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sold. The membership fees held in escrow were to be transferred
out of escrow to VRI according to the following schedule:
Fees in escrow to be transferred Schedule
1/3 Upon completion of 9 holes of the Golf Course
1/3 Upon completion of the Golf Course
1/3 Upon completion of the Clubhouse
After completion of construction of the Golf Course and the
Clubhouse, fees received by VCI upon sale of additional
memberships in the Club would be transferred directly to VRI as
further compensation to VRI for transfer to VCI of ownership of
the Golf Course and the Clubhouse.
In 1994, VRI began construction of the Golf Course and the
Clubhouse, and VRI proceeded to sell the residential lots on the
Property. New owners of the residential lots, or their
contractors, began building homes on the lots, and VCI proceeded
to sell memberships in the Club.
Prior to construction, VRI estimated its total costs to
construct the Golf Course and the Clubhouse (not including VRI’s
$5,715,345 initial purchase price for the Property) as follows:
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Last modified: May 25, 2011