August 2012

MINUTES OF A REGULAR MEETING

OF

THE BOARD OF DIRECTORS

OF

BROOK RIDGE HOMEOWNERS ASSOCIATION, INC.

A Regular Meeting of the Board of Directors of Brook Ridge Homeowners Association, Inc. (the “HOA”) was held on Thursday, August 9, 2012 at 7:30 p.m. at the home of Paul Spindel.

There were present at the meeting: Carole Princer Levy, Carolyn Levy, Don Perl, Paul Spindel and Ted Waksman, constituting all of the directors of the HOA and, therefore, a quorum. Also present was Tom Pallman of Stillman Management, Inc.

Carole Princer Levy acted as Chair of the meeting and Ted Waksman acted as Secretary thereof.

Mr. Perl gave a financial report and update on the 2012 results. June results were on budget. Barring any unexpected charges the Operating Account and Capital Account balances are on budget. As of July 31, 2012 the balances of the Operating Account and Capital Account are $39,561 and $202,701, respectively. A copy of the July expenditures report is attached to the minutes.

The Board then discussed the status of the unpaid maintenance charges by Misa Brim, the owner of Unit No. 16, and the additional actions to be taken and considered by the HOA with respect thereto. Tom Pallman also discussed the maintenance charges arrears report.

Don Perl then gave a financial report on the costs of painting and re-siding the community. Using various assumptions as to the costs of each project and interest rates for a ten year loan, the monthly charge for siding would be greater than for painting. In addition, the painting assessment would be for four of the next ten years, assuming a second paint job after five years, whereas the siding assessment would be for ten years. In addition, the new siding would probably need to be painted or stained after ten years. The Board also reviewed the reports it had previously received from two engineers and from painting contractors, all of whom concluded that re-siding was not required at this time. The views expressed with respect to this issue of several Homeowners were also discussed. The Board then unanimously voted to paint the community and not re-side. It was further agreed that a meeting of Homeowners would be scheduled for some time in September to report on this issue and present the reasons for the Board’s decision.

The next Board meeting is scheduled for September 6, 2012 at 7:30 at the home of Ted Waksman.

There being no further business to come before the meeting, upon motion duly made, seconded and unanimously carried, the meeting was adjourned.

Ted Waksman

Secretary of the Meeting