Talk:ClubStead Master Lease

For Your Attention/Information/Review

II. A.

"TSI promises not to impose or permit to be imposed within ClubStead any tax on the person or property of P or of anyone else in ClubStead. The word "tax" shall be understood to mean any imposition of any levy, fine or assessment other than as provided for by the terms of this or other agreements voluntarily entered into."

I understand that the intention here is that there will be no taxes imposed on a resident by TSI or anyone else in a position of control or management over Clubstead. I just want to point out, in case you haven't already reviewed it in this light, that it also seems to imply that TSI will be responsible for preventing State Governments from imposing taxes on your residents. As an example, a US citizen living aboard Clubstead (abroad or especially if within the US EEZ) would be taxed by the US Government. If it is not your intention to somehow forcibly act as protector of all residents from such tax claims from existing state governments, the language might need to be revised slightly to more accurately reflect this. [I have no legal expertise in this matter but wanted to bring it to your attention for your benefit.]

I have revised the section to read:

TSI promises not to impose within ClubStead any tax on the person or property of P or of anyone else in ClubStead, nor to collaborate with any state or country to impose any tax or regulation, while outside of its economic or legal jurisdiction. The word "tax" shall be understood to mean any imposition of any levy, fine, or assessment, other than as provided for by the terms of this or other agreements into which all parties have voluntarily entered.

JLMadrigal 21:10, 22 March 2009 (UTC)

IV. C.

"In the event of such termination, TSI shall return any rental balance pro-rated to the date of the written notice. Compensation for P's fixed improvements on the site shall be established in the manner set out in Paragraph IV.B, above."

IV. D. 2. a. (? I'm not sure if the numbering is correct in this section ?)

"Upon 24-hours written notice following P's failure to pay rent in full for a period of 30 days after it has become due and payable. In that event, the compensation for P's fixed improvements shall be established in the manner set out in Section IV.B, above, and shall be paid to P by P's successor, if such there be within a year, and otherwise by TSI."

There seems to be no recourse for TSI to be compensated for any rent that was past due for sufficient time to warrant an eviction. Perhaps it could include a statement along the lines of "...compensation for P's fixed improvements... less the value of rent past due."

I have revised the first section to read:

In the event of such termination, TSI shall return any rental balance pro-rated to the date of the written notice. Compensation for P's fixed improvements on the site shall be established by determining the value of such improvements in the manner set out in Paragraph IV.B, above, and deducting any rent past due and/or aforementioned penalties.

and the second to read:

TSI may, at its discretion, resume possession of the leasehold under any of the following circumstances:

a. Upon 24-hours written notice following P's failure to pay rent in full for a period of 30 days after it has become due and payable. In that event, the compensation for P's fixed improvements shall be established in the manner set out in Section IV.B, above, and shall be paid to P by P's successor, if such there be within a year, and otherwise by TSI, less any rent past due and/or aforementioned late penalties.

JLMadrigal 22:15, 22 March 2009 (UTC)

I'm just trying to help, in case any of these issues have been overlooked. Mike 11 March 2009 13:30EST(18:30GMT)

After careful consideration, I have revised II. A. to read:

TSI promises not to impose within ClubStead any tax on the person or property of P or of anyone else in ClubStead, nor to collaborate with any state or other foreign government that wishes to impose any tax or regulation on any resident of Clubstead who is not a citizen of said state nor under its flag. The word "tax" shall be understood to mean any imposition of any levy, fine, or assessment, other than as provided for by the terms of this or other agreements into which all parties have voluntarily entered.

"Under its jurisdiction" would give any state limitless authority to regulate ClubStead. JLMadrigal 13:34, 29 March 2009 (UTC)

Management incentive through layered distribution of rental proceeds

I have added a subsection G to the "TSI promises" section in order to incentivize efficient management of vessels and complexes governed by this contract:

G. To provide one resident property manager aboard each vessel or complex, who shall be required to distribute the aforementioned rent proceeds in the following order of calculation:

1) Initial payment shall go the titleholders/ financiers of the vessel/complex according to the payment schedule authorized by TSI,

2) All remaining obligations and liability payments shall be disbursed to P for losses or damages for which TSI and/or the manager is responsible as outlined above,

3) The square root of the rental proceeds shall be calculated in the manner prescribed above for each payment received and shall be disbursed to TSI,

4) Compensation to any salaried or contracted staff and other operating expenses required for operation of the vessel/complex in compliance with this contract shall be disbursed, and

5) The manager of the vessel/complex will be entitled to full compensation with the remaining funds.

JLMadrigal 14:28, 29 March 2009 (UTC)