bigwin island golf club the equity advantage

MUSKOKAQ. & A.Q: What is Bigwin Island Golf Club?A: The Bigwin Island golf Club (the "Club") is a member-owned private club which offers its owner members a unique opportunity to enjoy its golf & dining facilities.The Club is situated on Bigwin Island and is part of the Bigwin Island Community in Lake of Bays, Muskoka.Q: What is a member-owned club?A: In a member-owned or equity club, each member has an ownership interest in the Club similar to the ownership of stock in a corporation. Each Member will own 1/300thof the corporation. This type of club permits its Equity Members to control their club through the right to vote. The Club Facilities are operated and managed under thedirection of a Board of Directors ultimately elected by the members.Q: What facilities will the Club offer?A: Members, their families and guests will enjoy the following exceptional Club Facilities:· 18 Hole Doug Carrick Designed Course. The golf course will be the focal point of the Club and the Community. The course will be designed with tee placements that willchallenge all levels of golfers and promote a family atmosphere.· Golf practice facilities. A practice facility including a practice range, bunkers, putting greens, will provide an area where members can work on their games.· Clubhouse. The clubhouse, of approximately 16,000 square feet, will be the social center for the Club. The clubhouse will feature a dining room, private porch,Members Grill, Member Deck overlooking the Lake of Bays, golf pro shop and locker rooms and separate golf cart storage and members club storage.The mixture of the clubhouse facility and great activities will develop the camaraderie that is the basis of a fine club.Q: How many Equity Memberships will be offered by the Club?A: The Club will offer 300 Equity Memberships.Q: Are Corporate Memberships available in the Club?A: The Club is dedicated to a Private Family Club and as such Corporate Memberships will not be offered.Q: Will members of my family be entitled to use my membership privileges?A: Immediate family members may use the club facilities in the same manner as the regular member, excluding golf privileges. Golf Privileges are available to immediate familymembers including, Spouse, Intermediate children (ages 22-25), and Juniors (12-21), upon payment of the appropriate dues. Immediate family members who are not golfmembers may play 10 rounds as a guest of the Regular Member upon payment of the guest greensfee. A member's immediate family will include the member's spouse andtheir unmarried children under the age of 25 who are living at home, attending school on a full-time basis or serving in the military. Extended family may use club facilitieswhen accompanied by a member. They may play 10 rounds within member only tee times when accompanied by the member. The extended family shall include the parents,children who do not fall within the definition of immediate family, grandparents, grandchildren and great-grandchildren of the member and spouse and the spouses of suchfamily members. The Club may modify, limit or terminate this privilege and establish such rules with respect thereto as it may determine from time to time. Extended familymembers may also use the Club Facilities unaccompanied by the member, in accordance with the Club's unaccompanied guest policies, but such use will be subject to rulesand regulations applicable to guests, including any limit on the number of times any guest may use the Club Facilities in a membership year.Q: What type of family programs are offered at the Club?A: Bigwin offers a variety of programs, golf and social, for all categories of the Membership, with an emphasis on children.Q: How long is the Clubs season?A: The Club operates from mid May to mid October.Q: Will my guests be able to use the Club Facilities?A: Members are entitled to bring guests. Member’s guests are eligible to play the course 3 times as a guest of a member within Member Only times upon paymentof the appropriate guest fee.Q: When does the turnover occur?A: The Turnover of the Club will occur when a) 300 Memberships have been sold, or b) October 31, 2011, whichever first occurs.Q: How are dues established?A: Each year the Board of Directors will determine the amount of dues to be payable on an annual basis, on or before December 1 of each year, unless otherwisedetermined by the Club from time to time. The Board of Directors reserves the right to set the amount of dues, fees and charges to be payable by members at any leveldeemed appropriate. Dues for the 2008 season are $5,500 for the Regular Member, $2,875 for Spouse, $755 for Junior (12-21), and $2,875 for Intermediate (22-25).Q: How do I become a member of the Club?A: You must submit a fully completed and executed Prospective Member Information Statement and Membership Purchase Agreement and a check for the deposit on therequired membership contribution. The balance of the membership contribution will be due as set forth in the Membership Purchase Agreement.Q: What do I have to pay in order to acquire a membership in the Club?A: Persons who are approved for membership are required to pay a membership contribution in an amount determined from time to time by the Club.The required membership contribution will be set forth in the Membership Purchase Agreement.