As it becomes more apparent that the costs associated with Somersett hillside and rockery wall repairs resulting from the winter storms will be quite expensive, the question arises as to how this will all be paid for. That is, through reserves, insurance, homeowner assessments or a combination thereof. Also, through what responsible entity? as some of the incurred damage is on Somersett Country Club (SGC) land purchased by the Somersett Owners Association (SOA), under the “Real Property Purchase Agreement” and subsequently leased back to the SGC for golf course operations. Therefore, who is responsible for repairs, the Landlord (SOA) or the Tenant (SGC)?
Under Article 9A “Four Year Warranty” of the Purchase Agreement as well as Article 8 “Repairs and Maintenance” and Article 9 “Damage or Destruction” of Exhibit C to the Purchase Agreement, it would appear that the Tenant (SGC) is responsible for any required repairs on the leased property. However, to date, there has been no specific SOA Board position put forth in this regard, which will most likely end up as a litigation issue in the hands of the SOA and SGC Attorneys.
It has been reported that RFP’s will soon be issued to prospective vendors, the result of which will then establish the cost for repairs, and allow the Board to proceed with how funding will be accomplished..