WESTAGE TOWERS CONDOMINIUM - BOARD OF MANAGERS

BOARD OF MANAGERS

The affairs of the Condominium are the responsibility of the Board of Managers. Each building (East and West) has a separate Board elected by the respective Unit owners in the building. The Board of Managers assesses each Unit owner monthly common charges for building operating costs and for maintenance of all common elements of each building. The Board of Managers is also responsible for:

Fixing of the Building budget and determination of common charges;
Adoption of rules and regulations covering the details of the Building;
Opening of bank accounts;
Purchasing, leasing, or otherwise acquiring Units, and selling or mortgaging Units owned by the Board.
Carrying fire insurance covering each building and public liability insurance.

The size of the Board, terms of members and election procedures are set forth in the By-Laws. The East Building Board shall have not less than three (3) and not more than seven (7) persons who shall be elected on an annual basis. The Board of Managers of each building includes the following positions: President, Vice President, Secretary, and Treasurer. Each East Tower Unit Owner is entitled to cast one vote for each 0.01% of interest in the common elements attributable to the Unit. The terms of the members shall be three years.

The Condominium's governing documents do not require the accumulation of funds to finance estimated future major repairs and replacements. The Condominium has not conducted a study to determine the remaining useful life of the components of common property and estimates of the costs of major repairs and replacements that may be required in the future. The Board of Managers of each building has developed a plan to set aside funds that may be needed in the future for major repairs and replacements. When funds for these projects are required, the Condominium has the right to borrow, including lines of credit, utilize the reserve funds, increase maintenance charges, levy special assessments, or delay the repairs or replacement until funds are available. Effective June 1, 1997, the West Tower Board of Managers approved and initiated a special assessment to each unit owner for the following twelve months totaling $100,000. This sum was necessary in order to establish adequate reserve balances.

Unit owners of both buildings are subject to monthly assessments to provide funds for each building's operating expenses and major repairs and replacements. The policy is to retain legal counsel and place liens on the unit owners whose assessments are forty-five (45) days or more delinquent. Any excess assessments at year end are retained by each building for use in future years.

Board meetings for each building are generally held on a monthly basis and usually include attendance by a representative of the management company.

At the last Annual Meeting of Unit Owners of Westage Towers East Condominium held on June 4, 2007, the following officers were elected:

President:		Bobbie Eudine
Vice President:		Pearl Roberts
Treasurer:		Mark Fortuniewicz
Secretary:		Sandy Katz
Board Member:		Rosanne Kalick
Board Member:		Joan Kaplan
Board Member:		Steve Ross

The East Condominium Board of Directors may be contacted via email at: BOD@WestageTowersEast.com.

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Page last edited: Tuesday, June 12, 2007