MAY 2023.RULES & REGS

In Season means October 1 st through May 15 th .

C.

D. Co-habitant , for the purposes of exempt status from the obligation to pay a full equity payment at the time of acquisition of title under Article IV, Section 3(C), of the Declaration, shall be a natural person meeting all of the following criteria: 1. The person must be designated as a Co-habitant by the Member in writing, on such forms as may be required by the Association. The written designation of the person as the Member’s Co -habitant must occur at least one (1) year before the Co-habitant acquires title, provided that a) the accrual of time towards the one (1) year period required for this exemption terminates at the time of the death of the Member if the Member’s death occurs before the passage of one (1) year from the date of the designation of the Co-habitant; and b) a Member whose Co-habitant has resided with the Member at Frenchman’s Creek prior to the submission of the written designation required by this provision may request in writing that the one (1) year requirement be reduced by the amount of time the Co-habitant has resided with the Member at Frenchman’s Creek prior to such submission and any such reduction of the one (1) year requirement shall be at the discretion of the Board and shall be effective only if made in writing by the Board; 2. A person designated in writing to the Association as a Co-habitant prior to the enactment of this Rule shall be deemed designated for the purposes of this Rule if the designee meets all of the other requirements of this Rule to qualify as a Co-habitant;

3.

The Member must be the sole Owner of the Lot, the sole equity interest holder of a corporation or partnership which owns a Lot, or the sole grantor or beneficiary of a trust which owns a Lot, and the Co-habitant must be the Member’s designated second person with rights to use the Recreational Facilities pursuant to Article IV, Section 4, of the Declaration and must meet the requirements set forth in Article X of the Rules regarding Co-habitants;

4.

The Co- habitant must be a natural person and must reside in Frenchman’s Creek with the Member;

5.

The Co-habitant may not be a person compensated by the Member as an employee or independent contractor; and

6.

The Board of Governors reserves the right to deny exempt status as a Co- habitant if the Board of Governors, in its reasonable discretion, determines the designation of the Co-habitant was made in bad faith for the purposes of avoiding liability for the equity payment.

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