The following questions and answers are designed to provide an understanding of Yellowstone Club World and the membership opportunity available at the Club. As these questions and answers are only summary in nature, you should read the Membership Plan and Rules and Regulations prior to purchasing a membership. Capitalized terms that are not defined below have the meanings set forth in the Membership Plan.
Q: What is Yellowstone Club World?
A: In varied settings of natural splendor and quiet elegance throughout the world, the Yellowstone Club World (the "Club") will offer an unsurpassed array of recreational access to finest amenities, activities and services. Situated in the most exclusive locations around the globe, the Club will offer something for everyone. The Membership Plan describes the membership opportunities available at all of the Club's "one of a kind" club facilities throughout the world. Membership in the Club is by invitation only.
Q: Who owns the Club Facilities?
A: The Club is owned and operated by Yellowstone Club World, LLC, a Washington limited liability company (the "Company"). The Club Facilities at each of the individual Club Locations will be owned by the Company, a wholly-owned subsidiary of the Company, Timothy L. Blixseth or an affiliate of Timothy L. Blixseth.
Q: What facilities will the Club offer?
A: The Club locations are listed in the Summary of Current Locations attached to the Membership Plan as Exhibit A and are anticipated to include the recreational facilities described on Exhibit A. The Club anticipates making yachts and jet airplanes available to members upon payment of applicable fees. The Club also provides members with private accommodations upon payment of reasonable overnight fees established by the Club for use of members when members travel to use the recreational facilities. The Club may, in its sole discretion, expand the Club Locations, add additional Club Facilities or amenities, or replace or substitute Club Locations or Club Facilities or amenities, as it determines appropriate from time to time. The Club will update the Summary of Current Locations and send the updated Summary as the Club Location or Club Facilities change.
Q: When will construction of the Club Facilities be completed?
A: The Club Facilities will be completed as determined by the Club. Construction of the Club Facilities at each of the Club Locations is subject to obtaining all requisite approvals and permits.
Q: How many memberships will be offered in the Club?
A: In order to provide exclusivity and availability of facilities and services to members, the Club now offers a limited number of World Memberships. The maximum number of memberships permitted to be issued in the Club (excluding Founder Memberships) will be 1,014 World Members consisting of 150 World Members plus up to 864 property owners at the Yellowstone Mountain Club who acquire World Memberships in accordance with the "Offering of Memberships" section of the Membership Plan. If additional locations or facilities are added to the Club Locations or Club Facilities, the number of World Memberships that can be issued in the Club may be increased or new membership categories may be offered.
Q: What are the privileges of a membership?
A: Each World Member will be entitled to use all of the Club Facilities at each of the Club Locations throughout the world, upon the payment of Club dues, fees and charges. In addition, World Members will have the use of the Club's yachts and private jet airplanes. Reservations for use of the Club Facilities, yachts, private jets and lodging at each of the Club Locations will be made in accordance with the Rules and Regulations. World Members will be required to pay applicable lodging and yacht or plane usage fees.
Q: What are the special features of membership in the Club?
A: In addition to outstanding facilities and an extensive array of programs and activities for members and their families, membership in the Club offers a number of attractive benefits, including:
• Exclusivity. Membership is by invitation only.
• Refundable Membership Deposit. One hundred percent of the membership deposit paid for a membership will be refunded upon resignation and reissuance of the membership as provided in the Membership Plan.
• Legacy Transfers. Members can request the transfer of their membership through the Club to an adult child or grandchild as provided in the Membership Plan.
• No Club Assessments. Members are only obligated to pay dues, fees and charges, and are not subject to Club operating or capital expense assessments. All members who are also lot owners in Yellowstone Mountain Club will, however, be responsible for the applicable Property Owners Association dues as determined by the applicable Property Owners Association each year, together with the dues of any sub-associations that may be owing.
• Resigned Memberships Reissued Prior to Membership Sell-Out. Resigned members do not have to wait until all new memberships in the Club have been issued before their membership is reissued as provided in the Membership Plan.
• Family Privileges. The member's spouse and children under the age of twenty-six can enjoy the same membership privileges as the member as provided in the Membership Plan, provided that certain restrictions on usage may apply. Members without a spouse may apply to have family privileges extended to a "significant other" as approved by the Club, as provided in the Membership Plan.
• Extended Family Privileges. A member's extended family, that being the member's parents, children age twenty-six or older and grandchildren of the member and his or her spouse, and spouses of such children or grandchildren, will have the right to use the Club Facilities when accompanied by the member, provided that certain restrictions on use may apply. Members without children or grandchildren may apply to have extended family privileges extended to another family relative as approved by the Club, as provided in the Membership Plan.
• Concierge Services. The Club will have a concierge who will assist members in a variety of ways upon the payment of any applicable charges.
• Website. The Club's website located at www.yellowstoneclubworld.com includes a passcode protected member-only section, which provides members with access to important up to date club information.
Q: Will my family members be welcome at the Club?
A: Yes. The ability to spend quality time with members of the family is of paramount importance these days. The Club is committed to providing a pleasant environment where this can be accomplished. A member's immediate family will include the member's spouse and the children of either spouse under the age of twenty-six. A member without a spouse may apply to have family privileges extended to a "significant other" who lives with the member on a permanent basis as approved by the Club.
The extended family of a member may use the Club Facilities when accompanied by the member or the member's spouse upon the payment of applicable fees and charges. The extended family shall include the member's parents, children age twenty-six or older and grandchildren of the member and his or her spouse, and spouses of such children or grandchildren. Members without children or grandchildren may apply to have extended family privileges extended to another designated family relative as approved by the Club.
Q: May I invite guests to the Club?
A: Yes. Having your friends enjoy the Club's outstanding facilities with you is a wonderful attribute of membership in the Club. Therefore, members may invite accompanied guests to use the Club Facilities in accordance with the Rules and Regulations of the Club as they may be amended from time to time, subject to restrictions on the number of guests and the number of times a particular guest may use the Club Facilities during each membership year set forth in the Rules and Regulations.
Q: When will the membership deposit be repaid to the member?
A: The membership deposit will be refunded, without interest, upon the earlier of (i) within thirty days after the reissuance of the resigned membership by the Club to a new member in accordance with the "Transfer of Memberships" section of the Membership Plan; or (ii) thirty years after the date the membership is issued by the Club.
Q: Who is eligible to acquire a membership in the Club?
A: Memberships will be offered to such persons who are invited for membership, determined by the Club in its discretion, including existing property owners or future purchasers of residential units or lots at the Yellowstone Mountain Club.
Q: Can I arrange to have my membership transferred to the subsequent purchaser of my residence or homesite if I live in Yellowstone?
A: Yes. If you resign from the Club upon the sale of that residential unit or lot in the Yellowstone Mountain Club residential community, you may request that the Club reissue your membership to the subsequent purchaser of your residential unit or lot regardless of whether all of the memberships have been issued and regardless of whether there are any resigned memberships on the Yellowstone Owner Waiting List. The subsequent purchaser must be approved for membership and pay the then required membership deposit.
Q: Can members be assessed to cover any operating deficits or capital improvements?
A: No. Members will not be subject to any liability for capital or operating assessments for the costs and expenses of ownership or operation of the Club or the Club Facilities. The Company and the Affiliate Facilities Owners will pay all operating deficits incurred in the operation of the Club and the Club Facilities and will retain all operating revenues resulting from operation of the Club and the Club Facilities. The Club operating budget and the calculation of the dues may include a reserve for capital replacements and improvements and this shall not be deemed an assessment.
Q: How do I become a member?
A: Membership is by invitation only. The determination of whether an applicant will be invited for membership shall be made by the Club in its sole discretion.
Prospective members are required to submit a Prospective Member Information Statement to the Club. After receiving the Prospective Member Information Statement, the Club will determine whether the candidate has satisfied the relevant conditions of membership and whether a prospective member should be invited for membership. An applicant who has been invited for membership must mail or deliver to the Membership Office at the Club a fully completed and signed Membership Agreement and a check in U. S. funds for the membership deposit required to be paid.
Q: What happens if Yellowstone Club World is sold?
A: If Yellowstone Club World is sold, it would be sold subject to the then existing Membership Plan.
Q: What assurances do I have that the Yellowstone Club World concept will always remain the same?
A: No assurances can be made that the Yellowstone Club Membership Plan and other related documents will always remain exactly the same. It will be necessary to revise the documents from time to time in order to address changing market and other conditions and members' interests. However, it is unlikely that the core benefits of Yellowstone Club World will be altered substantially, as those benefits justify the Club’s position as one of the premier private clubs in the world.
Q: What happens if the principal owner of Yellowstone Club World dies or sells his interest?
A: If the interest of Timothy L. Blixseth in Yellowstone Club World goes to his heirs or successors and assigns, those transferees would take over the interest subject to the then existing Membership Plan. The transferees of Mr. Blixseth’s interest would step into his shoes and the Club would continue on.
Q: Are the Club Facilities subject to mortgages, debt or other encumbrances?
Q: Are there different membership deposits required, depending on whether a prospective member is also a member of Yellowstone Mountain Club?
A: Yes. A member of Yellowstone Mountain Club in Big Sky, Montana (who is required to own real estate within the Club Subdivision) is entitled to a substantial discount off the regular Yellowstone Club World membership deposit.
Q: Will I be able to take guests to the Yellowstone Club World Facilities?
A: Yes. Subject to the restrictions set forth in the Rules and Regulations of the Club, members will be able to take accompanied guests to the various Club Facilities. A member may make special application to the Club for an exemption to the Rules and Regulations only in appropriate circumstances.
Q: What if I have additional questions?
A: Please contact the Membership Director at:
Yellowstone Club World
335 N. Maple Dr.
Beverly Hills, California 90210
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This is a general description of the membership opportunities available at the Club and should not be relied on for the purpose of deciding to acquire a membership in the Club. The complete Membership Plan is available upon request at the Membership Office.
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