Private Boat Slips: One boat slip and lift can be

purchased separately with the purchase of one unit.

 

Data is from sources believed to be reliable but should not be relied upon without verification.

(16) Living room

(16) Dining area

(16) Kitchen

(16) View from Deck

Ownership   Each owner receives an equal share in  Seclusion Bay Resort (1989) Ltd. and an assignment of a 200 year prepaid lease, which commenced in 1989.  The Company (with 28 shareholders) owns the land, and leases individual unit footprints to each leasehold owner.  Thus, each owner can be considered part owner of the Company, (the landlord, or lessor), as well as being a tenant or lessee under the lease.  The leasehold interest can be used for mortgage security in obtaining up to 65% financing. 

 

Management   The Resort is professionally managed full-time and year round. The Caretakers are salaried employees of, and their residence is owned by the Company.

 

Rental Operation   All rentals are done through the Resort.  Each owner has the option of being in or out of the

rental operation on an annual basis.  Participating owners reserve their personal weeks prior to each calendar year.  There is a management fee of 35% of summer income with varying arrangements for shoulder season. All summer rentals rates are on a weekly basis.

 

Capital Projects   Since the Resort was fractured into individual ownerships in 1989, capital improvements in excess of $800,000 have been made representing approximately $28,000 per unit.   A recent additional capital injection call of $12,500 per unit is intended to upgrade the septic system and to construct a walkway in front of the cottages. These are prepaid by the current owners and the purchasers will benefit from the extensive improvements taking place.

 

Monthly Dues   The monthly assessments for each unit in Seclusion Bay Resort are based on square footage and range from $209.02  to $439.38 per month (including GST).  Property taxes are based on an assessment of the entire resort and then allocated to each owner by square footage. These

range from $1902.97 to $4000.34. in 2007. As this can

result in substantial savings to individual owners compared

 to separate assessments, the units are not considered

permanent residences by any of the owners, or the com

mercial C5 zoning in place.