Two (2) Membership in the Disney Vacation Club prizes are available: Membership in the Disney Vacation Club includes a Vacation Ownership leasehold condominium interest in Disney's Saratoga Springs Resort & Spa or another Disney Vacation Club Resort as Sponsor shall select, represented by 220 vacation points, together with associated benefits, rights, rules, regulations, privileges and responsibilities, and payment of annual dues and exchange fees. Payment of annual dues and exchange fees on the winner's membership interest is personal to the winner and not transferable. All other expenses incidental to membership in Disney Vacation Club (including, without limitation, airfare, transportation, gratuities, meals, and special assessments and taxes) are and remain the sole responsibility of the winner during the period of time that the winner retains the membership. Membership and ownership at Disney's Saratoga Springs Resort & Spa expire on January 31, 2054. Membership and ownership at Disney's Animal Kingdom Villas expire on January 31, 2057. Membership and ownership at all other currently existing Disney Vacation Club Resorts expire on January 31, 2042. Membership entitles the winner to an annual allotment of 220 vacation points that may be used to reserve accommodations at Disney Vacation Club Resorts and accommodations available through the Disney Vacation Club Member Getaways program. Disney's Saratoga Springs Resort & Spa is located at the Walt Disney World® Resort in Lake Buena Vista, Florida. All accommodations are subject to availability and reservation policies. Other restrictions apply. The prize is not redeemable for cash. Certain restrictions on transfer of the membership interest apply. If any winner of this prize is a Minor under the laws of the winner's state, territory, province or country of domicile, Sponsor reserves the right to award this prize to the Minor's parent or legal guardianas custodian of such prize under the Florida Uniform Transfer to Minors Act until such Minor winner attains the age of majority. Notwithstanding the foregoing, if the winner is a Minor under the law of the winner's state or province of domicile, Sponsor reserves the right, in its sole discretion, to hold the awarding of the prize in abeyance until the winner attains the age of majority, at which time the prize and the estimated cash value of the prize during the temporary period of abeyance shall be awarded directly to the winner. Membership in the Disney Vacation Club is subject to the following restrictions (collectively "the Restrictions"): (i) the Master Declaration of Covenants and Restrictions, the Declaration of Condominium and the Master Cotenancy Agreement for Disney's Saratoga Springs Resort & Spa or such other Disney Vacation Club Resort selected by Sponsor in its sole discretion, each recorded in the Public Records of Orange County, Florida (in the case of Disney's Saratoga SpringsResort & Spa) or the public records of the county in which such alternative Disney Vacation Club Resort selected by Sponsor is located; and (ii) all other easements, restrictions and matters of record; and (iii) the Disney Vacation Club Membership and the Disney Vacation Club Resort Agreement for Disney's Saratoga Springs Resort & Spa or such other Disney Vacation Club Resort selected by Sponsor in its sole discretion. The winner acknowledges that his/her membership is subject to the Membership Restrictions. The winner must sign all necessary documents to effectuate transfer of membership (including, without limitation, documents related to the Restrictions) and to receive all disclosures required by the State of Florida, Division of Land Sales, Condominiums and Mobile Homes. The complete offering terms of a Membership in Disney Vacation Club are available in the offering plan available from Disney Vacation Development, Inc. ARV of each prize as of August 1, 2007 (assuming the prize awarded is a membership at Disney's Saratoga Springs Resort & Spa): US $87,361, which includes (i) the conveyance of a real estate interest in Disney's Saratoga Springs Resort & Spa or other Disney Vacation Club Resort chosen by Sponsor represented by 220 vacation points at the current membership price of US$22,880; and (ii) the payment of all annual dues (excluding any special assessments) during the time that the winner owns the real estate interest, which has an estimated value of US$33,156 (based upon the 2007 annual dues of US$4.12 per Vacation Point, escalated at 5% per year and discounted at 6%, the current Applicable Federal Rate, over the life of the membership); and (iii) any exchange fees incurred by the winner during the time that the winner owns the real estate interest, in exchanging, from time to time, the winner's vacation points for other vacation destinations, which has an estimated value of US$749 (assuming the winner exchanges vacation points every three years and a current exchange fee of US$95 escalated at 2.5% per year and discounted at 6%, the current Applicable Federal Rate, over the life of the membership); and (iv) a cash prize equal to US$30,576 to help defray payment of taxes payable as a result of winning the prize. The actual retail value of the prize may be different at the time the prize is awarded as a result of, among other things, increases in the purchase price of memberships and/or a selection by Sponsor to award as the prize a membership in a Disney Vacation Club Resort other than Disney's Saratoga Springs Resort & Spa. Sponsor makes no representation or warranty that the cash portion of this prize will be sufficient to pay winner's tax liability.
What great news! Enjoy.
What a gracious winner you are and so deserving! I am so happy for you! It was a thrill to read all of your posts regarding your prize!!!!
