Section 1.                Selling and Leasing.  Except as provided in Section 10 of this Article VI no Residential Unit Owner may sell or lease his or her Residential Unit or Storage Unit without complying with the following provisions (the “Right of First Refusal Provisions”):

Any such Residential Unit Owner who receives a bona fide offer to (a) purchase his or her Unit covered by the provisions of this Section 5 ("Offeree Unit") together with its Appurtenant Interest or (b) lease his or her Offeree Unit (such offer to purchase or lease an Offeree Unit, as the case may be, is called an "Offer", the party making any such Offer is called an "Offeror" and the owner of the Offeree Unit to whom the Offer is made is called an "Offeree"), which he intends to accept shall give notice by certified or registered mail to the Condominium Board of the receipt of such Offer.  Said notice shall also state the name and address of the Offeror, the terms of the proposed transaction (including, but not limited to, the intend­ed closing date in the event of a purchase or the intended occupancy date in the event of a lease) and such other information as the Condominium Board may reasonably require.  The giving of such notice to the Condominium Board shall constitute an offer by such Unit Owner to sell (or lease, as the case may be) his or her Offeree Unit to the Condominium Board, or its designee, on behalf of all other Unit Owners, upon the same terms and conditions as contained in such Offer and shall also constitute a representation and warranty by the Offeree who has received such Offer, to the Condominium Board on behalf of all Unit Owners, that such Offer­ee believes the Offer to be bona fide in all respects.  The Offeree shall submit in writing such further infor­mation with respect thereto as the Condominium Board may reasonably request.  Not later than fifteen (15) days after receipt of such notice together with such further information as may have been requested, the Condominium Board may elect, by sending written notice to such Offeree before the expiration of said fifteen (15)  day period, by certified or regis­tered mail, to purchase such Offeree Unit together with its Appurtenant Interest or to lease such Offeree Unit, as the case may be (or to cause the same to be pur­chased or leased by its designee), on behalf of all Unit Owners, upon the same terms and conditions as con­tained in the Offer and as stated in the notice from the Offeree.

If the Condominium Board shall timely elect to purchase such Offeree Unit together with its Appurtenant Interest or to lease such Offeree Unit, or to cause the same to be purchased or leased by its designee, title shall close or a lease shall be executed at the office of the attorneys for the Condominium Board, in accordance with the terms of the Offer, within forty‑five (45) days after the giving of notice by the Condominium Board of its election to accept the aforesaid Offer, and the Condominium Board shall then be required to perform or cause to be performed all of the terms of the Offer (except as otherwise expressly set forth in this Article VI) including, but not limit­ed to, payment of a Down Payment or advance rentals and security deposits, or closing of title or acceptance of occupancy, as the case may be and such closing of title or the commencement of the term of the lease shall be on the date set forth in the notice to the Condominium Board referred to in this Section 5 of Article VI as the intended closing date or commencement date, as the case may be.  If pursuant to such Offer, the Offeror was to assume, or take title to the Offeree Unit sub­ject to, the Offeree's existing mortgage or mortgages, the Condominium Board may purchase the Offeree Unit and assume, or take title to the Offeree Unit subject to, said existing mortgage or mortgages, as the case may be.  At the closing, the Offeree, if such Offeree Unit together with its Appurtenant Interest is to be sold, shall convey the same to the Condominium Board or its designee, corporate or otherwise, on behalf of all other Unit Owners, by deed in the form required by Section 339‑0 of the Real Property Law of the State of New York with all tax and/or documentary stamps affixed at the expense of such Offeree, who shall also pay all other taxes arising out of such sale.  Real estate taxes (including water charges and sewer rents if separately assessed), mortgage interest, if any, and Common Charges shall be apportioned between the Offeree and the Condominium Board, or its designee, corporate or otherwise, as of the closing date.  In the event such Offeree Unit is to be leased, the Offeree shall execute and deliver to the Condominium Board, or its designee, a lease between the Offeree, as landlord, and the Condominium Board, or its designee, as tenant, cov­ering such Offeree Unit, for the rental and term con­tained in such Offer.

If the Condominium Board, or its designee shall fail to accept such Offer within fifteen (15) days after receipt of notice, as afore­said, the Offeree shall have an additional ninety (90) days (immediately following such fifteen 15 day period) to accept the Offer by executing and delivering a con­tract or lease, as the case may be.  If the Offeree shall not, within such ninety (90) day period, accept in writing the Offer or if the Offeree shall accept the Offer within such ninety (90) day period but such sale or lease, as the case may be, shall not be consummated on or before the intended closing date or commencement date of the term of the lease, as the case may be, which is set forth in the notice to the Condominium Board referred to in this Section 5 of Article VI, then, should such Offeree thereafter elect to sell or lease such Offeree Unit, as the case may be, the Offeree shall be required to com­ply again with all the terms and provisions of this Section.

Any deed to an Offeror shall be deemed to pro­vide that the acceptance thereof by the grantee shall constitute an assumption of the provisions of the Dec­laration, these By‑Laws and the Rules and Regulations, as the same may be amended from time to time.

Any lease executed in connection with the ac­ceptance by an Offeree of any Offer to lease an Offeree Unit shall be consistent with these By‑Laws and shall provide that it may not be modified, amended, extended or assigned without the prior consent in writing of the Condominium Board, that the tenant shall not assign his or her interest in such lease or sublet the demised premises or any part thereof without the prior consent in writ­ing of the Condominium Board and that the Condominium Board shall have power to terminate such lease and/or to bring summary proceedings to evict the tenant in the name of the landlord thereunder, in the event of (i) a default by tenant in the performance of its obligations under such lease or (ii) a foreclosure of the lien granted by Section 339‑z of the Real Property Law of the State of New York.

Any lease executed by the Condominium Board as tenant shall provide that the Condominium Board may enter into a sublease of the premises without the con­sent of the landlord.

Any purported sale or lease of an Offeree Unit in violation of this Section 5 of Article VI shall be voidable at the election of the Condominium Board and if the Condominium Board shall so elect, the Offeree shall be deemed to have authorized and empowered the Condominium Board to institute legal proceedings to evict the purported tenant (in case of an unauthorized leasing), in the name of the said Offeree as the pur­ported landlord.  Said Offeree shall reimburse the Condominium Board for all expenses (including, without limitation, attorneys' fees and disbursements) incurred in connection with such proceedings.

Without limiting, the Condominium Board's right to lease a Unit from a Unit Owner in accordance with the above Right of First Refusal Provisions, any lease offered to the Condominium Board pursuant to such provisions shall comply with the Minimum Lease Term Requirement (as defined below).

Section 6.                One Year Minimum Lease Term For Residential Units  

Unless approved by the Condominium Board in its sole discretion, no Residential Unit Owner, other than Unsold Residential Unit Owners (including Sponsor or its designee), may enter into a lease for a Residential Unit or any other agreement or arrangement (involving the payment of money or other consideration) for the occupancy or permitting the occupancy of a Residential Unit, in each case, for a term or period of less than one (1) year, not including any renewal terms or renewal periods that may be provided for.   The foregoing one year requirement is referred to herein as the “Minimum Lease Term Requirement.”  Unsold Residential Unit Owners (including Sponsor) shall endeavor not to offer leases for a term of less than one (1) year.  This will not, however, limit the Unsold Residential Unit Owners (including Sponsor) from entering into lease terms of less than one (1) year.