The common property is professionally managed by:

A property manager will be in contact with you by letter outlining services provided by The Prescott Companies. There is an onsite office near the main lobby of the Pinnacle Museum Tower. The on site office's phone and fax numbers are as follows:

Insurance

The Association pays for the building insurance; however, it is your responsibility to have your contents protected with your own insurance coverage at the earliest opportunity. Please refer to the insurance section of your CC&R's and make sure your insurance agent has a copy of this section to ensure proper coverage. ▲Top

Common Area

The Prescott Companies professionally manages the common area. The common area, pertaining to a unit, includes the bearing walls located within a unit and all structural properties within a unit which may be required for the support of the building within which the units are located, except for the finished areas thereof. Please refer to the CC&R's for a complete definition of the common area and the maintenance responsibilities of the owner vs. the Association. ▲Top

Unit

The term "Unit" means the elements of a Condominium, which are not owned in common with the other Owners. As shown on the Condominium Plan, there are three types of Residential Units. Condominium Owners are responsible for the interior of their own units, which includes all improvements situated within its boundaries, including, but not limited to, interior walls (except interior bearing walls), appliances, cabinets, interior doors, and all electrical, heating, plumbing and other utility fixtures. Please refer to your CC&R's for a more comprehensive description. ▲Top

Professional Management

The primary concern of the property manager is to ensure the protection of the interests of the Owners. Hence, the property manager ensures that the Association is adequately insured; that it is well maintained; that meetings are held as required under the governing documents of the Association and proper minutes of the meetings are kept; that proper books of account are maintained; and that good communication and harmony is created within the development. The property manager advises the elected Board of Directors on any matters regarding the operation of the Association, and thereafter carries out the instructions of the elected Board of Directors.

Generally, the functions of management include, but are not limited to:

• Arranging for the operation and maintenance of common facilities and services

• Regular inspections of the building grounds and gardens

• Hiring, firing and supervising all employees of the Association

• Obtaining quotations for maintenance and repair work for the Association

• Collecting the monthly operating assessments from the Owners

• Assisting the Board of Directors in the enforcement of the Association's governing documents

• Maintaining records of receipts and expenses

• Preparing monthly financial statements for the Association

• Preparing the management report for the Board of Directors and attending the Board of Directors meetings.

• Preparing for the Board of Director's review a recommended operating budget, showing estimated income and proposed expenses

• Receiving and handling complaints or requests for information from Owners

• Planning, organizing and staffing activities of the development as requested

• Assuming other responsibilities as designated by the Association, and reporting to the Board of Directors on all management activities.

Pinnacle Museum Tower Homeowners Association Board of Directors

The Association's Board of Directors is composed of (a maximum of 5) Owners who are elected by their fellow Owners for the purposes of setting policy and seeing to it that the Association operates smoothly.

The Association's Board of Directors' meetings is normally held on a regular or as required basis, depending on current corporation business. If an Owner, or group of Owners, wishes to address the Board of Directors on a particular issue, notice of such should be given to the Association's Board President or Property Manager at least one week prior to the date of the meeting. The Board of Directors have designated "open discussion" sessions at their meetings, at which time Owners may address the Board on issues of concern.

Copies of the Board of Directors meeting minutes are either distributed to all Owners or they are made available to the Owners upon request. ▲Top

Pinnacle Museum Tower Homeowners Association's Owner Responsibilities

The Association has some important responsibilities to its Owners: to obtain and maintain insurance on the buildings, common facilities and any insurable improvements, to keep in a state of good and serviceable repair and properly maintain the common area's facilities and assets of the corporation; to establish a fund for administrative expenses sufficient for the control management and administration of the common area; to collect and receive all contributions toward the expenses paid by the Owners and deposit these with a savings institution; and to pay all sums of money properly required to be paid on account of all services, supplies and assessments pertaining to, or for the benefit of the corporation.

The quality of lifestyle is often closely related to the Owner's understanding of the role of the Association, its Board of Directors and his or her duties as an Owner. ▲Top

OTHER HOMEOWNERS ASSOCIATION BUSINESS

Every Owner has an obligation to fellow Owners and to the Association to be aware of and abide by the Governing Documents of the Association. Of particular importance, the Owner must appreciate that some of the rights associated with single-family ownership may not be the same for condominium living - such as the right to advertise on common property, to rent, or to keep pets. Some of the more important obligations of a condominium owner are listed below. Please take the time to become familiar with them. ▲Top

Assessment Payments - Finances

The Pinnacle Museum Tower Homeowners Association specifies the requirement of each Owner to pay a proportionate share of the Corporation's common expenses. The determination of each Owner's share is based on a calculation involving the "unit entitlement" of the Association's lot. The unit entitlement is computed by dividing the square footage of the Association's lot as the nearest whole number, by the total square footage of all Association's lots in Pinnacle Museum Tower's plan expressed as the nearest whole number. This calculation is a requirement of the CC&R's of the Association and cannot be changed.

The monthly assessment may vary from year to year as the annual operating budget prepared each year is only an estimate of the anticipated costs of maintenance and operation of the corporation. With professional management and a competent Board of Directors, however, the estimated annual budget will be developed using historical data and sound budgeting practices, and in most instances will be very close to the actual expenditures for the year. The Association's approved budget will be mailed to all owners on an annual basis. The approval of a majority of the homeowners' approval is required to increase the monthly assessments over 20% annually it would need the majority of the homeowners' approval.

In future years, the monthly assessments may change for a number of reasons, such as fluctuations in the insurance premiums charged to the Association, changes in utility rates, or because the Board of Directors may wish to increase the funds held in the Association's reserve account for major cost items such as building repainting, re-roofing, or other capital expenditures required to maintain the common area of the Association.

All monthly assessments are due on the 1st day of each and every month. The management office before the 10th of the month to avoid a late charge must receive the monthly assessment. When submitting any payment, ensure that your check is written to the Pinnacle Museum Tower Homeowners Association and that your unit number is clearly identified on the check so that it may be credited to the correct account. Homeowners will receive a monthly invoice from the management company. ▲Top

Complaints

No one should be denied the right to complain, for it is through the correction of grievances that change brings about progress. Yet, with every right comes a set of responsibilities necessary to properly and successfully exercise that right.

Be accurate when making a complaint, giving specific details with respect to the nature of the problem, including dates and times where applicable.

Record the complaint in writing. Verbal complaints leave a wide margin for error in interpretation, which can result in confusion, or delays in rectifying the problem.

Give the written complaint to the appropriate person, i.e., your Property Manager or the Board of Directors. ▲Top

Emergencies: The Prescott Companies

The property management company maintains a 24-hour a day emergency answering service to receive emergency calls. To ensure as quick a response as possible to any emergency, it is critical for the caller to identify himself or herself, the location and nature of the emergency, and where they can be reached for additional information. ▲Top

Exterior Appearance

To retain a neat and uniform appearance, the Association's governing documents have been established which clearly outline what is permissible and what is not in regard to the external appearances of the building(s) and alterations hereto. Please familiarize yourself with these policies to avoid problems at a later date. The most common restrictions prohibit Christmas lights after the holiday season, drapes that are not of a neutral color, aluminum foil in the windows, "For Sale" signs on the common property, and the erection of fences on common grounds and the alteration of landscaped areas. Please review your CC&R's carefully to see which, if any, of the restrictions apply. ▲Top

Co-operating with Management to do a Better Job for You

To help the property manager do the best possible job for the Association, all owners are asked to keep in mind the following:

• Try to refrain from telling on-site employees what to do. The management company is the sole supervisor of all employees or contractors. If you see something amiss, contact the property manager. Why is the property manager for your Association difficult to contact? This is probably a sign that he/she is doing his/her job. A major component of a property manager's duties are to be out on site checking schedules and in-progress work to make sure that duties are being carried out. You therefore cannot expect to contact him/her at the office all the time. If the manager is not available, you may leave a message for him/her, or alternatively another member of the management company should be able to assist you in the case of a more urgent matter.

• You may not protest a problem or issue of concern by withholding your monthly assessment fees. If you do this you will only penalize yourself as well as other Owners. The law imposes upon every Owner the responsibility to pay a share of the expenses for the common property. If this is not done, the law allows the Board of Directors to place a lien against the unit, with all costs incurred being added to the outstanding assessment fee(s). In addition, the maintenance programs may have to be curtailed, affecting services to everyone, or money must be borrowed to meet these costs.

• If you decided to move from your unit at Pinnacle or are changing a non-resident address, notify your property management company immediately in order to maintain accurate records. Without accurate records, you may not receive your monthly invoices, you may not be notified of upcoming meetings and other important correspondence. ▲Top

Insurance

The Governing Documents for the Association require that the Association maintain replacement value insurance on the buildings comprising the development. The Documents also permit the Association to obtain any other such insurance, as it deems desirable. This actually includes glass breakage coverage and liability insurance against third party claims and directors' liabilities.

Owners may sometimes be confused as to their insurance needs in an Association. As a general rule, an Owner is responsible for insuring personal belongings, any improvements made to his/her unit such as wallpaper, carpeting, etc., any goods or belongings stored on common property (such as in locker rooms or garages and exclusive use common areas), and must carry personal liability insurance in case he or she is named in a personal suit by a visitor or invitee. In the event an Owner decides not to insure a vehicle for road use, there is a requirement for the vehicle to be insured with at least off-road vehicle insurance containing a third party liability provision. Speak with your insurance agent as to your specific requirements. It is recommended that you request a "comprehensive" policy rather than "standard" with regard to your personal insurance for your unit at the Pinnacle Museum Tower.▲Top

GOVERNING DOCUMENTS FOR THE ASSOCIATION

The Association's Governing Documents, which consist of the CC&R's, Bylaws, Articles of Incorporation and the Rules and Regulations, establish policies for the operation of the Association. The Governing Documents' main purpose is to enhance, maintain and protect the value and attractiveness of the Property. The Governing Documents enable the Owners to live in harmony with one another using common sense and consideration. As an Owner, it is extremely important that you read, understand and comply with the Governing. Understanding and compliance prevent unfortunate confrontations, violation letters and/or fines, in particular when the Association enforces rules of which the Owner did not make himself or herself aware. ▲Top