VILLAGE CONDOMINIUM ASSOCIATION

Annual Meeting Minutes

October 31, 1999

A quorum was established with 53.23% of the membership represented in person or by proxy. A mention was made and recorded to approve the minutes from the last annual meeting. The motion passed.

Joe Kareivis gave a brief overview of the Association past year's events. He asked that the statements go out on the 15th rather than on the 1st when they are due. Joe stated that a few owners wanted itemized bills. Accountant Thom Lauzon explained that all bills are based upon the Association's budget. Thorn said that he would put a memo on the bills referring to the budget for details. Joe told Thorn that Charlie Green had moved to Florida and we needed to put through a change of address.

Theresa Ayers claimed that she did not receive notification of the meeting. She asked for an explanation of prior accounting records. Thorn Lauzon explained that the former management company Mountain Green Rentals (Bob McGrath) did a good job but prior to Mountain Green we had records. Trailside Condominiums had only provided Bob McGrath with an accounts receivable aging and no other records. Thorn stated that we were attempting to get the records but held little hope that Lynda DesLauriers would turn them over. Bob McGrath had actually paid Lynda in advance for photocopying costs but Lynda never provided him with anything.

The group discussed past due condo fees. Thorn Lauzon asked how to handle the shortfall in the budget. A motion was made and seconded to levy a 10% surcharge/special assessment to cover the shortfalls. The motion passed. A motion was made, seconded and approved to accept the proposed budget.

John Biondolillo gave the group an update on the progress at Bolton Valley and answered questions. Season pass sales are exceeding all expectations and will likely be a record number.

Joe Kareivis discussed capital improvements. He asked management to get bids on windows for next spring; the purchase of seven (7) flue supports for chimneys; repair wood in several places; and paint required areas and trim. He also said that there was a need to look at the retaining wall and determine a course of action. It was also decided that the parking lot needs to be reinforced and 911 signs installed. The group instructed management to change the locks on the storage closets since Trailside failed to return the keys and several keys have "disappeared" over the years.

The group discussed how they would pay for these items. A motion was made and seconded to levy a special assessment of $20,000. The motion passed with only one dissenting vote from Unit 221.

A motion was made and seconded to charge a 1 1/2% late fee per month on all condo fees over 30 days past due. The motion passed.

Jim Magoon discussed the by-laws. Every BY Association is in the process of revising their condominium documents. Of particular interest is a prohibition against dogs except owners dogs. A motion was made and seconded to extend up to $1,500 for an attorney to revise the condominium documents consist with the other association. The motion passed. A motion was made and seconded to prohibit all pets except those of the owner. The motion passed.

A motion was made and seconded to elect Jim Magoon, Joe Kareivis and Kim McMeekin directors. Jim will serve as President and Kim will be Treasurer. The motion passed.

A motion was made and seconded to adjourn. There being no other business, the motion passed.

*** Some owners have said they have not received the minutes in the last mailing