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Resolution - Mortgagee and Relocation Initiation

May 30, 2012
Resolution - Mortgagee and Relocation Initiation
  • AQUIA HARBOUR PROPERTY OWNERS ASSOCIATION, INC.
    POLICY RESOLUTION NO. 08-03
    (Concerning Initiation Fees)

    WHEREAS, Article VI, Section 1 of the By-Laws provides the Aquia Harbour Property Owners Association, Inc. (Association) Board of Directors (Board) with the powers and duties to manage the affairs of the Association; and

    WHEREAS, Article XX, Section 2(a) of the By-Laws empowers the Association to charge each of its members an Initiation Fee in an amount determined by the Board of Directors; and

    WHEREAS, Article XX, Section 2(a) also provides the Association’s Board of Directors with the authority to waive said Initiation Fee if determined to be in the best interests of the Association; and

    WHEREAS, the Board has determined that it is in the best interest of the Association to waive the application of the Association’s Initiation Fee under certain conditions and for specific types of Members; and

    NOW, THEREFORE, BE IT RESOLVED THAT the Board of Directors hereby adopts the following:

    I. MORTGAGEE MEMBERS
    The Association shall not charge an Initiation Fee to any “Mortgagee Member” of the Association who holds title to a Lot within the Harbour. A “Mortgagee Member” shall be defined as any holder of a recorded Mortgage or the party secured or beneficiary of any recorded deed of trust, encumbering a Lot within the Harbour that is either a Financial Institution, Trust, Mutual Savings Bank, Credit Union, Pension Fund, Mortgage Company, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Department of Veteran Affairs, the Federal Housing Administration, the Governing National Mortgage Association, and any other public or private secondary mortgage market agency participating in purchasing, guaranteeing or insuring Mortgages, that comes into possession and ownership of a Lot within the Harbour by virtue of foreclosure or by deed or assignment in lieu of foreclosure, for so long as no persons are residing in the Mortgagee Member’s Lot. If it shall be determined, in the sole discretion of the Association’s Board of Directors, Appointed Committee’s or Management Agent, that persons are residing within a Mortgagee Member’s Lot, the Association may levy the Initiation Fee currently in effect to the Mortgagee Member’s dues account. Immediately upon the sale of a Lot from a Mortgagee Member to a successor owner, the Association shall impose the Initiation Fee charged to all other Members of the Association, to the new successor owner’s dues account.

    II. REAL ESTATE RELOCATION PROVIDER MEMBERS
    The Association shall not charge an Initiation Fee to any “Real Estate Relocation Provider Member” of the Association who holds title to a Lot within the Harbour. A “Real Estate Relocation Provider” shall be defined as any corporate entity that comes into possession and ownership of a Lot within the Harbour for the sole purpose of providing relocation services to a client, including, Home-buy outs for a relocating employee of a client. If it shall be determined, in the sole discretion of the Association’s Board of Directors, Appointed Committee’s or Management Agent, that persons are residing within a Real Estate Relocation Provider Member’s Lot and using the Association’s amenities and services or wish to apply for use thereof, the Association may levy the Initiation Fee currently in effect to the Real Estate Relocation Provider Member’s dues account. Immediately upon the sale of a Lot from a Real Estate Relocation Provider Member to a successor owner, the Association shall impose the Initiation Fee charged to all other Members of the Association, to the new successor owner’s dues account.

    III. CORPORATE ENTITY MEMBERS INAPPLICABLE FOR EXEMPTION
    All other corporate entity or non-natural person Lot Owners within the Harbour who are not Real Estate Relocation Provider or Mortgagee Members, are required to pay the Association’s Initiation Fees, as set forth in the Association’s By-Laws. The provisions of this Resolution supersede any conflicting provisions of the Association’s governing documents, including any Rules and Regulations currently in existence. This Resolution will apply to any and all new Members who take title to a Lot within the Harbour, on or after the effective date of this Resolution which shall be December 11, 2008. This Resolution shall not apply retroactively to any Members who took title to Lot within the Harbour, prior to the effective date of this Resolution. The classes of membership created by this Resolution are applicable exclusively to the purpose of governing the Initiation Fee. No other rights, privileges or obligations, other than those specifically referenced herein, are created by this Resolution and applicable to the classes of membership created herein, including, but not limited to, any voting rights.
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