All Old Key West owners are going to be offered the opportunity to extend the contract end date from 1/31/2042 to 1/31/2057, an additional 15 years.
The price for the extension is $25 per point. If you accept this offer prior to 2/29/2008, the cost is $15 per point with Disney Vacation Club Development covering the extra $10 per point.
If you choose to add this extension, you'll receive a "Lighthouse Memory Capsule" and a special lithograph. If you choose not to accept this offer, you will still get the lithograph but not the capsule.
In order to compensate for the cost (notary) and time required to process the paperwork, all members are getting a $30 credit of their December 2007 dues whether they take the offer or not.
Payment options are through
DVC with a 10 year loan with 10.75% interest. You can also opt to finance it privately, pay it in full or pay it using a major credit card. There will be no closing costs.
This offer is per contract. If you have multiple OKW contracts you do not have to accept this offer for all of them. However, it must be applied to the full value of your points to whichever contract you choose.
This is a one time offer. You will not be allowed to extend your contract with this offer at a later date.
The price of OKW points purchased through DVC for expiration in 2042 was $92. With the passage of this extension resolution, the cost is now $96 per point with an expiration of 2057.
A lien will be placed on all current contracts in the form of a special assessment for the extension of the ground lease. The lein is satisfied by either accepting or rejecting the extension.