Dec 25th, 2017
Re: Royal Palm MF's
02/28/2018 01:03 PM
02/28/2018 01:03 PM
Joined: Mar 2009
Joined: Mar 2009
Dear Royal Palm Beach Owner,
We know you have been anxiously and patiently awaiting information on the maintenance fee for 2018. As recently
communicated, based on the feedback from the expert assessment teams, the resort will be closed for repairs through
2018. For those owners who are members of The Club®, a variety of alternative destinations and benefits await you
for 2018, using your points. For those owners who are not members of The Club, by virtue of our exchange company
affiliation with Destination Xchange®, you will be given deposit credits for weeks affected by the resort closure to use
in Destination Xchange®, if you decide to enroll in their program.
Reduced Maintenance Fees for 2018
Your 2018 maintenance fee statement is enclosed, along with a copy of the Association’s 2018 budget. Based on what
we know today, the resort will have to pay the 2018 insurance premium and the deductible for storm related expenses,
as there is insufficient cash flow to fund both. The maintenance fee statement also includes the loan repayment in the
amount of $50.00 per interval/week. The Board has approved a reduction in the maintenance fee of 56% - 58%,
depending on ownership, as shown on the enclosed statement. We are anticipating most expenses to be covered by
insurance. However, if the insurer denies coverage for any portion of the claim, actual costs will be billed back to
Payment Information and Payment Options
For information on paying the 2018 maintenance fee, please refer to the enclosed Assessment Billing and Collection
Policy, and the Frequently Asked Questions on your statement. We would like to remind owners to pay their
maintenance fees online with the electronic funds transfer (EFT) option. Payments may also be made by credit card.
Please be aware that credit card usage costs your association merchant fees, which ultimately are passed back to
owners through the association’s operating costs.
Our Owner Services team is contacting all owners with reservations booked through 2018. For those owners who are
not members of The Club, as reservations at the resort are not available, we have entered into an exchange company
affiliation agreement with Destination Xchange. If you decide to participate, this program will provide you the option
to exchange your week into a wide variety of resorts worldwide. Membership and exchange fees apply, but upon
enrolling in Destination Xchange, you will receive deposit credits for your reserved week(s) affected by the
To learn more about Destination Xchange, visit DestinationXchange.com or contact Owner Services at
1.800.463.7256 (toll free) or 1.407.226.9500 (international access).
We will continue to update you on the status of the resort as construction progresses. Please contact Owner Services
with any questions.
As a reminder, owners can contribute to cost-saving efforts by opting in to receive various communications about
their association and resort electronically. Mailing paper copies of all these communications costs your association
thousands of dollars annually. Please help reduce these costs by opting in online at DiamondResorts.com and updating
your account with your email address.
Board of Directors
Royal Palm Beach Club Owners Association
ROYAL PALM BEACH CLUB OWNERS ASSOCIATION
ASSESSMENT BILLING AND COLLECTION POLICY
The following was adopted by the Board of Directors for 2018.
Assessment invoices are included with this policy. Should you not receive an assessment notice, it does not
relieve you of your responsibility for timely payment. It is up to the owner to request a notice if not received
and/or notify the resort of any address change.
MARCH 1 – PAYMENT DUE
Note: A $30.00 charge will be added to the owner’s account for any payment that is not honored for any
reason, not being the management company’s fault or omission.
APRIL 1 – LATE FEE ASSESSMENT AND SUSPENSION OF USE RIGHTS
If the assessment is not paid in full by April 1, the account becomes delinquent, without prior written
On April 2, a monthly interest charge of 1.5% (18% per annum) shall be added to amounts outstanding on
1. Delinquency results in the following:
a. A reservation cannot be made and owner will suffer suspension of use rights. Exchange requests of
any type will not be confirmed.
b. Previously confirmed owner reservations or use weeks are subject to cancellation. In addition, there
is no guarantee that the owner will be able to receive a confirmed reservation or exchange if the
account is brought current.
2. Delinquent weeks, as outlined above, are available for the administrative hold program. Net proceeds are
used to offset collection costs, assessment liens, and other shortfalls in the resort operating account due
to the resort’s bad debt.
APRIL 15 – FINAL NOTICE
Management will send a final notice if the account balance is not paid in full by April 15. If any outstanding
amounts remain due on the account on April 30, such outstanding amounts shall/may be forwarded for
collection. The owner shall be responsible for reasonable collection costs thereof, and such costs shall be
added to the owner’s account.
Maintenance Fees 1,667,855$
Loan Repayment 304,200
Reserve Fees 2,712,274
Other income 3,600
TOTAL REVENUES 4,687,929$
TOTAL OPERATING EXPENSES 66,532$
TOTAL EXPENSES 66,532$
NET OPERATING SURPLUS (DEFICIT) 4,621,397$
OTHER OPERATING EXPENSES
Allowance for Bad Debt 315,148
Insurance Expense 1,289,775
Reserve Capital Funding 2,712,274
TOTAL OTHER OPERATING EXPENSES 4,317,197$
EXCESS OF REVENUE OVER EXPENSES 304,200$
Loan Repayment Plan (304,200)$
NET SURPLUS/(DEFICIT) -$
1 Bedroom 242.00$ 420.00$ 50.00$ 712.00$
1 Bedroom - Biennial 121.00$ 210.00$ 25.00$ 356.00$
2 Bedroom 266.00$ 428.00$ 50.00$ 744.00$
2 Bedroom - Biennial 133.00$ 214.00$ 25.00$ 372.00$
3 Bedroom 274.00$ 433.00$ 50.00$ 757.00$
3 Bedroom - Biennial 137.00$ 216.50$ 25.00$ 378.50$
*Includes whole owners
Last edited by SXMScubaman; 02/28/2018 01:11 PM.