Summary of Landings Management Association Minutes
or the Annual Members Meeting & Organizational Board Meeting
February 7, 2002

The meeting was called to order by President, Larry Spelman and a quorum was established.

There were 640 units represented by their respective voting representatives, and Board
Members Larry Spelman, Richard Graham, Fred Stanyer, Don Smally, Dee Ricapito,
Dennis Ziemann and Ken Lucas. Also present were Jim Faix of Argus Property
Management, Inc. and approximately 8 unit owners or Assoc. Presidents.

Confirmation of proper meeting notice was posted in accordance with the Bylaws of
the Association and requirements of Florida Statutes.

Election of Officers:
President                     Larry Spelman
Vice President             Fred Stanyer
Secretary                    Eli Chatson
Treasurer                    Robert Capo
(above are authorized signers on the Association's bank accounts)

Elections of Directors:
Homeowner's Association           Jerry McFadden
Condominium Assoc.                  Robert Capo, Eli Chatson, Dennis Zieman

Since, there were (4) nominations and (4) positions, a motion was made and a second to elect
the slate by acclamation.

The motion was approved for reappointment of committee chairs.

President's Report
Our Director, Jerry McFaden has been absent from the board meetings due to a
hip operation and thanks the board for the flowers during his recuperation.

Treasurer's Report
Dick Graham reported the Association had a significant savings with the selection of
a new management company, substantially reducing the postage and printing expenses
and for the savings in the road repairs. The Association will have a surplus of
approx. $220,000 for 2001, and is in excellent fiscal position. He also expressed
thanks to Walt Hammerling, Bob Salyers, and Jim Faix of Argus Property Management for
the excellent job they are doing.

A discussion took place regarding the number of delinquent accounts that total
more than $40,000. The Board has adopted a collection resolution on
September 7, 2000 and should be reaffirmed with the new Management Company,
Argus Property Management, Inc. 2477 Stickney Point Rd, Sarasota, Fla.
(A copy of the collection resoution was made part of these minutes as Exhibit A).

Old Business - None

New Business - None

Adjournment - Next Meeting scheduled for March 7, 2002