CONVERSION/UPGRADE FOR REFUNDABLE MEMBERS ONLY
A Member with a refundable Membership may only convert his or her Membership to a refundable Membership of another classification or sub-classification. A Member with a non-refundable Membership may not convert his or her Membership to another classification.
REFUND OF INITIATION FEE (Refundable Members Only)
A Premier Member who terminates the membership will receive 80% of the then current initiation fee for his or her category of membership, without interest, at such time as the member's name is removed from the transfer list, as provided in the Membership Plan and Membership Agreement and By-Laws, as amended and restated.
Memberships will be removed from the transfer list and the above payment to members made on a first terminated, first refunded basis in accordance with the Memberhps Agreement and By-Laws of the Club.
Upon the death of a member and by giving written notice to the Club, the surviving spouse, if any, may elect to: (i) continue the membership privileges without having to pay any additional initiation fee; or (ii) terminate the membership. In the event there is no surviving spouse, the death of the member shall result in the automatic termination of the membership. Memberships that are terminated based on the death of a member shall be refunded in the same manner as any other similar membership in the Club.
The obligation to repay the initiation fee shall be subject to set-off for all amounts due under the Membership Plan, and the Membership Agreement and By-laws, as amended and restated and Rules and Regulations (collectively, the "Membership Plan Documents") and this Membership Application which remain unpaid on the repayment thereof.
NON-REFUND OF INITIATION FEE (Non-Refundable Members)
A Non-Refundable Member in any category will not receive a refund of initaiton fee or payment after resignation or other termination of his or her membership.
Upon the death of a member and by giving written notice to the Club, the surviving spouse, if any, may elect to: (i) continue the membership privileges without having to pay any additional initiation fee; or (ii) terminate the membership. In the event there is no surviving spouse, the death of the member shall result in the automatic termination of the membership.
ACKNOWLEDGMENT OF MEMBERSHIP RIGHTS
Membership in the Club permits the member to use the Club Facilities in accordance with the Membership Plan, the Membership Agreement and By-Laws, as amended and restated, and the Rules and Regulations. Membership in the Club is not an investment in the Club or its facilities and does not give a member a vested or prescriptive right or easement to use the Club Facilities. Membership in the Club does not provide a member with equity or ownership interest or any other property interest in the Club. A member only acquires a revocable license to use the Club Facilities in accordance with the terms and conditions of the Membership Plan, Membership Agreement and By-Laws, as amended and restated, and Rules and Regulations as the same may be amended from time to time in accordance with their respective terms, and this Membership Application. The Club reserves the right to modify the Membership Plan, the Membership Agreement and By-Laws, as amended and restated (subject to the restrictions on amendments set forth therein), and the Rules and Regulations, to reserve memberships, to discontinue operation of any Club Facilities, to sell, lease or otherwise dispose of the Club Facilities in any manner whatsoever and to any person whomsoever, to add, issue or modify any type or category of membership, to convert the Club into a membership-owned club, and to make any other changes in the terms and conditions of membership or in the Club Facilities available for use by members. In the case of any sale or lease of the Club Facilities, the buyer or lessee shall take subject to the terms of the Membership Plan, Membership Agreement and By-Laws, as amended and restated, and Rules and Regulations of the Club.
I hereby acknowledge that the use of the Club Facilities and any privilege or service incident to membership is undertaken with knowledge of risk of possible injury. I hereby accept any and all risk of injury to myself, my guests and my family sustained while using the Club Facilities or while involved in any event or activity incident to membership in the Club. I agree to release Wind P1 Mortgage Borrower L.L.C. (the "Company"), doing business as the Club, any manager of the Club Facilities, their affiliates, their successors and assigns and their respective directors, officers, partners, members, shareholders, employees, representatives and agents and the members of the Advisory Board of the Club and any Club committee in accordance with the provisions of the Rules and Regulations of the Club.
MEMBERSHIP PLAN DOCUMENTS
I hereby acknowledge receipt of The Boulders Club Membership Plan, Membership Agreement and By-laws as amended and restated May 23, 2008, and Rules and Regulations and that I have read and understand them, and agree to be bound by the terms and conditions thereof as the same may be amended from time to time in accordance with their respective terms. I further acknowledge that I am not relying on any oral representations in acquiring a membership in the Club.
This Membership Application may not be amended or modified, nor shall any waiver of any provision hereof be effective, except by an instrument in writing executed by the undersigned and the Club. This Membership Application shall be governed by and construed and enforced in accordance with the laws of the State of Arizona, without giving effect to principles of conflicts of law.