On March 28, 1989, the Lakeway Company placed a second deed restriction on these parks and all other parks under control of the Lakeway Civic Corporation. The second deed restrictions were attached to the property at the bequest of the City of Lakeway because the Lakeway Civic Corporation had planned on passing title of these two parks and all parks under its control to the City of Lakeway. The City sought the second deed restriction so that the City would not be encumbered from making improvements to the property by any language in the original deed restriction.
The second deed restriction allows the Civic Corp. and subsequent owners (the City of Lakeway) to add improvements to the property without first seeking permission from the original deed restriction grantor, the Lakeway Company. Indeed the Lakeway Company filed for bankruptcy, shortly after the filing of the second deed restriction. The Lakeway Company dissolved shortly thereafter.
By statue, only the original grantor can change deed restrictions and the original grantor, the Lakeway Company, no longer exists, these deed restrictions can never be changed.
Click on the link below to review the second deed restriction.
Lakeway, TX, USA: Parks & Trails
There is an additional document that affects these properties, which is the Local Government Code of the State of Texas. This document discusses the sale of parkland by governmental entities and states "The proceeds of the sale may be used only to acquire … property for which the purposes for which the sold property was used.” Since the City was incorporated this land has always been zoned “Parkland.” Thus if these parks are ever to be sold, the funds could not be used for other park improvements, but only be used to purchase other waterfront parkland.
Click on the link below to review the Local Government Code.
Deed Restrictions & other Legal Issues Regarding Sailfish & Rebel Parks
The Lakeway Company, the original developer of the area, recorded the first deed restrictions on Rebel and Sailfish Parks on December 9, 1974. Click on the link below to review these deed restrictions; page 7 of this document is the most relevant.