Transitioning Management Companies

Liberty Commons Condominium Trust’s Board of Trustees (the “Board”) made the decision to transition from North Point Property Management, LLC (“North Point”) to a new management company. Liberty Commons’ Board of Trustees anticipates and expects an orderly transition of management will be completed on Sunday, September 30, 2018. The new management company will begin providing management services to Liberty Commons Condominium Trust (“Liberty Commons”) through Liberty Commons’ Board of Trustees on Monday, October 1, 2018.

Liberty Commons’ Board of Trustees will be working diligently with North Point and the new management company to facilitate the transfer of records, accounts, financials, roles and responsibilities at the appropriate time during the transition.

Transition Plan

The new management company has a detailed transition plan that will be executed upon by Liberty Commons’ Board of Trustees, North Point and themselves to facilitate the transition of management companies. Much of work for the transition tasks will happen behind the scenes and seamlessly for Unit Owners.

Announcements And Communications

Unit Owners may receive communications periodically, as authorized by Liberty Commons’ Board of Trustees and as needed during the transition period and thereafter. Each Unit Owner should take the necessary action(s) in a timely manner to ensure their smooth transition. At this time, there is no action that is required of Unit Owners.

While Liberty Commons’ Board of Trustees understands that some Unit Owners may have difficulties with change and may have questions and/or concerns, Unit Owners should not contact Liberty Commons’ Managing Agent or Liberty Commons’ Board of Trustees with any transitional questions, as answers will be deferred until such time as is appropriate to convey the necessary communications to all Unit Owners, to avoid confusion, missteps, etc. Our resources will be focused on the day-to-day operations and the transitioning to the new management company.

Payment Of Condominium Obligations

Payment of condominium obligations from now and through September 2018, will not change. September 2018’s condominium obligations, as with each month, are due and payment on or before the first (1st) calendar day of each month and must be posted1 before the tenth (10th) of the month. Unit Owners will continue to make payments as Unit Owners have been for September 2018.

Payment processor information will change for the October 1, 2018’s condominium obligations, such as: Common Area Fees and any other assessments that may be applicable. What Unit Owners need to do and when will be communicated to all Unit Owners at an appropriate time to ensure payments are made to the appropriate payment processor.

No Changes To Other Service Providers

All other contractors, legal counsel, insurance agent and other professionals providing services to Liberty Commons will remain unchanged at this point in time, as each is contracted directly with Liberty Commons Condominium Trust, itself. Services to Liberty Commons Condominium Trust will continue uninterrupted.

Understanding The Role Of A Management Company

All management companies are hired by the Board of Trustees of an Association or Trust and work at the discretion and direction of that Association’s or Trust’s Board of Trustees. A management company, by statute, have no independent authority to perform any actions unless specifically directed by a Board.

1 “Posted” does not mean postmarked (or mailed) or electronically paid. “Posted” means the funds have been actually possessed and deposited into Liberty Commons’ bank account, which can take up to 5-10± business days, excluding days when the Federal Reserve is closed, such as weekends and bank or federal holidays. Please plan accordingly to avoid late fees as set forth in Liberty Commons’ Rules and Regulations, Article 9 — Payment of Condominium Obligations.

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