Proposed Site Plan

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Litchfield By The Sea Board of Directors Letter

November 1, 2010
Dear Litchfield By The Sea Homeowner,
As your Litchfield By The Sea Board of Directors, we are writing to you today as a follow up to the “Litchfield By The Sea – Preserving our Future” vote this past June. Since that time we have conducted several meetings with representatives from Myrtle Beach National to prepare a revised Agreement, which has been modified from the original Agreement to provide additional benefits for members of Litchfield By The Sea.
This Proposed Agreement requires a Litchfield By The Sea community quorum of 60% and a 75% vote in favor of the Resolution by those voting. Please recall that in the June 2010 vote, a quorum of 79% was achieved with a positive vote of 73%. The attached Agreement is similar to the Agreement proposed in June with four changes. Please note, there is no assessment associated with this Resolution nor is it dependent upon an assessment; this is a stand-alone Resolution that costs Litchfield By The Sea homeowners nothing and provides many benefits as outlined in the attached document.
This Agreement, once the conditions described are met, will restrict access to Litchfield By The Sea through the existing Easement and will provide $1.5 million to the Litchfield By The Sea Reserve Funds. Both Litchfield By The Sea and Myrtle Beach National will gain from the Agreement as described in the attached document entitled “The Myrtle Beach National Proposed Agreement”.
We, as the Litchfield By The Sea Board of Directors, encourage you to vote “FOR” the Resolution by December 2, 2010, to protect and preserve the future of this wonderful community.

Sincerely,

Litchfield By The Sea Board of Directors

The Myrtle Beach National Proposed Agreement

1. Myrtle Beach National’s proposed project is to develop a mixed-use village with approximately 46,000 square feet of mixed-use space (Sea Market Village) and 100 condos on the 12.6 acres adjacent to Litchfield By The Sea.
o Litchfield By The Sea accepts the property and condos into full Litchfield By The Sea Membership.

2. Myrtle Beach National revises their existing Beach Access Easement Agreement to eliminate potential public access and to state that access is permitted only to those engaged by Myrtle Beach National in connection with the operation of its business conducted upon the Waccamaw House parcel for the rental of resort accommodations at Litchfield By The Sea.

3. Myrtle Beach National pays $1.5 million into the Litchfield By The Sea Reserve Fund and up to $100,000 Litchfield By The Sea interest expenses for the Enhancement Project.
o $500,000 at the close of the construction loan to initiate the first phase.
o Remainder paid from closing proceeds of Condos in the first phase.

4. Litchfield By The Sea gains architectural review rights over all improvements to the property and a Covenants and Restrictions agreement for the proposed project.

5. The Proposed Agreement is offered until January 1, 2015 (was 2012), or until the closing of the construction loan on the first phase. The date may be mutually extended through January 1, 2020 (was 2016).

6. This Proposed Agreement is in effect within the timeframe if and when:
o The Litchfield By The Sea Community passes the proposed Resolution.
o Ten days after Myrtle Beach National closes a construction loan to finance the first phase of the project.

Upon review of the Proposed Agreement, you may submit questions by visiting www.Litchfieldfuture.wordpress.com or emailing Litchfieldfuture@gmail.com.