The property on which the
DVC condominiums sit is owned by Walt Disney Parks and Resorts US, Inc. (WPDR) formerly known as Walt Disney World Co. (Worldco). Under separate leases, OKW, BWV, BCV, and BRV properties were leased by Worldco to DVD to allow DVD to build condominiums on the sites that would be part of the DVC family. Those leases are to expire 1/31/2042, unless formally extended. That extension happened at OKW which now does not expire until 2057.
That OKW extension was not the success Disney was hoping for as many did not extend and also did not sign documents needed to solidify that those who did not extend understood their interests still expired in 2042. Though an extension of the BCV. BWV and BRV resorts is a possibility, it is highly unlikely to happen (and probably already would have been done if DVD had any remaining plan to do one). Besides the lack of full success of the OKW extension, there are other issues that now make it unlikely for any extension to occur.
An extension mainly requires the resort to stay essentially what it is without major changes because those changes would require approval via the actual vote of the members. With an extension, and absent the actual vote of the members. DVD could not change the total ownership interests per unit, and thus could not raise the total points applicable to the resort and could not make any of the rooms cost more points per night than they do now, except via the allowed seasonal shift of points. DVD also could not do "Riviera" by taking away resale owners right to reserve other DVC resorts. In essence, doing an extension would contradict what has become obvious that the modern DVD wants -- resorts with higher points per-night year round for all rooms, and the limitation of rights of resale owners. Also, DVD, if it is considering it, could not do a major reconstruction project at the resorts that would for any extended period take all or most of the rooms out of service.
And the absence of a formal extension (or the creation of a new DVC resort with a new POS with ownership interests that could be purchased by existing owners who could then reserve rooms after 1/31/2042) is what assures that no existing owner of BWV, BCV, or BRV will be able to stay in a room at the resort past 1/31/2042. The documents clearly provide that ownership interests expire on that date leaving the members with absolutely nothing and thus no right to use the resort after 1/31/2042. Though not mentioned above, that is also expressly stated in the "Public Offering Statement Text" which appears in the Component Site POS document before the Declarations begin, which was given to each purchaser from DVD. As to ownership interests, a paragraph in that Text provides that ownership of the units shall be done in fee title with each owner having an undivided percentage interest of a unit. It expressly states that on 1/31/2042 the fee interest (meaning the ownership interest covered by your deed) will expire, the applicable DVC resort will no longer exist, the lease provided by Worldco will end, and all property at the resort will automatically revert to the ownership of Worldco (now WDPR). That can be avoided only by a proper extension of the resort that includes the extension of the lease from WDPR (which actually occurred at OKW).
In other words, the members deeds will be voided and members will not only have no right to use a room after January 31, 2042, but, absent a valid extension, all rights, interests, and powers concerning the property will belong solely to WDPR. The DVC entities you might deal with (such as DVCM, DVD, BVTC, and the Associations) themselves, absent a valid extension of the leases for BWV, BCV, and BRV, will have absolutely no right or power to grant you the ability to stay at the resort past 1/31/2042 even if you got down on your knees and begged for it.
First day of December?
