Option 1
· Pay $9500 initiation fee
upfront and become owner equity member of North Shore Golf Club
· Member choosing this option will receive $1000 in club credit that can be redeemed in the clubhouse
Option 2
5 Year Initiation Plan
Interest Free Payment Schedule
Year 1 Pay $1000
Year 2 Pay $1000
Year 3 Pay $2000
Year 4 Pay $2500
Year 5 Pay $3000
Total $9500
· At the end of the 5 years and all payment are made, member will be recognized as an owner
equity member
Option 3
Interest Free Promissory Note Initiation Fee
· Member must sign a promissory note committing to full payment over 5 years
· Each year a portion of the Promissory Note will be forgiven, as scheduled below. At the conclusion of year five, the note will be retired.
· If member resigns prior to 5 years, s/he will be obligated, based on the note, to pay
balance as scheduled below:
Member leaves during Year 1 Pay $8500
Member leaves during Year 2 Pay $7500
Member leaves during Year 3 Pay $5500
Member leaves during Year 4 Pay $3000
Member leaves during Year 5 Pay $0000
Additional Information
· Payment plans for initiation fee for other classes of membership (i.e. Social) are pro-rated accordingly.
· Legacy Members
No Initiation Fee is charged to candidates who are immediate family members of a current or past member in good standing with the Club.
· All current North Shore members in good standing have owner equity in the Club, which means that they are eligible for a monetary distribution from the proceeds of a liquidation of Club property. This
differs from membership equity offered by some clubs, which provides for the refund of an initiation fee upon resignation from the club, as long as there is an incoming member to assume the membership. North Shore does not offer membership equity.
