SUMMARY OF MEMBERSHIP PLAN
OVERVIEW
This Summary describes generally the membership opportunity in the Mountaintop Golf and Lake Club, Inc., a North Carolina nonprofit corporation, (the “Club”). The Club is a private equity membership club, located in the Mountaintop residential community in Cashiers, North Carolina featuring exceptional golf, tennis, croquet, pickleball, spa, Lake Club, shooting club, activity center, fitness and social facilities. Each equity membership represents an ownership interest in the Club. In an equity or member-owned club, the members control the club through the right to vote.
MEMBERSHIP BENEFITS
In addition to exceptional Club Facilities and an extensive array of programs and activities for members and their families, membership in the Club currently will offer a number of attractive benefits, including:
• Exclusivity. Membership is by invitation only. Applicants must have 3 sponsors that are Primary Members.
• Refundable Membership Contribution. Equity Members are entitled to a refund upon resignation and reissuance of the membership, as provided for in the Membership Plan.
• Transferability of Memberships. Equity Memberships are transferable through the Club to the subsequent purchaser of a member’s residence or home site in the Mountaintop Community, who is approved for membership, as provided for hereinafter.
• Governance of the Club Operations and Policies. Equity Members are to elect the members of the Board of Directors, which governs the Club.
• Ownership Interest in Club. Each Equity Member has an ownership interest in the Club and is entitled to vote on matters affecting the Club.
• Immediate Family Privileges. A member, his or her spouse and their unmarried children under the age of 26 are entitled to membership privileges.
• Extended Family & Guest Privileges. The parents, adult children who do not fall under the definition of immediate family, grandparents and grandchildren of the member and spouse, and the spouses of such family members are also entitled to use the Club Facilities without being accompanied by the primary member. Tee times may be scheduled 14 days out for primary members, 4 days out for extended family. All guests must be accompanied by a member. No guest may use the golf facilities more than four (4) times in a calendar year. From May 26 through September 4, guest tee times are only available after 11:00 AM.
CLUB FACILITIES
The Club Facilities include the following:
• 18-hole golf course designed by Tom Fazio
• Driving range, practice chipping green, and practice putting green
• Clubhouse of approximately 43,000 square feet featuring a dining room serving breakfast, lunch and dinner 7 days a week, men’s locker room grill, lounge, fitness facilities, complete pro shop and men’s and women’s locker rooms; spa, movement studio for barre, pilates, and yoga
• 2 Har-Tru clay tennis courts
• General Store; open year round; breakfast, gourmet grilled cheeses, grab & go items served daily; serving breakfast and lunch 5 days a week during the offseason
• Golf course maintenance facility
• Lake Clubhouse facility on Lake Glenville; rental boats, waterskiing, wakeboarding, sandy beach & casual dining
• Activity Center: croquet, pickle ball, dog park, playground, and indoor basketball/sports court; full kitchen for events
• Full service spa and fitness center open year round
• On-site housekeeping services for residents; shuttle to airport, grocery shopping, boat winterization
• Landscaping and home maintenance services available
• Kids Camp daily and babysitting services
• Heated Mineral Pool
MEMBERSHIP CLASSIFICATIONS
Two categories of Equity Memberships are available in the Club: Golf Memberships and Social Memberships. There will be a maximum of 350 Golf Memberships. Social Memberships will be offered to and limited to purchasers of property who do not apply for Golf Memberships.
Golf Membership; Each person who acquires a Golf Membership will be entitled to use all of the facilities of the Club. Golf Members will not be required to pay green fees or court fees for use of the golf and tennis facilities, but will be required to pay golf cart fees.
Social Membership; Each person who acquires a Social Membership will be entitled to use all of the facilities of the Club except any of the golf facilities unless as the guest of a Golf Member. Social Members will not be required to pay court fees for use of the tennis facilities.
GUEST PRIVILEGES
Members may have accompanied guests use the Club Facilities in accordance with the member’s category of membership and the Rules and Regulations of the Club. The Club may limit the number of guests and the number of times a particular guest may use the Club Facilities during each membership year. Currently, a guest may use the golf facilities no more than four (4) times in a calendar year, regardless of the sponsoring member. The member will be responsible for the payment of charges incurred by his or her guests including any applicable daily guest fees established by the Club from time to time. Members will also be responsible for the deportment of their guests.
FAST FACTS
Developed by: Discovery Land Company, Scottsdale, AZ
www.discoverylandco.com
Land Mass: 750 acres
Total Lots: 325, all buildable
Golf Course Architect: Tom Fazio
Date Golf Course Opened: July 1, 2006
Rating/Slope/Yardage from the “Tips”: 73.9/145/7,126 – Par 70
Total Average Golf Rounds Per Year: 16,000
Size of Clubhouse: 43,000 sq. ft. – 3 levels
Date Clubhouse Opened: July 22, 2007
Clubhouse sits at an elevation of 4,000 feet
Maximum # of Golf Equity Memberships: 350
Number of Golf Equity Members: 350
Seasonal Operation is May thru October: Open 7 days a week.
November: Golf Thursday – Sunday (weather permitting). Golf course closed DecemberApril. Food & Beverage service in the Clubhouse Thursday – Saturday. December: Clubhouse open weekends. Four clubhouse events in December: Friday evening dinner followed by Tree Trimming Party with Santa and then a buffet Saturday evening on the second weekend. Family dinner on Dec 30th & New Year’s Eve party on Dec 31st. Club’s Website: www.MountaintopGolfClub.com
General Manager: Steve Matlaga 828-743-4755; smatlaga@mountaintopgolfclub.com
FEE SCHEDULE
Membership 2024
Category Initiation Annual Dues + Capital Dues = Total Club Dues
(25% equity feature with each category)
Club
There is no Greens Fee for a club member nor for his/her extended family.
Greens Fee for accompanied guest: $230 + tax per person, per 18 holes
Golf Cart Fee: $32 + tax per person, per 18 holes
Trail Fee for personal golf cart: $1,500 per year
Forecaddie: $50 per bag
Real Estate
Jackson County Real Estate Tax: $0.41 per $100 of assessed value* (for a property assessed at $1,000,000 the tax is $4,100)
Annual Mountain Lodge Condominium Fee: $2,912
Annual Homeowners’ Association Fee: $4,850
Annual Capital Assessment: $1,320
Annual Water & Sewer Fee (completed homes): $1,100
Annual Fiber Internet Fee (completed homes): $1,670
Architectural Review Fees for New Construction & Improvements
All Structural & Exterior Changes Must be Approved by the ARC
Design Review Fee For New Construction - $6,500
Non-refundable Builder’s Fee - $12,000
Refundable Builder’s Bond - $5,000
Refundable Tree/Landscape Deposit - $15,000
Initial Water “Hook Up” Fee: $2,000
PRIMARY PLAYING TIMES
Although each membership has family and guest privileges, the Club may establish primary playing times during which Immediate and Extended Family and/or guest play may be restricted, to better handle golf play during primary playing times. The Club may designate times when only members and their spouses may play, notwithstanding any provision in the Membership Plan or in the Rules and Regulations.
MEMBERSHIP CONTRIBUTION
Each individual who is invited and approved for membership will be required to pay a membership contribution and annual dues determined by the Club from time to time.
REFUND OF MEMBERSHIP CONTRIBUTION UPON TRANSFER OF MEMBERSHIP
A resigning Equity Member is entitled to be paid within 30 days after the reissuance of the membership, an amount equal to 25% of the membership contribution then charged for the resigning member’s category of membership. The difference between the membership contribution paid by the successor member and the amount repaid to the resigning member will be retained by the Club.
SCHEDULE OF DUES PAYMENT
Dues shall be payable in two equal installments unless otherwise determined by the Board of Directors. Social Membership dues are one half of the Golf Membership dues.
TRANSFERABILITY
A member may transfer his or her membership only to the Club by resigning the membership and arranging for the Club to reissue the membership. However, members may at all times arrange for the Club to reissue their membership to the subsequent purchaser of their property in the Mountaintop Community who is approved for membership and pays the then required membership contribution, without being subject to a waiting list. Should the buyer not acquire the membership, the Club will sell the resigned membership on a first resigned, first reissued basis.
ASSESSMENTS
The Board of Directors of the Club may find it necessary to make assessments or dues adjustments to cover any operating deficits which may occur.
PURCHASE OF MEMBERSHIP
Membership is by invitation only. Memberships will be offered pursuant to the Mountaintop Golf & Lake Club Membership Plan and related documents (the “Membership Plan Documents”). Prospective members must submit a fully completed and signed Membership Application, Membership Purchase Agreement, and check in U.S. funds for the membership contribution to Mountaintop Golf & Lake Club.
