This agreement is entered into between the Windjammer Timeshare owner(s) identified above and Gulf Eastern Property Management, Inc., Licensed Real Estate Broker (here “Agent”). In consideration of the mutual covenants contained herein, the parties agree as follows:
Appointment of Agent: The undersigned Owner of the Unit Weeks described above appoints Agent as exclusive agent for rental of the Property described above. Owner grants Agent the exclusive right to rent the Unit Weeks for the period, or any portion thereof, herein described, at rates and terms to be established at the sole discretion of Gulf Eastern Property Management, Inc. Rental rates are based upon comparable and historical prevailing rates established by Agent. Prevailing rates are subject to all discounts given, whenever deemed appropriate in Agent’s sole discretion to secure the booking. Owner acknowledges that AGENT DOES NOT GUARANTEE THAT ACCOMMODATIONS WILL RENT FOR ANY PARTICULAR TIME SPAN OR AT THE PUBLISHED RACK RATES. It is not the responsibility of Agent to contact owners with regard to rental status of Owner’s Property.
Commission: Owner agrees to pay to Agent a commission in the amount of 25% of the gross rental received. In addition, Owner agrees that Agent may deduct 3.5% of the total charge, (rent and taxes), as reimbursement for the credit card fees. Owner further agrees that if the reservation comes in through an OTA, online travel agent, the commission will structure will be 20% to Agent and 10% to the OTA.
Owner’s Share of Net Rental Proceeds: Agent shall remit to Owner the net rental proceeds less any unpaid maintenance fees, late fees, real estate taxes or other charges that may be due and owing to the Condominium Association. If Owner was delinquent in the payment of maintenance fees in the year of the rental, then any and all proceeds will be credited to the Owner’s account and applied towards the payment of the following years fees.
Non-U.S. Owners: Under current United States Tax Law, Agent is required to and therefore will withhold 30% of the gross rental income collected on behalf of Non-U.S. resident owners and Owners who are citizens, unless such owners provide the Agent with either a U.S. Social Security number or U.S. Federal ID number. The Social Security number or ID number must be on file at the Windjammer Resort prior to the start of the interval to avoid withholding.
Deposits: Deposits collected by the Agent for reservation bookings and subsequently forfeited, will be subject to to the same commission structure outlined in item 2 and the net proceeds paid to Owner. Agent will maintain all deposits in an non-interest bearing escrow account.
Rental Periods: Agent may rent accommodations either daily or for a full week unless otherwise noted on this agreement. AGENT DOES NOT GUARANTEE A FULL WEEK RENTAL FOR ACCOMMODATIONS LISTED BY OWNER. Agent provides daily cleaning with the exception of Sunday. A minimum of 3 days of cleaning service is required per week for each unit according to the Association By-laws.
In-House Unit Exchange: In order to make the rental grid more efficient and increase the probability of securing rentals for the Owners, it is understood that Agent reserves the right to exchange the listed unit week for another unit week of like type and rental value and assign occupancy to the listed unit week.
Owner’s Warranty: Owner warrants he/she is the owner of the Property described above and fully authorized to enter into this Rental Agreement. Owner has not exchanged the right to use the Property for the Interval listed above via any interval exchange system. Owner has the authority to enter into this Agreement and receive the Owner’s share of Net Rental Proceeds on behalf of all co-owners of the Property listed for rental hereunder and agrees to indemnity Agent from any claims by co-owners. Owner acknowledges his understanding that it is the Owner’s duty and responsibility to contact Agent to determine the rental status of the Property and that such rental status could be subject to change up until and including the first day of the rental period.