BWV, BCV, VWL, extension through 2057?

[joeytdog]

Would you pay $92pp for BCV or pay the extra $3 and get AKV and the extra 15 years?? I LOVE BCV. Is it still worth it though?

 

[DVC92]

I don't have the time nor the inclination to go back through the POS for this issue. My memory suggests that while there isn't any statement that specific says they may possibly extend it, there is wording that would allow it. Statements like "unless otherwise extended".

The original POS (1992) included the caveat "unless sooner terminated". The POS was changed to include language "unless otherwise extended". There was nothing in the original POS that specifically excluded extension, but DVD felt it necessary at some point in time to amend the POS. Clearly, if legally challenged, this would be a relevant issue.

 

[FLYNZ4]

Would you pay $92pp for BCV or pay the extra $3 and get AKV and the extra 15 years?? I LOVE BCV. Is it still worth it though?

The initial cost is a small part of what DVC will cost you. For me... I want Epcot resorts... so my answer would be yes.

/Jim

 

[Dean]

The original POS (1992) included the caveat "unless sooner terminated". The POS was changed to include language "unless otherwise extended". There was nothing in the original POS that specifically excluded extension, but DVD felt it necessary at some point in time to amend the POS. Clearly, if legally challenged, this would be a relevant issue.

The earliest POS I have is 1993. In skimming through it, I'll note that the ground lease is actually a separate document not included in the POS but only summarized there. The only place I saw the wording you refer to was in regards to the management agreement, not the existence of it.

 

[DVC92]

The earliest POS I have is 1993. In skimming through it, I'll note that the ground lease is actually a separate document not included in the POS but only summarized there. The only place I saw the wording you refer to was in regards to the management agreement, not the existence of it.

My contract specifically set forth in paragraph 4 the termination date to be January 31, 2042, unless sooner terminated. Similar language was also in section (2) (f) of the Public Offering Statement (POS). In addition, Article XI, section 3 of the Master Declaration of Covenants, Conditions and Restrictions stated the Declaration to continue until 2042, after which it automatically terminates. The contract also set forth in paragraph 15 that the contract may not be modified or amended except by a writing signed by both PURCHASER and DVD. There was no clause in my contract allowing an extension of the termination date. The contract and POS had only a single caveat, that the ground lease may be sooner terminated.

 

[JJSWDW]

Another thought about why they *should* do the extensions for other DVC resorts is that they'll suddently loose tens-of-thousands of members in 2042. It'd take them quite some time to replace us all plus they wouldn't have all the maintenance revenue from our annual dues. Once would think that staggered extension options would make sense to prevent this. Granted they could start re-selling the units ahead of time, but it'd suddenly flood the market with available points. Just a thought...

 

[Dean]

My contract specifically set forth in paragraph 4 the termination date to be January 31, 2042, unless sooner terminated. Similar language was also in section (2) (f) of the Public Offering Statement (POS). In addition, Article XI, section 3 of the Master Declaration of Covenants, Conditions and Restrictions stated the Declaration to continue until 2042, after which it automatically terminates. The contract also set forth in paragraph 15 that the contract may not be modified or amended except by a writing signed by both PURCHASER and DVD. There was no clause in my contract allowing an extension of the termination date. The contract and POS had only a single caveat, that the ground lease may be sooner terminated.

The contract would only affect you and them, not anyone else if it differs from the POS. Actually this is an area where the POS currently in effect means more than previous versions. DVC and the voting rep can actually make changes and add value without members input. The problem comes in for them legally when they try to take things away from the membership as a whole in some situations, even the things they've added previously. The membership is actually tied to the ground lease and not to the date per se so if DVC extends the ground lease, they have by default, extended the membership of any and all unless you've signed away that right individually which is what DVC is trying to do with the current set up. Legally the can extend the ground lease, what I question is their legal ability to institute, enforce and collect a SA to do so. I'll predict we'll see one of two things in the next few years. Either a few posts about individuals who got a compromise deal or a change to the extension with rebates to those who have already paid. The problem is that those that signed it away will likely be out of luck.