HARRY HUGHES, Governor                                     2973

PRIOR TO THE TERMINATION DATE IN THE TIME-SHARE INSTRUMENT, ALL
TIME-SHARES IN A TIME-SHARE PROJECT MAY BE TERMINATED ONLY BY
AGREEMENT OF THE TIME-SHARE OWNERS OF AT LEAST 80 PERCENT OF THE
TIME-SHARES, OR SUCH LARGER PERCENTAGE AS THE TIME-SHARE
INSTRUMENT MAY SPECIFY.

(C) (B) AN AGREEMENT TO TERMINATE ALL TIME-SHARES IN A
TIME-SHARE "PROJECT MUST BE EVIDENCED BY A TERMINATION AGREEMENT
EXECUTED IN THE SAME MANNER AS A DEED, BY THE REQUISITE NUMBER OF
TIME-SHARE OWNERS. THE TERMINATION AGREEMENT MUST SPECIFY A DATE
AFTER WHICH THE AGREEMENT WILL BE VOID UNLESS RECORDED. AN
EXECUTED TERMINATION AGREEMENT IS EFFECTIVE ONLY WHEN RECORDED IN
THE LAND RECORDS OF EVERY COUNTY IN WHICH A PORTION OF THE
TIME-SHARE PROJECT IS SITUATED.

(D) (C) FORECLOSURE OR ENFORCEMENT OF A LIEN OR ENCUMBRANCE
AGAINST ALL TIME-SHARES IN A TIME-SHARE PROJECT DOES NOT
TERMINATE THE PROJECT UNLESS THE LIENOR ELECTS THAT THE PROJECT
BE TERMINATED AND THE ADVERTISEMENT OF FORECLOSURE OR ENFORCEMENT
SALE SO PROVIDES.

(E) (D) (1) THE TERMINATION AGREEMENT MAY PROVIDE FOR THE
SALE OF TIME-SHARE UNITS AND DESIGNATE A TRUSTEE TO EFFECT A SALE
SO LONG AS THE PROCEEDS OF THE SALE ARE DISTRIBUTED TO INDIVIDUAL
TIME-SHARE OWNERS SHARES LESS A SALES COMMISSION OF 5 PERCENT
AND REASONABLE SALES EXPENSES TO BE PAID TO THE TRUSTEE. ON THE
TERMINATION DATE, THE INTERESTS OF A TIME-SHARE OWNER VESTS IN
THE TRUSTEE FOR THE BENEFIT OF OWNERS. PROCEEDS FROM A SALE
SHALL BE DISTRIBUTED IN THE NORMAL ORDER OF PRIORITY TO
CREDITORS, LIENHOLDERS, AND TO TIME-SHARE OWNERS IN PROPORTION TO
THEIR SHARES AS PROVIDED IN THE TERMINATION AGREEMENT OR AS
PROVIDED IN PARAGRAPH (5) IF THE TERMINATION AGREEMENT DOES NOT
ESTABLISH PROPORTIONATE SHARES.

(2)  ON OR AFTER THE TERMINATION DATE, ANY COOWNER
OWNER OF A TIME-SHARE MAY MAINTAIN AN ACTION FOR PARTITION OR FOR
ALLOTMENT OR SALE IN LIEU OF PARTITION.

(3)  EXCEPT AS OTHERWISE PROVIDED IN THE TERMINATION
AGREEMENT, A TIME-SHARE OWNER'S RIGHT TO OCCUPY A TIME-SHARE UNIT
CONTINUES UNTIL THE TERMINATION SALE OCCURS.

(4) ALL CREDITORS OF THE ASSOCIATION PRIOR TO THE
TERMINATION DATE SHALL BE TREATED AS IF THEY HAVE PERFECTED LIENS
ON THE TIME SHARE PROJECT AFTER THE TERMINATION DATE.

(5)(4) IF THE TERMINATION AGREEMENT DOES NOT SPECIFY
THE RESPECTIVE TIME-SHARE OWNER SHARES IN THE TIME-SHARE PROJECT,
WITHIN 180 DAYS PRIOR TO THE TERMINATION DATE AN APPRAISAL MUST
BE MADE OF THE FAIR MARKET VALUE OF EACH TIME-SHARE AS OF THE
DATE OF THE TERMINATION SALE BY AN APPRAISER DESIGNATED IN THE
TERMINATION AGREEMENT OR BY THE TRUSTEE. THE APPRAISAL SHALL BE
SENT TO EACH TIME-SHARE OWNER. THE APPRAISAL DETERMINES THE
VALUE OF EACH TIME-SHARE OWNER'S INTEREST UNLESS AT LEAST 25
PERCENT OF THE OWNERS DISAPPROVE IN WRITING WITHIN 60 DAYS AFTER