PRAIRIE MEADOWS RACING I CLUB MEMBERSHIP AGREEMENT
BY BECOMING A MEMBER OF THE PRAIRIE MEADOWS RACING CLUB I, INC. (“CLUB”), I UNDERSTAND, REPRESENT AND AGREE AS FOLLOWS:
1. Purpose: I understand that the purpose of the Club is to provide an educational experience of Thoroughbred horse ownership through participation in a not-for-profit-social-club organized for pleasure, recreation and other non-profitable purposes that owns, trains and races a Thoroughbred racehorse.
2. Club Activities: I understand that: (a) the Club will initially own one racehorse with plans to race at Prairie Meadows Racetrack in Altoona, Iowa (the “Racetrack”); (b) up to 200 memberships will be sold for the 2018 Club at $300 each and the funds raised from these membership dues will be used to pay the purchase price of the horse, as well as for training fees and other expenses of the horse; (c) membership dues will be deposited into a Club account and expenses will be paid from this account; (d) the horse trainer TBA; (e) Club Members will receive communications through social media and emails about the horse’s progress and activities, as well as any exclusive Club events; (f) the Club will operate until August 18, 2018 (unless it becomes prudent to cease operations at an earlier date) and the horse will be sold and any monies remaining in the account after all financial obligations are met will be returned to the Members pro-rata up to $300 per Member (without interest); (g) day-to-day decisions will rest exclusively with the Trainer and Club’s Board of Directors; (h) if there are any funds remaining after return of all membership dues, the proceeds will be distributed to a charity as selected at the discretion of the Club’s Board of Directors; and (i) Club activities will take place at the Racetrack, which is subject to safety considerations, and I agree to be bound by and abide by rules and regulations of the Racetrack.
3. No Pecuniary Profit: I understand that the Club is organized as a not-for-profit-social-club, and I am not joining the Club with any profit motive or expectation of profit. I understand that I may not receive back any of my $300 membership dues and agree that the maximum I may ever receive back is $300.
4. Release: I recognize that hazards and risks are inherent in owning, training and racing Thoroughbred racehorses and related activities. I hereby acknowledge voluntary participation in the Club and, by checking the box below (purchases online) or by signing below (purchases onsite), hereby release and forever discharge the Club, the Racetrack, Polk County, Iowa, their affiliates and all directors, officers, employees and agents of the foregoing, from any and all liability of whatever kind, known or unknown, arising from my participation in the Club; further, I waive all claims of all kinds against all and any of the foregoing arising from participation in the Club. This release shall be binding upon me, my immediate family members (including without limitation, my spouse and any children as applicable) and my heirs, successors and assigns. I also understand and agree that this release contemplates the release and discharge of any and all other claims that may exist or arise in the future as a result of any aforementioned occurrence and any injuries, illness, loss (including death) or damages to persons or property (including loss of use of property) allegedly sustained thereby by the aforementioned releasing parties.
5. Only Agreement: I agree that this is the only agreement or understanding that applies to my interest in the Club.