The Titanium Club Membership Oil Nut Bay Founder’s Program

The Titanium Club is available to a select few Oil Nut Bay owners and is part of the Founder’s Program which exclusively includes the following benefits:

1. Founder shall receive a Resident Membership in the Resort Club at Oil Nut Bay. The Initiation Fee (detailed in Exhibit A of the Membership Agreement) is hereby waived.

2. Founder shall be entitled to the use of a boat slip up to 35-feet in size, at the Oil Nut Bay Marina located in Deep Bay. Use shall be under the terms of the standard Marina Lease Agreement (utilities to be paid for by Founder), for a period of two years from the date of closing, OR alternatively, Founder may elect in writing to receive an aggregate of 25 hours in a Club Boat (a 30' Bradley sport boat or its equivalent), with the use of a boat operator for day boating use only. 48 hours prior notice required for use and will be scheduled according to availability.
3. Founder shall have two years of fees, dues and assessments for the Resort Club at Oil Nut Bay Club and the Oil Nut Bay Property Owners' Association waived as from the date when such charges are first implemented by the Developer.
4. With regard to the rental of Founder's constructed residence or rental villa on Founder's property at Oil Nut Bay;,after deduction of a 10 percent (10%) Management Fee to be paid to the Property Rental company at Oil Nut Bay, the net rental proceeds received from Founder's unit shall be split as to 65 percent (65%) to Founder and 35 percent (35%) to the Developer (the standard split being 50/50). Founder must be enrolled in the Oil Nut Bay Rental Management Program as outlined in the Rental Management Agreement during the period of its membership in the Titanium Club.
5. Founder shall receive 25 hours of Citation CJ2 jet time, or its equivalent, for transportation from Miami, Florida to and from the Terrence B. Lettsome International Airport at Beef Island in the British Virgin Islands. The 25 hours shall include the actual hours used, including pick-up time, and any repositioning to or from Miami. Founder will be responsible for any wait time charges and/or direct expenditures incurred (food, drinks, special requests, etc.), OR in lieu of the CJ2 hours, Founder may, in writing, elect a one-time $50,000 travel credit which may be used to reimburse Founder for any direct air travel costs, as they are incurred, including commercial airfare during the period of membership.
6. Founder shall, during the period of its membership and for so long as Biras Creek Resort is operated by a Victor company, receive discounted room rates at the said resort, which shall be equal to a 20 percent (20%) discount of the then current rates; such discount shall not be applicable for the period between Christmas Day and New Years Day.