FACTS ABOUT POINT VENTURE TOWNHOUSES, INC.

Point Venture Townhouses, Inc. is a non-profit corporation comprised of the townhouse owners at Point Venture.

The Point Venture Townhouses, Inc. is operated by a Board of Directors, which sets policies regarding the financial, administrative and physical operation of the community, and assign the day-to-day operations and planning to an operational staff.

TABLE OF CONTENTS

Townhouse Association                                                     

            Purpose

            Membership

            What is included with my monthly dues                 

Budget and Assessments (Dues)                                     

            Board of Directors

Architectural Control Committee                                       

            Structural Modifications

Committees

Insurance                                                                             

Maintenance and Repairs                                                 

Other Programs and Services                                          

Miscellaneous                                                                     

            Amenities Available

            Pets                                                                          

            Rules and Regulations                                            

WHAT’S THE PURPOSE OF THE TOWNHOUSE ASSOCIATION?

The purpose of Point Venture Townhouses, Inc. is to serve your needs relative to your townhouse investment, including the special needs associated with those that are absentee owners.  The organization is governed by a set of By-Laws and an elected Board of Directors who are townhouse owners and serves staggered terms of three years.  The volunteer leadership provided by the Board includes direction of the organization’s various activities and the paid staff of Townhouses, Inc.  The staff is the primary resource for minor maintenance, maintenance on landscaping, and overview of the 191 townhouse lots and 191 townhouses at Point Venture.  The board, working with the paid staff, prepares a budget and a program of work each year.  Budget funds are provided by monthly dues and, when necessary, by special assessments for specific purposes.

MUST I JOIN THE HOMEOWNERS ASSOCIATION?

Yes, once you purchase a townhouse you are automatically a member.  Point Venture Townhouses, Inc. is not affiliated with the Point Venture Property Owner’s Association (PVPOA), formerly known as Venture Yacht and Country Club or the Travis County Water Control and Improvement District, Point Venture (WCID).  You are also within the jurisdiction of the Village of Point Venture and obligated to follow the various ordinances of the Village.

Since your townhouse is at Point Venture, you must also joint the PVPOA, which again happens automatically with your purchase of property in Point Venture.  As such, you are required to comply with the Declaration of Covenants, Conditions, and Restrictions; the By-Laws; Community Rules (presented in the form of the Handbook); and decisions and resolutions of the Point Venture Townhouses, Inc. or its duly authorized representative.

WHAT DO I OWN?

Your lot, your townhouse, and all improvements to that townhouse.  If your townhouse address is on Lakepoint Cove you own your lot which extends from the street to an area very near the water directly behind your townhouse.  Townhouses on Venture Blvd. S. with addresses in the 500’s have lots that extend from the street to roughly 25 or 30 feet (depending on the lot survey) behind the townhouses.  If your address is on Comanche Drive, Comanche Lane, in the 200/300 range of Venture Blvd. S. or on Demarett Drive you own the townhouse and the ground it sits on.  To determine the exact boundaries, attention should be paid to the survey done at the time of purchase of your townhouse.  All owners also own, as part of the association, the common areas between townhouses and around the tennis courts located in common areas adjacent to townhouses on Venture Blvd. S. (200/300) and on Comanche Drive.  Since you are also a member of the PVPOA you own a share of the other common areas and improvements to those areas completed under the supervision of the PVPOA.  (Owner and lot are defined in the deed restrictions.)  This information is given as a guide and not a legal representation of exactly what you own. 

WHAT DO I GET FOR MY MONTHLY HOMEOWNERS ASSOCIATION DUES?

TRASH MANAGEMENT               

Includes trash can pulling and replacing keeping serviceable cans at

all units picking up of miscellaneous trash not accepted by the Service.

COMMON AREA EXTERIOR LIGHT MAINTENANCE 

Keeping all lights operational and in good condition. 

KEY AND LOCKOUT EMERGENCY SERVICE

EXTERIOR MAIL BOX MAINTENANCE

EXTERIOR CONTROL OF FIRE ANTS, WASPS AND OTHER INSECTS

WATER, HEAT, AIR TURN ON/OFF WHEN REQUESTED**

WINTERIZATION & FREEZE PROTECTION OF TOWNHOUSES WHEN REQUESTED**

LANDSCAPE AND COMMON AREA MAINTENANCE

To include cleanup, brush cutting, shrub and tree trimming on a routine basis and after storms.

MOWING AND FERTILIZING OF LAWNS AND COMMON AREAS

LAWN AND COMMON AREA WATERING IN SEASON

PROVIDE EMERGENCY RESPONSE FOR SEWER PROBLEMS AND OTHER EMERGENCY CONDITIONS IF STAFF AVAILABLE

PERIODIC INSPECTION OF COMMON SEWER LINES TO DETECT ANY LEAKS OR CLOGGING

COOPERATE AND ASSIST TOWNHOUSE OWNERS TO THE FULLEST EXTENT POSSIBLE IN ACCORDANCE WITH DEED RESTRICTIONS

DO REGULAR INSPECTION OF ALL TOWNHOUSE EXTERIORS IN ORDER TO PLAN AND CARRY OUT CURRENT MAINTENANCE REQUIREMENTS AND TO ASCERTAIN IF DEED RESTRICTION VIOLATIONS ARE OCCURRING

Such as fire safety violations & architectural non-compliance.  The townhouse owner will be notified of any conditions needing attention by the PVTI office.

INSPECT TOWNHOUSE INTERIORS ON A MONTHLY BASIS IF REQUESTED BY ABSENTEE OWNER**

PERIODIC ROOF INSPECTION FOR POSSIBLE DETERIORATION OR DAMAGE

ANNUAL TERMITE INSPECTION AND TREATMENT

**These services will require a liability disclaimer form be on file from the owner

HOW DO I PAY FOR MY SHARE OF THE COMMON EXPENSES?

The Board of Directors prepares an annual budget.  The budget is presented during the fourth quarter and approved at the January meeting in the year it is to be implemented.

The deed restriction gives the Board of Directors the authority to increase the monthly assessment or dues a maximum of 10% per year without polling all owners.  The last increase in fees was in May 1998.  An increase greater than 10% requires an affirmative vote of 2/3 of the members who are voting in person or by proxy at a meeting duly called for this purpose.

Each month you will receive a statement by mail or email.  Fees are considered due and payable on the first and delinquent after the 20^th of the month billed.

WHAT IF I FAIL TO MAKE MY MONTHLY ASSESSMENT?

On the 25^th of each month a penalty of $25.00 is charged to all non-current accounts.  A notice of delinquency is indicated on your monthly statement if the assessment has not been paid by the 25^th of the month (this is so stated on your statement).  The account will be turned over to the association’s attorney, if it is more than 120 days past due, a lien is automatically filed and foreclosure proceedings will be initiated.

HOW CAN I PARTICIPATE IN THE GOVERNING OF THE ASSOCIATION?

Attend all homeowners meetings; volunteer for a committee, read your newsletters and other communications.

You may run for the Board of Directors.  Elections are held each year starting in May and culminating in the election and vote tally in July.  Make your interests known through your participation at board meetings and community events.

WHEN AND WHERE DOES THE BOARD OF DIRECTORS MEET AND WHO MAY ATTEND?

Director’s meetings are held quarterly at 9:00 a.m. the third Saturday of January, April, and October and at 6:30 p.m. of the Friday evening preceding the General Membership Meeting in July, which will also be on the third Saturday.  You are encouraged to attend these meetings and to present your concerns or suggestions.  Also, you are urged to participate in the election of the board members each July.

WHAT MAY I DO TO MY HOME AND LOT?

Paint, repaint, tile, paper, panel, and other decorative improvements to the interior surfaces of the walls, floors, ceilings, windows, and doors of your own home.

ARCHITECTURAL CONTROL

Townhouses, Inc. is responsible for architectural control of all member townhouses at Point Venture.  Any proposed alteration, remodeling, painting, or other work that changes the exterior of the townhouse in any manner, whether visible or not, must be approved by the Townhouses, Inc. Architectural Control Committee.  It is a generally accepted premise that any proposed change must be compatible with the existing appearance in architectural esthetics, building materials, and color before such approval is granted.

STRUCTURAL MODIFICATIONS

You are reminded that any modifications or alterations that would change the external appearance is prohibited by Deed Restriction unless approved, in advance, by the Point Venture Townhouses, Inc. Board of Directors and the Point Venture Architectural Control Committee; and organization separate and distinct from both Townhouses, Inc. and  PVPOA.

Plans and specifications for such proposed improvements, changes, alterations, and/or modifications must be submitted at least forty (40) in advance of the proposed construction to the office of Point Venture Townhouses, Inc. for review.

Within sixty (60) days following submission of the Plans and Specification, Townhouses Inc. will review, make their recommendation, and forward same to the Point Venture Architectural Committee for their review and approval or disapproval.  The decision of the Architectural Control Committee is final and binding; there is no right of appeal to any other organization at Point Venture.

In event the PVACC fails to take action on the proposed improvements, changes, alterations, and/or modifications within sixty (60) days following their submission to them by Townhouses, Inc. you may consider the Plans and Specifications approved and proceed with your construction.

Should you commence construction prior to receiving approval/disapproval of the ACC, you may have to return the exterior of your townhouse to the same shape and configuration as that which existed prior to start of construction or obtain approval from the Point Venture Architectural Control Committee.  Without prior approval you risk creating a project which will not receive approval.

COMMITTEES

Point Venture Townhouses, Inc. currently has Board Directors serving on 10 committees which includes:  Community Relations, Maintenance & Repairs, Landscape Maintenance, Structural Issues, Architectural Maintenance, Deed Restrictions, Common Areas, Docks, Financial, and Architectural Enhancement.  Members are welcome to join and serve on these committees.

INSURANCE

Insuring a townhouse is a little different than insuring a typical home because you don’t own the entire building.  Unlike covering a house, townhouse ownership requires two separate policies.

ONE – Master Policy

Point Venture Townhouses, Inc. maintains a master policy insuring all improvements on the Common Property and on the Townhouse lots (structures) and physical damage coverage for areas of the building that you share with neighbors such as roofs, common walls, etc.  This insurance covers loss or damage by fire or other hazards, including extended coverage, vandalism, and miscellaneous mischief.  The master policy covers individual units, as they were originally built.

All townhouse owners must carry their insurance under this master policy.  The cost of this insurance is not included in monthly dues.  The townhouse master policy is renewed each June.  The cost per townhouse owner is billed as a special assessment on the June statement.

The Association Master Policy covers only the structures and common areas.  It is suggested that the owner contact an agent regarding personal coverage for both liability and for contents.

As the owner of a townhouse, it is your responsibility to purchase a policy that will pick up coverage from the sheetrock inward for your unit, including your furnishings and personal belongings.  If you make improvements, you will want to be sure they are covered under your individual policy.

Personal policies cover third party injury liability; property damage possibly caused by you; loss of personal possessions; loss of structural improvements; upgrades and betterments made by you to your unit.

MAINTENANCE AND REPAIRS

MAINTENANCE OF EXTERIORS is the responsibility of each owner.  When it is necessary for projects such as full painting of the exteriors or roofing, the Board may determine the share to be paid by funds from the Townhouses, Inc. budget and by townhouse owners.  These individual assessments are held to the lowest figure possible without compromising the overall mission of keeping our investments in first class shape.

STAIRS AND DECKS are the responsibility of the individual townhouse owner.  This recognizes the differences in floor plans and townhouse owner’s preferences concerning appearance (e.g., some owners may want painted decks, while others may prefer a natural look with redwood or some other material).  However, rails bordering decks and the balusters or pickets must be painted or stained a color consistent with the exterior of the townhouse. 

REPAIRS

EXTERIOR – At the townhouse owner’s request, Townhouses, Inc. will make minor repairs at a minimal charge to the townhouse owner.  The homeowner will be informed if the repair is billable and the billable rate will be $45.00 per hour, plus cost of materials.  The owner should contract extensive repairs directly with a qualified contractor (see Use of Contractors below).

THE ASSOCIATION MAINTENANCE STAFF DOES NOT MAKE REPAIRS ON AIR CONDITIONING, HEATING, OR APPLIANCES SUCH A WASHERS, DRYERS, DISHWASHERS, DISPOSALS, ETC.

INTERIOR – Townhouse owners are responsible for interior repairs.  If Townhouses, Inc. maintenance is requested to do minor repairs not covered in our services, the homeowner will be billed at $45.00 per hour, plus materials.

USE OF CONTRACTORS – The Townhouses, Inc. office maintains a list of outside contractors (electrical, heating/air conditioning, plumbing, structural, etc.) who can provide services and are requested to provide a current certificate of liability insurance.  While the office will furnish names of contractors needed for a specific type of repair, we are not in a position to recommend any one contractor over another.  Individual townhouse owners are responsible for the employment of the outside contractor and for making arrangements for the work to be performed and the amount to be paid.

GROUNDS MAINTENANCE – Involves general policing of the townhouse common areas including mowing, planting of shrubs, etc.  Yard lights are also replaced as necessary.  However, the common areas surrounding the tennis courts are not the responsibility of Townhouses, Inc.

OTHER PROGRAMS AND SERVICES

Townhouse owners’ responsibilities are to adhere to appropriate rules, regulations, bylaws, and deed restrictions.  Participation of owner-members in the various activities of the organization is strongly encouraged.

The organization carries out a number of standing programs, which are altered or redirected from time-to-time in a continuing effort to be responsive to townhouse owners’ needs.  A brief description of these programs follows:

QUARTERLY PEST CONTROL is an optional service provided at the request of the owner.  A commercial service is available through the townhouse office for a small fee, currently $21.65 quarterly.

A separate contract provides annual inspections of all townhouses for termites.  If needed, they will also provide treatment immediately during and/or after the inspection.  This inspection is usually scheduled during September or October.  The cost for this may be passed on the homeowner at the discretion of the board.  If an inspection is required for the sale of a home, Townhouses, Inc. is not involved but the owner may call the contractor to provide inspection certificates.

EMERGENCIES

The Townhouse, Inc. staff will act on an emergency basis in order to protect property and lives.  If your property is involved, every attempt will be made to contact you but emergency action will not be delayed.  To deal with such emergencies it is required that the Townhouses, Inc. office have a set of keys for each townhouse.  Our employees are bonded and Townhouse, Inc. is insured.

MISCELLANEOUS RULES

(Including amenities operated by the PVPOA)

WHO MAY USE THE POOL, TENNIS COURTS & EXERCISE ROOM?

All residents and their guests.  Everyone is expected to observe the pool, exercise room and tennis court rules, which are posted.  There are also specific requirements for using for the recreational facilities for private parties and gatherings.  Access cards are provided by PVPOA and are required for entry to the pool, exercise room and Point Venture private park.

No one under 12 years of age is allowed to use the pool or exercise room at any time without an adult supervisor (18 or over).

You are asked not to bring glass containers into the pool area and pets are not allowed in the pool area.

WHO PAYS FOR MY UTILITIES?

You will get a utility bill from the Pedernales Electric Co-op for the electricity.

You will get a usage bill from Travis County – WCID for water and wastewater for your home.  Keeping the plumbing for your home in good repair helps conserve, and thus reduces your monthly expenses.

The Association pays for common area electricity and water. 

Other companies that provide service in Point Venture include: AT&T Telephone and Time Warner Cable.  The miniature dish that Direct TV and Dish Satellite Service provide is allowed to be installed on your townhouse.

CAN I HAVE MY FAMILY PET WITH ME?

Yes, but not at the pool!  You may keep your pet in your home.  If the pet is allowed outside it must not be left unattended or tied in common areas.  Your pets are subject to all normal city regulations which basically means that they should be leashed at all times and in consideration for your neighbors, clean up after them immediately.

WHAT ABOUT PARKING?

Point Venture is designed for two cars per townhouse.  Your cooperation is extremely critical in this area, especially in the summer months.  Parking becomes critical and consideration should be given to your neighbors.  Store boats and their trailers properly and do not park them in front of or behind townhouses, unless you are actually using the boats and trailers “in season”.  No permanent parking of boats and trailers is permitted.

CAN I RENT MY UNIT?

Yes.  All rental agreements and leases must be made subject to the Declaration, Rules and Regulations, and By-Laws of this association.  You are responsible for any damages or violation by your tenants.  Be sure your tenants know all the rules.  A copy of this book would be very helpful.  They are available from the townhouse office.

Point Venture Townhouses, Inc. Rules and Policies

Compliance with the Rules and Regulation, Deed Restrictions and Bylaws of Townhouses, Inc. is required of all owners, tenants and guest(s) and said compliance is the sole responsibility of the townhouse owner.  Complaints about violations of association rules may be made in writing in care of Point Venture Townhouses, Inc., 551 Venture Boulevard S., Point Venture, TX 78645, or by phoning the association office at (512) 267-1643.

The rules have been prepared by your elected Board of Directors and reviewed by legal counsel.  The rules were prepared with community in mind and to provide the largest portion of the owners and residents with a pleasant, safe community. 

The amended Deed Restrictions for all sections of townhouses allow the assessment of fines.  The association’s decision to assess fines was not to offset expenses of the association but to encourage the elimination of the violations.  The Board of Directors approved the assessment of fines January 20, 1996. Fines may be assessed as listed below. The violations, as reported, will be reviewed by the Board of directors and owners in violation will be given the opportunity to present his/her position on the issue, at a hearing, immediately after the next scheduled Board meeting after notice of the fine and prior the actual assessment of the fine.

II.    Endorsement of Insurance Checks

Any owner who is co-payee on any insurance check on which the Association shall be a co-payee shall endorse the check to the account of the Association and return the endorsed check to the Association within ten (10) days of presentment of the check to the owner.  If the owner fails to do so, the Association may levy a sanction against the owner in an amount equal to the sum that the Association is expected to spend on the repairs, plus an additional sanction equal; to 1.5% of that amount, for each month in which the owner continues to fails to endorse the check and return it to the Association.

III.   Architectural Control

No improvement, modification or alteration shall be made, or commenced without obtaining written approval of both the Townhouses, Inc. Board of Directors and the Point Venture Architectural Control Committee.  This procedure is outlined in the Community Handbook & Rules.

IV.   Tree Cutting

No cutting or trimming of trees in the common areas is allowed without prior permission from Townhouses, Inc.  Cutting of Oak trees may carry a fine of $2,500 per tree.

V.    Decks, Balconies, Common Areas