WATERS OWNERS: To keep you full apprised of the situation, we are copying an announcement from The Hollows blog posted on Saturday, May 23, 2009...

You may be aware that the Austin American-Statesman ran an article in today's edition concerning the start of foreclosure proceedings at the Hollows. As we told you in a previous posting, this is an expected step in our negotiation process. We continue to work with all parties toward a favorable resolution and will keep you informed.

We appreciate your patience during this time.

Update to April 21st Memorandum

We continue to be optimistic in our efforts to restructure the financing for the Terramesa properties. As we mentioned in last month’s memo, some elements of the negotiations for restructuring might include legal notices. It is likely this will occur for the Texas properties this week. We’ll share more information as we move forward. Thank you all for your patience as we work diligently to restructure the financing for these wonderful communities.

To read the original memo CLICK HERE.

Message to Waters Homeowners

In response to the economic downturn, Terramesa Resort Properties will be consolidating operations amongst its three Texas properties - The Waters, The Hollows and Pointe West. This includes consolidating the base location of our sales force and centralizing the marketing effort specifically to our Texas properties; in order to maintain communication and momentum among Terramesa associates while we weather this economic period.

As several of you have already heard, The Waters staff will now office at our sister property - The Hollows in Lago Vista. This move will allow our sales teams at both properties to combine forces and better market The Hollows, as well as The Waters. We want to make certain all our Homeowners know that operations at The Waters are not ceasing- our office is not closing- it is only being relocated in an effort to reduce overhead and maximize sales & marketing functionality. Those owners who still have units that are under warranty, will continue to be covered by the Terramesa staff.


Our new office location is at:

19503 Old Burnet Rd.

Lago Vista, TX 78645

512.267.9657 (o)

512.267.9329 (f)

For General Information and Sales, please contact Sandra Bradley at the office number above or by email at:

sandra.bradley@terramesaresorts.com

For Warranty, please continue to call or send an e-mail to the customer care department at:

1.888.426.5916
customercare@terramesaresorts.com

Terramesa remains commited to these porperties and our owners.