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TITLE GOLF LIMITED TERMS & CONDITIONS

Definitions

* “Title Golf” means Title Golf Gestão de Campos de Golfe Lda, a
Portuguese registered company with company registration number 4472/040322 and registered office at Rua Direita, Nº 43-4º, 8500 Portimão.

* “Title” means the agreement entered into between “Title Golf” and
the “Holder” and the benefits provided by the agreement.

* “Holder” means a person who has entered into an agreement with
Title Golf and paid in full the fees for the title.

* “Partner” means the spouse of the Title Holder.

OWNERSHIP OF TITLE

1. Entitlement
Title Holders and their Partners shall be jointly and severally entitled to play free of green fee charges and without limitation in time, duration or frequency on such golf courses as Title Golf shall specify..
In addition up to two guests shall be entitled to preferred rates based on the official golf course published green fee rates while playing any game with the Title Holder.

2. Period of Title
The Title shall be valid for the lifetime of the Holder and upon death, shall pass to the Partner or to whoever the Holder shall specify in his or her Will. A Title shall expire on the death of the Partner or beneficiary named under the Will.

3. Title Premium
The Title premium is a one off payment made by the Holder for a Title. Title Premium 2004- €32,000

4. Annual fees
In order to entitle the Holder to use his/her Title, he/she must have paid his/her annual fee. The annual fee shall be due and payable one week prior to each anniversary of commencement of Title. If the annual fee is not paid within the given period, the Title will be automatically cancelled and there will be no refund of the title premium. The annual fee may increase from year to year. Annual fee 2004 - €2,300

Guarantee
However, as a guarantee to the Holder, Title Golf will not increase the annual Title fee greater than 10% of the previous years annual fee.

5. Partner
A Partner cannot be any other than a spouse.
The Partner specified in the Title certificate shall be the only additional person that is entitled to free green fees. In the event that there is a change of Partner, a new certificate must be requested and issued in order for the new partner to be entitled to free green fees.

6. Issuing of new certificates
There is an administration fee of €300 for each new certificate issued.

7. Guests
A Title Holder shall be allowed to book up to two guests to play at the same tee time as his/herself. In this case, the guests are entitled to the prevailing preferred rates based on the full-published rate of the golf courses. This amount must be paid when making the reservation with Title Golf and not with the individual golf courses.

8. Choice of golf courses
A Title shall permit Holders to play the majority of golf courses in the Algarve including many other courses in Portugal and Spain. Title Golf however reserve the right to withdraw a golf course from its program at anytime if it deems necessary.

9. Code and conduct of golf courses
A Holder must at all times conduct himself in accordance with the rules and regulations of the golf courses. Title golf cannot be responsible for any misconduct and will not interfere with these rules. Failure to adhere to this clause may result in cancellation of the Title.

10. Making Tee bookings
All tee bookings MUST be made directly through the specified Title Golf booking facility. TITLE GOLF BOOKINGS CANNOT BE MADE DIRECT WITH THE GOLF COURSES.
All bookings are subject to normal tee time availability specified by the golf courses. Title Golf cannot guarantee tee time availability. Advanced booking is advised if specific tee times are required. All bookings are also subject to availability on courses during tournaments and other possible factors that may affect the booking of a tee time.

11. Cancellation of Tee bookings
A Holder must cancel his or her Tee booking within 7 days if he or she is not able to play for any reason whatsoever.

12. No show and non-cancellation of tee bookings.
If a Holder does not show up for a tee time booked or does not cancel their game within the specified period, then he or she will be charged a penalty of €100 per person booked.
Failure to arrive or cancel a Tee booking within the specified period may result in the cancellation of the Title.

13. Sale and/or transfer of a Title.
A Title Holder has the right to sell and/or transfer his/her Title at anytime.
The sale or transfer of a Title can only be made with the approval from Title Golf. A minimum of 30 days should be allowed for the sale or transfer. Title Golf shall charge a 5% service charge for the handling of such transactions.

14. Cancellation of a Title
Title Golf reserves the right to cancel a person’s Title at any time if the above terms and conditions are not adhered to. If this occurs, a refund of the title premium less a service charge of 25% will be made. There shall be no refund of the annual fee unless Title Golf deems it necessary to make such a refund. A Title Holder can cancel his or her Title after a period of one year and will be entitled to a minimum guaranteed refund of 75% of the Title premium paid.