Q & A

What is The Residence Club at Cedar Key Village?
The Residence Club at Cedar Key Village comprises 24 elegant two- and three-bedroom residences, a well-appointed reception lobby and lounge, rooftop swimming pools and a marina with Club boats and slips. Each residence is fully furnished, exquisitely accessorized and features water views and private balconies. Your Club staff ensures that you enjoy worry-free ownership and hassle-free vacations. There are only eight owners per residence, ensuring that each enjoys abundant and flexible lodging privileges.

If I purchase at The Residence Club at Cedar Key Village, do I own real estate?
Yes. Ownership is evidenced by a real estate warranty deed, which is recorded and insured by a title policy. Each owner is conveyed a one-eighth, debt-free, undivided, deeded interest in one of the Club's fully furnished residences.

What are the advantages of residence club ownership?
The Residence Club at Cedar Key Village has been designed to provide owners with generous and flexible vacation use; offer exceptional services and amenities not normally available with a Cedar Key real estate purchase; remove the worries typically associated with vacation-home ownership; provide hassle-free enjoyment of the Club's private boats and marina; and significantly reduce the financial burden through shared ownership of the residences and Club facilities.

Have residence clubs been developed at other prestigious locations?
Yes. This ownership concept has been enthusiastically embraced by affluent buyers since the early ‘90s. Residence clubs have enjoyed success at premier resorts, such as: Aspen, Vail, Telluride, and Steamboat Springs, Colorado; Deer Valley, Utah; Jackson Hole, Wyoming; Palm Springs and Napa Valley, California; Los Cabos, Mexico; and Tucker's Town, Bermuda. There is also a luxurious residence club in Manhattan. Each of these residence clubs is owned and operated much like The Residence Club at Cedar Key Village. Additional residence clubs are in development in a variety of prestigious beach, golf, mountain and urban destinations worldwide. The creators of the residence club concept are part of the Cedar Key Village development team.
www.destinationclub.com

As an owner, how often can I vacation at my Club?
As often as you wish, subject only to the Club's reservation policies. Owners have the flexibility of reserving Club vacations well in advance and also on a short-notice basis. Each year, owners may reserve up to 21 days of planned vacations in advance. This leaves abundant opportunity for additional vacations. There is no limit to the amount of use. If some owners visit their Club less, others can visit more. Owners pay only the published housekeeping fees anytime they reside at the Club.

Does the club offer any exchange privileges?
Yes, owners may exchange vacation days through Destination Exchange International, which allows you to vacation at prestigious resorts worldwide. A nominal fee is charged for each exchange.
www.deiclub.com

Is the Club a typical timeshare development?
No. Timeshare is typically the right to use only a specific week and lodging is limited to a specific unit. Club owners have access to all residences within their ownership category (two- or three-bedroom) with the right to use anytime, subject to the reservation policies and availability.

How many ownerships will be sold?
The Residence Club at Cedar Key Village strictly limits the number of owners to no more than eight per residence. There will be only 192 Club ownerships sold.

How much does an ownership cost?
Owners receive a one-eighth undivided, deeded interest in an elegantly furnished two- or three-bedroom residence. Pricing begins at $186,000 and $240,000 respectively.

Can more than one family or individual share a single ownership?
Yes. Individuals can form partnerships to control an ownership or hold title as tenants-in-common.

Will owners always stay in the same residence?
No. Although ownership is represented by a deed to a specified residence, owners have equal access to all Club residences within their ownership category. This provides the greatest amount of use and flexibility. Owners may request a specific residence and this request will be granted when possible, subject to the reservation policies and availability.

Can owners reserve more than one residence during the same time period?
Yes. This is one of the unique Club benefits. Because owners are not restricted to a particular residence, they can reserve more than one residence at a given time. It is possible that an owner could simultaneously reserve multiple residences for the same days if sufficient Club residences are available.

What if the number of owners wishing to stay at the Club during certain time periods exceeds the number of residences available?
The Club reservation policies have been designed to equitably allocate peak-period vacations when demand for lodging may exceed supply. Rotating reservation priority numbers ensure that all owners have equal access to peak-period vacations over the years. This system has proved to be fair and effective at other residence clubs for more than a decade.

Do Club owners have guest privileges?
Yes. Owners may invite guests to stay with them during their Club vacations and they also may invite unaccompanied guests to use any of their confirmed Club vacations without a guest fee.

Will the Club be open to the public?
The Club is privately owned and operated for the exclusive enjoyment of Club owners and their guests. Prior to full subscription of ownerships, limited public use will be permitted for marketing purposes. The lodging rights of Club owners will not be diminished by such use.

Do owners pay any lodging charges when they vacation at the Club?
No.

Do owners pay any other charges when they stay at their Club?
Yes. Housekeeping fees will be charged for each visit. Daily service includes trash removal, towel replenishment, surface cleaning and bed making. Owners and guests may request full-maid service at an extra charge.

Do owners pay annual fees?
Yes. The annual fees pay for the professional management and operation of all Club residences and facilities. Included in these annual fees are funds for staff salaries, supplies, property taxes, insurance, maintenance, trash removal, legal/accounting, utilities, and reserves for replacement and/or refurbishing of the Club facilities.

What is the quality of the Club construction, furniture and accessories?
The Club construction is of the highest quality. A well-respected interior design firm will ensure that each residence is completely and elegantly furnished, including high-quality entertainment equipment, appliances and fixtures. The accessory package includes all kitchen utensils, cookware and silverware.

Who establishes the fees and controls the affairs of the Club?
An owner-elected Board of Directors establishes budgets and fees on an annual basis.

If I become an owner at The Residence Club at Cedar Key Village, when can I begin enjoying my Club?
Construction is scheduled to begin Winter 2007, with the first Club residence scheduled for occupancy in 2008.

Ownership