Arnold P. Mordkin and Cindy Mordkin - Page 5

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          arising out of or connected with the maintenance and operation of           
          Crestwood's common areas, furnishing utility services to the                
          Crestwood condominium units, and other duly authorized functions            
          of Crestwood Association, including management expenses, taxes,             
          common lighting and heating, premiums for all insurance that                
          Crestwood Association was required or permitted to carry, water             
          and sewer charges, trash collection, repairs and maintenance,               
          wages for employees of Crestwood Association, and legal and                 
          accounting fees.  In addition, Crestwood condominium unit owners            
          were obligated to pay special assessments imposed by Crestwood              
          Association for the cost of any construction or reconstruction,             
          unexpected repair or replacement of improvements at Crestwood,              
          and similar expenditures.                                                   
               During all relevant periods, each Crestwood condominium                
          owner desiring to participate in the Crestwood Association lodge            
          operations was required to enter into a management agreement                
          (management agreement) with Crestwood Condominium Association,              
          Inc., d.b.a. Crestwood Lodge, Inc. (manager).  During relevant              
          periods, petitioner entered into such an agreement with respect             
          to each of his condominium units.  Under the management agree-              
          ment, petitioner employed the manager as the exclusive managing             
          and rental agent to manage his condominium units.  Specifically,            
          the manager agreed to perform, inter alia, the following serv-              
          ices:  Hiring and supervising employees to handle the marketing             
          and rental of those units and all other services required of the            

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Last modified: May 25, 2011