Monday, July 10, 2017

Here's What a Timeshare Release Looks Like

Editor's Note: The actual names of my clients have been redacted for confidentiality purposes:

Spinnaker Resorts
35 DeAllyon Ave.
P O Box 6899
Hilton Head Island, SC 29938
May 3rd 2017
Settlement and Release Agreement
This Settlement and Release Agreement is entered into by and between Spinnaker Resorts, Inc., Bluewater Resort, and XXXXXXXXXXXXXX
WHEREAS, Purchaser executed a certain Purchase Agreement (533540) on or about the 8th day of August, 2015, purchasing a timeshare unit(s)/week(s) from the Developer in the Bluewater Resort by Spinnaker LLC.
WHEREAS, Purchaser now desires to rescind the purchase transaction beyond the prescribed rescission period provided under South Carolina law; and
WHEREAS, Developer and Purchaser have agreed to an amicable settlement in which Purchaser shall be relieved of the contractual obligations under the Contract.
FOR GOOD AND VALUABLE CONSIDERATION, the receipt of which is hereby acknowledged, Developer and Purchaser agree as follows:
1. In conjunction with execution of this Agreement, Developer shall accept all monies paid and equity accrued till this day, May 3rd, 2017, as full and final settlement of the loan account XXXXXXXX33540.
2. Developer shall cancel the Contract and release Purchaser from all contractual obligations under the terms of the Contract and release and forever discharge Purchaser from any and all claims demands, losses, or damages associated with said Contract.
3. Purchaser shall release Developer from all contractual obligations under the terms of the Contract, and Purchaser shall relinquish and forever quit-claim all right, title and interest in and to the property purchased from the Developer. Purchaser shall release and forever discharge Developer, its principals, officers, agents, employees, heirs, administrators, executors, successors and assigns from any and all claims, demands, losses, or damages, associated with the Contract.
4. This Agreement may be executed in counterparts, and each counterpart shall be deemed an original as against the party signing same. Facsimile and email copies may serve as originals.
5. Developer shall remove all delinquent credit reporting from the Purchaser’s credit bureau file for Equiant Financial Services account number XXXXXX33540.
6. This Agreement contains the entire agreement between the parties hereto and is intended as a full and final expression of their settlement and release of claims.
7. Should it become necessary for any party to file legal action to enforce or interpret any of the terms of this agreement, the prevailing party shall be entitled to reasonable attorney’s fees and costs.
8. This agreement offer is valid until May 10th 2017.
Spinnaker Resorts, Inc.
May 3rd 2017
By: _____________________________ Date:_________________________
XXXXXXX, Loan Collection Officer
________________________________ Date: _________________________
________________________________ Date: _________________________

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