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The most elite paid training program in the industry
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This Rental Agreement applies only to the calendar year occurrence of the unit week(s) as such calendar year and unit week(s) are identified on the reverse side hereof ("Unit Week(s)"). Owner(s) acknowledges that a separate decision to rent the Unit Week(s) must be made each calendar year and that a new Rental Agreement must be entered into at that time.
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Rental Agent will be unable to rent the Unit Week(s) unless a Rental Agreement is completed and returned to the Rental Agent. The Rental Agreement shall not be effective until it is received and executed by the Rental Agent. This Rental Agreement may be executed in counterparts, which taken together shall constitute one instrument.
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Rental Agent, in its sole discretion, may refuse to rent the Unit Week(s) for which Assessments, estimated real estate taxes, or other charges are currently due to the association(s) of the condominium(s) in which the Unit Week(s) exists ("Association(s)") and have not been paid by the Owner(s).
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Owner(s) acknowledges that Rental Agent makes no guarantees or commitments regarding its ability to rent the Unit Week(s) and that Rental Agent reserves the right to accept or reject any rental without reason, in its sole discretion. Owner(s) further acknowledges that Rental Agent cannot control the rental market or seasonal rental demand, and is no way responsible for no-shows or cancellations of confirmed rental reservations.
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Rental Agent has full authority to determine rental policies, set rental rates and minimum rental periods, without prior notice to Owner(s).
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Commissions to travel agents and tour operators are deducted from the gross rental amount received by Rental Agent, resulting in a net rental amount. Owner(s) agrees that Rental Agent is entitled to 50% of the net rental as its earnings, while the balance (or 50%) is earned by Owner(s) as Owner(s) proceeds and will be forwarded to Owner(s) less any amount withheld pursuant to the provisions of paragraphs 12 and 13 below.
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Owner(s) authorizes deduction(s) from Owner's(s) proceeds for the payment of any sums currently due to Rental Agent, Association or Developer.
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By submitting a completed Rental Agreement to Rental Agent, Owner(s) relinquishes Owner's(s) right to occupy list for rental, Spacebank� or exchange the Unit Week(s) through any exchange company or agency.
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Owner(s) acknowledges that the rental program is available to all unit week owners at the Condominium, and that Rental Agent is authorized to rent unsold unit weeks owned by Developer ("Developer's Unsold Unit Weeks"). Thus, Owner(s) acknowledges that Rental Agent will represent not only Owner(s) interest with regard to the Unit Week(s), but also the competing interest of all owners (including Developer) who have placed their unit weeks into the rental program. Owner(s) further acknowledge and agrees that the procedure for selecting unit weeks for rental will be at the sole discretion of Rental Agent, but (1) as between competing owners of unit weeks (excluding Developer's Unsold Unit Weeks) for whom Rental Agent will be acting as agent, the priority for rental of a unit week will be determined by the order in which completed rental agreements are received by Rental Agent taking into consideration rental for particular unit types; and (2) as between competing owners of unit weeks (including Developer's Unsold Unit Weeks) for whom Rental Agent will be acting as agent, priority for rental of a unit week may be given to Developer's Unsold Unit Weeks.
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Owner(s) acknowledges and agrees that in the event any funds are held by Rental Agent in an interest-bearing account during the term of this Rental Agreement, Rental Agent shall be entitled to receive any and all interest earned on such funds.
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This is the entire agreement between the parties hereto with respect to the subject matter covered herein. This Rental Agreement shall be governed and construed pursuant to the laws of the State of Florida. The Rental Agent shall be relying on the availability of the Unit Week(s); accordingly, this Rental Agreement cannot be terminated or amended by Owner(s) except in writing executed by Owner(s) and Rental Agent. This Rental Agreement may be unilaterally terminated by Rental Agent upon written notice to Owner(s).
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Owner(s) acknowledges that the rental income Owner(s) receives from renting the Unit Week(s) is a taxable transaction. Residents of the United States and its territories will receive and Internal Revenue Service ("IRS") 1099 MISC for the taxable year in which rental proceeds are received. Such form will reflect the amount collected on Owner's(s) behalf and it provides such information as required by the IRS. If applicable, non-resident aliens ("Foreign Owner(s)") must fully complete and sign the attached IRS Form W-8ECI (including their social security number, individual taxpayer identification number, or employer identification number) and return it to Rental Agent along with the signed Rental Agreement. When fully completed and signed, Form W-8ECI authorizes Rental Agent not to withhold income tax on any Owner proceeds and confirms that Foreign Owner(s) will file a tax return in the United States. If Foreign Owner(s) file nothing, or files a Form W-8BEN with Rental Agent, Rental Agent must withhold income tax from the gross rental proceeds as required by law, which approximates 30% of Foreign Owner(s) gross rental proceeds, and forward such portion to the IRS on behalf of Foreign Owner(s).
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Owner(s) acknowledges that by renting the Unit Week(s), Owner(s) is exercising a taxable privilege under Chapter 212, F.S. Accordingly, Owner(s) authorizes Rental Agent to register the Unit Week(s) and to charge, collect and remit the sales tax due on such rental transaction to the Department of Revenue of the State of Florida. Owner(s), however, acknowledges that Owner(s) is ultimately liable for any sales tax due. Owner(s) agrees and understands that should the State of Florida be unable to collect any taxes, penalties and interest due from the rental transaction, a warrant for such uncollected amount will be issued and will become a lien against the Unit Week(s) owned by Owner(s) until satisfied.
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Owner(s) represents that neither the owner rental program operated by Rental Agent, nor this Rental Agreement, was presented to or offered to or discussed with Owner(s) at the time Owner(s) purchased the Unit Week(s). Owner(s) further represents that Owner(s) purchased the Unit Week(s) for Owner(s) own personal use and enjoyment and not with the expectation that Owner(s) would place the Unit Week(s) in the owner rental program year after year. Further, Owner(s) acknowledges that the owner rental program is not a rental pool because the rental proceeds are not pooled and distributed among the participating owners.
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In the event that Owner(s) fails to comply with the terms of this Rental Agreement by selling, renting, exchanging or otherwise transferring a Unit Week subject to this Rental Agreement without first obtaining an effective cancellation from the Rental Agent, Owner(s) shall be liable to Rental Agent for all damages suffered by Rental Agent, including but not limited to, loss of commission and all expenses involved in satisfying any rental reservations which can not be fulfilled as a result of Owner(s) breach.
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Unit Week(s) noted on reverse side may or may not reflect a deed unit/week for Float Owner(s). Rental Agent may assign Unit Week(s) based on Rental Agent's Discretion.
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Owner acknowledges that once a Unit Week(s) is placed in rental program by Rental Agent, Owner(s) may not remove that Unit Week(s) from rental program inside 30 days of start of Unit Week.
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