Tim Kammer. CondoManagements, Inc. Seattle s Condominium Specialists. Welcome Cambridge Court Condominium owners:

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1 1661 Harbor Avenue SW, Suite 100, Seattle WA / Fax CondoManagements, Inc. Seattle s Condominium Specialists Welcome Cambridge Court Condominium owners: CondoManagements Inc. (CMI) is proud to be the community association management team your Board of Directors has selected to help them make living here pleasant and worry free. The elected Board of Directors makes governing and financial decisions, establishing the regulations and policies for Cambridge Court, while CMI provides the support and logistics they need for the physical maintenance of the property and the financial requirements of the homeowners. We ll oversee the contractors needed for cleaning, landscaping, maintenance, and building emergencies through a community association manager assigned specifically to Cambridge Court. Our accounting office will process the payment of your monthly association assessments and all account payables for the day to day financial obligations of the association. Enclosed you will find contact information for me, accounting, 24-hour emergency services, and our office, in addition to information for payment options of homeowner assessments. Also included are the required Resident Emergency Information and House Rules Acknowledgment forms that need to be promptly completed and returned to our office. Please read your governing documents for move-in procedures and requirements or me with any questions. I look forward to working with you and the Cambridge Court community. Kind regards, Tim Kammer Tim Kammer

2 Cambridge Court: st Ave NE Seattle, WA Tim Kammer, Community Association Manager CondoManagements, Inc. Office: hour emergency line: Accounting:

3 CondoManagements, Inc.(CMI) 1661HarborAveSW,Suite100 Seattle, WA Association Assessments Payment Information Monthly homeowners assessment payments are due the first day of each month. Please check your governing documents to determine when assessments are considered delinquent and corresponding late fees. Typically two months of assessments are collected at closing; however, itwillbenecessarytocheckyourescrowdocumentstodeterminewhenyournextpaymentis due. Payment options available: AutomaticdebitofyourcheckingaccountthroughCMIusingtheenclosedform. Onlinebillpaythroughyourpersonalbank.Usingthefollowinginformation: Address: Cambridge Court c/o Condomanagements, Inc POBox65792 Phoenix, AZ Payable: Cambridge Court Included in the memo line must be the numbers XXXX(your unit number) this will ensure the payment is properly credited to your account. Onlinepaymentviae-checkatCommunityAssociationBanc:MutualofOmaha, Included in the memo line must be the numbers XXXX(your unit number) this will ensure the payment is properly credited to your account. Paymentcouponsprovideduponrequest. Please make all checks PAYABLE TO YOUR ASSOCIATION. Do not include correspondence with your payment. Direct any inquires to the CondoManagements address above.

4 CondoManagements, inc. Preauthorized Electronic Assessment Payment Service Agreement and Disclosure Statement Preauthorized debits to your account will be processed, on the 10 th of each month. Payments so collected will be deposited to the checking or savings account of your association, maintained with Community Association Bank, a division of Mutual of Omaha Bank. Your association may direct us to make changes to the assessment amounts and/or due dates in accordance with the governing documents and applicable statutes. You will be given notification of these changes in accordance with applicable law. You may cancel this Agreement at any time without cause by notifying us in writing at our company address at least three (3) business days prior to the proposed effective date of termination. You may also contact your financial institution directly. 1 (we) hereby authorize CondoManagements, Inc. to initiate withdrawals for payment of association MONTHLY ASSESSMENTS MOVE IN/OUT CHARGES OTHER FEES OR CHARGES APPROVED BY THE ASSOCIATION and to initiate adjustments for any entries made in error to my (our) account indicated below. Homeowner Name(s) Association name Unit number Name of bank City State Zip Code IT IS REQUIRED THAT YOU ATTACH A VOIDED CHECK AND INDICATE THE MONTH TO START AUTO DEBIT Do not sign and return this form unless you are willing to abide by this agreement. CondoManagements, Inc. accepts no liability for failure of your association to provide timely notice of assessment increases, retroactive increases, or additional charges levied by the association. If at any point the electronic payment fails because of insufficient funds in your account, the electronic payment option will be canceled and a cashiers check, money order, or bank bill pay will be required to bring your account current. Start Auto Debit the month of: Your account will be debited by the 10 th of each month or the next business day following. Signature(s): Date: Please return to: CondoManagements, Inc Harbor Ave SW #100 Seattle, WA data@condomanagements.com rev 10/16

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6 Cambridge Court House Rules Acknowledgement Form IhavereceivedacopyoftheHouseRulesandRegulations applicabletomyresidence.ihavereadtheserulesandi agreetofollowthemasaresidentinthecomplex. Printed Name Signature Printed Name Signature Unitnumber Date: This form must be returned within ten days of occupancy. Please return to: CondoManagements, Inc. 1661HarborAve.SW#100 Seattle, WA FAX:(206)

7 Condominium Unit Owner s Policy What you need and why The question is common and simple. Now that I have purchased my condominium, what insurance cover do I need? I ll try to walk you through the basics and provide an outline of things to consider, but most certainly follow this article up with your own insurance agent and make sure you understand what coverage or coverages you are purchasing. After all, the time to ask questions about insurance is before you have to file a claim. With condominiums, first and foremost, we need to understand where your master insurance policy coverage begins and ends. A quick review of your CC&R s, specifically the Insurance Section of requirements will usually answer these questions for you. If unsure, or you are unable to locate it, contact your associations insurance agent. In most cases you will find that the Master Insurance Policy covers the Building Property, which usually includes your unit as you purchased it. An easy way to think of this is to ask yourself what was in your unit before you moved in. Permanently attached building improvements such as walls, fixtures, cabinets, permanently attached floor coverings, and so on are most likely considered Building Property. So your next question then becomes what s left for me to cover? There are several exposures that you, as a unit owner, are still responsible for so let s review these coverages in the standard order that they would be covered under a Personal Condominium Owners Policy. First we will cover the need for Building Coverage. Under single unit losses you could be individually responsible for the deductible of the association so it is imperative that at a minimum you carry enough coverage A Building Coverage in an amount that is equal to your association s deductible. If your association carries a $ 5,000 deductible which is quite common today, then you need to carry $5,000 of Building Coverage on your personal condominium policy. Here is a simple outline of how this works in a claims situation. John has a fire loss in his kitchen which causes $38,000 of damage to his unit. The association has a deductible of $5,000. On John s condominium Unit Owner s Policy he has selected a $500 deductible. With a $38,000 loss, the breakdown of who covers what works as follows: John pays the first $500 which is the deductible he carries on his own personal Unit Owner s Policy. Then his Unit Owners Policy would pay the next $ 4,500 under Coverage A Building Coverage of his policy and finally the association s Master Insurance policy which provides the primary coverage, after the deductible threshold has been met, then pays for the balance of the repairs and pays the balance of $33,000. Under this scenario the unit owner has reduced their personal exposure to the loss from $5,000, which represents the association s deductible; down to the $500 deductible under the Unit Owner s Individual Policy. This saves the individual unit owner $4,500. Considering these policies usually cost somewhere $150 $300 per year, it would seem to make a lot of sense to have one. This is without even adding in the cost of replacing the personal property damaged in the loss and the expenses associated with living at another location while the repairs on your unit are being made. Next is Personal Property coverage. Personal Property can be best summed up by what you put into your condominium. This can be your bed to your blankets, silverware, dishware and cookware, clothes, furniture and these types of items. What is really important is that you take some time to understand how much you need to cover. What is important here is to think of how much coverage you need based on how much it will cost to replace these items in today s dollars. Most claims are settled one of two ways. First is called ACV or

8 Actual Cash Value (Bad idea!), here s why. With ACV Coverage the settlement is based on what you could have sold the item for at the time of loss or another way to describe it is that actual cash value equals the replacement cost of the item minus the depreciation. Think of it as your ten year old tv which works great for you today would probably only bring $50 at a garage sale or on Craigslist. This represents the tv s Actual Cash Value at the time of loss. Replacement Cost Coverage on the other hand works differently. Your tv is a ten year old 26 Sony and it is destroyed in the loss, you would go find the replacement tv at a local store with the same options and the insurance company would pay the cost of the new item, with some restrictions. Sometimes this is described as New for Old. Replacement Cost means to replace the old unit with a new one just like it. Keep in mind, all policies have limitations and exclusions, make sure you review those with your agent. Loss of use / Additional Living Expenses One issue few people think about is what would I do or where would I go if my unit was damaged. Let s say a tree falls over during a windstorm damaging your building. While the insurance company for the association works quickly to repair the structure, it might still mean that you will be out of your unit for several months while they complete the repairs. At this point you need a place to live. Let s say you re fortunate and you find a nice apartment down the street from your condo which you can rent month to month. When the first day of the month rolls around, not only do you have rent on your new apartment due, but your mortgage company is expecting their payment as well. If you don t have a Unit Owners Policy you will have to cover these additional costs all on your own. If you have a Unit Owners s Policy, these costs as well as some others, are covered by this provision of your policy. This coverage is designed to cover these types of items such as additional living expenses, extra meals out, additional dry cleaning services, storing your personal property somewhere else while your home is being repaired and so on. While it won t pay your mortgage, car payment or credit card bill, it will cover the qualified additional living expenses incurred by not being able to live in your residence while it is being repaired. Personal Liability is another very valuable coverage of Unit Owner s Policy. This coverage, in most cases, provides the insured with personal liability protection whether at their home or anywhere in the world that you may travel. Generally thought of as the Slip and Fall coverage, this coverage will take care of that and much more. Claims such as injuring another person while playing at the park or skiing down the slopes, personal liability is not just a premises only coverage. Liability coverage is important protection in the event that you are sued for accidentally hurting other people or damaging their property. Personal liability helps to cover the associated legal costs and related damages. Most condominium owners policies provide $100,000 (minimum) of financial protection against liability claims. This coverage can be increased to $500,000 or a million at minimal expense. A Couple of Important Optional Coverages to Consider Loss Assessment This valuable coverage is uniquely designed for owners in condominiums/associations. Unit Owners have the potential to be assessed for certain kinds of losses. Here are examples of circumstances that might require the condominium/association to assess all unit owners: Windstorm damage to a cabana building which is underinsured by several thousand dollars. In order to complete the repair the association completes an assessment to all of the owners to cover the shortfall. In another event someone is injured on the association property and the claim exceeds the associations liability coverage. Each owner is then assessed their prorated portion of the uncovered portion of the claim. The idea here is simple which is that this coverage

9 pays on an association memberʹs behalf their individual share of an assessment charged against all unit owners as a result of a covered loss. Earthquake Insurance One very important point here to remember. Even if your association doesn t carry Earthquake Insurance, if you would like to have coverage in the event of an earthquake for your personal property, loss of use and so on, Earthquake must be added to your personal policy. Remember that your personal policy pays for losses on covered perils, Earthquake is excluded and must be added to your policy in order to provide you with coverage. A couple closing points for discussion: You are purchasing this Unit Owner s Coverage to protect you. Take some time to take pictures or video of the personal property you have in your unit. Keep a good record in some form of your personal belongings because it most certainly would make the claims process much easier for you and your insurance adjuster in the event of a loss. If you are sure you can remember what items you have, try this little experiment. Pick a room in your home and write down all you can think of, when you get home compare your list to the actual contents in the room and I can assure you that many things there will have been left off your list. You are paying for this coverage, make sure if you have to use it that you have a good list so that you can replace all of your items, not just the ones you can remember. Living in a Condominium has many advantages and many opportunities. Understand your responsibilities to your association in being a good partner to reduce unnecessary losses. Water heaters are designed to last 8 to 10 years, hoses have shorter life spans. Always be aware of those items within your unit that you are responsible for maintaining. Reducing unnecessary losses within your unit has advantages for you as an individual, your association and your insurance company. When you are outside on the grounds of your association let your on site manager or property management firm know about issues such as a pool gate that doesn t lock properly or a sidewalk that has broken up and is uneven. A lot of these issues can be resolved easily and can save someone from being unnecessarily injured. At the same time we can save the association and its member s unnecessary claims on its insurance. With all of us working together as a team we can all keep our associations safe and our insurance premiums reasonable. Have a great Summer! John Galluzzo Farmers Insurance Agent Galluzzo Insurance Agency, Inc. This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy. For an actual description of all coverage s, terms and conditions, please refer to your individual insurance policy.

10 Cambridge Court House Rules st Ave NE, Seattle, WA The courtesy our residents extend to their neighbors makes Cambridge Court a comfortable and inviting community.

11 Cambridge Court House Rules CONTENTS The following rules are for all residents and guests of Cambridge Court and were approved by the Board of Directors in accordance with the Declaration and Bylaws. Article Page A. Security 3 B. General 3 C. Unit Access 4 D. Courtesy and Noise 4 E. Appearance 4 F. Parking and Storage 4 G. Garbage and Recycling 5 H. Pets 5 I. Responsibility for Damages 6 J. Unit Marketing Rules 6 K. Leasing of Unit 6 L. Move-in and Move-Out Procedures and Fees 7 M. Repair/Replacement Policies 7 N. Complaint Procedures 7 O. Fee and Fine Policies and Schedules 8 2

12 A. Security 1. Security is everyone s business. If you see or hear someone or something suspicious, call 911 immediately. Do not assist strangers attempting to enter the building. Allow building access only to people you know. 2. Close outside doors firmly. If you must prop or wedge a door, it is required to be attended. 3. You are encouraged to notify a Board member or Condo Managements of extended vacation or business absences so that special attention may be given to your unit. Please advise management as to who has a key to your unit. Remember you are responsible for keys that are given to relatives and friends. 4. If you lose an exterior door key, security has been breached. Please notify Management immediately. You must pay for a replacement. 5. Owners are responsible for issuing and retrieving keys from their family or guests. B. General 1. Smoking is prohibited in all common areas of the building. 2. No sign or advertising of any kind shall be displayed to public view in any unit or common area without prior Board authorization. 3. Secure all exterior items to prevent accidental dislodgement during a storm or normal usage. Use extreme caution to ensure that nothing falls, is dropped or thrown from a unit, balcony, window or common area, including cigarettes. 4. Owners are responsible for receipt of personal packages, deliveries and coordination of vendors for repair and installations. 5. In accordance with fire codes, do not place items in halls, stairways, walkways, or other common areas. Small decorative items outside a unit may be permissible. Fire doors shall remain closed at all times. 6. Hazardous fluids, gasoline, kerosene, explosives, or articles deemed especially hazardous to persons or property are not allowed on the premises. 7. Units are intended for residential use only. Any business conducted from a unit must be incidental and unobtrusive, comply with City of Seattle ordinance, and have prior written approval by the Board. 8. Fireplaces should be checked for any live coals before leaving for extended periods of time. Fireplace chimneys will be inspected as requested by the Association. Owners will be charged for any necessary chimney cleaning. 3

13 C. Unit Access 1. As stated in the Declaration, the Board, or its agent has the right to enter any unit or limited common element when necessary in the event of an emergency. 2. It is requested all homeowners provide the management company a key to their unit for emergency purposes. In the event the homeowner does not provide a key for emergency access the homeowner shall be responsible for any charges related to such access. 3. When entry into a unit is necessary, every effort will be made to contact the owner. Except in emergencies, 48 hours prior notice will be given to the owner. D. Courtesy and Noise Control 1. Condominium quiet hours are 10:00 PM 8:00 AM. Dishwashers, laundry, vacuums and garbage disposals may be used only between the hours of 8:00 AM -10:00 PM. 2. Residents should conduct all activities in a manner which will not interfere with the rights, privacy, comfort and convenience of others. It is expected that every resident will use consideration at all times to alleviate noise. E. Appearance 1. In order to preserve a uniform exterior appearance of the building, all draperies or window coverings must be of beige or off-white color. 2. No owner or resident may modify, paint, or otherwise decorate landscape, change the landscaping, or in any way alter any portion of the exterior of the building or any portion of any limited common or common area without first obtaining written consent of the Board. No attachments or holes are to be made in the exterior of the building. 3. Balconies must be clean and in an orderly condition, free of hanging laundry, litter, damaged furniture, and debris. The Board will regulate and control the items stored or used on the patio and decks. 4. Containers are required under all pots on patios and decks to prevent water damage. 5. The placement of awnings, air conditioning units, signs or other projections on exterior walls is prohibited without prior written consent of the Board. F. Parking and Storage 1. One parking space per unit has been assigned for the purpose of parking of a licensed operative vehicle. Use of a space belonging to another will only be with prior permission of the unit owner. Guests 4

14 should be informed that there is no additional parking in the lot. Any owner whose space is occupied by an unauthorized vehicle may call E-T Towing to have the car removed. Renters may need to contact a Board member for authorization to have a vehicle removed. No oversize RVs are permitted in the parking lot. 2. Each unit owner is responsible for maintaining their parking stall free of oil drips and debris. If it becomes necessary for the Board to have the space cleaned, the unit owner may be charged for the costs involved. 3. The Board may require removal of inoperative or unsightly vehicles or other equipment or items improperly stored in open parking spaces. The Board may cause removal at the risk and expense of the owner. 4. General maintenance and repairs of any vehicle, other than washing, waxing and cleaning will not be allowed in the parking area. 5. Parking spaces are not to be used as storage space. Debris and boxes are a fire hazard and must be kept in storage units or recycled. Separate bicycle storage is available. 6. Do not store flammable liquids or hazardous substances in storage or units. G. Garbage and Recycling 1. Recyclables, garbage and compost disposal must comply with Seattle city regulations SMC All food items, yard waste, recyclables and garbage must be discarded in the appropriate receptacles. Violators will be charged in accordance with City disposal fines. 2. All boxes, cartons and containers must be broken down and flattened before placing them in the proper recycling bin. 3. Do not place oversized items in or around the dumpster. Extra pick ups due to large items will be charged back to the unit. You are obligated for disposal of such items at your own expense. H. Pets 1. All pets must be registered with the Association. Guests with pets are subject to all conditions of these House Rules 2. All dogs must be less than thirty (30) pounds. 3. No more than 3 dogs and/or cats are allowed in any unit. 4. Owners are responsible for cleaning up after their pets. 5. Pets must be on leash, accompanied by owners at all times while in the common areas. 6. Owners of any pet causing a nuisance, unreasonable disturbance, or creating constant noise may be requested by the Board to permanently remove that pet from the complex. In addition, payment for any 5

15 damage to any part of Cambridge Court shall be full responsibility of the pet owner. I. Responsibility for Damages 1. Owners and guests will be held personally liable for any and all damages resulting from their actions and those of their families, pets, or visitors, and all invitees. 2. All homeowners are responsible for obtaining homeowners insurance on their unit and its contents. Should damage occur within your unit and if there is an issue of liability involving other units, the responsibility for determination of that liability lies with the agent representing you under your homeowner s insurance policy (e.g. water damage caused by a leak from a unit above). If the source of the problem is from within the common areas, the Association s insurance will become involved in the process of determining liability. 3. The homeowner is responsible for scheduling and coordinating repair within their unit. Neither the Board of Directors nor Management is responsible for scheduling or for quality assurance of work performed by your chosen service provider. J. Unit Marketing Rules 1. Key boxes are permitted only on unit doors. A unique entry code will be provided to the agent/owner for building entry at the time notice is given that a unit is for sale. This will be time limited, based upon need. 2. A real estate for-sale sign is permitted only at the north corner of 1 st and 95 th. 3. Management must be notified if a unit is for sale. 4. Owner will provide House Rules to agent and vendors. K. Leasing of Unit / Rentals 1. All leases and rental agreements must be in writing and by their terms shall provide that the terms of the lease are subject in all respects to the provisions of the Declaration, Bylaws, and Rules and Regulations. 2. All leases must be a minimum of 30 days. The Board recommends at least a six month term. 3. All leases or rental agreements must be provided to the Board or Management within 5 days of move in. In addition to the rental agreement owners must submit proof of a credit and criminal background history check on a prospective tenant. A copy of the House Rules Acknowledgement Form must also be returned by both owner and tenants. 6

16 4. Any failure of a tenant to comply with the terms of the Declaration, Bylaws, or Rules and Regulations of the Association shall be an event of default under the lease or rental agreement. In the case of such a default, the Board may require the owner to evict the tenant. 5. The owner is held responsible for any damage to common areas or limited common areas caused by the tenant, whether or not the tenant was in violation of the rental agreement or any rules or regulations. Rental of an apartment does not constitute a waiver or relinquishment of the owner s responsibilities as specified in the Declaration and the Bylaws. 6. A $ fine, payable within 15 days, will be assessed for failure to comply with the requirements of leasing. L. Move-In and Move-Out Procedures and Fees 1. Each unit owner will be assessed and pay a non-refundable move-in fee of $100 at the time of a move-in to their unit. 2. Move in and move out dates shall be reported to the Board and Management 7 days prior to arrival and departure. Failure to notify of a move and dates will result in an automatic fine of $50 per occurrence. 3. Any additional cleanup or damage incurred to the grounds or building during a move shall be the responsibility of and paid for by the unit owner. M. Repair/Replacement Policies 1. Homeowner responsibility: i. Interior window frames (9.6.2) ii. Window broken from inside iii. Window seal broken 2. Association responsibility: i. Skylights ii. Window broken from outside (or responsible party) iii. Sub-floor N. Complaint Procedures 1. When you observe a violation of these rules, here are some suggested guidelines, keeping in mind that the problem should be resolved at the lowest level possible. 2. Contact the offending party, explain the problem and work together toward a solution. 7

17 Depending on the nature of the problem, solicit the help of a local agency such as the Police, Fire, or Health Department. If all else fails, send a written complaint to the Board in care of Management. Management will attempt to resolve the problem. Please keep in mind that Management has the right to charge all costs to the parties involved. If this fails, the problem will be referred to the Board of Directors and all parties will be invited to appear before the Board. The Board s decisions, while acting within the scope of the power and authority granted it in the Declaration and Bylaws, are final. All available procedures will be used to enforce the decisions. This includes legal actions for damages and injunctive relief. O. Fee and Fine Policies and Schedule 1. Violations of any of the rules should be reported in writing to the Association which will act upon such infractions. 2. After initial written warning, the following fines will apply for violation of the same rule. The Board of Directors reserves the right to take stringent action if the violation poses a threat to life or property. Unpaid fines will be charged a late fee of $25.00 each month until paid. First Violation Written warning Second Violation $50.00 Third Violation $ Monthly assessments are due and payable on the first day of the month. Monthly assessments owed and any outstanding balances not paid in full by the 10 th of each month will incur an additional fee of $25 per incident. 4. Homeowners have the right to request a formal hearing with the Board to address any actions or fines levied against them. The homeowner s request for such a hearing must be made in writing to the Board c/o Management within 15 days of receipt of the fine letter. The Board reserves the right to amend, repeal or add to these rules and regulations as deemed necessary. May 6,