WQ0012748_More Information (Received)_20240930

09 26 2024
IIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Brend M. P0772 35.000PROP
Brunswick County, NC Register of Deeds page 1 of 4
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Instrumeenh thrit cannot by x: prssdff ,4o'
Prepared by: Bryan Batton, Post Office Box 249, Bolivia, NC 28422
ASSUMPTION AGREEMENT
THIS ASSUMPTION, AGREEMENT ("Agreement") is made and entered into as of the
day of be� , 2024, by and between Brunswick County, a body politic
and corporate of th State of North Carolina (hereinafter referred to as "County") and Sea Trail
Golf Resort Holdings, LLC, a North Carolina limited liability company (hereinafter referred to
as "Sea Trail Golf").
RECITALS:
WHEREAS, Sea Trail Corporation (hereinafter referred to as "Sea Trail"), a former
North Carolina corporation which has now been formally dissolved, entered into a Reuse Water
Agreement with the County on April 30, 2004, which is recorded in Book 1936 at Page 708, in
the office of the Brunswick County, North Carolina Register of Deeds (the "Reuse Water
Agreement");
WHEREAS, pursuant to Section 7 of that Reuse Water Agreement, Sea Trail, as operator
of the Golf Courses, as defined in the Reuse Water Agreement, agreed that any conveyance of its
interest in the Golf Courses would be subject to the provisions of the Reuse Water Agreement,
and that any purchaser of the Golf Courses would execute and deliver written instruments
acknowledging the Reuse Water Agreement and its obligations thereunder;
WHEREAS, Sea Trail Golf has obtained the title to those certain lots, tracts or parcels of
real estate comprising the Golf Courses by General Warranty Deed dated October 31, 2023,
which was recorded on November 2, 2023, in Book 5096 at Page 40 of the Brunswick County,
North Carolina Register of Deeds; and
WHEREAS, Sea Trail Golf acquired the Golf Courses subject to the obligations set forth
in the Reuse Water Agreement and agreed to the assumption of same.
NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants
contained herein, and other good and valuable consideration, the receipt of which are hereby
acknowledged, the parties agree as follows:
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Brunswick County, NC Register of Deeds page 2 of 4
1. Acknowledgement. Sea Trail Golf hereby acknowledges the existence and
validity of the Reuse Water Agreement and further acknowledges its receipt of a copy of same.
2. Assumption of Obliations. Sea Trail Golf hereby assumes and agrees to be
bound by the Reuse Water Agreement and to perform all obligations required of Sea Trail under
the Reuse Water Agreement. Sea Trail Golf agrees to execute and deliver all instruments and
take all further actions as the County may require in order to evidence the assumption of the
obligations under the Reuse Water Agreement.
3. Consent and Acceptance by County. The County hereby expressly consents to
the assumption by Sea Trail Golf of the obligations under the Reuse Water Agreement and
accepts this Assumption Agreement as satisfying the requirements for conveyance under Section
7 of the Reuse Water Agreement.
4. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.
5. Governing Law and Venue. This Agreement shall be governed by the laws of
the State of North Carolina without regard for its choice of law provisions. All actions relating
in any way to this Agreement shall be brought in the General Court of Justice of the State of
North Carolina in Brunswick County or in the Federal District Court for the Eastern District of
North Carolina, Wilmington division.
6. Dispute Resolution. Should a dispute arise as to the terms of this Agreement,
both parties agree that neither may initiate binding arbitration. The parties may agree to non-
binding mediation of any dispute prior to the bringing of any suit or action.
[SIGNATURES APPEAR ON FOLLOWING PAGE]
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85241 P0114 08-5757-35.035.000
Brenda M. Clemmons PROP
Brunswick County, NC Register of Deeds page 3 of 4
BRUNSWICK COUNTY
Title: County Manager
Date:
SEA TRAIL GOLF RESORT HOLDINGS, LLC
By:
Title:
Date:
APPR VED AS TO FORM
1runswick County Attorney/Asst Attorney
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IIII'IIIII III I IIII III'�III"III III 09 n6 2024
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M. 75 08: 57mons PROP
Brunswick County, NC Register of Deeds page 4 of 4
STATE OF NORTH CAROLINA
COUNTY OF BRUNSWICK
a Notary Public in and for the State of North
Carolina, Coun of BrNf2. u f;C1c_, do hereby certify that
, Member/Manager of Sea Trail Golf Resort Holdings, LLC, a
North Carolina limited liability company, personally appeared before me this day and
acknowledged the due execution, being authorized to do so, of the foregoing instrument on
behalf of the company.
Witness my hand and notarial seal
VI H0M:�S
[SEAL] ,
Expfres .
JL n? p
STATE OF NORTH CAROLINA
COUNTY OF BRUNSWICK
Notary
My Cod
day
V
Expires: —Ale aaw
, 2024.
1, Lor,cro, We rind , a Notary Public in and for the State of North
Carolina, County of Bruns nick, do hereby certify that Steve Stone, County Manager of
Brunswick County, North Carolina, a body politic and corporate of the State of North Carolina,
personally appeared before me this day and acknowledged the due execution, being authorized to
do so, of the foregoing instrument on behalf of Brunswick County.
Witness my hand and notarial seal this the I V day of -}� Pi , 2024.
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WIG�,,;
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Notary Public
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