MAY 2023.RULES & REGS

Fifty Thousand Dollars ($250,000.00), which expenditures shall be limited to hard cost for actual renovation, repair or improvement. If a Member granted Member/Developer status at the time of purchase fails to comply with a criterion for Member/Developer status hereunder, Member/Developer status shall be revoked and the balance of the equity payment due from a non-exempt buyer at the time of acquisition of the Lot shall become immediately due and payable. An Owner granted Member/Developer status shall produce evidence acceptable to the Board of Governors that the Owner has met the criteria set forth above for renovations, repairs and improvements to the Lot before receiving any refund of the equity payment. A Member may acquire and own up to one (1) Lot as a Member/Developer with no additional equity and own such Lot as a Member/Developer for a period of no more than twenty-four (24) months from the date of closing on such additional Lot, provided that, after said twenty-four (24) month period, the Member/Developer shall become a Developer and shall also be subject to the equity payment terms applicable to the first Lot acquired by a Developer under this Article X, unless the Member owns a second Lot at the expiration of the aforementioned twenty-four (24) month period as a Member/Developer, in which case the full equity payment shall be due and payable immediately. A Member may acquire a second additional Lot as a Member/Developer, provided that such second additional Lot shall be subject to the equity payment terms applicable to the first Lot acquired by a Developer under this Article X. The terms applicable to the Member’s equity payment and the refundable portion thereof for a Lot acquired as a Member/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 Member as a Member/Developer at the time of acquisition. The subsequent acquisition or disposition of other Lots owned by the Member as a Member/Developer shall not change the equity payment and equity refund provisions applicable to any particular Lot. No Member may own, in any capacity, directly or indirectly, more than three (3) Lots at the same time.

(iv)

(v)

(vi)

(vii)

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