KEY ROYAL MINI! Ic. JARD OF D! IN‘ JANUARY 17, 2006 MINUTES Board Members Present: Susan King, Patti Place, Presidio Realty, Inc.: Steve Rodeiro, Sheila Ullmann ‘The meeting of the Board of Directors of Key Royal Condominium Association, Inc. was called to order at 6 pm by President, Susan King. Susan King introduced the Board Members and Presidio Realty representatives to the homeowners present. Susan King gave a brief statement regarding the condition of our Maintenance Supervisor, Danny Carranza, who had suffered from a brain aneurysm on Thursday, January 12, 2006. At the present time he is in the ICU at Jackson Memorial Hospital in Miami, Florida. The Board and Presidio Realty will arrange to have someone here as ‘soon as possible to carry on with the daily projects until we know the status of Danny’s condition and what the future will bring. Everyone wishes the best for Danny. A mation to accept the minutes of the November 15, 2005 meeting was made by Patti Place and seconded by Susan King. Motion passed. J. R. Wear, CEO of Presidio Realty, Inc. discussed the delinquency report. He said that there were major improvements. This is the first quarter of the year and there are 42 units not paid. Late charges have been assessed and the late notices will go out to the individual owners. We are in good shape as the arrears are current, for this first quarter only. John Goede, our attorney had everything cleared before the end of the year. We will require an audit for 2005. An engagement letter was sent by Dennis Cooke, CPA. Dennis had done the turnover audit for $3960. However, he requested $5000 to do the audit as tax returns must be filed. He agreed to charge $4500. The letter is to be signed by Susan King, president of the Association. The Collier County Fire Safety Inspector was here on Thursday, January 12" and he approved the stair treads. Danny was going to do the work. The inspector said he would give us a little more time due to the circumstances.J. R. Wear also announced that the Annual Meeting is to be held on March 28, 2006 at 6 pm in the Clubhouse. The letters will go out before January 27, 2006. The requirements for running for the Board of Directors will be included. J. R. Wear stated that Presidio they were reforming their web page. All homeowners will have access to what is going on at Key Royal. Unit #503 Vic Burnett asked if we still are on warranty with the Developer. There is warranty for three years for the structural components. J. R. said we find out about it. If this is the case, the Association would be reimbursed for the expense incurred by the fire inspection by the Developer. ‘Susan King told everyone that the trash situation was getting better. The bags were Not piled up and the holidays weren't too bad. ‘Susan King discussed the golf car. The batteries are not holding a charge. The batteries were replaced. If these don’t hold, then we may have to upgrade. Randy Sparks, the security guard who works here week nights, is leaving Kent Security. Discussion held regarding the landscaping. Assessment of the trees, sprinkler system and left over damage from the hurricane is being done. The pool needs to be closed for 5 days to be cleaned and at that time the crack in the spa can be repaired. Susan discussed the installation of a community bulletin board on a cable channel. The complex is set up for it and we have received some prices. A large screen TV will be purchased for the Clubhouse. Jeanne Miller, social committee chairperson spoke about having family movie nights, a Super Bowl party on February 5" and other parties. The Happy Hour is going nicely. Patti Place, Chairperson of the ARC informed everyone that there would be a form to fill out by the contractor who was going any installations, such at tile and screen doors. Susan King stressed that the contractors would be responsible for cleaning up. The survey that was sent out only got 28 responses. Susan King was very disappointed with this results. The lakes are named Sunrise and Sunset. Plagues are being ordered. Unit #1522 George Cohen said he saw children from Laurel Lakes cutting through the walk way. He was concerned about our insurance coverage. J. R. Wear said that we have liability insurance for this. Mr. Cohen would also like a more sophisticated system for the computers in the business center. Dave Brown will be contacted.‘The meeting was adjourned by President Susan King at 6:25 pm. Respectfully submitted by, Lite Ulaten. Sheila Ullmann, CAM Property Manager Key Royal Condominium Association, Inc.