KEY ROYAL CONDOMINIUM, ASSOCIATION, INC. Be BOARD OF DIRECTORS MEETING NOVEMBER 15, 2005 MINUTES Board Members Present: Susan King, Patti Place, Chris Cook 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. She also explained that the meeting tonight was just for the voting on funding the Budget for 2006. President Susan King spoke about the damage from Hurricane Wilma. The soffit and fascia replace will begin on November 16", She also explained about the clean up from the landscaper, AmeriScape. Steve Rodeiro explained the deductible on the building insurance. If the storm is a named storm there is a different type of deductible which is a percentage of the value of the bulldings. Therefore, there would be a $35,000 deductible for each building. A motion to accept the minutes of the October 25" meeting was made by Patti Place and seconded by Chris Cook. Motion passed Steve Rodeiro and Sheila Ullmann counted the votes for the funding of the reserves. The count was 42 in favor and 54 against. Steve announced that according to the count of the votes the Association will not fund the reserves. Lizette Tomko wanted to know if people could pay more money each quarter to build up a credit balance in case there was an assessment. Steve sald yes. A special assessment is usually due and payable immediately. Sometimes the Association can allow 30 days and it is up to the board to give the due date. Jeanne Miller felt that reserves add to the value of the property. Patti Place stated that she was disappointed with the vote. She also said that the group tonight was the largest turnout so far to any of the meetings. Susan King explained that the reserve for painting in the original docs for painting was $54,000 which may ot be enough.Charlie Miller asked if we can go out and contact everyone to see if they would either vote yes or change their minds and have another voting. Steve Rodeiro said that the Florida statutes would have to be checked. However, he was sure that the item would could only be brought up once a year when the new budget was prepared and voted on by the Board of Directors. The meeting was adjourned by President Susan King at 6:30 pm. Respectfully submitted by, Mite bata Sheila Ullmann Office Administrator Key Royal Condominium Association, Inc.