Arnold P. Mordkin and Cindy Mordkin - Page 4

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          Crestwood Association deemed appropriate with respect to the real           
          property, buildings, and other improvements at Crestwood (Crest-            
          wood Association owners' operations) and (2) those operations               
          affecting only those Crestwood condominium owners who desired to            
          rent their condominium units that involved marketing and managing           
          the rental of those units for short-term periods and providing              
          extensive hotel-type services to the patrons of such rental                 
          operations, including on-site management, daily housekeeping                
          service, 24-hour switchboard service, full-service front desk,              
          grocery and liquor shopping service, dinner reservation service,            
          free laundry facilities, and transportation service (Crestwood              
          Association lodge operations).3                                             
               During all relevant periods, each condominium unit at                  
          Crestwood was entitled to one membership in Crestwood Associa-              
          tion.  Crestwood condominium unit owners were entitled to vote on           
          prescribed matters involving the affairs of Crestwood Associa-              
          tion, provided that there was always only one membership in                 
          Crestwood Association per condominium unit.4                                
               Crestwood condominium unit owners were obligated to pay an             
          annual assessment to fund the payment of all estimated expenses             

          3  Even though Crestwood Association lodge operations were not              
          separately incorporated, Crestwood Association ran those opera-             
          tions under the name "Crestwood Condominium Association, Inc.,              
          d.b.a. Crestwood Lodge, Inc."                                               
          4  If there were two or more owners of a Crestwood condominium              
          unit, those owners held and shared the membership related to that           
          unit in the same proportionate interest and by the same type of             
          tenancy in which the title to that unit was held.                           

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Last modified: May 25, 2011