MINUTES OF THE

 Full Association Membership

 OF

 HIGHLAND OAKS HOMEOWNERS ASSOCIATION

 A regular meeting of the full association membership of the above association was called to order on June 3, 1997 at  7:35 p.m. by president Steve Hammel. It was held in the original model home at the corner of Inverness and Highland Oaks Drive, New Albany, Indiana.

 The purpose of this meeting  was to discuss issues with the developer, Greg Furnish, and also with a representative from Crossman Communities.

 1.  QUORUM.   A quorum was declared present based on the presence of  60% of the homeowners as defined in the Highland Oaks restrictions.  

 The following corporate actions were taken by appropriate motions duly made, seconded, and adopted by the  majority  vote of the  Directors entitled to vote (unless a higher voting approval is stated).

 2.  OFFICERS ALLOWED TO APPROVE VARIANCES.   The group elected to give the officers of the association the power to approve variances in the neighborhood restrictions by working in cooperation with the developer.

 3.  AMENDED RESTRICTIONS.  The following items were voted on and approved to be added to the formal list of neighborhood restrictions: 

                         a) All homes must have a black gas light in the front yard

                        b) Any fences erected must be vinyl coated chain-link or better

                        c) All lots on Highland Oaks Drive must have a 5’ wide sidewalk with 5’ setback

                        d) Any satellite dishes must be no larger than 3’ in diameter and located at a point
                            behind the front line of the house

4.   Items Discussed.

Cost of operating the gas lights - this was confirmed to be minimal (pennies/month) by several individuals.

It was suggested that to improve the flow of Association meetings residents put any ideas or topics for discussion in writing and give to an officer prior to the meeting.

A request was made to add a ‘no solicitation’ clause to the residents directory being compiled.

Jeff Johnson announced the creation of a checking account for the Association. He read from the restrictions items related to the payment of dues and suggested prorating dues for owners which move in during mid-year. He will place invoices in the mailboxes to collect dues from any residents which have not already paid.

Greg Snyder suggested forming a social committee to welcome new owners. Packets of information could be distributed, etc.

In response to a question about if anyone in the neighborhood was a notary public, Steve learned that his wife Regina was.

Future meetings could be held offsite in a room at a local church or the REMC as attendance grows and the model home is no longer available.

 5.   Crossman Communities.

Vicki Keene, a realtor with ERA, was present to discuss how TriMark was marketing Highland Oaks and to answer any questions she could. She passed around leaflets showing various home designs and options. She said that even though some of the homes were available to start at a low price, they were trying to target larger homes and higher prices. She assured residents that the TriMark homes would blend in with the existing homes and that they do not build similar houses next to each other.

Residents expressed concerns that the original marketing of Highland Oaks (by Schuler Realty) was homes starting at $140,000 and up. Crossman has been marketing as $112,000 and up. Existing owners are worried that if new lower cost homes are erected their property values will decline. Heated discussions ensued over these issues.

Greg Furnish assured residents that all homes built by TriMark must conform to the existing (and any amended) restrictions. He indicated that the agreement he has with Crossman is that they must buy and start an additional two lots by June 9th. He pleaded with residents to give Crossman a chance to prove themselves and that they would NOT change the original direction and plans he had for Highland Oaks.

A motion was made to add into the restrictions that all homes must have basements. Greg said that he could not go along with this idea. Some residents expressed that Greg had told them that all homes in Highland Oaks would have basements and were surprised to find out this was not actually in the restrictions. He said he has strongly advised all builders to include a basement and  did successfully negotiate to change the builder’s mind on a few lots where they wanted to build on a slab. He indicated, however, that if someone were to put up a large house valued at over $200,000, residents really wouldn’t care if it had a basement or not and everyone agreed. The real issue here was that the members were trying to ensure a higher sale price for the smallest homes which could meet the restrictions but Greg pointed out that forcing a basement was not the way to go about doing this. It was decided not to make this a restriction.

Greg will set up a meeting between himself, the officers, and Blaine Ballard from Crossman Communities.

6.  NEXT MEETING.  The next meeting of the  Association is tentatively scheduled for July 8, 1997, at  The Model Home at the Highland Oaks Subdivision.

 The meeting adjourned at 9:55pm.  

 _______________________________________

 Byron Graham

 Secretary