J. MILLARD TAWES, Governor                      573

OR MORE AND A CLUB HOUSE, AND WHICH HAS A DUES
PAYING MEMBERSHIP OF NOT LESS THAN ONE HUNDRED
PERSONS WHO PAY DUES AVERAGING AT LEAST FIFTY
DOLLARS ($50.00) ANNUALLY PER MEMBER, WITH THE
USE OF THE CLUB BEING RESTRICTED PRIMARILY TO
MEMBERS, THEIR FAMILIES AND GUESTS, PROVIDED THAT
THE FACT THAT THE CLUB FACILITIES MAY BE USED
BY PERSONS OR GROUPS OTHER THAN MEMBERS OR
THEIR GUESTS DOES NOT DISQUALIFY A CLUB UNDER
THIS SUBSECTION.

(5)    THE PERIOD COVERED BY THE AGREEMENT SHALL
BE AT THE OPTION OF THE COUNTRY CLUB BUT SHALL BE
NOT LESS THAN TEN (10) CONSECUTIVE YEARS AND MAY
BE EXTENDED FROM TIME TO TIME.

(6)    LANDS COVERED BY SUCH AGREEMENT FOR PUR-
POSES OF ASSESSMENT FOR STATE, COUNTY, SPECIAL
TAX DISTRICT AND MUNICIPAL TAXES SHALL BE RE-
ASSESSED BY THE STATE DEPARTMENT OF ASSESSMENTS
AND TAXATION ON THE BASIS OF SUCH USE AS A COUN-
TRY CLUB WHICH SAID REASSESSMENT SHALL BE MADE,
AND SHALL BE EFFECTIVE AS OF THE DATE OF FINALITY
NEXT SUCCEEDING THE DATE OF THE AGREEMENT.

(7)    IF, PRIOR TO THE EXPIRATION OF THE AGREE-
MENT, OR ANY EXTENSION THEREOF, PART OR ALL OF
THE PROPERTY IS CONVEYED TO A NEW OWNER, OR SAID
PROPERTY CEASES TO BE USED AS, OR FAILS TO QUALIFY
AS, A COUNTRY CLUB, AS DEFINED HEREIN, THEN AT
SUCH TIME AS PART OR ALL OF SUCH PROPERTY IS CON-
VEYED, OR AT SUCH TIME AS SAID PROPERTY CEASES
TO BE USED AS, OR FAILS TO QUALIFY AS, A COUNTRY
CLUB, WHICHEVER IS THE EARLIER DATE, THE UNPAID
TAXES, CALCULATED AT THE TAX RATES APPLICABLE
FOR THE PARTICULAR YEAR OR YEARS INVOLVED, UPON
THE DIFFERENCE BETWEEN THE ASSESSMENT OR AS-
SESSMENTS MADE PURSUANT TO SUBPARAGRAPH (2) AND
THE ASSESSMENT OR ASSESSMENTS MADE PURSUANT TO
SUBPARAGRAPH (3) HEREOF, FOR THE TAXABLE YEARS
INCLUDED IN THE FOLLOWING TIME PERIOD SHALL IM-
MEDIATELY BECOME DUE AND PAYABLE:

(A)    THE PERIOD FROM AND INCLUDING THE TAXABLE
YEAR WHICH SUCH LAND WAS FIRST ASSESSED PUR-
SUANT TO SUBPARAGRAPHS (2) AND (3) HEREOF, TO
THE END OF THE TAXABLE YEAR IN WHICH ANY OF THE
CONTINGENCIES SPECIFIED IN THIS SUBPARAGRAPH
OCCURS, PROVIDED HOWEVER, THAT ANY SUCH DE-
FERRED TAX SHALL BE PAYABLE FOR A PERIOD OF NO
LONGER THAN TEN YEARS.

(B)    IF, WITHIN TEN (10) YEARS AFTER THE EXPIRA-
TION OF THE AGREEMENT, OR ANY EXTENSION THEREOF,
PART OR ALL OF THE PROPERTY IS CONVEYED TO A NEW
OWNER, THEN AT SUCH TIME AS PART OR ALL OF SUCH
PROPERTY IS CONVEYED, DEFERRED TAXES SHALL BE
IMMEDIATELY DUE AND PAYABLE AND SHALL BE CAL-