Frequently Asked Questions

What is the CordeValle Golf Club?

CordeValle Golf Club is an exceptional invitation-only golf and tennis club and executive retreat for Silicon Valley business leaders and entrepreneurs. The Club's facilities were initially developed by Lions Gate Limited Partnership, a Delaware limited partnership (the "Initial Developer"). Prior to the issuance of non-equity memberships in the Club, the Initial Developer transferred its ownership of the Club's property and the Club Facilities to CordeValle Golf Club, LLC. In March 2007, Cordevalle L.P., a California limited partnership (the "Developer"), purchased certain assets from, and assumed certain liabilities of, the Initial Developer and CordeValle Golf Club, LLC, including the Club, the Club Facilities and the Club Memberships.

Is CordeValle Golf Club a member-owned equity club?

No. The Club is owned by the Developer. Becoming a member of the Club does not give the member an ownership interest in the Club or its facilities. Instead, members are afforded an opportunity to enjoy the Club and its facilities without the responsibilities that accompany ownership of a private club. Management believes that the structure of the Club furthers the Club's commitment to service and quality maintenance of the Club's facilities while taking these responsibilities away from its members.

What is the primary purpose of the Club?

CordeValle Golf Club is specifically designed and dedicated to provide an exceptional invitation-only golf and tennis club and executive retreat for Silicon Valley business leaders and entrepreneurs. Unlike family-style country clubs where business entertainment is discouraged, CordeValle Golf Club has been created to provide its members a unique, private atmosphere conducive to social and business gatherings. With a full service clubhouse, private dining, members' private locker room and grill, the Club is committed to becoming the premier business-oriented golf, tennis and social center for the Silicon Valley community.

What benefits does the Club offer?

Management believes that the Club offers many benefits to its members that may not be present with other clubs. The benefits include the following:

• prime location and pristine setting for a club,
• exclusivity (membership is by invitation only).
• a limited number of members,
• a Robert Trent Jones, Jr. designed golf course,
• Membership Deposits but not initiation (for national golf or tennis memberships) will be repaid, and
• family members and guests can use the facilities on a limited basis.

Can members be assessed for operating deficits?

No. Unlike a member-owned equity club, members of the Club shall not be subject to any assessments for operating deficits incurred in the operation of the Club Facilities. The Club shall pay all operating deficits incurred in the operation of the Club Facilities and shall retain all operating surplus resulting from the operation of the Club Facilities.

What facilities will be available for use by the members of CordeValle?

The "Club Facilities" include the following:

• Golf Course — An 18-hole championship golf course designed by internationally acclaimed golf course architect Robert Trent Jones, Jr. The CordeValle golf course is a signature project for Mr. Jones whose famed portfolio includes such notable courses as the Prince Course at Princeville, The Links at Spanish Bay, Poppy Hills and Silverado.
• Clubhouse — The dramatic clubhouse features the finest craftsmanship and finishes including natural stone and massive timbers. The facility includes a fully-appointed golf pro shop, private locker rooms/bar/lounge, a grille room for members, several intimate rooms for informal gatherings, spa/workout facilities, club storage, a state-of-the-art business services center, a cigar room, private dining/board rooms and a concierge desk.
• Practice Facilities — A state-of-the-art golf practice facility includes: (i) a grass practice range with separate grass tees and teaching tees; (ii) a practice putting green; and (iii) a chipping, pitching and sand play practice green.
• Tennis Courts — Tennis courts with playability for players of all levels. Besides the Club Facilities, CordeValle includes the following:
• The Villas, Bungalows and Fairway Homes — are an ideal place to accommodate a very important business associate when privacy, a high quality resort hotel, championship golf, tennis facilities and a productive business environment are desired.

What types of membership are available in the Club?

The five categories of non-equity membership currently offered by the Club are (i) Corporate Membership, (ii) Executive Invitational Membership, (iii) Corporate Tennis Membership, (iv) Individual Tennis Membership, and (v) National Membership.

A membership in the Club is a non-equity membership which permits the member to use the Club Facilities and is not an investment in the Club.

What are the residency requirements of a National Membership?

National Membership privileges in the Club are available only to those persons who (i) have their principal residence and principal place of business located 300 miles or greater from San Martin, California.

What are the privileges of a Golf Membership?

A Corporate Membership and Executive Invitational Membership entitles the Club Member (or the Designated Representatives of the Club Member in the case of a Corporate Membership) to the use of all Club Facilities. None of the Designated Representatives of Corporate Members, nor the Executive Invitational Members shall be responsible for green fees, but each shall be responsible for the payment of all fees and other normal expenses associated with use of the Club Facilities, including monthly dues as applicable, guest green fees, cart fees, caddie fees, handicap service fees, food and beverage expenses, instruction fees and pro shop and other purchases. Corporate and Individual Tennis Memberships entitle the Club member the use of all Club Facilities except the golf course and the golf practice facilities. Tennis Members shall be responsible for the payment of all fees and other normal expenses associated with the use of the Club Facilities other than the golf course, including annual dues, food and beverage expenses and other purchases.

May Club Members holding Corporate Memberships or Corporate Tennis Memberships select designated representatives?

Subject to the Target Membership Enrollment and approval by the Club, Corporate Memberships may be purchased with the right to designate from a minimum of two (2) to a maximum of five (5) representatives (the "Designated Representatives"), each of whom will be entitled to the full membership privileges of Corporate Membership. The Member Organization subscribing for a Corporate Membership must identify in its Membership Agreement its initial Designated Representatives. Each proposed Designated Representative must be approved by the Club's Membership Selection Committee. Each Corporate Tennis Membership may be purchased with the right to designate from a minimum of two (2) to a maximum of five (5) representatives (the "Tennis Member Designated Representatives"), each of whom will be entitled to the full membership privileges of a Corporate Tennis Membership.

What do I have to pay to obtain membership privileges in the Club?

Persons who have been invited to apply for membership in the Club and desire to obtain a Club Membership are required to pay, concurrently with the submission of a completed and signed Membership Agreement, the amount of the Membership Deposit or, in the case of Tennis Memberships, the Initiation Fee, corresponding to the category of membership desired.

Are guests permitted to use the Club Facilities?

Yes. In order to preserve the Club Members' private access to the Club Facilities, each Club Member shall be entitled to invite a limited number of guests to use the Club Facilities in accordance with daily, monthly and annual guest use limitations.

How much of the Membership Deposit is repaid to a resigning Club Member?

Unless the Club Membership is previously terminated, the Club is obligated to repay one hundred percent (100%) of the Membership Deposit previously paid to the Club for the Club Membership, without interest, upon expiration of the repayment period.

Are the facilities at the Club available for private parties?

Yes. Private parties may be held at the Club with advanced notice and approval and in ways that result in the least possible inconvenience to all Club Members. Private parties may be restricted to certain days and hours of the week so as not to deprive the Club Members of reasonable use and enjoyment of the Club Facilities.

What is the membership approval process?

Membership is by invitation only. The Club will first evaluate the Information Form submitted by all invitees. Upon review of the Information Form, the Club may invite the applicant to complete the Membership Application and Agreement and submit a completed Member Sponsorship Form. After review of the Application and the sponsorship form, the Club may invite the applicant to become a member. An applicant will not become a member of the Club until accepted by the Club. The Club's evaluation will be conducted with the intent and purpose of securing the optimum number of members with compatible social, vocational and professional attainment consistent with the Club's purpose from all segments of the community. All prospective Club Members (and their Designated Representatives or Tennis Member Designated Representatives) will be evaluated on the basis of their interest in the Club, their financial responsibility, and their compatibility with other Club Members and the Club's purpose. If acceptable to the Club, the applicant will be notified in writing that the applicant's Membership Agreement has been accepted by the Club. In the event the applicant's Membership Agreement is not accepted, the applicant will receive a refund of the actual Membership Deposit or Initiation Fee previously paid to the Club, without interest.

What should I do if I have additional questions?

Complete details concerning the membership program at CordeValle Golf Club are available from the Director of Membership Sales. If you have additional questions or would like further information, please contact the Director of Membership Sales.

This is a general description of the membership opportunities available at CordeValle Golf Club. This content is provided for informational purposes only and may not be relied on as a basis for a decision to obtain membership privileges in CordeValle Golf Club. The complete Membership Plan should be carefully reviewed prior to completing and signing a Membership Agreement. The Membership Plan is available at the Membership Office.