MAY 2023.RULES & REGS

any other amounts payable by or chargeable to such Lot or the Owner thereof under the Declaration, By-Laws or these Rules. Upon a default by the Developer in the payment of any sum due to the Association for ten days after the due date thereof, or the violation of any of the requirements for Developer status set forth in this Rule X, or any other violation of the Declaration, By-Laws or these Rules, the privilege of Developer status for purposes of the reduced equity payment shall be terminated and the deferred portion of the equity payment shall become immediately due and payable together with interest from the date of acquisition of the Lot at the highest rate permitted by law. Upon the acquisition by a Developer of a Lot which results in the Developer owning, directly or indirectly, three (3) Lots, Developer shall pay to the Association a sum equal to the then full equity payment for the third Lot. Notwithstanding payment of the amount equal to the full equity payment, the Developer shall be subject to all restrictions on use and occupancy of the Lot and the Recreational Facilities as well as all other obligations of a Developer under paragraph (2)(a) of this Article X. Upon purchase of the third Lot by the Developer the Association shall pay (1) to the former Owner who sold the third Lot to the Developer that Owner’s refundable equity payable at the time of the sale to the Developer, less any indebtedness owed to the Association. At the time of sale of any Lot by the Developer and the payment of the full equity by a new member, the Developer shall be paid the Developer’s equity payment less and indebtedness owed to the Association. No Developer may own, directly or indirectly, more than three (3) Lots at the same time. The terms applicable to the Member’s equity payment and the refundable portion thereof, if any, for a Lot acquired by a Developer shall be based upon the facts and circumstances at the time of acquisition, including, but not limited to, the equity payment terms based upon the number of Lots owned by the Developer at the time of acquisition. The subsequent acquisition or disposition of other Lots by the Developer shall not change the equity payment and equity refund provisions applicable to any particular Lot.

b.

c.

d.

A Member in good standing may purchase additional Lots on the following terms:

(i)

All additional Lots acquired by such Member shall be subject to the full Members’ equity payable at the time of purchase, except as otherwise specifically provided in this Article X, Section B(2)(d).

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