HARRY HUGHES, Governor                                     2967

INSTRUMENT, AND AS ACQUIRED BY THE TIME-SHARE PURCHASER IN THE
EXECUTION OF A SALES CONTRACT.

(T) (U) "TIME-SHARE EXPENSES" MEANS COMMON EXPENSES AND
OCCUPANCY EXPENSES, BUT DOES NOT INCLUDE FACILITY FEES.

(U) (V) "TIME-SHARE INSTRUMENT" MEANS A DOCUMENT THAT
DESCRIBES THE TIME-SHARE AS PROVIDED IN §§ 11A-103 AND 11A-107.

(V) (W) "TIME-SHARE LICENSE" MEANS A RIGHT TO USE OR OCCUPY
1 OR MORE UNITS OR ANY OF SEVERAL UNITS DURING 5 OR MORE
SEPARATED TIME PERIODS OVER A PERIOD OF AT LEAST 5 YEARS,
INCLUDING RENEWAL OPTIONS, IN A TIME-SHARE PROJECT.

(W) (X) "TIME-SHARE PLAN" MEANS ANY ARRANGEMENT OTHER THAN
AN EXCHANGE PROGRAM, WHETHER BY MEMBERSHIP, AGREEMENT, TENANCY IN
COMMON, SALE, LEASE, LICENSE, OR RIGHT TO USE AGREEMENT OR BY ANY
OTHER MEANS, WHEREBY A TIME-SHARE PURCHASER, IN EXCHANGE FOR A
CONSIDERATION, RECEIVES A TIME-SHARE, AND ATTENDANT RIGHTS AND
OBLIGATIONS.

(X) (Y) "TIME-SHARE PROJECT" MEANS THAT PORTION OF THE
PROJECT SET ASIDE FOR THE USE AND ENJOYMENT BY TIME-SHARE
PURCHASERS AS DESCRIBED IN THE TIME-SHARE PLAN OR TIME-SHARE
INSTRUMENT, AND AS ACQUIRED BY THE TIME-SHARE PURCHASER IN THE
EXECUTION OF A SALES CONTRACT.

(Y) (Z) "TIME-SHARE UNIT" MEANS A UNIT IN WHICH TIME SHARES
EXIST SUBJECT TO A TIME-SHARE PLAN.

(Z) (AA) "UNIT" MEANS REAL PROPERTY, OR A PORTION THEREOF,
DESIGNATED FOR SEPARATE USE.

11A-102.

(A)  EXCEPT AS OTHERWISE PROVIDED IN THIS TITLE, THE
RECORDATION OF A TIME-SHARE INSTRUMENT CREATES A TIME-SHARE
ESTATE EITHER AS A FREEHOLD ESTATE OR AN ESTATE FOR YEARS, AS
SPECIFIED IN THE TIME-SHARE INSTRUMENT.

(B)  A DOCUMENT TRANSFERRING OR ENCUMBERING A TIME-SHARE
ESTATE SHALL BE RECORDED AMONG THE LAND RECORDS OF THE COUNTY IN
WHICH THE UNIT IS LOCATED AND MAY NOT BE REJECTED FOR RECORDATION
BECAUSE OF THE NATURE OR DURATION OF THAT ESTATE. A DOCUMENT
TRANSFERRING A TIME-SHARE LICENSE MAY BE RECORDED.

(C)  EACH TIME-SHARE ESTATE CONSTITUTES, FOR PURPOSES OF
TITLE, A SEPARATE ESTATE OR INTEREST IN A UNIT.

11A-103.

A TIME-SHARE INSTRUMENT SHALL BE RECORDED AMONG THE LAND
RECORDS OF EVERY COUNTY IN WHICH ANY PORTION OF THE PROJECT IS
SITUATED AND SHALL CONTAIN IN ADDITION TO OTHER PROVISIONS
REQUIRED BY THIS TITLE THE FOLLOWING: