RESOLUTION NO. 01-1

RESOLUTION REGARDING REIMBURSEMENT FOR INSURANCE DEDUCTIBLES

WHEREAS, the Board of Trustees of Society Hill at Piscataway Condominium Association, Inc. is authorized under the By-Laws and Master Deed of the Association to obtain appropriate insurance coverage for the buildings and other property located on the Society Hill premises in order to protect against risk of loss by fire and other casualties and such other risks for which the Association may be responsible; and

WHEREAS, the policies of insurance obtained by the Board of Trustees on behalf of the Association may include certain amounts of deductibles for which no insurance payment is provided; and

WHEREAS, individual unit owners may be legally responsible for the cost of repairs for damage incurred within their own units as well as other units and common areas of the Association; and

WHEREAS, unit owners are encouraged to and may obtain insurance on their own account for their own benefit; and

WHEREAS, the Board of Trustees wishes to establish a consistent policy Regarding payments in circumstances where there is a loss for which there is no insurance coverage available, including but not limited to the existence of a deductible, a denial of coverage, or a shortfall;

NOW THEREFORE, be it resolved as follows:

1. In the event that damage is sustained to a portion of the Association property for which the unit owner is legally obligated to repair and in the further event that the insurance policy for the Association provides for a deductible as a result of which certain costs are incurred which are not covered by the insurance policy, then the unit owner will be responsible for payment of any deductible or shortfall connected therewith.

2. In the event that such a loss is incurred for which a unit owner shall be responsible for the cost of repairs, then the Association shall have the option at the discretion of the Board of Trustees, (1) to require the unit owner to pay his portion of the costs involved for the aforesaid repairs, including but not limited to, any amounts which may not be covered under the Association insurance policy prior to such repairs being performed; or (2) pay for the full cost of the repairs and seek reimbursement from the unit owner for any amounts not covered by the Association insurance policy, which amounts shall be deemed to be a lien against the condominium unit. Reimbursement may be sought through any legal means provided for under the By-Laws and Master Deed of the Association and, including but not limited to a lawsuit and/or placement of a lien against the unit.

ADOPTED: on a roll call vote as follows:

For Against Abstain

Thomas Renahan ___X___ _______ _______

Gerald Adelman ___X___ _______ _______

Joanne O’Beirne ___X___ _______ _______

Barry Allen ___X___ _______ _______

Madan Shrma ___X___ _______ _______

John Brahms ___X___ _______ _______

Fred Robinovitz ___X___ _______ _______

I certify that this is a true copy of the Resolution.

(signed by Joanne O’Beirne)

_________________________________

Secretary

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