Dear Owner's of Barqueta Nice

Dear Owners of Barqueta Nice,

I cannot sit quiet and let so much Bull _ _ _ _ get spread.

(Let’s put it to good use and fertilize our entry palm trees !!!!)

1. The Maintenance Dues were increased in June 2008 from $25.00 to $50.00 per lot with a home, and from $10.00 to $50.00 for vacant lots.

2. A) A Budget was presented to support the increase. According to the rules you signed when you accepted your promissory contract to purchase the lot, the Developer makes the decisions concerning fees and the management of Barqueta Nice. Never the less the need for the increase was shown, as reflected in the Budget presented. We the Developer are and have been transparent in our dealings, as we hope you, the residents of Barqueta Nice are fare and pay what you owe to run YOUR community.

B) On August 20th, the scheduled date of the Home Owners Association Meeting, the real expenses for the year July 2008 – June 2009 will be presented for your information. The Maintenance Dues Paid and Accounts for Collection will also be presented, as well as the collection methods and fees that will be used to collect on these OVERDUE accounts that are preventing progress in YOUR community and causing undue financial dependence on the developer.

3. NUMBERS:

A) Initial Maintenance Dues: $10.00 Vacant Lot, $25.00 Lot with Home.

B) New Maintenance Dues Since June 2008: All Phase 1 and Phase 2 lots pay $50.00 Month. The 5-year build rule was eliminated.

C) Number of Lots that are subject to pay the Maintenance Dues: It is not Brain Surgery, if you know how to count to 170 (Phase 1 and Phase 2) just take an invigorating walk and you will not only get your exercise, but this will also give you the total revenue available if the Maintenance Dues are paid by the lot owners. (less collection expenses and legal fees.)

To the 170 lots, thanks to Mr. Anthony Arauz you can add 5 lots that are still NOT serviced with electricity or water that are in Phase 3, since he is MARKETING them he offered to pay the Maintenance Dues and include them with the 170 lots.

D) At the present lot count the Developer has Majority. The comment posted that in order to vote in any meeting the Barqueta Nice owner would have to be up to date with Maintenance Dues is correct.

E) The HIGHEST compensation ever paid, by as much as four times was To: Raul de la Espriella = $5,000.00 per month. WE DID NOT GET ANY MIRICLES OR SOLUTIONS JUST MADE THE HOLE DEEPER.

We will look forward to seeing you at the Home Owners Association Meeting and are happy to answer questions at any time.

Working Together to Build a Stronger Community,

ROYAL SANDS MANAGEMENT TEAM

(Juan Arauz)

Notice for Annual Association Meeting

Asociacion de Copropietarios de Barqueta Nice
OWNERS ASSOCIATION
NOTICE OF ANNUAL MEETING


NOTICE IS HEREBY GIVEN that the Annual Meeting for the Asociacion de Copropietarios de Barqueta Nice Owners Association will be held at the following date, time and place:

Date: [Thursday, August 20th]

Time: [9:00 am]

Place: [Las Olas Resort Convention Center]
[Playa La Barqueta, Ave. Antonio Anguizola, Chiriqui, Panama]

Dated: [July 19, 2009]

Asociacion de Copropietarios de Barqueta Nice Owners Association

By: Lic. Clauido Samudio

Fellow Homeowners

Dear Fellow Home and Lot Owners,

We understand your frustrations and we appreciate your comments and good will to help. We want to take advantage of your offer to help organize the management of the Barqueta Nice Association. To be honest, at the last meeting there was a strong sentiment that Royal Sands needed to produce an accounting and budget analysis sometime in October. We at Royal Sands searched for the appropriate team members to help us accomplish this, however good help is hard to find.

Finally over the past several months, we have successfully implemented Peachtree Accounting System, along with an online billing and property management system. We are now able to produce quickly and accurately all the necessary accounting records for proper administration.

Only a few months ago, Royal Sands S.A. helped coordinate and run the meeting for the P.H. Brisas Condo Association. The lessons learned from the organization

Rome was not built in a day. We have measured our steps accurately, and now we are ready to communicate. Aviate, Navigate, and Communicate..... in that order.

Board members in all associations here at Las Olas must be "Paz y Salvo" free and clear in order to continue serving as a board member and participate in board activities such as budget and meeting agenda preparation.

We have begun work on the budget for 2009 - 2010 along with a meeting agenda.

Looking back from 2008 through this point in 2009 there are many accomplishments, not to mention the . The potable water system is organized and it's management has beed built (please vist the water blog for updates on the water:

Road repair has been conducted (please visit the general Las Olas blog for updates on the roads and other amenities).

The area is more secure and we have had less incidents of theft. (Covisa, the security contractor, is upgrading their system at Las Olas, to include checkpoints. Look for this upgrade next week. please visit the Las Olas Security blog for updates on the security )

Regarding the one concern over the 3.75% credit card service charge for payments via the online property management system, this is a necessary charge that is paid on bills to the association (condos, villas, barqueta nice) because if one homeowner chooses to pay via credit card, other home owners should not foot the bill.

Online payments to associations at Las Olas via credit card have an additional charge of $0.25 per transaction, this is a bank charge.

One last important item to address is the Las Olas Golf & Beach Club. We understand that we need to create value across the board, not just in the property management side of the equation, therefore the developer is expanding the current offering of club membership to include the fitness and social membership at Las Olas Golf & Beach Club. This means that all members (who are up to date on their Las Olas Club dues, Association Dues (condo / villa / barqueta nice), & water bills will be given the opportunity to join the Las Olas Golf & Beach Club for no additional monthly charge. This means full access to the tennis facility, and other amenities that are soon to follow.)

The final requirement to upgrade the membership and officially join the homeowner's association for Barqueta Nice (which will eventually take ownership over the common areas) is the verification step that the articles of deed restrictions over your property are duly inscribed.