Prospective Owner’s Brochure
The Community
Arbour Brook is a wonderful community to be part of. We feel this is achieved through fostering community spirit and mutual respect, as well as through pride of property and Owners’ willingness to participate in the Community’s activities, operations and administration.
Arbour Brook is a Trust Corporation
Trust Corporations differ from Condominium Associations. In a Condominium one owns everything within the walls of the unit, not the outside of the building, roof, windows, exterior walls, etc. or the land on which the condominium is situated.
Arbour Brook is a Trust Corporation. This is a not-for-profit corporation, administered by a volunteer Board of Directors, which is responsible for all aspects of the Trustee Land and ensuring that the Covenants, Restrictive Covenants and By-Laws are adhered to.
With a Trust Corporation, one owns the individual unit including its roof, windows, walls, doors, garage doors, etc. in addition to the land beneath the unit itself.
All other property belongs to the Trust Corporation (Arbour Brook Residential Incorporated, aka ABRI) and is called the Trustee Land.
Covenants, Restrictive Covenants and By-Laws
Arbour Brook homeowners are subject to Covenants, Restrictive Covenants and By-Laws (as defined by the schedules A, C and E of the Agreement of Purchase and Sale). It is the responsibility of each homeowner to be aware of and abide by these requirements.
Covenants and Restrictive Covenants “go with the land” and are very difficult to modify. However, By-Laws are reviewed and updated by the Board, with the Owners approval, on an as-required basis and are known as the Amalgamated By-Laws.
Prospective purchasers should make themselves aware of the
Covenants, Restrictive Covenants and the updated Amalgamated By-Laws.
These are posted on the www.arbourbrook.ca website.
Officers
The officers of the Corporation are President, Vice-President, Secretary and Treasurer. They are elected by the Directors at the first meeting of the Board after the AGM based on experience, aptitude and interest for the position.
Board members and appointments
Seven Directors are elected to the Board at the Annual General Meeting (AGM) for a minimum of one two-year term, but can re-offer for additional terms. Retirements from the Board should occur in a manner that will provide administrative continuity. This is an attempt to insure that no more than 3 or 4 new Directors are changed at any one time.
The importance of Owners volunteering to serve on the ABRI Board
Many prospective Owners are attracted to Property Trusts because they feel it will free them of the responsibilities of property management. However it is important to remember that the success of this type of property development depends greatly upon Owners volunteering to serve on the Board or its committees. This can be an enjoyable experience, as it allows one to understand the workings of the Corporation as well as having input into its operations and future development.
All Owners are encouraged to take their turn serving on the ABRI Board or one of its committees as this is a wonderful opportunity to be involved in the community.
Board Meetings
These are held on a regular basis, in accordance with the ABRI By-Laws. Depending on issues at hand, the Board usually meets every 2 to 3 months.
Committees
Committees consist of Board and occasionally Owner volunteers who assist on specific one-time or recurring activities. Each committee is represented by one or more Board members, and any number of community volunteers (Owners). Committees report regularly to the Board through the Board representative. These committees work closely together and may have overlapping membership.
Standing committees include:
1. Winter Care Committee (snow removal, etc.)
Role: To oversee winter lane, driveway, walkway and entrance snow care
2. Summer Care Committee (mowing and grounds)
Role: To oversee summer lawn and grounds care activities
3. Publicity and Entertainment Subcommittee
Role: Responsible for ABRI publicity, The Arbour Brook Ripples newsletters and social events. This committee is important to maintain a sense of community spirit.
5. Policy and Procedures Committee
Role: To consider and give opinions on issues related to Restrictive Covenants, By-Laws, Reserve Funds, or specific administrative issues as required by the Board.
6. Maintenance and Capital Projects Committee
Role: To consider and give opinions on specific maintenance and capital project issues as requested by the Board. Where necessary this committee will oversee specific projects, reporting back to the Board.
Annual General Meeting
This is held every September and is when the ABRI financial report is presented, the new Board members appointed and issue of specific interest discussed.
All Owners should make every effort to attend this important meeting.
Monthly Maintenance Fee
The monthly maintenance fee is determined by the ABRI Board based upon operating costs, anticipated repairs and improvements and the contributions to the Reserve Fund. The Board has the authority to exercise a special levy on the Owners at any time, should additional funding be necessary.
Reserve Fund
The Owners of Arbour Brook have in place a Reserve Fund to address long term replacement and repairs involving the ABRI Trustee Lands. A portion of each Owners monthly maintenance fee is allocated to this special account. The funds directed to the Reserve Fund is determined by the Board, with the approval of the Owners, and is guided by the recommendations of a Reserve Fund Study.
Arbour Brook Ripples
Our ABRI Newsletter reports on Board meetings and is intends to foster a sense of community spirit by reporting on the community activities, news and items of general community interest. It also reports on the Board of Director’s activities.
All Owners are encouraged to contribute to the Ripples.
Communication
Owners can send an email to the entire community through our community address (theLane@list.arbourbrook.ca).
DISCLAIMER
The above brochure has been prepared by the ABRI Board for general information only. It is not a legal document and should not be used as a substitute for the advice of your real estate agent or lawyer.