Beaver Creek Estates Property Owners Association

Welcome Neighbor:

Please find enclosed a copy of the Covenants (rules attached to the title of your land), By-Laws of the Association (rules we use to run the Association) and Building Committee Guidelines (rules about construction, landscaping and improvements to your land/home) for you.

Please read through these carefully, as there are instances that require prior approval and fees to be paid to the association. If you have any questions, please contact the appropriate board member for clarification.

Our Current Board Members and Officers are:

Michael J. SchaefgesPresidentChairman of the Board

Carl R. HahnVice PresidentBoard Member

Rebecca ValloranoSecretaryBoard Member

William G. CoxCommissioner ofBoard Member

Building & Roads

Steven W. KotarinosTreasurerBoard Member

I have also enclosed a list of your new neighbors, a plat of the neighborhood and a copy of our current Financial Statements so that you may see how your association is doing. Currently, we have no significant financial obligations beyond normal maintenance.

An annual meeting of all homeowners is held, usually in January, to vote on assessments for the coming year. Annual Dues for the Calendar Year 2007are $ 750.00.

Assessments are generally used to provide for Common Area Landscaping, Road Repairs and Snow Removal. Some of the money is set aside each year in a Reserve (savings)Account. Since we own our roads, we are responsible for all maintenance. With approximately 2 ½ miles of roads to pave, adding to this fund annually keeps us from asking for excessive special assessments when the roads need to be repaved (roads last about ten years).

Currently, the Board is planning on paving one section per year based on road conditions rather than waiting ten years to do the entire neighborhood. Additionally, the Village had recently passed new regulations on road widths which will allow us to widen our roads to the standard with of a city street. It is the intent of the Board to widen each section of roadway as we resurface.

The Board maintains an email list of all homeowners. This list is used to announce items of interest to homeowners; commonly Board Meetings, road construction, home sales, or Police activity in our neighborhood. THIS LIST IS NOT USED FOR ANY OTHER PURPOSE OR DISTRIBUTED. If you would like to be notified of these types of items, please forward your email address to .

Board meetings are held as needed, rarely more than a couple of times per year. All meetings are open to the membership and your attendance is encouraged. . Board membership requires very little of your time, but is of great importance when the value of our homes is considered.The Board is always interested in new members and should you be willing to serve, you are encouraged to volunteer. New homeowners make excellent Board members because of the fresh perspective they bring with them.

If you should have any questions, please feel free to contact me.

Welcome to our neighborhood!

Sincerely,

/s/

Steven W. Kotarinos, Treasurer

3945 Lakeview Court

Long Grove, IL60047

(847) 726 – 0918

Enclosures:Covenants

By-Laws

Building Committee Guidelines

Homeowners List

Balance Sheet

Income Statement

Plat of Subdivision with RFDs