Membership Meeting January 17 / 19, 2006

1. Lake Doster Lake Association Membership Meeting January 17 / 19, 2006

2. Lake Doster Lake Association - Membership Meeting Agenda • Due Diligence Process Status • Ray Dertz, LDLA Member At Large • Jack Kellogg, LDLA Treasurer • Transition Documents • Dave DeYoung, LDLA Vice President • Closure and Next Steps • Dave DeYoung, LDLA Vice President • Open Forum • LDLA Provisional Board & Eligible Member Attendees

3. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status • Property Survey • Dam Inspection • Spillway • Title Searches • Legal Reviews & Committee Inputs • Conclusion & Determination to Proceed • Finance Update

4. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status (cont.) • Property Survey • Sale Properties include – • Lake Bottom • 10 foot Land Barrier Surrounding the Lake • The Main Beach • Access Parks – A through E, Parkway, and “Outlot” • Private Roads • Boat Launch • Current Rights • Generally Deeded Ingress and Egress • Current Use • Allowed Use of Revocable Permission

5. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status(cont.) • Dam Inspection • Inspection is Complete • Confirms the Dam’s integrity **As a normal maintenance item, cleanup steps are required for the dry side of the dam.

6. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status(cont.) • Spillway • Inspection is Complete • Function is Deemed Sound **As a precautionary safeguard, consultants recommended installation of a valve on the front end of the spillway pipe for ensured future integrity.

7. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status (cont.) • Title Searches • Complete for LDDC Property offered for sale • Complete for Lake Doster Access Holders • Identified all properties with ingress & egress rights • All Deeded Lake Doster access holders are offered the rights and benefits of membership.

8. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status (cont.) • Legal Reviews & Committee Inputs • Retained a legal firm to review, advise, and draft necessary documentation • Committees and Advisory Committees researched data and offered input **Some items need to be addressed; however, our legal counsel advises that no major issues prevent property transfer.

9. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status (cont.) • Finance Update • Initial Funding Request • Fund Participation • Expenditures • Current Budget Status

10. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status (cont.) • Finance Update – Fund Participation

11. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status (cont.) • Finance Update - Fund Participation

12. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status (cont.) • Finance Update - Expenditures

13. Lake Doster Lake Association - Membership Meeting • Due Diligence Process Status (cont.) • Finance Update - Current Budget Status • Funds will be required soon to complete necessary tasks ** Payment of full initial contribution is encouraged **Contributions to date will apply to $350 Membership Fee • 2006 Annual Dues are set at $350 per Membership • Membership participation (revenue) is unknown. • Some Annual Dues may be used for remaining transition expenses • Future revenue will determine annual budget • A Two Year Budget Plan is underway (Through 2007)

14. Lake Doster Lake Association - Membership Meeting • TransitionDocuments • Articles of Incorporation • Membership Rights and Privileges • Membership Bylaws • Application For Membership and Statement of Declarations

15. Lake Doster Lake Association - Membership Meeting • TransitionDocuments (cont.) • Articles of Incorporation • Establishes a non-profit corporation • Holds the Property Assets for its Members • Provides authority to a Board of Directors for the rights, powers, duties, and responsibilities relative to the management and control of the Associations property, activities and affaires in the best interests of the Association’s members. • Provisional Board Members may be replaced by a newly elected Board at its first annual meeting by a vote of the Association Members.

16. Lake Doster Lake Association - Membership Meeting • TransitionDocuments (cont.) • Membership Rights and Privileges • Converts many previous USES into Irrevocable RIGHTS • Rights “run with the land” to enhance property values • Provides voting right for: • Board Member Elections • Policies and Procedures • Lake Maintenance and Improvements • Building Control Committee issues • Allows for shared lake and common area maintenance costs • Establishes a venue to voice interests and concerns • Common ownership and control of the lake and Association property with other Members • A vote in lake quality improvements, therefore, personal property value enhancement • Use of Boat Ramp, Main Beach, Assigned Access Parks, and Water

17. Lake Doster Lake Association - Membership Meeting • TransitionDocuments (cont.) • Membership Bylaws • A filed legal document • Documents the procedures and rights of Association Board, Officers, and Members. • Provides for common understanding for all Members

18. Lake Doster Lake Association - Membership Meeting • TransitionDocuments (cont.) • Application For Membership and Statement of Declarations • Must be signed to be an LDLA Member • Signing is agreement to – • Be an ongoing LDLA Member • Pay duly authorized Annual and Special Assessments • Acceptance of the Bylaws • Is a recorded document where Membership “runs with the land” for secure property value

19. Lake Doster Lake Association - Membership Meeting • Closure and Next Steps • Property Acquisition Closure – Transfer from LDDC to LDLA • Membership Drive • Membership Document Execution and Filings • LDLA Board Recruitment and Membership Vote • Future Meetings

20. Lake Doster Lake Association - Membership Meeting • Closure and Next Steps (cont.) • Property Acquisition Closure • Request a 6 Month Extension (From February 15) • Secure LDLA Liability Insurance • Board Vote Adopting LDLA Member Bylaws • Purchase Association Properties **Intense effort is being made to close by March 31, 2006.

21. Lake Doster Lake Association - Membership Meeting • Closure and Next Steps (cont.) • Membership Drive • Seek contact information for all eligible Members • Hold Informational Meetings • Answer questions as they arise • Provide initially available documents and policies (via web site or email to minimize costs) • Encourage all to prepare for Membership decision • Compile and print customized documents for Member signature

22. Lake Doster Lake Association - Membership Meeting • Closure and Next Steps (cont.) • Membership Document Execution and Filings • Accept Member Declarations Immediately following closing • Set dates for other Member’s Declaration signings • Provide for ease of finalizing – Meeting with notary present • File signed documents with Allegan &/or Barry County Register of Deeds • Set a 60 day period after closing for Membership drive to end • Any eligible parties after that date will be assessed an additional joining fee

23. Lake Doster Lake Association - Membership Meeting • Closure and Next Steps (cont.) • LDLA Board Recruitment and Membership Vote • Notice Members that a Board election will occur at the annual meeting on May 15th • Seek out nominations and volunteers • Prepare listing of LDLA Members in accordance with Bylaws voting rights • Implement procedures for proper vote

24. Lake Doster Lake Association - Membership Meeting • Closure and Next Steps (cont.) • Future Meetings • TBD depending on closure timing

25. Lake Doster Lake Association - Membership Meeting • Open Forum Questions?