Upon resignation, how is the priority for refund of my Membership Deposit determined?
A Dry Slip Member who owns a Unit must resign his or her Dry Slip Membership from the Club upon the sale of the Unit and arrange for the Club to reissue his or her Dry Slip Membership to the subsequent purchaser of the Unit. The subsequent purchaser will be required to submit a Membership Application for approval by the Club and, if approved, will be required to pay the Membership Deposit which is then in effect. The subsequent purchaser, if approved, must acquire the Dry Slip Membership on or before the real estate closing. The Club will pay the refund amount to the resigning member when the subsequent purchaser has acquired the membership and paid the Membership Deposit.