RULES OF THE TRUMP NATIONAL GOLF CLUB
Bedminster, New Jersey
Lamington Farm Club, LLC (“Owner”) is a Delaware limited liability company which owns
and operates certain recreational and social facilities in Bedminster Township, New Jersey under the
name Trump National Golf Club – Bedminster (the “Club”) or such other name as Owner may
determine. The facilities include two 18-hole Fazio designed golf courses with multiple tee boxes, a
traditional practice facility with target greens, a clubhouse with a dining facility, a casual lounge,
locker rooms, a pro shop, bag storage, administrative offices, swimming pool and tennis courts.
Additional amenities may be added in the sole discretion of Owner. The above-described facilities and
any additional amenities which are constructed for the use of members in the future are collectively
referred to in these Rules as the “Club Facilities.” The Club and the Club Facilities shall be subject to
the following Rules, as amended from time to time. Use of the Club and the Club Facilities shall also
be subject to the terms and conditions contained in the Member Handbook, as both may be amended
from time to time as provided herein.

I.

MEMBERSHIP. The Club currently offers only memberships with full golf privileges
(“General Memberships”). The Club reserves the right to issue Corporate, International,
Honorary, Provisional, Sporting and Junior Memberships and other types of memberships
in the future. Such memberships, if issued, will be entitled to such privileges and be subject
to the payment of such dues, membership fees and other fees and charges, and such other
terms and conditions, as may be established by the Club from time to time in its sole
discretion.
A. General Members. General Members shall be such persons who, conditioned upon
paying the required membership deposit in effect from time to time and successful
completion of the admission process, have been accepted as General Members by the
Club. General Members will be entitled to use all of the Club Facilities in accordance
with the policies and procedures of the Club. General Members will not be required to
pay greens fees. They will pay golf cart fees and other fees and charges set by the Club.
B. Family Use. Each membership will be in the name of an individual; however, the
members of the immediate family of the named member will be entitled to use the Club
Facilities without the payment of guest fees. The use privileges of family members may
be restricted from time to time. The immediate family of the member includes the
member’s spouse and their dependent unmarried children aged 21 and under who are
living at home or attending school on a full-time basis. Other family members will be
treated as guests, subject to guest Rules, Rules, and fees.
C. Number of General Members. The Club intends to offer 700 General Memberships.
D. Membership Admission.
(1) An individual wishing to acquire a membership in the Club must obtain from
the Club and complete in every detail a Membership Application. Incomplete
forms will not be considered by the Club.

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 (2) The Club will evaluate a candidate and will thoroughly screen each individual
to assure that he or she would, in the Club’s sole discretion, be suitable for
membership in the Club, provided, however, that no individual shall be
discriminated against because of race, color, religion, sex, national origin, age,
handicap or marital status. The Club’s review of an applicant’s application is
completely confidential and shall not be shared with anyone, including the
applicant.
(3) An interview by Club Management and a designated membership committee
with the candidate’s spouse may be required. However, the Club may waive
the requirement of an interview.
(4) Admission files of the Club shall be confidential, and shall be available only
to be designated executive personnel of the Club and the Trump Organization
and Club counsel.
(5) Each member who is accepted for admission shall receive a Certificate of
Membership in his or her name alone.
(6) Memberships may be transferred only through the Club and are non
transferable in any open market.
E. Marriage or Divorce. A member shall notify the Club in writing of his or her marriage,
remarriage or divorce.
F. Resignation. Any member may resign from the Club by written notice to the Club,
provided all indebtedness to the Club has been paid. All membership privileges
terminate upon resignation.
G. Expulsion and Suspension. If any member is charged with conduct injurious to the
good order, welfare, interest or character of the Club, or with any infraction or abuse of
the Rules, the Club shall thereupon notify the member so charged and the Club, if it
shall be satisfied of the truth of the charge, may either expel or request the resignation
of such member or order suspension of such individual’s privileges for a period not
exceeding ninety days. The Club also reserves the right to prohibit use of the Club by
any individual using the Club by virtue of the member’s membership for the reasons
outlined in this paragraph.
H. Death. Upon the death of a member, the surviving spouse, if any, may continue
membership privileges without the payment of any additional membership deposit. If
the surviving spouse continues membership privileges, the membership will be deemed
resigned upon the earlier of the surviving spouse’s resignation or death. If the deceased
member is not survived by a spouse or the surviving spouse does not desire to continue
membership privileges and so notifies the Club within 90 days of the member’s death,
the membership will be deemed resigned as of the date of the member’s death and the
membership deposit will be paid to the deceased member’s estate or the estate’s
assignee (and not to the surviving spouse) upon the earlier of (a) thirty (30) years from
the date of the member’s admission to the Club or, (b) thirty (30) days after the
reissuance of the membership by the Club as provided in Section III of these Rules. In
order to assign the estate’s interest in the right to such proceeds, the Club must receive

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 written notice from the authorized estate representative within six months of the date of
the member’s death.

II.

GUESTS.
A. General.
(1) The conduct and behavior of guests is the responsibility of the hosting
member. The hosting member will be responsible for damages and personal
injury caused by his or her guests.
(2) A member shall not introduce as a guest any member that has been expelled
from the Club.
B. Golfing Guests shall be such persons as are introduced and accompanied by General
Members to use the Club’s golf facilities. Charges shall be in accordance with a
schedule of charges promulgated by the Club from time to time.
C. Social Guests shall be such persons as may be introduced and accompanied in the
Clubhouse by members. No guest fee will be payable for a guest solely to attend a
regular meal service. Other guest fees shall be in accordance with a schedule of charges
promulgated by the Club from time to time.
D. Revocation/Restriction of Guest Privileges. Use of the Club by guests is a privilege,
subject to the control of the Club, which may at any time and without the assignment of
any reason therefore, refuse to grant the privilege requested or revoke any privilege
theretofore granted. The Club also reserves the right to place and modify restrictions on
guest use in its discretion.

III.

DEPOSIT, DUES AND CHARGES.
A. All membership deposits paid by General Members will have an initial maturity of
thirty (30) years from the date of the General Member’s admission to the Club. At the
end of the thirty (30) years, a General Member may choose to (a) resign and receive a
refund of his or her original membership deposit less a Reissuance Fee, or (b) leave his
or her membership deposit with the Club and have the Club renew the membership for
the same price paid by the General Member originally for a new fixed term of thirty
(30) years.
If a General Member in good standing resigns from the Club prior to the expiration of
the-then current 30 year term of his or her membership, he or she will receive his or her
original membership deposit, less a Reissuance Fee, upon the earlier to occur of the
reissuance of his or her membership or the date that is 30 years from the date of his or
her admission to the Club. Resigned memberships will be made available for reissuance
by the Club on a one-for-ten basis until the Club has 700 General Memberships. After
all 700 General Memberships are issued, it is anticipated that General Memberships
will be reissued on the basis of one reissuance for each new General Membership
issued.

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 The following shall not be counted in determining the number of active General
Members: (1) resigned, terminated or otherwise inactive members who are not paying
dues and (2) those who have not paid their membership deposits in full.
Notwithstanding the above, a total of 50 General Memberships have been designated as
Founder Memberships. If a Founder Member resigns within thirty (30) years from the
date of his or her admission or after such membership has been reissued to the original
member for a new fixed term, upon reissuance of the Founder Member’s membership,
the resigned Founder Member will be entitled to the then-current membership deposit
for a General Membership in the Club less the applicable Reissuance Fee. The
incoming member to whom the resigned Founder Member’s membership is re-issued
will not have the special Founder designation and, upon resignation, will receive the
membership deposit or portion thereof applicable to regular General Members.
The Reissuance Fee shall initially be 15% but may be increased by the Owner from
time to time in its sole discretion.
Notwithstanding the above, if memberships are issued in additional categories, resigned
memberships of those categories may be included on the list of resigned General
Memberships and may require multiple General Memberships to be resold before being
reissued which could delay the reissuance of a General Membership.
B. Membership deposits and all other Club revenues are the property of the Club Owner
and may be used for any purpose, in its sole discretion. No membership deposit or
portion thereof will be repaid with interest. The Club may set off against the
membership deposit any amounts owed to the Club on the date the membership deposit
is repaid. Membership and the right to receive the repayment of the membership
deposit is not transferable or negotiable, except to secure purchase money financing
with the Club’s prior approval. The repayment of all or the required portion of the
membership deposit shall constitute a general release of Lamington Farm Golf Club,
LLC; Lamington Farm Club, LLC; LFB Acquisition, LLC; Fairway International
Clubs, LLC and each of their affiliates, legal representatives, successors, employees,
officers, directors, shareholders, members, managers, attorneys, agents, heirs, executors
and administrators from any liability related in any way to the Club. An individual
should not become a member with the expectation that his or her membership will be
reissued or that the Club will repay all or a portion of the member’s membership
deposit prior to the 30-year maturity date. The Club is under no obligation to approve
reissuances nor is the Club obligated to effect an expedited reissuance in the event a
member dies, resigns, can no longer afford to pay dues or in any other circumstance. All
reissuance provisions herein are subject to any restrictions contained in any debt
refinancing with respect to the Club Property.
C. Membership deposits, membership annual dues, charges for guests, dining expenses
and facility usage fees, plus any applicable sales tax, shall be charged in accordance
with a schedule of charges promulgated by the Club from time to time in its sole

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 discretion. A service charge is added to all food and beverage checks. Members may be
notified of other fees or charges from time to time.
D. Membership annual dues are payable in advance on or before February 28 of each year.
Any member not paying his or her dues and any applicable State Tax on said dues on or
before said date may be dropped from the rolls of the Club, unless for reasons
submitted to and approved by the Club, and the membership may be discontinued. In
the event of reinstatement, which shall be in the Club’s sole and absolute discretion, the
member must pay all unpaid amounts and a penalty in the amount of 10% of the
delinquent amounts will be charged.
E. All indebtedness to the Club should be paid promptly when billed. The membership of
any member not paying an indebtedness within thirty (30) days after statement
therefore has been given or mailed may be suspended and all unpaid amounts will be
subject to interest at the maximum rate allowable by law. The Club shall be entitled to
receive reimbursement for all reasonable expenses, including collection fees and
attorney’s fees, incurred in the collection of any Club charges. It is the member’s
responsibility to ensure that the Club has his or her current address. A member who is
delinquent in paying any amounts due to the Club is not in good standing.
F. Members are responsible for all charges incurred by family members and guests
introduced by them and for damages caused by such persons.
G. Members will not be subject to any capital or operating assessments. The Club Owner
will be responsible for all capital and operation costs and will be entitled to all capital
or operating profits.
H. The Club makes no representations and expresses no opinions regarding the federal or
state income tax consequences of acquiring a membership or repaying all or a portion
of the membership deposit without interest. All members acquire their memberships
subject to all applicable tax laws as they may exist from time to time. Certain
provisions of the Internal Revenue Code impute interest income to a lender with respect
to a non-interest bearing loan. It does not appear that these provisions currently apply to
the membership deposit. The Internal Revenue Service may, however, issue Rules
which mighty impute interest income to a member. Members should consult with their
own tax advisor with respect to the tax consequences of paying the membership deposit
and the Club’s non-interest bearing obligation to repay all or a portion of the
membership deposit.

IV.

RELEASE. In consideration and as a condition of invitation to and use of the Club and
the Club Facilities by any member, guest or other person, or any person claiming by, under
or through a member, guest or other person, who, in any manner, makes use of or accepts
the use of any apparatus, appliance, facility, privilege or service whatsoever owned, leased
or operated by the Club, or who engages in any contest, game, function, exercise,
competition or other activity operated, organized, arranged or sponsored by the Club, either
on or off the Club’s premises (each such person, a “User”), shall do so at his or her own

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 risk, and shall hold the Owner, the Club, and their respective affiliates, directors, officers,
limited liability company members, employees, representatives, agents or concessionaires
(collectively, the “Released Parties”) harmless from any and all loss, cost, claim, injury,
damage or liability (including any loss of or damage to such User’s personal property)
(each of the foregoing, a “Loss”) sustained or incurred resulting therefrom, irrespective of
whether the Loss was the result of negligence, gross negligence, misconduct or
carelessness of the Released Parties. To the fullest extent permitted by law, each User
hereby waives any and all rights of action which it would otherwise have against the
Released Parties even if due to negligence, gross negligence, misconduct or malfeasance of
such Released Parties.
Should any party bound by these Rules bring suit against any of the Released Parties for
any event operated, organized, arranged or sponsored by the Club or any concessionaire or
any claim on any matter and fail to obtain judgment therein against the Released Parties,
said party shall be liable to the Released Parties for all costs and expenses incurred by the
Released Parties in the defense of each suit (including court costs and attorney’s fees
through all appellate proceedings).

V.

COMPLAINTS OR SUGGESTIONS. Issues concerning the management, service,
or general operation of the Club should be in writing, signed by the member and addressed
to the Club’s management. Reprimanding or abusing employees is forbidden.

VI.

AGREEMENT. Payment by a member and use of the Club Facilities shall be deemed
knowledge and acceptance of these Rules and the terms and conditions of the Member
Handbook (collectively, the “Rules and Regulations”), and any amendments to either
document. The Rules and Regulations may be modified from time to time in the Club’s sole
discretion and all such amendments shall be binding upon the members. No modification or
change to either or both of the Rules and Regulations shall require notice to any member or
impose any liability on the Club.

VII. GENERAL ACKNOWLEDGEMENT.
A. General. Membership in the Club grants the member a revocable license to use the
Club Facilities for recreational purposes only in accordance with the Rules and
Regulations, and with the terms and conditions of each member’s membership
application and agreement (collectively, the “Membership Documents”).
Memberships should not be viewed or acquired as an investment and no person
purchasing a membership should expect to derive any economic profits from a
membership in the Club. Membership does not give the member any equity or
ownership interest in the Club or in the Owner. All rights and privileges of members
under the Membership Documents are subordinate to the lien of any mortgage or deed
of trust encumbering the Club Facilities from time to time, which encumbrance may be
made by the Owner in its sole discretion. The Club reserves the right to amend, waive
any provision of or otherwise modify the Rules and Regulations in its sole discretion
from time to time without notice to any member and all members shall be bound by
such amendments. The Club may suspend the sale of memberships at any times if it

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 deems it appropriate to do so. The Club may also terminate the Membership Documents
at any time and the Club reserves the right to sell, lease, or otherwise dispose of the
Club Facilities in any manner whatsoever and to any person whomsoever, to add, issue,
modify or terminate any type, category, or class of membership, to recall any
membership at any time for any or no reason whatsoever, to convert the Club into a
membership-owned Club and to make any other changes in the terms and conditions of
membership in the Club. In the event the Club Facilities are sold and the buyer assumes
liability for the repayment of any member’s membership deposit, the Club shall be
released from liability with respect thereto and the member shall look solely to the
buyer for refund of its membership deposit. In the event that the Club Facilities are sold
and these Rules are terminated, the membership deposits shall be refunded to the
members promptly by the Club or by the buyer.
B. Development Acknowledgement. Notwithstanding any visual depictions including but
not limited to drawings, photographs, and models or any verbal statements made by the
Club or any representative of the Club, no representation is made regarding the
location, design, size or timing of availability of any of the Club Facilities or regarding
the existence or nonexistence of residential housing now or at any time in the future on
or surrounding the golf course.
C. Authority of Membership Documents. No person is authorized to make any
representation or to provide any information with regard to the Club or the
memberships in the Club that is contrary or in addition to the information contained in
the Membership Documents. Any such information may not be relied upon. The Club
shall have the sole right to interpret the Membership Documents.
Revised January 2010

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