HARRY HUGHES, Governor

2971

PERIOD, FROM COLLECTING A PERIODIC CHARGE FROM THE TIME-SHARE
ESTATE OWNERS FOR THE PAYMENT OF OCCUPANCY EXPENSES. HOWEVER,
ANY SUCH FUNDS RECEIVED AND NOT SPENT OR ANY OTHER FUNDS RECEIVED
AND ALLOCATED TO THE BENEFIT OF THE ASSOCIATION, SHALL BE
TRANSFERRED TO THE ASSOCIATION BY THE DEVELOPER IMMEDIATELY UPON
TERMINATION OF THE DEVELOPER CONTROL PERIOD.

(3) UPON TERMINATION OF THE DEVELOPER CONTROL PERIOD,
THE ASSOCIATION SHALL BE RESPONSIBLE FOR TIME-SHARE EXPENSES
EXCEPT THAT THE DEVELOPER SHALL BE RESPONSIBLE FOR COMMON
EXPENSES ASSOCIATED WITH HIS PROPORTIONATE SHARE OF THE
TIME-SHARE PROJECT. HOWEVER, NO TIME-SHARE EXPENSE, DUES, OR
ASSESSMENT LEVIED BY THE ASSOCIATION SHALL DISCRIMINATE AGAINST
THE DEVELOPER.

(B)  THE TIME-SHARE INSTRUMENT FOR A TIME-SHARE ESTATE
PROJECT SHALL ALSO INCLUDE PROVISIONS FOR THE FOLLOWING:

(1)  TERMINATION OF LEASES AND CONTRACTS FOR GOODS AND
SERVICES ENTERED INTO DURING THE DEVELOPER CONTROL PERIOD. ANY
SUCH CONTRACT SHALL BECOME VOIDABLE AT THE OPTION OF THE
ASSOCIATION NO LATER THAN 2 YEARS AFTER THE DEVELOPER SELLS THE
FIRST TIME-SHARE ESTATE IN THE PROJECT; AND

(2)  A REGULAR ACCOUNTING BY THE DEVELOPER TO THE
ASSOCIATION OF MATTERS THAT SIGNIFICANTLY AFFECT THE INTEREST OF
TIME-SHARE ESTATE OWNERS.

(C)  FEE SIMPLE TITLE TO THE COMMON ELEMENTS, IF ANY, OF THE
TIME-SHARE ESTATE PROJECT SHALL BE TRANSFERRED TO THE
ASSOCIATION, FREE OF CHARGE, NO LATER THAN AT SUCH TIME AS THE
DEVELOPER EITHER TRANSFERS TO PURCHASERS LEGAL OR EQUITABLE
OWNERSHIP OF AT LEAST 75 PERCENT OF THE TIME-SHARE ESTATES OR
COMPLETES ALL OF THE AMENITIES AND FACILITIES COMPRISING THE
TIME-SHARE PROJECT, WHICHEVER SHALL OCCUR LATER, BUT THE
DEVELOPER MAY ELECT NOT TO CONVEY SOONER THAN 2 YEARS FROM THE
DATE THE DEVELOPER SELLS THE FIRST TIME-SHARE ESTATE UNIT. THE
DEVELOPER CONTROL PERIOD SHALL TERMINATE ON THE DATE OF TRANSFER
OF THE COMMON ELEMENTS TO THE ASSOCIATION.

11A-107.

THE TIME-SHARE INSTRUMENT FOR A TIME-SHARE LICENSE PLAN
SHALL PRESCRIBE AND OUTLINE REASONABLE ARRANGEMENTS FOR THE
MANAGEMENT AND OPERATION OF THE TIME-SHARE LICENSE PLAN AND FOR
THE MAINTENANCE, REPAIR, AND FURNISHING OF TIME-SHARE UNITS
SUBJECT TO LEASE, WHICH ARRANGEMENTS SHALL INCLUDE PROVISIONS FOR
THE FOLLOWING:

(1)  STANDARDS AND PROCEDURES FOR HOUSEKEEPING,
REPAIR, AND INTERIOR FURNISHING OF TIME-SHARE UNITS SUBJECT TO
LICENSE;

(2)  ADOPTION OF STANDARDS AND RULES OF CONDUCT
GOVERNING THE USE, ENJOYMENT, AND OCCUPANCY OF TIME-SHARE UNITS
BY LICENSEES;