TAMARIND NEWS

NEWS LETTER - FALL 2006

FOURTH QUARTER. Enclosed with this newsletter is the maintenance assessment reminder for the fourth quarter of 2006, which is due on October 1^st.

INSURANCE. Obtaining insurance coverage has become a crisis in Florida. Due to significant losses in recent years as a result of hurricane damage claims, many companies have decided not to renew coverage at the end of the current policy term and to reduce their exposure to potential future losses many companies have ceased writing coverage in Florida. As evident in the number of calls received in the Association office from Tamarind members many owners have received their personal coverage non-renewal notices.

The Association is not immune to this problem. Charles Robbins Agency has been our insurance agent for many years and was an independent Nationwide agent. Our master policy was with Nationwide and we enjoyed very favorable premiums significantly under market for many years. But unfortunately Nationwide is on the list of companies that have drastically reduced their offerings and eliminated entirely offering any coverage to communities, so as a result our master policy, which covers everything except wind and flood, was canceled effective July 1^st of this year. To find companies that would even present an offer of coverage and to obtain comparable coverage from financially sound and admitted companies with an acceptable rating, required an exhaustive search on the part of Charles Robbins. To meet our objective of finding the most favorable premium under the previously stated criteria required the placement of different coverage with an array of companies to make up our master policy umbrella, but still resulted in a 93% premium increase.

To obtain a more favorable premium, a few years ago our windstorm coverage was placed with Citizens Property Insurance Corporation, which is provided by the State of Florida. We did not experience a significant premium increase this year, but this is only due to the fact that Citizens had not determined their rate increase by the renewal date on our policy. With an operating deficit in the billions, Citizens is proposing a premium increase of as much as 70%.

Our President and Treasurer cautioned in the 2004 annual membership meeting, again a year ago in his letter to the membership that accompanied last year’s budget and again during last year’s annual membership meeting, that significant cost increases in insurance coverage was in the offering for the very near future. This forecast is now a reality and will continue to be fact for the foreseeable future. Insurance coverage is our largest budgetary expense and currently represents 26% of our total operating budget. With this being the case only minimal logic is required to determine that our current maintenance fees are going to be woefully inadequate to meet these rising insurance costs. The Board is legally bound to adequately insure the Association against potential loss, exercise prudence in obtaining the necessary coverage, but has no choice other than to pay the fare.

SUMMER PROJECTS UPDATE.

STEP RESURFACING. The resurfacing of the entrances to all of the buildings and the stairways on the two story buildings is complete. All of the outside stairs have been caulked and are now being painted along with wall areas that were bruised during the

removal of the old surface coatings. The entire project should be completed in the next couple of weeks.

LANDSCAPE PROJECT. Phase 2 of the landscape project is ongoing.

DUMPSTER ENCLOSURES. We are still waiting on the contractor to begin the dumpster enclosure. He has promised completion of this project by this fall.

REMINDERS.

RENTALS. As stated in the Tamarind “Articles of Incorporation” and “Rules and Regulations” all potential renters must complete a “Rental Approval Application” and submit it to the Board of Directors for approval prior to occupying any unit. It is the responsibility of the unit owner to comply with this requirement and to make certain that any agent that you engage for the purpose of soliciting a renter for your unit is in compliance.

CONVEYANCES. As stated in the Tamarind “Articles of Incorporation” no sale, transfer lease or conveyance of a condominium unit shall be valid without the approval of the Association. An “Application For Sale Or Transfer Of Unit” form should be in your documents or can be obtained from the Association office. Once the application and fee are received and approved by the Board, a “Condominium Association’s Certificate As to Liens and Assessments” and a “Condominium Association - Approval Of Sale” documents will be completed, signed by an executive officer of the corporation in the presence of a notary and forwarded to your attorney or closing agent to be recorded with your deed.

GULF REALTY. Supporting Gulf Realty whenever possible is financially beneficial to every member of the Association and significantly reduces your quarterly maintenance assessments.

Have a wonderful fall season.

Board of Directors