Bond Agreement Terms for NEW Bonds Purchased after January 2010

The ANITA LOUISE EHRMAN RECREATION CENTER, INC. (hereafter referred to as the “Center”) hereby acknowledges receipt of _______________________ Dollars ($___________), at the office of the Center in the Town of North Castle, Westchester County, State of New York, from ___________________________________, the registered owner hereof.

This Bond is non-negotiable, non-assignable, (except to the Center) and non-interest bearing.

Ownership of this Bond is required as a condition of Membership. Upon resignation or other termination of Membership, all Bonds must be surrendered to the Center, which shall refund a portion of the Bond fee to the Owner as set forth below by July 1st of the calendar year following the year in which the bond is surrendered to the Center.  Bond redemptions occurring during the first year following the date of this Bond shall be at the Owner’s cost specified above, less $100.  Bond redemptions occurring during the second and third years following the date of this Bond shall be at the Owner’s cost specified above, less an amount equal to fifteen percent (15%).  Bond redemptions occurring during the fourth and fifth years following the date of this Bond shall be at the Owner’s cost specified above, less an amount equal to twenty-five percent (25%).  Bond redemptions occurring after the fifth year following the date of this Bond shall be at the Owner’s cost specified above, less an amount equal to fifty percent (50%).

No recourse shall be had for the payment of principal of this Bond, or for any claim based thereon or otherwise in respect thereof, against any board member, officer, or member, past, present or future of the Center, and all such liability, if any, is hereby expressly waived by the acceptance hereof, by each successive holder of the Bond, and as part of the consideration for the issuance hereof

IN WITNESS WHEREOF, the Anita Louise Ehrman Recreation Center, Inc. has caused this Bond to be executed in its corporate name by its President and its Treasurer, and its corporate seal to be hereunto affixed, and duly attested by its Secretary, as of this ______ day of __________________, 201___.

Bond Agreement Terms for ORIGINAL Bonds, Purchased Prior to January 2010

The ANITA LOUISE EHRMAN RECREATION CENTER, INC. (hereafter referred to as the “Center”) hereby acknowledges receipt of _______________________ Dollars ($___________), at the office of the Center in the Town of North Castle, Westchester County, State of New York, from ___________________________________, the registered owner hereof.

This Bond is non-negotiable, non-assignable, (except to the Center) and non-interest bearing.

Ownership of this Bond is require as a condition of Membership.  Upon resignation or other termination of Membership, all Bonds must be surrendered to the Center, which shall refund the Bond fee to the Owner at Owner's cost specified above by July 1st of the calendar year following the year in which the bond is surrendered to the Center.

No recourse shall be had for the payment of principal of this Bond, or for any claim based thereon or otherwise in respect thereof, against any board member, officer, or member, past, present or future of the Center, and all such liability, if any, is hereby expressly waived by the acceptance hereof, by each successive holder of the Bond, and as part of the consideration for the issuance hereof.

IN WITNESS WHEREOF, the Anita Louise Ehrman Recreation Center, Inc. has caused this Bond to be executed in its corporate name by its President and its Treasurer, and its corporate seal to be hereunto affixed, and duly attested by its Secretary, as of this ______ day of __________________, 200___.