June 10, 2010
Dear Aruban Resort & Casino Timeshare Owners,
It is our pleasure to provide you with this update on your resort. If you have not paid your AMF, be sure to read this letter very carefully. Owners who have not paid their Annual Maintenance Fees for 2010 are now in default. Collection proceedings and foreclosures have begun in accordance with the By-laws.
All issues relating to Interval International (I.I.) deposits and exchanges have now been resolved. The rental program is working smoothly, and we have posted approximately 50% of the 2010 Annual Maintenance Fee (AMF) payments. The website www.aruban-resort.com has its first webcams and we are working on the possibility of an online reservations option.
The staff continues to perform at high levels. They are working many long days with unpaid overtime hours to achieve their duties and meet your needs. We are very pleased and proud of the staff and management team led by General Manager Lica Galeano.
We have completed the initial analysis of systems including engineering (AC, plumbing, pools, etc.), Information Technology and Training & Development. Other than the AC system, the preliminary reports are better than expected. The many IT issues may be resolved over time and the staff is very excited and motivated to learn and grow in service to every owner and the resort.
As many of you know, the auction occurred as scheduled on Thursday, May 6, 2010. The Ichan Group was the only bidder and “closing” is expected as early as June 17, 2010. Icahn holds 47% ownership of Tropicana Entertainment and is their single largest shareholder. Ichan and Tropicana Entertainment have been in continuous communication with the COOP Board, Royal Resorts Management and resort staff. Work has begun to reopen the “small casino and restaurant.” Analysis is underway for the work needed on the resort infrastructure and completing construction on the “big casino.”
The future owners continue to send staff members to gather information to assist in formulating plans. We have had the pleasure to meet with recent on-site visitors and found them to be very professional, experienced, and friendly. We are very optimistic that new ownership will be a positive step forward for all Aruban Resort & Casino timeshare owners.
We thank all owners who have made their Annual Maintenance Fee payments! We have collected more than 50% of the 2010 fees. We respectfully request that all owners who have not paid to please do so immediately. Regardless of whether you intend to remain an owner, these fees are legal debts due to the COOP, and the COOP is obligated to pursue collection of these debts. We use a third-party collection agency that reports delinquencies to the Credit Bureaus. We understand many owners have been through some very rough times with previous developers. The simple fact is that once a purchase contract was signed, the financial obligations became valid.
Thank you all once again for the privilege to serve you. Brighter days are just ahead. On behalf of the staff, COOP Board, and Royal Resorts Management, we look forward to seeing every owner back soon in their Aruba home!
With our sincere appreciation for your support,
| Mr. John Cole | Mr. Richard A. Corso |
| TREASURER | C.E.O. |
| Aruba Resort & Casino COOP | Royal Resorts Caribbean |
| ClJhn@aol.com | rcorso@royalresortscaribbean.com |
P.S. – If you are thinking about spending extra time in Aruba, owner discounts have never been better. Exclusive Owner-only rates start for One-bedroom Villas at US$80 / night, Two-bedrooms at US$125 / night, and Three-bedrooms at US$170 / night.
P.P.S. – To show our appreciation and as an additional owner benefit, Aruban Resort timeshare owners are currently eligible for 50% off any visit to the Royal Resorts in Curacao and St. Maarten. This is the perfect opportunity to learn more about your management company and enjoy additional time in the Dutch Caribbean. For travel dates and details, please call 1-954-736-5884 daily from 8 a.m. – 8 p.m. CST.
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Annual Maintenance Fee 2010
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| 1 Bedroom Unit (Type F/G) | $560.00 | 1 Bedroom Unit (Type J) | $640.00 |
| 1 Bedroom Unit (Type C) | $670.00 | 2 Bedroom Unit (Type H) | $740.00 |
| 2 Bedroom Unit (Type B) | $840.00 | 2 Bedroom Unit (Type E) | $1,060.00 |
| 2 Bedroom Unit (Type D) | $1,225.00 | 3 Bedroom Unit (Type A) | $890.00 |
| 3 Bedroom Unit (Type K) | $1,635.00 | ||
* Payments after May 29, 2010 are charged a late fee of 25%.
* 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 866-607-1472, 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 o f 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.