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SANDY STATED AN ALTERNATIVE IS TO PUT UP MONEY TO EARN INTEREST TO SECURE A LINE OF CREDIT. MARC STATED THAT THERE IS NO CHARGE OF INTEREST ON THE L,INE OF CREDIT WITH AFS, ONLY ON ACCOUNTS. BOARD AGREES THAT WE WOULD LIKE TO PUT TOGETHER $60,000. 20 PEOPLE AT $2000 OR OTHER. THE INTEREST RATE IS BEING CONSIDERED AT 18%. THE BOARD WILL WORK ON FINDING OWNERS INTERESTED IN INVESTING. POSSIBLE MONTHLY INTEREST BACK. SANDY STATED THAT THE ATTORNEY NEEDS TO BE THE ONE WHO SETS UP THIS VENTURE AND ESTABLISHES HOW IT IS BEING HELD AND DISTRIUBUTED. ALSO HOW THE OWNERS RECEIVE STATEMENTS ETC. ELIZABETH ASKED WHAT IS THE RECEIVER GOING TO BE DOING SPECIFICALLY-MARC EXPLAINED THAT THE RECEIVER WILL GO TO THE HOMES THAT ARE BEING RENTED BY OWNERS IN ARREARS AND THE RENT NEEDS TO BE PAID DIRECTLY TO THE RECEIVER. IF THERE IS NO LEASE THEN THE RECEIVER REVIEWS WHAT THE RENT AVERGAE WOULD BE. 9229 OAK ALLEY-HAS NOT GIVEN SIGNED AGREEMENT OR MONEY. THEY WENT TO MARC AND MARC REFUSED THE $1000 PAYMENT, BECAUSE IT SHOULD HAVE BEEN $2000. LUTCHI S CHECKS BOUNCED ALSO.-DEACTIVATE VICTOR STATED THAT WHEN A CHECK COMES IN THE FUNDS MUST CLEAR FIRST BEFORE BARCODES ARE ACTIVATED. REMOVE 9254 FROM CALL BOX AND BAR CODES-HOA OWNS THIS PROPERTY THE ATTORNEY IS STARTING TO LOOK INTO THIS: AFS SUGGESTED REVERSE MORTAGES-THE HOA GOES AFTER THE BANK TO MAKE THE BANK MOVE FASTER ON TAKING TITLE. SANDY ASKED IF THIS HAS ACTUALLY BEEN SUCCESSFUL AND HOW MUCH DOES IT COST TO PURSUE THIS? 9138 PINEVILLE-ASKED TO PAY $1500 NOW, $800 PER MONTH. MADE THAT 100% OF THE RENT SHOULD BE COLLECTED IF THE RECEIVER IS IN PLACE. 9225 PINEVILLE-MARC THINKS THIS SHOULD BE RENTED BY THE HOA. WITH DISCLOSURE REGARDING THE FACT THAT IT IS IN FC. HOLDHARMLESS? ICHNKWKS 6јџџџџTEXTTEXTˆ%FDPPFDPP(FDPCFDPC*STSHSTSH,STSHSTSH,2SYIDSYIDP,SGP SGP d,INK INK h,BTEPPLC l,BTECPLC „,FONTFONTœ,<STRSPLC и,:PRNTWNPR-еFRAMFRAMч3ˆTITLTITLo4@DOP DOP Џ4NTS. BOARD AGREES THAT WE WOULD LIKE TO PUT TOGECOUNTRY COVE MEETING MAY 5TH, 2010 BOARD MEMBERS PRESENT MARC CUMMIS ELLIOT GORDAN VICTOR ESTRADA MEETING CALLED TO ORDER AT 6:36 ACCEPTANCE OF MINUTES MOTION MADE BY MARC, SECOND BY ELLIOT, ALL IN FAVOR. FINANCIALS VICTOR GAVE REPORT GULFSTREAM IS NOW THE ASSOCIATIONS NEW BANK. THEY ARE WILLING TO EXTEND A SECURED CREDIT LINE AND BUILD ON THE LINE AS WE PAY. THIS WILL BE EXPLORED AS WE ESTABLISH ACCOUNTS RECEIVABLE AND MONEY WE CAN MOVE. THE FIRST INVOICE FROM THE NEW ATTORNEY WAS $6000+, HOPEFULLY THIS WILL BE THE ONLY INVOICE THAT HIGH WITH THE TURNOVER TO THEIR FIRM. ABOUT $2500 OF THIS WAS FOR OBTAIINING COURT DOCUMENTS WHICH THE ASSOCIATION HAD TO PAY FOR. ARM BROKE ON GATE RECENTLY WHICH COST $279.32. WE HOPE TO CONTINUE TO KEEP THAT FROM HAPPENING. NORTHERNS BILL IS GOING DOWN DUE TO SME OF THE HOMES SELLING. VICTOR MENTIONED AFS-NEW BALANCE OWED IS $65,000 APPROX. VICTOR WANTS TO FIND A WAY TO GET OUT OF THE CONTRACT WITH THEM. MARC STATED THAT THIS BALANCE IS OWED AND WILL BE PAID FROM THE OWNERS PROPERTY WHEN CLOSING OR SETTLEMENT. AS OF APRIL 30TH THEY WERE SUPPOSED TO BE GIVING A BUY OUT FIGURE. MARC STATED THAT THEY WOULD LIKE TO HAVE PEOPLE INTERESTED IN INVESTING MONEY IN ORDER TO BUY OUT AFS IN RETURN EARNING INTEREST. VICTOR SUGGESTED A SPECIAL ASSESSMENT TO PAY OFF AFS. THIS WOULD BE ABOUT $520 PER UNIT BASED ON ALL 126 PAYING. SANDY STATED THAT IF THE ASSOCIATION WAS ABLE TO PAY BACK THE LINE OF CREDIT AT $25000 AT LEASR 5-6 TIMES OVER 8 MONTHS, WHY CAN T WE TAKE THE ACCOUNTS OUT, FREEZE THE AMOUNT OWED AT $65,000, AND THEN WE WOULD BE COLLECTING ALL F THE FEES AND BE ABLE TO PAY THEM BACK ANYWAY. MARC ASKED HOW MANY OWNERS HERE TONIGHT WOUOD BE WILLING TO PUT UP MONEY TO PAY THEM OFF. MOST OF THE MEMBERS PRESENT SAID T WOULD NEED TO BE MONTH TO MONTH. SANDY WILL HAVE ELIZABETH HANDLE THE LEASE. ELIZABETH ASKED IF JANE THE ATORNEY STATED WE NEED AN HL3- DANIELLA SAID THAT IS NOT NECESSARY ONLY A LIABILITY POLICY IS NECESSARY. BOARD WANTS CONFIRMATION FROM THE ATTORNEY THAT THIS IS OK. DANIELLA STATED THAT IT CAN BE BOUND THE DATE OF OCCUPANCY. GATE UPDATE MARC ASKED ABOUT THE TWO OWNERS THAT WERE CHARGED. NEXT QUARTER THOSE OWNERS WILL RECEIVE A STATEMENT SHOWING THE BALANCE DUE. MARC ASKED IF A POLICE REPORT WAS FILED. SANDY STATED THAT THE CAMERA RECORDED IT AND THEY WERE BILLED, THEY WILL HAVE TO PAY THE FEES. A POLICE REPORT WILL BE FILED FR THE ACCOUNT THAT CAUSED DAMAGE TO THE GATE. DANIELLA ASKED IF SOMETHING CATISTROHIC HAPPENS IS THE HOA RESPONSIBLE FOR THE MARG IF THE BANK FC ON THE HOA. SANDY WILL ASKED JANE. NEW BUSINESS SHELBY HAS BEEN CONTACTED AND WAITING A RETURN CALL, IN THE MEANTIME TODD FROM AQUATICS IS SENDING SANDY ALL OF THE PHOTOS TO START TO GET BIDS FOR THE CLEAN OUT. MEETING ADJOURNED \ DICSUSSION AFTER MEETING- 9173 OAK ALLEY-NEEDS TO COLLECT $2000 NOW AND THEN $1000 PER MONTH. THIS IS AGREED BY THE BOARD ONCE HE PAYS THE INITIAL $2000 OTHERWISE WE WILL MOVE FORWARD S MUST CLEAR FIRST BEFORE BARCODES ARE ACTIVATED. REMOVE JHJvŽЊШЪ  8ЂЄКр„”№ ј м (фЊxмоš<dfИ‚„\цшіјаЊ& ž   И Ь"f#h#t$v$x$’$и%к%ў%&&8&Р&t'v'x'z'|'~'€'‚'„'†'ˆ'јјјєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєєЬЬ(2‚"'(Š  л) @ЗS 6:HJv 8ЄК‚ †   И x$’$ˆ'єфєкЪкЪкЪкМкЪкЪк"  "  "  "   "  ЬыщџџџџЬыщ "№ " ttˆ'(ˆ'*(дыЭTimes New RomanџТ " " "ЄјУьШXX–(–,dI\\CEAMAIN\Lexmark 7300 SeriesщЄœШŸъ oXф і џџџщЄ—МLexmark 7300 Series8щЄ—МџXџџcSoftware\LexmarkInkjetџџџџўџ§џќџXX,XXXXX,XАРXXXXААщЄ—М1winspool\\CEAMAIN\Lexmark 7300 SeriesUSB001Fџџ"\В"€‘"бV"$c"№` "№`""A."@џџ"\В"№љ"бV"$c"№` "№`"."CC MEETING MAY 2010 MINUTES.wps"иp"иp (" CAMRCARC ASSKEDKED ABOUT THE TEO WO OWNERS THAT WERE CHAREGEDGED. NEXT QUARTER THOSE OWNERS WILL RECEIVE A STATEMENT SHOWING THE BALANCE DUE. 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