MickeyLovestheU
Earning My Ears
- Joined
- Jun 21, 2015
- Messages
- 28
I just read this and wonder with the new timeshare law in Florida allowing for amendments to contracts, can Disney end the subsidy? If so will it affect point value and or maintenance fees in the future. Any thoughts?
5. Developer Guarantee for Owners Who Purchased On or After 1/1/96 – DVD has agreed to guarantee to each Purchaser and Owner that they will only be required to pay an assessment for operating expenses of $6.1600 per Vacation Point through December 31, 2015, exclusive of ad valorem taxes which are billed separately. In consideration of this guarantee and pursuant to Florida law, DVD will be excused from the payment of its share of the expenses which otherwise would have been assessed against its unsold Ownership Interests during the term of the guarantee. As a consequence of this exemption, during the term of this guarantee, existing Owners and current Purchasers will not be specially assessed with regard to Common Expenses, except as hereinafter provided, if Common Expenses exceed the guarantee per Vacation Point amount and DVD will pay any difference between actual expenses and assessments collected from all Owners and income from other sources. Amounts expended for any insurance coverage required by law or the Condominium Documents to be maintained by the Association and depreciation expense related to real property shall be excluded from the calculation of the Developer obligation except that for real property used for the production of fees, revenue or other income depreciation expense shall be excluded only to the extent they exceed the net income from the production of such fees, revenue or other income. DVD will pay such expenses as needed to meet expenses as they are incurred. However, any expenses incurred during the guarantee period resulting from a natural disaster or an act of God, which are not covered by insurance proceeds from the insurance maintained by the Association, will be assessed against all Owners owning Ownership Interests on the date of such natural disaster or act of God, or their successors or assigns, including DVD as to its unsold Ownership Interest, provided that during any period of time DVD controls the Association pursuant to Section 718.301, Florida Statutes, the Association maintains all insurance coverages required by Section 721.165, Florida Statutes. DVD reserves the right, but is under no obligation, to extend and/or increase the amount of this guarantee for one (1) or more periods of one (1) year each after the expiration of this guarantee period on December 31, 2015, as permitted by Florida law.
6. Developer Subsidy for Owners Who Purchased Prior to 1/1/96 - The Vero Beach Resort was structured as a phased condominium and no additional phases are intended to be added to the condominium. Only 175 Vacation Homes have actually been made part of the Condominium. In an effort to afford Owners who purchased prior to 1/1/96 with a fair and equitable assessment, DVD has committed to Owners who purchased prior to 1/1/96 that the net annual assessment for condominium common expenses imposed upon such Owner shall be based upon the assumption that 266 Vacation Homes have actually been added to the condominium. This is accomplished through a developer contributed subsidy, which for the year January 1, 2015 through December 31, 2015, will be $1.5496 per Vacation Point for Owners who purchased prior to 1/1/96. The amount of the developer contributed subsidy as set forth in this Annual Operating Budget is an estimated amount only. The actual amount will be equal to the amount necessary to pay the difference between the actual Operating Budget determined on a per Vacation Point basis based upon 175 Vacation Homes and the estimated Operating Budget determined on a per Vacation Point basis based upon 266 Vacation Homes. The obligation of DVD to commit to pay this subsidy during the subsidy period is a matter of private contract between DVD and Owners who purchased prior to 1/1/96. DVD does not offer this subsidy to Owners who purchase on or after 1/1/96.
5. Developer Guarantee for Owners Who Purchased On or After 1/1/96 – DVD has agreed to guarantee to each Purchaser and Owner that they will only be required to pay an assessment for operating expenses of $6.1600 per Vacation Point through December 31, 2015, exclusive of ad valorem taxes which are billed separately. In consideration of this guarantee and pursuant to Florida law, DVD will be excused from the payment of its share of the expenses which otherwise would have been assessed against its unsold Ownership Interests during the term of the guarantee. As a consequence of this exemption, during the term of this guarantee, existing Owners and current Purchasers will not be specially assessed with regard to Common Expenses, except as hereinafter provided, if Common Expenses exceed the guarantee per Vacation Point amount and DVD will pay any difference between actual expenses and assessments collected from all Owners and income from other sources. Amounts expended for any insurance coverage required by law or the Condominium Documents to be maintained by the Association and depreciation expense related to real property shall be excluded from the calculation of the Developer obligation except that for real property used for the production of fees, revenue or other income depreciation expense shall be excluded only to the extent they exceed the net income from the production of such fees, revenue or other income. DVD will pay such expenses as needed to meet expenses as they are incurred. However, any expenses incurred during the guarantee period resulting from a natural disaster or an act of God, which are not covered by insurance proceeds from the insurance maintained by the Association, will be assessed against all Owners owning Ownership Interests on the date of such natural disaster or act of God, or their successors or assigns, including DVD as to its unsold Ownership Interest, provided that during any period of time DVD controls the Association pursuant to Section 718.301, Florida Statutes, the Association maintains all insurance coverages required by Section 721.165, Florida Statutes. DVD reserves the right, but is under no obligation, to extend and/or increase the amount of this guarantee for one (1) or more periods of one (1) year each after the expiration of this guarantee period on December 31, 2015, as permitted by Florida law.
6. Developer Subsidy for Owners Who Purchased Prior to 1/1/96 - The Vero Beach Resort was structured as a phased condominium and no additional phases are intended to be added to the condominium. Only 175 Vacation Homes have actually been made part of the Condominium. In an effort to afford Owners who purchased prior to 1/1/96 with a fair and equitable assessment, DVD has committed to Owners who purchased prior to 1/1/96 that the net annual assessment for condominium common expenses imposed upon such Owner shall be based upon the assumption that 266 Vacation Homes have actually been added to the condominium. This is accomplished through a developer contributed subsidy, which for the year January 1, 2015 through December 31, 2015, will be $1.5496 per Vacation Point for Owners who purchased prior to 1/1/96. The amount of the developer contributed subsidy as set forth in this Annual Operating Budget is an estimated amount only. The actual amount will be equal to the amount necessary to pay the difference between the actual Operating Budget determined on a per Vacation Point basis based upon 175 Vacation Homes and the estimated Operating Budget determined on a per Vacation Point basis based upon 266 Vacation Homes. The obligation of DVD to commit to pay this subsidy during the subsidy period is a matter of private contract between DVD and Owners who purchased prior to 1/1/96. DVD does not offer this subsidy to Owners who purchase on or after 1/1/96.
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