ROY! IUM, ‘TION, BOARD OF DIRECTORS MEETING ‘SEPTEMBER 28, 2005 Board Members Present: Susan King, Patti Place, Chris Cook Presidio Realty, Inc.: J. R. Wear, Sheila Ullmann ‘The meeting of the Board of Directors of Key Royal Condominium Association, Inc. was called to order at 7 pm by President, Susan King. Susan King introduced the Board Members and Presidio Realty representatives to the homeowners present. The minutes were read and accepted from the meeting of July 21, 2005. J. R, Wear presented the Management Report. Delinquencies were discussed. As of this date the outstanding maintenance fees to collect were $13,825.00. This represented 27 units not paid from the third quarter. As of August 31, 2005 the balance in the operating balance was $76,496.00. The financial report for August was completed. ‘There were 18 re-sale applications and 19 rental applications approved by the Board since April 30, 2005. ‘The Code Enforcement Officer had visited the Management Office and forms must be filled out for any rental units to be registered with the City of Naples. They will fine any units owners who have not done this. The forms are in the Management Office. ‘The budget for 2006 is being worked on. It will be presented at the next meeting. There will be two budgets, one with and one without reserves for the owners to vote on. Kent Security is doing a very good job. They are here Saturdays and Sundays during the day to police the pool area. A Rental Agreement has been prepared for rental of the Clubhouse. It is available in the Management Office. This is for private parties. Patti Place suggested that the estoppels include the next payment coupon. Susan King felt that this would encourage people to pay their maintenance.Patti Place gave a report of the ARC Committee. One unit owner wanted to make a structural change to let more light into the unit. Chris Cook made a motion to deny, ‘Susan King seconded it and all were in favor. Motion passed. Maintenance was busy with cleaning the buildings. Fan was installed in the Fitness Center. Paper towels were also put in there. The Mulch will be delivered Thursday, September 29" and put down the next day. It will take about 3 days. The entrance gates are being vandalized. The children trying to squeeze through them and swinging on them. Board of Directors discussed late fines for maintenance that was not paid by the 10" of the month, After thirty days the account would be turned over to the attorney for collection. A motion was made by Patti Place to charge the late fee. Chris Cook seconded the motion. All voted in favor and motion was passed. There will be a Lending Library set up in the office. Donations of books, tapes, and DVD's will be accepted. Everyone will be on the honor system and sign out for them. The will be a social committee. A poolside coffee on the first Saturday of each month will be held. People are requested to join the committee. The cable in Building 13 will be moved on October 7" by Comcast. ‘Susan King explained that the carports cannot be sold after the turnover. The Association had an attorney give a legal opinion and it is not allowed according to the documents. Any carport that is not sold can be used by anyone. There was a question regarding tenants having pets. The attorney gave an opinion after reviewing the documents and itis not allowed. ‘There was a discussion regarding the new budget. If reserves are put in the budget it will be for painting, paving, roof and carport maintenance. If these are not in the budget then a special assessments may have to be made in the future. Painting is the most important. The tree at Building 4 needs to be removed. AmeriScape, the landscaping company will give a price for this. Susan King reminded everyone there is no trash pick up on Friday and Saturday nights. Contractors are to take their debris with them and not throw paint cans, carpet, etc. into our dumpster.Poo! passes and parking stickers being given out. Many people have not picked theirs up yet. Must have stickers. This is the last weekend for Kent Security to be at the pool during the day. They will be here nights only. The name the lakes contest has a dead line of October 12". The Craft/Second Hand Sales is scheduled for October 22™ from 9 to 3. It will be advertised in the newspapers. ‘The Board asked if anyone had any questions. Linda Sarchioni, Unit #1033 wanted to know if the financials were available. She asked if the operating account gets interest. J. R. Wear explained that it was not in an interest account. There was $49,000 left over from t he developer and it would be good to put money into an interest account. Linda Sarchioni asked about increasing the size of the Board. J. R. Wear explained that to increase the size of the Board the Board has to address this. They have to vote. Then and attorney must be hired to draft the Amendment to the By-Laws. A special meeting of the Association has to be called and 2/3rds majority would have to approve it. (180 affirmative votes) The Annual Election is in March. Sixty days prior to that a notice is sent. Forty-five days before the meeting anyone interested to run for the board must submit their name. Thirty days prior to the meeting a ballot is sent. Mrs. Miller stated that the Board is doing a terrific job. Two more members would take a load off them. Sandy Parsons from Unit #1312 would like more notice before the meetings. Susan King informed everyone that the next meeting would be in November. Sandy wanted regular set meetings. Linda Sarchioni liked the last newsletter and would like to have monthly letters sent out. She also requested the pool hours be changed. A survey will go out with the next newsletter, Susan King told everyone that it was an ongoing problem with the trash. People put it out when there was no pick up or too early in the day and others just leave it out all the time. Many don’t use the cans that are provided by Valet Waste. Warning notices are sent out to these residents. Susan King said that the budget was going to be worked on and then a meeting would be scheduled. ‘The meeting was adjourned at 8 pm by President, Susan King.