CENTENNIAL TOWNHOMES SPECIAL BOARD MEETING April 9, 2005 Another special meeting was held today at the townhome of Elizabeth and Dick Lansford at Centennial at 3PM. Board members in attendance were Elizabeth Lansford, Cici Smith, Otto Vydra and Kyle Ruhter. Also attending were Neale Miller and Ned from our new management company, Americana. Mike Neff, insurance agent from American Family also joined us for the insurance portion of the meeting. And Joe, the head maintenance man for Americana joined us at the end of the meeting. The purpose of this meeting was threefold: amend and approve and sign the new management contract; finalize and sign the application for the association homeowners insurance policy and thirdly, to discuss how the bank accounts, checks, etc. will transfer from ResortQuest. Neale assured us that the bank account transfer would be easy and automatic and she would meet with ResortQuest on Monday April 11 th. We approved a monthly management fee of $645 instead of $630 so we could have an additional security check (walk-through) of our units in summer months. We agree that unoccupied units will be checked weekly from November 1 to April 30 and twice a month from May 1 to October 31. We asked Joe to go ahead and get bids for aeration. We authorized a Weed „n Feed for the lawn, which Joe will do as soon as he gets the sprinkler system up and running. He will find Bernie (our former maintenance man) to familiarize him with the sprinkler system. We emphasized to him that we do NOT want the property to look shabby or run down. We are pleased that we now have a 60-day termination clause (except for just cause) so in the future we will have more lead time to structure a new management contract. Neale will redo the contract and get it to Liz Lansford for signature on Monday April 11, 2005. We had a lively and very informative meeting with Mike Neff regarding our property insurance. Mike confirmed that our Association‟s Declaration defines a “Unit” as “air space between walls, together with all fixtures and improvements therein contained, not including personal property.” Mike explained that appliances are literally moveable so they are considered personal property; therefore each individual homeowner‟s HO6 policy should cover appliances. He also confirmed that the individual homeowner is responsible for contents, furnishings, carpeting as well as appliances. We discussed the actual cost of rebuilding our units and all agreed that the past insured amount under our Farmers policy is not enough because it would cost more than $126/sq. foot to rebuild. We all agreed to insure the Centennial property for $4.5 million which would be about $175/sq. ft. to rebuild. After a discussion of $1,000 vs. $5,000 deductible, we agreed to take Mike‟s recommendation and go with $5,000 deductible. Americana will request each homeowner to get a certificate of insurance to keep on file. Liz will write a letter to each homeowner announcing the change in management companies as well as the change in Centennial‟s insurance. Mike Neff will write a letter to each homeowner introducing himself and American Family and requesting mortgage lender information from each homeowner. Otto shared the information from ResortQuest regarding the bids for the cement pad for Unit B.
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