While Falcon Lake Properties owns the lease for our development, we (and Welk and the other Associations) lease designated parcels. After reviewing an ALTA survey report, we determined that the Paseo Real median up to the south fence of the tennis courts is controlled by our Association, and north of this (all the way to Calle Cordoba) it is jointly controlled by us and by Welk. Also, from the south fence of the tennis courts and north, we control the east side of Paseo Real and they control the west.
This is the case prior to agreement with Welk. The agreement clarifies the actual control, and designates specifics on the control. The fact that we’ve initiated and executed an agreement with Welk, and this agreement largely consists of our specifications for continuing maintenance, effectively means that we’ve “taken over control”. However, there is no change in actual leasehold ownership.
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