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.
INSURANCE RENEWAL
Remember that your HO6 policy deductible coverage ($50,000.00) will only come into play if an element within your unit under your care and control fails or otherwise causes damage to your own or another unit for which you as the unit owner are responsible. These typically have included dryer fires, washing machine hoses, pile leaks serving fixtures within the unit, commodes wax seal, and the like. If the damage is contained within your unit, then you will be responsible for repairs below the deductible. Likewise, if the damage extends to units around or below you. The Association will not file claims for those incidents of unit owner responsibility below the deductible, because no proceeds are available.
Unit Owners are not required to carry deductible loss coverage for floods or earthquakes ($100,000.00) because they will never be held accountable for such occurrences! They’re included on the letter from Holden & Company because there was a change in the amount, but responsibility for that deductible will always be with the Association!
Apologies for any confusion! It was not certain until after the Treasurer’s letter covering the proposed FY25 Budget that water losses subject to the $100,000.00 deductible would be limited to floods, and not include in-unit water damage!
