The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

We would like information on the proâ€" posed Condominium Act, (particularly; any details of Section #94, dealing with Reserve Fund Studies. We also have questions concerning: 1. How often will "Reserve Fund Studies be required? 2. Who are required to conduct the Reserve Fund Studies? 3. How many years of future major repairs or replacements cost of the common Elements should there be money in the reserve to cover? 4. What shall a Condominium corporation be required to do, in the event that a required amount of money is not in the Dear Condofax: I am writing on behalf of a condoâ€" minium corporation Finance Subâ€"comâ€" mittee. We are trying to decide if it would be to our advantage to have a formal Reserve Fund Study done this year or next. We are also concerned about what effect the new Condominium Act‘s requirement to implement "Reserve Fund Studies," will have on future Condominium fees. Reserve fund study required? FREEKHOLD TOWNHKHOUSE Living rm, w/« Many upgrd w/upgrd. cabi first time buve 7.2 TREED ACRES $439,000 FREEKHOLD TOWNKOUSE! $,500 s umâ€"h« ond. )mpa DAVID S. MUGFORD* 338â€"2201 WE ARE SEEKING EXPERIENCED, SUCCESSFUL SALES REPRESENTATIVES me ad time buyers. $188,90C ANNA PAFFRATH* 338â€"2201 Pager JjOHN STEELE** 338â€"2201 & view this C rm. w/corne upgrds., ¢€ d. cabinetry. e buvers. $1 d 5 & j ampl q. g )t tul \dja Iny Re TRUSTED FOR SERVICE AND RESPECTED FOR RESULTS * Excellent New Compensation Plan * Superb Benefit Package ¢ * Commitment To Customer Satisfaction * Strong Corporate Support I€ DD YVONNE RATIGAN** 847â€"3030 DAVID S. MUGFORD* 338â€"2201 ANNA PAFFRATH* 338â€"2201 Pager I am also enclosing an application form which I would suggest you might be interested in completing. Your manageâ€" ment company, is well acquainted with our work and has actually lectured at our last Session of the Director‘s and However, though your corporation is not a member I have prepared an answer to your questions since it raises a number of interesting points. Thank you for your letter inquiring about Reserve Fund Studies. It is an interesting question. I note you have addressed your letter to the Golden Horseshoe Chapter of the Canadian Condominium Institute. One of the main duties and responsibilities of the Chapter is to provide advice and information to our members. Thank you in advance for your time and efforts in answering our questions. We hope to hear from you soon. Dear Anxious: Reserve Fund? GREAT BRONTE LOCALE KAN BESANT® 847.3030/827 4567 24 hr. pg MVA CROMPTON® $47â€"3030/827 430) QUIET FAMILY CRESC PRIME N.E. LOCATION NICK BELLISARIO®* 3$38â€"2201 or 842â€"5094 Anxious MP In asking about Reserve Fund Studies, I think you have opened a whole can of worms. When it comes to confusion, there is nothing like the Condominium Act. "Screams Park" has finally realized that something had to be done with that piece of legislation which has had such a stranglehold on everything that Board‘s of Directors have attempted to do, as they tried to administer the affairs of their corâ€" porations. Even the advice offered by the King in "Alice‘s Adventures in Wonderland" doesn‘t seem to help much for, "Begin at the beginning," is what the King said, gravely, "and go until you come to the end: then stop." Manager‘s Course earlier this year... We would appreciate having you join us so that we might be able to offer the same assistance to others that we extend to you. In the meantime the following may answer your questions. §.-. CC lt w â€"~*~â€" x ‘é‘â€".&a- mm _ _ _ STRESS FREE MOTIVATED VENDORS NNISCLARE HIâ€"THE RIGHT RUTH CHASTY* 847â€"3030, 847025 NICK BELLISARIO* 338â€"2201 or 842â€"5094 NEED MORE ROOM:? NEW PRICEâ€"$289,000 ippt FOR MORE INFORMATION AND VIEWINGS OF THESE AND OTHER PROPERTIES CALL: RUTH CHASTY* 847â€"3030/847â€"0259 DRES O ft JM bdrm §4 RF KR rd $339,900 arlett n Ir e Nev oft i Appr cti Flor ew Yeal 1perb 5â€" from In response to your first two quesâ€" tions, Peter Leong, in an article in the Condominium Magazine, points out that, in Bill 81, in clauses 94 (2) and (3) how often, or by whom will the studies be conducted, it is not specified but is left up (See "Special" Page RE 6) Nothing was said about how or who should establish whether 10% was going to be enough to take care of future repairs or replacements, nor how often should the status of the funds be checked. ment of the common elements etc. It didn‘t matter whether you had a million dollars in the reserve fund, you still had to put away 10% into that fund. an amount equal to at least 10% of the common expenses for that year is to be set aside for major repairs and replaceâ€" Funds, all that was specified in the preâ€" sent Act was, that the corporation set up one or more reserve funds; that each year Beginning at the beginning is easier said than done, for where is the beginâ€" ning when it comes to describing Reserve A listing â€" a sale! A top producer for Canada Trust I‘ll lead you to . . . THE PERFECT MATCH PRESTIGIOUS dental or medical office space. 3 consulting rooms, large reception area. Central location, parkingb Immediate occupancy. $2,000/mth. BEAVER VALLEY SKI AREA NICK BELLISARIO* 338â€"2201 OR 842â€"5094 sq ?. ft. beautifull; CEROY home on res + 20 acres bush. LEASE to