Twin Beach Country Club

Description of Available Memberships

There are four types of golf memberships available at Twin Beach Country Club. They are generally described below.

Class A Membership:

A Class A Membership is a full equity membership in the Club. Each Class A member in good standing has an undivided interest in all property and assets of the Club in proportion to the total number of Class A members. Each Class A member has an individual vote on all matters requiring a vote of the membership.

A Class A member, his or her spouse, and immediate unmarried family members under the age of 24 years are entitled to all privileges of the Club, including unlimited golf privileges.

The cost of acquiring a Class A membership from the Club is $3,600, payable at the time of submitting an Application for Membership. All required dues and minimums are detailed on the attached sheet entitled "Twin Beach 2009 Dues, Minimums and Charges." Class A members are subject to operating and capital assessments, if any. Assessments in excess of one month’s dues require a vote of the membership.

The amount of the transfer fee and withdrawal fee may be changed from time to time by the Board of Directors.

Provisional Membership:

A Provisional membership is a limited time, limited obligation, non-equity membership with limited voting rights.

A Provisional member agrees to join the Club for a limited period of time, currently three years. This time period is known as the Provisional Period. During the Provisional Period a Provisional member, his or her spouse, and immediate unmarried family members under the age of 24 years are entitled to all privileges of the Club, including unlimited golf privileges. This is the same as for Class A members.

The cost of acquiring a Provisional membership from the Club (Initiation Fee) is currently $1,800, payable at the time of submitting an Application for Membership. All required dues and minimums are detailed on the attached sheet entitled "Twin Beach 2009 Dues, Minimums and Charges." Provisional members pay monthly dues equal to 110% of Class A member dues, are subject to the same minimums as Class A members and are subject to operating assessments, if any, but not to capital assessments. Operating assessments in excess of one month’s dues require a vote of the membership. A Provisional member does not have an individual vote. Rather, Provisional members have one collective vote for the entire class of Provisional members.

At any time during the Provisional Period, a Provisional member may convert to a Class A membership by requesting a conversion to Class A membership and paying the difference between the then applicable transfer fee for a Class A membership and the Initiation Fee paid by the Provisional member upon joining the Club.

At the expiration of the Provisional Period, a Provisional member who has not previously converted to Class A membership must either convert to Class A membership or withdraw from membership from the Club. If a Provisional member elects to withdraw from the Club, there is no withdrawal fee. A Provisional member may leave the Club at the end of the Provisional Period at no additional cost.

Class B Junior Membership:

A Class B Junior membership is limited to the children and wards of Class A members in good standing, who are between the ages of 24 and 30 years of age. When a Class A member's children or wards reach the age of 24, the Class A member may apply for a Junior membership for his/her children or wards. The Junior membership includes the spouse and immediate unmarried family members of the Junior member. All indebtedness of a Junior member is guaranteed by the sponsoring Class A member. The Junior membership continues only so long as the sponsoring Class A member remains in good standing and terminates when the Junior members becomes 30 years of age. Class B Junior members pay no membership fee but pay annual dues as determined by the Board of Directors.

Class B Junior Transitional Membership:

A Junior member, upon reaching the age of 30, may apply for a Junior Transitional membership. A Junior Transitional member pays a transfer fee in four, equal, annual installments, and pays 60% of the dues and minimums applicable to Class A members. Junior Transitional members do not pay either operating of capital assessments. A Junior Transitional membership terminates when the Junior Transitional member becomes 35 years of age. At age 35 a Junior Transitional member may become a Class A member by paying the equity portion of the membership fee.

Social Membership:

Twin Beach offers Social memberships. Social members pay a $200.00 annual fee and are subject to bar and food minimums. The food and bar minimums are detailed on the attached sheet entitled "Twin Beach 2009 Dues, Minimums and Charges."

Social members are entitled to four 9 hole rounds per year, or two 18 hole rounds.