HOW  IT WORKS
DETAILS:
ESCROW

​​B. Escrow Agreements-Instructions:

• Specific Escrow documents need to be signed by all 350 people who are interested in purchasing a Country Club Membership (see below).

  • Agreements will be either available online or e-mailed to prospective Members.

• Escrow Agreements-Instructions To Be Signed and/or Deposited with Escrow Company:

1. Country Club Membership Agreement

2. Country Club Membership Rules and Regulations Agreement

3. Country Club Membership Fees Agreement (Initial Membership Fee & Monthly Operations Fee)

4. Country Club Membership Escrow Instructions

5. Any miscellaneous agreements contingent upon legal guidance

• Escrow Agreement-Instructions Do The Following:

  • Protect the Members and protect the Developer

  1. Protection For Members:

     • All Membership funds paid by Members must stay in the Escrow Account until the Developer sells at least 350 Memberships and collects the initial Membership fees.

     • Member's Initial Membership Fees can't  be transferred to Developer until 350 Members are confirmed with Membership Agreements  and all Members have signed their Escrow Agreements-Instructions.

     • If all 350 Members don't pay their Membership Fee within three (3) months of the Developer notifying all Members that Membership Fees must be paid, the Escrow Company will automatically return all funds to Members (minus any Escrow Company fees).

     • When all Members have signed their Membership Agreement documents, and signed their Escrow Agreements and have paid their Initial Membership Fees to the Escrow Company, the Developer will have the legal right to transfer the funds (aka loans funds) from the Escrow Company to the Developers Company and then issue Membership Cards to all Members so they can visit the Country Club. 

     • Offering the Country Club Resort to the Members for their use is subject to the Developer securing funds to purchase the land and taking legal title to the real estate. The location and type of real estate to be purchased is in the sole discretion of the Developer. Offering the RV/Coach Houses is subject to zoning and permits.

  2. Protection For Developer:

     • Gives the Developer the legal right to collect "Initial Membership Fees" from interested people who want to purchase a Country Club Membership.

     • Gives the Developer the legal right to transfer the Membership Fees from all Members (in the Escrow Company) to the Developer after 350 Club Members have signed up, signed their Memberships Documents, signed their Escrow Company Agreements-Instructions and paid their Membership Fees into the Escrow Account

     • Gives the Developer the legal right and sole discretion to use the Initial Membership Fees to purchase the land for the set-up and use of the County Club Resort project for the Members

     • Gives the Developer the legal right and sole discretion to use the Initial Membership fees for capital improvements at  the Country Club Resort project

     • Gives the Developer the legal right and sole discretion to use the monthly Membership fees from the Members for the operations of the Country Club Resort project

     • Offering the Country Club Resort to the Members for their use is subject to the Developer securing funds to purchase the land and taking legal title to the real estate. The location and type of real estate to be purchased is the sole discretion of the Developer

 

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