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What is Shelter Bay Community, Inc., and What is Shelter Bay Company?

April 26, 2017COMPANY shelter bay

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What is Shelter Bay Community, Inc., and What is Shelter Bay Company?

2 Answers

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Shelter Bay Community, Inc. is the homeowners association. This corporation purchased the stock of Shelter Bay Company in November 2004. The Shelter Bay Company consists of the master leases and the marina improvements. The Company manages and operates the Marina facilities and bills and collects the sublease fees. Sub-lessees pay their land rent to the Company, which in turn makes the required payment to the Tribe. Also, the Company, because it holds all the subleases, approves and processes the sublease assignments and mortgage consents at time of a refinancing or sale.

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Shelter Bay Community, Inc. is a Washington State corporation, and is the homeowners association. This corporation purchased the stock of Shelter Bay Company in November 2004. The Shelter Bay Company consists of the master leases and the marina improvements. The Company manages and operates the Marina facilities and bills and collects the sublease fees. Sub-lessees pay their land rent to the Company, which in turn makes the required payment to the Tribe. Also, the Company, because it holds all the subleases, approves and processes the sublease assignments and mortgage consents at the time of a refinancing or sale.