Nassau House Association

Board of Directors Workshop Meeting

Monday, March 4, 2002   7 PM

Board Members Present:            Tony Bazzinotti, Preston Scroggin, Adda Manosalvas, Rick Larrabee

Absent:                                           Aldo Addario

Tony opened the meeting with the concrete restoration.

Tony announced that on March 18, 2002 there will be a special meeting to announce the amount of the assessment and when the fees will be do.

Tony also announced that the condo association will not seek a loan themselves and it is up to the owner to seek a loan if necessary.  Payments may be made in 3 equal payments if necessary.  Payment will be paid over a 4 month period. 

Questions from audience:

Why are payments being made in advance of the end of the job is the contractor does not want money till the end of the job?   Both the engineer and the attorney will need to be paid before the end of the job.  Tony stated that the owner can make 1 or 3 equal payments, or wait till the end to make his payment.  Preston said no to this and said all payments will be due the same time because bills are due at the beginning of the job also.

Discussion from board:

Tony said that yes, payments will be paid all up front, or 3 equal payments.   Engineer has already submitted some of his bills.   The job itself is  $723,000.  Now you have to add on the attorney’s fee and the engineer’s fee on top of that.  Both the attorney and the engineer suggested that the board add on 25% which would bring this to about $900,000 assessment.  A bond would mean a 1.8 %  additional to  the figure of $723,000, 20 % for engineer and the attorney fees.   All of the above increase the total assessment.  

Preston brought up the subject of when the first payment would bedue.   Suggestion of first payment due on May 1st, 2nd. payment June 1st and the last payment due on July 1st.   The final figure for the concrete assessment will be  A $4,436.00   B $6,075.00  C $6,500.00 .

Contract:

Nassau House wants the roof protected (with a video), grounds protected, (video taped) 20 men on job each day with the same crew with a foremen and a supervisor.   The attorney will write the contract with the advise of the engineer.   Richard Larrabee, board member who lives in the building will be looking after the job.   The engineer will also be inspecting the job on a weekly basis. 

Rules and Regulations:

Ownership of more than one unit.now reads ownership should be limited to one apartment.  Nassau House Condominium is intended to be a residential building and not a commercial venture.    Adda recommended to add :  a second condominium may be purchased for the exclusive of upgrading.  However the owner must put up for sale the apartment he currently owns but not be allowed to rent or sell the new apartment. It must remain vacant. Owner must notify the board in writing his or her intentions.   With written boards approval from the board the owner may now own two apartments while he is selling his or her apartment.

            Rule now to read:

APARTMENT OWNERSHIP:

                        A. Ownership shall be limited to one (1) apartment.

Nassau House Condominium is intended to be a residential building and not a commercial venture.

1.                  If an owner would like to purchase another apartment, for purposes for changing their location within the building, the owner must request permission from board in writing indicating the reasons for moving,

a. When changing to another unit in the building, the owner cannot rent/lease, or occupy one of the units, meaning one (1) unit must remain vacant during the period of duel ownership. Owner must sell his present apartment.

I.            APARTMENT OWNERSHIP:

A.                 Ownership shall be limited to one (1) apartment.

B.                 Nassau House Condominium is intended to be a residential building and not a commercial venture.  In the event an owner wishes to purchase another apartment in Nassau House, for personal residential use, the Board of Directors may approve temporary ownership of two apartments, pending the sale of the first apartment. In the event an owner purchases a second apartment, the first apartment cannot be used for rental purposes or for guest occupancy purposes.  The Board of Directors will not approve any ownership of a second apartment at Nassau House by a particular owner without  evidence of the owner’s intention to sell and convey title to the first apartment as soon as possible.  Owners will be required to sign an acknowledgement of and agreement to abide by these conditions in order for the Board of Directors to approve the purchase of the second apartment, and the approval will be contingent upon the sale of the first apartment.

III.            FAMILY:

A.                 The word “family” is interpreted to mean  father, mother, son, daughter, brother and sister, grandparents, grandchildren.  All others are not considered as family.

IV.            GUESTS AND VISITORS:

A.                 A guest is a person who is entertained overnight or longer in the Nassau House, by an owner or tenant.

1.      All overnight or longer guests must be registered upon arrival, plus their vehicles.

XXVII SALE OF APARTMENTS:

Delete item E completely. “If the said apartment is being sold furnished, the seller must submit a check for fifty ($50.00) dollars (payable to the Nassau House Association)  along with the application.

“E” now reads:  The apartment being sold, the seller and buyer must each submit a check in the amount of fifty ($50.00) dollars for processing the sale.

Meeting adjoined

Minutes taken from tape