UNIVERSITY MANOR CONDOMINIUM OWNERS ASSOCIATION

P.O. Box 61

Fairfield, Iowa 52556

LAND BALLOT

November 17, 2007

Dear Homeowners,

As you know, during this past week our Association voted on whether or not to purchase our condo land at the University’s firm offer of $150,000. Here are the ballot totals.

            Ballots received

Supports $150,000, can pay in 2007                 12 votes from homeowners and

                                                                     5 votes from M.U.M.
Supports $150,000, can pay in February 2008            10 votes

Supports $100,000, as on previous ballot                   3 votes
Does not support land purchase in 2007                   6 votes

Ballots not received

Supports $150,000 (from previous ballot)                 1 vote

Supports $125,000 (from previous ballot)                 3 votes
Supports $100,000 (from previous ballot)                3 votes

Does not support land purchase in 2007                   2 votes

     (from previous ballot)

No ballot received (now or previously)                      3          

Total in favor of $150,000                                   28

Total needed for 67% approval                           33

Our ballot letter explaining the $150,000 offer made the following statement:

[H]omeowners may want to reconsider their former vote regarding the purchase option….  If you want to change your prior ballot based on this new information, please submit your new ballot as soon as possible and in any case not later than Friday, November 9.

Non-submission of a ballot therefore means that a homeowner’s previous ballot vote stands. But given the close vote, we asked condo manager Jeff Turnbull to call the seven homeowners who had submitted a previous ballot supporting a purchase, but not a new ballot, in order to confirm their position. He did so. The homeowner supporting $150,000 upheld his original vote; of the remaining six, four have confirmed that they do not support a purchase price of $150,000, and two are unreachable by phone.

We will continue to try to reach the homeowners who have not submitted ballots in order to confirm their positions. However, based on the current ballot totals, the Association homeowner vote does not support a land purchase at $150,000 this year.

With all best wishes,

The UMCOA Board

Elaine Reding                                        Cathy Aalto                            Dick Mays

472-1539                                               472-2827                             472-5215