The Agreement was Signed
Dear Owners,
The Board is pleased to announce that we have a signed Purchase Agreement between SBRM and Beachside. This email includes the official final agreement documents for owners to review. The Property Purchase is contingent upon owner approval since it now includes entering into a mortgage with Beachside for the financing (0% interest instead of the previous “land contract” type arrangement).
Recall that the agreement was focused on resolving the Easement lawsuit, and securing land for the COA to operate. A “Global Settlement” with Beachside was not achievable - we kept the scope to what we could agree to now so we can move forward.
Here is a summary of the key terms of the agreement:
- Easement for the generator
- Land for operations (storage space for equipment and supplies)
- Control the land adjacent to the condos & slips
- License for Dumpsters to be placed far from the buildings & marina
- Keep the existing Main Entrance
- Beachside and the COA will split 50/50 the cost to repair and protect the Pool Deck.
- Pool Area utilities and maintenance responsibility clearly defined: COA pays for the Pool, Beachside Tenant pays for the Bar.
- “Sponsor” rights are limited:
- Beachside has no right to park on COA land (except STRG for events, Beachside during maintenance).
- Beachside has no rights to restrict or control COA land.
There are 2 pdfs attached: one is the signed Purchase Agreement, the second includes the 9 Exhibits (one for each of the easements and licenses, the promissory note, and the mortgage). The exhibits won’t be signed until closing, if the COA owners approve. The exhibits are part of the Purchase Agreement scope and cannot be changed by either party, even though they aren’t signed. Beachside is getting James River Financing (Beachside’s lender with secured interest in the land) approval in the next few days - of course the agreement is contingent upon that approval as well.
Please email the board with any questions that you have as you review the documents.
There will be time for Q&A and discussion at the owner meeting on March 28. The voting site will be open from March 29 through April 30.
Purchase_Agreement_SBRMCOA_Beachside_Signed_2023March15.pdf
Purchase_Agreement_Exhibits.pdf
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