Volunteer Assessment

VOLUNTEER ASSESSMENT
OF
KINGS MOUNTAIN PARK WATER COMPANY
ADOPTED JANUARY 31, 2010

1. DEFINITIONS

i.  COMPANY means the Kings Mountain Water Park Company (“KMPWCO”);
ii.  VOLUNTEER ASSESSMENT means the annual volunteer assessment to all members of the COMPANY, which can either be a) offset by the MEMBER through work contributions to the COMPANY as a volunteer, or b) paid for at the end of the year;
iii.  PROPERTY means any deeded property that is serviced by the COMPANY that has a COMPANY owned and maintained water meter;
iv.  MEMBER means a person, persons, group or entity which holds the right, title and interest of a PROPERTY as defined in Article I of the COMPANY By-Laws;
v.  ACQUIRER means a person, persons, group or entity which acquires the right, title and interest of a PROPERTY;
vi.  RELINQUISHER means a person, persons, group or entity which relinquishes the right, title and interest of a PROPERTY;
vii.  ACQUIRER’S PRORATION means the portion of the annual VOLUNTEER ASSESSMENT assessed to the ACQUIRER, based on the number of months of ownership during the calendar year, not to include the month in which ownership was transferred, whether or not the PROPERTY is or was occupied during the proration period;
viii. RELINQUISHER’S PRORATION means the portion of the annual VOLUNTEER ASSESSMENT assessed to the RELINQUISHER, based on the number of months of ownership during the calendar year, to include the month in which ownership was transferred, whether or not the PROPERTY is or was occupied during the proration period.
ix. TRANSFER OF OWNERSHIP means a transfer of right, title and interest from RELINQUISHER to ACQUIRER through sale, transfer, gift, inheritance or otherwise;

2. VOLUNTEER ASSESSMENT

There shall be an annual volunteer assessment for all MEMBERS of the COMPANY, which can either be a) offset by the MEMBER through work contributions to the COMPANY as a volunteer, or b) paid for at the end of the year; The annual volunteer assessment amount will be determined by the board of directors according to Article III, Section 1 of the By-Laws.

3. PRORATION CALCULATION

For purposes of a proration calculation, the VOLUNTEER ASSESSMENT shall be divided into 12 equal units, with the ACQUIRER and RELINQUISHER responsible for their respective prorated portions. The RELINQUISHER shall be responsible for the month when the TRANSFER OF OWNERSHIP of the PROPERTY takes place.

4. APPLICATION OF THE VOLUNTEER ASSESSMENT IN A TRANSFER OF OWNERSHIP

In the event of a TRANSFER OF OWNERSHIP of a PROPERTY, the ACQUIRER and RELINQUISHER shall each be responsible for a monthly proration of the VOLUNTEER ASSESSMENT, to be based on number of months of ownership of the PROPERTY by each party. The ACQUIRER is responsible for the ACQUIRER’S PRORATION and RELINQUISHER is responsible for the RELINQUISHER’S PRORATION.

5. PRORATION BILLING IN A TRANSFER OF OWNERSHIP

The COMPANY will send a final invoice to the RELINQUISHER, which will include any outstanding balance owed the COMPANY and the RELINQUISHER’S PRORATION amount within 45 days of the TRANSFER OF OWNERSHIP of the PROPERTY.

The COMPANY will include the ACQUIRER’S PRORATION amount on the ACQUIRER’S year-end invoice or on an invoice reasonably thereafter.