Tom Karpowich
Earning My Ears
- Joined
- Mar 4, 2019
- Messages
- 3
Ok.
After Church, I spent some quality time in my Poly Component Site POS.
#1. Membership is expressly an appurtenance of ownership.
#2. Under Poly's Resort Agreement, page 3: 3.1(b) "That membership in the Club is an appurtenance to each Ownership Interest at the Polynesian Resort..."
#3. Poly Resort Agreement page 5: 6.1 "In the event BVTC associates one or more additional resorts as DVC resorts, the DVC resort agreement executed to effect each association shall be substantially similar to this agreement in all material respects under the circumstances pertaining to such additional DVC resort."
#4. Poly Resort Agreement page 6: 6.2(b) "The association of additional DVC resorts is not subject to the approval of DVCMC, the association, or any club member, and any decision to associate DVC resorts, including terms and conditions under which the DVC resort is associated, will be made by BVTC subject to the express written approval of DVD. In making a decision to associate additional DVC resorts, BVTC shall use its best efforts, in good faith and based upon all available evidence under the circumstances, to further the best interests of the Club Members taken as a whole and with respect to Club Members' opportunities to use and enjoy all of the vacation homes and related facilities made available through the DVC Reservation component."
Clear lines of thought here.
All L14 owners are club members, as an appurtenance of ownership. Each resort association and DVCM empowers BVTC to act as agents for the members for the reservation component. DVD empowers BVTC to add new resorts. BVTC has a contractual obligation to act in the best interests of Club members specifically with respect to furthering the best interest of Club Members to have opportunity to use all the vacation homes made available through the reservation component.
DVC/DVD/BVTC need to get their hats on straight.
What they are proposing is straight up in violation of the agreements they made with the L14 owners and their successors (resale buyers, aka, also owners). No amount of lawyering is going to get them around the express terms in bold above that say they have an obligation to club members as a whole to make the system available for all vacation homes in the reservation component.
Regardless what DVD wants to do to resales, DVCM and BVTC have legal and binding obligations to the membership as a whole, and that includes L14 resale owners both pre and post 1/19/19, aka "club members".
@ziravan
I agree that this is the real issue. It appears that Disney is attempting to devalue the points of owners they don't like. (They just happen to be using the term 'resale' but if they can make this change, then they can base future changes on anything they want - such as owner's that don't by park tickets, or the dining plan, or don't use the Disney credit card.) In fact, the seller is not relevant to the legal rights of a deeded ownership represented by a 'point'. The only distinction that can be made between any point is the deeded resort represented by that point. Thus, all points in the pool are equal to each other inside of the home resort and then outside of the home resort. Thus, I believe all of what you are saying to be true. Perhaps you or someone, somewhere can help me understand what Disney is really doing. A DVC2 is the only thing that makes sense legally at this stage. But from this thread, it appears that Disney is spending a lot of effort to not do that but rather rewrite real estate laws. What am I missing?
For discussion purposes, this is not about the dates between Jan 20th and March 1, 2019. It affects every DVC owner that may desire to sell before their resort's end date. It is unclear what the ultimate net $$ affect with be, but as new resorts are built, the imbalance will grow and the current value will become more and more diluted in real terms as Disney will allow more folks into others 'homes' that aren't allowed in theirs.
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