House Rules

General Information & House Rules
Above the Stars
GB Investment Group, LLC

  1. SHARES. There will be 10 shares issued in the GB Investment Group, LLC for the Above the Stars property. Each share may have more than one owner, however there shall be only one designated voter for each share. An owner can be an individual or an entity. If one person owns more than one share, that person will have one vote for each share owned.
  2. PLEDGING SHARES. Individual shareholders may not pledge the property for a loan or other encumbrance. Each shareholder may pledge his/her share in the GB Investments, LLC for the purposes of obtaining a loan. Any pledging of shares shall be reported to the managing director. GB Investments, LLC may pledge the property with the consent of two-thirds of the shareholders for the purposes of major remodeling or other large expenditures.
  3. SCHEDULE OF USAGE. As a shareholder buys a share or shares of GB Investments, LLC, DBA Above the Stars @ St. George, he/she will be assigned a number from 1 to 10. That assigned number will relate to specific dates of usage per the schedule. These dates will be for one-week periods beginning on September 3rd, 2010, and shall rotate continuously according to the assigned number. There will be a two-week interruption approximately corresponding the last week of February and the first week of November as these two weeks are generally the least desirable for usage. This time period may also be used for remodeling or other repairs. Trading of time slots between shareholders is at the discretion of each owner and may involve time swaps or cash offers. Please advise the web site of any time swaps. To avoid confusion, a note to the web site should be made by both parties to the time swap.
  4. OCCUPANCY. Above the Stars can be rented by shareholder on their specified weeks but it is intended for the use of owners and their guests. For safety reasons, for responsibility and for the maximum enjoyment of all owners, any use of Above the Stars will include a mature adult of at least 27 years or older. The total number of overnight guests should never be more than 12. Each shareholder is responsible for any and all damages and or issues occurring during his/her usage time. All usage of Above the Stars is subject to the declaration of covenants, conditions and restrictions for Above the Stars.
  5. PERIODIC EXPENSES. There will be periodic known expenses and occasional unexpected expenses. Known expenses such as, but not limited to, power, insurance, legal, quarterly cleaning, telephone, cable, internet connection, etc. will be estimated and collected in advance at the discretion of the managing director. Currently those expenses are estimated at $2400 per share per year. There will be unexpected expenses that will be the responsibility of all shareholders on a pro rata basis and will be payable upon notice from the managing director.
  6. DEPARTURE CLEANING. This is your property and to maintain its value, you are responsible for leaving Above the Stars clean including bedding, kitchen, refrigerator, bathrooms and all other areas. An overnight supply of toilet paper and paper towels should be left for the next guests. If you choose to have a cleaning service before your departure, it is your responsibility to ensure that the cleaning is completed before the next guests arrive. Failure to leave Above the Stars clean can result in a penalty of $500, at the discretion of the managing director.

    On your departure day, if you do not have time to complete the washing and drying of sheets and towels, please place dirty linens in the laundry room and place a clean set of linens at the base of each bed. No beds should be made as the next guests cannot tell if the sheets have been washed. The expense of cleaning or repair from abuse due to improper usage shall be the responsibility of the shareholder. That shareholder shall reimburse GB Investments, LLC for such costs.
  7. DECOR CHANGES AND EXPENSES. Changes in decor, furnishings or fixtures or any remodeling at Above the Stars shall not be made without the consent of two thirds of the shareholders. If approved, the costs shall be split equally amongst all shareholders. The responsibility to oversee and proceed with approved changes will be assigned to a specific member or committee. In the event that any repair is deemed necessary due to structural problems or a required change due to the city or neighborhood, these costs will be split equally amongst shareholders but will not be put to a vote or consent.
  8. SALE OR TRANSFER OF SHARES. To make a sale of a share of GB Investments, LLC, the owner of record must notify all existing owners of his/her intent to sell at least 30 days prior to consummation of that sale. It is required that the share be offered to existing owners first. At or before closing of this sale, the new owner must agree to and sign the owner’s agreement, the bylaws and the neighborhood covenants. In addition, the new owner will be required to provide certain personal information as need by the managing director. A transfer fee of $300 will be payable to the GB Investments, LLC to cover the costs of changing share titles, insurance and any other necessary documents. A copy of the legal sale document suitable to be included in the corporate records will be sent to the managing director. Transfer of a share to a spouse or linear descendant may be made with the payment of $300 processing fee and the information required for the managing director to change the legal documents.
  9. PET POLICY. Pets are allowed at the discretion of the shareholders.
  10. SMOKING POLICY. No smoking is allowed in the house.
  11. SALE OF PROPERTY. The property can be sold only with the consent of two thirds of the shareholder votes. Upon the sale, net proceeds will be distributed pro rata.
  12. EXECUTIVE COMMITTEE. An executive committee will be selected by the shareholders according to the bylaws.
  13. MANAGING DIRECTOR. The managing director shall have the responsibilities mentioned in the above paragraphs. In addition, the managing director shall collect and disperse funds required for normal operations such as property taxes, monthly expenses, insurance, etc. The managing director shall enforce the provisions of the owner’s agreement, the covenants and the bylaws. For these services the managing director shall be paid the equivalent of the monthly expenses of one share. Signing of checks is authorized for the managing director and for the corporate secretary. Although only one signature is required on a check, beginning 1/1/10 any check in excess of $5000 shall require the consent of two members of the executive committee.