Resort Interest definition

Resort Interest. As defined in the Club Trust Agreement.

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Resort Interest means the “stand alone” timeshare fee simple ownership interest of any Resort Purchaser and/or Borrower (to the extent conveyed by the applicable ILX Seller to Borrower as part of the Acquired Assets as of the Closing Date) in the applicable Resort consisting of a membership share, or a Unit Week in such Resort and a Resort Deed to a corresponding undivided fractional interest in the applicable Resort, as tenants in common with other owners of Resort Interests at such Resort which is subject to the Resort Documents and which is not subject to the Club Membership Plan; legal title to all resort interests is conveyed by the applicable ILX Sellers to Borrower as part of the Acquired Assets on the Closing Date.

Resort Interest. With respect to Christmas Mountain Campground, a 1/3 divided interest in an undivided fee simple ownership interest, with respect to The Timbers at Christmas Mountain, a 1/3 divided interest in an undivided fee simple ownership interest and a 1/6 divided interest in an undivided fee simple ownership interest relating to the usage of a townhome, and

Examples of Resort Interest in a sentence

The Club Trustee agrees not to convey any Resort Interest (as defined in the Club Trust Agreement) in the Club relating to a Timeshare Loan unless the Indenture Trustee shall have issued an instruction to the Club Trustee pursuant to Section 8.07(c) of the Club Trust Agreement in connection with its exercise of its rights as an Interest Holder Beneficiary (as defined in the Club Trust Agreement) under Section 7.02 of the Club Trust Agreement.
It is acknowledged by the Members that Bluegreen is in the business of developing, marketing and selling Resort Interest Programs, including timeshare projects.
The Club Trustee agrees not to convey any Resort Interest in the Club relating to a Receivable which has been sold and assigned to the Trust unless the Indenture Trustee shall have issued an instruction to the Club Trustee pursuant to Section 8.07(c) of the Club Trust Agreement in connection with its exercise of its rights as an Interest Holder Beneficiary (as defined in the Club Trust Agreement) under Section 7.02 of the Club Trust Agreement.
Such notice shall include a reasonable description of the Fractional Interest Development or Resort Interest Program.
Notwithstanding any other provision of this Agreement, BCLLC agrees, on behalf of itself and its Affiliates, that neither it nor any of its Affiliates shall sell, market, advertise, develop or promote any Resort Interest Program, excepting, however, the Timeshare Projects, the Bluegreen Vacation Club, any Bluegreen Timeshare Facility as offered by Bluegreen, and any Fractional Interest Development (regardless of Bluegreen involvement, but subject to Section 7.9).
If Bluegreen elects not to Participate or fails to execute a letter of understanding within sixty (60) days, then BCLLC (or its Affiliate) may proceed with such Fractional Interest Development or Resort Interest Program without Participation or involvement of Bluegreen.
In addition, Lender shall have the automatic right without the appointment of a Receiver to have access to and exclusive possession of the Resort Interest and Resort Unit encumbered hereby or such other Resort Interest and Resort Unit whose use has been assigned to Borrower by the Resort Owners Association or by any exchange company.
The Club Trustee agrees not to convey any Resort Interest (as defined in the Club Trust Agreement) in the Club relating to a Timeshare Loan unless the Buyer shall have issued an instruction to the Club Trustee pursuant to Section 8.07(c) of the Club Trust Agreement in connection with its exercise of its rights as an Interest Holder Beneficiary (as defined in the Club Trust Agreement) under Section 7.02 of the Club Trust Agreement.
Neither Member BCLLC nor its Affiliates shall develop any Resort Interest Program, except (i) in accordance with Member BCLLC's right to participate provided in Section 6.11, below; or (ii) in regard to Fractional Interest Developments as provided herein.
During the term of this Agreement, for the benefit of Bluegreen and its Affiliates, Big Cedar and Big Cedar Affiliates and Bass Pro and Bass Pro Affiliates agree that they shall not sell, market, advertise or promote any Resort Interest Program, excepting, however, the Big Cedar Timeshare Project, the Bluegreen Vacation Club, or any Bluegreen Timeshare Facility as offered by Bluegreen.

More Definitions of Resort Interest

Resort Interest means a leasehold, fee simple, “right-to-use,” membership, or other interest in an Accommodation or a group of Accommodations in a Component Site or multiple Component Sites, including a timeshare interest or interval, an undivided interest, points, and any other type of legal or beneficial interest in real property (but specifically excluding Beneficial Use Rights) that is owned or leased by a Trustee or any other Person on behalf and for the benefit of the Association and its Members for the use of the Members and all rights, benefits, and privileges belonging or in any manner appertaining thereto, now or hereafter submitted to the Declaration, as amended or supplemented from time to time.