Kemp Bridge Disclosure Package

K E M P

B R I D G E

Disclosure Package owners

association

1400 Kemp Bridge Drive Chesapeake VA 23330

s n o i t a l u t a ongr

C

Your Agent Shari Rocks

James River Real Estate

Sean & Bobbie Camp

Listing Agent Sherry Maser William E Wood & Associates

Commonwealth of Virginia Department of Professional and Occupational Regulation Post Office Box 29570 Richmond, Virginia 23242-0570 (804) 367-8510 cic@dpor.virginia.gov www.dpor.virginia.gov

Common Interest Community Board VIRGINIA PROPERTY OWNERS’ ASSOCIATION DISCLOSURE PACKET NOTICE

The lot being purchased is in a development subject to the Virginia Property Owners' Association Act. The contract to purchase a lot shall disclose that the lot is located in a property owners’ association. The purchaser may have the right to cancel the contract after receiving the disclosure packet and the purchaser may request an update of the disclosure packet pursuant to § 55.509.4 of the Code of Virginia.

Living in a common interest community carries with it certain rights, responsibilities and benefits. Benefits include the right to use common areas, which may include swimming pools, parks, playgrounds and other recreational facilities. In order to finance the operation of the common interest community association, each owner is responsible for and obligated to pay periodic assessments, and if necessary, special assessments to ensure that the financial requirements are met.

Use of common areas, financial obligations of lot owners and other rights, responsibilities and benefits associated with the ownership of a lot in this common interest community are subject to the provisions of governing documents that typically include a declaration, articles of incorporation, bylaws and rules and regulations. These documents are important and should be reviewed carefully prior to purchase.

Some decisions are made by the association board of directors, while other decisions are reserved to a vote of association members. The purchaser is bound by all decisions of the association and the board of directors and the provisions of the governing documents.

Failure to comply with the association governing documents can result in legal action taken against the lot owner. Failure to pay assessments and mandatory fees may result in the association filing a lien and/or lawsuit against the lot owner, foreclosing the lien, and other actions permitted by the governing documents and the Property Owners’ Association Act. Documents and information contained in the disclosure packet describe the basis for living in a common interest community and should be reviewed carefully prior to purchase of the property [lot].

This form was developed by the Common Interest Community Board in accordance with § 54.1-2350 of the Code of Virginia and is to accompany the association disclosure packet required by § 55-509.5 of the Code of Virginia.

10/26/09 Page 1 of 2

The Association Disclosure Packet must include the following statements: Association name, and if incorporated, the state of incorporation and the name and address of the registered agent; A statement of any approved expenditures that require an additional assessment during the current year or the immediately succeeding fiscal year; A statement of all assessments and other mandatory fees currently imposed by the association; A statement whether there is any other entity or facility to which the lot owner may be liable for fees or charges; The current reserve study report (or a summary thereof), a statement of the status and amount of any reserve or replacement fund and any portion of the fund allocated by the governing board for a specified project; A copy of the association's current budget (or a summary thereof) and a copy of its statement of income and expenses or financial condition for the last fiscal year available, including a statement of the balance due of any outstanding loans of the association; A statement of the nature and status of any pending suit or unpaid judgment to which the association is a party and that either could or would have a material impact on the association or its members or that relates to the lot being purchased; A statement setting forth the insurance coverage provided for all lot owners by the association, including any fidelity bond maintained by the association, and what additional insurance would normally be secured by each individual lot owner; A statement that any improvement or alteration made to the lot, or uses made of the lot or common area assigned thereto by the prior lot owner, are not in violation of any of the instruments referred to in this disclosure notice; A statement setting forth any restriction, limitation, or prohibition on the right of a lot owner to place a sign on the owner's lot advertising the lot for sale; A statement setting forth any restriction, limitation, or prohibition on the right of a lot owner to display any flag on the owner's lot, including, but not limited to reasonable restrictions as to the size, place and manner of placement or display of such flag and the installation of any flagpole or similar structure necessary to display such flag; Certification, if applicable, that the association has filed with the Common Interest Community Board the annual report required by ยง55-516.1 of the Code of Virginia including the filing number assigned by the Common Interest Community Board and the expiration date of the filing.

The Association Disclosure Packet must include the following attachments, if any: A copy of the current declaration, the association's articles of incorporation and bylaws, and any rules and regulations or architectural guidelines adopted by the association; A copy of notice given to the lot owner by the association of any current or pending rule or architectural violation; A copy of any approved minutes of the board of directors and association meetings for the six calendar months preceding the request for the disclosure packet;

This form was developed by the Common Interest Community Board in accordance with ยง 54.1-2350 of the Code of Virginia and is to accompany the association disclosure packet required by ยง 55-509.5 of the Code of Virginia.

Page 2 of 2

10/26/09

$ 6,962.98

$ 6,962.98

January 14, 2013 11:10 am

TOTAL EQUITY TOTAL LIABILITIES & EQUITY

ACCUM OPERATING RESERVE ACCUM REPLACEMENT RESERVE RETAINED EARNINGS CURRENT EARNINGS

Confidential:

$ 12,062.02 $ (6,962.98)

For Internal Use Only

$ (458.96) (2,251.92) 18,075.96 (3,303.06)

$ (19,025.00)

LONG TERM LIABILITIES TOTAL LIABILITIES

CAPITAL & EQUITY 843-3200.0000 843-3300.0000 843-3498.0000

$ (19,025.00)

$ (19,025.00)

Liabilities and Equity

$ 4,252.10 458.96 2,251.92

CURRENT LIABILITIES 843-2305.0000 DUE TO KEMP BRIDGE ASSOC L TOTAL CURRENT LIABILITIES

TOTAL ASSETS

LONG TERM ASSETS

CURRENT ASSETS 843-1010.0000 CASH-OPERATING/TOWNE 843-1102.0000 CASH-OP RESERVE/TOWNE 843-1103.0000 CASH-REP RESERVE/TOWNE TOTAL CURRENT ASSETS

Assets

FINANCIAL STATEMENTS - KEMP BRIDGE COMMUNITY ASSC INC Balance Sheet December 31, 2012

$

$

$

$

$

UTILITIES-ELECTRIC TOTAL UTILITIES

MAINT.-LAWN CONTRACT MAINT.-SIGNS MAINT.-GROUNDS TOTAL MAINTENANCE

RESERVES-EARNED INTEREST REPLACEMENT RESERVE TOTAL REPLACEMENT RESERVE

TOTAL EXPENSES/RESERVES

NET INCOME

11:10 am

$

AUDITING EXPENSES BANK SERVICE CHARGE PROPERTY INSURANCE CORPORATE FEES MANAGEMENT FEE MISC EXP/GENERAL & ADMIN OFFICE EXP/PRINTING COUPON BOOKS POSTAGE TOTAL GEN. & ADM. EXPENSE

January 14, 2013

$

$

INCOME-ASSOCIATION FEES INCOME-ADV ASSOC FEES INTEREST INCOME LATE FEES INCOME ASSESSMENT RESERVE INC TOTAL INCOME

Title

(1,680.01)

1,855.01

0 83.34 83.34

1,062.30 8.34 16.66 1,087.30

116.66 116.66

27.09 1.25 75.00 16.66 374.37 18.34 37.50 5.00 12.50 567.71

0 0 0 8.34 166.66 175.00

Monthly Budget

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

Confidential:

916.09

1,775.02

.71 83.34 84.05

916.67 0 0 916.67

208.68 208.68

0 .45 0 0 449.95 0 108.22 2.10 4.90 565.62

1,652.00 1,039.00 .11 0 0 2,691.11

Monthly Actual

$

$

$

$

$

$

$

$

0

22,260.00

0 1,000.00 1,000.00

12,747.50 100.00 200.00 13,047.50

1,400.00 1,400.00

325.00 15.00 900.00 200.00 4,492.50 220.00 450.00 60.00 150.00 6,812.50

20,160.00 0 0 100.00 2,000.00 22,260.00

YTD Budget

For Internal Use Only

2,596.10

79.99

(.71) 0 (.71)

145.63 8.34 16.66 170.63

(92.02) (92.02)

27.09 .80 75.00 16.66 (75.58) 18.34 (70.72) 2.90 7.60 2.09

1,652.00 1,039.00 .11 (8.34) (166.66) 2,516.11

Current Variance

$

$

$

$

$

$

$

$

3,303.06

21,412.16

1.10 1,000.02 1,001.12

12,332.35 0 0 12,332.35

1,554.89 1,554.89

325.00 20.40 0 60.00 5,269.01 0 529.59 193.50 126.30 6,523.80

22,190.12 817.00 1.10 450.00 1,257.00 24,715.22

YTD Actual

FINANCIAL STATEMENTS - KEMP BRIDGE COMMUNITY ASSC INC Budget Comparison Statement For the Period Ended December 31, 2012

$

$

$

$

$

$

$

$

$

3,303.06

847.84

$

$

(1.10) (.02) (1.12) $

415.15 100.00 200.00 715.15

(154.89) (154.89) $

0 (5.40) 900.00 140.00 (776.51) 220.00 (79.59) (133.50) 23.70 288.70 $

2,030.12 $ 817.00 1.10 350.00 (743.00) 2,455.22 $

YTD Variance

0

22,260.00

0 1,000.00 1,000.00

12,747.50 100.00 200.00 13,047.50

1,400.00 1,400.00

325.00 15.00 900.00 200.00 4,492.50 220.00 450.00 60.00 150.00 6,812.50

20,160.00 0 0 100.00 2,000.00 22,260.00

Annual Budget

January 14, 2013

11:10 am Confidential:

For Internal Use Only

FINANCIAL STATEMENTS - KEMP BRIDGE COMMUNITY ASSC INC Budget Comparison Statement For the Period Ended December 31, 2012