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This
7 Year Money-Back Guarantee is made available only to an original
purchaser (the "Purchaser") of an undivided interest (the
"Fractional Share") in a property sold by, or through Fractional Villas, Inc.
(the "Property").
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Purchaser
must have maintained their continuous ownership of the Fractional
Share in the same Property, for 7 consecutive years from the date
of the close of escrow (the "7th Anniversary Date") for
their purchase of the Fractional Share.
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Purchaser
must notify Fractional Villas, Inc. of its desire to sell their
Fractional Share to Fractional Villas, Inc. in writing by Registered
U.S. Mail (the
"Notification"), postmarked
not before the 7th Anniversary Date, or after 30 days from the 7th
Anniversary Date.
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As
of the 7th Anniversary Date and at anytime prior to the close of
escrow for the repurchase of the Fractional Share by Fractional Villas, Inc., the
Property and all of it's furniture, fixtures and equipment must be
substantially in the same condition, and quality as of the date of the
original close of escrow for the purchase of the Fractional Share by
the Purchaser.
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As
of the 7th Anniversary Date and at anytime prior to the close of
escrow for the repurchase of the Fractional Share by Fractional Villas, Inc., the Property cannot have any pending legal actions,
outstanding judgments, liens, or claims, of any nature recorded,
posted, or pending against the Property, and or any pending legal
disputes between any of the co-owners of the other undivided interests
in the Property, or any disputes with any exchange network that the Property may be a
member of; and, the Property shall not be subject to any perils of
air, public enemies, public authorities acting with actual or apparent
authority on the Property, authority of law, acts or omissions of
government or quarantine officials, riots, strikes or other local
disputes, civil commotions, hazards incident to a state of war, or
national or local disruptions in the banking or mortgage system, or in
the sale of real property;
or, any disruption or failure of area communication and information systems.
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As
of the 7th Anniversary Date and at anytime prior to the close of
escrow for the repurchase of the Fractional Share by Fractional Villas, Inc., all
property taxes assessed against the Property, and any and all other
financial obligations of the Property, or the Home Owners Association,
must be paid current, or in full as may be required.
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As
of the 7th Anniversary Date and at anytime prior to the close of
escrow for the repurchase of the Fractional Share by Fractional Villas, Inc., all
general and liability insurance for the Property must be paid current
and said policies must be in full force and effect.
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As
of the 7th Anniversary Date and at anytime prior to the close of
escrow for the repurchase of the Fractional Share by Fractional Villas, Inc., the Purchaser must be current with the payment of their
portion of any and all Home Owners Association fees and expenses
assessed against, or due and payable by the Purchaser.
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Fractional Villas, Inc.
will have 180 days to open and close escrow to repurchase the
Fractional Share, from the date that the Notification is made, by the
Purchaser, to Fractional Villas, Inc. in writing of their desire to
sell their Fractional Share to Fractional Villas, Inc.
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Fractional Villas, Inc.
may transfer or assign its obligation, and or right
to purchase the Fractional Share.
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Fractional Villas, Inc.
will charge a fixed 7% administration fee on the total amount
paid by the Purchaser for the Fractional Share, for Fractional Villas® , Inc's. administrative, processing, appraisal fees, inspection
fees, title policy fees, escrow fees, and any sales commissions which
may paid by Fractional Villas, Inc. (the
"Administrative Fee").
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Upon
the close of escrow for purchase of the Fractional Share by Fractional Villas, Inc., the Purchaser will receive the amount the
Purchaser originally paid for their Fractional Share (the
"Purchase Amount"), minus the amount computed as the
Administrative Fee, and any real estate broker commissions that may
have been originally paid by the seller of the Property, or Fractional Villas, Inc.
for the original purchase of the Fractional Share by the
Purchaser (the "Net Purchase Amount").
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The
Purchaser shall not be entitled to any other amount or consideration, or consequential
costs, fees or expenses, other than the Net Purchase Amount prescribed
herein.
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Fractional Villas, Inc.
will not be obligated to pay any real estate broker commissions to
any real estate broker, or real estate sales agent representing the Purchaser for
sale of the Fractional Share to Fractional Villas, Inc.
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This
7 Year Money-Back Guarantee is not transferrable to any third party,
and is only made available to, and shall only be payable to the
original Purchaser of the Fractional Share, provided the original
Purchaser is still the sole owner of the Fractional Share as of the 7th Anniversary
Date and the Notification date.
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Fractional Villas, Inc.
reserves the right to be required to repurchase only one
Fractional Share in the Property from any and all original purchasers
that purchased their deeded interest in the Property, from the seller
or Fractional Villas, Inc., including the
Purchaser, within any 180 day period.
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Notification
from subsequent original purchasers, or the Purchaser, of their/its
desire to sell their/its Fractional Share, shall be scheduled for
purchase by Fractional Villas, Inc. in subsequent periods of 180 days
each, from the date of the first Notification by a purchaser, or the
Purchaser, to sell their Fractional Share to Fractional Villas, Inc. Each such Notification shall be acknowledged and allowed on a first
come, first served basis.
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The
Fractional Share must be fungible and in transferable order, free of
any liens, defects, and or encumbrances.
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Purchaser
must provide Fractional Villas, Inc. with a copy of its original
Purchase and Sale Agreement for the Fractional Share, a copy of the
original Closing Statement provided by the Escrow Holder of the
original purchase and sale of the Fractional Share, and a copy of
the recorded Deed, evidencing title to the Fractional Share is held in
the name of the Purchaser.
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Any
Notification to Fractional Villas, Inc. must be signed by the
Purchaser, including the current home address, telephone number, and
email address of the Purchaser, and sent to: Office of the President,
Fractional Villas, Inc., Del Mar, CA 92014, or the
then published corporate office address. No Notification requests via e-mail, fax,
orally, or in person will be accepted.
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The
act of submitting a Notification to Fractional Villas, Inc. does not
ensure that a repurchase of the Fractional Share will be made by Fractional Villas, Inc.
unless all of the Terms, Conditions and
Limitations provided for in this 7 Year Money-Back Guarantee are met
in the sole judgment and discretion of Fractional Villas, Inc.
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Upon
the close of escrow for the repurchase of the Fractional Share, and
the payment of the Net Purchase Amount to the Purchaser, Fractional Villas, Inc.
will have no further obligation of any kind to the
Purchaser.
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This
7 Year Money-Back
Guarantee may not be construed to require any amount of a refund of
the Purchase Amount, or an obligation by Fractional Villas, Inc. to
repurchase the Fractional Share from the Purchaser, prior to the 7th
Anniversary Date, and shall not be interpreted to mean that this
guarantee program includes any obligation, or right to a refund of any
amount by Fractional Villas, Inc. to the Purchaser.
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Fractional Villas, Inc.
shall not be obligated to respond, or repurchase the
Fractional Share if Notification is not received by Fractional Villas, Inc.
within the time limits stated above. Failure to provide the
Notification as required by these Terms, Conditions and Limitations
shall void this 7 Year Money-Back Guarantee.
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Fractional Villas, Inc.
shall in its sole discretion, determine whether all of
the requirements of the 7
Year Money-Back Guarantee have been satisfied.
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This
7 Year Money-Back Guarantee shall not be provided, or binding unless
prior to the time of the original purchase of a Fractional Share in
the Property, the Purchaser signs a copy of the then current version
of the 7 Year Money-Back Guarantee, as provided by Fractional Villas, Inc.
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