At its September 6th meeting, the Board of Directors adopted a policy to cease acceptance of monthly assessment payments at the Management Office. The policy of accepting payments at the office is decades old when payments could be couriered to the Managing Agent for immediate deposit that same day. Today, payments accepted at the management office must be mailed to the same location that Unit Owners mail the payments themselves, at an additional cost for postage. Payments later in the beginning of the month that are mailed to the PacWest Lock Box on behalf of Unit Owners arrives after the 15th, incurring a late fee that must be manually reversed. The Policy adopted by the Board is attached and can be found in the Documents Library of TownSq.
ASBESTOS – IMPORTANT NOTICE
Renovations contemplated to a unit that impact building materials that are suspect for containing asbestos that could release fibers from the matrix of those building materials require a licensed asbestos inspector to test for the presence of asbestos in each of the rooms in which the renovations are contemplated, or in which a likelihood of disturbing certain finished surfaces containing those building materials exists (Subject Areas). Such renovations include, but are not limited to: (1) removal of original vinyl flooring, (2) removal of any flooring mastic manufactured prior to 1982, (3) removal and or replacement of older attic thermal system insulation (e.g. vermiculite), or that (4) Impact/disturb ceilings containing a popcorn finish, or ceilings finished with joint compound manufactured prior to 1982 (regardless of popcorn finish) in any manner (scraping the texture, cutting holes for recess lightning, drilling, putting drywall over it, etc.) or (5) Cut or otherwise disturb drywell finished with joint compound manufactured prior to 1982. A copy of the findings of the test shall be attached as an exhibit to a Variance prior to its submission.
The Association’s various insurance policies renewed on Saturday, July 15th. In addition to a 25% increase to the premium this year, the deductible for all perils except water rose from $15,000.00 per incident to $25,000.00 per incident. The deductible for losses associated with water rose from $15,000.00 to $50,000.000 per incident. Unit Owners are reminded to be sure they update their HO6 policies to carry sufficient coverage for both type of losses in the corresponding amounts.