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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting May 18, 2009 CALL TO ORDER President Bob Burwell called the meeting to order at 9:40AM. Board members present were Joe Giacomini, George Powers, Bob Thatcher and Jo Warn. MINUTES Minutes of the April 27, 2009 Board Meeting were approved as presented. FINANCIAL REPORT The April Financial Report had not been received from Resource Property Management. President Bob Burwell discussed the delinquency of Unit #602 with the Sunwatch attorney. The attorney said the foreclosure by the lender on that unit could take up to two years. The unpaid monthly maintenance fees would keep increasing during that time. Since the lender is responsible for assessments up to 1% of the original loan amount which amounts to $4,320 the attorney suggested that Sunwatch foreclosure on the unit. Sunwatch could gain ownership in about four months and then would receive rent from the unit until the bank takes title. It was moved and seconded to authorize Brundy & Rabin to commence foreclosure on Unit #602. Motion carried unanimously. MANAGEMENT REPORT Sue Duncan of Resource Property Management presented her written Management Report dated May 18, 2009. Item (M) recommended our Fidelity Bond be increased. Sue Duncan was instructed to email the Board members the current bond limits and cost compared to the recommended limits and cost. Item (N) asked what the Board wished to do with the "Bonus Credits" earned on the Sunwatch Verizon statement. The Board deferred any action until more credits are earned on the account. Item (D) Elevators stated that Sunwatch has a contract with A-1 Elevator Inspection, Inc. to perform the required elevator inspections. It was discovered that Otis Elevator had arranged for another firm to do the annual elevator inspection without Sunwatch's approval and in breach of our contract with A-1 Elevator. It was moved and seconded for Resource Property Management to contact our attorney to see what recourse we have against Otis Elevator. Motion carried unanimously. CORRESPONDENCE The suggestion boxes contained one note as follows: John McDonnell — Unit #1009 requested that a security bar in front of parking space #11 in the garage be repaired. President Burwell stated that Steve will make the repair. COMMITTEE REPORTS Covenants — It was moved and seconded that the Rules and Regulations include a provision prohibiting Skateboards used anywhere on Sunwatch property. Motion carried unanimously. Emergency — No report Guest Units — No report Landscaping — No report Maintenance — Cliff Snedeker reported that the paint consultant had visited Sunwatch and his report should be ready anytime. Cliff inquired as to what the Board wanted to do about the floors on the private balconies. The Board would like a recommendation from the Maintenance Committee. The Maintenance Committee presented their Floor Cleaning Recommendations. Newsletter —The Committee was requested to email and post a Special Newsletter about the new skateboard rule. Social — A Hard Hat and Bootie party was held to celebrate the completion of the floor repairs. Welcome — No report SALE & LEASE APPROVALS None OLD BUSINESS Bob Thatcher reported that the floor repairs were finished. There may need to be a rework on Unit 203 balcony. The total cost of the repairs was $381,161.70 of which $306244.62 was paid from the Special Assessment, $50,495.28 from Reserves and $24, 421.80 from Operating under Building Repairs. The Building repairs included $5,970 to repair the water leaks around the windows in the meeting room, $5,550 to repair the outside walls around Steve's maintenance room, $980 to repair the balcony in unit #303 and $11,680 to repairs three post tension cables. It was moved and seconded to hire someone to clean the outside bank of windows by the service elevator. Motion carried unanimously. Bob Thatcher is working with two different firms for up to $1,000 to replace the keys to the outside fire boxes in order to comply with the requirements of Florida Statute #399.15, Regional Elevator Access. Steve will complete the interior drywall and paint the east wall of the meeting room this month. NEW BUSINESS It was moved and seconded to accept a bid from National Heating, Air Conditioning & Plumbing, Inc. in the amount of $4,200 to replace the air conditioner in the 670 lobby with a Goodman 5 Ton 14 Seer system. Motion carried unanimously. Cintas Fire Protection is presenting a bid to furnish the required fire protection inspections. Bob Thatcher will compare their bid with Piper Fire Protection and send the Board his recommendations by email. It was moved and seconded to convert all of Sunwatch building plans to disks. Motion carried unanimously. It was moved and seconded to confirm that the Board will accept only payment in full for the Special Assessment with no payment plans and that all payments received after the February 1, 2009 deadline are subject to interest and late charges. Motion carried unanimously. The fireproof filing cabinet has been purchased and placed in the key room on the second floor. NEXT MEETING To be announced ADJOURNMENT There being no further business, the meeting was adjourned at 10:50 AM. Robert A. Burwell, Secretary pro tem