Exton Limited

Chessie Court, Roundhouse Court

Members:

Jen Marshall, Vice President, extonlimited@extonstation.org

Rick Augustyn, Member at Large

Liz Rigo, Treasurer

Lori Cushman, Member at Large

2016 Election Meeting Update 2016 EL ANNUAL ELECTION MEETING UPDATE

2017 Exton Limited Annual Meeting is scheduled for Wednesday, November 1st at 7 pm in the clubhouse.  There will be a general update on the sub as there are no elections this year. posted 8/2/17

EXTON LIMITED UPDATE: Information will be distributed to all Homeowners regarding the amendment changes to the Declaration and Bylaws. The Declaration and Bylaws will be amended to state the following:

Investor owners will be required to occupy a unit they purchase for a period of at least one (1) year prior to leasing the unit. The number of rentals per investor owner may not exceed the current FHA condominium project-owner requirement.  This change is recommended to ensure and promote owner-occupancy of Units as well as enhance the property value of Owners and ensures that the Association maintains its FHA eligibility for insured mortgages by meeting their requirements and limitations of rental units in the Association.

Reduce quorum percentage from 55% to 10% in person or proxy/absentee of Unit Owners to hold election meetings.  This change is being recommended to reduce the required quorum to a more reasonable percentage to encourage attendance at meetings and is in line with the UPC Act and other associations in Exton Station.

Clarify Board residency requirement is being recommended to ensure that Board Members are the legal Owners per recorded deed who must maintain their legal ownership and legal residence permanently in the association to be elected or appointed to the Board.  This change will ensure that only active Owners in the Association are managing the Association. 

A vote of 67% or 71 owners must approve these changes.