TYMBER SKAN UPDATE:HOA, SECTION ONE & THREEFRANK PAUL BARBER, COURT APPOINTED RECEIVER

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Monthly Income vs. Fixed Costs Combined average income per month: $9,500 Expenses:

◦ O.U.C. Repayment: $1,000 (Sec 1) + $1,000 (Sec 3) = $2,000◦ O.U.C. Delta: $1,500 (Sec 1) + $2,300 (Sec 3) = $3,800◦ Trash collection: $3,600

$9,500 - $9,400 = $100 for all other expenses Doesn’t allow for:

◦ Onsite management◦ Maintenance staff and supplies

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Seizing Units

September October November0

20

40

60

80

100

120

140 127 delinquent units seized◦ September: 20◦ October: 39 (59 total)◦ November: 68 (127 total)

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Seizing Units

Section One

Section Three

127 delinquent units seized◦ September: 20◦ October: 39 (59 total)◦ November: 68 (127 total)

By Section◦ Section One: 47◦ Section Three: 80

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Sequestering Rents 127 units seized 19 with rental income 108 without rents received 15% of seized units

In-come19

No In-

come108

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Sequestering Rents Out of 127 seized units:

◦ 62 on O.U.C. Power Pass Program

◦ 19 with rental income◦ 43 units not paying Association◦ Therefore, 43 possible

evictions

Total Power Pass Paid Not Paying0

20

40

60

80

100

120

140

TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Evictions & Plan of Action Importance

◦ Forces payment to Association◦ Displays Association’s (Receiver’s)

power◦ Control over units

Start with limited evictions Remaining tenants pay Association not owners

Results in: Fewer evictions Fewer expenses Increased sustainability