CONDO OWNERS MEETING AT THE POOL

SUNDAY AUGUST 13, 2006

Jim Alspaugh updated everyone on the seawall and announced that the cost of repairing the seawall was less than originally thought.

The board has approved the following changes

Special Seawall Assessment approved by the Homeowners on 08/07/2005

Total Assessment Amount Approved was $1,250.00

Payment number 5 will be waived

Payments 3 and 4 will be waived or refunded depending on your payment status.

New assessment amount is $500.00

Total assessment amount must be paid by 10/01/2006

Late fees and interest will be charged after 10/10/2006

The above changes will be reflected in your 4^th quarter statement that will be mailed on 09/01/2006. Anyone with a credit balance will be notified to determine what they want to do.