Each owner will have exclusive use of the property for 5 weeks out of each year. The owners will be allowed to select their usage dates. The selection order will be based on a random draw and each owner will choose in order, one week at a time, until all weeks have been allocated.
In addition to their respective share of the net "Annual Owner Expenses" each owner will be responsible for any direct expenses associated with the usage of the property during their allotted time such as food, supplies and fuel for the SUV. Income generated through the Rental Pool will offset a significant portion of the "Annual Owner Expenses".
Each owner has the exclusive right to the property during their allotted time and may use it in any number of ways:
- Personal Use: Many owners will decide to use the property exclusively as their personal vacation home.
- Friends or Family: Each owner has the exclusive right to the property during their allotted time and has the right to allow usage of the property by friends, family and business associates. Any property related expenses that are incurred by "Guests" of the owners will be treated as if they were incurred by the owner themselves and will be charged to the owners account.
- Personal Rental Income: The owner has the right to rent the estate during their allotted time. In this situation, the owner is responsible for managing and coordinating all aspects of the rental. They are responsible for all associated expenses and any damages to the property and keep 100% of the rental income.
- Rental Pool: The Property Management Company offers each Owner the option of renting the property on the owners behalf. In this case, Property Management Company will take a commission of 25% of the total rental income. Of the remaining revenue, the owner receives 60% and the remaining 40% is retained by the Single Asset Entity that owns the property resulting in a reduction of the Annual Owner Expenses for the entire property.
|
