Final Notice from Board of Directors
June 22, 2010
Dear Members,
The Board is making one last attempt for you to avoid the next mailing that will include an amended statement reflecting the 25% late fee plus the additional charge of $90.00 for each member/interval in default. These procedures are stated in the Bylaws and summarized below.
If you have not paid your AMF, please be sure to read this letter very carefully.
- If you have not paid the 2010 Annual Maintenance Fees (AMF) you are in default.
- Collection proceedings have begun in accordance with the Articles and Bylaws.
- On July 1, 2010 a 25% penalty will be applied to all intervals with unpaid AMF.
- On July 1, 2010 a collection fee of $90.00 will be added to each statement balance.
- On September 13, 2010 a final notice of default and demand for payment will be mailed to each member in default.
- On September 30, 2010, if you have any unpaid AMF balance the COOP will terminate your membership and will become the owner of the Membership and can elect to sell the Membership or return it to the Developer.
IMPORTANT NOTE FOR LATE PAYERS: For collection of delinquent AMF payments the resort uses professional third-party collection agencies that report delinquencies to the Credit Bureaus. If you have a mortgage payment for your purchase at the resort and lose your unit due to non-payment of AMF, your mortgage balance will still require payment in full and you will not be able to use your unit. We suggest you speak to your mortgage lender and legal representatives with any questions.
In summary, we hope you choose to remain a member and take this final opportunity to pay your fees. We believe that the resort will this year begin to take the transformation we all were expecting. The Icahn Group is now the official owner of the resort and plans for Tropicana Entertainment Inc. to take over all aspects of the development of the property as well as the construction of a new casino.
Mr. John Cole
TREASURER
Aruba Resort & Casino COOP
ClJhn@aol.com
* Payments after June 30, 2010 are charged a late fee of 25%.
*An additional $90.00 collection fee to be added to each statement.
* Owners delinquent in the payment of dues are denied use of their unit including rental and exchange privileges, and voting rights. The association will expel delinquent members according to the bylaws and pursue collection of all debts.
* For billing information, please contact our offices from USA/CAN 888-607-1472, or 917-464-5641, or in Aruba 297-587-9000, or email raysa.c@thearuban.com or robert.k@thearuban.com.
PAYMENT OPTIONS & DETAILS
All payments must be in US dollars and drawn on a US bank.
Payment by Check:
(Write your Contract # on your check; returned check fee US $25.00)
THE ARUBAN RESORT & CASINO
J.E IRAUSQUIN BLVD 248
NOORD, ARUBA, DUTCH CARIBBEAN
Payment by Wire Transfer:
BENEFICIARY: THE ARUBAN RESORT & CASINO
ACCOUNT NR. 2392580190
SWIFTCODE: ARUBAWAX
BANK NAME: ARUBA BANK
Payment by Credit Card:
E-mail the online form to raysa.c@thearuban.com or robert.k@thearuban.com
The form is available at http://www.aruban-resort.com/owners/members-forms/
Please note that this charge will be made through an international bank. Your credit card issuer may charge you a foreign transaction fee; this fee may range from 1% – 3%.
Summary of Bylaws Concerning Non-payment of Fees
lf a Member has not paid the Maintenance Fees or Special Assessment for all of his or her Fractional Interest within thirty (30) days of the date due, the Member shall be deemed delinquent and his or her use rights, voting rights and Membership rights pertaining to his or her Fractional Interest(s) will be suspended in accordance with the terms, provisions and conditions of the Resort. A delinquent Member will not be allowed to make any reservation requests, receive Reservation Confirmations, or check into the Resort until such delinquent fees have been paid in full. Late charges and interest may be assessed in accordance with the Purchase Agreement and Note.
Members, who are in arrears with these financial obligations for a period exceeding sixty (60) days, shall be charged a penalty on account of late payment of twenty-five percent (25%) of the total amount due, with a minimum charge of $25, cumulatively per year. All delinquent Members shall receive a statement showing the late fee and the current account balance along with a statement of the consequences of failure to pay, including additional charges and termination of the Membership.
Foreclosure
Non-fulfillment of the Members financial obligations in a timely matter with regards to all of his or her Fractional Interests may result in termination of the Membership. Sixty (60) days following the due date, a legal Notice of Default is mailed to the Member indicating the Membership will be terminated in one hundred fifty (150) days following the due date, if not paid in full. A collection fee of US$90 will be added to the delinquent amount at this time and must be paid along with any other amount for the account to be brought current. On hundred thirty five (135) days following the due date, a final notice of default and demand for payment is mailed to the Member. One hundred and fifty (150) days following the due date, the membership is terminated at which time the Association will become the owner of the Membership and can elect to sell the Membership or return it to the Developer.
Delinquent accounts will be turned over to a professional collection agency. Fees charged by the collection agency will be added to the account and must be paid in full by the delinquent Member.