LAW OFFICES OF DEUTSCH & SCHNEIDER

CO-OP FORECLOSURE TIMETABLE

The following timetable is representative of the average processing time for the handling of a Cooperative Apartment Foreclosure.

It must be understood that delays can be encountered even in an uncontested foreclosure. Of course, the timetable could not reflect delays caused by the filing of a Bankruptcy or due to the Foreclosure being contested.

UNCONTESTED COOPERATIVE FORECLOSURES

FLOW CHART

(A)

Day 1: Order Uniform Commercial Code search, open file, review instructions; enter into computer and give file number.

Day 25: Review search. Prepare and serve Notice of Foreclosure by regular and certified mail to all interested parties. Said Notice gives thirty (30) days to satisfy the loan.

Day 60: Arrange a sale date with advertising agency and auctioneer. Prepare and serve Notice of Sale by regular and certified mail to all interested parties. Advise mortgage company of sale date and request bid amount. The sale is published three (3) times, once each week in a local paper.

Day 90: Hold sale. If no third party purchasers, follow additional instructions given by mortgage company.

AFTER SALE, IF EVICTION IS REQUIRED

Day 95: Ascertain occupancy status of cooperative apartment.

Prepare and serve Ten (10) Day Notice to Quit Apartment.

Day 120: Assuming apartment still occupied, prepare and serve Petition for Eviction with designated Court date.

Day 135: Obtain Order of Possession and Warrant of Eviction from Court.

Day 150: Deliver Warrant to Sheriff/Marshall for Evictions.

Day 180: Eviction complete.

(B)

Original Security Agreement, Recognition Agreement, Proprietary Lease, Assignment of Proprietary Lease, Stock Certificate, UCC-1 Financing Statements, Co-op Note Loan, Application, information as to monthly maintenance, square footage, number of bedrooms and managing agent, if known, are required at the commencement of the action.