Golf enthusiasts seeking the ultimate golf experience need look no further. As one of the region’s

premier golf creations, Tetherow boasts a brilliant 18 hole championship layout by David McLay Kidd ,

the award-winning architect of Bandon Dunes and the new St. Andrews Castle Course in Scotland.

Opened to critical acclaim in 2008, Tetherow continues to rack up the awards, for everything from the

golf course to our views and dining. We pride ourselves on offering a challenging golf course,

outstanding staff, a wide range of events for all ages and some surprising twists on what a golf

commubnity can be.

We are proudly affiliated with O.B. Sports Golf Management and strive to be the preeminent golf

destination in Central Oregon.

Our name honors the historic pioneer Solomon Tetherow, who led a wagon train party through this

area in the mid-1800s as they traveled from Missouri to Oregon. Tetherow Golf Club embodies this

spirit of leadership and adventure as we lead the industry into the next era of golf.

We are excited to share Tetherow with you and the golfing community!

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TRIPLEKNOT

TETHEROW

GOLF COURSE

CLUBHOUSE

SOLD HOMESITE* BUILT HOME**

* as of June 2012

** includes completed and under construction homes as of June 2012

HEATH

NEIGHBORHOOD

GLEN

NEIGHBORHOOD

CRESCENT

NEIGHBORHOOD

TRIPLEKNOT

TOWNHOMES

TETHEROW REAL ESTATE

Explore Your Wilderness

Tetherow is not just a golf course…It’s a gateway to four seasons of recreation.

Recognized by Golfweek as one of the country’s “Best Residential Golf Courses,” Tetherow is

located only seven minutes from downtown Bend. Cradled beneath the snowcapped Cascade

peaks and situated among the Ponderosa Pines of the Deschutes National Forest, Tetherow

is a 700 acre golf and recreational planned resort community. It’s the perfect home base for

adventurers looking to explore the Oregon wilderness offering mountain biking, kayaking, fly

fishing, rock climbing, snow skiing and more.

Upon completion, Tetherow will offer:

Single Family Homes/Home Sites

Townhomes

Overnight Lodging Units

David McLay Kidd Championship Golf Course and Golf Academy

Parks, Trails & Other Amenities

Check out one of our most recently completed spec homes (built by Greg Welch Construction).

This home is in Tetherow’s Glen neighborhood (on lot 11). It went pending before it was complete!

TRIPLEKNOT TOWNHOMES

Today, more than ever, time is of the essence. We all want more time to

enjoy favorite passions, like golf, biking, fly-fishing and skiing. Time to connect with family and friends

over a great meal. Time to recharge our batteries and kick up our heels in a carefree natural

sanctuary.

One place brings this threesome of good times within reach by eliminating hours of yard work and

mundane household chores: Tripleknot, a collection of townhomes by Arrowood Development at

Tetherow, the luxury high desert golf community on the west side of Bend, Oregon.

Nestled at the edge of the Deschutes National Forest – less than 20 minutes from Mt. Bachelor and

just three roundabouts from downtown Bend – Tripleknot is your base camp for the ultimate Central

Oregon lifestyle. Every day, an endless variety of recreational, cultural and dining opportunities are

right in your backyard, instead of a long list of honey-dos. With single-level and two-story floor plans

starting at under $500,000, it’s definitely time to see what all the to-do is about.

Please visit the official Tripleknot Townhomes website or call the Real Estate Office at 1-866-948-2582 for

more information.

2012 OVERVIEW AND MEMBERSHIP TYPES

Most real estate purchases include full Tetherow membership. We have a variety of membership

options for non-real estate owners, too!

Tetherow Golf Club is excited to announce a new partnership with the Athletic Club of Bend. Golf and

social memberships at Tetherow now include membership at the Athletic Club of Bend!

The Athletic Club of Bend (ACB), located 1.5 miles from Tetherow, is the area’s premier private

executive health club. It is a full service athletic club with indoor and outdoor facilities, offering year

round activities. The full service club features indoor tennis courts, indoor running track, indoor and

outdoor pools, several cardio areas, weight room, basketball court, racquetball and squash

courts. Members can enjoy a choice of classes in yoga, pilates, group exercise, cardio, strength

conditioning, water exercise, and indoor cycling.

A limited number of non-resident, junior executive, and designee memberships are available. Most

memberships include:

Preferred tee times; Discounted green fees for guests

Participation in all member events and programs

Access to member-only lounges and locker rooms

Golf lesson discounts 20%; Food and beverage discounts 20%; Golf shop merchandise

discounts 20%; Daily cart rental discounts 20%

Complimentary room rental in the clubhouse

Membership to Athletic Club of Bend

>> Please contact Heather Arns for information on Tetherow membership at 541.388.2582 x 118 or

harns@tetherow.com.

Annual Designee Membership – No Initiation or deposit!

No initiation fee and no deposit– only monthly dues. Please contact us for more details.

Junior Executive Membership - $2000 Initial Deposit, $390 Monthly Dues

Available to individuals and families with at least one adult under 46 years of age.

Resident Membership - $490 monthly dues

$30,000 deposit, non-negotiable, paid by developer at closing. Included with purchase of most

property. Membership transferable with sale of home/property. Upon transfer, 75% refunded or

100% after 30 years.

Non-Resident Membership – $490 monthly dues

A membership for families not living in Tetherow. This is a refundable membership. $30,000 deposit.

Refundable upon resignation:

70% after 3 years, 80% after 4 years, 90% after five years, 100% after 30 years

As previous members to a nearby golf club, I cannot tell how vastly

different the two clubs are. We truly feel like our family just grew,

as every person at the club has made us feel welcome and like we

are part of a family. I know we have only been members for 2

weeks now, but I feel like joining Tetherow is the best choice we

could have made when it comes to being a club member in Bend,

and that is ultimately a testament to the great people and culture

that IS Tetherow!

The Bassitt Family

T E T H E R O W G O L F C L U B

A M E N D E D M E M B E R S H I P P L A N

TETHEROW GOLF CLUB

MEMBERSHIP PLAN

TETHEROW GOLF COURSE, LLC, an Oregon limited liability company (the “Club”), is the owner of an eighteen-hole championship golf course and practice facilities (the “Golf Course”), a clubhouse, pro shop and dining facilities (collectively with the Golf Course, the “Club Facilities”). The Club Facilities are part of an exclusive residential development and resort project that multiple developers have or will construct in Bend, Oregon (the “Community”). The residential portion of the Community is currently planned to include two hundred sixty (260) single family residences (the “Single Family Property”), one hundred nineteen (119) Crescent Lots (the “Crescent Lots”), two hundred ten (210) townhomes (the “Townhomes”), and approximately ninety (90) lodge homes and lodge cabins to be developed and operated as overnight lodging units available to the public (the “Rental Units”). A separate developer unrelated to the Club also plans to develop a resort hotel in the Community (the "Hotel") which will also be available to the public. The Single Family Property, the Crescent Lots, the Rental Units and Townhomes are referred to collectively as the “Property”. The Golf Course was designed by David McLay Kidd and opened for play in July, 2008.

Membership Opportunity

The Club will operate the Club Facilities as a private resort golf club in

conjunction with the planned Hotel and the Property. The Club will issue Resident Golf or Social/Athletic Memberships to all purchasers of Property in the Community in accordance with the terms of this Membership Plan. The Club will also issue Non-Resident, Business and National Golf Memberships to individuals and families who do not own Property in the Community in accordance with the terms of this Membership Plan. There will be a maximum of three hundred seventy-five (375) Golf Memberships inclusive of Resident, Non-Resident, Business and National Golf Memberships, plus a limited number of Company Life, Founder and Honorary Memberships (a total of 25). The limitation on the number of Golf Memberships is designed to protect the quality of the golf experience and to ensure the Members' use and enjoyment of the Club Facilities.

Club Membership Board of Governors

When the total number of dues paying Resident, Non-Resident and Business Golf Members (the "Golf Members") reaches two hundred (200), the Golf Members shall elect five (5) Golf Members to serve on an Advisory Board of Governors (the “Advisory Board”). The Advisory Board shall meet at least quarterly together with management of the Club to discuss Club operations, membership dues, fees, deposits, policies and such other matters as the Club or the Advisory Board may deem relevant for the

Membership Plan for Tetherow Golf Club 1

meeting agenda. The Advisory Board shall be advisory in nature except for the areas reserved in this Membership Plan which require the written consent or affirmative vote of a majority of the Advisory Board or a vote of the Golf Members as provided herein.

The election of the Advisory Board shall commence within thirty (30) days of the Club having 200 Golf Members. Written nomination ballots shall be mailed to all Golf Members who will have fourteen (14) days to return the nomination ballots to the Club. The election will be conducted by written ballot, mailed to each Golf Member within ten (10) days thereafter, with each Golf Member having the right to designate five (5) Advisory Board representatives on their respective ballot. The election by ballot shall remain open for a period of twenty (20) days. Similar elections shall be conducted each year in February with each Advisory Board member having a three (3) year term; provided, however, the first Advisory Board shall have staggered terms of one (1), two (2), and three (3) years with one member serving for 1 year, two for 2 years, and two for 3 years. In the event any Advisory Board Member resigns from the Advisory Board, the remaining four (4) Board Members shall designate a successor to serve for the balance of his or her term. Any Golf Member that submits his or her resignation from the Club pursuant to the terms of this Membership Plan shall be deemed to have resigned from the Advisory Board. The death, suspension or expulsion of any Advisory Board Member shall also be deemed a resignation from the Advisory Board.

Club Management and Operation

The Club shall manage the property, business and affairs of the Club and the Club Facilities, including the power to

(a) Retain all agents and employees of the Club, prescribe their powers and duties and fix their compensation;

(b) Prescribe the procedures and terms under which the memberships shall be issued, subject to the provisions contained in the Membership Plan and all other documents related to the Community which govern the issuance of memberships in the Club;

(c) Prescribe the Club Rules and Regulations;

(d) Determine and enforce disciplinary measures for any violation of the Club Rules and Regulations;

(e) Administer and monitor the Club's tee time policy (the "Tee Time Policy") and access rights to the Golf Course, and ensure compliance with the Tee Time Policy by Golf Members, Social/Athletic Members, guests of the Hotel and Rental Units, and resort players. A copy of the Tee Time Policy is attached hereto;

Membership Plan for Tetherow Golf Club 2

(f) Administer and monitor the Golf Course Use and Access Agreement that governs access to the Club Facilities by the Hotel and Rental Unit guests, and access to the Hotel and other Community facilities or amenities by Property owners;

(g) Set and change the dues of each class and category of membership and other charges and fees as authorized and limited under this Membership Plan;

(h) Establish the Membership Deposit for the issuance and re-issuance of Golf Memberships; and

(i) Modify or amend this Membership Plan in consultation with the Advisory Board and subject to the approval rights of TD Cascade Highlands, LLC ("TD Cascade") and further subject to the express limitations contained herein. Specifically, any modification of this Membership Plan shall not:

a. Increase the cap on the number of Golf Memberships above the number set forth in this Membership Plan (375);

b. Provide for any change to the Tee Time Policy attached hereto without the express consent or an affirmative vote of a majority of the Advisory Board or a majority vote of the Golf Members as provided below, and the approval of TD Cascade; or

c. Materially interfere with the Members' use and enjoyment of the Club Facilities as set forth in this Membership Plan without the express consent or an affirmative vote of the majority of the Advisory Board or a majority vote of the Golf Members as provided below.

Prior to the election of the Advisory Board, or at any time thereafter at the election of the Club, any material modification or amendment of the Membership Plan may be approved by a majority vote of the Golf Members in person or by proxy at any duly called meeting of the Members of the Club in which not less than sixty-percent (60%) of the Golf Members are present in person or by proxy. The proposed modification or amendment must be set forth in a notice of the meeting, which notice must be mailed to each Golf Member not less than twenty (20) nor more than thirty (60) days in advance of the meeting to consider and vote on such modification or amendment.

In the event there are not one hundred eighty (180) dues paying Golf Members in the Club on December 31, 2013, the Club may modify or amend this Membership Plan without the approval of TD Cascade. The approval rights of TD Cascade under this Agreement with respect to any modification or amendment of this Membership Plan or the Tee Time Policy, or otherwise, shall expire upon the earlier of the sale and closing of two hundred thirty-four (234) Single Family Property lots or residential dwellings by TD Cascade, or December 31, 2018.

Membership Plan for Tetherow Golf Club 3

Memberships Categories and Privileges

Golf Membership entitles the member (and where applicable, the member’s spouse and immediate family) to full use of the Club Facilities. Golf Membership includes the member's spouse or adult cohabitant of the member's household (a spousal equivalent) and their unmarried children under the age of 25 who are living at home, attending school on a full time basis or serving in the military ("Immediate Family"). The Club will issue Resident Golf Memberships to all purchasers of Single Family Property in the Community at the time of the closing of their purchase of the Single Family Property. The Club will issue Social/Athletic Memberships to all other purchasers of Property in the Community who do not apply for and become Resident Golf Members. Membership in the Club shall be mandatory for all Property owners in the Community. The Club will offer Resident Golf Memberships to Crescent Lot, Rental Unit and Townhome purchasers who wish to become Resident Golf Members as such memberships become available through repurchase by the Club after resignation by a Resident Golf Member, or directly as provided herein. Resident Golf Memberships are subject to the resignation and repurchase provisions under the terms of this Plan. A lessee of a Resident Golf Member’s residence in the Community for a term of six (6) months or more may enjoy Resident Golf Membership privileges in the Club in accordance with rules and procedures established by the Club from time to time.

The Club will offer Non-Resident Golf Memberships to individuals and families that do not own Property in the Community. Non-Resident Golf Memberships are transferable and are subject to the resignation and repurchase provisions under the terms of this Plan. Non-Resident Golf Memberships may be subject to recall at the election of the Club, with the Club refunding to such Non-Resident Golf Member the Membership Deposit paid at the time the membership was issued.

The Club will offer National Golf Memberships on terms and conditions as may be determined by the Club and subject to the membership cap of 375. National Golf Memberships may only be issued to individuals or families who do not reside in or own residential property within one hundred (100) miles of the Club Facilities. National Golf Memberships may be subject to recall at the election of the Club, with the Club refunding to such National Golf Member the Membership Fee paid at the time the membership was issued. The Club reserves the right to discontinue or eliminate the sale of National Golf Memberships at any time. National Golf Memberships are non-transferable and not subject to the repurchase provisions of this Plan.

The Club will offer up to twenty-five (25) Business Golf Memberships to qualifying entities formed for a purpose other than holding a membership in the Club. The principal Business Golf Member and each additional business designee shall count toward the membership cap of 375. Business Golf Memberships are subject to the resignation and repurchase provisions of this Plan.

Membership Plan for Tetherow Golf Club 4

The Club will issue fourteen (14) Company Life Memberships and eleven (11) Founder Memberships. Company Life Members shall be entitled to enjoy Golf and Social/Athletic Membership privileges for their lifetime without payment of dues. Founder Members shall be entitled to enjoy Golf and Social/Athletic Membership privileges without payment of dues for a period of five (5) years from August 1, 2008 to July 31, 2013. Thereafter, Founder Members shall be entitled to continue Golf and Social/Athletic Membership privileges by paying dues in the same amount as Resident Golf Members. Company Life and Founder Memberships will be issued to individuals (but may include Immediate Family privileges), and may not be transferred nor are such memberships subject to repurchase on resignation. The Club shall be entitled to designate up to five (5) individuals as Honorary Members on an annual basis. Honorary Members are limited in time to a calendar year as designated by the Club, and are intended to honor the designee and the Club, but not to create any vested right to membership in the Club.

The Club may also issue a limited number of Intermediate Memberships to individuals or families under the age of forty (45) on terms and conditions established from time to time, which number of memberships shall count toward the membership cap of 375.

Golf Members and their immediate family will not pay green fees for the use of the Golf Course, or any fees for use of the Club Facilities. Accompanied and unaccompanied guests of Resident, Non-Resident, Business, National, Founder, Company Life, and Honorary Members will be charged a green fee, established by the Club from time to time. The Club reserves the right to permit the extended family of a member to use the membership privileges as a guest upon payment of an unaccompanied guest fee as established by the Club from time to time. The extended family shall include the parents, adult children and grandchildren of the member and their spouse ("Extended Family").

All Property owners must maintain either a Resident Golf or a Social/Athletic

Membership in the Club. Social/Athletic Membership entitles the member and the member’s Immediate Family to use of the Social/Athletic facilities (clubhouse, swimming pools, health club, tennis courts, restaurants and bars, to the extent constructed, collectively, the “Social/Athletic Facilities”), together with member pricing privileges at the Hotel and any spa or other facilities associated therewith.

The Club will permit overnight guests of the Hotel and Rental Units, and persons who use the Resort conference center facilities to use certain of the Club Facilities in accordance with a Golf Course Use and Access Agreement to be entered into between the Club and the Hotel. The Golf Course Use and Access Agreement will allocate certain tee times for Hotel guests, including limited tournament and group play in accordance with the Tee Time Policy. The Club will also permit access to the Club Facilities by resort players who are neither Golf Members nor Hotel or Rental Cabin

Membership Plan for Tetherow Golf Club 5

guests during the hours allocated to Hotel guests and resort players and in open tee times (the "General Tee Time Pool") as set forth in the Tee Time Policy (the "Hotel Guest and Resort Player Priority Allocation").

The Club is not currently anticipated to be the developer, owner or operator of the Hotel or Rental Units. Upon completion of the Hotel and development of the Rental Units, Members should anticipate a balance between general outside play by resort players and outside play generated from Hotel and Rental Unit guests during the Hotel Guest and Resort Player Priority Allocation. Without regard to the timeline for development and completion of the Hotel and Rental Units, Golf Members shall have the exclusive right to reserve Tee Times during the hours allocated to Club Members and Club Member Guests under the Tee Time Policy (the "Club Member Priority Allocation") and the Golf Course Use and Access Agreement. The tee times reserved or allocated to the Golf Members in the Tee Time Policy may not be modified without the written consent or affirmative vote of a majority of the Advisory Board or a vote of the Golf Members, and the written approval of TD Cascade as provided hereinabove.

Membership Deposit and Fee

The Membership Deposit required to acquire a Resident Golf Membership is included in the initial purchase price of all Single Family Property in the Community. Subsequent purchasers of Resident, Business, or Non-Resident Golf Memberships will be required to pay a refundable Membership Deposit determined by the Club from time to time. The initial Membership Deposit for all Resident and Non-Resident Golf Memberships will be $30,000.00. Business Golf Membership will permit the Business Member to designate three (3) other individuals who are affiliated with the business to become Golf Members with full membership privileges and the obligation to pay periodic dues as established by the Club from time to time ("Business Designee"). A Business Member may change the Business Designee on an annual basis on January 1 of each calendar year. National Golf Members will pay a non-refundable Membership Fee to acquire a National Golf Membership as established by the Club from time to time. The initial Membership Fee for National Golf Members will be $7,500.00.

The Membership Deposit paid to the Club at the time of the sale and closing of any Single Family Property, or paid directly to the Club by a Resident, Non-Resident, or Business Golf Member, shall be refundable to the member, without interest, thirty years after the Golf Membership is issued by the Club to that member in accordance with the terms of this Membership Plan and the Membership Purchase Agreement entered into by the Club and the member.

If a Golf Member resigns prior to the end of the thirty (30) year period, the Club shall, after reissuance of the resigned membership by the Club to a new Golf Member, refund to the resigning member seventy-five percent (75%) of the amount paid by the new Golf Member to the Club, less any dues or charges that remain outstanding or have

Membership Plan for Tetherow Golf Club 6

accrued and are unpaid from the date of resignation. The balance of the refundable Membership Deposit, if any, shall be paid to the resigning member at the end of the thirty (30) year period.

A Golf Member who continues to be a member for thirty (30) years will receive a refund of the Membership Deposit previously paid at the end of the 30 year period, will continue his or her membership privileges and will continue to pay applicable dues, fees and charges until the Golf Member subsequently resigns from the Club. If a Golf Member resigns after the end of the 30 year period, the Golf Member shall receive at the time of the resignation and re-issuance by the Club of the resigned Golf Membership seventy five percent (75%) of the amount paid by the new Golf Member to the Club, less the original Membership Deposit refunded at the end of the 30 year period.

There shall be an initial Membership Fee for Social/Athletic Membership payable by all Crescent Lot, Rental Unit and Townhome purchasers at the time of closing of the purchase of their Property who do not apply for and become Resident Golf Members. All Single Family Property, Crescent Lot, Townhome and Rental Unit owners within the Community who do not elect to become a Resident Golf Member, or resign their Resident Golf Membership, are required to maintain a Social/Athletic Membership. The initial Social/Athletic Membership Fee will be $3,000. The Membership Fee for Social/Athletic Membership is non-refundable and the membership is non-transferable other than to the subsequent purchaser of the Social/Athletic Member's Property as provided herein.

Dues

Golf and Social/Athletic Membership dues are initially established in the following amounts:

Resident, Non-Resident, $490/mo. and Business Golf Dues

Social/Athletic Dues $195/mo.

Golf Member dues include the right to full use of the Club's Golf and Social/Athletic facilities. Dues will be reviewed from time to time by the Club and the Advisory Board. Dues may not be increased more frequently than annually and not by more than the greater of (i) four percent (4%) per calendar year, or (ii) an amount equal to the percentage increase in the Consumer Price Index for all urban consumers (CPI-U) published for the Portland Metropolitan area unless approved by written consent or an affirmative vote of a majority of the Advisory Board or a vote of the Golf Members as provided herein.

The payment of dues for Resident Golf Members that acquired their membership with the purchase of a Single Family Property shall commence on the earlier of (i) the

Membership Plan for Tetherow Golf Club 7

closing date of the initial sale of the residential lot acquired by such member, or (ii) the member’s commencement of use of the Club Facilities. The payment of dues by all other Members shall commence upon approval of such member’s application for membership.

Members must be current with payment of monthly dues in order to continue the use and enjoyment of Club Facilities, privileges and benefits. Rental Unit owners shall be entitled to a $50/month credit against their membership dues based upon the Rental Units’ expected contribution to maintenance of certain public areas under the Rental Unit owner’s agreement with the operator of the Rental Units.

A resigning Resident, Non-Resident or Business Golf Member shall be obligated to continue to pay periodic dues to the Club until such time as the Golf Membership is repurchased and reissued by the Club, and shall retain all Club membership privileges. In the event a resigning Golf Member fails to pay periodic dues to the Club when due, Club membership privileges will be suspended or terminated, and all dues that are unpaid shall accrue against and reduce any repayment of the Membership Deposit by the Club to the Golf Member upon repurchase or the expiration of the thirty (30) year period. The obligation of a National Golf Member to pay periodic dues shall terminate upon resignation.

Membership Transfer

Transfer Upon Property Sale. Resident Golf Memberships shall be transferable through the Club subject to the rules established by this Membership Plan. Resident Golf Members may elect to (i) retain the Golf Membership upon sale or transfer of the member's Property, or (ii) transfer the membership to the purchaser of the member's Property at the time of closing. If the Resident Golf Member elects to retain the membership, such member shall become a Non-Resident Golf Member from and after the closing of the Property sale.

If a Resident Golf Member elects not to retain the membership, the purchaser of the Resident Golf Member's Property shall elect whether to become a Golf or Social/Athletic Member. If the purchaser elects to become a Resident Golf Member, the purchaser shall submit a Membership Application. Upon approval of the Application, the Membership Deposit then in effect shall be paid by the purchaser to the Club at closing, and the Club shall remit to the selling Resident Golf Member such amount, less any dues that remain outstanding and a transfer fee of twenty-five percent (25%) of the then applicable Membership Deposit, which shall be retained by the Club at closing (the "Transfer Fee"). The balance of the refundable Membership Deposit, if any, shall be paid to the Resident Golf Member at the expiration of the thirty (30) year period referred to above.

Membership Plan for Tetherow Golf Club 8

If the purchaser elects not to become a Resident Golf Member, the purchaser shall become a Social/Athletic Member upon the submittal of an application for Social/Athletic Membership and payment of the Membership Fee then in effect. The Resident Golf Membership shall then be placed on the appropriate Resale List for repurchase and re-issuance by the Club, with the resigning Resident Golf Member remaining responsible for the payment of dues until repurchase and re-issuance of the membership according to the terms of this Membership Plan.

If the selling Resident Golf Member elects to retain the membership, and a Golf Membership is not available, the purchaser shall, upon submission of an application for Social/Athletic Membership and payment of the Membership Fee then in effect, become a Social/Athletic Member, and be placed on the waiting list for Resident Golf Membership pending the availability to upgrade to Resident Golf Membership and approval of an application for Resident Golf Membership. The Social/Athletic Membership Fee paid shall be credited against the Membership Deposit at the time the purchaser's membership is upgraded.

Upon the sale or transfer of a Social/Athletic Member’s Property, the purchaser shall elect whether to become a Resident Golf or Social/Athletic Member. If the purchaser elects to become a Resident Golf Member and a Resident Golf Membership is available, the purchaser shall submit a Golf Membership Application. Upon approval of the application, the Membership Deposit then in effect shall be paid by the purchaser at closing to the Club. If a Resident Golf Membership is not available, the purchaser shall, upon submission and approval of an Application for Social/Athletic Membership and the payment of the Membership Fee then in effect, be placed on the waiting list for Resident Golf Membership and shall become a Social/Athletic Member pending the availability to upgrade to Resident Golf Membership. The Social/Athletic Membership Fee paid shall be credited against the Membership Deposit at the time the purchaser’s membership is upgraded.

Transfer Upon Resignation. Resident, Non-Resident, Business or National Golf Members may notify the Club of their intention to resign their membership at any time. Immediately following any such notification, the Club shall place such member’s name on a list for transfer (the “Resale List”) with the exception of National Golf Members whose resignation shall be effective immediately. Resignation of a Resident, Non-Resident or Business Golf Membership, whether voluntary or involuntary, shall be effective only upon the Club's redemption and re-issuance of the resigned membership. Transfer of a Resident Golf Membership other than in connection with the sale of the member's Property, shall be accomplished by the Club through membership sales to owners of Property in the Community and to prospective Non-Resident Golf Members. Transfer of Non-Resident and Business Golf Memberships shall be accomplished by the Club through membership sales to qualifying individuals or businesses. National Golf, Founder, Intermediate, Company Life and Honorary Membership are non-transferable.

Membership Plan for Tetherow Golf Club 9

Submittal of an intent to resign shall be irrevocable unless the Club, in its sole discretion, or based upon extenuating circumstances presented by the resigning member, agrees to permit a resigning member to revoke the intent to resign prior to repurchase and re-issuance of the resigned Membership, or the resigning member elects to pay the Transfer Fee then in effect, in which event the resignation shall be revoked.

Transfer in the Event of Death of a Member. In the event of the death of a member, the Golf Membership may be transferred through the Club as provided herein. The spouse of a deceased member (or previously designated spousal equivalent) may succeed to the membership without going through the application process and without payment of a new Membership Deposit. The surviving spouse shall be entitled to succeed to the membership by acknowledging to the Club (on a form provided by the Club) that the survivor desires and intends to retain the membership and agrees to be bound by the Club Rules and Regulations and this Membership Plan. A deceased member’s Golf Membership may be transferred to the son or daughter of a deceased member (“Generational Transfer”). A Generational Transfer shall occur on the same terms as a transfer during the lifetime of a member, with the exception that a Generational Transfer may be made without regard to any Resale List or payment of a Membership Deposit. The son or daughter of a deceased member who wishes to have the membership transferred to them may do so after approval of his or her membership application and payment of the Transfer Fee in effect at the time of the Generational Transfer. A Generational Transfer may be made without regard to the transferee's acquisition or ownership of Property within the Community provided, however, any such Generational Transfer shall not relieve the successor (or survivor) Property owner from the ongoing obligation to maintain a Social/Athletic Membership for the Property. The Membership Deposit paid by the deceased member will, in the case of a Generational Transfer, be refunded to the designated son or daughter thirty (30) years after the Generational Transfer.

Priority of Transfer. Until December 31, 2013, the Club shall maintain four transfer lists for the resale of memberships (the "Resale Lists"). The first list shall be a Resale List of Resident Golf Members who were issued their membership at the time of their closing of Single Family Property who wish to resign their Golf Membership and transfer the membership to the next transferee on the waiting list or otherwise ("First Resale List"). The second list shall be Resident Golf Members who purchased and own other than Single Family Property in the Community who wish to resign their Golf Membership and transfer the membership to the next transferee on the waiting list or otherwise ("Second Resale List"). The third list shall be a Resale List of Non-Resident Golf Members who wish to resign their Golf Membership and transfer the membership to the next transferee on the waiting list or otherwise ("Third Resale List"). The fourth list shall be a Resale List of Business Golf Members who wish to resign their Business Membership and transfer the membership to the next applicant for Business Golf

Membership Plan for Tetherow Golf Club 10

Membership ("Fourth Resale List"). During the period prior to December 31, 2013, each Resident Golf Member on the First Resale List who wishes to resign his or her Resident Golf Membership shall have priority over any Resident Golf Member on the Second Resale List, and any Non-Resident Golf Member on the Third Resale List in the transfer of the membership to an applicant for Golf Membership, and each Resident Golf Member on the Second Resale List who wishes to resign his or her Resident Golf Membership shall have priority over any Non-Resident Golf Member on the Third Resale List in the transfer of the membership to an applicant for Golf Membership. Business Golf Membership on the Fourth Resale List will be transferred to applicants for Business Golf Membership only. After January 1, 2014, only one Resale List shall be maintained for Golf Members who wish to resign and have their membership reissued, with the exception of Business Golf Members, for which there will be a separate Resale List. The priority for re-issuance or transfer shall be on a “first come, first serve” basis without regard to Resident or Non-Resident status. Transfer or issuance of memberships shall be made to Property owners who are Social/Athletic Members who wish to become Resident Golf Members before any transfer or issuance to applicants for Non-Resident Golf Memberships.

The ratio of new sales by the Club to the re-issuance of resigned memberships shall be determined by the size of the First Resale List. If the First Resale List is less than 20, new membership sales may be made on a ratio of 1:1 with resigned and reissued memberships on the First Resale List (one new sale alternating with each resigned and reissued membership from the First Resale List). If the First Resale List is between 20 and 40 the ratio shall be 2:1 (two resigned and resissued alternating with one new sale). If the First Resale List is greater than 40, no new or outside sales of memberships shall be made by the Club until the First Resale List is 40 or fewer, all such sales to be made from the First Resale List. At any time that there are no resigned memberships on the First Resale List, or after January 1, 2014, every fourth membership issued by the Club will be a resigned membership from the Second or Third Resale List. Notwithstanding the above, all applicants for Business Golf Memberships shall be reissued a resigned Business Golf Membership or issued a new Business Golf Membership. At no time shall the number of membership sales to other than Single Family Property owners exceed a number which would preclude a sufficient number of memberships remaining available to each initial purchaser of Single Family Property within the membership cap of 375 Golf Members.

Member’s Acknowledgment

Membership in the Club permits the member to use the Club Facilities in accordance with this Membership Plan and the Rules and Regulations of the Club. Membership in the Club does not give a member an equity or ownership interest or any other property interest in the Club or the Club Facilities, or a vested or prescriptive right or easement to use the Club Facilities. In the event that the Club Facilities are sold and the buyer assumes liability for the repayment to which each member is entitled as

Membership Plan for Tetherow Golf Club 11

provided herein and in the Membership Purchase Agreement, the member shall look solely to the new owner for repayment and the seller of the Club Facilities shall be released from all liability therefor. In the event of a sale of the Club Facilities (other than a foreclosure sale), the buyer shall take title subject to the terms and provisions of the then existing Membership Plan.

No Pledge of Memberships

A member may not pledge or hypothecate the membership except to the extent the lien or security interest is incurred as a result of obtaining the membership privileges.

Effective Date

The effective date of this Membership Plan is October 1, 2007 (the "Effective Date"), amended effective March 1, 2009.

Carefully Review All Membership Documents

This Membership Plan is a summary of the membership opportunities offered by the Club and is qualified by the definitive information set forth herein. Every person who desires to purchase a residential unit or lot in the Tetherow residential community or a membership in the Club should carefully read all of the attached documents and should consider seeking professional advice in evaluating these documents.

Rely Only on the Written Information Provided

NO PERSON IS AUTHORIZED TO MAKE ANY REPRESENTATIONS OR TO PROVIDE ANY INFORMATION WITH REGARD TO THE CLUB OR THE MEMBERSHIPS IN THE CLUB CONTRARY OR IN ADDITION TO THE INFORMATION CONTAINED IN THIS MEMBERSHIP PLAN. IF ANY SUCH REPRESENTATIONS ARE MADE OR INFORMATION PROVIDED, SUCH REPRESENTATIONS OR INFORMATION SHOULD NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE CLUB. IN THE EVENT OF A CONFLICT BETWEEN THE TERMS OF MEMBERSHIP CONTAINED IN THIS MEMBERSHIP PLAN, WITH OTHER PRINTED MATERIALS, THE MEMBERSHIP PLAN SHALL GOVERN.

Memberships Are Offered Only For Recreational Purposes

MEMBERSHIPS ARE BEING OFFERED EXCLUSIVELY FOR THE PURPOSE

OF PERMITTING PERSONS ACQUIRING A MEMBERSHIP TO OBTAIN RECREATIONAL USE OF THE CLUB FACILITIES. MEMBERSHIPS SHOULD NOT BE VIEWED OR ACQUIRED AS AN INVESTMENT AND PERSONS

Membership Plan for Tetherow Golf Club 12

Membership Plan for Tetherow Golf Club 13

PURCHASING A MEMBERSHIP SHOULD NOT EXPECT TO DERIVE ANY ECONOMIC PROFITS FROM MEMBERSHIP IN THE CLUB.

NO FEDERAL, STATE OR OTHER GOVERNMENTAL AUTHORITY HAS PASSED UPON OR ENDORSED THE MERITS OF THE MEMBERSHIP DOCUMENTS.

MEMBERSHIPS IN THE CLUB MAY BE DEEMED A SECURITY UNDER STATE OF OREGON OR U.S. LAW.

# 5964862_v20

Tetherow’s golf course is closed for the winter. We will reopen March 30, 2013. The

Tetherow Grill and Golf Shop remain open year-round.

One of Central Oregon’s exceptional golf experiences, Tetherow Golf Club is an 18-hole championship

semi-private course that boasts a distinctive layout by David McLay Kidd – the award-winning

architect of Bandon Dunes and Castle Course in Scotland. The 7,298-yard links-style course features

imaginative routing lined by fescue grasses flowing magnificently with the natural terrain. Tetherow

offers a diverse mix of holes framed by ragged bunkers, knobs and knolls, and is surrounded by

panoramic views of Oregon’s high desert and Central Cascade Mountains.

Built at an elevation of nearly 4000 feet and located only seven minutes from downtown Bend, the

golf course at Tetherow is open from April to November. Tetherow wishes to maintain the highest

standards of traditional golf, which include proper attire and etiquette. Collared shirts or golf industry

apparel must be worn at all times. Denim is not permitted.

TEE TIMES

Tee time reservations are taken up to 180 days in advance for resort players. Non-member resort play

is available from 9:40 am – 12:20 pm and again after 1:40 pm. Use of the practice area is included

with your paid guest fee. Resort tee time reservations may be made online or by calling the Golf

Shop at (541) 388-2582. The Golf Shop must be notified of tee time cancellations or changes in the

number of players 48 hours in advance.

A forecaddie is mandatory for non-member play. The forecaddie base rate, cart and practice balls are

included in the price of a green fee. A gratuity of $10-20 per player for excellent service is

recommended at the player’s discretion.

Youth (17 yrs and under) always golf for free with a paying adult! Cart & forecaddie fees required.

RENTAL CLUBS

Taylor Made and Nike rental clubs are available for $40 per player.

Committed to preserving its natural landscape, Tetherow is an

Audubon International Certified Signature Sanctuary; and was the first course in Oregon to achieve

the certification. Tetherow’s pledge to ensuring environmentally sound philosophies and practices are

integrated into nearly every aspect of the course development and on-going agronomic practices that

support sustainability and environmental excellence.

TEE TIME POLICY

I. MEMBER TEE TIMES

A Tee times between 7:00 a.m. and 9:30 a.m. and between 12:30 p.m. and 1:30 p.m. daily

(excepting only permitted tournament days) are reserved to the Members

(i) Reservations may be made by Members within the reserved tee times any time including

up to the day of play, but shall not be made earlier than 7 days in advance.;

(ii) Tee times not reserved by Members will be held open and not released for outside play

by the club; provided, the Club shall be permitted on a discretionary basis to start a tee

time off the back 9 for Resort Guests arriving early on a standby basis between 7:30 a.m.

and 8:30 a.m., so long as such play does not interfere with Member play.

II. RESORT PLAYER PRIORITY ALLOCATION TEE TIMES

A. Tee times may be booked on a priority basis by Resort Guests everyday except tournament

days between 9:40 a.m. and 12:20 p.m. The Resort Player Priority Tee Times may be booked

in advance according to the Resort policies and subject to a non-refundable deposit. These

times will continue to be reserved for Resort Guests until 7 days prior to the scheduled time.

B. Tee times not reserved at least 7 days in advance are released to the Club per III.A.( ii)

III. OPEN TEE TIMES

A. All tee times other than the reserved time slots allocated to the Members and to Hotel guests

shall be available to be booked on a ‘first-come, first-serve’ basis by either the Members or by

Resort Guests.

(i) Tee times outside the reserved time slots may be booked by Members or Resort Guests

anytime up to but not more than 60 days in advance.

(ii) Tee times within the Resort priority time slots which have been released to the Club (to

the extent they have not been booked within 7 days of the scheduled play) may be booked

by Members or Resort Guests on a ‘first-come, first-serve’ basis anytime up to the day of

play.

IV. TOURNAMENT PLAY

A. The Club shall be entitled to schedule up to 6 days of Tournament Play for Members during

each calendar year, and close the course to all other play during the Tournament Events. An

additional 6 days of tournament play may be scheduled but only in the event of a sponsored

PGA/OGA/USGA/NWPGA event.

(i) Four of the 6 Tournament days available to the Club shall be used for Member only or

Member/Guest events. The Club may schedule two Member/Guest, or Member

Invitational tournaments on back to back days. These events shall be scheduled at least

180 days in advance; the other two Member Tournament Events may be a format at the

discretion of the Club and BOD and shall be scheduled at least 90 days in advance;

(ii) The club may schedule an additional two Events for a Pro-am or a Tournament for

Charity selected at the discretion of the Club; these events shall be scheduled at least 90

days in advance and may be scheduled only on Mondays or Fridays.

(iii) The remaining 6 tournament days available to be booked by the Club shall be used only

in the event the Club and its Members have the opportunity to sponsor a sanctioned

PGA/OGA/USGA/NWPGA event. In the event the Club elects to sponsor such an event,

the Club shall meet with the BOD and consult with the Members’ representatives with a

goal to achieve positive notoriety to the Club and minimum inconvenience to the

Membership.

B. Resort Tournament Play may be scheduled up to a total of 6 half day Shotgun starts during

each calendar year; the course shall be closed to all other play for the half day of each

Shotgun Event. Shotgun Events shall commence at either 7:30 a.m. or 1:30 p.m.; the Club

may schedule a Member Shotgun Tee Time for the other half of each Resort Tournament

Day; Resort Tournament Event dates shall be scheduled at least 90 days in advance and may

not be scheduled on weekends (Sat./Sun.) or on Holidays.

V. WEATHER DELAYS

The Club will advise golfers as soon as reasonably practicable of weather delays or other

acts of God which may cause unplayable conditions. The course superintendant or golf

professional shall have discretion to postpone starting times in the event of frost delay, lightning

or other weather conditions. In the event of a delay affecting earlier tee times, later tee times may

also be affected until the starter and Pro Shop are able to accommodate play to the extent dictated

by the weather condition.

GOLF LESSONS AT THE

TETHEROW GOLF ACADEMY

IMPROVE YOUR GAME WITH TETHEROW.

Special Holiday Offer through the Tetherow Academy

Through the end of December 2012

All lessons and custom fitting certificates are BUY ONE ~ GIFT ONE

For more information or to purchase a gift certificate during this holiday season please contact the Golf

Shop at Tetherow by calling (541) 388-2582 or email Director of Instruction Mike Lewis.

We are thrilled to announce construction on the Tetherow Golf Academy began on Oct. 2, 2012 and

will be complete by Christmas. We aim to not only lower your score and handicap, but to increase

your enjoyment of the greatest game in the world.

Academy sits to the eastern edge of the lower driving range

2 hitting bays that allow for indoor/outdoor practice

Year-round, game improving clinics & lessons

Full state-of-the-art video technology

TaylorMade fitting center

ACADEMY STAFF

Mike Lewis, PGA

Adam Huycke, TPI

Currently Tetherow’s Director of Instruction, Mike previously ran the Jack Nicklaus

Academy of Golf at Pronghorn. Originally from

Utah, he also owns the TaylorMade

Performance Lab of Utah and Skelet golf, an

instructional company providing teaching

curriculum and technology packages for golf

facilities. Mike was the 2002 Utah Section PGA

Teacher of the Year.Contact Mike:

541.410.3434 mlewis@tetherow.com

Adam’s passion for golf runs deep. After struggling with team sports, he turned to golf

and fell in love with it immediately. Adam is

now a TPI (Titliest Performance Institute) pro,

and he assists players of all levels including

the 2011 US Women’s Amateur champion, the men’s and women’s teams at Willamette University and a variety of high school

players.Contact Adam:

541.610.3011 aphuycke@gmail.com

OUR RESTAURANT

Tetherow Grill is a hidden gem just minutes from downtown Bend. With stunning views of the

surrounding Cascade peaks, the Grill is open daily to the public for lunch and dinner. For those warm,

sunny days, try our seasonal outdoor dining patio overlooking the golf course. On a cold winter day,

sit by the large stone fireplace while sipping on a hot toddy or Irish Coffee. Indulge in our special

three-course prix fix dinner or select from our a la carte menu of local favorites: Fresh pacific pan-

seared steelhead, Muscovy duck breast with apple chutney and madeira glace or our bone-in New York

steak with wild mushrooms over a Himalayan sea-salt plate. Tetherow uses only the finest meats and

vegetables when creating our menus and we proudly use local purveyors as the season allows.

We serve some of the most amazing beverages in town, too! Try Kevin’s special Bloody Mary, which is

rimmed with bacon salt! With a variety of local brews on tap, an in-depth wine list and locally roasted

11 Roasters Coffee, there’s a little something for everyone’s palette at the Tetherow Grill

Reservations are suggested: 541-388-2582 ext 120

RESTAURANT PROMOTIONS

APRES SKI SPECIALS

Once the snow begins to fly… coming soon!

TETHEROW’S “5 FOR $50 WINE DINNER

SERIES”

Forget carving out a precious weekend to drive hours to sample the region’s

finest wines! Our amazing team is proud to bring you our monthly wine and food pairing event, “5 for

$50 Wine Dinner Series”. This is a fun and casual way to learn about great wines and to sample the

unique menu our Executive Chef creates to complement each of the five wines. Served family-style,

these events have limited seating and have sold out every month. Please contact the Grill for

reservations at 541.388.2582.

BEND, OREGON WEDDINGS & EVENTS

Central Oregon wedding receptions with golf course ceremonies are brought to life at Tetherow Golf

Club. Only seven minutes from downtown Bend, Tetherow is an ideal destination venue offering views

of the Cascade peaks, rustic refinement and a warm and relaxing atmosphere that will complement

any special event from black tie to modern casual.

The Tetherow staff is experienced in hosting a wide range of special events and corporate functions

including business luncheons, sales presentations, company retreats, weddings, holiday parties,

anniversaries or more formal dining affairs. Let us create the perfect blend of sophistication, elegance

and warmth to match the personality and style of your organization. Offering seating for up to 200

guests, the staff will be delighted to customize any aspect of your special event to better suit your

own personal needs and desires. For more information or to book an event, contact our event

coordinator Heather Arns at (541) 388.2582 x 118 or events@tetherow.com.

SPECIAL OFFERS:

SAVE UP TO $1000 ON YOUR CENTRAL OREGON WEDDING AT TETHEROW

We will offer you 50% off the room rental fee when you hold your wedding at Tetherow between

January and April. Rental space is based on availability. For more information contact our event

coordinator at 541.388.2582 x 118 or click on the link below to fill out our information request.

“The day of our wedding was absolutely perfect! Everything came together better than I could have imagined. Tetherow is a beautiful

location and all of our guests commented on the amazing view. The

staff at Tetherow made sure everything was taken care of that day

and exceeded my expectations.” ~ Angie and Colin Brooks

TETHEROW IN THE NEWS &

ACCOLADES

We’re kind of a big deal.

Best Courses You Can Play ~ Golfweek, 2012, 2011, 2010, 2009

Top 100 Course in the US ~ Golf Digest, 2011

Best Courses You Can Play: Oregon ~ Golfweek State-By-State Rankings, 2012, 2011, 2010, 2009

Best Golf Hole in Bend: Tetherow #17 ~ Central Oregon Magazine, 2011

Top 100 Best Residential Courses ~ Golfweek, 2010

#3 America’s Best New Courses ~ Golf Digest, 2009

Best Golf Courses ‘Best of The Best’ ~ Exclusives: Robb Report, 2009

#1 Best New Course You Can Play in the Country ~ Golf Magazine, 2008

Development of the Year – Finalist ~ Golf Inc, 2009-2010

Best New Course of the Year ~ Golf Magazine, 2008

Premier Properties, Best for Resort Lifestyle ~ Links Magazine, 2008-2009 & 2009-2010

Best golf hole in Bend: Tetherow #17 ~ Central Oregon Magazine, 2011

Best place in Bend for a cocktail: Tetherow ~ Central Oregon Magazine, 2011

Best view in Bend: Tetherow ~ Central Oregon Magazine, 2011

wildernessExplore your

LIFE ON THE EDGE OF THE FOREST, NEAR THE HEART OF THE CITY.

61240 SKYLINE RANCH RD, BEND, OR 97702 · TETHEROW.COM · 541.388.2599

FREQUENTLY ASKED QUESTIONSWHAT IS TETHEROW?

Tetherow is a 700-acre golf and recreational planned resort

community cradled beneath the snowcapped Cascade peaks and

situated among the Ponderosa pines of the Deschutes National

Forest. Upon completion, Tetherow will offer 375 single family

home sites, 200 townhome sites, 300 overnight lodging units, a

championship 18-hole golf course, a Golf Academy and a host of

other exciting amenities.

WHERE IS TETHEROW?

Tetherow’s 700 acres are located on Bend’s west side, adjacent to

the Deschutes National Forest; approximately five minutes from

downtown Bend and twenty minutes from Mt. Bachelor.

WHAT IS TETHEROW GOLF CLUB?

Tetherow Golf Club is a private resort golf club for the use and

benefit of owners, their guests, hotel guests, and resort players

within the guidelines of the Tee Time Policy. The Club includes an

18-hole championship golf course, a 17,000 square foot lodge-

style clubhouse, a 9-hole par-3 practice facility, driving range, and

Golf Academy.

WHO IS THE GOLF COURSE DESIGNER?

The designer is world-renowned golf course architect David McLay

Kidd; designer of Bandon Dunes, Nanea (Hawaii), and the new

Castle Course at St. Andrews.

HOW MANY GOLF MEMBERS ARE ALLOWED?

The Club is authorized to issue up to 375 Resident, Non-Resident,

Business and National Golf memberships. The Club may also

issue a limited number of Intermediate Golf Memberships. The

Club has reserved the right to recall Non-Resident and National

Golf Memberships. Club Members will have preferential tee times

under the Club’s Tee time Policy.

WHAT IS THE CLUBHOUSE LIKE?

The 17,000 square foot contemporary lodge-style clubhouse is

open for residents and resort guests. The upper level includes

a beautiful lobby with a wood-burning fireplace, restaurant and

bar, outdoor dining patio, multi-purpose meeting room, card

room, private members’ locker rooms and lounge area. The

lower level includes a fully-stocked golf shop, guest locker room,

administrative offices, cart and storage facilities and an outdoor

terrace with fire pit.

ARE MEMBERSHIPS AVAILABLE FOR NON-RESIDENTS?

The club owner has reserved the right to offer Non-Resident Golf

Memberships and National Golf Memberships to individuals and

families who do not own property in Tetherow. Such memberships

are subject to recall.

CAN A MEMBERSHIP BE TRANSFERRED?

Under the Membership Plan, golf memberships are transferable

through the club to other potential members. Resident Golf

Memberships are included in the purchase of both the Heath and

Glen home sites. These memberships may be transferred to other

property owners at any time. The Membership Plan sets forth the

manner in which the Club will allocate membership sales between

existing members and the sale of new memberships.

WHAT IS A SOCIAL/ATHLETIC MEMBERSHIP?

All property owners at Tetherow who do not apply for and become

Resident Golf Members, or any resident Golf Member who resigns

the membership while retaining ownership of their property must

maintain a Social/Athletic Membership in Tetherow Golf Club.

Membership entitles owners to the full use of the clubhouse and

all recreational facilities of the Club and preferential membership

pricing at all of the facilities within the resort community. Until a

pool and athletic facility are built at Tetherow, a social membership

also includes membership to the Athletic Club of Bend.

~ over ~

For real estate opportunities contact our sales team at

541.388.2599 or sales@tetherow.com

The Real Estate Office is open 7 days a week.

61240 SKYLINE RANCH RD, BEND, OR 97702 · TETHEROW.COM · 541.388.2599

WHAT ARE THE CLUB DUES? WHEN DO THEY BEGIN?

Social/athletic dues, paid by all property owners, are $195/

month. Golf dues are $490/month total.

WILL MY FAMILY HAVE PRIVILEGES AT THE CLUB?

Yes. Immediate family members, including children under the

age of 25 will be able to use the Club facilities.

CAN I INVITE GUESTS TO THE CLUB?

Yes. Guests of members will be entitled to use the Club

facilities only in accordance with the privileges of membership

of the sponsoring member upon payment of accompanied or

unaccompanied guest fees.

WHAT IS THE MEMBERSHIP DEPOSIT AND

CAN I SELL THE MEMBERSHIP?

The initial Membership Deposit in the Club for Resident and

Non-Resident Golf Members is $30,000. A Golf Membership

(with the exception of National Golf) may be sold through the

Club to prospective members who apply for and are accepted

for membership in the Club. A Resident Golf Membership

may also be transferred to the purchaser of a Resident Golf

Member’s property in accordance with the Membership Plan.

The prospective purchaser must be accepted into membership

by the Club and pay the required Membership Deposit or transfer

fee as applicable. Upon the repurchase and re-issuance of a

resigned Golf Membership, the resigning member receives 75%

of the Membership Deposit paid by the new member; the Club

retains 25% as a transfer fee.

IS THERE A TIME LIMIT TO BUILD?

There is no time limit to build once you purchase a home site.

ARE THERE NEIGHBORHOOD ASSOCIATION FEES?

WHAT DO THEY INCLUDE? WHEN DO THEY BEGIN?

Yes. The HOA dues include the costs of maintaining private

roads, landscaping, gates and other Association common

areas. Association dues are assessed and become payable

commencing on the closing of your purchase. Current HOA

dues by neighborhood per month are as follows: Heath $164,

Crescent $113, Glen $167.

DO I HAVE TO USE A SPECIFIC BUILDER

TO BUILD MY HOME?

No. You may choose any licensed, quality builder you want. A

list of preferred builders is available upon request.

WHAT IS THE AVERAGE HOME SITE SIZE?

HOW MUCH DO THE LOTS COST?

The Crescent and Heath lots average over ½ acre. The Glen lots

average 1/3 acre. Lot prices range from $175,000 to the mid

$400,000’s.

ARE THERE BUILDING DESIGN GUIDELINES?

Yes. Tetherow Residential Guidelines will ensure all improvements

are compatible with the design objectives and overall design

vision of the Tetherow Community. The guidelines will be

administered and enforced by the Tetherow Owners Association

Architectural Review Committee (the “ARC”). For Tetherow,

diverse architectural harmony will be accomplished through the

use of a controlled range of complementary forms, materials

and colors appropriate for the character, climate and resources

of Central Oregon. The character of the homes should take

their cue from the established traditions of Oregon and the

Northwest.