March 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 Tuesday, March 13, 2012 at 7:30 p.m. at the home of Carole Levy.

There were present at the meeting: Carole Princer Levy, Carolyn Levy, Paul Spindel, Enrique Teuscher and Ted Waksman, constituting all of the directors of the HOA and, therefore, a quorum. Also present was Tom Pallman of Stillman Management, Inc. The following Homeowners were also present at the request of the Board: Elliot Jacobs, Sandy Edlitz, Bob Nadel and Audrey Gerstein.

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

The first topic was a discussion of painting or re-siding the development. The Board has received (i) three painting estimates of $240,000, $290,000 and $350,000, (ii) two vinyl siding estimates of $500,000-$700,000, and $675,000, (iii) two Hardie Board estimates of $985,000 and $1,200,000-$1,300,000 and (iv) two cedar siding estimates of $1,045,000 and $1,000,000-$1,200,000. The Board also received bank loan estimates to finance the cost of siding at an interest rate of 7% for a ten year loan. The loan would result in an approximate $200 per month increase in the maintenance charges for such ten year period. The cost of Hardie Board or cedar siding would be approximately $25,000 per unit. There was a general discussion of the costs and benefits of new siding as compared to painting The painting would probably be paid out of the capital account without the need for an assessment. It was also generally agreed not to further consider vinyl siding. It was determined that an engineer would be retained to examine the condition of the current cedar siding of the development to determine the degree to which the wood now needs to be replaced and its remaining useful life. Re-siding would require the consent of two-thirds of the unitholders. The Board intends to continue to evaluate the issue and it requests input from Homeowners prior to making its decision and recommendation to the Homeowners. The invited Homeowners then left the meeting.

Mr. Spindel gave a financial report and update on the 2012 results and projected 2012 budget. February results were on budget. Barring any unexpected charges the Operating Account and Capital Account balances are on budget. As of February 29, 2012 the balances of the Operating Account and Capital Account are $21,793 and $198,560, respectively.

The Board then (i) discussed the status of the Brim litigation with respect to the unpaid maintenance fees for unit 16 (which aggregate $12,760 as of March 1, 2012) and the postponement of the court hearing to May, (ii) discussed the retention of counsel to the HOA for legal services as needed, (iii) agreed to retain Woodhouse Tree Services for $1,400 for tree maintenance and (iv) agreed to retain Ron Vitti for $1,270 for sprinkler services.

Mr. Spindel then reported that the pool resurfacing will cost an additional $3,800 to replace tiles as a result of many tiles being loose.

Volunteers are needed to work on the vegetable garden behind the pool. Anyone interested should contact Monica Teuscher. Volunteers are also needed to assist in measuring the chemical levels in the pool. Anyone willing to do this should contact Paul Spindel.

The next Board meeting is scheduled for April 11, 2012 at 7:30 p.m. at the home of Enrique Teuscher.

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