On December 12, 2001, the vision of Barefoot Resort and Golf perished when Wachovia Bank filed foreclosure on Silver Carolina and its Barefoot Resort assets.[1]
Silver Carolina had pledged all its Barefoot rights to Wachovia Bank as collateral. Those rights now transferred to Wachovia Bank and its successors. With Silver Carolina’s default, all special rights and privileges were forfeited and any claim to them is no longer honest.[2]
Centex Homes had previously obtained the Barefoot parcels of Harbour Cove, Edgewater, Wedgewood, Cypress Bend, Leatherleaf, Cedar Creek, Coquina Point, Bridle Ridge, Somerset, and Sales Center site.[3] They also had exclusive rights to purchase The Woodlands, Greenbriar, River Crossing, Brookstone, Sweetbriar, Park Hill, Long Bridges, and Oak Point parcels.[4]
Barefoot Resort Residential Properties emerged in 2003 with Centex Homes as declarant and Centex Homes, Centex Land Investments, and NFPS as partners.[5] Silver Carolina had no claim to any rights. Wachovia Bank terminated its rights with BRRA properties simultaneously.[6]
Silver Carolina and cronies went on to form Coastal Resort Holdings[7] with Barefoot properties that included Tuscan Sands, Champions Golf, Tract 31, and Vermex Hotel.[8] In 2010, Coastal Resort Holdings began defaulting with TD Bank NA and Carolina First Bank.[9]
The BRRA obtained complete independence in 2011 when Centex Homes terminated its declarant control of Barefoot Resort Residential Properties.[10]
Shortly after BRRA independence, and with foreclosure on Coastal Resort Holdings looming, the BRRA board brashly replaced the established Association management with lackeys of Silver Carolina and Coastal Resort Holdings [11] and traded BRRA treasure for Tract 31.
Today, the recognized set of BRRA Governing Documents is incomplete and misleads everyone to believe the BRRA is subservient to special rights and privileges of Silver Carolina and successors. This is incorrect. Let’s face it, Barefoot Resort did not turn out as planned. The Barefoot Resort vision has evolved, but many of the supplemental amendments of governing documents remain unshared or unknown.
References
[1] Bank Wachovia Bank Na VS Samuel W Puglia, defendant, et al, 2001CP2606256 (Horry County Fifteenth Judicial Circuit December 12, 2001).
[2] Silver Carolina. (2000, April 12). Assignment of Declarant Rights under Declaration of Covenants, Conditions and Restrictions for Barefoot Resort Residential Properties. Book 2251, Page 506. Horry County Register of Deeds.
[3] Silver Carolina. (2000, April 12). Title to Real Estate. Book 2251, Page 512. Horry County Register of Deeds.
[4] Silver Carolina. (2000, April 12). Memorandum of Contract. Book 2251, Page 528. Horry County Register of Deeds.
[5] Centex Homes. (2003, June 13). Supplemental Declaration of Covenants, Conditions, and Restrictions for Barefoot Resort Residential Properties. Book 2609, Page 615. Horry County Register of Deeds.
[6] Wachovia Bank. (2003, June 13). Termination and release of Assignment of Declarant Rights. Book 2609, Page 630. Horry County Register of Deeds.
[7] Coastal Resort Holdings, LLC. (2004, April 19). Articles of Organization. State of South Carolina.
[8] NFPS, Inc. (2004, November 12). Quitclaim Deed. Book 2822, page 554. Horry County Register of Deeds.
[9] TD Bank NA , plaintiff, et al VS Coastal Resort Holdings LLC , defendant, et al, 2011CP2601015 (Horry County Fifteenth Judicial Circuit October 19, 2010).
[10] Centex Homes, a Nevada general partnership. (2011, December 1). AMENDMENT TO THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS BAREFOOT RESORT RESIDENTAL PROPERTIES Re: Termination of Declarant Control Period). Deed Book 3554, Page 3217. Horry County Register of Deeds.
[11] Barefoot Resort Residential Owners Association, Inc Business Filings (2014, January 21) State of South Carolina.