What is the CordeValle Golf Club?
CordeValle Golf Club (the “Club” or “CordeValle Golf Club”) is an exceptional invitation-only golf, social, tennis, 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, social, tennis, 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. In addition, in recent years the Club has greatly enhanced family programming and it has been widely accepted by current and Prospective Members.
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,
New programming and pricing for payment of the Initiation or Corporate and Executive Golf Memberships which include a fully refundable Deposit or nonrefundable Fee.
We also offer Lifestyle/Tennis, National Golf, or Young Professional Memberships.
Family members and guests are welcome to use the facilities according to current Rules and Regulations.
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.
Can members be assessed for capital improvements?
The Club intends to maintain sufficient funds in a dedicated capital improvements account to finance all capital improvements to the Club Facilities as may be deemed necessary by the Club, from time to time, to maintain the original quality of its Club Facilities and to preserve the Club’s position as the premier golf, tennis and social center in the Silicon Valley. Accordingly, Club Members will not be subject to assessments for any capital improvements to the Club Facilities that are initiated by the Club to satisfy these objectives. Subject to the Club’s approval, Club Members may, however, assess themselves for capital improvements under certain circumstances. Specifically, Club Members may be subject to assessments for capital improvements to the Club Facilities that are independently proposed by the Club Members and are approved by at least 75% of all Club Members that are active and in good standing.
Will members of my family be permitted to use my membership privileges?
A membership in the Club permits only the Club Member (or its Designated Representatives or Lifestyle/Tennis Member Designated Representatives) to use the Club Facilities upon payment of the applicable dues. Designed principally as a business golf, social, tennis, and entertaining venue, the Club has embraced building a sense of Community within the Membership. Club Membership does not provide family members with full membership privileges. However, the spouse and dependents of an Executive Invitational, National, Young Professional, or a Designated Representative of a Corporate Member are welcome to use the Club Facilities in accordance with the current Rules and Regulations of the Club. Spouses can play unlimited golf with no green fees during non-peak times. During peak times (defined as Fridays, Weekends, & Holidays between the hours of 9:00 am through 12:00 pm) spouses and dependents are welcome to play but will be charged a fee in accordance with current Rules and Regulations as well as the Membership Plan. Non-family guests are allowed to play up to 12 times per year, once a month from May through October and six more times the rest of the calendar year. Lifestyle/Tennis members must accompany all guests. Notwithstanding the foregoing, the spouses and children of Lifestyle/Tennis members shall be permitted to use all Club Facilities with the exception of the golf course and golf practice 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 billiards room, private dining/board rooms and a concierge desk.
- Practice Facilities — A state-of-the-art practice facility including all grass tees, a teaching area, and a specially designed short game area for chipping, pitching, and sand play. In addition, two practice putting greens are located near the first and tenth tee.
- 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 eight categories of non-equity membership currently offered by the Club are (i) Corporate Membership, (ii) Executive Invitational Membership, (iii) Corporate Lifestyle/Tennis Membership, (iv) Individual Lifestyle/Tennis Membership, (v) Social Membership, (vi) National Membership (vii) Young Professional Membership and (viii) CordeValle Membership. The Corporate Memberships, Executive Invitational Memberships, National Memberships, Young Professional Membership and CordeValle Memberships are collectively referred to as “Golf Memberships”, the Corporate Lifestyle/Tennis Memberships and the Individual Lifestyle/Tennis Memberships are collectively referred to herein as “Lifestyle/Tennis Memberships” and the Golf Memberships, Lifestyle/Tennis Memberships and Social Memberships are collectively referred to as the “Club Memberships.”
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.
How many Club Memberships are available?
In order to provide greater exclusivity and to assure continued enjoyment of the Club Facilities by all Club Members, the Club intends to issue not more than an aggregate of three hundred (300) Golf Memberships, not including CordeValle Memberships, Young Professional, or National Memberships, with an average of no more than two designated users per Golf Membership (the “Target Membership Enrollment”). The Club intends to issue not more than 100 Lifestyle/Tennis Memberships (with an average of no more than two designated representatives per Lifestyle/Tennis Membership). The Club reserves the right, from time to time and in its sole discretion to increase or decrease this target number of Lifestyle/Tennis Memberships based on the demand and use patterns of the Club Facilities. The Club may issue (a) up to 75 National Memberships to such persons meeting the geographic qualifications and other terms and conditions provided in the Membership Plan and (b) up to 30 Young Professional Memberships to such persons meeting the age qualifications and other terms and conditions provided in the Membership Plan. Furthermore, the Club may issue or offer to issue up to 25 CordeValle Memberships to such persons and on such terms and conditions as may be designated by the Club from time to time.
Who is eligible to obtain membership privileges in the Club?
Club Memberships are available by invitation only.
Although the Club may invite certain business executives and other individuals to apply for Executive Invitational Memberships, Individual Lifestyle/Tennis Memberships or Social Memberships in their individual capacities, Golf Memberships are principally designed to be held in the name of a corporation, partnership or other business entity (the “Member Organization”) which may designate certain of its individual representatives as those entitled to use the Club Facilities. Accordingly, the Club may require Member Organizations applying for Corporate Memberships and Corporate Lifestyle/Tennis Memberships to maintain active business operations and to satisfy such asset, net worth and other requirements as the Club may impose from time to time. The Club may provide by rule and regulation for the specific terms applicable with respect to the issuance of Club Memberships.
The number of available Golf Memberships is limited and will be available to eligible Member Organizations or, under certain circumstances, to business executives or others in their individual capacities, on an invitation-only basis.
What are the residency requirements of a National Membership?
National Membership privileges in the Club are available only to those persons whose primary residence is located outside a 300-mile radius of San Martin, California, as determined by the Club.
What are the age requirements of a Young Professional Membership?
Young Professional Membership privileges in the Club are available only to those persons who are between 24 and 45 years of age.
What are the privileges of a Golf Membership?
A Corporate Membership, Executive Invitational Membership, National Membership, Young Professional (some restrictions apply to Young Professional), and CordeValle 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, the Executive Invitational Members, the Young Professional Members, the National Members, nor the CordeValle 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 annual 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 Lifestyle/Tennis Memberships entitle the Club member the use of all Club Facilities except the golf course and the golf practice facilities. A Social Membership entitles the Club member the use of all Club Facilities (including golf practice areas) except for the golf course. Lifestyle/Tennis Members and Social 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 Lifestyle/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 Lifestyle/Tennis Membership may be purchased with the right to designate from a minimum of two (2) to a maximum of five (5) representatives (the “Lifestyle/Tennis Member Designated Representatives”), each of whom will be entitled to the full membership privileges of a Corporate Lifestyle/Tennis Membership. Each Designated Representative and Lifestyle/Tennis Member Designated Representative must be an owner, officer, director, employee or essential business partner of the Member Organization (a “Qualified Designee”). Each Designated Representative and Lifestyle/Tennis Member Designated Representative may be changed by the Member Organization one time during each calendar year, subject to the requirements that the substituted Designated Representative or Lifestyle/Tennis Member Designated Representative be approved for admission and that the then-prevailing transfer fee, as set from time to time by the Club, be paid by the Member Organization. Any other Designated Representative or Lifestyle/Tennis Member Designated Representative changes proposed to be made during the same calendar year shall require the prior approval of the Club. The Club may impose such restrictions and limitations regarding Designated Representative and Lifestyle/Tennis Member Designated Representative changes as the Club may from time to time deem appropriate.
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 Fee corresponding to the category of membership desired and, in the case of Corporate Memberships and Corporate Lifestyle/Tennis Memberships, the number of Designated Representatives or Lifestyle/Tennis Member Designated Representatives desired as set forth on Schedule A of the Membership Plan.
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 specified in the Rules and Regulations of the Club as the same may be amended from time to time. Whether accompanied or sponsored, no guest of a Golf Member may play the Club’s golf course more than twelve (12) times during any calendar year, with such times occurring once per calendar month from May through October and up to six additional times in the other months. Lifestyle/Tennis Members may host up to three (3) accompanied guests on a single day. Lifestyle/Tennis Members may not host sponsored guests for usage of any amenity with the exception of dining services, the spa, or the hotel. For the avoidance of doubt, Lifestyle/Tennis Members may not have guests for play on the golf course or use of the golf practice facilities. Notwithstanding the foregoing, the spouse and dependent(s) of Lifestyle/Tennis Members shall be permitted to use all Club Facilities with the exception of the golf course and golf practice facilities. Non-family guests of Lifestyle/Tennis Members shall be permitted to use the tennis courts no more than twelve (12) six times per year.
Notwithstanding the foregoing, all guest privileges are on a space available basis and the Club may, in its sole discretion, limit further the number of accompanied and sponsored guests a Club Member may sponsor at any particular time and the total guest usage a Club Member or its Designated Representatives or Lifestyle/Tennis Member Designated Representatives may have during any calendar year. Special arrangements for guest outings, which exceed the stated guest use limitations then in effect, may be considered in advance on a case by case basis. Sponsoring Club Members are responsible for all fees and charges incurred by their guests that are not paid by their guests.
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 the Club Members or the appropriate heirs one hundred percent (100%) of the actual Membership Deposit previously paid to the Club for the Club Membership, without interest, upon expiration of the repayment period.
Under certain circumstances, a Club Member may resign a Club Membership. In the event a Club Member resigns a Club Membership, the Club shall pay to such resigned Club Member a transfer payment (the “Transfer Payment”) as set forth in the Membership Application and Agreement corresponding to the category of membership desired, within sixty (60) days of the reissuance of a Club Member’s resigned Club Membership to a successor member who has been approved for membership and paid the required Membership Deposit in full to the Club. Except as otherwise provided in the Membership Application and Agreement, the Transfer Payment shall be in lieu of, and not in addition to, the Club’s obligation to repay a Club Member’s Membership Deposit upon expiration of the Repayment Period.
In connection with the reissuance of a Resigned Corporate Membership Designee, the Transfer Payment shall be paid to the Member Organization which holds the underlying Corporate Membership and the amount of the original Membership Deposit corresponding to such Resigned Corporate Membership Designee shall be deemed to be equal to the incremental Membership Deposit originally paid by the Member Organization for the Membership Privileges of its resigning Designated Representative.
In order to be repaid the Transfer Payment, the resigning Club Member must be in good standing and have paid in full the required Membership Deposit and all outstanding dues, fees and other charges. The Club shall deduct from the Transfer Payment any amount the resigned Club Member owes to the Club. The difference, if any, between the Membership Deposit paid by the successor member and the Transfer Payment repaid to the resigned Club Member shall be retained by the Club.
What is the “Find Your Own Buyer” Program?
The Club has the right, but not the obligation, to adopt rules and regulations that will allow any Club Member, except Lifestyle/Tennis Members, National Members and Young Professional Members, to find a buyer for his or her membership and, in the event that the Club independently and in its sole and absolute discretion approves of the sale and the buyer, bring about the sale of such membership by the Club to such buyer, thereby ending the selling member’s membership rights and obligations, notwithstanding such member’s place, if any, on the Master Reissue List.
How are dues established?
The Club will establish the amount of dues, fees and other charges to be paid by each Club Member from time to time. A schedule of current annual dues is attached to the Membership Plan as Schedule A. The amount of dues, fees and charges is subject to change. The amount of dues charged by the Club, however, is expected to remain competitive with the respective average dues charged by other championship-class private golf clubs in the western United States.
Who is responsible for the operation of the Club?
The Club will manage and operate the Club Facilities directly or through the Developer or other third party. The Club reserves the right to retain a professional management firm to manage and operate the day-to-day affairs of the Club Facilities.
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.
How do I apply for membership privileges in the Club?
A prospective Club Member should follow the steps described below to pursue membership in the Club:
- Contact a Club Member or the Director of Membership to obtain an Prospective Member Questionnaire, which must be completed and returned to the Director of Membership.
- The Club will review the completed Prospective Member Questionnaire and either decline the indication of interest or mail an additional set of documents and forms to the prospective Club Member.
- Upon receipt from the Club, the prospective member must timely mail or deliver to the Director of Membership the following documents, in order to further the invitation process: (i) a fully completed and signed Membership Application and Agreement corresponding to the category of membership desired, (ii) a Member Sponsorship Form, which must be independently completed and submitted to the Club by a current Club Member sponsor, and (iii) a check or wire in U.S. funds payable to “CordeValle Golf Club” in the amount of the Membership Deposit or Initiation Fee corresponding to the category of membership desired and as set forth on Schedule A to this Membership Plan.
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 Lifestyle/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 Membership Application and Agreement has been acted upon favorably. In the event the Membership Application and Agreement is not acted upon favorably, 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 at:
CordeValle Golf Club
Membership Office – Michael Marion
One CordeValle Club Drive
San Martin, California 95046