Carrollwood Lakes

Homeowner

Apr 24, 2001

Carrollwood Lakes Homeowner?’s Association
C/O JPM Properties, Inc.
2157 Madison Avenue
Memphis, TN 38104


February 16, 2001

Dear Carrollwood Lakes Homeowner:

As fellow homeowners in the beautiful Carrollwood Lakes Subdivision, we know you take pride and satisfaction in the amenities our neighborhood provides. The Carrollwood Lakes Homeowner?’s Association, Inc. was quit claim deeded all of the common area properties by the developers in February of 2000. The directors of the association were not informed of this action until December 15, 2000. We now have the opportunity and obligation to care for and improve the common areas, lakes, and dams. You will be seeing much needed improvements in the near future and we have contracted with JPM Properties, Inc., a management company, to administer these services. The recreation area containing a swimming pool and tennis courts will be open for use during the summer season. Seeding, mowing, and trimming of the common areas will be done on a regular basis. These improvements and beautification efforts will only enhance the pleasures we enjoy and the property values of Carrollwood Lakes.

Some of the homeowners in Carrollwood Lakes may already be aware of the Declaration of Covenants, Conditions, and Restrictions for Carrollwood Lakes (CCR?’s) as filed in the Register?’s Office of Shelby County, Tennessee, filing number V2 7881 with various amendments and By-laws as additional filings. Each homeowner in the Carrollwood Lakes planned development is required to become a member of the Carrollwood Lakes Homeowner?’s Association, Inc. and support the organization through dues. The deeds did not allow the Homeowner?’s Association to create a budget for operations and charge association fees until the common areas were deeded over to the association from the developer. These common areas include certain locations around the lakes, the lakes themselves, dams, spillways, related lake components, and the recreational area that contains the bathhouse, swimming pool, and tennis courts.

Over the many years between the beginning of the development and the present time, numerous expenses have been incurred for legal fees, utilities, taxes, and state required permits. These financial obligations must now be met and improvements and operations costs paid. It is now necessary to begin the assessment of homeowners?’ dues so we can pay our bills, rectify unattended neighborhood needs and develop the area in such a manner to increase the value of our properties and provide the amenities we have so long sought. The Carrollwood Lakes Homeowner?’s Association directors have established a budget for the year 2001. We have also contracted with JPM Properties, Inc. for the management of the association?’s activities. This company will manage the collection of all dues, provide landscaping services for the common areas, repairs and management of the recreation area, and provide subcontracting services for needed projects, which will include dam repairs and lake upkeep. This firm manages the Cordova Club Subdivision, among other properties. We are excited with what this company offers and the enthusiasm they bring to our project. JPM will handle all daily management functions, collect all homeowners dues, maintain all banking and investment accounts, negotiate and supervise all contracts, contractors and vendors, produce all mailings and a periodic association newsletter, schedule regular and preventative maintenance, and enforce covenant restrictions. All of these activities will be done under the control and authorization of the Carrollwood Homeowner?’s Association directors and members. We have included with this notification information about the JPM firm.

We will significantly improve the attractiveness and value of our subdivision with your support. We need for you to pay your dues as required under official plat filings and the association By-Laws. We are also asking that you volunteer your services and provide suggestions for future improvements.

Since this notice of beginning dues has come rather abruptly, we would like to accommodate those on tight budgets. The annual dues have been established at $200.00 per year. This may be paid on March 1st in one lump sum or we are also accepting quarterly dues payments. For those who wish to pay quarterly, $50.00 will be due on March 1, May 1, July 1, and October 1, 2001. Dues payments for future years can be paid annually on January 1st or quarterly at the beginning of each calendar quarter. We have heavy startup expenses (recreation area repairs and improvements) and payment of your dues in a timely manner will ensure a successful summer opening and the startup of our association.

Secondly, we ask that you respond to our interest/volunteer service questionnaire and mail your responses along with your dues. This information will allow us to determine project priorities and those interested in assisting us in their completion.

Thirdly, we plan an information meeting of the association in April (further details later). We hope this meeting will give you an opportunity to meet your neighbors, learn what is going on in our neighborhood, ask questions concerning our plans and timetables, express your desires for the neighborhood, and help determine our future goals.

Please mail dues payments by check or money order and make payable to Carrollwood Lakes. Mail to:

Carrollwood Lakes Homeowner?’s Association, Inc.
C/O JPM Properties, Inc.
2157 Madison Avenue
Memphis, TN 38104


Since the subdivision contains more than 700 homes, we would appreciate your patience as we formulate the association files and records. We will answer your questions as quickly as possible. You may contact J. Patrick McDowell, President or Richard Sailors, property manager at JPM Properties, Inc. for questions concerning this notification.


We appreciate in advance your interest and help in developing the best homeowner?’s association to serve your neighborhood.

Sincerely,

___________________________ ____________________________
Gordon Proud, Director Jim Baxter, Director


Enclosures:

Carrollwood Lakes Covenants, Conditions, and Restrictions - These should have been included with your property purchase papers.

Volunteer and Interest Survey ?– Please take time to fill it out and return it with your dues. Please be sure to fill out the name and address portion since the questionnaires will be separated from your check.

JPM Information




Public Records File in Shelby County Register?’s Office related to this association:


KL9389 Quit Claim Deed of Common Area Property from Developer to the Association.
V2 7881 Declaration of Covenants, Conditions, and Restrictions for Carrollwood Lakes
DH 0050 Clarification of the Declaration of Covenants, Conditions and Restrictions of the Carrollwood Lakes Subdivision.
F3 3229 Article of Incorporation of The Carrollwood Lakes Homeowners Association, Inc.