Summary
On September 29, 2020, Property Specialists, Inc. (PSI) CEO Cathy D. (CMCA, AMS, PCAM) sent a certified letter to HOA Board President Mike Coker formally exercising PSI’s contractual right to terminate the management agreement under Paragraph 12. The stated reason was Illinois licensing requirements making it impossible to find enough qualified licensed property managers to staff all of PSI’s client associations. PSI chose which associations to release; the HOA did not fire PSI.
The letter provides 60 days’ notice from the first of the month, making the effective termination date midnight November 30, 2020. PSI expressed willingness to cooperate through the transition period. The letter was copied to the full Board of Directors and to J. Morgan, the Property Manager on the Prestonfield account.
Key Provisions
- PSI exercised its Paragraph 12 termination right — this was PSI’s decision, not the HOA’s
- Management agreement confirmed: May 1, 2019 – April 30, 2021 (Addendum A); terminated early by PSI approximately 17 months before contract expiry
- Effective termination date: midnight November 30, 2020
- Reason: Illinois licensing requirements left PSI unable to staff all client associations
- PSI offered continued cooperation through the management transition
- J. Morgan (Property Manager) CC’d on the letter — previously unidentified PSI contact
Topics Covered
Notable Details
- This document resolves the long-standing open question about the PSI-to-API transition date. The transition window is now confirmed as December 1, 2020 – April 8, 2021 (at most ~4 months), down from the prior 18-month window (October 2019 – April 2021).
- PSI terminated the HOA — not the reverse. The HOA had to scramble to find a replacement management company over the fall/winter of 2020 with approximately 60 days’ notice.
- PSI CEO: Cathy D., CMCA, AMS, PCAM (full last name partially obscured by OCR). PSI address: 2155 Point Boulevard, Suite 210, Elgin, IL 60123.
- J. Morgan listed as Property Manager — a name not previously in the record. Traci Markland was Assistant Manager as of the May 2020 board packet; whether J. Morgan replaced Julie Maggio as Property Manager between May and September 2020 is not confirmed.