The undersigned applies for a Lifestyle Membership in Bald Head Island Club and agrees to pay to Bald Head Island Club the $31,500.00 submitted with this Membership Purchase Agreement and Application for Membership. Check is to be made payable to Bald Head Island Club. This Membership Purchase Agreement is irrevocable after delivery unless the undersigned is not approved for membership. The undersigned agrees to be fully bound by all of the terms and provisions relating to membership in Bald Head Island Club as set out in the Club By-Laws and other related instruments, as the same may be amended from time to time, and continued membership is contingent upon compliance with all Club rules, regulations and procedures including without limitation, the payment of dues and assessments as required from time to time. The undersigned acknowledges that the Bald Head Island Club is an equity Club, and that there are limitations on the ability of the undersigned to sell or transfer the membership interest sought by Applicant. Upon approval for membership, the undersigned Applicant irrevocably agrees to fully substitute the membership privileges acquired pursuant to this Membership Purchase Agreement for any and all present or prior rights in or to use of the Bald Head Island Club facilities.