Dear member.

This notice is to bring you up to date on a number of matters related to the administration of Waterside Village.

Shutters -

 First and foremost the results of the special meeting of members of the Association held April 8,
for the purpose of voting to approve the installation of hurricane shutters and to assess the members for such installation.  You voted  overwhelmingly to support the initiative of the Board of Directors; 240 in favor, 67 against and 17 votes rejected, for a grand total of 324 and we did receive a dozen more votes after the meeting. We thank you for this great participation.

As a result, the Board of Directors, at a meeting of the Board, held April 11, at the Club House,  adopted a resolution to authorize the Board of Directors to proceed with the installation of shutters, to assess the members for such installation and to sign a contract with the selected installer as soon as possible.

Such a contract was signed. on  Thursday 27th of April 2006 with Robert Plenzio, Master Shutters of America l.c.c. for $970,735. plus the costs of permits and incidental costs as per the contract. Quantum Engineering Associates will act as consultant on behalf of the Association. The installation will start no later than May 15, 2006 and will be completed by August 31, 2006 except for exceptional situations covered in the contract.

Funding for this contract will first come from a line of credit of 1 million $ from Desjardins Bank. A special assessment for the cost of installation of shutters will be adopted by the Board at its next meeting Saturday June 10th. The details of such special assessment will be communicated as soon as adopted.

 Since the Association will have to carry the costs and the interest of the line of credit from May 2006 to December 1st 2006, we would encourage those owners who would like to pay in advance of the special assessment their share of the costs of installation of shutters, to do so. Such payment should be made on or before June 1st 2006 to the order of Waterside Village  and sent to the office of Waterside Village for an amount of $2,500. Payment made on or before August 1st 2006, in the same manner, would be for an amount of $2,600. Those payments would be final payment.

 It is estimated that on December 1st 2006, the special assessment will be for an amount of $3,240. payable in 36 monthly payments of $90.00, subject to the fluctuation of the interest rate or any other unexpected costs.
 
The Board also adopted a new shutter regulation at the meeting of April 11.  You will find a copy included and a special Bulletin was posted to this effect and can be found on this website. A schedule of installation of shutters will be posted on this site as well:  www.watersidevillage.com , on channel 70, and on the billboards in Waterside Village. We encourage you to visit our site to find out about this schedule and other developments.

It is of the utmost importance to make sure that keys to your unit are available in the office, as required by the Condominium Declaration since the shutters will be closed from the inside once they are installed.  Access to the units will be essential. A representative of the Association will be present when the shutter installers are in the unit, no keys will be handed out to the installers. In November, after the end of the hurricane season, a policy will be determined as to the handling of the shutters in future years.

Rentals-

A  thourough analysis of the rental activities in 2005, has revealed that many owners do not abide by the requirements of the Condominium Declaration concerning rentals and loans.

As a reminder, all rentals must be for a minimum of 30 days. And an owner may rent his unit no more than 3 times a year or lend it for periods not exceeding 30 days in a calendar year.  Owners involved in breach of these requirement will see their tenants turned away and  not allowed in Waterside.

Furthermore, the office of Waterside Village (property manager and its staff) will not rent any unit directly or indirectly, on behalf of an owner. The office will process the application form and collect  appropriate fees.

We, once again, would like to remind owners that only  licensed real estate agents are authorized to rent units in Florida and that it is a felony to act as an agent unless one is licensed. There is a tourist development tax  of 4% to be charged on rentals of six months or less. This tax is in addition to the state tax sales (6.5% in Palm Beach County) for a total of 10.5% for all rentals under 6 months. The office will provide owners a copy of a recent brochure on these matters and, a web link will be made available on this, Waterside's official webside:  www.watersidevillage.com  under the Resources tab.

Finally, access cards, as we previously advised, will be  disactivated on your departure (snow birds) and activated upon your return (please give the office 72 hours notice prior to your arrival)

Accountsult -

 Accountsult will start publishing a statement of regular and special assessments to owners beginning May 1st 2006. They will be sending them out on an incremental basis. This is the 1st time in  the history of Waterside Village that  statements will be issued.

Also starting May 1st 2006, Accountsult will start charging late fees to all delinquent accounts, since all owners have had 4 months to communicate with the Accountsult office to request the necessary information to get their payments in order.

Insurance -

Finally a last reminder chapter xx(l) of the condominium  declaration stipulates that "each individual unit owner shall purchase at unit owner's expense, liability insurance to cover accidents  occurring in the owners unit and shall purchase insurance upon unit owner's personal property" The board is considering the  establishment of a registrar to enforce this very important step in the protection of the investment of all members.

We hope that the above  information will help you to  understand the efforts of the Board of Directors to implement and enforce policies insuring the safeguard of our Village.

Board of Directors:
Claude Poirier Defoy, President
Directors: Gaby Belanger, Claude Comtois, Pierre Dumont, Gary Mehall, Scott Perron,Marc Rochon.