The Acquisition

Acquiring the Golf Course Property

     A 25-year lease purchase option agreement was signed on February 6, 1953 between the principal officers of the Pass Christian Isles Gulf Club and the Wallace C. Walker land interests.  The duration of the lease extended from December 1, 1952 ending November 30, 1977 with strict regard to certain stipulations.  One of which, was that the leasing group would construct a clubhouse and complete the reconstruction and reconditioning of the then existing golf links.  
     A survey plan dated September 26, 1952, showed the eight parcels of land, excluding roads and waterways, that were designated as the golf course.  (See Deed Book 371, pp 70-86 in Harrison County Archives)
     Annual rentals were agreed to beginning with $1000 for first year, followed by $2000 annually, then $3500 from 1957 through 1977.
     The option to purchase was established at $140,000 if acquired prior to November 30, 1962, and that upon written notice to comply, a $14,000 good faith deposit had to be submitted.  The deposit and all rents paid would be applied to the purchase price with the balance becoming payable in 5 equal annual payments.
     Stipulations were stated in regards to land use restrictions and with frequent reaffirming statements in which, the sole purpose of the lease was to maintain and carry on the function of a golf course bearing the name of Pass Christian Isles.  The membership was restricted to Caucasians only.  The Bridge across the bayou separating Fairways #3 and #7, must provide open navigation of 9' above mean-tide and a clear horizontal opening not less than 18' wide.  Other incidentals included the free access to water from the artesian well located between Fairways #2 and #8 by both Lessor and Lessee.

Exercise of the Lease Option

     On November 22, 1967, five years after the designated deadline date as was stipulated in the original Lease, the Pass Christian Isles Golf Club, Inc., paid the required deposit of $14,000 in addition to the first payoff installment of $19,200.  After allocated reductions, the balance purchase price of $96,000 was calculated ($140,000 less $14,000 and reduced by annual payments made, leaving a new payoff balance of $76,800).  Four years later, in 1971, the property acquisition was completed.  The Lessor considerations and restrictions as stated in the original Lease were carried forward and required to remain in effect until January 1, 1987.

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