provision for the payment thereof on the terms and conditions set forth in the Resolution. This Note is transferable only upon the books of the Authority, kept for that purpose at the office of the Fiscal Agent, by the Registered Owner or by his attorney duly authorized in writing, upon surrender hereof, together with a written instrument of transfer satisfactory to the Fiscal Agent duly executed by the Registered Owner or such duly authorized attorney, and thereupon the Fiscal Agent shall issue in the name of the transferee a new registered Note or Notes of the same aggregate principal amount and interest rate as the surrendered Note. The Authority and the Fiscal Agent and any additional paying agent of the Authority may treat and consider the person in whose name this Note is registered as the holder and absolute owner hereof for the purpose of receiving payment of, or on account of, the principal hereof and interest due hereon and for all other purposes whatsoever. Neither the members of the Authority nor any person executing the Notes of the Authority shall be liable personally on the Notes or be subject to any personal liability or accountability by reason of the issuance thereof . The Resolution may be modified, amended or supplemented as provided therein. -25- It is hereby certified and recited that all conditions, acts and things required by the Constitution or statutes of the State of New York or by the Resolution to exist, to have happened or to have been performed precedent to or in the issuance of this Note, exist, have happened and have been performed and that the issue of this Note, together with all other indebtedness of the Authority, is within every debt and other limit prescribed by said Constitution or statutes . IN WITNESS WHEREOF, MAMARONECK HOUSING AUTHORITY has caused this Note to be executed in its name and on its behalf by the manual or facsimile signature of its Chairman, and its corporate seal (or a facsimile thereof) to be affixed, imprinted, engraved or otherwise reproduced hereon and attested by the manual or facsimile signature of its Secretary. DATED: November 1, 1994 TOWN OF MAMARONECK HOUSING AUTHORITY By: Chairman ATTEST: Secretary NOV-01-1994 09:53 P.02 CERTIFICATE OF THE SUPERVISOR RELATING TO THE ISSUANCE OF ADDITIONAL OBLIGATIONS BY THE TOWN OF MAMARONECK HOUSING AUTHORITY I, the undersigned, Elaine Price, Supervisor of the Town of Mamaroneck, Westchester County, New York, DO HEREBY CERTIFY OR APPROVE as follows: 1 . I am the duly qualified, properly sworn and acting Supervisor of the Town of Mamaroneck, Westchester County, New York. 2 . As required by Section 1. 02 (i) of Bond Resolution dated August 12, 1993 adopted by the Members of the Town of Mamaroneck Housing Authority, Westchester County, New York, I hereby approve, on behalf of the Town of Mamaroneck, Westchester County, New York, the issuance of $390, 000 aggregate principal amount Town of Mamaroneck Housing Authority, Hommocks Park Apartment Project Revenue Capital Notes, 1994, dated November 1, 1994, bearing interest at the rate of 4 .875k per annum, payable at maturity and maturing November 1, 1995 IN WITNESS WHEREOF, I have hereunto set my hand this 1st day of November, 1994 . TOWN OF MAMARONECK, WESTCHESTER COUNTY, NEW YORK 11)t Uts 1- Elaine Price Supervisor TOTAL P.02 Tenant Info/Application Hommocks Park Apartments The Hommocks Park Apartments consist of 53 rental units. The apartments are distributed in seven buildings on a 1.8 acre site located at the intersection of the Boston Post Road and Hommocks Road in the town of Mamaroneck, New York. The location of the Hommocks Park Apartments is ideal, situated next to the Town of Mamaroneck's Conservation Area, Swimming Pool, Ice Skating Rink, Community Room and athletic fields. The Village of Larchmont's Flint Park is only a few steps away. The apartments are within walking distance of Mamaroneck schools and the Larchmont station of the Metro-North Commuter Railroad, and offer access to both County public transportation and shopping located along the Boston Post Road. The Hommocks Park Apartments were constructed with regard to Westchester County's need for affordable rental housing. 42 of the units are offered at market rate rents, while 11 are rented through the H.U.D. Section 8 program. The Town of Mamaroneck has a long history of involvement in Section 8 housing; over three hundred current residents of the Town currently participate in the program The apartments are offered in a variety of sizes, floor plans and rent levels to meet the varied needs of our population: 42 Market Rate Units 11 Section 8 Units Three 1 Bedroom $ 820/mo Six 1 Bedroom $798/mo Twenty Two 1 Bedroom $1,103.77 Five 2 Bedroom $978/mo. with loft Four 2 Bedroom $1,211.98 Thirteen 2 Bedroom $1,375 with loft Included in this packet are: • An architect's drawing of the Apartments and representative floor plans • An Information Sheet describing the Authority's process for selecting tenants • An Application and Instructions. The Hommocks Park Apartments were developed by the Town of Mamaroneck Housing Authority. Construction began in August, 1993, and was completed in September, 1994. FOR MORE INFORMATION CALL Gramatan Management, Inc. 2 Hamilton Avenue, Suite 217 New Rochelle, NY 10801-3516 Phone: (914) 654-1414 Fax: (914) 654-1444 DOCS_NY#8740/last rev. 10/25/95 TOWN OF MAMARONECK HOUSING AUTHORITY Hommocks Park Apartments INFORMATION SHEET 1. SELECTION PROCESS It is the policy of The Authority to prefer community volunteers of the Volunteer Fire Departments and Volunteer Ambulance Corps of the Town of Mamaroneck (the "Town") and the Villages of Larchmont and Mamaroneck (collectively, the "Villages"), employees of the Town, the Villages and the Mamaroneck Union Free School District (the "School District") and residents of the Town and the Villages to the extent that they are located within the geographic area of the Town. It will also be the policy of The Authority that diversity of residency will be promoted through the administration of the selection process. 2. TIER CRITERIA The Town of Mamaroneck Housing Authority has established criteria to determine who may rent units at Hommocks Park Apartments. Applicants for these apartments will be grouped into seven separate tiers, each tier representing a pool of applicants. Each applicant will specify the Tier(s) under which his/her application will be grouped. The Authority shall require supporting proof of eligibility under the Tier indicated. The criteria used for these tier assignments follows: r ! A. Unpaid active members of the Volunteer Fire Departments and Volunteer Ambulance Corps of the Town and the Villages who have been in that status for at least two years prior to the date of submittal of an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier I. B. Full-time employees of the Town, the Villages and the School District, who have been in that status for at least two years prior to the date of submittal of an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. DOCS NY#8740/last rev. 10/25/95 Tier II. Applicants from the Town, the Village of Larchmont, and geographical area of the Village of Mamaroneck within the Town of Mamaroneck who are: a. Residents who are over 62 years of age and who have lived in the Town or one of the Villages for at least two years as of the time they submit an application to the Housing Authority; b. Residents who are under 30 years of age and who have lived in the Town or one of the Villages for at least two years as of the time they submit an application to the Housing Authority; or c. Applicants who are under 30 years of age at the time they submit an application to the Housing Authority, and who attended high school while residents of the above jurisdictions for a period of at least two years and who have lived at least half of their lives in the above jurisdictions. Time spent in college, technical school, the Armed Forces, or a federal government - administered service corps may be counted towards this residency requirement. Tier III. Part time employees of the Town, Villages and School District who have been in that status for at least two years prior to the date of submittal on an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment, and who can demonstrate that the majority of their household income comes from this employment. Tier IV. Current residents of the Town, the Village of Larchmont, and the geographical area of the Village of Mamaroneck within the Town of Mamaroneck who have lived their for at least two years as of the date they submit an application. Tier V. A. Members of the immediate family (mother, father, brother, sister, daughter, son) of current residents of the Town, Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck who have lived there for at least two years as of the date they submit an application. INFORMATION SHEET Page 2 OF 5 DOCS_NY#8740/last rev. 10/25/95 Tier V. B. Non-resident full time employees of private firms or entities located in the Town, Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck, who have been in that status for at least two years prior to the date of submittal on an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier VI. Residents of Westchester County who have lived in the County for at least two years as of the date they submit an application. Tier VII All other persons. 3. INCOME LIMITATIONS The Authority will consider the assets and liabilities of each applicant and all other household members (collectively, a "household unit") for the purpose of determining both creditworthiness and suitability, given the goal of the project as affordable housing, and will require applicants to produce financial information that The Authority considers necessary for processing the application. partment units will be made available for households of one to four persons. The maximum permissible household income is $63, 555. The annual rental cost of the unit cannot exceed 35% of the total household income of the household unit. Accordingly, minimum income levels for the various sized apartments are set forth below. MINIMUM INCOME LEVELS (Overall salary range of$33,400 TO $63,555) 1 BR 2 BR 1 BR w/Loft 2 BR w/Loft Rent/Mo. no utilities incl. $820 $1,020 $1,120 $1,220 Rent/Yr. $9,840 $12,240 $13,800 $14,640 Min. Qualifying income @ 30% $33,400 $36,000 $40,000 $45,000 of gross INFORMATION SHEET Page 3 OF 5 DOCS NY#8740/last rev. 10/25/95 Please note: A limited number of apartments will be made available under the Section 8 program to Dersons with incomes below certain maximum levels. The levels depend upon how many people are ;tended to live in the apartment. For example incomes for the Section 8 apartments cannot exceed $23,400 for 1 person applying to live alone and $33,450 for a family of four. If your income is within this range contact Ms. Kathleen Kopa of the Town of Mama roneck PHA, (914) 381-7840, for information about how to apply for one of those apartments. 4. RENTAL RESTRICTIONS/LEASE RENEWAL POLICY Prior to each lease renewal, tenants will be required to demonstrate that they meet the income requirements then applicable.Upon renewal, applications will be examined for creditworthiness and compliance with income requirements, and The Authority may require such supporting financial information from applicants as it deems necessary. Tenants seeking renewal of leases may be required to demonstrate that they have been in continuous compliance, during the expiring lease term and through the date of granting of the renewal lease, with the requirements of the Tier in which their original application was considered (except for under 30 year of age status). The Authority may require such supporting proof of compliance with Tier criteria as it deems necessary for evaluating a renewal application. Units may not be sublet. ,o pets. 5. RE-LETTING OF VACANT APARTMENTS. A prospective tenant may elect to rent an apartment in the expectation that the tenant will be able to move to another apartment within the complex at some later date. The Authority applies the following policy when re-letting apartments that become vacant: • The Authority's tier system will be the primary factor applied when selecting from competing applicants for a vacant apartment.. Successful applicants will also have to meet whatever other eligibility requirements are applicable at the time the applications are considered, including but not limited to income limitations and credit checks. An existing tenant's history of timely rent payment and compliance with the Authority's House Rules will be considered. • The tiers will be applied in the usually order, with Tier I being given the highest priority, Tier II the second priority, and so forth. For purposes of filling vacant apartments Tiers VI and VII are to be considered as having the same priority. • When the Authority or its property managers learns of a vacancy, the property manager shall immediately fax notification of the vacancy to the Chiefs of the uniformed services, the volunteer corps and administrations of the Town of Mamaroneck and the two Villages and to the administration of the school district. INFORMATION SHEET Page 4 OF 5 DOCS_NY#8740/last rev. 10/25/95 • The Property manager shall maintain a waiting list of current tenants seeking to move within the complex. The list shall record the type(s) of apartment sought by each tenant and the date of receipt of each tenant's request to be added to the waiting list. • The Authority will evaluate applicants from both inside and outside the apartment complex. The apartment unit shall be held available by the Authority for whatever period of time, in the Authority's sole discretion, is desirable to permit collection of applications. • The tier status of applicants from inside and outside the complex will be considered on an equal footing.. Thus, an existing tenant seeking to move within the complex will not have any rights that arise from the fact that the tenant already occupies a different unit. Whenever the Authority selects between two existing tenants that selection shall be made in favor of the applicant whose initial expression of interest in an apartment of the size available was first received by the Authority. • As a condition of receiving a lease for a new unit, tenants seeking to move within the project will be required to pay to the Authority any additional costs, including but not limited to, differential lost rent and apartment repainting and repair costs not otherwise covered by security deposits. 6. APPLICATION If you are interested in living in the Hommocks Park Apartments, complete the enclosed application with all the required attachments and mail it to: Gramatan Management, Inc. 2 Hamilton Avenue, Suite 217 New Rochelle, NY 10801-3516 Phone: (914) 654-1414 Fax: (914) 654-1444 INFORMATION SHEET Page 5 OF 5 DOCS_NY#8740/last rev. 10/25/95 TOWN OF MAMARONECK HOUSING AUTHORITY Hommocks Park Apartments Instructions for Completing Application I. HOUSEHOLD INFORMATION This section asks you to list every person who will live in the unit with you. Indicate in this section if you or a member of your household have a disability or handicap that you think might require some special form of accommodation. II. EMPLOYMENT INFORMATION This section asks for employment information for the applicant and all household members. Information must be given for all wage earners in the household. Use ATTACHMENT 1 for additional wage earners. III. FINANCIAL INFORMATION Use ATTACHMENT 2 to itemize all income from all sources for all household members. This information should be taken from the 1994 Federal Income Tax Returns. All applications must be accompanied by signed copies of all household wage earners '93 and '94 Federal Income Tax Returns, including schedules and all attachments, including W-2 forms. IV. TIER INFORMATION The applicant must check all the tiers he/she is eligible under. Tier criteria are described in the accompanying Information Sheet. You must indicate how you qualify under each tier. Complete all the information requested in the tiers you indicated. INSTRUCTIONS Page 1 OF 2 DOCS_NY#8740/last rev. 10/25/95 V. UNIT PREFERENCE Indicate the size unit you would prefer by ranking them. You may only indicate a first and second choice. For example, if your first choice is a two bedroom unit, but you would accept a one bedroom w/loft if it was offered to you, your application would look like this: One Bedroom 1 Two Bedroom 2 One Bedroom with loft Two Bedroom with loft While the Authority will make every effort to accommodate unit size preference, the final decision will be that of the Authority. VI. STATEMENT Sign and date this application, certifying that all information submitted is true and correct and that you understand any false statements shall be cause for rejection of your application. Keep a copy of the application for your records. Hand deliver to town offices or mail, postmarked by 5 p.m., May 16, 1994 to: -.HECK LIST Application Attachment 1 Attachment 2 Copy of signed 1992 Federal Income Tax Returns w/all Schedules, Attachments, W-2 and/or 1099 forms for ALL WAGE EARNERS. Copy of signed 1993 Federal Income Tax Returns w/ail Schedules, Attachments, W-2 and/or 1099 forms for ALL WAGE EARNERS. INSTRUCTIONS Page 2 OF 2 DOCS_NY#8740/last rev. 10/25/95 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments Applicant's Name Social Security# Address Date of Birth Telephone I. HOUSEHOLD INFORMATION The following persons make up my household and would reside with me if I rent a unit at Hommocks Park Apartments: Name Sex Age Relationship Social Security # If you or a member of your household have a disability that requires a reasonable accommodation, indicate the type of accommodation needed: EMPLOYMENT INFORMATION FOR LAST 3 YEARS-Applicant Name of Employer Date of Employment Address Annual earnings Position Phone # If you held other jobs during the last three years, or if there are additional wage earners who need to disclose income, report this information on ATTACHMENT 1. III. FINANCIAL INFORMATION TOTAL HOUSEHOLD INCOME must reflect income from all sources from all persons expected to reside in the unit, i.e. SSI, SSD, social security, public assistance, child support, alimony, dividends, interest. Use ATTACHMENT 2 to itemize all income sources for all wage earners. Combined TOTAL HOUSEHOLD INCOME from all sources from ALL PERSONS expected to reside in unit: TOTAL HOUSEHOLD INCOME $ .00. APPLICATION Page 1 OF 3 DOCS_NY#8740/last rev. 10/25/95 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments '. TIER INFORMATION Descriptions of the tiers are in the "Tier Criteria" section of the "Information" sheet that accompanies this application. Check all the tiers that you think apply to you: TIER I.A TIER III TIER V.B TIER I.B TIER IV TIER VI TIER II TIER V.A TIER VII Indicate how you qualify for the tiers checked: Tier I A: Volunteer position, Company or Corps. How long have you been a volunteer? years months Tier I.B: Employer: Position: How long have you been employed? years months Tier II: I have lived in Mamk Tn/Mamk Village/Larch Village since (month & year) I am over 62 years of age (check here) I am under 30 years of age (check here) I am under 30 years of age, no longer a resident and lived at least half my life in the above jurisdiction (check here) Tier III: Employer: Position: How long have you been employed there? years months Tier IV: I have lived in the jurisdiction since (month & year) Tier V.A: Employer: Position: How long have you been employed there? years months Tier V.B: Name of Relative: Relationship: Address of Relative: My relative has lived in the jurisdiction since (month & year) Tier VI: Address: How long have you lived in Westchester? years months APPLICATION Page 3 OF 3 DOCS_NY#8740/last rev. 10/25/95 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments . UNIT PREFERENCE Indicate your order of preference of unit size, beginning with 1: 1 BEDROOM ($820) 1 BEDROOM WITH LOFT ($1020) 2 BEDROOM ($1120) 2 BEDROOM WITH LOFT ($1220) VI. All applicants must include a $50.00 non-refundable application processing fee. VII. STATEMENT I authorize the Authority to request a credit report about me and if I ask you will tell me the name and address of the consumer reporting agency that furnished it. I also agree to allow my employer to release salary information for me, as required by The Authority. I! information provided on this form will be kept confidential and only approved persons involved in administering this program will have access to this information. ************************************************************************************** I hereby certify that the information contained in this application is true and correct to the best of my knowledge. SIGNATURE DATE APPLICATION Page 3 OF 3 DOCS_NY#8740/last rev. 10/25/95 TOWN OF MAMARONECK HOUSING AUTHORITY ADDITIONAL EMPLOYMENT INFORMATION - APPLICANT: Name of Employer: Address: Phone #: Your Position: Annual Income From This Position: Check here if full-time student: EMPLOYMENT INFORMATION - ADDITIONAL WAGE EARNER: Name : Name of Employer: Address: Phone #: Your Position: Annual Income From This Position: Check here if full-time student: EMPLOYMENT INFORMATION - ADDITIONAL WAGE EARNER: Name: Name of Employer: Address: Phone #: Your Position: Annual Income From This Position: Check here if full-time student: ATTACHMENT 1 Page 1 OF 1 DOCS NY#8740/last rev.10/25/95 NY#445512 v1 For income, I have used figures from my Federal Income Tax forms. Attached are the last 2 years 1040 and W2/1099 forms for each household member contributing to income. Additional documentation is provided for each item reported which did not appear on an income tax form. INCOME, TAXABLE AND NON-TAXABLE MY NAME NAME (member#2) NAME (member#3) WAGES AND TIPS INVESTMENT INCOME Interest including tax-exempt. DIVIDENDS SOCIAL SECURITY and PENSIONS SSI DISABILITY UNEMPLOYMENT INSURANCE VETERANS BENEFITS TRUST FUNDS INSURANCE PROCEEDS ALIMONY AND CHILD SUPPORT ALL OTHER INCOME TOTAL INDIVIDUAL INCOME TOTAL HOUSEHOLD INCOME (add "TOTAL INDIVIDUAL INCOMES" above) ATTACHMENT 2 Page 1 OF 1 DOCS NY#8740/last rev. 10/25/95 Property Mgr (Gramatan Contract—2001) MAMARONECK HOUSING AUTHORITY HOMMOCKS PARK APARTMENTS MANAGEMENT AGREEMENT AGREEMENT made as of the 1" day of January 2001, between: THE TOWN OF MAMARONECK HOUSING AUTHORITY, with principal offices at 740 West Boston Post Road, Mamaroneck, New York 10543 (hereinafter "the Owner"), and GRAMATAN MANAGEMENT, INC., a New York corporation with offices at 2 Hamilton Avenue, Suite 217, New Rochelle,New York 10801 (hereinafter"the Manager"). WITNESSETH : WHEREAS, the Owner desires to employ the Manager as the sole and:exclusive managing agent of the Hommocks Park Apartments (hereinafter"the Property"); and, WHEREAS, the Manager agrees to undertake such employment, upon the terms and conditions set forth below: NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 1. EMPLOYMENT AND AUTHORITY: The Owner hereby Employs Manager as the sole and exclusive Managing Agent . of the Property. Manager shall have authority, as Owner's agent,to perform any act, or do anything reasonably necessary or desirable to carry out its duties hereunder. 2. DUTIES OF MANAGER: (a) Market the apartments and maintain a waiting list therefor; supervise signing of leases by tenants, referring questions, if any, to Owner's attorney; (b) Verify applicant information; (e) Verify tenant income on an annual basis; (d) Prepare reports required by the Owner; • • NY#392539 vl (e) Prepare annual operating budget for review and approval of the Owner; (f) Maintain a comprehensive set of general and tenant files; (g) Establish, maintain and carry out a comprehensive maintenance plan for the Property; (h) Establish and carry out a schedule for the physical inspection of all apartments, and maintain a written record thereof; (i) Manage apartment turnover, including,but not limited to, end of-lease inspections, deductions from security deposits for repairs necessitated thereby, contacting applicants from waiting list and establishing move-in schedule; (j) Provide cleaning and snow removal on all public areas of the Property, including, but not limited to, the steps, walks, driveways, internal roadways and parking areas; (k) Provide general pounds maintenance; including, but not limited to, clearing of weeds and other debris; fertilizing and replacement of trees,plants, grass and other planted areas; maintenance and repair of sidewalks, steps,walkways,parking areas and internal roadways; (I) Provide preventive maintenance to, or cavy out necessary repairs on the apartments, buildings and Owner-provided equipment located on the Property; (m) Retain a superintendent for the property, subject to Owner's prior written approval, and solicit, review and recommend to Owner, contractors and other providers of services in connection with the operation and maintenance of the Property. Manager shall prepare and submit all necessary forms and remittances for unemployment insurance, workers compensation insurance, and any and all remittances,withholding, social security and other taxes and other forms relating to the superintendent and any other employees of the Manager and Owner in relation to the Property; (n) Manager shall oversee the work of all independent contractors hired by Owner, maintain proper contractor logs and supervise the provision of services pursuant to service contracts; (0) Submit properly submitted requests for spending authorizations in accordance with Owner policies; (p) Act as liaison with the Town of Mamaroneck in connection with "Town services to be provided to the Property; (q) Collect all rents, charges and security deposits. and maintain proper records with respect thereto; (r) Pursue collection of all arrears, including, but not limited to, court appearances in connection therewith; -2- NY 11392538 v I (s) Manage and maintain positive tenant relations and security matters; (t) Prepare and update Rules and Regulations, subject to Owner approval. (u) Develop accounting and reporting procedures,including maintaining the books and records of the Owner on a full accrual basis in accordance with Generally Accepted Accounting Principles; make monthly reports of all income and expenditures; cooperate with Owner's accountants in the preparation and filing of any and all tax and other returns or reports, including the annual audit; (v) Review and advise the Owner regarding adequate insurance on the Property and its employees, and maintain such insurance coverage and policies as the Owner obtains; (w) Pay or cause to be paid all correct and reasonable bills received for services, work and/or supplies in connection with the operation and maintenance of the Property, as well as water charges and other utility bills, as and when same becomes due and payable. In this regard, ordinary maintenance or repairs involving an expenditure of over$500.00 for any one item shall require prior approval of the Owner, except for emergency repairs (i.e. repairs immediately necessary for the preservation or safety of the building, tenants, employees, guests or invitees, or required to avoid the interruption of any necessary service),which Manager shall have the authority to pay regardless of amount. In such event, Manager shall notify Owner of such emergency as soon as practicable after the occurrence of such emergency. (x) Meet, upon request, with the Housing Authority or Town Board; (y) Do all other things reasonably deemed necessary or desirable by the Owner for the proper maintenance and operation of the Property. 3. BANK ACCOUNTS: Manager shall deposit all income from rent and all other sources referable to the Property in bank accounts of the Owner which are established for such monies. Such sums shall not be commingled with the other funds or assets of the Manager, nor may same be pledged by the Manager for payment or discharge of any debts or obligations of the Manager. Manager shall not be an authorized signatory of said hank accounts of the Owner, but shall be authorized in writing, as deemed necessary and appropriate by the Owner, to withdraw and disburse funds from such accounts for those purposes approved herein. -3- NY#392538 v 1 4. COMPENSATION: As full compensation for the services to be rendered hereunder, the Owner shall pay Manager: For the period Jan. 1,-Dec. 31, 2001 - $16,000 annually, in equal monthly installments of$1333.00. For the period Jan. 1,-Dec. 31, 2002 _$16,560 annually, in equal monthly installments of$1380.00. For the period Jan. 1,-Dec. 31, 2003 - $17,160 annually,in equal monthly installments of$1430-00. 5. TERM AND TERMINATION: This Agreement shall take effect as of the 1st day of January 2001, and shall continue in effect until December 31, 2003, unless terminated earlier upon thirty (30)days' written notice by either party. Upon the expiration or earlier termination of this Agreement, Manager shall return any and all records, files, documents and other materials in its possession relating to the Property and its operation and maintenance, and further agrees to cooperate fully with any successor Manager duly hired by the Owner, 6. INDEMNIFICATION AND INSURANCE: • (a) Manager-shall be liable for damages or claims only to the extent caused by Manager's negligence, willful misconduct or failure to perform its duties hereunder, and Manager shall indemnify and hold Owner harmless from any such liability, damages, costs and expenses arising from such claims and damages, including reasonable attorney's fees. For purposes of this paragraph, the Superintendent shall be deemed to be an employee of,or under the sole direction and control of, the Manager. During the term of this Agreement Manager shall maintain in effect liability insurance in the amount of$2,000,000 naming the Owner and the Town of Mamaroneck as additional insureds. Such liability insurance shall cover the acts and omissions of the Superintendent and his assistants, if any, and shall contain a clause requiring the carrier to notify the Owner and the Town of Mamaroneck not less than thirty (30) days prior to the expiration or cancellation of such insurance coverage. (b) Owner shall be liable for damages or claims only to the extent caused by Owner's own negligence,willful misconduct or failure to perform its duties hereunder, and Owner shall indemnify and hold Manager harmless from any such liability, damages, costs and expenses, including reasonable attorney's fees. During the term of this Agreement Owner shall use its best -4- NY#392518 vl efforts to maintain liability insurance in the amount of$2,000,000 and to name the Manager as an additional insured. 7_ ASSIGNMENT OF THIS AGREEMENT: This Agreement shall not be assigned or transferred by the Manager without the written consent of the Owner. Owner shall have the right to assign this Agreement to the Town of Mamaroneck, a committee of bondholderb of the Owner, or any other assignee or transferee of the Owner_ S. NO WAIVER: No waiver of performance of any of the Manager's obligations under this Agreement shall be deemed to be a waiver of any other covenant or breach of this Agreement. 9. SEVERABILITY CLAUSE: The invalidity of any part of this Agreement shall not affect the validity of the remaining portions hereof, which shall remain in full force and effect, and shall continue to bind the parties. 10_ NOTICES: Any notice required to be made hereunder shall be made by certified mail, return receipt requested, or by facsimile, to the addresses of the parties set forth herein. 11. GENERAL MERGER CLAUSE: This Agreement constitutes the entire Agreement between the parties. Neither party has been induced to sign this Agreement by any promises,understandings or representations not expressly set forth herein, and there are no collateral understandings, agreements or promises relating to the subject matter of this Agreement which are not set forth -5- NY#392538 vl herein. Accordingly,this Agreement may not be varied or modified except by written agreement signed by both parties to this Agreement or their successors or assigns. IN WITNESS WHEREOF, the parties hereto have affixed their hands and seals, this-22 day of V — , 2001. MAMARONECK HOUSING AUTHORITY GRAMATAN M• ► • GEMENT, INC. By: By: . .[ Paul A. Winick, Chairman :ram G. Fierstcin, President -6- NY 8342533 v 1 ACKNOWLEDGEMENT OF MANAGING AGENT STATE OF NEW YORK ) : ss.: COUNTY OF WESTCHESTER ) On the / ' y of ,2001,before me personally came Bran Fierstein, to me known, who,being duly sworn, did depose and state that he resides at 252 Elderwood Avenue, Pelham, New York, that he is the President of Grarnatan Management, Inc., and that he executed the annexed document on behalf of said corporati. • . d by order of its Board of Directors. r 1 LINDA WAIONT-LAU New O Nr,ary Pu Notary Public. State of New York No. 4787735 Qualified in Westchester County Commission Expire° October 31, �4.� ACKNOWLEDGEMENT OF OWNER STATE OF NEW YORK ) COUNTY OF NEW YORK ) On the o? Irlay of 2001,before me personally came Paul A. Winick, to me known, who,being duly ern, did depose and state that he resides at 25i- 4.1 G t ,JZ,4.13, La..c.1.>-.-. fi ,..--ElfiaDmid-Auczkwariatalhflailt, New York, that he is the Chairman of Town of Mamaroneck Housing Authority, a municipal corporation, and that he executed the annexed document by order of said Housing Authority. 0 Not-. Public NOTARYftDAYRE B. LICHY No-DI 835399 Naw lrbtlr CornmisIon Ex Qius:a fed irpiQ►rexue May County2_e, e,2 0 -7- NY X1392538 v l TOWN OF MAMARONECK HOUSING AUTHORITY POLICY MANUAL I. TENANT SELECTION/RENEWAL PROCESS A. LOCAL PREFERENCES It is the policy of The Authority to prefer community volunteers of the Volunteer Fire Departments and Volunteer Ambulance Corps. of the Town of Mamaroneck(the "Town") and the Villages of Larchmont and Mamaroneck(collectively, the"Villages"), employees of the Town,the Villages and the Mamaroneck Union Free School District(the"School District")and residents of the Town and the Villages to the extent that they are located within the geographic area of the Town. B. TIER CRITERIA The Town of Mamaroneck Housing Authority has established criteria to determine who may rent units at Hommocks Park Apartments. Applicants for these apartments will be grouped into seven separate tiers,each tier representing a pool of applicants. Each applicant will specify the Tiers)under which is/her application will be grouped. The Authority shall require supporting proof of eligibility under the Tier indicated. The criteria used for these tier assignments follows: Tier I.A. Unpaid active members of the Volunteer Fire Departments and Volunteer Ambulance Corps of the Town and the Villages who • have been in that status for at least two years prior to the date of submittal of an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier I. B. Full-time employees of the Town,the Villages and the School District,who have been in that status for at least two years prior to the date of submittal of an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier IL Applicants from the Town, the Village of Larchmont,and geographical area of the Village of Mamaroneck within the Town of Mamaroneck who are: a. Residents who are over 62,yearss of age and who have lived in the Town or one of the Villages for at least two years as of the time they submit an application to the Housing Authority; NY#447262 vl April 2002 revision b. Residents who are under 30 years of age and who have lived in the Town or one of the Villages for at least two years as of the time they submit an application to the Housing Authority;or c. Applicants who are under 30 years of age at the time they submit an application to the Housing Authority, and who attended high school while residents of the above jurisdictions for a period of at least two years and who have lived at least half of their lives in the above jurisdictions. Time spent in college,technical school, the Armed Forces, or a federal government- administered service corps may be counted towards this residency requirement. Tier III. Part time employees of the Town, Villages and School District who have been in that status for at least two years prior to the date of submittal on an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment, and who can demonstrate that the majority of their household income comes from this employment. Tier IV. Current residents of the Town,the Village of Larchmont, and the geographical area of the Village of Mamaroneck within the Town of Mamaroneck who have lived there for at least two years as of the date they submit an application. Tier V.A. Members of the immediate family(mother, father,brother, sister, daughter, son)of current residents of the Town,Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck who have lived there for at least two years as of the date they submit an application. Tier V. B. Non-resident full time employees of private firms or entities located in the Town, Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck,who have been in that status for at least two years prior to the date of submittal on an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier VI. Residents of Westchester County who have lived in the County for at least two years as of the date they submit an application. -2- NY#447262 vl April 2002 revision Tier VII All other persons. C. INCOME LIMITATIONS 1. MARKET RATE UNITS The Authority will consider the income and expenses of each applicant and all other household members (collectively, a"household unit") for the purpose of determining both creditworthiness and suitability, given the goal of the complex as affordable housing, and will require applicants to produce financial information that The Authority considers necessary for processing the application. Apartment units will be made available for households of one to four persons. The maximum permissible household income is 95%of the Westchester County median income. The annual rental cost of the unit cannot exceed 35% of the total household income of the household unit. 2. SECTION 8 UNITS A limited number of apartments will be made available under the Section 8 program to persons with incomes below certain maximum levels. The levels depend upon how many people are intended to live in the apartment. For example incomes for the Section 8 apartments cannot exceed$23,400 for 1 person applying to live alone and$33,450 for a family of four. If your income is within this range contact Ms. Kathleen Kopa of the Town of Mamaroneck PHA, (914) 381-7840, for information about how to apply for one of those apartments. D. STANDARD OF DESIRABILITY FOR ELIGIBILITY FOR ADMISSION OR CONTINUED OCCUPANCY. The Authority shall create and maintain an environment conducive to the good health, safety,morals,welfare and comfort of authority tenants. Persons whose conduct and behavior create effects and influences adverse and detrimental to the complex and persons residing therein, interfere with and prevent the achievement of the objectives of the Public Housing Law and the Housing Authority. In order to effectuate the policy hereinabove set forth,to protect the property of the Authority and to facilitate proper administration by the Authority of its complexs, the standard of desirability hereinafter set forth shall be followed by the Authority in approving eligibility for admission or continued occupancy. It shall be a ground for eligibility for admission or continued occupancy in any Authority complex, that the applicant or tenant will be or is a desirable tenant. (a) The standard to be used in approving eligibility for admission or continued occupancy of a family shall be that the family will not or does not constitute: -3- NY#447262 vl April 2002 revision (1) a detriment to the health,safety or morals of its neighbors or the community; (2) an adverse influence upon sound family and community life; (3) a source of danger to the peaceful occupation of the other tenants; (4) a source of danger or cause of damage to the premises or property of the Authority; or (5) a nuisance. (b) In making such determination, consideration shall be given to the family composition,parental control over children, family stability,medical and other past history, reputation, conduct and behavior,criminal record, if any, occupation of wage earners, and any other data or information with respect to the family that has a bearing upon its desirability, including its conduct or behavior while residing in a complex. (c) In addition to any other conduct determined to violate the standard for eligibility for admission or continued occupancy in any Authority complex, the following conduct by the prospective tenant or proposed other resident of the apartment or an existing tenant or existing other resident of the apartment,shall result in ineligibility therefor: (1) the unlawful trade,manufacture, distribution, storage and/or sale of marijuana or any controlled substance as more specifically defined and set forth in Section 3306 of the Public Health Law, and Section 220.00 of the Penal Law of the State of New York, or the possession of a controlled substance such as would constitute a violation of Section 220.16, Section 220.18 or Section 220.21 of the Penal Law of the State of New York, in the apartment or in the common areas of the building or anywhere on the grounds of the complex by a tenant or a member of a tenant's family or by any guest or other person invited or permitted into the apartment or common areas of the building or onto the grounds of the complex by a tenant or by a member of the tenant's family in occupancy with the tenant;provided that the tenant or such family member shall have the actual knowledge of or shall have permitted such guest or other person to engage in such unlawful possession,trade,manufacture,distribution, storage and/or sale; or (2) the unlawful possession,use or display of a"weapon" as defined in Section 265.00 of the Penal Law of the State of New York, in the apartment or in the common areas of the building or anywhere else upon the grounds of the complex by a tenant or member of a tenant's family or by any guest or other person invited or permitted into the apartment or common areas of the building or onto the grounds of the complex by a tenant or a member of a tenant's family in occupancy with the tenant provided that the tenant or such family member shall have actual knowledge of or shall have permitted such guest or other person to engage in such unlawful possession,use or display. -4- NY#447262 v April 2002 revision (3) a history of criminal activity involving crimes of violence against persons or property; (4) a history of disturbing neighbors or causing damage to Authority property; (5) if any member of the household is registered, or is required to register, under a state sex offender registration program. (d) Any applicant or tenant determined to be ineligible by virtue of the standard herein set forth, when applied to any member of the household, shall be declared to be ineligible on the ground of nondesirability. E. ADDITIONAL REQUIREMENTS FOR LEASE RENEWAL 1. Re-qualification under income requirements. Prior to each lease renewal, tenants were required to demonstrate that they meet the income requirements then applicable. Upon renewal, applications will be examined for creditworthiness and compliance with income requirements, and The Authority may require such supporting financial information from applicants as it deems necessary. 2. Re-qualification under tier requirements Tenants seeking renewal of leases may be required to demonstrate that they have been in continuous compliance, during the expiring lease term and through the date of granting of the renewal lease,with the requirements of the Tier in which their original application was considered(except for under 30 year of age status). The Authority may require such supporting proof of compliance with Tier criteria as it deems necessary for evaluating a renewal application. F. RE-LETTING OF VACANT APARTMENTS The Authority applies the following policy when re-letting apartments that become vacant: • The Authority's tier system will be the primary factor applied when selecting from competing applicants for a vacant apartment. Successful applicants will also have to meet whatever other eligibility requirements are applicable at the time the applications are considered, including but not limited to income limitations and credit checks. An existing tenant's history of timely rent payment and compliance with the Authority's House Rules will be considered. • The tiers will be applied in the usual order,with Tier I being given the highest priority,Tier II the second priority, and so forth. For purposes of filling vacant apartments Tiers VI and VII are to be considered as having the same priority. -5- NY#447262 vl April 2002 revision • When the Authority or its property managers learn of a vacancy, the property manager shall immediately fax notification of the vacancy to the Chiefs of the uniformed services, the volunteer corps. and administrations of the Town of Mamaroneck and the two Villages and to the administration of the school district. • The Property Manager shall maintain a waiting list of current tenants seeking to move within the complex. The list shall record the types(s)of apartment sought by each tenant and the date of receipt of each tenant's request to be added to the waiting list. Only written requests will be recognized for inclusion on the waiting list. • The Authority will evaluate applicants from both inside and outside the apartment complex. The apartment unit shall be held available by the Authority for whatever period of time, in the Authority's sole discretion, is desirable to permit collection of applications. • The tier status of applicants from inside and outside the complex will be considered on an equal footing. Thus, an existing tenant seeking to move within the complex will not have any rights that arise from the fact that the tenant already occupies a different unit. Whenever the Authority selects between two existing tenants that selection shall be made in favor of the applicant whose initial expression of interest in an apartment of the size available was first received by the Authority. • As a condition of receiving a lease for a new unit,tenants seeking to move within the complex will be required to pay to the Authority any additional costs, including but not limited to,differential lost rent and apartment repainting and repair costs not otherwise covered by security deposits. • Existing tenants seeking to move within the complex will be required to re-qualify under the Policy applicable for lease renewals. G. Change of Apartment at Discretion of the Authority Whenever the Board of the Authority determines that the best interest of the apartment complex and the tenants as a whole is served by changing the apartment assignment of any tenant,that tenant shall be required to accept the replacement apartment assigned. Failure to comply with a directive from the Authority to move to the replacement apartment shall be ground for termination of all occupancy in the Hommocks Park Apartments. The Authority shall,to the extent that it is feasible and does not cause delay in accomplishing the re-assignment, and subject to other applicable Policies,provide the tenant with a replacement apartment that is equivalent in size to the tenant's original apartment. II. SUBLETTING Units may not be sublet under any circumstances -6- NY#447262 v April 2002 revision III. PETS Dogs are prohibited in the Hommocks Park Apartment complex unless specially trained and required for the care of a tenant(i. e, a seeing-eye dog), subject to the approval of the landlord. No cat,bird or other animal may be kept or harbored in or around the demised premises unless expressly permitted in writing by the Landlord. In no event shall more than two such animals be permitted in any apartment unit. No pigeons, geese or other animals not so permitted by Landlord may be fed by Tenants in or around the demised premises or the Hommocks Park Apartment complex. IV. APPLICATION OF POLICIES TO PERSONS RESIDING WITH TENANT. A prospective tenant,or a tenant applying for lease renewal, shall be required to list all persons who shall reside with the tenant in the apartment Each such person shall be subject to all the policies, rules and regulations of the Housing Authority, and such person's qualifications and suitability under said policies,rules and regulations shall be considered by the Property Manager and the Housing Authority in both initial leasing and lease renewal determinations. V. NOTIFICATION OF ADVERSE ACTION IN WRITING REQUIRED. Any applicant shall be notified in writing of the reason(s) for a decision determining them ineligible for admission to the Authority property and of their right to a personal interview at the office of the Authority's Property Manager to discuss said reason(s). Any tenant shall be notified in writing of the reason(s) for a decision denying them a renewal lease and of their right to a hearing before the Housing Authority Board to appeal that decision, at which the tenant may be represented by counsel of their choice, at their own expense. VI. APPEALS AND THE AUTHORITY BOARD OF REVIEW (a) The Authority shall create by resolution a Board of Review that shall consist of at least three members of the Authority and shall be appointed by the chairman of the Authority. The members shall select a chairman from among themselves. The board shall meet at such times and places as fixed by the chairman of the board. A majority vote of the members of the board shall be required for a decision by the board. The housing complex manager and/or authority counsel, if requested by the board, shall be present at the board meetings for the purpose of making available to the board such information and advice as it may require. (b) The Board of Review shall consider appeals by tenants from any administrative ruling or finding of ineligibility for continued occupancy in any Authority complex. Such review will be had upon the written demand of the tenant for hearing by the Board,made within 30 days after written notice to the tenant of the administrative ruling or finding of ineligibility for continued occupancy. At such hearing the tenant may appear by counsel or other qualified representative of his choice. -7- NY#447262 vl April 2002 revision (c) The Board of Review shall also review appeals by applicants from any administrative ruling or finding of ineligibility for admission upon demand of the applicant, made within 30 days after the interview granted in accordance with the provisions of Section 156-a of the Public Housing Law. The applicant, at the time of such interview, shall be apprised of his right to a review by the Board of Review. Such review shall be in the form of an informal hearing, at which the applicant may appear by counsel or any other qualified representative of his choice, and present, either orally or in writing,material relevant to said appeal. (d) A decision of a majority of the Board of Review shall be final, subject only to review by appropriate judicial proceeding. Failure of the Board of Review to reach a majority decision shall be cause for a remand of the matter to a formal meeting of the Board of the Housing Authority called for the purpose of hearing and determining the matter. A decision by a majority of the members of the authority at such hearing shall have the same effect as a decision of the majority of the Board of Review. (e) Minutes shall be kept of all meetings or hearings of the board and the Authority in these matters. Such minutes do not necessarily have to be stenographic or in haec verba. (f) A written demand for review by the tenant shall not affect any legal action taken by the authority to terminate tenancy,but the authority shall not evict any tenant whose appeal has not been finally determined. -8- NY#447262 vl April 2002 revision TOWN OF MAMARONECK HOUSING AUTHORITY HOMMOCKS PARK APARTMENTS INFORMATION SHEET FOR PROSPECTIVE TENANTS The Hommocks Park Apartments consist of 53 rental units. The apartments are distributed in seven buildings on a 1.8 acre site located at the intersection of the Boston Post Road and Hommocks Road in the town of Mamaroneck,New York. The location of the Hommocks Park Apartments is ideal, situated next to the Town of Mamaroneck's Conservation Area, Swimming Pool, Ice Skating Rink, Community Room and athletic fields. The Village of Larchmont's Flint Park is only a few steps away. The apartments are within walking distance of Mamaroneck schools and the Larchmont station of the Metro-North Commuter Railroad, and offer access to both County public transportation and shopping located along the Boston Post Road. The Hommocks Park Apartments were constructed in response to Westchester County's need for affordable rental housing. 42 of the units are offered at market rate rents,while 11 are rented through the H.U.D. Section 8 program. The Town of Mamaroneck has a long history of involvement in Section 8 housing; over three hundred current residents of the Town currently participate in the program The apartments are offered in a variety of sizes, floor plans and rent levels to meet the varied needs of our population: 42 Market Rate Units 11 Section 8 Units Three 1 Bedroom Six 1 Bedroom Twenty Two 1 Bedroom with loft Five 2 Bedroom Four 2 Bedroom Thirteen 2 Bedroom with loft Included in this packet are: • An architect's drawing of the Apartments and representative floor plans • An Information Sheet describing the Authority's process for selecting tenants. • An Application and Instructions. • The Housing Authority's Policy Manual. • The Housing Authority's Rules and Regulations. The Hommocks Park Apartments were developed by the Town of Mamaroneck Housing Authority. Construction began in August, 1993,with occupancy beginning in September, 1994. 1. SELECTION PROCESS It is the policy of The Authority to prefer community volunteers of the Volunteer Fire Departments and Volunteer Ambulance Corps of the Town of Mamaroneck(the"Town") and the Villages of Larchmont and Mamaroneck(collectively, the "Villages"), employees of the Town, the Villages and the Mamaroneck INFORMATION SHEET Page 1 of 5 April 2002 revision DOCS_NY#445512 Union Free School District(the "School District") and residents of the Town and the Villages to the extent that they are located within the geographic area of the Town. 2. TIER CRITERIA The Town of Mamaroneck Housing Authority has established criteria to determine who may rent units at Hommocks Park Apartments. Applicants for these apartments will be grouped into seven separate tiers, each tier representing a pool of applicants. Each applicant will specify the Tier(s)under which his/her application will be grouped. The Authority shall require supporting proof of eligibility under the Tier indicated. The criteria used for these tier assignments follows: Tier I. A. Unpaid active members of the Volunteer Fire Departments and Volunteer Ambulance Corps of the Town and the Villages who have been in that status for at least two years prior to the date of submittal of an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier I. B. Full-time employees of the Town, the Villages and the School District,who have been in that status for at least two years prior to the date of submittal of an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier IL Applicants from the Town,the Village of Larchmont,and geographical area of the Village of Mamaroneck within the Town of Mamaroneck who are: a. Residents who are over 62 years of age and who have lived in the Town or one of the Villages for at least two years as of the time they submit an application to the Housing Authority; b. Residents who are under 30 years of age and who have lived in the Town or one of the Villages for at least two years as of the time they submit an application to the Housing Authority; or c. Applicants who are under 30 years of age at the time they submit an application to the Housing Authority, and who attended high school while residents of the above jurisdictions for a period of at least two years and who have lived at least half of their lives in the above jurisdictions. Time spent in college,technical school, the Armed Forces,or a federal government-administered service corps may be counted towards this residency requirement. INFORMATION SHEET Page 2 of 5 April 2002 revision DOCS_NY#445512 Tier III. Part time employees of the Town,Villages and School District who have been in that status for at least two years prior to the date of submittal on an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment, and who can demonstrate that the majority of their household income comes from this employment. Tier IV. Current residents of the Town,the Village of Larchmont, and the geographical area of the Village of Mamaroneck within the Town of Mamaroneck who have lived their for at least two years as of the date they submit an application. Tier V. A. Members of the immediate family(mother, father,brother, sister, daughter, son)of current residents of the Town, Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck who have lived there for at least two years as of the date they submit an application. Tier V.B. Non-resident full time employees of private firms or entities located in the Town,Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck,who have been in that status for at least two years prior to the date of submittal on an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier VI. Residents of Westchester County who have lived in the County for at least two years as of the date they submit an application. Tier VII All other persons. 3. INCOME LIMITATIONS The Authority will consider the assets and liabilities of each applicant and all other household members (collectively, a"household unit") for the purpose of determining both creditworthiness and suitability, given the goal of the project as affordable housing, and will require applicants to produce financial information that The Authority considers necessary for processing the application. Apartment units will be made available for households of one to four persons. The maximum permissible household income is $86,830(95%of the Westchester Cty median income,which is $91,400 for 2002). INFORMATION SHEET Page 3 of 5 April 2002 revision DOCS_NY#445512 The annual rental cost of the unit cannot exceed 35%of the total household income of the household unit. Accordingly, minimum income levels for the various sized apartments are set forth below. The rents indicated on the chart are approximate. MINIMUM INCOME LEVELS (Overall Salary range of$33,400 to$86,830) 1 BR 2 BR 1 BR w/Loft 2 BR w/Loft Rent/Mo. no utilities incl. $870 $1,182 $1,150 $1,415 Rent/Yr. $10,440 $14,184 $15,000 $16,980 Min. Qualifying income @ 35% $33,400 $40,000 $42,750 $48,500 of gross Please note: A limited number of apartments will be made available to tenants who quality under the Section 8 rent subsidy program. Income levels used in the Section 8 program levels are different than the levels used for applications for market rate apartments and depend upon how many people are intended to live in the apartment. For example, incomes for the Section 8 apartments cannot exceed$30,050 for 1 person applying to live alone and$42,900 for a family of four. If your income is within this range contact Ms.Kathleen Kopa of the Town of Mamaroneck Public Housing Agency, (914) 381-7840, for information about how to apply for one of those apartments. 4. RENTAL RESTRICTIONS/LEASE RENEWAL POLICY Prior to each lease renewal,tenants will be required to demonstrate that they meet the income requirements then applicable.Upon renewal, applications will be examined for creditworthiness and compliance with income requirements, and The Authority may require such supporting financial information from applicants as it deems necessary. Tenants seeking renewal of leases may be required to demonstrate that they have been in continuous compliance,during the expiring lease term and through the date of granting of the renewal lease, with the requirements of the Tier in which their original application was considered(except for under 30 year of age status). The Authority may require such supporting proof of compliance with Tier criteria as it deems necessary for evaluating a renewal application. INFORMATION SHEET Page 4 of 5 April 2002 revision DOCS NY#445512 5. SUBLETTING. Units may not be sublet. 6. PETS. Dogs are prohibited in the Hommocks Park Apartment complex unless specially trained and required for the care of a tenant(i. e, a seeing-eye dog), subject to the approval of the landlord. No cat,bird or other animal may be kept or harbored in or around the demised premises unless expressly permitted in writing by the Landlord. In no event shall more than two such animals be permitted in any apartment unit. No pigeons,geese or other animals not so permitted by Landlord may be fed by Tenants in or around the demised premises or the Hommocks Park Apartment complex 7. APPLICATION If you are interested in living in the Hommocks Park Apartments,complete the enclosed application and submit it,with all the required attachments,to: Gramatan Management,Inc. 2 Hamilton Avenue, Suite 217 New Rochelle,NY 10801-3516 Phone: (914)654-1414 Fax: (914) 654-1444 INFORMATION SHEET Page 5 of 5 April 2002 revision DOCS_NY#445512 TOWN OF MAMARONECK HOUSING AUTHORITY Hommocks Park Apartments Instructions for Completing Application I. HOUSEHOLD INFORMATION--This section asks you to list every person who will live in the unit with you. Indicate in this section if you or a member of your household have a disability or handicap that you think might require some special form of accommodation. II. EMPLOYMENT INFORMATION--This section asks for employment information for the applicant and all household members. Information must be given for all wage earners in the household. Use ATTACHMENT 1 for additional wage earners. III. FINANCIAL INFORMATION--Use ATTACHMENT 2 to itemize all income from all sources for all household members. This information should be taken from the 1994 Federal Income Tax Returns. All applications must be accompanied by signed copies of all household wage earners '93 and '94 Federal Income Tax Returns, including schedules and all attachments, including W-2 forms. IV. PERSONAL BACKGROUND INFORMATION--Completely and carefully answer the question in this section for you and for all persons who will reside in the apartment with you. V. TIER INFORMATION--The applicant must check all the tiers he/she is eligible under. Tier criteria are described in the accompanying Information Sheet. You must indicate how you qualify under each tier. Complete all the information requested in the tiers you indicated. VI. UNIT PREFERENCE Indicate the size unit you would prefer by ranking them below. You may only indicate a first and second choice. For example, if your first choice is a two bedroom unit, but you would accept a one bedroom w/loft if it was offered to you, your application would look like this: One Bedroom 1 Two Bedroom 2 One Bedroom with loft Two Bedroom with loft While the Authority will make every effort to accommodate unit size preference, the final decision will be that of the Authority. INSTRUCTIONS Page 1 OF 2 April 2002 revision DOCS_NY#445512 VII. APPLICATION FEES--All applicants pay for a credit check and background (criminal record) check. If one person's income is being reported on application, credit check cost is $55. If two persons' income is being reported on application, credit check cost is $75. Background check for each proposed resident over 18 yrs old is an additional $25. Check is not cashed until an apartment is vacant and your application is being processed. Application fee is non-refundable once credit check is ordered. VIII. STATEMENT--Sign and date this application, certifying that all information submitted is true and correct and that you understand any false statements shall be cause for rejection of your application. Keep a copy of the application for your records. Submit your application to the Property Manager, Gramatan Management, Inc. CHECK LIST Application Attachment 1 Attachment 2 Copy of last two years signed Federal Income Tax Returns with all Schedules, Attachments, W-2 and/or 1099 forms FOR ALL WAGE EARNERS. Check for Application Fee INSTRUCTIONS Page 2 OF 2 April 2002 revision DOCS_NY#445512 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments Applicant's Name Social Security# Address Date of Birth Telephone I. HOUSEHOLD INFORMATION The following persons make up my household and would reside with me if I rent a unit at Hommocks Park Apartments: Name Sex Age Relationship Social Security# If you or a member of your household have a disability that requires a reasonable accommodation, indicate the type of accommodation needed: I. EMPLOYMENT INFORMATION FOR LAST 3 YEARS-Applicant Name of Employer Date of Employment Address Annual earnings Position Phone# If you held other jobs during the last three years, or if there are additional wage earners who need to disclose income,report this information on ATTACHMENT 1. III. FINANCIAL INFORMATION TOTAL HOUSEHOLD INCOME must reflect income from all sources from all persons expected to reside in the unit, i.e. SSI, SSD, social security,public assistance,child support, alimony, dividends, interest. Use ATTACHMENT 2 to itemize all income sources for all wage earners. Combined TOTAL HOUSEHOLD INCOME from all sources from ALL PERSONS expected to reside in unit: TOTAL HOUSEHOLD INCOME $ .00. APPLICATION Page 1 OF 4 April 2002 revision DOCS_NY#445512 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments IV. PERSONAL BACKGROUND INFORMATION Answer these questions: 1. Have you or anyone else who would reside with you at Hommocks Park Apartments ever been convicted of a crime? Yes 0 No ❑ If you have checked the"Yes"box,provide all details of the criminal conviction, including defendant name and date of birth,offense convicted of, sentence/penalty imposed,probation imposed (with start and end dates) 2. Have you or anyone else who would reside with you in the apartment, ever been the subject of an eviction proceeding or other case in court involving your landlord? Yes 0 No ❑. If you have checked the"Yes"box above,provide details of the case including: (a) The subject matter of the case; (b) the court in which it took place; (c)the name of your landlord and any other parties to the case; (d)how the case was ended—judgment, settlement, dismissal, etc. V. TIER INFORMATION Descriptions of the tiers are in the "Tier Criteria" section of the Information Sheet that accompanies this application. Check all the tiers that you think apply to you: TIER I.A TIER HE TIER V.B TIER I.B TIER IV TIER VI TIER II TIER V.A TIER VII Indicate how you qualify for the tiers checked: Tier I A: Volunteer position, Company or Corps. How long have you been a volunteer? years months Tier I.B: Employer: Position: How long have you been employed? years months Tier II: I have lived in Mamk Tn/Mamk Village/Larch Village since (month &year) I am over 62 years of age (check here) I am under 30 years of age (check here) I am under 30 years of age,no longer a resident and lived at least half my life in the above jurisdiction (check here) APPLICATION Page 2 OF 4 April 2002 revision DOCS_NY#445512 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments Tier III: Employer: Position: How long have you been employed there? years months Tier IV: I have lived in the jurisdiction since (month & year) Tier V.A: Employer: Position: How long have you been employed there? years months Tier V.B: Name of Relative: Relationship: Address of Relative: My relative has lived in the jurisdiction since (month & year) Tier VI: Address: How long have you lived in Westchester? • years months VI. UNIT PREFERENCE Indicate your order of preference of unit size, beginning with 1: 1 BEDROOM 1 BEDROOM WITH LOFT 2 BEDROOM 2 BEDROOM WITH LOFT VII. APPLICATION FEES All applicants pay for a credit check and background(criminal record) check. If one person's income is being reported on application, credit check cost is $55. If two persons' income is being reported on application,credit check cost is $75. Background check for each proposed resident over 18 yrs old is an additional $25. Check is not cashed until an apartment is vacant and your application is being processed. Application fee is non-refundable once credit check is ordered. APPLICATION Page 3 OF 4 April 2002 revision DOCS_NY#445512 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments VIII. STATEMENT I authorize the Authority to request a credit report about me. If I ask,you will tell me the name and address of the consumer reporting agency that furnished it. I also authorize my employers listed on the Application to release salary information about me, as required by The Authority. I also authorize the Authority to conduct an investigation of my background that includes a criminal record check. I hereby authorize all state, local and federal law enforcement authorities to release any and all information that they have about me. I have read the Housing Authority's Policy Manual and House Rules and understand that should I become a tenant at the Hommock Park Apartments,violation of any of the rules therein may be grounds for termination of my tenancy. All information provided on this form will be kept confidential and only approved persons involved in administering this program will have access to this information. ************************************************************************************* * I hereby certify under penalty of perjury that the information contained in this application is true and correct to the best of my knowledge. SIGNATURE DATE APPLICATION Page 4 OF 4 April 2002 revision DOCS_NY#445512 TOWN OF MAMARONECK HOUSING AUTHORITY Application -Attachment 1 ADDITIONAL EMPLOYMENT INFORMATION- APPLICANT: Name of Employer: Address: Phone#: Your Position: Annual Income From This Position: Check here if full-time student: EMPLOYMENT INFORMATION-ADDITIONAL WAGE EARNER: Name : Name of Employer: Address: Phone#: Your Position: Annual Income From This Position: Check here if full-time student: EMPLOYMENT INFORMATION-ADDITIONAL WAGE EARNER: Name: Name of Employer: Address: Phone#: Your Position: Annual Income From This Position: Check here if full-time student: ATTACHMENT 1 Page 1 OF 1 April 2002 revision DOCS_NY#445512 TOWN OF MAMARONECK HOUSING AUTHORITY Application —Attachment 2 For income,I have used figures from my Federal Income Tax forms. Attached are the last 2 years 1040 and W2/1099 forms for each household member contributing to income. Additional documentation is provided for each item reported which did not appear on an income tax form. INCOME, TAXABLE AND NON-TAXABLE MY NAME NAME(member#2) NAME (member#3) WAGES AND TIPS INVESTMENT INCOME Interest including tax-exempt. DIVIDENDS SOCIAL SECURITY and PENSIONS SSI DISABILITY UNEMPLOYMENT INSURANCE VETERANS BENEFITS TRUST FUNDS INSURANCE PROCEEDS ALIMONY AND CHILD SUPPORT ALL OTHER INCOME TOTAL INDIVIDUAL INCOME TOTAL HOUSEHOLD INCOME (add "TOTAL INDIVIDUAL INCOMES" above) ATTACHMENT 2 Page 1 OF 1 April 2002 revision DOCS_NY#445512 Urban County Council Page 1 of 2 HUD Income Limits as of March, 2003 NOTE: the Westchester County Area Median Income (AMI)for 2003, as established by the U.S. Department of Housing and Urban Development (HUD), has been reduced to$90,100 for a 4-Person Household. The AMI for 2002 was$91,400. Westchester County, however, has been advised by HUD that while the published AMI for a 4 person household has been slightly reduced, all other income limits,as shown on the below table, shall remain valid and identical to those shown on the Westchester County 2002 Income Limits table. 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person Household Household Household Household Household Household 100% $64,000 $73,100 $82,300 $90,100 $98,700 $106,000 of Median see note Income above 80% $51,200 $58,500 $65,850 $73,100 $78,950 $84,800 of Median Income 60% $38,400 $43,850 $49,400 $54,850 $59,200 $63,600 of Median Income 50% $32,000 $36,550 $41,150 $45,700 $49,350 $53,000 of Median Income 40% $25,600 $29,250 $32,900 $36,550 $39,500 $42,400 of Median Income 30% $19,200 $21,950 $24,700 $27,400 $29,600 $31,800 of Median Income For further information, contact: Norma Drummond Westchester County Planning Department 148 Martine Avenue, Room 414 White Plains, NY 10601 (914)995-2427 nvvl@westchestergov.com http://www.westchestergov.com/planning/housing/HudIncome.htm 10/28/2003 Thelen Reid & Priest LLP Attorneys At Law 875 Third Avenue New York,NY 10022-6225 Tel.212.603.2000 Fax 212.603.2001 www.thelenreid.coal FAX COVER PAGE Date: October 28, 2003 Total Pages: 5 (including cover) To: Bram Fierstein, Fax: 914.654.1444 r,, Gramatan Management r__� Phone: 914.654.1414 N From: Paul A. Winick Fax: 212.829.2059 �:� Phone: 212.603.6756 E-Mail: pwinick@thelenreid.com VIA FAX ONLY rte' — r,-., tom. a (I) 1-41-)-4)r Ae L3t- 12.ePir, /)I„ Gvre_ carr ` ova- w A0 vs)rl cAp t Com n -0- ''Ams') . t„ in,o, 6_ LAJ) r, q570 q i @ rem ko1`-r. 100 9b @c -G fcvynAi) et . 0.,/ , c,.4 1--e.ay„$\is j CX:71--r.i.4-42-e, b.-04.1-- & C.rdiCand) (,r-t dA4(......-75.4 (..,_,,9S. vt,61- TA,Att ,. �' _ �:-;► - iV PRIEST LLP � sg � �� �' Ir@ SERVICES Y: -, i. I ISPECTEO B In case of a problem with this transmission, please call the Fax Operator at`212.6 ' , iA� /s o7 IJoan ATTORNEY# CLIENT-MATTER __ILE-TLiR ROOM# I 1929 800006/24 957 IMPORTANT:This fax transmission is intended only for the addressee. It contains information from the law firm of Thelen Reid& Priest LLP which may be privileged,confidentialand exempt from disclosure under applicable law. Dissemination, distribution,or copying of this by anyone other than the addressee or the addressee's agent is strictly prohibited. If this transmission is received in error, please notify Thelen Reid&Priest LLP immediately at the telephone number indicated above.We will reimburse your costs incurred in connection with this erroneous transmission and your return of these materials. THANK YOU. 10/29/03 WED 10:33 FAX 212 603 2001 THELEN REID&PRIEST LLP Z001 ********************* *** TX REPORT *** *********:t:*********** TRANSMISSION OK TX/RX NO 2794 CONNECTION TEL 00006#24#19146541444 SUBADDRESS CONNECTION ID ST. TIME 10/29 10:31 USAGE T 02'20 PGS. 5 RESULT OK Thelen Reid & Priest LLP Attorneys At Law 875 Third Avenue New York,NY 10022-6225 Tel.212.6032000 Fax 212.603.2001 www,thelenreid.corn FAX COVER PAGE Date: October 28, 2003 Total Pages: 5 (including cover) To: Bram Fierstein, Fax: 914.654.1444 Gramatan Management ' Phone: 914.654.1414 r..7 From: Paul A. Winick Fax: 212.829.2059 c=, Phone: 212.603.6756 E-Mail: pWinick@thelenreid.corn VIA FAX ONLY Wt. 1,Ne 102,,,r‘ w-,1 CAert_N•sa Ce7Yre. O v\-O-i o uS) 1., 'c CO-Ae 7 ►' t1Au 19 . tan 1 g'67° S/p Fq �l�' 4 6j- l cr ��j Bra -1)4/ ") 1 �O U l� � (Pk t Rd' c....rphoz-r3 cAr-t lrls►.c i�t.� ark i -b -1 u_ who ' ► l.�-- �[l,�ri � .,cam . Urban County Council Page 1 of 2 r HUD Income Limits as of March, 2003 NOTE:the Westchester County Area Median Income (AMI)for 2003, as established by the U.S. Department of Housing and Urban Development (HUD), has been reduced to$90,100 for a 4-Person Household. The AMI for 2002 was$91,400. Westchester County, however, has been advised by HUD that while the published AMI for a 4 person household has been slightly reduced, all other income limits, as shown on the below table, shall remain valid and identical to those shown on the Westchester County 2002 Income Limits table. 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person Household Household Household Household Household Household 100% $64,000 $73,100 $82,300 $90,100 $98,700 $106,000 of Median see note Income above 80% $51,200 $58,500 $65,850 $73,100 $78,950 $84,800 of Median Income _ 1 60% $38,400 $43,850 $49,400 $54,850 $59,200 $63,600 of Median Income 50% $32,000 $36,550 $41,150 $45,700 $49,350 $53,000 of Median Income 40% $25,600 $29,250 $32,900 $36,550 $39,500 $42,400 of Median Income 30% $19,200 $21,950 $24,700 $27,400 $29,600 $31,800 of Median Income For further information, contact: Norma Drummond Westchester County Planning Department 148 Martine Avenue, Room 414 White Plains, NY 10601 (914)995-2427 nvvl©westchestergov.com http://www.westchestergov.com/planning/housing/HudIncome.htm 10/28/2003 Green Ridge/Not Just a Development...A New Direction Page 1 of 2 Not lust a Developmen Greer Rid e A New Direction About Greeff About Green Ridge Community Voices Green Ridge Details About a year ago,Community Housing - 4 Latest News Innovations was approached by the s. ►l'=r ;;j -., :``} Westchester Land Trust.The county's pre-eminent open space organization was Workforce Housing y concerned about two environmental) kle in Westchester sensitive parcels on Route 128 in New Castle. Register fora Home Down Payment Owned by the family of former Assistance Ambassador to Belgium, William Burden, the two separate wooded parcels consist Smart Growth/ of 53 acres located on Route 128,about teen idge Details Green Building half a mile south of Route 117, and 52 acres further south on 128 off Sheather Road.They suggested that we find a Contact Us developer to insure that the southern lot is never developed,while a portion of the Home northern parcel is reserved for workforce housing. In June 2002,after nearly one year of discussions with the Town of New Castle,the We! Land Trust,the family of former Ambassador to Belgium,William Burden,and Westches Community Housing Innovations(CHI)and a respected local developer proposed the Gr workforce housing development. Modeled after the successful Stone Creek development built seven years ago in New Ca! Ridge offered a 125-unit home ownership plan with a preference for those who work in I Mount Kisco and the Town of Bedford.Green Ridge,as Stone Creek had done before,ac critical shortage of workforce housing that threatens the quality of life in New Castle anc surrounding community, while at the same time maximizing land for open space. • ■ } 10�' lid " "r` jx t,, .y 4r Stone Creek,a workforc Stone Creek, New Castle NY. development in New Cas units, has been an un sucess. A Preference for Local Workers/Volunteer Services -1-14e S+e r1Uw' crLs The development proposed 100 town homes that would be sold with a preference for th. A&A.02. l v I T I'! or work in the Town of New Castle,Village of Mount Kisco,and Town of Bedford. Depeni TNsWAn-LT family size,those with household incomes u• to .110,000 a year(120%of median for F16012£S On ( four in Westchester County)would be eligible to purc . - 4. o e omes. wer- -•r _ wio about$73,000(80%of the medien income for a amTY �y v--i 1. 4O`J'T the units would be duplexes with a one-bedroom rental apartment,reserved for coupTTes t j.r£3 http://www.greenridgenow.com/html/greenridge.html 10/28/2003 Green Ridge/Not Just a Development...A New Direction Page 2 of 2 I individuals earning up to 5D2, of the county median income (about$35,000). There for an Income Chart to see if you quality. Under the proposal,there will be a range of prices based upon size of the unit and house income,from about$115,000 to$235,000. On June 10th 2002,the Westchester County Business Journal printed a favorable article Ridge. Click here to read this article, "Affordable Housing in Chapppaqua". Shortly thereafter however, the Mount Kisco Village Board indicated that it would not be providing access to its sewer system and the developer withdrew. ., r 1 ?; 1 t bq ... • TT A-rri Green Ridge will leave most of this land undeveloped as open space CHI has interested several new developers in the project; but first we must convince Mc allow hook up to their sewer system.As an inducement,the budget for Green Ridge incl payment to Mount Kisco for sewering 77 existing homes in Village lacking such service. Once over this hurdle, the proposal will undergo in excess of one year of studies and err review by the New Castle Town Board. Every aspect of the plan will be publicly scrutiniz, the impact on traffic, drainage, esthetics, wetlands, and the school system. Everyone ca with some aspect of a site plan, but at the conclusion of the process, we hope to achievf following goals: Workforce Housing-A meaningful number of homes affordable to those who live or we Kisco, New Castle and Town of Bedford, such as municipal, school district, volunteer fire hospital, emergency medical service, and other workers in local businesses. Smart Growth-The site plan will maximize open space, with the assistance of the West Trust, the county's pre-eminent open space organization. Green Building-The structures will meet stringent EPA Energy Star standards, that will least 30%less energy than conventional buildings.They will incorporate renewable enei where feasible. Back to the top of page. http://www.greenridgenow.com/html/greenridge.html 10/28/2003 • Maximum Income Limits as Established by HUD 2002 Page 1 of 1 Maximum Income Limits as Established by HUD 2002 91,400 Adjusted Median Income (Family of 4) Westchester County 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 70% 80% 90% 108% 116% 124% 1 80% AMI 51,184.00 58,496.00 65,808.00 73,120.00 78,969.60 84,819.20 90,668.80 96,51 120% AMI 76,776.00 87,744.00 98,712.00 109,680.00 118,454.40 127,228.80 136,003.20 144,77 Rental Apartment 50% AMI 31,990.00 36,560.00 41,130.00 45,700.00 49,356.00 53,012.00 56,668.00 60,32 http://www.greenridgenow.com/html/income_qualifications.html 10/28/2003 JAN 15 2002 14: 55 GM LRSERJET 3200 9146541444 p. 3 400•13 Town of Mamaroneck Housing Authority Residential Apartment Lease THIS LEASE made as of 7 e /5, 200 between The Town of Mamaroneck Housing Authority (hereinafter the 'Landlord") having an office at do Gramatan Management, Inc., 2 Hamilton Avenue, New Rochelle, New York 10801 and jr) p YAlf LS' Ai YY (hereinafter the "Tenants") SS #/.?3 9// for premises known as: Apartment # go , Hommocks Park Apartments, Hommocks Road, Town of Mamaroneck, (Larchmont PO) Westchester County, New York 10538,(hereinafter the"Premises") to tenants for the following term: Length of Lease: w fl Year(s) Beginning: — ,20 00 Ending: D L.... 3 Q ,20 O 2 Upon the terms and conditions stated herein: 1.Rent: For the first year of the term of this Lease, Tenant shall pay annual rent of s q„5-g..% payable . in advance, T a able in twelve (12) equal monthly payments of$I�II on the first calendar day of each month, unless the first calendar day of a month shall be a Saturday, Sunday or legal holiday, in which event the rent shall be paid on the next calendar day which is not a Saturday,Sunday,or legal holiday,either at Landlord's office or at another place that Landlord may inform Tenant of in writing. In the event the term of this lease exceeds one year, after the first year of the term,the rent shall increase to $yoN4/ per annum, payable in equal monthly installments of $1.2.40.. a as aforesaid,for the second year of this lease,or part thereof. Landlord shall not be required to give notice that rent is due. Payments must be in the form of a personal or bank check,or by money order, and may be made in person or by mail to the Managing Agent. if payment is made by mail,it will be deemed made on the date the envelope containing the rent is postmarked by the US Post Office_ A late charge of twenty-five ($25.00)dollars shall be added to the rent if the rent is not paid by the tenth day after the date set forth for payment herein. If the rent is not paid on time, Tenant shall be considered to be in default of this Lease, and shall be subject to the penalties set forth for default below,including,but not limited to termination of this Lease. There shall be a fee of twenty($20.00)dollars for any check or other form of payment which is returned for lack of funds or is otherwise dishonored. Such fee shall be added to the next month's rent as additional rent, or,if it occurs at the end of the teen hereof, shall be de- ducted from the security deposit. Additional Rent:Tenant may be required to pay other charges to Landlord hereunder. These charges are called "additional rent", and shall be billed and payable together with the next monthly rent due. 2.Security Deposit: Upon the signing of this Lease r 9r to taking occupancy, Tenant shall pay to the Landlord the sum of $I 08•.g? ascurity for the performance of Tenant's obligations hereunder and as reimbursement of the cost, if any, of cleaning and repairing any damage beyond normal wear and tear to the premises during the term of the Tenant's occupancy. Said • deposit shall be kept separate from Landlord's money, in an interest bearing account, located at Hudson Valley Bank. Landlord may retain one percent (1%) per year for administrative costs;the rest of the interest will be paid to Tenant each year. If Tenant carries out all of the agreements in this Lease and if Tenant vacates the Premises and the end of term hereinabove I JAN 15 2002 14:55 GM LRSERJET 3200 9146541444 p. 4 set forth, in the same condition it was in at the commencement,except for ordinary wear and tear or damage caused by fire or other casualty, Landlord will return the full amount of the security deposit and interest,if any,within 60 days after this Lease ends. However,if Tenant does not carry out all agreements in this Lease, Landlord may keep all or part of the security deposit and any interest, necessary to reimburse Landlord for any losses incurred, including missing payments. After Tenant vacates the premises,Landlord shall inspect the apartment and give Tenant a written statement of the charges, if any, for which Tenant is responsible. Tenant may join in said inspection. If Landlord sells or leases the Hommocks Park Apartments, or if the said Project is taken over by the Town of Mamaroneck or any other person or entity, Landlord shall have the right to assign the Security deposit to the buyer or lessee,upon notice to Tenant. In such event, Landlord shall be deemed released, and Tenant shall look only to the buyer, lessee or Town, as applicable,for the return of the security; 3.Use and Occupancy of the Premises: Tenant Shall Use The Premises for Living Purposes Only. This Lease was awarded to Tenant based upon an application which established that Tenant met certain criteria for eligibility for occupancy of the premises. The premises are therefore, to be used only as the primary residence of Tenants and their household, consisting of the following named in- dividuals: -V) Of /t .cam And for no other purpose, and by no other individuals. Use of the premises by anyone other than the Tenant or the individuals named above or use of the premises by Tenant for purposes other than as and for a primary residence shall be considered a violation of the terms hereof and a default hereunder,and shall result in the termination of this Lease. 4. Landlord's Obligations: (a) Warranty of habitability;hazardous conditions; repairs: Landlord represents that the premises are, and will continue to be, fit for human occupancy, and that there are and shall not be any conditions permitted to remain which constitute a danger to health, life or safety. Tenant must give Landlord immediate notice of fire, accident, damage or any other dangerous or defective condition which is hazardous to the life,health or safety of occupants. In such event, Landlord shall be responsible for the repair of the premises within a reasonable time. If the damages were caused by an act or neglect of Tenant, a member of Tenant's household,or Tenant's guests,agents or invitees,Tenant must pay all rent and the Landlord's cost of repair shall be charged to Tenant as additional rent. In making such repairs,Landlord shall not be required to replace or repair any fixtures, furnishings, decorations, appliances or equipment not originally supplied by Landlord. Landlord shall not be liable for delays in making repairs that are caused by labor and supply problems,settling insurance claims or any other cause not under Landlord's complete control. In such situations,this Lease shall not be ended, nor shall Tenant's obligations be affected by Landlord's inability to perform its obligations hereunder. If there is damage to the building by fire or other casualty, and this Lease is canceled as hereinafter provided, Landlord shall not be obligated to repair the apartment, but such cancellation shall not relieve Tenant from any liability in connection with such fire or casualty. (b)Utilities: Landlord will provide apartments with heating and hot water equipment, only. Tenant will arrange and pay for all electric, gas, telephone and other utility services used in the apartment_ 2 JRN 15 2002 14:55 GM LRSERJET 3200 9146541444 p.5 (c) Appliances: Landlord shall provide Tenant with a dishwasher, range and refrig- erator in working condition. Tenant must not install or use a washing machine, dryer, freezer,heater,ventilator,ceiling fan,light fixture, cooling equipment or any other appliance unless such installation is (i)approved in advance by Landlord, in writing; (ii) installed by a licensed plumber, electrician or other licensed installer; and (iii) Tenant first obtains any permit required by the Town of Mamaroneck Building Department, and any other approval required for such installation. Tenant must not use more electric power than the wiring or feeders to the Building permit. Damage to the premises or to equipment or appliances sup- plied by Landlord that is caused by Tenant's installations, acts or neglect shall be Tenant's responsibility. If Tenant fails to make any necessary repairs, Landlord may make them at Tenant's expense, in which event the cost of such repairs will be billed, to Tenant as addi- tional rent. (d)Liability of Landlord: Landlord shall not be liable for loss,expense or damage to any person or property unless due to an act or negligence of the Landlord, its agents or employees. In such event, Tenant is limited to Landlord's interest in the premises for pay- ment of a judgment against it. Landlord shall not be liable for failure to give Tenant possession of the premises on the commencement date of the term by reason of the fact that the premises are not ready for occupancy, because a prior tenant or other person is wrongfully holding over or is in wrongful possession of the premises, or for any other reason. In such event, Landlord will give Tenant fifteen (15) days' notice of the date upon which occupancy will become avail- able, and rent shall not commence until the date possession is available, but the end of the term shall not be extended. Landlord's employees are not permitted to care for Tenant's personal property. Landlord shall not be responsible for loss, theft or damage to property left with its employ- ees. Tenant shall pay for damages and expenses of the Landlord relating to any claim arising from any act or negligence of Tenant, his/her household, Tenant's agent, guests or invitees. If an action is brought against Landlord arising from Tenant's act or neglect, Tenant shall defend Landlord at Tenant's expense with an attorney of Landlord's choosing,as well as indemnify Landlord and hold Landlord harmless from and against any damages which may be awarded in any such action. • Landlord shall not be liable for failure to perform its obligations hereunder if such failure is caused by governmental preemption in connection with war or other national emer- gency, labor disputes,lack of supply, act of God,Tenant's act or neglect, or any other cause not fully within Landlord's control. 5.Tenant's Obligations: (a) Maintenance of premises; repairs: Tenant has inspected the premises prior to taking occupancy. By taking occupancy, Tenant certifies that the premises are in good and habitable condition and repair, and takes the premises in "as is " condition, except for latent defects. Tenant shall not remove any carpeting, window treatments, ceiling fixtures or any other Landlord supplied fixtures or appliances,and will keep the Premises and all equipment and fixtures therein in good repair at all times and will not permit any damage to it, except for damage which occurs through ordinary wear and tear. Tenant shall, at Tenant's own cost and expense make all repairs required to keep the Premises, equipment and fixtures in good repair. If Tenant shall fail to make required repairs hereunder, Landlord may make such re- pairs for the benefit of Tenant, in which event Tenant shall pay Landlord's repair costs as added rent. (b)Changes and Alterations to Apartment:Tenant shall not build in,add to,change or alter, the Premises in anyway, including wallpapering, painting, repainting, or any other decorating,without Landlord's prior written consent. Nor shall Tenant, without prior written 3 JRN 15 2002 14:56 GM LASERJET 3200 ---- `11 4654 1 444 • 16110N , ' u�Qi qn. ,p: ,. a • 0 OIC , , 0, consent, install or use in the Premises any of the following: dishwasher machines, clothes washing or drying machines,electric stoves,garbage disposal units,heating ventilating or air conditioning units or any other electrical equipment which, in the Landlord's reasonable opinion, will overload the existing wire installation in the Building or interfere with the use of such electrical wiring facilities by other tenants of the Building. Tenant shall not change the plumbing, electrical or heating or any other system in the apartment without Landlord's prior written consent. If such consent is given, the alterations or installations shall become the property of the Landlord when completed and paid for. Landlord has the right to require Tenant to remove the alterations or installations before the end of the Term,or,if Tenant fails to remove them, Landlord may remove them at Tenant's expense, to be deducted from tenant's security deposit hereunder. Tenant shall not place in the Premises, water-filled 41‘11�l () • furniture. 4 IkQ541411Jµ N (c)Duty To Obey and Comply With Laws,Regulations,a Lease Rules (i) x � �.. Government Laws and Orders. Tenant shall obey and comply (1)with all prese t and future S 4 1;; r city,state and federal laws and regulations which affect the Building or the Premises,and (2) S 9.9 9 with all orders and regulations of Insurance Rating Organizations which affect the Premises Og KA-14 < _� 1 and Building. This Lease and the tenancy hereunder are further subject to the Rules and O0' g % Regulations of the Commissioner of Housing and the Public Housing Law of the State of G • -• New York, and any amendments thereto which may be passed in the future, which Tenant hereby agrees to observe and comply with, insofar as they shall be applicable to Tenant and S 3 his/her occupancy hereunder. Tenant will not allow any windows in the Premises to helical, ali cleaned from the outside,unless the equipment and safety devices required by law are used. 4.W, (ii) Landlord's Rules. Tenant agrees to obey all Landlords' - - listed i is ease and all future reasonable rules of Landlord or Landlord's agent. Notice o all additional rules shall be delivered to Tenant in writing or posted in the lobby or other public place in the building. A - Landlord shall not be responsible to Tenant for not enforcing any rules, regulations or rovisions of another tenant's lease except to the extent required by law. i) —(i1)Tenant's Responsibility. Tenant hereby agrees to be responsible for his/her behavior,the J behavior of members of the household, servants and people who are visiting Tenant. Tenant3- will ' for the cost of fines and reasonable a legae Landlord, l a exaddpenses es incurred by Landonal rent upon lord d because Tenant lor aemembers of ' , e3 4>i, T the household, servants or people visiting Tenant have not obeyed governmental laws and r4p� orders or the agreements or rules of this Lease. % (d)Required Conduct: (i)Tenant agrees to keep the Premises and any common area surrounding the premises in a clean and safe condition;to dispose of all garbage,rubbish and other waste in a sanitary,clean and safe manner,as directed by the Landlord or its Managing Agent; to use all heating,electrical,plumbing,sanitary,ventilation and all other facilities and appurtenances in a reasonable manner and in accordance with manufacturer's or Landlord's instructions; (ii) Tenant, tenant's household, guests, employees and invitees shall refrain from destroying, defacing, damaging or removing any part of the premises or the rest of Hommocks Park Apartment project or facilities; Tenant agrees to conduct himself/herself, as well as cause to all others on the premises with his/her knowledge and/or consent to conduct themselves in a manner which will not disturb or interfere with the comfort and enjoyment by others by their occupancies. (iii)Neither Tenant nor his/her household members, guests or employees shall cause annoying noise,odors or lights to exist on the premises or anywhere in the Hommocks Park Apartment property, or engage in illegal or criminal activity, in or around the premises,the Hommocks Park Apartments property, or elsewhere. Should Tenant or any member of his household be found guilty of drug-related criminal activity, or of permitting or conducting a nuisance in or around the premises, by a court of competent jurisdiction, such determination shall be grounds for termination of this Lease and the tenancy hereunder, at the option of the Landlord or its successor in interest hereto. (iv) Tenant agrees not to use,or permit his/her household members, guests,employees or invitees to use firearms, fireworks, pellet guns, BB guns or any other weapon or fake weapon in or • around the premises or the Horrtmocks Park Apartment property. (v)Tenant shall not permit any use of the premises,or bring or permit anything to be brought into the premises that will result in an increase in any premium for fire or other insurance on the premises or the Hommocks Park Apartment property. Tenant shall be assessed any such increase in premium as additional rent. (vi) Tenant agrees to maintain a temperature of not less than 55 degrees 4 JAN 15 2002 14:57 GM LASERJET 3200 9146541444 P,'7 Fahrenheit in the apartment at all times. Any damage to the premises caused by Tenant's failure to maintain such temperature shall be deemed to have been caused by Tenant, and the costs or repair of such damage shall be payable by Tenant. (e)End of Lease: At the end of the term hereof,or upon the earlier termination of this lease, Tenant shall leave the Premises in good and clean condition and restore it to its pre- occupancy condition, reasonable wear and tear excepted, shall remove all of Tenant's property, installations and decorations, and shall repair all damages and restore the Premises to its original condition and the Hommocks Park Apartment property caused by moving af- fected by their installations and removals. It is agreed that Tenant shall not have moved out until all persons, furniture and other property of Tenant is also out of the Premises. If Ten- ant's property remains in the Premises after this Lease ends,Landlord may either treat Tenant as still in occupancy and charge Tenant for use,or may consider that Tenant has given up the Premises and any property remaining in the Premises. In this event, Landlord may either discard the property or store it at Tenant's expense. Tenant agrees to pay Landlord for all costs and expenses incurred in removing such property. The provision of this article will continue to be in effect after the end of this Lease. (f) Pets and other animals: Tenant may not have or keep dogs in or on the premises, other than dogs which are specially trained and required to care for their owners, such as seeing eye dogs. Up to two(2) cats,birds or other animals may be kept as pets only if they are kept within the apartment at all times, will not become a nuisance to other Tenants, and are specifically approved by Landlord, in advance, which approval may be withheld or revoked by Landlord,in its sole discretion. 6. DEFAULT: In addition to such other acts set forth herein as grounds for terminating this Lease, the following acts shall be acts of default hereunder, giving the Landlord the right to termi- nate this Lease prior to the expiration of the term hereof; (a)Failure of Tenant to pay rent or additional rent,when due; (b) Failure of Tenant to perform ant act, term, covenant, condition or other provision of this Lease which Tenant is obligated to perform; (c)The filing by Tenant of a petition in bankruptcy or an assignment or other arrangement for the benefit of creditors, or any other act by Tenant to take advantage of any insolvency act; (d) Desertion or other vacating of the premises prior to the expiration of the term hereof for a period in excess of fifteen(15)days; (e)Assignment of this Lease or subletting of the demised premises by Tenant, in whole or in part,without the express,written consent of the Landlord; n� M11l110VG • (f) Failure or refusal to comply with Landlord's rules and regulations annexed hereto and made a part hereof, or any future changes thereto, or any other rule, r ulation, code statute, law or ordinance of any governmental entity or department with respect to Ten- ant's occupancy and conduct,or any lawful directive of the Landlord,or Landlord's managing agent. (g) Making of a false or misleading statement on Tenant's application for this Lease; (h) Giving or permitting occupancy by individuals other than those listed herein as members of Tenant's household, except that Landlord may give written consent for temporary occupancy by a guest or visitor, or long-term occupancy of the Premises by a live- in care provider for Tenant or a member of Tenant's household; 5 JAN 15 2002 14: 58 GM LASERJET 3200 9146541444 p.8 • (i)Using the Premises for any purpose other than as the primary residence of Tenant and members of Tenant's household; (j)Causing or permitting a lien to be filed against the Premises,unless Tenant immediately notifies Landlord of such lien and either pay or bond said lien Within fifteen(15) days after receiving notice to do so from the landlord; (k) Creation or maintenance by Tenant, a member of Tenant's household, guest, employee or invitee, of a nuisance or hazardous condition in the Premises or on the property of the Hommocks Park Apartment complex. 7.TERMINATION: In the event of an act of default hereunder, Landlord may, at Landlord's sole option, elect to terminate this Lease by giving Tenant ten(10)days written Notice of Default for acts of default set forth in sections (a) through (j) of this paragraph, and three (3) days written Notice of Default for acts of default set forth in section (k) of this paragraph or any other default which creates an emergency or hazardous condition. The Notice of Default hereunder shall be given by mail to the Tenant addressed to the demised Premises. If Tenant shall fail to correct his/her default within the time set forth in the Notice of Default, Landlord may terminate the Lease by giving Tenant not less than five (5) days written Notice of Termination. At the end of the notice period,this Lease will end and Ten- ant must vacate the Premises_ In this event, Tenant shall remain liable to Landlord for all damages,including but not limited to (i)the difference between the rent in this Lease and the amount, if any, of the rent collected in any later lease of the Premises for what would have been the remaining term of this Lease; and(ii)Landlord's expenses for attorney's fees,adver- tisements, broker's fees and the cost of putting the Premises in good condition for re-rental. At Landlord's sole discretion, Landlord may correct the default at Tenant's expense, which shall be payable as additional rent. 8. OTHER EARLY TERMINATION: (a)Demolition: Landlord has the right to demolish the entire building of which the apartment is a part. In the event that such demolition is not the result of a fire or other casualty, Landlord must give Tenant six (6) months' written notice of its intent to terminate this Lease due to the demolition of the building, and Tenant must vacate the premises at the end of the period set forth in the Notice, which period shall not be less than six (6) months from the date of said Notice. (b)Public Taking: In the event that the entire building,or a part of the Premises be condemned by any government or government agency for a public purpose, this Lease, and Tenant's rights hereunder shall terminate on the date that title passes to the condemning authority, and Tenant must deliver the Premises, together with all rent and Additional rent due to such date. Tenant hereby assigns any interest Tenant may have to any part of the con- demnation award,to Landlord,for the value of the unexpired portion of this Lease. (c)Re-Certification: The term of this lease may be for a period of time that exceeds Tenant's annual certification of eligibility. In the event Tenant fails to re-qualify any time during the term of this Lease, as required by paragraph 15 of this lease, Landlord shall have the right to cancel this Lease by giving Tenant not less than two(2) months written notice to vacate the Premises,whereupon the term of this Lease shall come to an end. (d) Fire or Casualty: If the Premises become unusable,in part or totally, because of fire,accident or other casualty,this Lease will continue,unless_terminated by Landlord,upon written notice within 30 days of the date of damage, and Tenant must give up occupancy of the apartment on or before the cancellation date in the notice, and pay all rent due to the date of the fire or casualty. If the Premises are completely unusable by reason of fire, accident or other casualty and it is not repaired within 30 days, Tenant may give written notice terminating this lease. In either of these events,the Lease shall be deemed to have terminated 6 JAN 15 2002 14:58 GM LASERJET 3200 9146541444 p.9 as of the date of the fire, accident or other casualty. Landlord shall refund the security deposit and the pro-rata portion of rent paid for the month in which the casualty occurred. 9.LANDLORD'S RIGHT TO ENTER AND RELET PREMISES: Tenant may not replace any lock provided by Landlord, nor install any additional lock(s) in addition thereto. Landlord shall have the right to enter the premises under the following circumstances: (a)Upon reasonable notice to Tenant: (i) During reasonable hours, for the purpose of making routine inspections, maintenance, extermination of insects and/or vermin or for making such routine repairs or alterations to the premises as may be necessary for the safety and preservation thereof. (ii)During reasonable hours,during the last two months of the term hereof,or after notice of default has been given Tenant, for the purpose of showing the premises of prospective tenants of the premises or to prospective lenders or buyers of the entire Property. (b)Without notice: (i)At any time,in the case of an emergency. (ii) At any time, in the event the premises be deserted or become vacant during the term hereof, or if Tenant shall default in the performance of any of his/her obli- gations or covenants hereunder or under the Rules issued by Landlord or any governmental department or authority having jurisdiction over the premises or tenants occupancy thereof. In such event, Tenant waives any right to redeem under any law, or to receive Notice of Intent to Reenter, and Landlord may reenter the premises by force, summary proceedings or otherwise,and remove any persons therefrom. Landlord may thereafter re-rent the premises on behalf of the Tenant, reserving the right to rent the premises for a term longer than that hereof, and at any rent it deems appropriate. In such event,tenant shall remain liable for rent and other charges hereunder. Any rent received by Landlord for the re-renting shall be applied first to pay Landlord's expenses of taking possession and re-renting the apartment, including but not limited to reasonable legal fees, advertising and brokers commission; then to costs to restoring the apartment to a rentable condition, including cleaning, repairing and decorating costs; and then to the payment of rent and other charges or amounts due from Tenant to the Landlord. Tenant shall not be entitled to any excess of rents collected over the rent due hereunder, and Tenant shall remain liable for any deficiency between what the Landlord receives in rent and what is due and owing to Landlord from Tenant hereunder. 10.FAILURE TO REQUIRE STRICT PERFORMANCE;NO @IVER OF RIGHTS- or a errs% . -11u, ICAes co.& d.Wo o.&MU. ` nvw\ Landlord's ai tire o insist an strict pe ormance o any o t e rms, conditions, covenants and promises of this Lea . by Tenant, or acceptance of rent from the Tenant,shall not be construed as a waiver-by L• dlord pc any prior breaches by the Tenant, whether known to Landlord or not,or to waive for the future the right to insist on strict performance of the terms hereof. Nothing herein shall be deemed a waiver of any rights or remedies that Landlord may have under law or this Lease. 11. NO ASSIGNMENT OR SUBLETTING PERMITTED: This Lease was awarded Tenant based upon his/her application for eligibility for occupancy. Tenant may not assign all or part of this Lease or sublet all or part of the apartment or permit any person or persons other than those individual listed herein as members of Tenant's household to occupy the premises. Violation of this paragraph shall be deemed a default of this Lease and subject Tenant to immediate termination of this Lease. 12. SUBORDINATION OF LEASE;TENANT'S CERTIFICATE: 7 JAN 15 2002 14:59 GM LASERJET 3200 9I46541444 p. 10 This Lease, and Tenant's rights hereunder, are subject and subordinate to a Ground Lease between Landlord and the Town of Mamaroneck dated July 19, 1993, o d anyonag der agree- ments securing funds paid or to be paid to Landlord by a lender, mortgagee and shall be further subordinate to terms,conditions,renewals, ]als,amendmr ents ors. thenTenchant hall es orr modifications to such ground leases, mortgages, promptly execute any certificate required by Landlord to show that this Lease is so subject and subordinate. Where permitted,Tenant hereby authorizes Landlord to sign such a certifi- cate for Tenant. Upon request of the Landlord,Tenant shall sign a certificate, addressed to such party as Landlord shall direct,stating that this Lease is in full force and effect and is unchanged(or if changed, how it was changed); that Landlord has fully performed all its obligations here- under; that Tenant has no claims against Landlord; that Tenant is fully performing all of the terms of this Lease and statement required that by Landlord.rtand added rent have been paid to date;and any other reasonable 13. WAIVER OF JURY TRIAL AND COUNTER CLAIMS: Landlord and Tenant hereby agree to waive any right to a trial by jury of any action or proceeding brought by either against the other in any matter arising out of this Lease or the premises. Tenant waives any right to bring a counterclaim or set-off claim in any action brought.by Landlord against Tenant on any matter directly or indirectly related to this Lease or the premises. 14.LEGAL FEES: In the event of any default by Tenant of any term, cove- nant or condition of this Lease, including the non-payment of rent or additional rent, Tenant shall reimburse the Landlord for all reasonable legal fees, court costs and disbursements which it may incur by reason of said default, either as a result of bringing any legal action or proceeding against Tenant; or for defending lawsuits brought against Landlord by reason of Tenant's actions. 15. ANNUAL REDETERMINATION OF ELIGIBILITY: Once each year, upon request by Landlord, Tenant agrees to furnish Landlord such certified information regarding household composition, employment, age and income as re- quested by Landlord to determining Tenant's continuing eligibility for occupancy in the Hammock's Park Apartment complex. This determination will be made in accordance with the Landlord's Eligibility Criteria, as same may be amended from time to time,which criteria shall be available at the office of the Landlord or its managing agent. Failure of Tenant to furnish truthful and accurate information shall constitute a violation of this Lease and may lead to the immediate termination of this Lease. Should Landlord determine that Tenant no longer satisfies its Eligibility Criteria for continued occupancy,Landlord may give written notice to tenant of its intention not to renew this Lease upon the expiration of its term. In no event shall such notice be given less than two(2)months prior to the date tenant is expected to leave the premises hereunder. 16. NO DIMINUTION OF RENT: No diminution or abatement of rent or other compensation or sums due hereunder,shall be allowed for inconvenience or discomfort arising from construction activities,repairs or improvements in or near the premises or to its appliances or equipment,nor for any space taken to comply with any law, ordinance,regula- tion or order of any governmental authority. No inconvenience or curtailment of services provided by Landlord hereunder in order to make alterations or repairs deemed desirable or necessary by Landlord shall be deemed a constructive eviction. Tenant shall not be entitled to receive any services during any period in which Tenant.is in default in respect to the pay- ment of rent or added rent,or is in default or violation of this Lease in any other respect. 17. NOTICES: Any bill, statement or notice hereunder must be in writing. Notice shall be sufficient if delivered personally to the Tenant or any adult member of his household residing at the premises, or if sent by certified mail, return receipt requested, addressed to the Tenant at the premises_ Notice to the Landlord shall be delivered personally 8 • JAN 15 2002 15:00 GM LASERJET 3200 9146541444 p_ 11 r or by certified mail,return receipt requested,to the office of the Managing Agent, which is currently: Town of Mamaroneck Housing Authority C/o Gramatan Management,Inc. 2 Hamilton Avenue,Suite 217 New Rochelle,NY 10801 . Each party must notify the other of any change in its address, and must accept and claim any notice given it by the other. Should any notice mailed to Tenant be returned un- claimed, notice may be affixed to the door of the premises. Notices shall be considered delivered on the day mailed,or,if not mailed,when left at the property address. 18. RENEWALS: Renewals of this Lease shall be at the sole discretion of the Landlord, and subject to continued eligibility of Tenant under the Tenant eligibility criteria of the Housing Authority, ase sena y, from othe time-to-time,gency be Tenantsamends ded ti Renewals ct or hereof shall not be subject to the pro other similar legislation as may hereafter be enacted. 19. GENERAL PROVISIONS: (i)The paragraph headings are for conven- • ience only, and shall not operate to limit the effectiveness or applicability of any provision contained herein. (ii)Should any part of this Lease be declared or found invalid by a court of competent jurisdiction, said finding shall not affect the effectiveness or applicability of any other part of this Lease,which shall continue to be in full force and effect and binding upon the parties hereto. (iii)This Lease constitutes the entire agreement between the parties. No change shall be made hereto except by a written agreement,signed and dated by both parties. IN WITNESS WHEREOF,the parties have executed this Lease Agreement as of the date hereinabove set forth. 7L1 Tenant OF MAMARONECK HOUSING AUTHORITY,Landlord I have read the above Lease and have Received a true copy of the Lease and A copy of a Landlq ' and Regulations: • 0 TENANT 9 Thelen Reid & Priest LLP Attorneys At Law MEMORANDUM To: 1I-PN WA. 1 LE. Date: Viii 103 From: Paul A. Winick CC: File: Subject: /C_cl, w / fur 20 k. /mow rw�c� 4.06tAernp aRy �SSvY.,p�vrs Lf17c wTrtenru�1-' r' o 1;.c o,,;1'r�6. % 41 , 031, caoo HOMMOCKS PARK APARTMENTS 2003 BUDGET 2003 BUDGET Income rent $730,700 interest $0 late fee $850 other $500 Total $732,050 Expenses storage $1,020 insurance $27,000 marketing $250 office expense $250 postage $1,000 bank charges $1,500 misc.admin. $500 mgmt.fees $17,160 accounting $7,000 legal $5,000 loan $0 const.bond $325,519 ground lease $137,705 PILOT $0 electricity $5,000 gas $750 water $5,000 telephone $1,000 salaries&benefits $37,000 r&m appliances $3,000 r&m building $0 r&m electric $2,000 r&m exterior $2,500 r&m plumbing $5,500 r&m boiler $7,500 sewage pumps $0 flue pipe recall $0 r&m windows $500 r&m painting $12,000 r&m other $7,500 r&m equipment $500 r&m locks $1,000 supplies $10,000 landscaping $10,000 exterminating $2,000 snow removal $4,000 long term reserve $75,000 short term reserve $13,200 engineering fees $0 Total $728,854 Surplus/Deficit $3,196 NY506198 NY 506198, rev. 12/13/02 Page 1 December 2002 Recalculation Of funds necessary to reach Long Term Reserve of$1.2 Million and Short Term Reserve of$180,000 by 20th year of TMHA operations Assumptions and data Long Term Reserve current balance=$410,000(actual) Short Term Reserve current balance=$39,000 (actual) 10 year period from current to completion Inflation rate=3% Tax rate=0% Indicative CD Rates(12/4/02) 2 yr. 5 yr Citibank 1.8% 3.105 Chas. Schwab 2.4% 3.6% Wash. Mutual 2.1% 3.6% Merrill Lynch 2.4% 3.7% Maturities over 5 years are inconsistent with anticipated need for funds Calculation of streams of payments made with software provided on www.washingtonmutual.com Long Term Reserve calculations Starting Bal. 410,000 410,000 Avg. Int. Rate 3.5 4.0 Mo. Deposit 6,250 6,000 Years to end 10 10 Tax Rate 0 0 Inflation rate 3% 3% Bal in 10 years 1,198,686 1,207,381 Short Term Reserve calculations Starting Bal. 39,000 39,000 Avg. Int. Rate 3.5 4.0 Mo. Deposit 1,150 1,100 Years to end 10 10 Tax Rate 0 0 Inflation rate 3% 3% Bal in 10 years 182,310 181,518 Conclusion 3.5% average interest rates are the more reasonable assumption, given the 5 year term required to produce even that yield. At that average rate monthly investments should be Long Term Reserve: $6,250 and Short Term Reserve$1150. NY#504239 vi I, HOMMOCKS PARK APARTMENTS 1996-2002 (10 mo.)ACTUAL AND PROPOSED 2003 11996 ACTUAL 1997 ACTUAL 1998 121DDClhET1999 ACTUAL 2000 ACTUAL 2001 BUDGET Income rent $ 654,410 $667,785 $681,993 $ 693,913 $ 710,059 $ 704,000 interest $ 19,552 $19,558 $19,385 $ 25,616 $ 33,082 $ - late fee $ - $0 $959 $ - $ - $ 750 other $ 5,816 $2,224 $10,674 $ 12,301 $ 2,631 $ 500 Total $ 679,778 $689,567 $713,011 $ 731,830 $ 745,772 $ 705,250 Expenses _ storage $ 1,020 $1,020 $1,020 $ - $ - $ 1,020 insurance $ 21,070 $22,082 $17,188 $ 17,227 $ 17,997 $ 21,000 marketing $ 150 $255 $214 $ - $ - $ 250 office expense $ 29 $2,527 $0 $ - $ - $ 250_ postage $ 691 $463 $1,051 $ - $ - $ 500 bank charges $ - $0 $1,500 $ - $ - $ 1,500 misc.admin. $ 2,416 $5,809 $1,916 $ 15,249 $ 9,247 $ 1,000 mgmt.fees $ 14,175 $14,750 $14,750 $ 14,886 $ 14,886 $ 16,000 accounting $ 4,000 $4,500 $4,800 $ 6,160 $ 6,234 $ 6,000 legal $ 3,725 $794 $1,914 $ - $ - $ 1,000 loan $ 104,039 $0 $0 $ - $ - $ - const.bond $ 321,630 $306,214 $317,500 $ 307,737 $ 324,851 $ 322,134 ground lease $ 62,502 $125,004 $128,766 $ 138,255 $ 138,255 $ 133,668 PILOT $ - $0 $0 $ - $ - $ - electricity $ 4,969 $4,865 $4,316 $ 8,989 $ 14,317 $ 5,100 gas $ 921 $476 $771 $ - $ - $ 750 water $ 4,885 $4,243 $5,116 $ - $ - $ 7,500 telephone $ 155 $84 $885 $ - $ - $ 800 salaries&benefits $ 30,511 $30,698 $32,315 $ 45,436 $ 35,775 $ 35,000 r&m appliances $ - $0_ $1,989 $ - $ - $ 2,000 r&m building $ 3,804 $325 $2,294 $ - $ - $ - r&m electric $ 89 $392 $930 $ - $ - $ 1,000 r&m exterior $ 700 $2,402 $2,500 $ - $ - $ 2,000 r&m plumbing $ 16,453 $11,918 $34,459 $ - $ - $ 11,500 r&m boiler $ 6,428 $6,786 $4,929 $ - $ - $ 7,500 sewage pumps _ $ - $ - $ - flue pipe recall $ - $ - $ - r&m windows $ 6,262 $0 $480 $ - $ - $ 500 r&m painting $ 8,495 $14,285 $12,070 $ - $ - $ 12,000 r&m other $ 3,889 $10,408 $7,821 $ 78,002 $ 147,987 $ 7,500 r&m equipment $ 188 $486 $0 $ - $ - $ 500 r&m locks $ - $192 $976 $ - $ - $ 1,000 supplies _ $ 6,679 $7,430 $8,497 $ - $ - $ 10,000 landscaping $ 6,208 $4,615 $9,704 $ - $ - $ 10,000 exterminating $ 1,450 $1,350 $1,790 $ - $ - $ 2,500 snow removal $ 5,218 $3,785 $2,040 $ - $ - $ _ 4,000 long term reserve $44,910 $47,630 $ - $ - $ 47,580 short term reserve $ - $0 $12,000 $ - $ - $ 12,000 engineering fees $2,200 $ - $ - $ - Total $ 642,751 $633,068 $672,131 $ 631,941 $ 709,549 $ 685,052 Surplus/Deficit $ 37,027 $56,499 $40,880 $ 99,889 $ 36,223 $ 20,198 REVISED 1/13/98 Page 1 HOMMOCKS PARK APARTMENTS 1996-2002 (10 mo.)ACTUAL AND PROPOSED 2003 2001 ACTUAL 2002 BUDGET 2002YTD 2003 BUDGET BUDGET $37,529 $ 722,204 $ 727,200 $555,304 $730,700 $ 34,407 $ - � $0 $0 $ - $ 750 $802 $850 $ 3,048 $ 500 $18,575 $500 $ 759,659 $ 728,450 $574,681 $732,050 $ - $ 1,020 $840 $1,020 $ 19,486 $ 28,000 $20,965 $27,000 $ - $ 250 $185 $250 $ - $ 250 $0 $250 $ - $ 550 $1,015 $1,000 $ - $ 1,500 $25 $1,500 $ 4,226 0 $452 $500 $ 16,004 $ 16,000 $12,420 $17,160 $ 11,250 $ 6,600 $6,825 $7,000 $ - $ 2,500 $9,583 $5,000 $ - $ - $0 $0 $ 322,134 $ 322,294 $241,158 $325,519 $ 138,255 $ 135,662 $113,055 $137,705 $ - $ - $0 $0 $ 10,685 $ 5,000 $3,829 $5,000 $ - $ 750 $285 $750 $ - $ 6,000 $3,578 $5,000 $ - $ 800 $1,752 $1,000 $ 32,770 $ 37,000 $28,024 $37,000 $ - $ 3,000 $1,480 $3,000 $ - $ - $0 $0 $ - $ 4,000 $3,953 $2,000 $ - $ 2,500 $0 $2,500 $ - $ 5,000 $3,835 $5,500 $ - $ 10,000 $1,524 $7,500 $ - $ 15,000 $18,462 $0 $ - $ - $0 $0 $ - $ 500 $0 $500 $ - $ 12,000 $5,775 $12,000 $ 62,111 $ 7,500 $3,370 $7,500 $ - $ 700 $348 $500 $ - $ 1,000 $9,572 $1,000 $ - $ 10,000 $6,987 $10,000 $ - $ 10,000 $8,116 $10,000 $ - $ 2,000 $1,610 $2,000 $ - $ 4,000 $734 $4,000 $ - $ 47,580 $35,685 $75,000 $ - $ 12,000 $9,000 $13,200 $ - $ - $0 $0 $ 616,921 $ 710,956 $554,442 $728,854 $ 142,738 $ 16,244 $20,239 $3,196 REVISED 1/13/98 Page 2 NOV 20 2002 12: 02PM HP LASERJET 3200 p. 2 HOMMOCKS ROAD TENANTS ANNUAL INCOME 2000/2001 UNIT# NAME 2000 2001 #2 DELORES DWYERS X8 #4 BENEJAMIN HOFFHINE N/A $25,273.00 #4 MARY REGAN $19,667.00 DECEASED #6 MAGERY FALCO X8 #8 DOROTHY DOHERTY X8 #10 JUAN MONTER $39,745.19 $43,099.00 #I2 ROBERT HERBST $21,659.00 $35,724.00 #14 JACQUELINE YIZAR X8 #16 EILEEN JU1CO $17,815.00 $43,940.00 #18 LAMARD W1NGSIER N/A N/A #18 MARIBEL RAMIREZ $29,710.00 $42,168.00 #20 MARY KANE X8 #22 DAINIUS VAICAILIS $57,016.71 $60,000.00 #24 CHRISTOPHER WHITE N/A N/A #24 DMTTY GUTMAN $67,000.00 $70,000.00 #26 STEPHAN MICKOLAY X8 #28 LISA EAGLE X8 #30 ANTHONY LOIACONO $29,208.00 $33,000.00 #32 SUPER-ADNER DYKE N/A N/A #34 KIMBERLY DESHENSKY $37,047.84 $39,858.12 #36 JULAINE UNTEREKER $33,193.83 $43,696.87 NOV 20 2002 12: 02PM HP LRSERJET 3200 p. 3 CONT: 2000 2001 #38 HELEN MOHAN X8 #40 DONNA P1RRO x'0,000.00 $69,124.22 #42 EDITH HARRIS $37,552.32 $44,683.00 #44 SCOTT KAMM $50,000.00 $37,144.00 #46 RONA SULLIVAN $44,000.00 $48,300.00 #48 JILL ROSENBERG $29,548.00 $25,605.00 #50 BONNIE VAIL $44,748.00 $45,000.00 #52 MAURICE VOLASKI $57,990.00 $60,801.00 #54 JAMES GUINEE X8 #56 ELSY MARTINEZ X8 #58 KAREN L.MUNZ $39,000.00 $41,025.00 #60 MICHELE BOGIN $38,375.00 $40,334.00 #70 BEVERLY TURNER #70 BRENT XAVIER $58,076.30 $62,558.03 #72 STEPHAN SNYDER $38,000.00 $42,000.00 #74 CHARLOTTE PRICE X8 #76 STUART HIRSCHLRITT N/A N/A #76 KAREN SHOONMARKER $48,000.00 $57,000.00 #78 WARREN HICKMAN $38,200.00 $42,000.00 #80 VINCENZIA DELAURO X8 #82 FREDERICK WAZENBURG $46,000.00 $53,000.00 #84 JACK PETRUZZELLI $59,000.00 $55,845.00 #86 JANET PAGE X8 #88 SUSAN ARTH $50,124.00 $59,329.00 #90 FRANCOIS CIIAILLOU $60,000.00 $69,017.00 #92 JOSEPH FERRARO X8 #94 ROSE JOYCE X8 NOV 20 2002 12: 02PM HP LASERJET 3200 P, 4 CONT: 2000 2001 #96 ELIZABETH PAUL N/A N/A #96 FRED BLANKMASTER $69,191.00 $85,000.00 #98 MAVIS NANCE $26,000.00 $39,000.00 #100 MICHAEL COMBLO N/A N/A #100 SONYA GRAVES $42,160.00 $48,500.00 #102 CHRISTOPHER ROONEY $32,646.00 $36,351.00 • #104 JUAN HADGES X8 #106 GLENN RUIZ $22,433.61 $31,232.00 #108 ELIZABETH FARAILA $43,000.00 $49,223.00 #110 JEAN SPATHOS X8 #112 CAROLE FAIR $51,491.80 $67,170.00 #114 PETER EGLEY $41,491.80 $67,170.00 #116 JEANNE 11`h SMITH X8 NOV 20 2002 12: 02PM HP LASERJET 3200 P. 1 2 HAMILTON AVE SUITE 217 NEW ROCHELLE,N.Y.10801 GRAMATAN Phone.914-654-1414 EXT 17 MANAGEMENT INC. Fax:914-6541444 Fax To:t#7/ GU�.t1L:t. U Fm: JEANNE I I E SMITH Fast ct.)lo? (0G 3 - 0)66/ Dates c3U Q� Phones r 7 Pages: Re: /4) 4"/ GM I -caL J . CC: 0 Urgent 0 For Review 0 Please Comment 0 Please Reply 0 Plea *Comments • /61P0 /4. : /kill )4') -de-071' ffr&Li e_071, . 9 s 4.., . edit /Ado/ A -T G /;60/"'/"' Housing Assistance Payments Contract U.S.Department of Housing and Urban Development (HAP) Contract offer of Public and Indian Housing Section 8 Tenant-Based Assistance Housing Choice Voucher Program Part B of HAP Contract: Body of Contract 1. Purpose a. This is a HAP contract between the PHA and the owner. ing assistance payments, abatement or other reduction of The HAP contract is entered to provide assistance for the housing assistance payments, termination of housing Family under the Section 8 voucher program (see HUD assistance payments,and termination of the HAP contract program regulations at 24 Code of Federal Regulations Part The PHA may not exercise such remedies against the . 982). owner because'of an HQS breach for which the family is b. The HAP contract only applies to the household and responsible,and that is not caused by the owner. contract unit specified in Part A of the HAP contract d. The PHA shall not make any housing assistance payments c- During the HAP contract term,the PHA will pay housing unit does not meet the HQS, unless the assistance payments to the owner in accordance with the owner corrects the defect within the period specified by the HAP contract. PHA and the PHA verifies the correction.If a defect is life threatening, the owner must correct the defect within no d. The h mly will reside in the contract unit with assistance more than 24 how_ For other defee b, the owner must under the Section 8 voucher program_ The housing correct the defect within the period specified by the PHA. assistance payments by the PHA assist the tenant to lease the contract unit from the owner for occupancy by the e. The PHA may inspect the contract unit and premises as family. such tunes as the PHA determines necessary,to ensue that the unit is in accordance with the HQS_ 2. Lease of Contract Unit f. The PHA must notify the owner of any HQS defects shown a. The owner has leased the contract unit to the tenant for by the inspection. occupancy by the family with assistance under the Section 8 voucher program. g. The owner must provide all housing services as agreed to b. The PHA has approved leasing of the unit in accordance in the lease. with requirements of the Section 8 voucher program 4. Tenn of HAP Contract c. The lease for the contract unit must include word-for-word a. Relation to lease term. The term of the HAP contract all provisions of the tenancy addendum required by HUD begins on the first day of the initial tam of the lease,and (Part C of the HAP contract), terminates on the last day of the term of the lease(including d The owner certifies that the initial lease term and any extensions). Wh (1) The owner and the tenant have entered into a lease of b. en HAP contract terminates. the contract unit that includes all provisions of the (I) The HAP contract terminates automatically if the lease tenancy addendum. is terminated by the owner or the tenant ' (2) The lease is in a standard form that is used in the (2) The PHA may Laminate program assistance for the locality by the owner and that is generally used for family for any grounds anthorized in accordance with other unassisted tenants in the premises. HUD requirements_ If the PHA terminates program (3) The lease is consistent with stale and local law. assistance for the family,the HAP contract terminates automatically. e. The owner is responsible for screening the Farrrily's (3) If the fairly moves from thethe contract unit, the HAP behavior or suitability for tenancy. The PHA is not contract terminates automatically. responsible for such screening.The PHA has no liability or responsibility to the owner or other persons for the family's (4) The HAP .contract terminates automatically 180 behavior or the Amity's conduct in tenancy- calendar days after the last housing assistance payment 3. Maintenance,Utilities,and Other Services to the owner. a. The owner must maintain the contract unit and premises m (5) The Plitt may terminate the HAP contract lithe PHA accordance with the housing quality standards(HQS). determines, in accordance with HUD requirements, that available program funding is not sufficient to b. The owner must provide all utilities needed to comply with support continued assistance for families in the the HQS. program c. If the owner does not maintain the contract unit in accordance with the HQS, or fails to provide all utilities needed to comply with the HQS,the PHA may exercise any . available remedies_PHA remedies for such breach include recovery ofoverpayntents,suspension ofhons- Previous editions are obsolete F 1 8 form HUD-52641(3!2000) HAPPY Software ref Handbook 7420.8 Z0lj VIM 6h8LT$£PT6 %Vol OC:80 Z00Z/0£/0T (6) The PHA may terminate the HAP contract if the PITA penalties in accordance with generally accepted determines that the contract unit does not provide practices and law, as applicable in the local housing adequate space in accordance with the HQS because of market, governing penalties for late payment by a an increase in family size or a change in family tenant However. the PHA shall not be obligated to composition_ pay any late payment penalty if HUD determines that (7) If the family breaks up, the PHA may terminate the late payment by the PITA is due to factors beyond the HAP contract or may continue housing assistance PHA's control. Moreover, the PHA shat( not be payments on behalf of fey members who remain in obligated to pay any late payment penalty if housing the contract unit assistance payments by the PHA are delayed or denied (s) The PHA may terminate the HAP contract if the PHA as a remedy for owner breach of the HAP contract (including any of the following PHA remedies: determines that the unit does not meet all requirements recovery of overpayments, suspension of housing of the HQS,or determines that the owner has otherwise breached the HAP contract assistance payments, abatement or reduction of housing assistance payments, termination of housing S. Provision and Payment for Utilities and Appliances assistance payments and termination of the contract). a. The lease must specify what utilities are to be provided or (4) Housing assistance payments shall only be paid to the paid by the owner or the tenant owner while the family is residing in the contract unit b. The lease must specify what appliances are to be provided during the term of the HAP contract. The PHA shall or paid by the owner or the tenant not pay a housing assistance payment to the owner for c. Part A of the HAP contract specifies what utilities and any month alter the month when the family moves out appliances are to be provided or paid by the owner or the b. Owner compliance with HAP contract.Unless the owner tenant The lease shall be consistent with the HAP contract has complied with all provisions of the HAP contract, the 6. Rent to Owner:Reasonable Rent owner does not have a right to receive housing assistance a. During the HAP contract term,the rent to owner may at no payments under the HAP contract time exceed the reasonable rent for the contract unit as most c. Amount of PHA payment to owner recently determined or redetermined by the PHA in (I) The amount of the monthly PHA housing assistance accordance with HUD requirements_ payment to the owner shall be determined by the PHA b- The PfiA must determine whether the rent to owner is in accordance with HUD requirements for a tenancy reasonable in comparison to rent for other comparable under the voucher program. unassisted units.To make this determination,the PHA must (2) The amount of the PHA housing assistance payment is consider. subject to change during the HAP contract term in (I) The location, quality, size, unit type, and age of the accordance with HUD requirements_ The PITA must contract unit;and notify the family and the owner of any changes in the (2) Any amenities, housing services, maintenance and amount of the housing assistance payment utilities provided and paid by the owner. (3) The housing assistance payment for the first month of the HAP contract term shall be pro-rated for a partial c. The PHA must redetermine the reasonable rent when month_ required in accordance with HUD requirements. The PHA may redetermine the reasonable rent at any time. d- Application of payment.The monthly housing assistance d. During the HAP contract term, the rent to owner may not payment shall be credited against the monthly rent to owner exceed rent charged by the owner for comparable for the contract unit unassisted units in the premises.The owner must give the e. Limit of PITA responsibility. PHA any information requested by the PHA cm rents charged (1) The PHA is only responsible far making housing by the owner fix other units in the premises or elsewhere. assistance payments to the owner in accordance with 7. PHA Payment to Owner the HAP contract and HUD requirements far a tenancy under the voucher program. a. When paid (1) During the term of the HAP contract,the PHA must (2) The PHA shall not pay any portion of the rent to owner in excess of the housing assistance payment.The PHA make monthly housing assistance payments to the shall not pay-any other claim by the owner against the owner on behalf of the family at the beginning of each faroay month_ (2) The PHA must pay housing assistance payments f. Overpayment to owner. If the PHA determines that the promptly when due to the owner, owner is not entitled to the housing assistance payment or any part of it,the PITA,in addition to other remedies,may (3) If housing assistance payments arc not paid promptly deduct the amount of the overpayment erp ytnent fmm any amounts when due after the first two calendar months of the due the owner (including amounts due under any other HAP contract term,the PHA shall pay the owner Section 8 assistance contract). Previous editions am obsolete HAPPY Software Page 2 of 8 form H 1(3/2000) reft Handbook 7420.8 CO[pi VHd 1178LT8£17T6 %Vel OC:90 ZOOZ/0£/0T 8. Owner Certification (4) For projects with mortgages insured by HUD or loans Daring the term of this contract,the owner certifies that' made by BUD,if the owner has failed to comply with the regulations for the applicable mortgage insurance a. The owner is maintaining the contract unit and premises in • or loan program,with the mortgage or mortgage note, accordance with the HQS. or with the regulatory agreement; or if the owner has b. The contract unit is leased to the tenant The lease includes committed fraud, bribery or any other corrupt or the tenancy addendum(Part C of the HAP contract),and is criminal act in connection with the mortgage or loan. in accordance with the HAP contract and program (5) If the owner has engaged in any drug-related criminal requirements_ The owner has provided the least to the activity or any violent criminal activity. PHA.including any revisions of the lease. b. lithe PHA determines that a breach has occurred,the PHA c. The rent to owner does not exceed rents charged by the may exercise any of its rights and remedies undo the HAP owner for rental of comparable unassisted units in the contract,or any other available rights and remedies for such premises_ breach. The PHA shall notify the owner of such d_ Except for the rent to owner, the owner has not received determination,including a brief statement of the reasons for and will not receive any payments or other consideration the determination.The notice by the PITA to the owner may (from the family, the PHA, HUD, or any other public or require the owner to take corrective action, as verified or private source) for rental of the contract unit during the determined b HAP contract term. by the PHA, by a deadline prescribed in the notice e. The family does not awn or have any interest in the contract c. The PHA's rights and remedies for owner breach of the unit HAP contract include recovery of overpayments, f. To the best of the owner's knowledge,the members of the suspension of housing assistance payments, abatement or Family reside in the contract emit,and the unit is the family's other reduction ofhousing assistance payments,termination only residence. of housing assistance payments, and termination of the g. The owner(including a principal or other interested party) HAP contract is riot the parent, child, grandparent, grandchild, sister, or d_ The PHA may seek and obtain additional relief by judicial brother of any member of the family, unless the PHA has order or action, including specific performance, other determined (and has notified the owner and the Family of injunctive relief or order for damages. such determination) that approving rental of the unit, e. Even if the family continues to live in the contract mit,the notwithstanding such relationship, would provide PHA may exercise any rights and remedies for owner reasonable accommodation for a family member who is a breach of the HAP contract person with disabilities. f The PHA's exercise or non-exercise of any right or remedy 9. Prohibition of Discrimination. In accordance with applicable for owner breach of the HAP contract is not a waiver of the equal opportunity statutes,Executive Orders,and regulations: right to exercise that or any other right or remedy at any a The owner must not discriminate against any person time because of race, color, religion, sex, national origin, age, 11. PHA and HUD Access to Premises and Owner's Records coal status, or disability in connection with the HAP a. The owner must provide any information pertinent to the ct HAP contract that the PHA or HUD may reasonably b. The owner must cooperate with the PHA and HUD in require. conducting equal opportunity compliance reviews and b. The PHA,HUD and the Comptroller General of the United complaint investigations in connection with the HAPStates shall have full and free access to the contract unit contract and the premises, and to all accounts and other records of 10. Owner's Breach of HAP Contract the owner that are relevant to the HAP contract, including a. Any of the following actions by the owner (including a the right to examine or audit the records and to make principal or other interested party)is a breach of the HAP copies. contract by the owner: C. The owner must grant such access to computerized or other (1) If the owner has violated any obligation muter the electronic record$, and to any computers, equipment Or HAP contract, including the owner's obligation to facilities containing such records, and must provide any maintain the unit in accordance with the HQS. information or assistance needed to access the records. (2) If the owner has violated any obligation under any 12. Exclusion of Third Party Rights other housing assistance payments contract under a The family is not a party to or third party beneficiary of Part Section 8. B of the HAP contract The family may not enforce any (3) If the owner has committed fraud,bribery or any other provision of Pari B, and may not exercise any right or corrupt or criminal act in connection with any Federal remedy against the owner or PHA under Part a housing assistance program. Previous editions ae obaclete Page 3 of • form HUD'.52641(3/2000) HAPPY Softwareref Handbook 7420,8 F0lj VHd tI8L18£i'T6 $Vd 0£:80 Z00Z/0£/OT b. The tenant or the PHA may enforce the tenancy addendum 14. Assignment of the HAP Contract (Part C of the HAP contract) against the owner, and may a The owner may not assign the HAP contract to a new exercise any right or remedy against the owner under the owner without the prior written consent of the PHA. tenancy addendum. b. If the owner requests PHA consent to assign the HAP c. The PHA does not assume any responsibility for injury to, contract to a new owner, the owner shall supply any or any liability to, any person injured as a result of the information as required by the PHA pertinent to the owner's action or failure to act in connection with proposed assignment_ management of the contract unit or the premises or with c. .The HAP contract may not be assigned to a new owner that implementation of the HAP contract or as a result of any is debarred, suspended or subject to a limited denial of other action or failure to act by the owner. d. The owner is not the agent of the PHA, and the HAP participation.under HUD regulations (see 24 Code of Federal Regulations Part 24). contract does not create or affect any relationship between d. The HAP contract may not be assigned to a new owner if the PHA and any lender to the owner or any suppliers HUD has prohibited such assignment because: employees,contractors or subcontractors used by the owner in connection with management of the contract unit or the (1) The Federal government has instituted an premises or with implementation of the HAP contract administrative or judicial action against the owner or 13. Conflict of Interest proposed new.owner for violation of the Fair Housing Act or other Federal equal opportunity requirements, a "Covered individual" means a person or entity who is a and such action is pending,or member of any of the following classes! (2) A scut or administrative agency has determined that (1) Any present or farmer member or officer of the PHA the owner or proposed new owner violated the Fair (except a PHA commissioner who is a participant in Housing Act or other Federal equal opportunity the program); requirements_ (2) Any employee of the PHA, or any contractor, e_ The HAP contract may not be assigned to a new owner if subcontractor or agent of the PHA, who formulates the new owner (including a principal or other interested policy or who influences decisions with respect to the per)is the parent,child,grandparent,grandchild,sister or program; brother of any member of the family,unless the PHA has (3) Any public official, member of a governing body, or determined (and has notified the family of such State or local legislator, who exercises functions or determination). that approving the as agement, responsibilities with respect to the program;or notwithstanding such relationship, would provide (4) Any member of the Congress of the United States. reasonable accommodation for a family member who is a b. A covered individual may not have any direct or indirect person with disabilities. interestin the HAP contract or in any benefits or payments f 'The PHA may deny approval to assign the HAP contract if under the contract(including the interest of an immediate the owner or proposed new owner(including a principal or family member of such covered individual) while such other interested party): person is a covered individual or during one year thereafter_ (1) Has violated obligations under a housing assistance c. "Immediate Family member" means the sponse, parent payments contract under Section 8; (including a stepparent), child (including a stepchild), (2) Has committed fraud, bribery cry or any other eouupt or grandparent, grandchild, sister or brother (including a criminal act in connection with any Federal housing stepsister or stepbrother)of any covered individual. program; d. The owner certifies and is responsible for assuring that no (3) Has engaged in any drug-related criminal activity or person or entity has or will have a prohibited interest, at any violent criminal activity, execution of the HAP contract, or at any time dining the (4) Has a'history or practice of non-compliance with the HAP contract team HQS for tants leased under the Section 8 tenant-based e_ If a prohibited interest occurs,the owner shall promptly and programs,or non-compliance with applicable housing fully disclose such interest to the PHA and HUD. standards for units leased with project-based Section 8 f. The conflict of interest prohibition under this section may assistance or for units leased under any other Federal be waived by the HUD field office for good cause. housing program; g. No member of or delegate to the Congress of the United (5) Has a history or practice of failing to terminate tenancy States or resident commissioner shall be admitted to any of. tenants assisted under any Federally assisted share or part of the HAP contract or to arty benefits which housing program for-activity engaged in by the tenant, may arise from it any member of the household, a guest or another person under the control of any member of the household that: (a) Threatens the right to peaceful enjoyment of the premisees by other residents; Previous editions are obsdete Page 4 of 8 form HUD-52641(3/2000) HAPPY Softwarerat Haedbpote 7420.8 90e VIM VV8LT8CVT6 rid 0£:80 Z00Z/OC/OT (b) Threatens the health or safety of other residents, 15. Written Notices. Any notice by the PHA or the owner in of employees of the PHA,or of owner employees connection with this contract must be in writing. or other persons engaged in management of the 16. Entire Agreement:Interpretation a. The HAP contract contains the entire agreement between (c) Threatens the health or safety of or the right to the owner and the PHA. peaceful enjoyment of their residents by,persons b_ The HAP contract chall be interpreted and implemented in residing in the immediate vicinity of the premises, P or accordance with HUD requirements, including the HUD program regulations at 24 Code of Federal Regulations (d) Is drug-related criminal activity or violent Part 982 criminal activity; (6) Has a history or practice of renting units that tail to meet State or local housing codes;or (7) Has not paid State or local real estate taxes, fines or assessments. g. The new owner must agree to be bound by and comply with the HAP contract.The agreement must be in writing,and in • a form acceptable to the PHA. The new owner must give the PHA a copy of the executed agreement. • • Previous editions we obsolete • Page 5 of 8 form HUD52641(312000) HAPPY Softwareref Handbook 7420.8 • 90I1 VHd 6Y8LTt3£6i6 %t',3 O£:80 ZOOZ/OC/OT ment Housing Assistance Payments Contract and Urbanusing U.S. lopmen (HAP) Contract Office of Public and Indian Housing Section 8 Tenant-Based Assistance Housing Choice Voucher Program Part C of HAP Contract: Tenancy Addendum 1. Section 8 Voucher Program a. The owner is leasing the contract unit to the tenant for (2) Rent charged by the owner for comparable unassisted occupancy by the tenant's family with assistance for a tenancy units in the.prenvses. under the Section 8 housing choice voucher program(voucher 5. Family Payment to Owner program) of the United States Department of Housing and Urban Development(HUD). a. The family is responsible for paying the owner any portion of b. The owner has entered into a Housing Assistance Payments the rent to owner that is not covered by the PHA housing Contract (HAP contract) with the PHA under the voucher assistance payment program Under the HAP contract,the PHA will make housing b. each month, the PHA will make a housing assistance assistance payments to the owner to assist the tenant in leasing payment to the owner on behalf of the family in accordance the unit from the owner. with the HAP contract The amount of the monthly housing 2. Lease assistance payment will be determined by the PHA in a_ The owner has given the PHA a copy of the lease,inrindine accordance with HUD requirements far a tenancy under the any revisions agreed by the owner and the tenant_The owner Section 8 voucher program certifies that the terms of the lease are in accordance with all c. The monthly housing assistance payment shall be credited provisions of the HAP contract and that the lease includes the against the monthly rent to owner for the contract unit. tenancy addendum- d- The tenant is not responsible for paying the portion of rent to b. The tenant shall have the right to enforce the tenancy owner covered by the PHA housing assistance payment addendum against the owner. If there is any conflict between under the HAP contract between the owner and the PHA A the tenancy addendum and any other provisions of the lease, PHA failure to pay the housing assistance payment to the the language of the tenancy addendum shall control owner is not a violation of the lease. The owner may not 3. Use of Contract Unit terminate the tenancy for nonpayment of the PHA housing a. During the lease term, the family will reside in the contract assistance payment unit with assistance under the voucher program. c. The owner may not charge or accept,from the nanny or from b. The composition of the household must be approved by the any othersource,any payment for rent of the unit in addition PHA-The family must promptly inform the PHA of the birth, to the rent to owner. Rent to owner includes all housing adoption or court-awarded custody of a child Other persons services,• maintenance, utilities and appliances to be may not be added to the household without prior written provided and paid by the owner in accordance with the lease. approval of the owner and the PHA f The owner must immediately return any excess rent payment c. The contract unit may only be used for residence by the to the tenant PHA-approved household members:The unit must be the 6. Other Fees and Charges family's only residence. Members of the household may engage in legal profit making activities incidental to primary a. Rini to owner does not include cost of any meals or use of the unit 1lr residence by members of the family. supportive services.or furniture which may be provided by d. t The tenant may not sublease or let the unit_ the owner e. The tenant may,not assign the lease or transfer the unit b. The owner may not require the tenant or family members to pay charges for any meals or supportive services or furniture 4. Rent to Owner which may be provided by the owner- Nonpayment of any a. The initial rent to owner may not exceed the amount approved such charges is not grounds for termination of tenancy. by the PHA in accordance with HUD requirements- c. The owner may not charge the tenant extra amounts for items b. Changes in the rent to owner shall be determined by the customarily included in rent to owner in the locality, or provisions of the lease.However,the owner may not raise the provided at no additional cost to unsubsidized tenants in the rent during the initial term of the lease. premises. c. During the term of the lease(including the initial term of the 7, Maintenance,Utilities,and Other Services lease and any extension term), the rent to owner may at no Maintenance time exceed: (1) The reasonable rent for the unit as most recently (1) The owner must Maintain the unit and premises in determined or redetermined by the PHA in accordance accordance with the HQS. with HUD requirements,or (2) Maintenance and replacement(including redecoration)must be in accordance with the standard practice for the building concerned as established by the owner. .Previous editions are obsolete form HUD-52641(3/2000) HAPPY Softwae Page 6 of B ref Handbook 7420.8 LO IJ dlid 1'1'8Li8£1'T6 %V3 0£:80 Z00Z/0£/OT • b. Utilities and appliances (3) The owner may terminate the tisaancy for criminal (1) The owner must provide all utilities needed to comply with activity by a household member in accordance with the HQS. this section if the owner determines that the household member has committed the criminal (2) The owner is not responsible for a breach of the HQS activity,regardless of whether the household member caused by the tenant's failure to: has been arrested or convicted for such activity. (a) Pay for any utilities that are to be paid by the tenant_ (4) The owner may terminate the tenancy during the term (b) Provide and maintain any appliances that arc to be of the lease if any member of the household has provided by the tenant engaged in abuse of alcohol that threatens the health, c. Family damage.The owner is not responsible for a breach of safety or right to peaceful enjoyment of the premises the HQS because of damages beyond normal wear and tear by other residents. caused by any member of the household or by a guest d. Other good cause for termination of tenancy d. Housing services. The owner must provide all housing (1) During the initial lease term, other good cause for services as agreed to in the lease. termination of tenancy must be something the family 8. Termination of Tenancy by Owner did or failed to do. a. Requirements. The owner may only terminate the tenancy in (2) Daring the initial lease term or during any extension accordance with the lease and HUD requirements. remit,other good cause includes: b. Grounds.During the term of the lease(the initial term of the (a) Disturbance of neighbors, lease or any extension term),the owner may only terminate the (b) Desuvctionofproperty,or tenancy because of. (c) Living or housekeeping habits that cause damage (1) Setious or repealed violation of the lease; to the unit or premises. (2) Violation of Federal, State, or local law that imposes (3) After the initial lease term,such good cause includes: obligations on the tenant in connection with the occupancy (a) The tenant's failure to accept the owner's offer of or use of the unit and the premises: a new lease or revision; (3) Criminal activity or alcohol abuse (as provided in. (b) The owner's desire to use the unit for personal or paragraph c);or family use or for a purpose other than use as a (4) Other good canse(as provided in paragraph d). residential rental unit;or c. Criminal activity or alcohol abuse. (c) A business or economic reason for termination of (1) The owner may terminate the tenancy during the term of the tenancy (such as sale of the property, the lease if any member of the household, a guest or renovation of the unit, the owner's desire to rent another person under a resident's control commits any of the unit for a higher rent). the following types of criminal activity: e. Eviction by court action. The owner may only evict the (a) Any criminal activity that threatens the health or safety tenant by a court action. o1 or the right to peaceful enjoyment of the premises L Owner notice of grounds by, other residents (including property management staff residing on the premises); (1) Ar or before the beginning of a court action to evict the tenant,the owner must give the tenant a notice that (b) Any criminal activity that threatens the health or specifies the grounds for termination of tenancy. The safety of or the right to peaceful enjoyment of their notice may be inchided in or combined with any residences by, persons residing in the immediate owner eviction notice. vicinity of the premises; (2) The owner must give the PHA a copy of any owner (c) Any violent criminal activity on or near the premises; eviction notice at the same time the owner notifies the or tenant (d) Any drug-related criminal activity on or near the (3) Eviction notice means a notice to vacate, or a premises. complaint or other initial pleading used to begin an (2) The owner may terminate the tenancy during the term of eviction action under State or local law. the lease if any member of the household is: 9. Lease:Relation to HAP Contract (a) Fleeing to avoid prosecution, or custody or If the HAP contract terminates fur any reason, the lease confinement after conviction, for a dint, or attempt terminates automatically. to commit a crime.that is a felony under the laws of 10. PHA Termination of Assistance the place from which the individual flees, or that, in The PHA may terminate program assistance for the Family for the case of the State of New Jersey, is a high any grounds authorized in accordance with HUD req►riremanls. misdemeanor,or If the PHA terminates program assistance for the family, the (b) Violating a condition of probation or parole under lease terminates automatically. Federal or Slate law. Previous editions sire obsolete • P 7 of 8 forth HUD-52641(3!2000) HAPPY Software ref Handbook 7420.8 80 VHd 1718LT8£l'T6 IVd 0£:80 ZOOZ/0£/OT • 11. ami y ove ut — c- PHA approval of the tenancy, and execution of a new HAP The tenant must notify the PHA and the owner before the fancily contract are not required for agreed changes in the lease other moves out of the unit than as specified in paragraph b. 12. Security Deposit d- The owner must notify the PHA of any changes in the amount of a. The owner may collect a security deposit from the tenant the rent to owner at least sixty days before any such changes go (However,the PHA may prohibit the owner from collecting a into effect, and the amount of the rent to owner following any security deposit in excess of private market practice, or in such agreed change may not exceed the reasonable rent for the excess of amounts charged by the owner to unassisted tenants_ unit as most recently determined or redetermined by the PHA in Any such PHA-required restriction must be specified in the accordance with HUD require-meats. HAP contract) 16. Notices b. When the family moves out of the contract unit, the owner, Any notice under the lease by the tenant to the owner or by the subject to State and local law, may use the security deposit, owner to the tenant must be in writing. including any interest on the deposit,as reimbursement for any 17. Definitions unpaid rent payable by the tenant, any damages to the unit or Contract unit_The housing unit rented by the tenant with assistance any other amounts that the tenant owes under the lease. under the program. c. The owner must give the tenant a list of all items charged Family. The persons who may reside in the unit with assistance against the security deposit,and the amount of each item After under the program. deducting the amount,if any,used to reimburse the owner,the owner must promptly refund the 1X11 amount of the unused HAP contract. The housing assistance payments contract between balance to the tenant the PHA and the owner.The PHA pays hoirting atthtancc payments to the owner in accordance with the HAP contract d_ If the security deposit is not snfficient to cover amounts the Household. The persons who may reside in the contract unit The tenant owes under the lease the owner may collect the balance household consists of the family and any PHA-approved live-in aide_ from the tenant. (A live-in aide is a person who resides in the unit to provide 13. Prohibition of Discrimination necessary supportive services for a member of the family who is a In accordance with applicable equal opportunity statutes,Executive person with disabilities-) Orders, and regulations, the owner must not discriminate against Housing quality standards (HQS). The HUD minimum quality any person because of race,color,religion,sex,national origin,age, standards for housing assisted under the Section 8 tenant-based Ermilial status or disability in connection with the lease- programs. 14. Conflict with Other Provisions of Lease HUD.The U.S_Department of Housing and Urban Development a. The terms of the tenancy addendum are prescribed by HUD in HUD requirements.HUD requirements for the Section 8 program. accordance with Federal law and regulation,as a condition for HUD requirements arc issued by HUD headquarters,as regulations, Federal assistance to the tenant and tenant's family under the Federal Register notices or other binding program directives. Section 8 voucher program. Lease. The written agreement between the owner and the tenant for b. In case of any conflict between the provisions of the tenancy the lease of the contract unit to the tenant The lease includes the addendmm as required by HUD, and any other provisions of tenancy addendum prescribed by HUD. the lease or any other agreement between the owner and the PHA Public Housing Agency. tenant, the requirements of the HUD- required tenancy addendum shall controL Premises. The building or complex in which the contract unit is 15. Chanes in Lease or Rut located,including common areas and grounds. a. The tenant and the owner may not make any change in the Program.The Section 8 housing choice voucher program_ tenancy addendum However, if the tenant and the owner agree Rent to owner.The total monthly rent payable to the owner for the to any other changes in the lease. such-changes must be in contract unit.*The rent to owner is the sum of the portion of rent writing,and the owner must immediately give the PHA a copy of payable by the tenant plus the PHA housing assistance payment to such changes_ The lease. including any changes, must be in the owner. accordance with the requirements of the tenancy addendum Section 8. Section 8 of the United States Housing Act of 1937 (42 b_ In the following cases, tenant-based assistance shall not be United States Code 14371). continued unless the PHA has approved a new tenancy in Tenant.The family member(or members)who leases the unit from accordance with program requirements and has executed a new the owner. HAP contract with the owner: Voucher program.The Section 8 housing choice voucher program. (1) If there are any changes in lease requirements governing Under this program,HUD provides funds to an PHA for rent subsidy tenant or owner responsibilities for utilities or appliances; on behalf of eligible families. The tenancy under the lease will be (2) If there are any changes in lease provisions governing the assisted with rent subsidy fora tenancy under the voucher program_ term of the lease; (3) If the family moves to a new unit, even if the unit is in the same building or complex. • Previous editions are obsolete form HUD-52541(312000) HAPPY Software Paje 8 of B ref Handbook 7420.8 60In VIM . 11'8LT8£I7T6 Tyd OC:80 Z00Z/0£/OT • TOWN OF MAMARONECK 740 West Boston Post Road Mamaroneck, NY 10543 Telephone: 914 381-7840 Fax:914 381-7844 COMMUNITY SERVICE SENIOR SERVICES PUBLIC HOUSING AGENCY COVER LETTER TO NAME: FIRM: TELEPHONE: _ FAX: NUMBER of PAGES(including coversheet) DATE: Jt/-/,4 2_ ORIGINALTO FOLLOW IN MAIL YES NO FROM KATHLEEN KOPA,DIRECTOR MESSAGE TOO VIM - 17178.LT9£YT8 %Vd OC:90 ZOOZ/O£/OT FAX COVER PAGE THELEN REID & PRIEST LLP JOB# In case of a problem Phone ria (212) 603-2000 with this transmission, 40 West 57`h Street Fax (212) 603-2001 call the Fax Operator New York,New York 10019 at (212) 603-2000 www.thelenreid.com IMPORTANT: This facsimile transmission is intended only for the addressee. It contains information from the law firm of Thelen Reid & Priest LLP which may be privileged, confidential and exempt from disclosure under applicable law. Dissemination, distribution, or copying of this by anyone other than the addressee or the addressee's agent is strictly prohibited. If this transmission is received in error, please notify Thelen Reid & Priest LLP immediately at the telephone number indicated above. We will reimburse your costs incurred in connection with this erroneous transmission and your return of these materials. THANK YOU. ATTORNEY# CLIENT-MATTER RETURN TO ROOM# 01929 e o- o 1 175 P. WINICK 2902 TOTAL PAGES SENT // DATE:Il (Including This Page) (D 51 oz VIA FAX ONLY To r !1r oauQ Phone ) 28s-950.0 r3eciLliviok-T+674-,Pet-o PC Fax: 'N7 Z85 9`769 From Paul A. Winick, Esq. Phone: 212 603-6756 Email: Pwinick@thelenreid.com 11/05/02 TUE 16:56 FAX 212 603 2001 THELEN REID&PRIEST LLP 001 ********************* 3C * TX REPORT ass ********************* TRANSMISSION OK TX/RX NO 4142 CONNECTION TEL #075000#19142859769# SUBADDRESS CONNECTION ID ST. TIME 11/05 16:53 USAGE T 03'01 PGS. 6 RESULT OK FAX COVER 11111111ftelftioftift- PAGE & PRIEST LIP In case of a problem Phone IC (212)603-2000 with this transmission, 40 West 571 Street Fax 5(212) 603-2001 call the Fax Operator at(212) 603-2000 New York,New York 10019 www.thelenreid.cona IMPORTANT: This facsimile transmission is intended only for the addressee. It contains information from the law firm of Thelen Reid & Priest LLP which may be privileged, confidential and exempt from disclosure under applicable law. Dissemination, distribution, or copying of this by anyone other than the addressee or the addressee's agent is strictly prohibited. If this transmission is received in error, please notib Thelen Reid & Priest LLP immediately at the telephone number indicated above_ We will reimburse your costs incurred in connection with this erroneous transmission and your return of these materials. THANK YOU AT TO RNEY? !•: P•.. •••• • !R090.• • 01929 vNICK •••• ••• • • 2902 • "'' TOTAL PAGES SENT DATE:111151oz VIA FAX ONLY (including This Pagc) To OWL Phonti.19) 2.8S-9 5c3 41211-e..... PC Fax: Gt ILO 2-85 —9/69 From Paul A.Winick, Esq. Phone: 212 603-6756 Email: Pwinick@thelenreid_com 11/05/2002 14:39 FAX 9143817844 PHA 02 -Lease for Voucher Tenanc• Section 8 Tenant-Based Asbistance Housing Choice Voucher Program Tenant ID 2521 Part A of Lease: Contract Information Automatic Renewal 1, Con tents of Lease. The lease consists of: After the initial lease term,the lease term shall renew automat- Part A: Contract information ically as follows: Part B: Tenancy addendum(lease language required by HUD) After the initial term of the lease as stated in Section 1 of the Part C: The following additional provisions (as required Lease Addendum,the term of this lease shall renew by the owner): (Specify any additional provisions automatically on a month-to-month basis. e.g., by designating any exhibits or attachments to the lease.) 7. Rent to Owner The initial rent to owner is ,127.00 . The amount of the rent to owner is subject to change during the lease term in accordance with this lease. 2. Parties to Lease 8. Utilities and Appliances Tcnanc Janet Page The owner shall provide or pay for the utilities and appliances as indicated below by an"O"without any additional charge to the tenant. The tenant shall provide or pay for the utilities and Owner Town of Mamk Housing Authority appliances as indicate below by a"T"_ 3. Name of Housing Agency(HA) Town of Mamaroneck PHA _ __ Provided of Item Type Paid For 4. Unit Rented. This is a lease for the following dwelling unit: Address 66 Hommocks Road Heating Natural Gas T Cooking Natural Gas T Apartment _ - - --- - -- Other Electric T City Larchmont State NY ZIP 10538 Water Heating Natural Gas T 5. Members of Household. Water O The following persons may reside in the unit- No other Sewer O persons may reside in the unit without prior written approval by the owner and the HA. Trash Collection 0 _Janet Page .__ - Range 0 Robert Page Refrigerator Q Other 9. Security Deposit The Security Deposit is The tenant has paid the security deposit to the owner. 10. Other Owner Charges 6. Term of Lease (Insert description of any other owner charges that may be The initial lease term begins on 10/01/2000 assessed for items not included in rent m owner.) The initial lease term ends on 09/30/2001 _ Lease-Voucher Tenancy HAPPY Software Page 1 of 5 11/05/2002 14:39 FAX 9143817844 PHA VI 03 Lease for Voucher Tenanc •1.5.Department of Housing .end Urban Development Section 8 Tenant-Based Assistance Office of Public and Indian Housing Housing Choice Voucher Program Tenant ID 252' Part B of Lease: Tenancy Addendum 1. Section 8 Voucher Program 5. Family Payment to Owner a. The owner is leasing the contract unit to the tenant for a_ The family is responsible for paying the owner any portion occupancy by the tenant's family with assistance for a of the rent to owner that is not covered by the PHA tenancy under the Section 8 housing choice voucher program housing assistance payment. (voucher program) of the United States Department of b. Each month, the PHA will make a housing assistance Housing and Urban Development(HUD). payment to the owner on behalf of the family in b. The owner has entered into a Housing Assistance Payments accordance with th&-IA.P contract The amount of the Contract (HAP contract) with the PHA under the voucher monthly housing assistance payment will be determined by program. Under the HAP contract, the PHA will make the PHA in accordance with HUD requirements for a housing assistance payments to the owner to assist the tenant tenancy under the Section 8 voucher program. in leasing the unit from the owner. c. The monthly housing assistance payment shall be credited 2, Lease against the monthly rent to owner for the contract unit. a. The owner has given the PHA a copy of the lease,including d_ The tenant is not responsible for paying the portion of rent any revisions agreed by the owner and the tenant The owner to owner covered by the PHA housing assistance payment certifies that the terms of the lease arc in accordance with all under the HAP contract between the owner and the PHA. provisions of the HAP contract and that the lease includes A PHA failure to pay the housing assistance payment to the tenancy addendum. the owner is not a violation of the lease. The owner may b. The tenant shall have the right to enforce the tenancy not terminate the tenancy for nonpayment of the PHA addendum against the owner.If there is any conflict between housing assistance payment the tenancy addendum and any other provisions of the lease, e. The owner maynot charge or accept, from the familyor the language of the tenancy addendum shall control. from any othesource, any paymenfor rent of the unit in 3. Use of Contract Unit addition to the rent to owner_ Rent to owner includes all a. During the lease term,the family will reside in the contract housing services, maintenance, utilities and appliances to unit with assistance under the voucher program. be provided and paid by the owner in accordance with the b. The composition of the household must be approved by the lease. PHA_ The family must promptly inform the PHA of the f. The owner must immediately return any excess rent birth, adoption or court-awarded custody of a child. Other payment to the tenant. persons may not be added to the household without prior written approval of the owner and the PHA. 6. Other Fees and Charges c. The contract unit may only be used for residence by the a. Rent to owner does not include cost of any meals or PHAapproved household members. The unit must be the supportive services or furniture which may be provided by family's only residence. Members of the household may the owner. engage in legal profit making activities incidental to primary b_ The owner may not require the tenant or family members use of the unit for residence by members of the family. to pay charges for any meals or supportive services or d. The tenant may not sublease or let the unit furniture which may be provided by the owner. e. The tenant may not assign the lease or transfer the unit. Nonpayment of any such charges is not grounds for 4. Rent to Owner termination of tenancy. a. The initial rent to owner may not exceed the amount c_ The owner may not charge the tenant extra amounts for approved by the PIMA in accordance with HUD items customarily included in rent to owner in the Iocality, or provided at no additional cost to unsubsidized tenants in requirements. the premises_ b. Changes in the rent to owner shall be determined by the 7 Maintenance,Utilities,and Other Services provisions of the lease. However, the owner may not raise the rent during the initial term of the lease. a. Maintenance c. During the term of the lease(including the initial term of the (1) The owner must maintain the unit and premises in lease and any extension term), the rent to owner may at no accordance with the HQS_ time exceed; (2) Maintenance and replacement (including redecoration) (1) The reasonable rent for the unit as most recently must be in accordance with the standard practice for the determined or redetermined by the PHA in accordance building concerned as established by the owner. with HUD requirements,or b. Utilities and appliances (2) Rent charged by the owner for comparable unassisted (1) The owner must provide all utilities needed to comply with units in the premises_ the HQS. (2) The owner is not responsible for a breach of the HQS caused by the tenant's failure to: Lease-Voucher Tenancy HAPPY Software Page 2 of 5 11/05/2002 14:39 FAX 9143817844 PHA V]04 (a) Pay for any utilities the to be paid by the (4) The o41 'nay terminate the tenancy during the term tenant. of the i,.,.se if any member of the household has (b) Provide and maintain any appliances that are to be engaged in abuse of alcohol that threatens the health, provided by the tenant. safety or right to peaceful enjoyment of the premises c_ Family damage.The owner is not responsible for a breach by other residents. of the HQS because of damages beyond normal wear and d. Other good cause for termination of tenancy tear caused by any member of the household or by a guest. (1) During the initial lease term, other good cause for termination of tenancy must be something the family d. Housing services.The owner must provide all housing did or failed to do. services as agreed to in the lease. 8. Termination of Tenancy by Owner (2) During the initial lease term or during any extension a. Requirements. The owner may only terminate the tenancy term,other good cause includes: in accordance with the lease and HUD require-ments. (a) Disturbance of neighbors, b. Grounds.During the term of the lease(the initial term of the (b) Destruction of property,or lease or any extension term),the owner may only terminate (c) Living or housekeeping habits that cause damage the tenancy because of: to the unit or premises. (1) Serious or repeated violation of the lease; (3) After the initial lease term,such good cause includes: (2) Violation of Federal, State, or local law that imposes (a) The tenant's failure to accept the owner's offer obligations on the tenant in connection with the of a new lease or revision; occupancy or use of the unit and the premises; (3) Criminal activity or alcohol abuse (as provided in (b) The owner's desire to use the unit for personal or paragraph c);or family use or for a purpose other than use as a (4) Other good cause(as provided in paragraph d)_ residential rental unit; or c. Criminal activity or alcohol abuse. (c) A business or economic reason for termination of the tenancy (such as sale of the property, (1) The owner may terminate the tenancy during the term of renovation of the unit,the owner's desire to rent the lease if any member of the household, a guest or the unit for a higher rent). another person under a resident's control commits any of the following types of criminal activity: e. Eviction by court action,The owner may only evict the tenant by a court action. (a) Any criminal activity that threatens the health safety of, or the right to peaceful enjoyment of the f. Owner notice of grounds premises by, other residents (including property (I) At or before the beginning of a court action to evict management staff residing on the premises); the tenant,the owner must give the tenant a notice that (b) Any criminal activity that threatens the health or specifies the grounds for termination of tenancy. The safety of,or the right to peaceful enjoyment of their notice may be included in or combined with any residences by, persons residing in the immediate owner eviction notice. vicinity of the premises; (2) The owner must give the PHA a copy of any owner (c) Any violent criminal activity on or near the eviction notice at the same time the owner notifies the premises;or tenant. (d) Any drug-related criminal activity on or near the (3) Eviction notice means a notice to vacate, or a premises. complaint or other initial pleading used to begin an eviction action under State or local law_ (2) The owner may terminate the tenancy during the term of the lease if any member of the household is: 9. Lease:Relation to HAP Contract (a) Fleeing to avoid prosecution, or custody or If the HAP contract terminates for any reason, the lease confinement after conviction, for a crime, or terminates automatically. attempt to commit a crime, that is a felony under 10. PHA Termination of Assistance the laws of the place from which the individual flees,or that,in the case of the State of New Jersey, The PHA may terminate program assistance for the family for is a high misdemeanor;or any grounds authorized in accordance with HUD requirements. If the PHA terminates program assistance for the family, the (b) Violating a condition of probation or parole under lease terminates automatically. Federal or State law. 11. Family Move Out (3) The owner may terminate the tenancy for criminal activity by a household member in accordance with this The tenant must notify the PHA and the owner before the section if the owner determines that the house- hold family moves out of the unit_ member has committed the criminal activity, regardless of whether the household member has been arrested or convicted for such activity. Lease-Voucher Tenancy HAPPY Software Page 3 of 5 11/05/2002 14:39 FAX 9143817844 PHA 1 ]05 12, Security Deposit c. PHA approval o. .Le tenancy, and execution of a new HAP a. The owner may collect a security deposit from the tenant contract,are not required for agreed changes in the lease other (However, the PHA may prohibit the owner from than as specified in paragraph b. collecting a security deposit in excess of private market d. The owner must notify the PHA of any changes in the amount practice, or in excess of amounts charged by the owner to of the rent to owner at least sixty days before any such changes unassisted tenants. Any such PHA-required restriction go into effect, and the amount of the rent to owner following must be specified in the HAP contract.) any such agreed change may not exceed the reasonable rent for b. When the family moves out of the contract unit,the owner, the unit as most recently determined or redeter-mined by the subject to State and local law, may use the security PHA in accordance with HUD requirements. deposit, including any interest on the deposit, as 16. Notices reimbursement for any unpaid rent payable by the tenant, Any notice under the lease by the tenant to the owner or by the any damages to the unit or any other amounts that the owner to the tenant must be in writing. tenant owes under the lease. 17. Definitions c. The owner must give the tenant a list of all itencharged Contract unit.The housing unit rented by the tenant with against the security deposit, and the amount of each item. assistance under the program_ After deducting the amount, if any, used to reimburse the owner,the owner must promptly refund the full amount of Family.The persons who may reside in the unit with assistance the unused balance to the tenant. under the program. d. If the security deposit is not sufficient to cover amounts HAP contract.The housing assistance payments contract between the tenant owes under the lease,the owner may collect the the PHA and the owner. The PHA pays housing assistance balance from the tenant. payments to the owner in accordance with the HAP contract 13. Prohibition of Discrimination Household.The persons who may reside in the contract unifThe In accordance with applicable equal opportunity statutes, household consists of the family and any PHA-approved live-in Executive Orders, and regulations, the owner must not aide. (A live-in aide is a person who resides in the unit to provide discriminate against any person because of race,color,religion, necessary supportive services for a member of the family who is a sex, national origin, ,ag familial status or disability in person with disabilities.) connection with the lease. Housing quality standards(HQS). The HUD minimum quality 14. Conflict with Other Provisions of Lease standards for housing assisted under the Section 8 tenant-based a. The terms of the tenancy addendum are prescribed by programs. HUD in accordance with Federal law and regulation, as a HUD.The U.S.Department of Housing and Urban Development condition for Federal assistance to the tenant and tenant's HUD requirementsHUD requirements for the Section 8 family under the Section 8 voucher program. program. HUD requirements are issued by HUL)headquarters, as b. In case of any conflict between the provisions of the regulations, Federal Register notices or other binding program tenancy addendum as required by HUD, and any other directives. provisions of the lease or any other agreement between the Lease.The written agreement between the owner and the tenant owner and the tenant, the requirements of the HUD- for the lease of the contract unit to the tenant. The lease includes required tenancy addendum shall control, the tenancy addendum prescribed by HUD. 15.Changes in Lease or Rent PHA.Public Housing Agency. a. The tenant and the owner may not make any change in the Premises.The building or complex in which the contract unit is tenancy addendum. However, if the tenant and the owner located,including common areas and grounds. agree to any other changes in the lease,such changes must Program.The Section 8 housing choice voucher program. be in writing, and the owner must immediately give the Rent to owner.The total monthly rent payable to the owner for PHA a copy of such changes. The lease, including any the contract unit The rent to owner is the sum of the portion of changes, must be in accordance with the requirements of rent payable by the tenant plus the PHA housing assistance the tenancy addendum. payment to the owner_ b. In the following cases,tenant-based assistance shall not be Section 8.Section 8 of the United States Housing Act of 1937(42 continued unless the PHA has approved a new tenancy in United States Code 1437t). accordance with program requirements and has executed a Tenant.The family member (or members) who leases the unit new HAP contract with the owner: (I) If there are any changes in lease requirements from the owner. governing tenant or owner responsibilities for utilities Voucher programme Section 8 housing choice voucher or appliances; program.Under this program, HUD provides funds to an PHA for (2) Tf there are any changes in lease provisions governing rent subsidy on behalf of eligible families. The tenancy under the the term of the lease; lease will be assisted with rent subsidy for a tenancy under the voucher program_ (3) If the family moves to a new unit,even if the unit is in the same building or complex. Lease-Voucher Tenancy HAPPY Software Page 4 of 6 11/05/2002 14:39 FAX 9143817844 PHA EJ06 Signatures Tenant Owner Janet Page Town of Mamk Housing Authority Print or Type Name of Tenant •� Print or ame of Owner )37 -• � Signature $!g e /Zp pb Byrn Fieratein Dale Print or Typo Name and TNe Signatory Dale Lease-Voucher Tenancy HAPPY Software Page 5 of 5 • ,AN 16 2002 15: 39 GM LRSERJET 3200 9146541444 p. 1 3c0 AV i)K U 1:2109 b ► GRAMATAN MANAGEMENT, INC. 2 HAMILTON AVENUE, SUITE 217 NEW ROCHELLE, NY 10801 FAX COVER SHEET DATE: I/169 TIME: TO: G✓l (...()t 4 K!L PHONE: FAX: 212 -6,A3-e-0 a FROM: Bram Fierstein PHONE: 914-654-1414 FAX: 914-654-1444 RE: Number of pages including cover sheet: Message / tel f Nk (� ,, 1�f�O IQ S !" ID C9 d"fg 2 e. �1 Gic e�X. L ? 4,4ci _ C s o. 1 /6,ZyY. bs) cthr e 7 Gj( -{ (s ? JAN 16 2002 15: 39 GM LASERJET 3200 9146541444 JAN 16 2002 15: 39 GM LASERJET 3200 91 46541 444 p. 2 HOMMOCKS PARK APARTMENTS HOMMOCKS PARK APARTMENTS PROPOSED 2002 PROPOSED 2002 BUDGET BUDGET 1996 ACTUAL 1997 ACTUAL 1998 ACTUAL 1999 ACTUAL 2000 ACTUAL 2001 BUDGET 2001 YTD 2002 BUDGET Income rent $ 654,410 $667,785 $681,993 $ 693,913 $ 710,059 $ 704,000 $ 663,766 $ 727,200 interest $ 19,552 $19,558 $19,385 $ 25,616 $ 33,082 $ - $ - $ - late fee $ - $0 $959 $ - $ - $ 750 $ 773 •$ 750 other $ 5,816 $2,224 $10,674 $ . 12,301 $ 2,631 $ 500 $ 19,343 $ 500 Total $ 679,778 $689,567 $713,011 $ 731,830 $ 746,772 $ 705,250 5 683,872 $ 728,450_ Expenses storage $ 1,020 $1,020 $1,020 $ - $ - $ 1,020 $ 1,020 $ 1,020 insurance $ 21,070 $22,082 $17,188 $ 17,227 $ 17,997 $ 21,000 $ 21,773 $ 28,000 marketing $ 150 $255 $214 $ - $ - $ 250 $ - $ 250 office expense $ 29 $2,527 $0 $ - $ - $ 250 $ - $ 250 postage $ 691 $463 $1,051 $ - $ - $ 500 $ 482 $ 550 bank charges $ - $0 $1,500 $ - $ - $ 1,500 $ 1,500 $ 1,500 misc.admin. $ 2,418 $5,809 $1,918 $ 15,249 $ 9,247 $ 1,000 $ - 0 mgmt.fees $ 14,175 $14,750 $14,750 $ 14,886 $ 14,886 $ 16,000 $ 17,144 $ 16,000 accounting $ 4,000 $4,500 $4,800 $ 6,160 $ 6,234 $ 6,000 $ 6,600 $ 6,600 • legal $ 3,725 $794 $1,914 $ - $ - $ 1,000 $ 4,000 $ 2,500 loan $ 104,039 $0 SD $ - $ - $ . $ . $ - const.bond $ 321,630 $306,214 $317,500 $ 307,737 $ 324,851 $ 322,134 $ 294,748 $ 322,294 ground lease $ 62,502 $125,004 $128,768 $ 138,255 $ 138,255 $ 133,668 $ 122,606 $ 135,662 • PILOT $ - $0 $0 $ - $ - $ - -_ -- $ - - electrlcity $ 4,969 $4,865' $4,316 $ 8,989 $ 14,317 $ 5.100 $ 4,512 $ 5,000 gas $ 921 $476 $771 $ - $ - $ 750 $ 692 $ 750 water $ 4,885 $4,243 $5,116 $ - $ - $ 7,500 $ 4,172 $ 6,000 telephone $ 155 $84 $885 $ - $ - $ 800 $ 687 $ 800 salaries&benefits $ 30,511 $30,698 $32,315 $ 45,436 $ 35,775 $ 35,000 $ 28,671 $ 37,000 r&m appliances $ - $0 $1,989 $ - $ - $ 2,000' $ 3,118 1$ 3,000 r&m building $ 3,804 $325 $2,294 $ - $ - $ - $ - $ - r&m electric $ 89 $392 $930 $ - $ - $ 1,000 $ 89 $ 4,000 r&m exterior $ 700 $2,402 $2,500 $ - $ - $ 2,000 $ 4,250 $ 2,500 r&m plumbing $ 16,453 $11,918 $34,459 $ - $ - $ 11,500 $ 3,638 $ 5,000 r&m boiler $ 6,428 $6,786 $4,929 ' $ - $ - $ 7,500 ' $ 5,522 $ 10,000 sewage pumps $ - $ - S - $ - $ 15,000 flue pipe recall $ - $ - $ $ 21,750 $ - r&m windows $ 6,262 $0 $480 $ - $ - $ 500 $ $ 500 r&m painting $ 8,495 $14,285 $12,070 $ - $ - $ 12,000 $ 10,725 l$ 12,000 r&m other $ 3,689 $10,408 $7,821 'S 78,002 $ 147,987 $ 7,500 $ 6,340 $ 7,500 r&m equipment $ 188 $486 $0 $ - $ - $ 500 $ 492 S 700 r&m locks $ - $192 $976 $ - $ - $ 1,000 $ 951 $ 1,000 • supplies $ 6,679 $7,430 $8,497 $ - $ - S 10,000 $ 10,316 $ 10,000 landscaping $ 6,208 54,615 $9,704 $ - $ - ' S 10,000 $ 11,567 $ 10,000 exterminating $ 1,450 $1,350 $1,790 S - $ - $ 2,500 1 1,860 $ 2,000 snow removal $ 5,218 $3,785 $2,040 $ - $ - $ 4,000 $ 2,675 $ 4,000 long term reserve $44,910 $47,630 $ - $ - $ 47,580 $ 43,615 $ 47,580 repair fund $ - SO $12,000 $ - $ - $ 12,000 $ 11,000 $ 12,000 engineering fees $2,200 $ - $ - $ - $ - $ - Total $ 642,751 5633,068 $672,131 $ 631,941 $ 709,549 $ 685,052 $ 646,615 $ 710,966 SurpluslDeficit $ 37,027 $56,499 $40,880 $ 99,889 5 36,223 $ 20,198 $ 37,357[$ 16,244 REVISED 1/13/98 Page 1 REVISED 1/13/98 Page 2 rs TOWN OF MAMARONECK HOUSING AUTHORITY Renewal Application for Hommocks Park Apartments Applicant's Name Social Security# Address , Apt._ Date of Birth Telephone I. HOUSEHOLD INFORMATION The following persons make up my household and would reside with me if I rent a unit at Hommocks Park Apartments: Name Sex Age Relationship Social Security# If you or a member of your household have a disability that requires accommodation, indicate the type of accommodation needed: II. EMPLOYMENT INFORMATION FOR LAST 2 YEARS-Applicant Name of Employer Date of Employment Address Annual earnings Position Phone# If you held other jobs during the last three years, or if there are additional wage earners who need to disclose income,report this information on ATTACHMENT 1. III. FINANCIAL INFORMATION TOTAL HOUSEHOLD INCOME must reflect income from all sources from all persons expected to reside in the unit, i.e. SSI, SSD, social security,public assistance, child support, alimony, dividends, interest. Use ATTACHMENT 2 to itemize all income sources for all wage earners. Combined TOTAL HOUSEHOLD INCOME from all sources from ALL PERSONS expected to reside in unit: TOTAL HOUSEHOLD INCOME $ .00. NY#464479 v1 /April 2002 revision APPLICATION Page 1 of 4 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments IV. TIER INFORMATION Descriptions of the tiers are in the "Tier Criteria" that accompanies this renewal application. YOU MUST SUBMIT INFORMATION DEMONSTRATING WHICH TIER YOU QUALIFY UNDER OR YOUR RENEWAL APPLICATION WILL NOT BE CONSIDERED. Check all the tiers that you think apply to you: TIER I.A TIER III TIER V.B TIER I.B TIER IV TIER VI TIER II TIER V.A TIER VII Indicate how you qualify for the tiers checked: Tier I A: Volunteer position, Company or Corps. in 1997 How long have you been a volunteer? years months Tier I.B: Current Full Time Employer in 1997: Position: How long have you been employed? years months Tier II: I have lived in Mamk Tn/Mamk Village/Larch Village since (month &year) I am over 62 years of age (check here) I am under 30 years of age (check here) I am under 30 years of age,no longer a resident and lived at least half my life in the above jurisdiction (check here) Tier III: Current Part Time Employer: Position: How long have you been employed there? years months Tier IV: I have lived in the jurisdiction since (month&year) Tier V.A: Employer: Position: How long have you been employed there? years months Tier V.B: Name of Relative: Relationship: Address of Relative: My relative has lived in the jurisdiction since (month & year) Tier VI: Address: How long have you lived in Westchester? years months NY#464479 v1 /April 2002 revision APPLICATION Page 2 of 4 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments V. PERSONAL BACKGROUND INFORMATION. Answer these questions: 1. Have you or anyone else who would reside with you at Hommocks Park Apartments ever been convicted of a crime? Yes ❑, No ❑ If your answer to the above question is "Yes",provide all details of the criminal conviction, including defendant name and date of birth, offense charged, offense convicted of, location of court, sentence/penalty imposed, probation imposed (with start and end date.) 2. Have you or anyone else who would reside with you in the apartment ever been the subject of an eviction proceeding or other case in court involving your landlord? Yes ❑ No D. • If your answer to the above question is"Yes",provide details of the case including: (a) The subject matter of the case; (b)the court in which it took place; (c)the name of your landlord and any other parties to the case; (d) how the case was ended—judgment, settlement, dismissal, etc. VI. UNIT PREFERENCE YOU WILL AUTOMATICALLY BE CONSIDERED TO RENEW THE LEASE ON YOUR EXISTING APARTMENT. IF YOU WANT TO BE CONSIDERED FOR ANOTHER SIZE APARTMENT INDICATE THAT PREFERENCE HERE: 1 BEDROOM 1 BEDROOM WITH LOFT 2 BEDROOM 2 BEDROOM WITH LOFT Your request for a different size apartment in this application will be considered only at the time of this lease renewal. If you want to be placed on a waiting list for a different apartment,you must make that request in writing to the Property Manager. VII. STATEMENT I authorize the Authority to request a credit report about me. If I ask, you will tell me the name and address of the consumer reporting agency that furnished it. I also authorize my employers listed on the Application to release salary information about me, as required by The Authority. NY#464479 v1 /April 2002 revision APPLICATION Page 3 of 4 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments I also authorize the Authority to conduct an investigation of my background that includes a criminal record check. I hereby authorize all state, local and federal law enforcement authorities to release any and all information that they have about me. I have read the Housing Authority's Policy Manual and House Rules and understand that should I become a tenant at the Hommock Park Apartments, violation of any of the rules therein may be grounds for termination of my tenancy. All information provided on this form will be kept confidential and only approved persons involved in administering this program will have access to this information. ************************************************************************************** I hereby certify that the information contained in this application is true and correct to the best of my knowledge. SIGNATURE DATE NY#464479 v1 /April 2002 revision APPLICATION Page 4 of 4 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments TOWN OF MAMARONECK HOUSING AUTHORITY ADDITIONAL EMPLOYMENT INFORMATION-APPLICANT: Name of Employer: Address: Phone#: Your Position: Annual Income From This Position: Check here if full-time student: EMPLOYMENT INFORMATION- ADDITIONAL WAGE EARNER: Name : Name of Employer: Address: Phone#: Your Position: Annual Income From This Position: Check here if full-time student: EMPLOYMENT INFORMATION - ADDITIONAL WAGE EARNER: Name: Name of Employer: Address: Phone#: Your Position: Annual Income From This Position: Check here if full-time student: For income, I have used figures from my Federal Income Tax forms. Attached are the last 2 years 1040 and W2/1099 forms for each household member contributing to income. Additional documentation is provided for each item reported which did not appear on an income tax form. NY#464479 v1 /April 2002 revision APPLICATION Page 1 of 2 TOWN OF MAMARONECK HOUSING AUTHORITY Application for Hommocks Park Apartments INCOME, TAXABLE AND NON-TAXABLE MY NAME NAME (member#2) NAME (member#3) WAGES AND TIPS INVESTMENT INCOME Interest including tax-exempt. DIVIDENDS SOCIAL SECURITY and PENSIONS SSI DISABILITY UNEMPLOYMENT INSURANCE VETERANS BENEFITS TRUST FUNDS INSURANCE PROCEEDS ALIMONY AND CHILD SUPPORT ALL OTHER INCOME TOTAL INDIVIDUAL INCOME TOTAL HOUSEHOLD INCOME (add "TOTAL INDIVIDUAL INCOMES" above) NY#464479 v1 /April 2002 revision APPLICATION Page 2 of 2 TOWN OF MAMARONECK HOUSING AUTHORITY TIER CRITERIA The Town of Mamaroneck Housing Authority has established criteria to determine who may rent units at Hommocks Park Apartments. Applicants for these apartments will be grouped into seven separate tiers, each tier representing a pool of applicants. Each applicant will specify the Tier(s)under which his/her application will be grouped. The Authority shall require supporting proof of eligibility under the Tier indicated. The criteria used for these tier assignments follows: Tier I.A. Unpaid active members of the Volunteer Fire Departments and Volunteer Ambulance Corps of the Town and the Villages who have been in that status for at least two years prior to the date of submittal of an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier I. B. Full-time employees of the Town, the Villages and the School District, who have been in that status for at least two years prior to the date of submittal of an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier II. Applicants from the Town,the Village of Larchmont, and geographical area of the Village of Mamaroneck within the Town of Mamaroneck who are: a. Residents who are over 62 years of age and who have lived in the Town or one of the Villages for at least two years as of the time they submit an application to the Housing Authority; b. Residents who are under 30 years of age and who have lived in the Town or one of the Villages for at least two years as of the time they submit an application to the Housing Authority; or c. Applicants who are under 30 years of age at the time they submit an application to the Housing Authority,and who attended high school while residents of the above jurisdictions for a period of at least two years and who have lived at least half of their lives in the above jurisdictions. Time spent in college, technical school,the Armed Forces, or a federal government- administered service corps may be counted towards this residency requirement. NY#464479 v1 April 2002 revision TIER CRITERIA Page 1 of 2 TOWN OF MAMARONECK HOUSING AUTHORITY Tier III. Part time employees of the Town,Villages and School District who have been in that status for at least two years prior to the date of submittal on an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment, and who can demonstrate that the majority of their household income comes from this employment. Tier IV. Current residents of the Town,the Village of Larchmont, and the geographical area of the Village of Mamaroneck within the Town of Mamaroneck Tier V. A. Members of the immediate family(mother, father, brother, sister, daughter, son)of current residents of the Town, Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck who have lived there for at least two years as of the date they submit an application. Tier V. B. Non-resident full time employees of private firms or entities located in the Town,Village of Larchmont and geographical area of the Village of Mamaroneck located within the Town of Mamaroneck,who have been in that status for at least two years prior to the date of submittal on an application to the Housing Authority, and who maintain that status continuously from the date of submittal through and including the date they take occupancy in the Hommocks Park apartment. Tier VI. Residents of Westchester County who have lived in the County for at least two years as of the date they submit an application. Tier VII All other persons. NY#464479 v1 April 2002 revision TIER CRITERIA Page 2 of 2 CERTIFICATE OF OCCUPANCY BUILDING DEPARTMENT TOWN OF MAMARONECK, NEW YORK (Unincorporated Areas) Date: November 23, 2004 This is to certify Town of Mamaroneck Housing Authority (owners-agent) of the premises hereinafter described has complied with all the provisions of the Zoning Ordinance and Building Code of the Town of Mamaroneck and is hereby permitted to use the structure located on the south side of 2,4, 6, 8, 10 and 12 Hommocks Road. 0 feet distant from the corner formed by the intersection of Boston Post Road and Hommocks Road for use as a multi-family building of 6 dwelling units and 6 one-car attached garages. Pursuant to a Variance granted 9/23/92 with conditions as listed ub Resolution dated 9/23/92. This building is constructed in accordance with the plans filed under PERMIT# 12195 and there are no violations of the zoning ordinance. This building subsantially conforms to the provisions of the Town Codes and the NYS Fire Prevention arid Building Codes. BLOCK: 411 LOT: 169 Director of Building Building #1 CERTIFICATE OF OCCUPANCY BUILDING DEPARTMENT TOWN OF MAMARONECK, NEW YORK (Unincorporated Areas) Date: November 23, 2004 This is to certify Town of Mamaroneck Housing Authority (owner or agent) of the premises hereinafter described has complied with all the provisions of the Zoning Ordinance and Building Code of the Town of Mamaroneck and is hereby permitted to use the structure located on the south side of 14, 16, 18, 20, 22, 24, 26, 28 & 30 Hommocks Road. 0 feet distant from the corner formed by the intersection of Boston Post Road and Hommocks Road for use as a multi-family building of 9 dwelling units and 9 one-car attached garages. Pursuant to a Variance granted 9/23/92 with conditions as listed in Resolution dated 9/23/92. This building is constructed in accordance with the plans filed under PERMIT# 12195 and there are no violations of the zoning ordinance. This building subsantially conforms to the provisions of the Town Codes and the NYS Fire Prevention and Building Codes. BLOCK: 411 LOT: 169 Director of Building Building #2 CERTIFICATE OF OCCUPANCY BUILDING DEPARTMENT TOWN OF MAMARONECK, NEW YORK (Unincorporated Areas) Date: November 23, 2004 This is to certify Town of Mamaroneck Housing Authority (owner of-agent) of the premises hereinafter described has complied with all the provisions of the Zoning Ordinance and Building Code of the Town of Mamaroneck and is hereby permitted to use the structure located on the south side of 32, 34, 36, 38, 40, 42, 44, 46&48 Hommocks Road. 0 feet distant from the corner formed by the intersection of Boston Post Road and Hommocks Road for use as a multi-family building of 9 dwelling units and 9 one-car attached garages. Pursuant to a Variance granted 9/23/92 with conditions as listed in Resolution dated 9/23/92. This building is constructed in accordance with the plans filed under PERMIT# 12195 and there are no violations of the zoning ordinance. This building subsantially conforms to the provisions of the Town Codes and the NYS Fire Prevention and Building Codes. BLOCK: 411 A/ LOT: 169 Director of Bun ding Building #3 CERTIFICATE OF OCCUPANCY BUILDING DEPARTMENT TOWN OF MAMARONECK, NEW YORK (Unincorporated Areas) Date: November 23, 2004 This is to certify Town of Mamaroneck Housing Authority (owner of-agent) of the premises hereinafter described has complied with all the provisions of the Zoning Ordinance and Building Code of the Town of Mamaroneck and is hereby permitted to use the structure located on the south side of 50, 52, 54, 56, 58 & 60 Hommocks Road. 0 feet distant from the corner formed by the intersection of Boston Post Road and Hommocks Road for use as a multi-family building of 6 dwelling units and 6 one-car attached garages. Pursuant to a Variance granted 9/23/92 with conditions as listed in Resolution dated 9/23/92. This building is constructed in accordance with the plans filed under PERMIT# 12195 and there are no violations of the zoning ordinance. This building subsantially conforms to the provisions of the Town Codes and the NYS Fire Prevention and Building Codes. BLOCK: 411 / LOT: 169 Director of Building Building #4 CERTIFICATE OF OCCUPANCY BUILDING DEPARTMENT TOWN OF MAMARONECK, NEW YORK (Unincorporated Areas) Date: November 23, 2004 This is to certify Town of Mamaroneck Housing Authority (owner or agent) of the premises hereinafter described has complied with all the provisions of the Zoning Ordinance and Building Code of the Town of Mamaroneck and is hereby permitted to use the structure located on the south side of 100, 102, 104, 106, 108, 110, 112, 114& 116 Hommocks Road. 0 feet distant from the corner formed by the intersection of Boston Post Road and Hommocks Road for use as a multi-family building of 9 dwelling units and 9 one-car attached garages. Pursuant to a Variance granted 9/23/92 with conditions as listed in Resolution dated 9/23/92. This building is constructed in accordance with the plans filed under PERMIT# 12195 and there are no violations of the zoning ordinance. This building subsantially conforms to the provisions of the Town Codes and the NYS Fire Prevention and Building Codes. BLOCK: 411 l LOT: 169 Director of Building Building #5 CERTIFICATE OF OCCUPANCY BUILDING DEPARTMENT TOWN OF MAMARONECK, NEW YORK (Unincorporated Areas) Date: November 23, 2004 This is to certify Town of Mamaroneck Housing Authority (owner or agent) of the premises hereinafter described has complied with all the provisions of the Zoning Ordinance and Building Code of the Town of Mamaroneck and is hereby permitted to use the structure located on the south side of 88, 90, 92, 94, 96 & 98 Hommocks Road. 0 feet distant from the corner formed by the intersection of Boston Post Road and Hommocks Road for use as a multi-family building of 6 dwelling units and 6 one-car attached garages. Pursuant to a Variance granted 9/23/92 with conditions as listed in Resolution dated 9/23/92. This building is constructed in accordance with the plans filed under PERMIT# 12195 and there are no violations of the zoning ordinance. This building subsantially conforms to the provisions of the Town Codes and the NYS Fire Prevention and Building Codes. BLOCK: 411 /®/� 41— LOT: 169 Director of Building Building #6 CERTIFICATE OF OCCUPANCY BUILDING DEPARTMENT TOWN OF MAMARONECK, NEW YORK (Unincorporated Areas) Date: November 23, 2004 This is to certify Town of Mamaroneck Housing Authority (owner or agent) of the premises hereinafter described has complied with all the provisions of the Zoning Ordinance and Building Code of the Town of Mamaroneck and is hereby permitted to use the structure located on the south side of 70, 72, 74, 76, 78, 80, 82, 84 & 86 Hommocks Road. 0 feet distant from the corner formed by the intersection of Boston Post Road and Hommocks Road for use as a multi-family building of 9 dwelling units and 9 one-car attached garages. Pursuant to a Variance granted 9/23/92 with conditions as listed in Resolution dated 9/23/92. This building is constructed in accordance with the plans filed under PERMIT# 12195 and there are no violations of the zoning ordinance. This building subsantially conforms to the provisions of the Town Codes and the NYS Fire Prevention and Building Codes. BLOCK: 411 • LOT: 169 Director of Building Building #7