The Second Amendment to the Declaration of Covenants, Conditions, and Restrictions for Barefoot Resort Nonresidential Properties, dated December 21, 2004.
This amendment further refines specific rules and operational structures for managing the Barefoot Resort Nonresidential properties, particularly focusing on assessments, voting rights, and property improvements.
Key Amendments:
- Formula for Assessments and Voting Rights:
- The document revises Exhibit C of the original declaration, providing a new formula for calculating assessments and voting rights for property owners. The formula is based on the number of Equivalent Units assigned to each property.
- Equivalent Units are assigned based on:
- 10,000 square feet of land area.
- 1,000 square feet of improvements (buildings/structures).
- Special allocations, such as 74 Equivalent Units assigned to the Barefoot Resort Club.
- Voting rights are proportional to the number of Equivalent Units assigned to a property.
- Example for Calculation:
- The amendment includes examples to illustrate how the assessment and voting rights would work. For example, a property with 1 acre of land and a 20,000 square foot building would have a total of 24.36 Equivalent Units, with 4.36 units from the land and 20 from the building.
- Adjustments and Recalculation:
- The Board of Directors is responsible for annually recalculating the Equivalent Units for each property, based on any changes in property size or improvements made during the year. New properties added during the year will prompt adjustments in assessments and voting rights.
- Exclusions and Clarifications:
- Certain properties and areas, like common areas or recreational facilities, are excluded from being assigned Equivalent Units and are not subject to assessments.
- Legal and Procedural Changes:
- The amendment was agreed to by Premier Holdings of South Carolina, LLC (Declarant) and Coastal Federal Bank as a consenting mortgagee, ensuring the changes have legal standing and are binding on current and future property owners.
Purpose:
This Second Amendment is designed to clarify and formalize how assessments and voting rights are calculated within the Barefoot Resort Nonresidential community. The amendment provides a fair and transparent method for distributing costs and determining voting power, ensuring that properties are assessed based on their size and level of development. This helps streamline governance and financial management for the community.