Property Management

PROPERTY MANAGEMENT AND CONDOMINIUM INFORMATION

Private Property

A condominium is a residential property in which the Owners hold title to their
individual units in fee-simple and also own a proportionate share of the
common property. Condominium Owners are responsible for the interiors of
their own suites and are responsible for a proportionate share of the
maintenance costs of the common property based on the unit factor.

Property Management

The common property is managed by our Property Manager and Chief Concierge.

The primary concern of the Property Manager is to ensure the protection of the
interests of the Owners. Hence the Property Manager ensures that the
Corporation is adequately insured; that it is well maintained; that meetings are
held as required under the Condominium Act of Alberta and proper minutes of
the meetings are kept; that proper books of account are maintained; and that
good communications and harmony are created. The Property Manager advises
the Board of Directors on any matters regarding the operations of the
Corporation, and thereafter carries out the instructions of the Board of
Directors.

CURRENT PROPERTY MANAGER - MR. KEN BURAK (403) 263-1312

This number is in operation 24 hours a day and can be used in emergencies, such as floods or building equipment malfunction, which cannot wait until the next business day to resolve. Note the Property Manager and the concierge staff are not security officers or guards and are only authorized to call the police or fire department or ambulance in the event of emergency of a security or medical emergency.

Generally, the functions of the Property Manager include, but are not limited to:

•Collecting and depositing monthly fees and other funds remitted to the Corporation
•Paying promptly from Corporation funds all proper charges or obligations authorized by the Corporation
•Maintaining records of receipts and expenses and preparing monthly financial statements for the Corporation
•Preparing for review a recommended operating budget, showing estimated income and proposed expenses, and assisting the Corporation with its long term financial planning.
•Undertaking regular inspections of the common property sufficient to fulfill management responsibilities
•Supervising the performance of all common property contractors and service providers
•Hiring, firing and supervising of all employees of the Corporation in conjunction with the Board of Directors
•Giving prompt attention to all urgent unscheduled problems arising on the common property
•Arranging for the operation and maintenance of common facilities and services
•Obtaining quotations for maintenance and repair work for the building
•Assisting the Board in the enforcement of By-Laws
•Preparing monthly financial statements for the Corporation
•Issuing estoppels certificates and other documents on behalf of the Corporation when requested by third parties
•Receiving and handling complaints or requests for information from Owners
•Arranging and assisting the the Corporations AGM and attending Board meetings.

Concerns with respect to the exterior and interior of the common property
should be brought to the attention of the Property Manager

The Board of Directors

The Board of Directors is composed of Owners (a maximum of 5 as per the By-

Laws) who are elected by their fellow Owners for the purpose of setting policy

and ensuring that the Condominium Corporation (the "Corporation") operates

smoothly. The Board of Directors operates in accordance with The Condominium

Act of Alberta, which sets out the requirement for all Alberta condominiums

and By-Laws which reflect our Corporations individual needs. Copies of these

two documents are located in the Library and the By-Laws are also attached below.

Meetings are normally held on a regular or as required basis depending on

current Corporation business. If an Owner, or group of Owners, wishes to

address the Board on a particular issue, written notice of such should be given

to the Property Manager.

The Board Secretary takes and keeps copies of the official minutes of meetings.

As well, a book is kept by the Property Manager, which contains all legal

registrations and important documents of the Corporation.

By-Laws

The Corporation By-Laws establish policies for the operation of the Corporation,

which enable Owners to live in harmony with one another using common sense

and consideration.

The current By-Laws are in three parts; (1) the original By-

Laws; (2) the By-Law revisions passed by the owners on January 20, 2003,

and (3) the By-Law revision passed by Owners October 14, 2009. As an

Owner it is extremely important that you read, understand, and comply with

the rules of the Corporation. Understanding and compliance prevent

unfortunate confrontations or fines, in particular when the Corporation

enforces rules of which the Owner did not make himself or herself aware.

Concierges

The Concierge staff are available to ensure the enjoyment of the Owners and guests and to ensure that the Condominium Corporation's By-laws are being followed. They are also responsible for ensuring all service providers, whether engaged on behalf of Point on the Bow or Owners, respect our house rules and are treated respectfully.

Staffing

There is one Concierge on duty per shift

The shifts are 7:00 a.m. to 3:00 p.m., 3:00 p.m. to 11:00 p.m., and

11:00 p.m. to 7:00 a.m.

Concierge General Duties Impacting Owners

To provide an enjoyable operating environment for all residents 24 hours a day

To monitor telephones, elevators and fire alarm panels
To monitor mechanical equipment in mechanical rooms
To respond immediately to any request by a resident to provide assistance
To provide a 24 hour a day center for residents queries, deliveries, and sign for and inform Owners of deliveries on a timely basis
To provide assistance at front entrance when possible
To maintain a log of Owners requiring assistance, access to their suites and Owner long term absences
To log incident reports for the Property Manager
To log bookings for the party room
To deliver newspapers or parcels to suites
To remove any snow build up at exit doors and sidewalks leading up to the front doors and the garage, activate heated walks, and call for snow removal as necessary
To control access cards and fobs
To coordinate move-ins/move-outs
To complete purchase orders and coordinate with owners for external contractors conducting in-suite work.
To monitor all entrances and exits to the building to ensure that the doors are not blocked, ice has not built up, or Owners' or their guests require assistance to get into the building
To monitor closed circuit TV's and patrol all common areas of the building every hour, and exterior twice per shift to ensure that there are no areas that are not operating properly, no property damaged by Owner's or their guests and that the Condominium Corporation's By-laws are being complied with. In the event there is an issue, they are to write up a report and notify the Property Manager. In the event of an emergency of a security nature, the concierge should not take any action but to contact the police or follow the procedures for fire emergencies as has been outlined, or if equipment has malfunctioned, contact the Property Manager for instructions on contractors to call out to fix the issue and notice steps to be provided to all Owners if necessary.

Concierges are not to be misinterpreted as security guards, delivery personnel or handymen to

be called upon for services.

Complaints about the building operation or condition should be made to the

Property Manager by email or phone (details in Section A), not to the Concierge

staff.

Common Property (See also Private Property section below)

Common property includes all areas beyond each owners unit as well as

hallways, foyers and parking area. Common property also includes all pipes,

wires, cables, chutes, ducts, facilities for the passage of water, sewage, drainage,

gas, oil, electricity, heating and cooling systems and other services contained

within a floor, wall, or ceiling of a building where the centre of the floor, wall or

ceiling forms the common boundary between two units or between a unit and

common property.

Common property may also be designated for exclusive use. Patios and

balconies are common examples bearing this designation.

Specific details of common property and private property can be found in

Section 2 and 14 of the By-Laws and in the Condominium Act

Condominium Act

The Condominium Act of Alberta is a legal document which sets out the

operations of all condominiums. It outlines the duties and powers of the

Corporation as well as the Owners. A copy is located in the Library

Monthly Condominium Fees

The Condominium Act of Alberta specifies the requirement of each Owner to pay

a proportionate share of the Corporations common expenses. The

determination of each Owners share is based on a calculation involving the unit

factor of the legal lot as a percentage of the total area of all the building.

All monthly operating assessments are due on the first day of each and every

month in advance. The monthly operating assessment is normally paid by postdated

cheques to the property management desk or by pre-authorized

debit.

Special assessments raised in accordance with Section 7.8 of the By-Laws are

payable in the manner and on the date specified in the Notice of the Special

Assessment. When submitting any payment, ensure that the condominium plan

number and suite number are clearly identified on the payment so that it may

be credited to the correct account. Payment is made to the Condominium Plan

No. 9910641 in care of the property management company.

Insurance

The common property is insured through the Corporation. This insurance

represents the entire building, excepting your in-suite improvements, including flooring and wall coverings, personal possessions and personal liability. An insurance certificate is provided by the Property Manager and the current certificate is attached in the forms section of the web

site.

The insurance of the common property is included in your condominium fees.

However, it is your responsibility to have your improvements and contents protected and you

should arrange your own insurance coverage.

Corporations and Owners Responsibilities

The Corporation has some important responsibilities to its Owners:

To obtain and maintain insurance on the buildings, common facilities and any insurable improvements;
To keep in a state of good and serviceable repair and properly maintain the common property, facilities and assets of the Corporation;
To establish a fund for operating expenses sufficient for the control, management and administration of the common property;
To deposit these funds with a financial institution; and
To pay all sums of money properly required to be paid on account of all services, supplies and assessments pertaining to, or for the benefit of, the Corporation.

As a member of the Corporation, the Owner is obligated to abide by the rules

and regulations and/or By-Laws registered on behalf of the Owners. Of

particular importance, the Owner must appreciate that some of the rights

associated with single-family ownership may not be the same for condominium

living such as the right to advertise on common property, to rent, or to keep

pets.

The quality of lifestyle is often closely related to the Owners understanding of

the role of the Corporation and his or her duties as an Owner.