TEMPLATE CSC.HTM

Declaration of
COVENANTS, CONDITIONS and RESTRICTIONS (CC&R's) and BYLAWS
prepared by Cruise Ship Condos LLC, Developer and Declarant,
for WORLD YACHT CLUB Ltd, an Association of Shareholders
rev 08/15/2008

RULES AND REGULATIONS - DECLARATION NOTES

Check last paragraph of 3.03 a VOTING RIGHTS
x

I. Descriptions and Recitals

A. The Rules and Regulations may be amended, added or deleted by a two-thirds vote of the Board of Directors.

B. The Committees initiate, review and recommend action / inactions by majority vote of the committee. when a quorum is present and motion to the Board of Directors.

X Penalties

A. noise

First Instance - warning
Second instance - $50
Third instance - $100
Forth instance $500
Fifth instance - eliminate the cause

B. Regular Assessments (Maintenance Fees) - Delinquent Accounts

NOTES:

1. Payments are applied first to penalties, then interest, then to principal
2. Notice is considered to have been given if the following notices have been given by certified/registered mail to last known address with a copy by email or phone message to last known phone or facsimile number. If there is no address in record the notice can be placed in a newspaper used for the purpose in any known city of residence and if unknown in a legal newspaper in the city/state or country of registry of the corporation.
3. Foreclosed properties can be sold at conventional sale, auction and proceed applied to balance of account and any balance going to General Account.

30 days late - $75 late fee, 1%/month interest.
60 days late - $75 late fee, 1%/month interest calculated on unpaid balance including previous interest and fees. Property will be placed on rental roles. Notice of referral to collection and pending foreclosure action.
90 days late - $75 late fee, 1%/month interest. Notice of referral to collection and pending foreclosure action. Rental income is being applied to account. Notice that if account is not brought current the property will be forfeited and become Treasury Stock and sold. There is no redemption of money paid.
120 days late - $75 late fee, 1%/month interest calculated on unpaid balance added to account balance. Advise former shareholder that he has lost title and voting and other membership rights. The property shall be listed for sale with Cruise Ship Condos LLC.

Hit Counter