(a timeshare
condominium)
Vacation Time at VICC Council of Co-Owners, Inc, provides this TIMESHARE DISCLOSURE STATEMENT to the prospective Purchasers of condominium timeshare interval resales (unit-weeks) in Vacation Time at VICC. The interest to be conveyed is a “timeshare estate” as defined in the Texas Timeshare Act in the form of an undivided fee simple interest as an interval owner of a specific condominium unit with the exclusive right to the use and occupancy of a fixed week in such unit.
Vacation Time at VICC is a condominium and timeshare regime located in Brownsville, Cameron County, Texas (2901 Central Boulevard #1001, Brownsville, Texas 78520), according to the Amended Declaration of Covenants, Conditions and Restrictions of Vacation Time at VICC filed for record in Volume 19, Page 505 et seq of the Condominium Records of Cameron County, Texas. It commenced operations in January 1984.
Vacation Time at VICC is operated and maintained by Vacation Time at VICC Council of Co-Owners, Inc. a Texas non-profit corporation, located at 1609 Catalina Bay Court, Granbury, Texas 76048-1464, whose telephone number is 817.573.0718. Westchester Corporation, located at the same address, has-been hired by the Board of Directors of the Council of Co-Owners to manage the administrative and operating functions of the Council. On-site management is located at 2901 Central Blvd. #1001, Brownsville, Texas 78520 (telephone 210-544-5302) providing day-to-day operations and maintenance. Paragraph 3.6(e) of the By-Laws and paragraph 9D of the Declaration describe more fully the powers and responsibilities of the Management Company or Manager and the procedures for hiring and replacing any such entity.
The overall responsibility for management and maintenance of the property and the administration of the affairs of the Council of Co-Owners are vested in a three (3) member Board of Directors, as more fully described in paragraph 3 (pages 2-5) of the By-Laws and paragraphs 9B and 9C (pages 5-6) of the Declaration.
Vacation Time at VICC consists of 15 apartment units that are each subdivided into 51 units of ownership (a total of 765), each representing a 1/51st undivided ownership interest in a specific condominium unit. Fifteen (15) weeks of occupancy are reserved by the Council of Co-Owners for major maintenance and repairs. The ownership and occupancy interests are estimated to be as follows:
Individuals 716
Council
of Co-Owners
49
TOTAL OWNERSHIP 765
Reserved weeks (maintenance) 15
TOTAL OCCUPANCY 780
Additional units may be added to or annexed into the
timeshare condominium regime, although there are no present plans or intention
to do so.
Vacation Time at VICC is part of a larger condominium regime, Condominiums at VICC, which consists of a total of 87 apartment units. All apartment units and common areas are completed. An estimate of the current status and ownership of the apartment units is as follows:
Individual ownership 72
Timeshare ownership 15
TOTAL 87
All utilities and
services, including telephone, electricity, water, sewer, garbage collection,
security, insurance, ad valorem taxes and maintenance are provided by the
Council of Co-Owners from funds provided by annual assessments paid by the
Co-Owners. These assessments are presently $390 (year 2010)
annually for each unit-week owner in Vacation Time at VICC or an annual total
for the year 2010 of $298,350 for all Co-Owners.
The project common areas have been completed, including: drives, parking areas, walks, landscaping and a swimming pool. All of the units are complete and fully furnished including: air conditioning; kitchen with dishwasher, garbage disposal, refrigerator with icemaker, range and oven, and microwave; full size washer and dryer; two television sets (incl. cable); two telephones; Wi-Fi service; electronic wall safe; VCR; DVD; fireplace; kitchen appliances; kitchenware and linens. The property is located at Valley International Country Club, a resort development, and Co-Owners may use the dining, swimming, tennis, wellness center and golf course facilities of the resort. Dining room charges and usage fees for golf, tennis, swimming and wellness center use are paid by the Co-Owner. Unit sizes, type and location are as follows:
Unit No. Bldg. Sq
Ft Type Location
604 F 1,141 2 BDRM, 2 BATH Upstairs
606 F 1,141 “
“ “ “
608 F 1,169 “ “ “ “
704 G 1,141 “
“ “ “
1102 L 1,176 “ “ “ “
1106 L 1,141 “ “ “ “
703 G 1,131 “
“ Downstairs
705 G 1,131 “
“ “ “
1105 L 1,131 “ “ “ “
1107 L 1,176 “ “ “ “
804 H
858 2 BDRM, 1 BATH Upstairs
806 H
858 “ “ “ “
808 H
858 “ “ “ “
803 H
858 “ “
Downstairs
805 H
858 “ “ “ “
Copies of the project site plan and unit floor plans can be obtained from GAP Enterprises.
Restrictions: All units and unit-weeks are restricted to residential occupancy. There are other use restrictions as more fully described in the “Amended Declaration of Covenants, Conditions and Restrictions of Vacation Time at VICC” dated November 16, 1983, and the “Co-Ownership Agreement” to be executed by the Purchaser at the time of purchase, both of which are available upon request prior to purchase.
Maintenance Assessments: The annual maintenance assessment for each unit-week is $390 (year 2010). Such amount is subject to increase or decrease annually by the Board of Directors. A copy of the Budget for the current year, and the financial statements as of the latest year-end are attached. The current budget was prepared by Leland Pickens, 1609 Catalina Bay Ct, Granbury, Texas 76048-1464, president of Vacation Time at VICC Council of Co-Owners, Inc. and an officer of Westchester Corporation, and was approved by the Board of Directors of the Council of Co-Owners.
Other claims and Liens: Each unit in the timeshare condominium regime is subject to ad valorem taxes levied by local and state taxing authorities and to maintenance assessments levied by the Condominiums at VICC Homeowners’ Association, Inc. The Council of Co-Owners pays such taxes and maintenance assessments from the annual maintenance assessments of the Council (referred to in the above paragraph). If unpaid, such taxes and maintenance assessments would constitute liens against the timeshare interest of each Co-Owner. Any other claims against a Co-Owner would not result in liens against the timeshare interest of other Co-Owners.
Services by the Management Company: Westchester Corporation (WCI), a property management company, provides management and bookkeeping services to Vacation Time at VICC Council of Co-Owners, Inc. The annual fees for such services are $29,835 and $10,200, respectively for the year 2010. WCI also provides collection and resale services for unit/weeks owned by the Council of Co-Owners and receives fees and commissions for such services. WCI provides no other services to nor makes any other payments on behalf of the Council of Co-Owners.
Insurance: Property damage insurance coverage is carried on buildings and contents in amounts sufficient to reimburse the Council of Co-Owners for the cost of any replacements, subject to reasonable deductibles. General liability insurance coverage is likewise carried, both as follows:
Buildings:
Total 7,042,500
Average per unit (87) 80,948
Contents each unit 25,000
Contents office 7,500
Liability:
Exterior accidents:
General Liability 1,000,000/2,000,000
Umbrella Liability 5,000,000/5,000,000
Interior accidents:
General Liability 1,000,000/2,000,000
Umbrella Liability 3,000,000/3,000,000
Cancellation: A Purchaser may cancel the contract to purchase within six (6) days after the execution of the contract. Notice of any such cancellation shall be in writing. The notice may be hand delivered to the Seller, or delivered by prepaid United States mail to the Seller or to the Seller’s agent for service of process.
Deposits or down payments: Deposits or down payments by the Purchaser will be placed with the Seller to be applied to the purchase price upon closing, or refunded in full before the 21st day after receipt of any timely notice of cancellation.
Exchange: Each Purchaser of a unit-week at Vacation Time at VICC is eligible to enroll as a member of Resort Condominiums International (RCI), a vacation exchange service in which Vacation Time at VICC participates. The enrollment fee is waived for new owners. An annual membership subscription fee must be paid in order to retain the enrollment.
Resale or Transfer: There is no “right of first refusal” or other restraint on the sale or transfer of any or all portions of timeshare interests. There is a $175 transfer fee charged by WCI for processing the paperwork associated with sales or transfers. There is an additional $20 fee charged by the Cameron County Clerk for recording the Deed.
Additional information: Requests for additional information should be addressed to Lee Pickens by writing or calling as indicated below:
1609 Catalina Bay Ct
Granbury, Texas 76048-1464
Tel & fax: 817.573.0718 email: pickenslee@aol.com www.vacationtimecondos.org
03/21/2010