Foreclosure: 5± Acre Providence Island Lot

Description

Foreclosure: 5± Acre Providence Island Lot
Auction: Friday, April 14 @ 2PM
Register from 1:30PM
13 Providence Island, South Hero, VT
Auction will be conducted at 298 James Brown Drive, Williston, VT

Beautiful 5± Acre Providence Island lot (13 Providence Island) on Lake Champlain. Views of the Adirondack Mountains and 500+ ft shoreline! Empty lot: house was torn down in preparation for construction. More info coming soon!

All owners of lots on Providence Island are eligible to become shareholders in Providence Island Association, Inc. (“PIA”), a non-profit homeowners’ association. For the exclusive common benefit of its shareholders, PIA owns and controls, on the mainland side, a concrete pier, a parking lot, a garage and a boat access ramp. On the island side, it owns and controls a third of the land on the island, a seven-bedroom lodge building, a road network, a concrete pier and removable docks, among other amenities. All current lot owners use these assets to reach the island and safely park a boat and reach the mainland and safely park a boat. Shares in PIA do not run with the land. Any transferee of a lot who wishes to become a shareholder must apply to PIA in accordance with the procedures described in its articles of association and bylaws (the “Bylaws”). Approval of the issuance of a share to a new owner of the lot is subject to veto by 20% of the existing shareholders. The bylaws advise that the approval process should be completed before title to the lot is transferred.

No representation is made as to any right to membership in Providence
Island Association, Inc. (The “Homeowners Association” or “HOA”) by any
purchaser, such membership is subject to the HOA’s governing
documents, and application procedures (see attached).