SILVER LAKES HOMEOWNERS ASSOCIATION, INC.

BOARD OF DIRECTORS MEETING

AUGUST 1, 2002

The Silver Lakes Homeowners Association, Inc. Board of Directors held a regular meeting on August 1, 2002 at 1:30 p.m. at 801 Silversmith Cir., Lake Mary, Florida. Notice of the meeting was duly posted on the Association property 48 hours in advance. A quorum of the Board was established and Mr. Wilkins called the meeting to order at 7:30 p.m. Directors present were Kent Wilkins (Vice President), Madeliane Levine (Secretary), John Verity (Treasurer) Rod Meli, Bill Smith, and Lionel Bonck. George Perina (President), Joyce Groom and Maria Pascual were unable to attend. Tim Naylon, Community Association Manager, represented Sentry Management, Inc.

MINUTES:

Ms. Levine moved that the minutes of the July 16, 2002 meeting be amended to reflect the July 16, 2002 date in the first paragraph and that the minutes be approved as amended, which motion was seconded and passed unanimously.

TREASURER’S REPORT:

Treasurer’s Report for June 2002 was reviewed at the July 16, 2002 meeting.

MANAGER’S REPORT:

Manager’s Report was presented by Mr. Naylon.

Collection matters were reviewed. Mr. Verity will forward an updated address list to SMI prior to any additional collection efforts.

Mr. Verity requested the total amount paid to Arbor Care, Inc. for tree trimming for the purpose of reimbursing the operating account with funds from the savings account.

Rules & Regulations Property Notebook was reviewed. Violation letters were mailed on July 22, 2002 and August 1, 2002.

ARCHITECTURAL CONTROL COMMITTEE REPORT:

Mr. Smith approved a couple of Construction/Paint Application’s for roof replacement and house painting.

BEAUTIFICATION COMMITTEE REPORT:

The “Lawn Award” for July/August 2002 has been awarded to Mr. & Mrs. Gray at 797

Silversmith Circle. The lawn award will be awarded monthly in the future.

COMMON AREAS COMMITTEE REPORT:

Mr. Wilkins stated that he has obtained an estimate for the Association to purchase there own light poles & fixtures with wiring and labor included for approximately $3,000.00. Mr. Wilkins will proceed with the installation of new fluorescent sign lighting and electrical wiring at the entrance. Approximately 200 carolina jasmine plants will be needed at the entrance areas.

ADJOURNMENT:

Mr. Wilkins moved to adjourn the meeting at 8:55 p.m., which motion was seconded and passed unanimously.

M1N1218 .8