All the foregoing facilities are located on the property and have been completed as of the date of the filing of this Public Offering Statement.

The utilities are as follows: pay phone, water, CATV, sewage, power ... etc. All contracted with the respective utility companies with deposits all in place.

5. Explanation of Time Share Form of Ownership

Units in this Condominium are being sold under a plan of interval ownership. Interval ownership is a concept whereby a unit or units and a share of the common elements assigned to the unit are conveyed for a period of time, the purchaser receiving a time period for a number of years (viz 40 years or less) together with a remainder over in fee simple as tenant in common with all other purchasers of unit weeks in each such unit in that percentage interest determined and set out in the Declaration of Condominium in the year 2019. As set out in the Condominium Declaration attached to this Public Offering Statement time sharing periods are broken down on a weekly basis which consist of not less than SEVEN (7) DAYS. Unit weeks are computed as follows:

(a) Unit Week No. 1 is the seven (7) days commencing on the first Saturday in each year.

The maximum number of units which may be submitted to interval ownership in this Resort is FIFTY-TWO (52) except as otherwise provided, and the maximum number of unit weeks which may be part of the time sharing plan is TWO THOUSAND SIX HUNDRED FIFTY-TWO (2652) — subject to the proviso that additional units may be added on adjoining land.

  6. Schedule of Commencement and Completion of All Imorovements

All improvements described in this Public Offering Statement have been completed as of the date of the filing of this Public Offering Statement with the Government of the Bahamas.

The total financial obligation of each purchaser is as set forth on the Purchase Agreement exhibited herewith. The obligation of each purchaser includes only the initial purchase price plus closing costs, as set forth on the Purchase Agreement. In addition, each purchaser will be required to pay a maintenance fee, annually, for each unit week owned.

The maintenance fee and assessment shall be as determined, from time to time, by the management. In the event a purchaser chooses to finance the payment of a portion of the purchase price due, the purchaser will be required to pay interest to the Developer on that part of the purchase price financed. Other than as set forth herein, there are no other charges payable by a purchaser to the seller save and except for any special assessments approved by the Board established under the Time Share Act.

(ii) Closing costs at the time of purchase is approximately $250 - $300 to cover applicable registration, recording, legal and closing costs.

8. Contracts or Leases to be Signed by Purchasers

Upon the purchase of a unit week, a purchaser shall be required to execute a Purchase Agreement in the form exhibited herewith.

There are no other contracts or leases to be signed by purchasers other than the Purchase Agreement and Addendum. However, as noted in the Purchase Agreement Seller has an agreement with Interval International to provide exchange network services for Freeport Resort & Club owner/members.

9. Explanation of Purchasers’ Rights of Cancellation

The Time Share Act — 1984 grants every purchaser the right to cancel the Contract of Purchase and Sale within fifteen (15) DAYS of executing the Contract. However except as provided by the Act each Purchase Agreement shall be binding and not subject to cancellation after the recission period.

10. Financing Offered

Installment contracts are permitted where credit has been approved.

A deed is offered on completion of payment. The Purchaser, where applicable, requests financing at the time of signing contract and is required to issue a Promissory Note in favour of the Seller as added security.

11. Identity of the Managing Entity

Pursuant to the Condominium Declaration the maintenance and repair for each unit and for all common property of the Condominium and, in each unit committed to interval ownership, the maintenance, repair or replacement of all furniture, furnishings and fixtures within each unit, is the responsibility of FREEPORT RESORT & CLUB CONDOMINIUM, the body corporate. FREEPORT RESORT & CLUB CONDOMINIUM is charged with the operation of the property under the Declaration. The duties and responsibilities of the body corporate are as set forth in the Condominium Declaration as well as in the By-Laws for the body corporate which are attached to this Public Offering Statement. There is no separate written Management Agreement regarding the engagement of any independant manager relative to this time sharing plan. The management office for the FREEPORT RESORT & CLUB CONDOMINIUM ASSOCIATION is at Post Office Box F-2514, Freeport, Grand Bahama Island, Bahamas.

A unit week owner shall not mortgage or sell his unit week without the approval of the body corporate. All conveyances or sales by a unit week owner shall be in the form used by CLUB BAHA LTD. and shall contain conveyances to uses which binds all persons acquiring title to or in a unit other than directly from the company.

          13. Status of Title to Real Property

Title to the subject property is presently vested in CLUB BAHA LTD., a company incorporated under the laws of the Commonwealth of the Bahamas, except for units weeks in the Condominium previously conveyed to third party purchasers. CLUB BAHA LTD. is seised for an estate in fee simple of all the hereditaments, premises and improvements in the property. There are no mortgages or liens encumbering the property such that at the time of conveyance of a unit week to a purchaser, said purchaser receives free and clear title to his unit week purchased, subject only to the use restrictions as set forth in paragraph 21. of this Public Offering Statement, none of which restrictions affect the use or the property as a time share resort.

14. Description of any Judaement Against Seller or Managing Entity

There are no judgments against the Seller or Managing Entity and there are no pending suits to which the Managing Entity or the Seller is a party, which are material to the time sharing plan.

15. Description of Insurance Coverage Provided

CLUB BAHA LIMITED on behalf of the body corporate, FREEPORT RESORT & CLUB CONDOMINIUM, is responsible to insure the property and contents. The insurance premiums payable by the body corporate shall be charged to each unit week owner as a common expense. The insurance provided shall include coverage for property damage, all risk, flood and personal injury insurance, including casualty and liability insurance as needed in all units committed to interval ownership.

16. Participation in Exchange Proaram

The Developer has entered into an agreement with INTERVAL INTERNATIONAL, INC., for the purpose of providing a reciprocal exchange program. Such agreement allows for a reciprocal exchange program for member owners at FREEPORT RESORT & CLUB. Seller makes no representations as to INTERVAL INTERNATIONAL and all representations set forth in the brochures and literature of INTERVAL INTERNATIONAL are representations of INTERVAL INTERNATIONAL alone.

INTERVAL INTERNATIONAL maintains its principal offices at 6262 Sunset Drive, Miami, Florida, 33143.

17. Addition to Charges to Which Purchaser May be Subject

The body corporate, FREEPORT RESORT & CLUB CONDOMINIUM, is the sole entity entitled to alter, amend or add to the charges to which the purchaser may be subject. Such alterations, amendments or additions shall occur only pursuant to the Condominium Declaration and By-Laws, attached to this Public Offering Statement. The only charges subject to alteration, amendment or addition are the purchasers’ maintenance fees and capital replacement assessment.

18. Estimated Operating Budget

The operating budgets for the FREEPORT RESORT & CLUB CONDOMINIUM for the current fiscal year is as set forth in the Plan as exhibited herewith.

19. Service. Maintenance or Recreation Contracts

There are no other service, maintenance or recreation contracts except those incurred in the normal day-to-day operations of the time sharing plan, all of which can be cancelled by the body corporate at any time.

20. Escrow

Pursuant to the laws of the Commonwealth of the Bahamas the Developer has made provisions for escrow requirements.

21. Occupancy and Use Restrictions on Owners

The occupancy and use of each unit week is subject to restrictions set forth in the Condominium Declaration. A summary of these restrictions are as follows:

(a) A unit shall be used and occupied only as a single family residence for the enjoyment of the services and facilities provided for such residence.

(b) No immoral, improper, offensive or unlawful use shall be made of any unit.

(C) No owner of a unit or unit week shall place or cause or suffer to be placed in the lobbies, corridors, vestibules or other common areas any furniture, packages or objects of any kind and shall not utilize any such areas for any purpose other than normal passage.

(d) No unit owner shall make any structural modification or alteration in his unit or any installations located therein.

(e) Garments, rugs and the like shall not be hung from windows or balconies of any unit.

(f) It shall be the duty of every unit owner or unit week owner to insure that no undue noise shall be made in his unit and he shall cause reasonable care to be exercised in the use in his unit of musical instruments, radios, television receivers, amplifiers and the like.

(g) No person shall keep any animal in a unit.

(h) A unit or unit week owner may lease his premises subject to compliance with clause 10 of the Condominium Declaration, provided that the use and occupancy is restricted to the lessee and his family and the lessee is bound by all the conditions, restrictions and stipulations to which the unit owner or unit week owner is subject.

Would you like to see a Purchase Agreement