Minutes of the Trustee Meeting

Queensberry Condominium Trust

February 21, 2012

Pursuant to the Article V. Section 5.9 of the By-Laws of Queensberry Condominium Trust, a special meeting in lieu of the annual meeting of unit owners was held on Tuesday, February 22, 2012, at 7:00PM at the offices of Boston Choice Properties, 125 Jersey Street, Boston, MA.

Those Present: Ning Hernandez 111-05, Sheryl Kelly 111-19, Jeff Schwarz 111-17 and David Sherf 111-12A, Trustees

Doug McClennan 107-10 & 107-15, Max Compagnon 107-111 (proxy Jeff Schwarz), Helen Chigrinskaya & John Hunter 111-06, & Richard Bettano 111-15, Unit Owners

Pamela Pendias , Modica Associates

18.9297% of the beneficial interest was present either in person or by proxy. Since a quorum was not present no formal business could be conducted. An informational meeting was held for those owners who were present.

Pam called the meeting to order at 7:10 PM.

OLD BUSINESS

Owners were furnished with the balance sheet as of December 31, 2011, along with the bank reconciliation and bank statements reflecting $124 in the operating account and $83,181 in the reserve (savings) account. As of December 31, 2011, the association had $40,728 in aging payables. $35,283 of this amount is for capital items (to be paid out of the reserve account) as follows; Eagle Rivet, the roofing company is owed $24,200, Ranco is owed the sum of $8,333 for re-piping the boilers to accommodate burning gas in lieu of oil and $2,750 to line the chimney as required for the gas conversion.

For the most part the budget was accurate and condominium fee revenues are sufficient to meet operating expenses. Line items that were over budget include oil (due to increase in price $3.299 this year as compared to $2.699 locked in last year) snow removal (heavy record breaking snow accumulation last winter) and building insurance.

The roof has now been replaced. The trustees are holding $24,200 and are attempting to negotiate with the Contractor for time delays as well as moisture infiltration in two units in building 111. David Sherf, has been negotiating with the President of Eagle Rivet, Arthur Diaz, who agreed to accept $4,500 less to settle the matter. Since that time, they have had a change of heart and are now unwilling to sign the written agreement that they had verbally assented to. The association will remit final payment $19,700 in hopes that Eagle accepts the check and this will close the matter.

Last year the association renovated the laundry room in building 107 in connection with having to dig up and replace a broken drain line under the floor. The cost of the renovation was partially offset by building insurance. The doors to the roof have been replaced and are now equipped with magnetic closers. The front doors of both buildings were re-finished on the outside and a new gate was installed on the alley side of the building to enhance security. The ceiling on the top floor of building 107 was replaced and top floor ceilings re-painted following the roof replacement. Building 111 has received touch up paint throughout. The same will be done in Building 107 now that the boiler has been replaced and work in the basement and renovations in 4 and 8 have been completed.

Minutes of the Annual Meeting

2-21-12

NEW BUSINESS

Owners were furnished with the year end figures from last year as compared with the budget along with the operating budget for 2012. The budget will for the most part remain unchanged – there will be no increase in condo fees this year.

One of the heating boilers cracked and has since been replaced. A portion of the cost of replacing the boiler was paid for by building insurance which covers these costs.

The conversion from oil to gas has now been completed and both buildings are now being heated solely by gas. The association had to pay to bring in a new gas line, and the gas company provided “new” gas burners at no expense to the building. It is hoped and anticipated that the conversion will result in an overall reduction in heating costs.

The association has hired a new pest control company. The company services the building on the 3^rd Tuesday of every month. In addition, they will treat individual units for mice and/or roaches at no added cost as long as the service is done at the same time as the service to the building.

The laundry equipment in both buildings is starting to fail. First the washer in building 107 was leaving puddles on the floor and now the same is also true in building 111. The trustees had been negotiating with Automatic Laundry to extend the contract. The laundry company was willing to pay the association $850 towards tiling the laundry room floor of 107 if the association agreed to a contract extension for another (7) years until 2021 in exchange for new laundry equipment and an increase in price from $1.25 to $1.50. The board decided against extending the contract. Automatic is now contending that they have the right, under the contract, to extend the contract if the equipment begins to fail. David Sherf will have a look at the contract and advise the board.

The next order of business was election of trustees. Bill Gentz, is stepping down from the board as he has moved out of state thus creating a vacancy on the board. The four incumbent trustees are seeking re-election. Since a quorum was not present, the incumbent trustees will appoint a successor to fill the vacancy.

There being no further business, the meeting adjourned at 7:40 PM.

Respectfully submitted by:

Pamela Pendias

Modica Associates

For the Recording Secretary

Queensberry Condominium Trust