Cedar Creekcondos

CEDAR CREEKCONDOS

11312 US 15-501 N. Suite 107-174, Chapel Hill, NC 27517

Phone 919 932 0592 // Fax 919 533 2446

12/12/15

Dear Cedar Creek Condo Owners:

The condominium association’s Annual Members’ Meeting will be held on Monday, December 28th at 7:00 PM in the Heritage Apartment Clubhouse (405 Thomas Burke Drive) from 7:00 to 8:15 PM.

2016 BUDGET AND ANNUAL DUES

Your Board of Directors has prepared the attached 2016 proposed operating budget, which increases annual dues by 5%. If you have any questions about the budget before the annual meeting, please emailor call Ted Parenti, our new community manager ( 919-932-0592).

Given the 5% increase, 2016 monthly dues will be $173.25per home and are dueby the 15th of each month. If you have not already made the change, please ensure your monthly payments are being sent to the new payment address, as follows:

Cedar Creek Condos

c/o Rampart Management

PO Box 531175

Atlanta, GA 30353-1175

As usual, checks should be made out to: Cedar Creek Condos.....and don’t forget to write your account number on the “Memo” section of your check.

If you would like to pay online or set up monthly auto-draft payments, please visit RampartManagement.com and click on the “pay your dues” tab or simply call or email Ted.

Per § 47F-3-103 of the North Carolina Planned Community Act the proposed 2016 budget, contained herein, will be considered for ratification at the annual meeting. The budget may be ratified without a quorum and unless a majority of all the lot owners in the association are present to reject the budget, it is automatically ratified. In the event the proposed budget is rejected, the periodic budget last ratified by the lot owners shall be continued until such time as the lot owners ratify a subsequent budget proposed by the executive board.

AVOID LATE FEES, ATTORNEY FEES

A Late Fee of $20 per month will automatically be added to an account balance if dues are not paid in full and received by the last day of the month, and each month thereafter. Please don’t fail to get behind on your payments as late fees can quickly add up. When an owner continues to fail to pay their annual dues, their account is turned over to the Association’s collections attorney and further costs are applied. If you are in a situation (i.e., unemployment, medical problem, etc.) where you have fallen behind on your monthly payments, please communicate with our management company so that a plan can be worked out, thus avoiding collections.

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NEW MANAGEMENT COMPANY

Your board of directors hired Rampart Management as our property management company, effective December 1st. We urge you to contact Ted Parenti for any HOA-related questions at or 919-932-0592. He should be on the property frequently, so please feel free to wave him down and introduce yourself if he hasn’t already knocked on your door.

Some of the tasks we have assigned to Ted are: 1. Putting the association’s insurance policy out for competitive bids; 2. Meet with Pro-Green to have them touch-up any missed painting or repair any wood-rot that was missed during the painting project; 3. Get the gutters, roofs and downspouts cleaned by year’s end; 4. Meet with the Town of Hillsborough to review any potential drainage problems; 5. Obtain proposals for paving the parking areas; 6. Obtain proposals for tree removal, stump-grinding, as well as the cost to install a shrub/tree barrier along our property-line and Orange Grove Road; 7. Prepare a draft, 7-year budget which will include capital expenses (i.e., painting, paving, roofing, etc.).

While Ted has already been around the exterior of the condos several times, please email Ted directly () if you’ve noticed any exterior issues that are in need of repair or maintenance.

WEBPAGE

We have a community webpage on the Rampart website (RampartManagement.com) where we’ve uploaded the minutes of the last board meeting and will be uploading future meeting minutes and posting other types of forms, letters and information that you might find useful. Also online are our governing documents, a “Responsibility Chart”, additional payment methods, and a calendar that will display the dates/times for future meetings. We hope that by posting the minutes of all the meetings online, everyone will have the opportunity to be up-to-date on the actions taken by your board of directors without the need to mail out updates.

FINANCES

At the end of the 3rd fiscal quarter, the Association (which is composed of 24 homes) had an operating account balance of $24,999.80 and a reserve account balance of $1,500.03. To continue to increase the reserve fund, we’ve increased monthly duesby 5% for 2016, and we’ll also transfer $5,000 from our operating account to our reserve fund. Attached to this letter is a copy of the 2016 Operating Budget compared to the 2015 Budget. We plan to develop a 7-year budget-plan (by the end of the first quarter of 2016) that can be used as a guide by future boards of directors to streamline the year-to-year budget process.

Per the association’s bylaws, Article IV, paragraph 4.13, the association has no capital expenditures currently planned. However, once the long-term budget is prepared, it will be posted to the community’s website and if such capital expenditures are part of that budget, it will be clearly stated as such. Currently, there is no plan to use any of the association’s reserve funds during 2016.

UPDATE YOUR CONTACT INFO

If you rent your home, please email our community manager () to ensure that he has your correct mailing address and phone number, as well as the names and contact info for your tenants. Our community manager will contact you if there are any concerns with your property, however, in case of emergency it is also helpful to have your renters’ contact info as well.

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ANNUAL MEETING AGENDA

The following will be the agenda for the annual members’ meeting:

(a)Sign-In and Verification of Quorum (7:00 PM)

(b)Introductions of all parties present

(c)Reports of professionals, if any (i.e., insurance agent, attorney, landscaper, etc.)

(d)Financial Review

(e)Board of Directors Comments/Reports

(f)Member’s questions and comments (limited to 3 minutes per person)

(g)Election of directors

(h)Adjournment (8:00 PM)

PROXY

Please complete and return the attached proxy using the instructions provided. In addition to the options listed on the proxy, you may also give your proxy to one of the board members or anyone who is attending the meeting. However, in order to ensure a quorum is met, please complete your proxy now and return to Ted at your earliest convenience, whether you plan on attending the meeting or not.

QUESTIONS?

If you have any questions regarding this notice, or for any other matter regarding your association, please contact

ournew property manager, Ted Parenti (). Ted will forward to us any communications that require our involvement/assistance.

My fellow Board of Directors and I appreciate you taking the time to read this letter and we welcome your feedback and questions. Please continue to do your part by keeping our community safe, clean and a friendly place to live. We look forward to seeing you at the annual meeting, and Happy Holidays!

The Cedar Creek Condos Board of Directors

Marilyn Howard, President; Cathy Laws, 1stVice-President; Jocelyn Nichols, Treasurer;

Sandra Robbins, Secretary; Margaret Lovatt, 2nd Vice-President

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