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The following questions and answers explain the more important features of the Membership opportunity at Vaquero.
Q: What are the primary features of a Membership in the Vaquero Club?
A: Club Membership offers these features:
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Exclusivity. Membership is by invitation only.
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Equity Membership Structure. Vaquero's Memberships are equity and Members may receive an 80% refund of the current Membership contribution upon resignation and reassurance of their Membership, in accordance with the terms of the Membership Documents and Membership Purchase Agreement.
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Control of Operations and Policies. After turnover, Equity Members will be entitled to elect a Board of Directors to govern the Club and each Equity Member is entitled to vote on matters affecting the Club, in accordance with the Membership Documents.
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Transferability of Memberships. Memberships may only be transferred through the Club to the subsequent purchaser of a Member's residence or homesite at Vaquero or other person invited by the Club.
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Immediate and Extended Family Privileges. A Member, his or her spouse and his or her unmarried children who are under the age of 23 and who are living at home or attending school on a full-time basis are entitled to Membership privileges without payment of additional Membership dues. Parents, adult children and grandchildren of the Member and spouse, and spouses of such family Members, also may use the Club Facilities upon payment of reduced green fees and applicable user fees.
Q: When will construction of the Club Facilities be complete and ready for use?
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The 18-hole Tom Fazio golf course, practice facilities, and the Ranch House Grill are currently complete and available for Member use.
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The Community Center with swimming pools is complete and open during the season.
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The main Club House opened in January of 2005.
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The Tennis Center is open for play with 4-lighted courts
Q: What is a Member-owned club?
A: In a Member-owned Club, Members control the Club by exercising a right to vote. The Membership elects a Board of Directors that oversees the operation of Club Facilities and management of the Club. Major issues are normally resolved by vote of the Members. Such major issues may regard capital assessments, amendments to the Club's Articles of Incorporation and Bylaws that are materially adverse to Members' rights and mortgaging Club Facilities.
Q: What benefits does Member-ownership provide?
A: Member-ownership, also called equity ownership, offers several important benefits:
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Because Member-owners own and control the Club Facilities after the development of the residential community is complete, Members enjoy a certainty as to the direction of the Club Facilities in the future. Members ultimately determine the rules and costs of Membership privileges.
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A heightened interest and participation of Member-owners and a greater continuity in Membership-a common characteristic of a Member-owned Club-enhance the Club experience and lifestyle.
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Member ownership creates a greater cohesiveness within the community.
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As a result of Member control, the Club reflects the characteristics of its Members.
Q: What categories of Membership will be available in the Vaquero Club?
A: The Club only offers Equity Golf Memberships and social Memberships.
Q: When is the Turnover Date?
A: Control of the Club to the Equity Members will be turned over 60 days after the earlier of:
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The initial sale of all of the Equity Memberships held by the Company or the initial sale of all of the residences and homesites in the Vaquero residential community to retail purchasers, whichever occurs later; or
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Any earlier date determined by the Company in its discretion, provided the Club's accounting firm has reviewed the operating results of the Club and confirmed that the Club operated during the preceding 12-month period without an operating deficit.
Q: What is a Membership contribution? How is my ownership interest in the Club acknowledged?
A: Upon approval for Membership, a potential Member must pay a Membership contribution to acquire Membership in the Club privileges. The amount of the Membership contribution will be determined from time to time by the Company and will be set forth in the Membership Purchase Agreement. Upon approval for Membership and payment of required Membership contribution, new Members receive a Membership certificate confirming their ownership interest in the Club.
Q: Are Memberships inheritable upon the death of a Member?
A: Yes. Upon a Member's death, the Member's spouse may continue as a Member without payment of any additional purchase price.
*The above information is intended only as a general description of the Membership opportunities available at Vaquero Club, Inc. This document is provided for informational purposes only and may not be relied upon as a basis for a decision to acquire a residence or homesite in the Vaquero community or Membership in the Club. A complete description of the terms and conditions of Membership privileges is contained in the Vaquero Club Membership Plan and its exhibits as amended from time to time. The Membership Plan should be carefully reviewed prior to seeking Membership in the Club.
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