Fairshare Vacation

Key facts from Fairshare Vacation's documents

Reflects the 1996 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

timeshare vacation plan (FairShare Vacation Plan) (Section 1.14)

Legal name

Fairshare Vacation Owners Association

Developer / declarant

Fairfield Communities, Inc.

Governing law

Laws of the State of Arkansas (Section 2.03)

Assessments & dues

Program Fee determined by Trustee on a pro-rata basis based on Points owned by each Member; POA Fee determined by each POA. (Section 10.02(a) and 10.03(a))

Special assessments

Program Fund shortfalls may be prorated among Members; POA Fee adjustments at end of year; surplus held for next year; refund if surplus >5% of next year's anticipated POA Fee. (Section 10.06)

Collections & liens

Trustee shall not encumber Trust Properties or escrowed POA Fees except for Program Fee lien; Trustee must ensure liens are subordinated to Member rights at time of subjection. (Section 8.01 and 6.01(b))

Reserves & fees

Fairfield and/or Plan Manager may charge purchaser a reasonable transfer fee for documenting transfer of Accommodation and Points. (Section 12.01)

Maintenance

Trustee provides maintenance, repair, replacement of personal property in Accommodations if POA not obligated; also reconstruction if POA not. (Section 6.01(e) and (h))

Voting & meetings

Each Member has one vote in the Association regardless of Points; multiple owners designate one voting Member. Also voting designee for POA matters. (Section 13.01)

Amendments

Trustee or Fairfield may amend in writing; must be recorded; must be approved by Trustee; amendments to add third parties allowed; Trustee approval required for any amendment. (Section 14.05)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.