OWNERSHIP REQUIREMENTS

Membership in this corporation is limited to owners or residents of a lot, a home or a condominium in Englewood Isles who are Lessees or a family member of a Lessee of docks at the Isles Marina who have purchased membership certificates in the corporation. If all requirements for membership have been met, which shall include approval by the Board of Directors, proof of recorded proprietary lease insuring that all taxes and fees have been paid, upon the transfer of a membership certificate, the transferee shall become a member of the corporation. The membership certificate is transferable only as an entirety and only in connection with a simultaneous transfer of the Master Form Proprietary Lease.(4) A fee of $100, will be due in connection with the assignment and transfer of membership certificates.(5) The membership certificate is to be maintained in a safe place and is to be returned to the Isles Marina Association when the dock is sold.

The Proprietary Lease for the Cooperative is the equivalent of a Warranty Deed for real property. The transfer of the Proprietary Lease involves peroration of county taxes, maintenance fees and other real estate matters. As real property, dock spaces are also subject to liens and foreclosure proceedings.

Since the dock spaces at the Isles Marina are designated real property, and just as your house is designated real property, the chain of title must be accurately kept. Transfers of Proprietary Leases should be handled by a professional real estate closer.

Lessee must abide by the provisions of the Master Form Proprietary Lease, Articles of Incorporation, the Bylaws, and the Rules and Regulations of the Corporation which are a part of the lease. Lessee must acknowledge that he has been provided with a copy of the Articles of Incorporation, the Bylaws, and the present Rules and Regulations of the Corporation and that he has read them and understands their contents. Copies of the Articles of Incorporation and Bylaws are recorded in the public records of Sarasota County.(6)

If you own property in the area shown above, Englewood Isles 1-6 and Marina Isles Condos you may purchase available slips, if you are renting a home or condo in the above you may rent a slip offered by an owner of the slip. All leases are between the slip owner and renter, but approved by a Marina board member.