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                                  RESALE CERTIFICATE

The Council of Unit Owners
Condominium Project:           Olympic Condominium Association

Condominium Unit No.:          10

Address of Unit:               13 40th Street
                               Ocean City, MD 21842

Present Owners:                Beach Getaways MGT LLC
                               405 Philadelphia Ave
                               Ocean City, MD 21842

Section 11-135 (c) of the Real Property Article of the Annotated Code of Maryland requires that
effective July 1, 1981, the Council of Unit Owners must provide the following information
within twenty (20) days after receipt of a request by the unit owner. The undersigned present
owner(s) of the above described unit request that you provide this information. The fee, if any, is
enclosed herewith. If you have your own form for this certificate which complies with the
statute, then please provide that certificate in lieu of completing this form.


                                                     Owner / Seller


                                                     Owner / Seller

Pursuant to Section 11-135 (a) and (b) of the Real Property Article of the Annotated Code of
Maryland, the following Certificate is provided for the benefit of the above-described unit
owner(s) and any purchaser(s) thereof, and reflects herein stated information as of the date
indicated below:

1. The effect on the proposed conveyance of any right of first refusal or other restraint on the
free alienability of the unit is:
                                  N/A

( Black’s Law Dictionary defines “alienation” as transfer of property from one person to another)

2.   (a) The amount of the quarterly common expense assessment is:

$270.00 per Quarter

    (b) The amount of any unpaid common expense or special assessment currently due and
payable from the selling unit owner is: Currently paid through 9/30/2011
3.   The amount of any other fees payable by the unit owners to the council of unit owners is:

                None

4. Capital expenditures proposed by the Council of Unit Owners planned at the time of
conveyance (estimated to be six(6) months from date hereof) are:
              None


5.
       (a) The amount of any reserves for capital expenditures is:    $ 12,580.57


       (b) The amount of any portions of the said reserves designated by the Council of Unit
           Owners for any specific Projects is: None




6. Attached hereto is a copy of the most recent regularly prepared balance sheet and income
and expense statement of the condominium. (Check here if no such document exists.)


7.   Attached hereto is a copy of the current operating budget of the condominium.

8.   (a) The following judgements against the condominium remain unpaid and unsatisfied:
                                    N/A


     (b) The status of any pending suits to which the Council of Unit Owners is a party is:
                                    N/A


9. The following is a description of any insurance coverage provided fro the benefit of unit
owners: Please contact the Agencies for Insurance Coverage Information. All flood policies
through Atlantic/ Smith, Cropper & Deeley, LLC – 7171 Bent Pine Road – P.O. Box 770 -
Willards, MD 21874 – 410-835-2000         All other policies are through Avery Hall Insurance -
PO Box 2317 – Salisbury, MD 21842 - 410-742-5111

10. The Council of Unit Owners’ Board has no knowledge that any alteration or improvement
to the above-described unit or the limited common elements assigned thereto violates any
provision of the Declaration/ Master Deed, By Laws, or Rules and Regulations, except for:
                                N/A
11. The Council of Unit Owners’ Board has no knowledge of any violation of the health or
building codes with respect to the above-described unit, the limited common elements assigned
thereto or any other portion of the condominium, except for:
                                 N/A




12. The remaining term of any leasehold estate affecting the condominium and the provisions
governing any extension or renewal thereof are:
                              N/A



Check here if no such leasehold estate exists.   X

(Black’s Law Dictionary defines “Leasehold” as an estate (interest) in the realty held under a
lease. The existence of a ground rent on the land would usually indicate that the land is a
leasehold.)

                                                 The Council of Unit Owners of:
                                                 Harbour Bay                      Condominium




August 15, 2011                          By:
Date                                                                          (Individual’s Name)
                                                 Roy Frick
                                                 Financial Management Agent
                                                 Fairway Services Limited
                                                 9927 Stephen Decatur Highway, Suite G13
                                                 Ocean City, MD 21842
                                                 (410) 289-7757
OLYMPIC CONDOMINIUM ASSOCIATION

    FINANCIAL STATEMENTS
             AND
ACCOUNTANTS COMPILATION REPORT

       DECEMBER 31, 2010




    FAIRWAY SERVICES LIMITED
        Ocean City, Maryland
           Fairway Services Limited
           Service Bureau Payroll Services                             9927 Stephen Decatur Highway
           Condominium Financial Management                                  Teal Marsh – Suite G-13
                                                                          Ocean City, Maryland 21842
                                                                                               --------
                                                                               Phone (410) 289-7757
                                                                                 FAX (410) 289-0207
                                                                              E-mail rf1810@aol.com
Olympic Condominium Association
Ocean City, Maryland

To the Members:

We have compiled the accompanying statement of assets, liabilities, and equity - tax basis of
Olympic Condominium Association as of December 31, 2010 and the related statement of
revenues and expenses - tax basis, for the year than ended, in accordance with Statements
on Standards for Compilation and Review Services issued by the American Institute of
Certified Public Accountants.

A compilation is limited to presenting in the form of financial statements, information that is
the representation of management. We have not audited or reviewed the accompanying
financial statements and, accordingly, do not express an opinion or any form of assurance on
them.

Management has elected to omit substantially all of the disclosures ordinarily included in
financial statements prepared on the income tax basis of accounting. If the omitted
disclosures were included in the financial statements, they might influence the user’s
conclusions about the Association’s assets, liabilities, equity, revenues and expenses.
Accordingly, these financial statements are not designated for those who are not informed
about such matters.

Olympic Condominium Association is in the business of managing the common elements of
the homeowners association.

We are not licensed to perform an audit and have not audit the accompanying financial
statements.

We are not independent in regards to Olympic Condominium Association.

FAIRWAY SERVICES LIMITED


By_____________________________________
 Roy Frick, EA, ABA, ATA, LPA-(DE)


Ocean City, Maryland
January 20, 2011




                  MEMBER: Delmarva Condominium Managers Association
                         OLYMPIC CONDOMINIUM ASSOCIATION
                     Statement of Assets, Liabilities & Equity - Tax Basis
                                 As of December 31, 2010


                                                                      Operating         Reserve
                                   ASSETS
Current Assets
   1002 - Bank of Ocean City Checking                                        8,798.56
   1003 - Bank of Ocean City Operating Reserve                                   0.00
   1004 - Bank of Ocean City Future Improvements Reserve                                12,580.57
   1100 - Condominium Fees Receivable                                        2,267.50
   1300 · Prepaid Insurance                                                  5,200.89
   Due From Operating                                                                    6,264.64

TOTAL ASSETS                                                            16,266.95       18,845.21

                           LIABILITIES AND EQUITY
Current Liabilities
   2000 · Accounts Payable                                                     592.45
   2010 - Prepaid Condominium Fees                                             325.00
   Due to Reserve                                                            6,264.64
Total Liabilities                                                            7,182.09        0.00

Equity
   3900 · Retained Earnings                                                  9,084.86
   3910 Funture Improvement Reserve                                                     18,845.21
Total Equity                                                                 9,084.86   18,845.21

TOTAL LIABILITIES & EQUITY                                              16,266.95       18,845.21




                            See Accountants Compilation Report
                       OLYMPIC CONDOMINIUM ASSOCIATION
                    Statement of Revenues and Expenses - Tax Basis
                         For The Year Ended December 31, 2010


                                                Total          Operating     Reserve
Income
    4000 · Condominium Fees                   20,000.00        20,000.00
    4010 - Late Fees and Interest                315.00           315.00
    4100 · Interest Income                        82.31                         82.31
Total Income                                  20,397.31        20,315.00        82.31
Expense
    6010 · Utilities - Water & Sewer           1,414.75         1,414.75
    6040 - Building R & M                        901.55           901.55
    6061 - Bulk Trash Pick Up                     20.00            20.00
    6130 - Landscaping R & M                     328.69           328.69
    6160 - Plumbing R & M                        174.70           174.70
    6180 - Sign R & M                             70.00            70.00
    6211 · Insurance - Property                7,864.35         7,864.35
    6212 - Liability                             203.87           203.87
    6213 - Directors and Officers                257.31           257.31
    6214 - Crime                                 142.88           142.88
    6241 - Payment Charges                        33.44            33.44
    6280 · Accounting & Tax Service              525.00           525.00
    6300 - Meeting Expense                       125.00           125.00
    6305 - Donations                             100.00           100.00
    6325 · Financial Management Service        1,800.00         1,800.00
    6350 · Office Expense                         88.82            88.82
Total Operating Expense                       14,050.36        14,050.36          0.00
Net Income                                      6,346.95        6,264.64        82.31
Allocation To Reserve                                           (6,264.64)    6,264.64
Fund Balance January 1, 2010                  21,583.12         9,084.86     12,498.26
Fund Balance December 31, 2010                27,930.07         9,084.86     18,845.21




                          See Accountants Compilation Report
        Olympic Condominium Association
                  2011 Budget


                                            2011
                                           Budget
   Income
        4000 · Condominium Fees            24,000.00
        Deferred Income 2010 to 2011        3,900.00
   Total Income                            27,900.00


   Expense
        6010 · Water                        1,600.00
        6040 - Building R&M                  750.00
        6130 - Landscaping                   250.00
        6180 - Signs                          70.00
        6210 · Insurance - Property         8,900.00
        6211 - Flood Insurance             10,500.00
        6241 · Insurance Finance Charges         -
        6280 · Audit & Accounting            225.00
        6285 · Bank Service Fees                 -
        6325 · Financial Management         1,800.00
        6350 · Office Expense                100.00
   Total Expense                           24,195.00


Net Ordinary Income                         3,705.00


Reserve Funding                            (3,705.00)
                                                 -

				
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