D. Effect of Transfer of Member’s Interest.
Unless otherwise agreed to in writing by the parties to a sale, assignment, or transfer, if a Member (“Selling Member”) sells, assigns, or transfers the Selling Member’s Interest to another party (“New Member”), the Selling Member will lose any and all rights to utilize the Exchange Points associated with such Interest to reserve the use of a Use Period or to use any previously-reserved Use Period. Each New Member will be required to remit to the Association an initiation fee; provided, however, an initiation fee shall not be required to be paid by an existing Member. (The current initiation fee is $200 per Interest with a $2,000 minimum initiation fee; however, Exchange Company reserves the right to adjust the amount of the initiation fee from time to time and to waive the initiation fee on a case-by-case basis in Exchange Company’s sole and absolute discretion.) Exchange Company will, within ten (10) business days of receipt from a New Member of the initiation fee, if required, and a certified copy of the recorded deed transferring an Interest to the New Member, change Exchange Company’s official records to reflect such transfer of an Interest from a Selling Member to a New Member. Further, with respect to Trust Members, until payment of any required initiation fee is received (or waived by Exchange Company), the New Member may not be entitled to Base Plus Exchange Benefits or Special Benefits in Exchange Company’s sole and absolute discretion; however, payment of the initiation fee (or waiver by Exchange Company) will allow access to the Base Plus Exchange Benefits. With respect to Exchange Members, until payment of the enrollment fee, the New Member will not be entitled to participate in the Program. If the purchase of an Interest is not made from an Approved Broker, then the owner of such Interest(s) may not be entitled to Special Benefits in Exchange Company’s sole and absolute discretion, even if the initiation fee is paid. Unless otherwise agreed to in writing by the parties, all existing reservations previously made by the Selling Member will be cancelled. The New Member will also be given possession of the Selling Member’s Exchange Points remaining as of the date of Exchange Company’s recognition of such transfer. Exchange Company shall, from time to time, within ten (10) business days after receipt of written request from any Member execute, acknowledge and deliver to such Member or to any existing or prospective purchaser or mortgagee designated by such Member, a certificate stating the number of Exchange Points that the Member has used and/or has available for use during the current Use Year, any borrowed Exchange Points, and the details of any reservations currently held by the Member. Exchange Company may charge a fee in connection with providing such a certificate.
