Click here for full copy of a letter regarding an upcoming vote

Dear Elizabeth Lofts Owner:

At the 2018 Annual Meeting, the owners who were present expressed interest in amending the
Elizabeth Lofts bylaws (Section 7.1) to increase the minimum term for rentals from 30 days (which
it is now) to a longer period of time. Within the past 18 months, news articles have detailed
problems arising from short term condo rentals, including damage to units and common areas,
excessive partying, noise, and, in some cases, injuries to residents. The Board wants to ensure
that these types of incidents do not occur at the Elizabeth and amending the bylaws to preclude
short term rentals is one way to do that.

Survey#1: To assess interest in this proposal, the Board surveyed owners earlier this year to
determine if the bylaws should be amended to increase the minimum rental period and, if so, for
what length of time. This survey resulted in the following findings: 25% of those responding to
the survey preferred leaving the minimum rental term at 30 days; 65% of the respondents
preferred increasing the minimum rental term to six months; and 30% preferred a one year
minimum lease. Based on these results, the Board began working with the Association ’s attorney
to draft language for a bylaw amendment that would change the minimum rental term from 30
days to six months.

Survey #2: At the September 2019 Board meeting, an owner requested that the Board consider
a 90 day minim um rental term instead of a six month minimum. Other owners in attendance at
this meeting agreed with this suggestion. The Board distributed a second survey, with these
results: 86% of the residential units (155 out of 180) responded; 70 units preferred a 90 day term;
and 85 units preferred a six month term. Based on these results, the Board determined that those
owners preferring 90 days would be less likely to vote for a six month term, and those who
preferred the six month term would be more likely to approve the increase from 30 days to 90
days. At the October 2019 Board meeting, the Board voted to proceed with a vote to amend the
bylaws to increase the minimum rental term from 30 days to 90 days.

Voting Requirements 75% must approve: The governing documents for the Elizabeth Lofts
require that 75% of the residential owners approve any change s to the bylaws, which means that
135 out of the 180 residential units must vote “ in order for the new language to become
effective.

Voting Process: In early December, owners will be receiving information by email regarding the
voting process from a company called Vote HOA Now. The vote on this proposal will be taken
electronically. Each residential unit is entitled to one vote. Voting will begin on December 4 2019,
at 12:00 am, and will end at 4:00 pm on December 23, 2019. Owners will be asked to vote “
for the amendment extending the rental term from 30 days to 90 days, or to reject the
amendment by voting No. Failure to vote has the same result as a no vote. If you are unable
to vote electronically, please contact the Concierge. Results will be announced at the Board
meeting on January 7, 2020.