As you are aware, we have been working with an attorney to update our 13 year old Condo association documents for change of declarant from Stabile to the Fells Association. We will also bring the documents into compliance with NH law and incorporate a lot of the best practices in condo work. We have held two informational meetings that have generated a number of comments from the community and are confident that we are on the right path to update and improve the documents.
Our original intent was to finalize the documents based upon community input and then ask the community to vote on approval at the Dec 10th, annual meeting. A key issue was raised at our last community meeting, Oct 29th, on insurance coverage and some lack of clarity in the state law. Our attorney is working with the appropriate state officials to get clarification. We also met with our insurance representative last week to further understand the relevant issues. As a result of these discussions, we have decided that we will not put the revised condo documents up for vote approval during the Dec 10th Annual Meeting. In order to meet this date and be compliant with state law and our current documents we would have to clarify the insurance approach, communicate the approach to the Fells community for explanation and publish the completed documents to the Fells community by Nov 16th. We do not believe that this could be done in an appropriate way for the Annual Meeting. We still intend to update the condominium documents in all due haste and plan to vote on them sometime in early 2019.
• Dec 10th Annual Meeting will be held, (will not include vote on condominium documents)
• Clarify the remaining issues in the rewrite of the condominium documents
• Communicate the expected approach to the issues to the Fells Community, this will likely be done in a community meeting (early 2019)
• Schedule vote on new condominium documents.
Please note as mentioned above, one of the open issues is insurance coverage. At this point, each unit owner SHOULD CONTINUE TO maintain the type coverage that they currently have as noted in the current declaration and bl-laws. We have reviewed the overall insurance coverage for The Fells with our current insurance provider and are confident we are adequately and appropriately covered.
If there are any questions or concerns please reach out to one of the board members.