NOTICE TO OWNERS

Dear Fellow Pinewood Homeowners:

Due to market pressures and many other factors including inflation, our shared
expenses at Pinewood South Condominium Association have increased greatly. We
had a big rise in our quarterly HOA fees last year due to large growth in our
insurance premium. Now, higher utility rates over the last two years and bigger
prices for many services and repairs plus an additional 30% estimated increase in
our annual insurance premium, which renews November 20th, needs to be
addressed.

For the many factors listed above, an increase in the quarterly HOA, beginning
January 2024, has become necessary. The current assessment is set too low for the
funding needs of Pinewood. We must return Pinewood to a sustainable financial
footing. The Pinewood Board of Directors has two new members and has been
restructured. Our goal is to be more transparent in our finances and operations
going forward which is also the purpose of this Notice to Owners

The correct level of HOA fee that will be required has not yet been determined.
Soon, we will have discussions with Valerie Hoover our new manager to determine
our needs. A reserves study will most likely be needed at some point. We intend to
set the quarterly fees as low as is practical but that means a bit of financial pain,
with additional an additional rise now. We would anticipate that the quarterly
assessment will increase between 20% and 40% depending upon analysis of
Pinewood requirements. Pinewood has aged a bit and our systems and buildings
here are beginning to need some repairs not previously anticipated.

We understand that no one wants to pay more and are committed to keeping the
increase as reasonable as possible. All services we use will be evaluated for both
quality and price in order to minimize costs without compromising the quality of
the services our community relies on. With a fully active Board, the plan is to focus
on more and better services and transparency for all owners. Once determined, a
special Board meeting will be called to discuss and ratify the needed quarterly HOA
fees. As always, owners will be welcome to attend. Thank you for your cooperation
and being part of our excellent community.

Sincerely – Pinewood Board –