The Greens Homeowners Association Meeting January 18, 2006 6:30 pm 2325 Hickory Highlands Drive Nashville, TN

The first annual meeting of the Greens Homeowners Association was called to order by Alan Botnik. He asked for proxies and asked if there was a quorum present. Jim Curley announced with 43 present or represented by a proxy that a quorum was met. Alan showed proof of notice of the meeting that was mailed to all homeowners announcing the Annual Meeting's date, time and place. He then turned the meeting over to Jim Curley, owner of Jim Curley Properties, Property Manager for the Greens.

Jim Curley presented the Board members to the homeowners: Alan Botnik, Terry Emery, Jeff Nelson, Fran Oroson and Gary Petersen.

Jim then reported on the items the Board has worked on since the Association was turned over to the homeowners in May of 2005.

a) Temporarily closing the street at the top of the hill to prevent construction traffic from using our street.

b) Street names have officially been changed to: Nashboro Greens, Nashboro Greens Court and Nashboro Greens Way.

c) Street signs have been ordered and will be installed soon; condo numbers have already arrived and will be installed as soon as the weather permits.

d) A $5,000 loan the developer tried to collect from the Association has been removed.

e) We are no longer paying $2,250 per month to Walden for pool and athletic club dues.

f) Negotiated new contracts with insurance carrier, termite control, lawn care, and general maintenance.

g) Hired Jim Curley Properties as the new property manager.

h) Selected an e-mail address so residents could contact the Board via e-mail. Address: nashborogreens@yahoo.com.

i) Started working on a web-site that will be ready in 2006.

j) Resolved parking problems on street and in visitor spaces.

k) Started a "reserve fund" for re-roofing and paving the streets.

l) Kept associations at $90 for 2006.

Two guests were present at the Annual Meeting: Larry Saks, CPA; and Bill Weaver, Attorney.

Jim Curley reviewed the proposed budget and asked that questions be held until the end of his presentation, as time was a factor since the library said we would have to close our Annual Meeting by 7:45 pm. Each item on the budget was reviewed and explained (copy of the budget is attached). Column one is the Annual Budget, column two is the Monthly Budget and column three indicates how much the monthly association fee is applied to the budget.

There were concerns about the lawn care, or lack of, the homeowners have been experiencing. The Board asked that the residents understand that when the 2005 budget was set by Ghertner (previous Property Manager) and Vastland (the developer) we, the homeowners, had no say in the budget. The contract signed by Ghertner was for mowing only. All other services, such as mulching, over seeding, leaf removal etc. were additional fees. Due to the lack of funds available, we were unable to have some of these things taken care of as they should have been. Homeowners were made aware of the fact that although we hired Jim Curley Properties in August, we did not receive our funds from Ghertner until October. In the 2006 contract for lawn care covers all the services needed to take care of our lawns, thus eliminating the need to fund additional money later in the year.

The need for a reserve fund was questioned. Mr. Saks addressed this issue. The Association is responsible for having new roofs put on our condos, to have the streets repaved when needed, and to be prepared for contingencies. As a community we all pay for these services. It is wiser to pay a little each month to build up this reserve, than to be faced with an assessment when the funds are needed. Each year the Property Manager will determine what it would cost for these services, and the reserve account will reflect these costs. Reserve funds will be held in a separate account where it will earn interest. Having a reserve account can also make our properties more attractive. The operating funds are in their own account.

The $27,378 cash balance at the end of December 31, 2005 will be used to pay for the new street signs and condo numbers, painting the older condos (starting with first condo building and continuing in order they were built), and other maintenance issues in the community.

Mr. Weaver talked about the laws regarding reserves and the importance of having an adequate reserve. When applying for a mortgage, the lender will contact the Property Manager to see what the reserve funds are. If the funds are low or non existent, a lender will most likely decline to issue a loan to a prospective buyer. This could reduce the sales price of our homes. Assessments on our property could mean taking funds out of our personal saving account or an additional loan to the homeowner to cover the cost of the assessment.

A Welcome Letter was sent to all homeowners, and will be sent to all new homeowners, explaining what living in a condo community is all about on December 13, 2005. This letter also included a report from the Board explaining some of the actions taken regarding the pool and parking issues.

Jim Curley explained that the insurance on the condos works in-hand with the homeowner's insurance. The insurance carried by the Association covers the building, individual homeowner's insurance covers the content of the condos. The deductible for the condo insurance will be paid by the homeowner's insurance.

A motion was made that the 2006 Budget be approved. By show of hands, the budget was approved.

The floor was opened to new business.

Michael Mathisen asked if an audit could be done on the Association's books. Jim Curley assured everyone that the financials were open for review by any Association members. It was also asked if the residents could receive a copy of the monthly statement. This is something that can be included on the web-site, as soon as it is up and running.

Another issue that was of importance to a number of residents was the lack of communication between them and the Board. It was felt that the Board is making decisions that the residents are unaware of and have no input. The Board will start communicating with the residents on a regular basis as soon as the web-site is up and running. Jim Grinstead and Jeff Nelson are working on this project and hope to have it completed shortly.

There were a few issues regarding maintenance. When there is a need for repair, call Jim Curley Properties at 615/646-8899, and an e-mail can be sent to nashborogreens@yahoo.com. Some residents said they were not receiving e-mails. A register was passed around to collect e-mail addresses to be added to the e-mails the Board has on file.

Gary Kerner distributed a letter to all the members/homeowners of the Green regarding the Assignment of Common Area. He questioned the Board's authority to make the decisions they have made, such as, no parking signs and leasing spaces to homeowners in the visitor areas. Mr. Weaver explained that the Board did have the authority to make these decisions. The Board is elected and if they are making decisions that are not favorable, they can be voted out at the next election. He stated that the Board has to live with the same rules and regulations as all residents of the Greens.

While Mr. Weaver was trying to explain that the Board did have the right to allot a number of parking spaces for residents to lease, Alan Botnik took over the discussion and while several people were all talking at the same time, a staff member from the library came in to say we had to leave. Jim Grinstead made the suggestion that an informational vote for the Board's information be taken so the Board could re-think its position regarding the reserved parking spaces. As residents notice that someone is abusing the visitor spaces by parking their own cars, they should notify Jim Curley Properties and the vehicles will be tagged, letters will be sent and, if needed, the car will be towed.

The meeting ended.