CONTRACT SAMPLE
Lake Dreams L.L.C.
PO Box 521
Selah, WA. 98942
509-580-1998 explorelakedreams@gmail.com
TIMESHARE PROPERTY INTEREST TERMINATION AGREEMENT
This Timeshare Property Interest Termination Agreement (the “Agreement”) by and between
_____________________________________________________________________(“Client/s”)
Address: _______________________________________________________________________________
City: _______________________________ State: _______________ Zip Code: __________________
Phone: _____________________________ Mobile: __________________________________________
E-Mail Address: _______________________________________________________________________
and Lake Dreams LLC (“LD”) entered into on this date ___________________________
Resort Name: ________________________________________________________ (“Property”)
City: _______________________________ State: _______________ County: ____________________
Week #: ________ Unit: _________ Points: ________ Type (# of bedrooms): ___________
Client’s Timeshare Property Interest (the “Property”) shall be terminated willfully and with no expectation or guarantee of any indemnification therefrom. The sole benefit for Client under this Agreement is relief from any future legal and / or monetary obligations related to this Property. Upon completion of the termination process Client’s ownership, usage, and all future legal and / or monetary obligations for the Property shall cease.
A consulting fee of $_________ shall be paid by Client for services from LD and / or referral service to a third-party closing company designated by LD, and this fee will serve as full payment to LD. Title search fees, recording fees, and the transmission and delivery of said documents will be performed by LD’s designated third-party closing company and are included in this fee. Nevertheless, the Property’s Resort Owner or Operator (the “Resort”) may require an additional exit fee in some cases and those fees are unknown until the third-party closing company receives, reviews all of the relevant documents, and enters into negotiations. ______________
Client hereby agrees to actively participate in the termination process and to work with LD and / or LD’S third-party closing company and understands that the termination of each Property requires providing and executing certain documents, and that in the event Client fails to participate or execute required documentation in a timely manner, that the termination of the Property may result in a delay or in the inability of LD and / or LD’s third-party to complete the termination process. Client further agrees they will not interfere or work directly with the Resort or any other third-party in circumvention of this Agreement. If a Client interferes and works directly with the Resort or another third-party during the term of this Agreement, then LD’s obligation under this Agreement will be deemed satisfied and LD shall have no further obligation to Client. Furthermore, the Company shall be entitled to retain the fee remitted to LD and likewise, LD’s third-party closing company will have the right to retain any fees paid to them related to this Agreement. In addition, Client will not be eligible for a refund of the fee if their noncompliance results in extraordinary delay of the termination process. ______________
Until the termination process is completed, the Client will be responsible for all fees, taxes and assessments on said Property. If, during the termination process, title to Property is found to be defective or any lien is discovered including any pending legal action or monetary obligations such as: mortgages, taxes, maintenance fees, special assessment fees, damage fees, late charges, etc., it shall be the Client’s responsibility to satisfy all such claims. Client’s failure to clear any defect will excuse LD and / or LDs designated third-party of any further obligations under this Agreement and Client will not be eligible for refund of any fee. ______________
__________ In the event that the Resort refuses or declines the reasonable termination terms negotiated by LD and / or LD’s third-party closing company, LD shall refund the full amount of the consulting fee.
__________ LD’s liability shall be limited to the amount of the consulting fee. LD shall not be responsible for any maintenance fees under any circumstances.
__________Client understands any bill or fee due during the termination process remains the Client’s sole obligation.
__________ Client acknowledges and agrees that the Property termination process may take up to one (1) year to complete or longer depending on the particular circumstances. However, in many cases LD and / or LD’s third-party closing company may be able to complete negotiations with a Resort earlier.
__________ Client agrees to accept any reasonable settlement offer with their Resort presented by LD’s third-party closing company. If Client refuses to agree to any reasonable settlement offer, then LD shall be entitled to retain the fee remitted to LD and, likewise, LD’s designated third-party closing company will have the right to retain any fees paid to them related to this Agreement.
