BOARD OF DIRECTORS SUMMARY
OCTOBER 6, 2004

STATE FUND AWARD
The State Compensation Insurance Fund presented their Safety Award to the Woodbridge Village Association in recognition of an outstanding safety record for the period of 10/27/01 to 10/27/03.
Briarglen Pool Noise Concerns
Residents from Briarglen were in attendance to discuss the pros and cons of changing the 24-hour status of the facility. Residents shared their concerns about the alleged loud parties, loud talking, and fence jumping that occur between the hours of 11:00 p.m. and 3:00 a.m.
The Board determined to continue investigating noise attenuation at Briarglen and retain the 24-hour status at the facility.

IRWD Well Agreement
The Board of Directors continues negotiations with IRWD to provide water and preserve its rights associated with both wells and lakes within the Association. Although no final agreement has been signed, there are no new wells scheduled to be drilled within Woodbridge.

North Lake Gazebo Update
PAO, Inc., the architectural firm consulting for the design and retrofitting of the North Lake Gazebo, submitted conceptual plans that were approved by the Board and included material upgrades. The overall aesthetic design of the Gazebo is to be preserved and we are in the process of bidding this reconstruction.

Board Approves 2005 Annual Budget and Reserve Study
The Board of Directors approved the 2005 Budget and Reserve Study at their October meeting. The 2005 Budget includes a $3.00 per month per unit increase, for a total monthly assessment per unit of $66.00. The increase was necessary due to increases in certain operating costs and increased funding to the reserve fund based upon the current reserve study. The 2005 Budget will be distributed to owners with their December statements.

Blue Lake Swim Club
Construction is underway on the men’s bathroom facilities at the Blue Lake Swim Club that were heavily damaged due to arson. The facility will remain open during construction, which should be completed around mid December. Temporary bathroom facilities for men are still available.

Board Revises Parkside Garage Door Standard
The revised standard is as follows:
(6) Parkside Maintenance Association (Tracts 9658 and 9664): Formcore II, Overhead Door Corporation #399, Anaheim Door Excel, Mesa Door Premium Series or Thermogard II styles, with no windows or with Sunburst or Sherwood windows. If windows are installed, no colored, stained, etched, tinted, beveled or reflective glass will be approved. The garage door may have short or long panels and the color must match the current wood trim color of the unit. Homeowners of “A” model units are encouraged to install vents in the lower right and left hand side of the bottom panel. (Added 2-2-00) (Revised 11-07-01, 10-06-04)

Wintermist Pool
The Board approved a request by residents to keep Wintermist Pool and Spa heated year round due to the facility’s unique handicap capabilities.

Telecommunication Site at WVA Facility
A draft amendment to the Woodbridge CC&R’s specific to telecommunications was reviewed. If approved by the Membership at the 2005 Annual Meeting, the amendment will provide the Board of Directors the ability to enter into lease agreements with communication companies for the installation and maintenance of cellular telephone antennas at appropriate locations at the Community Center.

Irvine United Congregational Church
The Board approved the church’s request for minor monument sign modifications concerning a name change on their street sign located on Alton Parkway. The name changed from Irvine United Church of Christ to Irvine United Congregational Church.

Slurry Seal Repair and Restriping
A contract to repair and restripe five parking lots: the Community Center, Arbor Park, Stone Creek Swim Club, South Lake Tennis Courts, and the North Lake Beach Club, was approved.

Woodbridge Village Association
INSURANCE DISCLOSURE
California Civil Code Section 1365(e)(1) requires that the Association send an insurance disclosure statement to each of its members within sixty (60) days preceding the beginning of the Association’s fiscal year. Accordingly, we are providing you the following information in compliance with the Civil Code:

The Association’s property insurance carrier is The New Hampshire Insurance Company for the period of March 15, 2004 until March 15, 2005. The policy blanket values for property are $9,474,460. The deductible is $10,000 per occurrence.

The Association’s general liability insurance carrier is The New Hampshire Insurance Company for the period March 15, 2004 until March 15, 2005. The policy limits are $1,000,000 each occurrence and $2,000,000 aggregate. The deductible is $5,000 per occurrence.

The Association’s Difference in Conditions insurance, which includes earthquake and flood insurance, is with RLI Insurance Company for the period of March 15, 2004 until March 15, 2005. The policy limit is $2,500,000. The deductibles are 7.5% of total insurable value per building per occurrence, subject to $25,000 minimum per occurrence for earthquake, and $25,000 per occurrence for flood.

The Association’s Fidelity Bond insurance carrier is New Hampshire Insurance Company and American International Specialty Lines Insurance Company for the period of March 15, 2004 until March 15, 2005. The primary policy provides coverage up to $250,000 and is subject to a $1,000 deductible. The excess over primary policy provides coverage up to $4,750,000 and is subject to a 15% loss deductible.

The Association also carries an umbrella policy.

This summary of the association’s policies of insurance provides only certain information, as required by subdivision (e) of Section 1365 of the Civil Code, and should not be considered a substitute for the complete policy terms and conditions contained in the actual policies of insurance. Any association member may, upon request and payment of reasonable duplication charges, obtain copies of those policies. Although the association maintains the policies of insurance specified in this summary, the association’s policies of insurance may not cover your property, including personal property or, real property improvements to or around your dwelling, or personal injuries or other losses that occur within or around your dwelling. Even if a loss is covered, you may nevertheless be responsible for paying all or a portion of any deductible that applies. Association members should consult with their individual insurance broker or agent for appropriate additional coverage.

Note: The above paragraph is required to be included in the notice by state law (California Civil Code Section 1365 (e)(4)). Nevertheless, Woodbridge Village Association, as the master planned community association for Woodbridge, carries no insurance on individual property, real or personal, nor on any maintenance association property, real or personal.