Presidents Message. Managers Update

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1 November 2015 Presidents Message As we enter the last quarter of 2015, with the summer regrettably in our rear view mirror, I would like to take a moment to thank our manager, Lisa Williams and our entire staff for another spectacular summer season. I m proud to announce that for the first time ever in the history of Harbour Mansion, each unit owner had their own cabana. In the past many people had to share while others had no access to one at all. Additionally, we have added multiple sitting areas on the south and north sides of the deck to further enhance the scenic ocean views. Also available this year were commercial quality lounge chairs for purchase. Harbour Mansion cabana boys are available to our residents to set them up and return them when finished. Anyone interested in the lounge chair program for next season should see Lisa for details. We said goodbye to a summer that will be remembered as one of the most consistent in terms of favorable weather in recent times. This summer also marked our first official Labor Day Bonfire complete with a superbly talented DJ. All who attended had a great time and are looking forward to next year. Special thanks to the social committee for their part in making that happen. As we approach the last few months of the year, the board is happy to say that our financials are shaping up to be where we anticipated. We believe our reserves will end with approximately $300,000 - $310,000, with $30,000 in deferred maintenance and a low delinquency rate. We will continue to add $200,000 to reserves annually as we have previously stated. We have achieved many of our goals this year and are excited to see the hallway, and lobby renovations completed. These improvements could not have been done without the help of our decorating committee. Once again, we thank you for your hard work. The feedback has been almost overwhelmingly positive and in my opinion, these improvements along with the bulkhead/cabana project have a direct correlation to the increase in our property values as evidencedd by recent sales. 675 Ocean Avenue West End, N.J Managers Update Cleaning- The Board has hired Adamas Services to provide staff to maintain daily cleaning. They supply one cleaner full time seven days a week. The feedback from residents has been extremely positive. New Access and Monitoring Systems- The system was completed in May of New barcodes for vehicles, new ID cards and new key fobs were issued to residents. The installation of cameras on each floor near the elevators has begun and should be done soon thus enhancing the overall security of the building. Landscaping- Additional landscaping was completed to further enhance the exterior property. Stone added to the north side along with plantings to mirror the south side. The funding came from the insurance money we received from "Super Storm Sandy" for the damage thatt was caused to our landscaping. Painting of fences- The south and north side fences were repaired and painted. Election to the Board of Trustees- Jim Fitzsimmons and Susan Diamond were elected to the Board in June for a three- and year term. Behind the Scenes: Plumbing Electrical-The Board continues to upgrade and repair the plumbing and electric which are integral parts of the infrastructure of the building. In This Issue Presidents Message, Managers Update..Page 1 Windows Page 2 and Page 3 Hallways, Lobby Page 4 Thank You, What Lies Ahead, Recent Sales, Suggestion Box, Website Page 5

2 November Windows: Past... Present... Future Back in 2005 a committee was formed which consisted of former Board Members and Homeowners. Their purpose was to investigate, and find a solution to the water infiltration issue of the exterior of building, windows and the balconies. Through their years of research and due diligence, Falcon Engineering was hired to perform a thorough investigation of the water infiltration experienced by the building and offer recommendations on how to proceed to correct the situation. In 2007, Falcon presented their report. Their recommendation was to re-point the building, fix the spandrels, open the weep holes, replace the windows and waterproof the building. The project was expected to move forward accepting all recommendations of the engineer; however, the Board of 2009 decided to do the project in phases. To accomplish this, a loan was taken out by the Association with TD Bank. The loan consisted of a construction loan and a payback feature for up to 10 years. On June , the Board of Trustees sent out an update entitled Façade Phase 1 Preparations. In the letter the Board told residents that they were in the process of choosing the final contractor to execute the work we call the Façade Job Phase. They further stated that the old windows will remain as is, and hopefully be replaced in about 3 years as part of Phase 2. Well unfortunately that didn't take place as the project took almost 3 years. The loan came due in Shortly thereafter, Superstorm Sandy hit the Jersey Shore. Luckily, our building weathered the storm with minimal issues; however, that was not the case with our bullhead, deck, cabanas, and parking lot. The Boards attention turned towards restoring what was lost which took a few years to complete. Enter 2015; the Board focused its attention back to the Windows. Falcon Engineering was re-engaged to update the Windows specs that they provided the board in 2007.The purpose was to see if there had been any changes to the building code. Their recommendation remained the same. After receiving these specs from the Falcon, the board had several open meetings with full association participation in an effort to ensure that each and every member would have the opportunity to better understand and ask any questions. Those specs, along with Falcons engineering report from 2007, frequently asked questions, and approximate cost per unit breakdown were available to all owners. Also present for those meetings were the Board s attorney, Elysa Bergenfeld, from Ansell, Grimm and Aaron to go over any legal questions resulting from the board moving forward. As stated at each and every meeting during 2015, the board expressed that there were several solutions to replacing the windows, each with its own sets of pros and cons.

3 Windows: (Continued) November The board started to pursue one of those options. After sending out an advisory vote to the members of the association to determine if there would be enough support to revert ownership back to the unit owners which actually was the original ownership structure when Harbour Mansion was established, and then modified in After receiving strong support, the board prepared a membership by law change vote with one major caveat, which stated within 5 years of resuming ownership of the windows owners would need to install new construction windows" as stated by Falcon Engineering specs and recommended in 2007 and again in This motion failed. Since then, the Board has continued to pursue other options and began conversation with TD Bank to explore a similar loan arrangement that the association had with them during the facade project in The board announced this in the October open board meeting and explained that we were early in the process. If TD was agreeable to such a loan that there would be another open board meeting with all the information presented and voted on by the Board. The timeframe for this would be the following year and thus added into the 2016 budget. In addition to this update, the Board clearly articulated that they were exploring other options and would continue to investigate them, and report to the owners as they took shape. Sadly, since our October open board meeting a few unit owners have been contacting other owners by mail, numerous phone calls, and have even gone as far as intrusively have knocked door to door in order to share misinformation about the meetings. Based on what management and the board have been told by multiple owners they were being told that there is going to be an assessment of close to 5mm dollars costing individual owners close to 55k each to replace the windows. Additional disingenuous and nonsensical information was also stated. The Board, your elected trustees want to be very clear: this information is absolutely incorrect. We urge all unit owners that are given this misinformation to continue to call management to obtain accurate information and attend the November open board meeting. We will be updating our progress with TD bank, as well as other options we have been exploring regarding the windows. We certainly understand the anxiety that owners have with the potential for yet another assessment, but please bear in mind that in addition to being your Board of Trustees we are also unit owners and would be subjected to the same added debt. We will continue to evaluate and pursue several options simultaneously so that we may bring this very overdo window issue to finality.

4 November Hallways Stunning. Wow. Clean. Fresh. Breath Taking. Classy. "I can finally see down the hall." I'm no longer embarrassed to have guest come over - Just some of the feedback we have received from owners. In fact, many realtors have commented that Harbour Mansion has never looked better. As far back as I can recall, owners have asked many boards the same question." When are you going to do something about the hallways?" After all, the last update did take place in the 1980's. In 2012 the Board of Trustees asked for volunteers to form a Decorating Committee to conceive a few designs that addressed the concerns, needs, and high traffic demands that our hallways endure. After spending months of tireless work the committee presented their findings and concepts to the board. After a majority vote of the membership the renovations got underway in spring of As with any building our age, most renovations will uncover potential hazards that need to be addressed. This project followed suit, as there was electrical wiring that needed to be corrected. Within a year all the floors were completed and the final touches such as artwork, mirrors and hallway tables are scheduled in the coming months. We can't thank the volunteers of the Decorating Committee enough as without them, the hallways would most likely not have been completed and would never have looked as great as they do. Lobby As presented in the 2015 budget, the Lobby renovations have been completed. Prior to the summer months new stainless steel door plates were added to the elevator and a new call button was installed. Wainscoting was added to the elevator and mail room, and the area was repainted. Shortly after Labor Day, the new ceiling grid, tiles and LED high hats were installed. The new LED not only provides an enhanced feature, but are much more cost effective than was installed prior. While the old, damaged tiles were removed, the Trustees took the opportunity to evaluate the plumbing, electrical wiring and air-conditioning ductwork. Many issues were addressed such as replacement of old wiring (real and potential fire hazards), plumbing problems, and increased air-conditioning efficiency. The project was completed on time with minimal inconvenience to residents. HM has received many positive remarks from both owners and realtors bringing potential buyers. Call for Volunteers The Board realizes how invaluable committees have been to the overall success here at Harbour Mansion. Once again, the board is calling for volunteers in 2016 for the following committees: Ambassador Beach and Pool Grounds Committee Please contact Lisa for more information

5 November Thanks Best of luck to former Board Member and Vice President, Joe Principe, who served on the Board for many years. Joe had a long list of accomplishments during his time on the Board including the facade, the bulkhead and the hallways. He continues to provide his assistance to the Board and serves as the Chairman for the Sales and Lease Committee What Lies Ahead The Board is working on the 2016 Budget. The Board and management have been very conscientious when undertaking projects to include energy efficient materials which will result in cost savings to the Association. In 2016, the Board will update the Capital Reserve Study to more accurately reflect where the Association is now and what needs to be budgeted for long term. Recent Sales 5C- 10/21/14- $710,000 9J- 12/21/14 $225,000 7H- 01/05/15 $450,000 2I- 03/23/15 $323,000 7N- 04/25/15 $425,000 6G-05/11/15 $320,000 6E-05/15/15 $385,000 3M- 06/28/15 $345,000 The Board of Trustees have set up an for the comments and suggestions of residents. The to send those to is: harbourmansion675@gmail.com. Please note you will receive an automated response acknowledging receipt of the . For those who don t have , you can drop off your suggestions in a sealed envelope marked Suggestion to security. The Official Website for Harbour Mansion is Harbourmansion.com Please visit the site and sign up for access to forms, information, meeting minutes etc. Please Attend Our Next Open Board Meeting Thursday, November 12 th at 7 P.M. Second Floor Club Room