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JUNE 6, 2011

SPECIAL MEETING

President Eileen Bendis
President Eileen Bendis
A special meeting of The Regency Tower Board was called to order at 4:00 p.m. on Monday, June 6, 2011 in the Rendezvous Room of The Regency Tower by the President.

Roll Call - The roll call showed the following board members present: Iris Anastasi (via speakerphone), Eileen Bendis, Eric Berkowitz, Cathie Lenz and Fern McBride.

New Manager Dwight Lyons
Manager Dwight Lyons
Hiring New Manager

The President thanked Cathie Lenz and her committee for an outstanding job of interviewing and selecting candidates. It was quite difficult to choose between the last 2 candidates, however, a decision was made.

Cathie Lenz moved that we hire Mr. Dwight Lyons as the new property manager of the Regency Tower effective Tuesday, June 7, 2011 at 8:00 a.m. and approve his contract pending Atty. Michael Bender’s recommended changes. Eric Berkowitz seconded the motion which was unanimously adopted.

Secretary Fern McBride
Secretary Fern McBride
Ratifying Corporate Resolution

The President made a motion that the Corporate Resolution for the sale of Unit 1401 authorizing Eileen Bendis and Fern McBride to convey the property on May 31, 2011 be ratified. A copy of said resolution is attached hereto. Iris Anastasi seconded the motion which was unanimously adopted.

Treasurer Cathie Lenz
Treasurer Cathie Lenz
Appointing Treasurer

The President moved that we appoint Catherine Lenz as the Treasurer of the Board of Directors of the Regency Tower effective immediately. Fern McBride seconded the motion, which was unanimously adopted.

Line of Credit

Cathie Lenz moved that we renew the line of credit for $600,000 that is presently in place at 1st United Bank. Iris Anastasi seconded the motion, which was unanimously adopted following the following information from Cathie Lenz: Our current line of credit dates back to March 2005 and is scheduled to mature on July 20, 2011. 1st United Bank It is secured by a blanket assignment of the Association’s assessment rights. The Bank has no rights to individual unit owners’ property. There are no loans outstanding under our existing line of credit. First United is prepared to renew this line of credit for a two (2) year period (unless precluded from doing so by pending financial legislation to limit such renewal to one (1) year) at the rate of one quarter of one percent per annum ($1500.00). As a renewal, the bank would not have to assess document stamp duty fees and would charge a fee of approximately $250.00 as a renewal preparation fee. There are no restrictions as to how this loan may be used, e.g. can be beneficial for emergency repairs in the event of hurricane damage, general operating expenses, etc.

Adjournment - A motion was made by Eileen Bendis and seconded by Eric Berkowitz to adjourn the meeting at 4:10 p.m.

Fern McBride
Board Secretary

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