SALT POND HOMEOWNERS ASSOCIATION
September 28, 2007
Dear Salt Pond property owner:
On August 11, 2007, with overwhelming support of 82 % of Salt Pond owners, the Salt Pond Homeowners Association (SPHA) voted to allow your Board to exercise the option to purchase the Salt Pond golf course land and business. Your Board of Directors extends heartfelt thanks to all the volunteers who worked toward this goal and all those who voted for the purchase. This vote clearly demonstrates Salt Pond owners’ commitment to this outstanding resort community.
In accordance with the resolutions approved by SPHA owners on August 11, 2007, a special assessment is hereby being levied on each owner of a lot or unit for the purchase of the Salt Pond golf course land and business.
On November 5, 2007, the special assessment is due. There are two options available to owners to pay the special assessment: 1) A one-time payment of the entire $5,000, or 2) payment in three installments totaling $5,450. The installment payments are due as follows:
· On November 5, 2007 - $1,800
· On November 5, 2008 - $1,825
· On November 5, 2009 - $1,825
The first installment payment ($ 1,800) includes an allowance for closing costs; the second and third installment payments ($ 1,825 each) include interest on the balance of the assessment and a nominal amount to cover transaction processing and accounting costs. Enclosed please find a payment coupon for each option and a return envelope. Please return your payment and the payment coupon for whichever option you choose no later than November 5, 2007.
We appreciate your attention to the following information to ensure that your payment is promptly credited.
Please be advised of the following special circumstances.
Please advise your attorney, real estate agent and title company of these requirements prior to settlement and ask that a copy of the settlement sheet or recorded deed be forwarded to Legum & Norman, C4 Edgewater – Sea Colony East, Bethany Beach, DE 19930 immediately after settlement.
Should you have any questions, you may contact SPHA’s Property Manager, Donna Hemphill, at 302-537-9499.
The Board of the Salt Pond Homeowners Association
Enclosures: (1) Payment coupons and return envelope
(2) Terms and Conditions
(3) Change Notice Form