Dear Homeowners,

As you already know, effective December1, 2009 the homeowners of Bahía del Mar received from the developer HQJ Real Estate the responsibility for the administration of our condominium. In order to comply with the payment of administration, conservation and repair expenses of our property’s common areas, we need the timely payment of the maintenance fees from each one of the homeowners. It’s for this reason that we remind you of the provisions contained in the Bahia del Mar Homeowners Administration Regulations, as they refer to the contributions for the payment of administration and maintenance expenses.

Every month we send out maintenance fees invoices that are payable on or before the fifteenth (15) day of the each month. The Regulation, in Article V, section (2), establishes that maintenance fees not paid within the time frame provided will be charged interests at the maximum legal rate, which is six percent (6%) in Puerto Rico. Also, Homeowners that had not made the maintenance fee payment by the fifteenth (15th) day of each month will be subject to a surcharge equivalent to ten percent (10%) of the fee due. In the case of two (2) or more maintenance fees invoiced without payment by the fifteenth (15th) day of each month, Homeowners will be subject to a surcharge equivalent to twelve percent (12%) of the total amount due.

After two (2) payments in delinquency, the Homeowner will be sent by certified mail a detail of the charges due, warning him that if total the amount due is not paid within fifteen (15) days, water and electricity services will be disconnected. If these services are re-connected without previous authorization of the Board of Directors or Administrator, the Homeowner will be subject to the imposition of a triple surcharge.

The lack of payment of three or more maintenance fees installments will imply an additional surcharge of one percent (1%) of the total debt. In addition, the Homeowner will be denied the right to vote in the Homeowners Assemblies and to participate as a Member of the Board of Directors, until the debt is fully paid.

The Homeowner with delinquent maintenance fees invoiced will be subject to be judicially required to pay the amounts due, and will be responsible for all incidental charges and expenses, including, but not limited to, legal expenses.

The Board of Directors has decided to implement these provisions contained in the Regulation effectively March 1, 2010. This is why we urge you to responsibly contribute to the maintenance of our condominium in order to suitably use and enjoy this property.

Respectfully,

Homeowners Association Bahia del Mar