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VILLAS OF PINECREST

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					                             VILLAS OF PINECREST
                         BOARD OF DIRECTORS MEETING
                     WEDNESDAY, 03-28-07 -- 7:30 PM CLUBHOUSE


Members Present : Jay Bernkrant, hereinafter referred to as Jay. Reza Farajzadeh, hereinafter
referred to as Reza. Jay and Reza, collectively, shall hereinafter be referred to as The Board.
Pepe Persizale, Property Manager for the Villas, hereinafter referred to as Pepe. Shifteh
Nowbakht, Assistant to the Board, hereinafter referred to as Shifteh.

Meeting was called to order by Jay at 7:30 pm.

Jay moves to adopt Minutes of previous meetings held on 12-06-06 and 02-21-07. Seconded
by Reza, Minutes Adopted.

Jay introduces himself as President, introduces Reza as Vice President and makes mention that
there is a Board opening for Secretary/Treasurer as that seat is vacant. Those who are interested
in applying for this position can refer to our bulletin boards for information. Joe Scott from our
Management Office was unable to attend but Pepe, our Site Manager, is present on their behalf.

                              PRESIDENT’S ANNOUNCEMENT

Jay addresses the attendees and informs them that this is a Board Meeting. He informs the
attendees of specific rules and protocol that must be followed. Jay addresses the homeowners
and states that the attendance for this meeting is unusually high.

In order to maintain order and in order to have enough time for all who wish to partake in this
meeting, there will be a 3 minute Rule for every topic invoked. This means that unit owners
will be allowed to ask a question, ask a follow up question and/or make a statement all within 3
minutes. The Board will answer as best they can. All individuals present are instructed to
please listen, take notes if necessary but refrain from addressing the Board or other homeowners
unless they are called upon. Please cooperate as this is an emotionally charged meeting. All
attending who wish to voice an opinion, concern, question or etc. will be afforded an
opportunity.

                           PRESIDENT’S REPORT/STATEMENT

There is a critical situation brewing at hand. There are no funds to take care of the mansards,
railings, walkways, parking lot and/or canal wall-parking lot erosion to mention a few. A new
bank loan or increasing our existing bank loan is not a good option. Homeowners are
complaining that the present association fees are too high and not affordable any longer. It is
not feasible to raise our association fees in order to avoid a Special Assessment. Even if we
could hypothetically obtain a 2nd loan, if the homeowners are not able to afford their present
association fees, how are they going to afford a higher association fee? If homeowners default
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on a higher association fee the entire Villas could be subject to foreclosure as a group because
the bank would call in the loan for all! This is not in the best interest of the Villas or all unit
owners.

We know the mansards are damaged from the past storms as well as rotting and leaking. We
have no monies to take care of the problem. The situation can only get worse. If not repaired
now, with cost of living increases and escalating material and labor costs, we will end up paying
more money. Pay now … or pay more later.

We know many walkways have pot holes, cracks, uneven surfaces and cosmetically are
horrible. We have no monies to take care of the problem. The situation can only get worse.
We have already had an injury due to this hazardous condition. If not repaired now, with the
cost of living increases and escalating material and labor costs, we will end up paying more
money. Pay now … or pay more later … or get sued due to an injury.

We know we have a problem with the sea wall falling into the canal in the back parking lot.
We have a legal obligation to take care of it. We have no monies to take care of the problem.
The situation can only get worse. If not repaired now, with the cost of living increases and
escalating material and labor costs, we will end up loosing a car(s) into the canal. Pay now …
or pay more later … or get sued for loss of property.

We all own an old building in a beautiful neighborhood. We all know this. Some of the unit
owners have owned for a while. Others purchased recently. The Villas has been deteriorating
for many years. Some items are due to the developer not adequately doing his share and some
not paying the price to fix the necessary items when it should have been addressed. We are now
paying the price. No one wants to pay or to pay more BUT we all need to take care of the
situations. We all understand. We are doing the best we can and we must take care of it. A
Special Assessment will give us a beginning and an end to the costs associated with these
repairs.

The Board has the right to a strict vote on Special Assessments but will hear all opinions as they
want to be fair. The Board has invited the following individuals to the meeting to answer
questions. These individuals are present on their own time and accord. No fees have been paid
to these individuals for today’s time or efforts:

John Heartney our CPA. Mr. Heartney has prepared our Financial Statement for 2006 and has
certified same.

Roberto Perea from Bank United is present to offer our community an opportunity to apply for
an Equity Loan for any Special Assessment that could be passed. The Villas presently holds a
Line of Credit with Bank United which has funded our roof repairs/replacements. Therefore
Bank United already has information and documentation regarding our community which could
help the homeowners in the financing process.

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Tom Hanzl, and two associates are from Advanced Roofing. This is our roofing company who
has just completed the repair/replacement job on the property.


                                      PRESENTATIONS

These invitees made their presentations. The following is a synopsis of their conversations with
the homeowners. The unit owners were given their 3 minutes to ask questions/discuss
issues/make comments. Not all unit owners or questions/issues/comments are reflected in these
Minutes.

                    PRESENTATION MADE BY JOHN HEARTNY, CPA:

Presentation related to various line items on the Financial Statement.

Unit No                                Question/Issue/Comment

922                Where is the Certification on the Financial Statement? Who actually signs
any contract on behalf of the Villas? How are the funds to pay for same disbursed?

1037             Homeowners Association fees are too high, especially in comparison to
other condominiums located in the Village of Pinecrest.

              PRESENTION MADE BY ROBERTO PERERA, BANK UNITED:

Presentation related to Bank United funding our roofing project. Home Equity Loans/Line of
Credit Loans with no closing costs are offer to the Villas. Personal Loans are very difficult to
obtain. Brochures are available at Board table.

Unit No                                Question/Issue/Comment

505                Are personal loans available?

229                What is the loan rate and how many points?

701                What are the terms of the loan?

                     PRESENTION MADE BY ADVANCED ROOFING:

Presentation related to recently repaired/replacement of roofing at the Villas, parapets,
mansards, roof leaks, pros and cons of performing the work in the very immediate future, cost
of same, commencement/termination dates, permitting, materials, warranties previous

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funding/possible future funding, how long in business, financial stability of company and etc.
Brochure showing cosmetics and specifications of mansards was passed around. Sample of
materials for new mansard was available for viewing.

Unit No                                Question/Issue/Comment

918                How many bids were obtained?

903                How is the efface work going to be performed?

934                Was roof inspected prior to signing a contract? Why is the work necessary?

944                By delaying the work on the mansards, will we have additional costs in the
future?

219                Explain the repair process again and the options available?

305                What type of exterior surface will be used or will we see?

1003               Why didn’t we pursue or litigate against the previous roofers?


903                To what extent did they work on the roof and why the present situation
address wasn’t originally?

703                What caused the present roofing condition?

918                How much money was previously allocated in the reserves for roof repair?

709                Their roof already caved in - Advanced took care of it immediately and they
are very pleased with their level of service. They are presently seeing cracks in their ceiling.

1041               They are presently having a roof leak and it is coming in through their
window.

119                  Can this job be postponed in order to buy time to get additional bids? This
is so that they can feel more comfortable since so much of their money is at stake.

505                What is the life expectancy of tile vs. shingle?

1034               When will they start once the Special Assessment is approved and applicable
permits granted?


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1020               When is the first payment due?

1023               She is not willing to approve any Special Assessment.

305                Will the roof be under warranty?

103               The Board has spent much time on this project. He can’t afford the Special
Assessment but he trusts this Board!

930                When the job first started, didn’t they see that the mansards had a problem?

409                Why don’t we contract an engineering firm to re-assess the situation?

903                There is a flooding problem on the roof as well as on the footers.

511                Air conditioning lines on the roof were severed.

306                Are the roof bids presently closed? Is all other future projects closed for
bidding also?

922                What are the consequences if these repairs are not immediately performed?

930                What about installing awnings on the mansards?

                                  BOARD’S CONCLUSION

The issue whether to impose a Special Assessment fee on the unit owners will be deferred for
10 days in order to research the following additional matters:

      a. Create and dog ear a specific Reserve Account to hold the monies precisely for this
matter; and

      b. See if it will be possible to extend the length to pay off the Special Assessment amount
from 12 months to 18 months.

A day and time will be set and proper notification will be given to all unit owners as to when
the next meeting is to be held to vote and conclude this matter. Jay moves to continue this
matter for a period of 10 days, Reza seconds the matter, continuance granted.

                     OPEN FORUM - ATTACKING THE BOARD
             Some comments/suggestions/issues discussed or made by unit owners

Unit No                                Question/Issue/Comment

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208                Has the Special Assessment passed and/or how do we stop it?

1010               Needs status on canal erosion.

120                      Unit owner can recommend an asphalt company to bid on resurfacing
            the parking lot.

306                There are no fences or barriers protecting the playground area.

220                Her unit previously had 2 exterior doors but prior to the apartment/condo
conversion, one of the doors was sealed. That door presently has a structural leak.

512                What is the Special Assessment for and how much money has been allocated
to repair the walkways?

313                What is Special Assessment for?

925                Special Assessment and Maintenance Fees are too high.

219                Can Special Assessment be deferred?

????               What happens if we do not pay the Special Assessment Fee?

604                Why can’t we prioritize the pending projects instead of doing them all at
once?

208             There might be a way to have your Special Assessment Fee covered by your
Homeowners Insurance.

713                If we pay for the Special Assessment Fees now, what happens to our
Association Fees for the next year?

229                Are we going to get a separate Coupon Booklet for the Special Assessment?

220                Can we pay for the Special Assessment Fees and our Association Fees
separately. Association dues at the beginning of the month and Special Assessment Fee middle
of the month thereby relieving the homeowners from the financial hardship at the beginning of
the month since most bills are due at the beginning of the month.

710                 Instead of having the Special Assessment fees paid in a period of 12 months,
can we extend it to 18 months?


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????                Will the Special Assessment Fee vary?

????                Can the Roofers change their fees at any time?

????                Will unit owners get a discount if they pay the Special Assessment fee in
total up front?

????                When will the roof repair project commence?

????                When will the fire sprinkler system be finished?

????                When will the ownership of the Laundry Rooms project be finished?

????               How do we pay for both charges (association fees and special assessment
fees), monthly or bi-monthly?

????                What is the loan interest rate?

????                Are the mansards going to be repaired or replaced?

????               Why do we have to collect all Special Assessment monies up front since all
the work is not going to be done now?

????                Can the 2007 Budget be placed on the Villas web site?

Jay moves to adjourn meeting Reza second the Motion, meeting adjourned.

                  MEETING ADJOURNED AT APPROXIMATELY 10:10 P.M.

Adopted this ____ day of __________, 2007 by ____________________________________
and _____________________________.

CC: Administrator to place on Web




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