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common areas, structure, shell, systems, equipments, fixtures and finishes of the Building,including unit(s) adjacent to the Unit ) caused by or resulting from the Work, regardless ofwhen such damage or adverse effect becomes apparent. If any such damage or adverse effectshall occur or arise, the Condominium shall (a) require the Unit Owner, at its expense,promptly to repair the damage or remedy the condition giving rise to such adverse effectand/or (b) repair such damage or remedy such condition at the Unit Owner’s expense.Without limiting the generality of the foregoing, the Unit Owner specifically acknowledgesthat this section 7 shall be applicable to any damage to the carpeting, wall coverings,furniture and fixtures or other finishes in the common area hallways, lobbies, elevators andother common areas (including without limitation, the cost of cleaning, shampooing, paintingor repairing the same if soiled or otherwise damaged).If the Condominium or the Managing Agent advises the Unit Owner of any damage which,in the Condominium’s or Managing Agent’s opinion, was caused by the Work, the UnitOwner shall promptly reimburse the Condominium for the cost of repairing or replacing thedamaged property. The Unit Owner may submit a claim to the Unit Owner’s insurancecarrier and obligate the Unit Owner’s contractor or sub-contractor to submit a claim to itsinsurance carrier. The provisions of this paragraph shall not limit or delay the Unit Ownersliability under this Section 7.8. Indemnification by Unit Owner. The Unit Owner agrees to indemnify and hold harmlessthe Condominium, the Condominium Board and its officers and managers, the Sponsor, theEngaged Professionals, the Managing Agent and the other Unit Owners and residents of theBuilding (the “Indemnified Persons”) against any loss, cost, claim damage (includingdamage to persons or property) or expense arising out of or related to the Work or any act oromission of the Unit Owner or any of its contractors, subcontractors, architects, engineers orconsultants, including reasonably attorney fees and disbursements incurred by any of theIndemnified Persons in the defense of ant such claim or any suit, action or proceeding basedthereon.9. Unit Owner to bear All Costs Associated with Work. The Unit Ownershall beresponsible for all cost incurred by the Unit Owner or the Condominium in connection withthe Work, the Approved Plans or this Agreement, including the fees and disbursements ofany attorney, architect engineer or consultant retained by the Condominium in connectionwith the review, approval and supervision of the Work, the Approved Plans or thisAgreement. Such costs, fees and disbursements incurred by the Condominium shall becharged to the Unit Owner as additional common charges. Unit Owners failure to pay theadditional common charges shall constitute a default in the payment of common charges asset forth in the Condominium Declaration and the By-laws. Without limiting the generalityof the foregoing, the Unit Owner specifically agrees to reimburse the Condominium for allcharges and expenses of the Engaged Professionals for the review of the Approved Plans,including plans, drawings and specifications submitted by the Unit Owner, for inspection ofthe Work or otherwise related to the Work or this Agreement.10. Additional Requirements.

a.) No Change in Building Heating or Air-Conditioning. The Unit Owner acknowledgesand agrees that Unit Owner will not change the operation of the Building’s heatingsystem or air-conditioning system to facilitate the functioning of any heating or airconditioning units which the Unit Owner may be installing.b.) Prohibited Construction Methods. The Unit Owner shall not interfere with theBuilding’s intercom, gas, electric, heating, air-conditioning or water and plumbingsystem or any other Building system or service. The Unit Owner shall not penetrate anyexterior Building wall or change or modify the windows installed in the Unit unlessexpressly agreed to in writing by the Condominium Board.c.) Accessibility of Valves. The Unit Owner shall insure that all water, steam, gas andother valves remain accessible during the performance of and after the completion of theWork. If any valve is enclosed in violation of this Agreement, then the Condominiumshall require Unit Owner, at its expense, promptly to remove such enclosure at the UnitOwner’s expense.d.) Use of Public and Common Areas During Work. The Unit Owner shall not allow thepublic hallways, sidewalks, courtyards, basements and other common or public areas tobe used for the storage of building materials, equipment, supplies or debris. The UnitOwner shall cause its contractor and sub-contractors to cover with construction paperthe floor of any common area to be used in connection with the Work and shall alsocause its contractor and sub-contractors to take all precautions necessary to preventdamage to the carpeting, wall coverings, furnishings and other finishes in the Building’sservice entrance, public hallways, elevators and other common areas.e.) Unit Owner to Maintain Certain Safety Precautions. The Unit Owner shall maintainfunctioning fire extinguishers and smoke alarms in the Unit throughout the Work. UnitOwner shall insure that the Work does not block access to any fire exits and fire escapesin the Building. Unit Owner shall install smoke detectors within 15 feet of everysleeping area on the ceiling or wall pursuant to Local Law 62 of 1981 of the City ofNew York, and if a child 10 years old or under lives in the Unit, Unit Owner shall installwindow guards pursuant To Section 131.15 of The New York City Health code.f.) Unit Owner to Control Refuse, Dirt, Dust. Unit Owner shall take all precautions toprevent dirt and dust from permeating other parts of the Building during the progress ofthe Work, and shall place all materials and rubbish in covered barrels or trash bagsbefore removing the same from the Unit. All such barrels and bags and all rubbish,rubble, discarded equipment, empty packing cartons and other materials shall beremoved from the Unit and taken out of the Building at Unit Owner’s expense. UnitOwner recognizes that only the service elevator and the 9th Street service entrancethrough the basement may be used for such removal and only at such times as theResident Manager of the Condominium may direct. Unit Owner shall not permit anydumpster or garbage container to be left overnight in front of the Building or along 9thStreet.g.) Installations by Unit Owner. Unit Owner agrees that any air conditioning units,terrace planting and/or structures, wherever located in the Building, may be removed by

the Condominium for the purpose of repairs, upkeep or maintenance of the Building, atthe sole cost and expense of the Unit Owner.11.Unit Owner to comply with Laws. The Unit Owner shall not do or permit any act orthing to be done contrary to law, or which will invalidate or be in conflict with anyprovision of any liability, casualty or other insurance policies carried by the Unit Owner’sbenefit. The Unit Owner shall comply with all federal, state, and local laws, rules andregulations pertaining to the Work, including any such laws, rules and regulationspertaining to lead-based paint, asbestos and other hazardous material.12.Maintenance and Repair of the Work. Not withstanding anything to the contrarycontained in the Condominium Declaration and the By-Laws, the Unit Owner shall beresponsible for the maintenance, repair and replacement of the Work and any portions ofthe Unit affected by the Work, and for all costs incurred by the Condominium or the UnitOwner in connection therewith. Furthermore, the Unit Owner releases the Condominium,the Sponsor, the Managing Agent, the Condominium Board’s agents and employees fromany liability for damage to the Work or any portion of the Unit affected by the Workhowever arising.13.Unit Owners Security Deposit; Additional Common Charges. As security for thefaithful performance and observance by the Unit Owner of the terms and conditions ofthis Agreement, the Unit Owner has deposited the sum indicated in Section 1(b) with theCondominium. The Unit Owner agrees that the Condominium may use, apply or retainthe whole or any part of the security so deposited and the interest earned thereon, if any, toextent required for the payment of any sums due to the Condominium under thisAgreement. If the deposit is diminished by one-half of the original amount, the UnitOwner shall replenish it to the full amount within three (3) days after written demand. TheUnit Owner’s failure to so replenish the security deposit shall be a material breach of thisAgreement and shall entitle the Condominium to stop the Work, and/or exercise anyremedies it has hereunder and under the By-laws. If the Unit Owner shall comply with allof the terms and conditions of this Agreement, the security deposit and interest remainingbalance thereof, if any, shall be returned to the Unit Owner after completion of the Work.The Condominium release of the security deposit shall not constitute acceptance of theWork by the Condominium or a waiver of any of the Condominium’s right under thisAgreement and under the By-laws. Any sums due to the Condominium under thisAgreement and not recovered by application of the security deposit shall be chargeable asadditional common charges.14.Assumption by Purchaser. The Unit Owner (a) shall advise the person or persons towhom it transfers the Unit (“Purchaser”) of the Work undertaken by the Unit Ownerpursuant to this Agreement; (b) shall provide copies of the Approved Plans and thisAgreement to the Purchaser; and (c) shall cause the Purchaser to execute and deliver to theCondominium an agreement substantially in the form of Exhibit B hereto pursuant towhich the Purchaser shall assume all of the obligations of the Unit Owner under thisAgreement, including the obligations under this section 14 with respect to any transfer ofthe Unit by the Purchaser.

The Unit Owner hereby waives any claim against the Condominium on account of (a) theCondominium advising a potential Purchaser of the provisions of this Agreement,including this Section 14, and/or (b) refusing to accept a sales package with respect to itswaiver of its right of first refusal unless and until such potential Purchaser shall executeand deliver to the Condominium an agreement in the form of Exhibit B hereto.15.Miscellaneous. This Agreement represents the only agreement between the Condominiumand the Unit Owner relative to the subject matter hereto. This Agreement may not bechanged orally. This Agreement shall be binding on legal representatives, successors andauthorized assigns. Captions are for the purposes of convenience of reference only and arenot to be considered in interpreting this Agreement. THE CONDOMINIUM AND UNITOWNER WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING UNDERTHIS AGREEMENT.16.Unit Owner’s Breach and Condominium Board’s Remedies. Any breach by the UnitOwner of any of the Provisions of this Agreement shall constitute a breach of theCondominium Declaration and By-Laws and shall entitle the Condominium to exercise allof the rights and remedies therein provided. In addition, the Condominium shall also havethe right (a) to suspend the Work and prevent workers from entering the Unit for anypurpose other than to remove their tools, and/or (b) to revoke its consent to the Work,and/or (c) to exercise any of the rights and remedies provided for herein. The remediesprovided for herein and in the Condominium Declaration and By-Laws shall not beexclusive and the Condominium shall also be entitled to exercise any of the remediesprovided by applicable law.IN WITNESS THEREOF, Unit Owner and the Condominium have executed thisAgreement.THE BOARD OF MANAGERSOF 25 FIFTH AVENUE CONDOMINIUMBy:Name:Title:UNIT NUMBERUNIT OWNER:

EXHIBIT AINSURANCE REQUIRMENTSEach of Unit Owner’s contractors and sub-contractors shall provide insurance of the types and in notless than the limits set forth below with a company or companies satisfactory to the Condominium,licensed to do business in the State of New York. It is the obligation of the Unit Owner to obtain andfurnish the certificates of insurance to the Managing Agent and the Resident Manager prior to thecommencement of the Work stating that the insurance coverage is in full force and effect and thatthe premiums for such insurance have been paid. Such insurance certificates shall state that in theevent of cancellation or a material change to the insurance coverage, written notification shall begiven to the Managing Agent at least 30 days in advance of any such cancellation or change. Thecontractor shall promptly furnish the Managing Agent with copies of any endorsements subsequentlyissued amending insurance coverage or limits.All such insurance policies shall name the following as Additional Insured under each policy:1.2.3.4.5.25 Fifth Avenue CondominiumThe Lovett Company, LLC25 Fifth Ave. Holdings, LLCClassic Realty LLC and Classic Marketing, LLCEngaged Professional (to be determined)INSURANCE REQUIRMENTSContractor and each Sub-Contractor agrees to maintain in full force and effect:1. Worker’s Compensation Insurance providing statutory coverage and employers liabilityinsurance with minimum limits of 500,000 each accident, bodily injury by accident; 500,000each employee, bodily injury by disease.2. General Liability Insurance including Contractor’s Liability and Personal Injury Coverage withthe following minimum limits of liability: 1,000,000 each occurrence; 1,000,000 personal andinjury; 2,000,000 products/completed operations; 2,000,000 general policy aggregate.3. Automobile liability insurance for all owned, leased, non-owned and hired vehicles in theminimum limit of 1,000,000 each accident, combined single limit for bodily injury and propertydamage. The policy shall also include auto contractual liability coverage.4. Excess Umbrella Liability Insurance providing following form coverage over the underlyinggeneral liability policy, automobile liability and employers liability insurance policies, in theminimum aggregate limit of 5,000,000.

In the event of the failure of the Unit Owner or its contractor or sub-contractors to furnish andmaintain such insurance, the Condominium shall have the right, at its option, at any time:(a)to revoke permission to perform the Work and to deny entry into the Building of allworker’s, except that if such workers are escorted by a member of all the building’s staff,they shall be permitted to remove their tools and supplies, or(b)to take out and maintain the said insurance for and in the name of the Condominium, theContractor, or the Unit Owner and, in such a case, the Unit Owner agrees to pay the costthereof and to furnish all information and consents necessary to permit the Condominiumto take out and maintain such insurance for and in the name of the Condominium, theContractor or the Unit Owner.Compliance with the foregoing requirements to carry insurance and furnish certificates shallnot relieve the Unit Owner from liability assumed under any provisions of this Agreement.The Contractor’s insurance policy shall also contain in substance the following endorsement:This insurance shall not be invalidated should the insured waive, in writing, prior to a loss, any or allright of recovery against any party for the loss occurring to the property described herein.Nothing in this Exhibit A shall constitute a waiver of or limitation of any other rights or remedies theCondominium may have for consequential damages or otherwise.

EXHIBIT BASSUMPTION OF ALTERATION AGREEMENTWHEREAS, simultaneously with its execution and delivery of this Assumption of Alteration Agreementthe undersigned is acquiring Unit in the Building known as 25 Fifth Avenue Condominium andlocated at 25 Fifth Avenue, New York, NY 10003 from who is thecurrent Unit Owner of the Unit (the “Current Unit Owner”), andWHEREAS, as the Current Unit Owner and the Condominium entered into an Alteration Agreementdated , (“Alteration Agreement”), a copy of which is attached hereto,WHEREAS, the Alteration Agreement (1) provides that any person acquiring the Unit shall assume theobligations of the Unit Owner under the Agreement and (2) authorizes the Condominium not to acceptthe sales package in connection with its waiver of its right of first refusal unless and until such personassumes the obligations of the Current Unit Owner under the AgreementNOW, THEREFORE, in order to induce the Condominium to accept the sales package and waive itsright of first refusal, the undersigned hereby ASSUMES AND AGREES TO PERFORM ANDOBSERVE all terms, covenants and conditions of the Alteration Agreement to be performed orobserved by the Unit Owner there under (including the provisions of section 14 thereof pertain to futuretransfers).Henceforth, the term “Unit Owner” as used in the Alterations Agreement shall include the undersigned.Any breach of this Assumption of Alterations Agreement or of the Alterations Agreement shallconstitute a breach of the Condominium Declaration and By-Laws of the Condominium. ThisAssumption of Alteration Agreement shall be binding on the undersigned and [her][his] estate, heirs,executors, administrators, personal representatives, successors and assigns.New York, N.Y.Date: .,,State of New York}} ss.:County of New York}On this day of , , before me personally came, to me known and known to me to be the individual described in and whoexecuted the foregoing instrument, and duly acknowledged to me that [she][he] executed the same.Notary Public

CONTRACTORS INSURANCE REQUIREMENTSContractor and its subcontractors shall not commence work until it has obtained all insurancereferred to herein and provided proof as set forth and has been approved by 25 Fifth AvenueCondominium (hereinafter referred to as "Owner").Contractor and its subcontractors shall secure, pay for and maintain the following insurance policies infull force and effect during the term of the agreement:(1)Property Insurance upon all tools, material and equipment (owned, borrowed or leasedby the contractor or their employees) to the full replacement value thereof during the fullte

b.) A check in the sum of 5,000 payable to the 25 Fifth Avenue Condominium for the alteration security deposit required to be posted by the Unit Owner as provided for in Section 13 of this Agreement. The amount of the alteration security deposit may be increased at the discret