Exhibit O.Public Offerinq Statement Text Il-A DVD Disclosures Section
• Disclosure was added as follows: DVD has reserved the right, asset forth in the Membership Agreement and the DVC Resort
Agreement, to prohibit or limit persons who do not purchase an Ownership Interest directly from DVD, or from an approved seller, from participating in other aspects of Club membership or benefits, including prohibiting or limiting access to other DVC Resorts through the DVC Reservation Component or restricting, limiting, or changing certain Home Resort Reservation Component or DVC Reservation Component reservation features. Such prohibitions, restrictions, limitations, or changes may adversely affect a
Club Member's ability to resell the Club Member's Ownership Interest or at a value that the Club Member might seek. Club Members should refer to Exhibit "6" of this public offering statement for a description of any restrictions or limitations imposed on Club Members pursuant to DVD's reserved rights.
Exhibit O-Public Offerinq Statement Text -Section 11-Restrictions Upon Transfer, Sale, Conveyance, or Leasinq of Ownership Interests
Language was added as follows: From time to time, DVD, BVTC, DVCM, DVCHMC, or their affiliates may establish special Club Member benefit programs to enhance membership for Club Members. . . . These special programs are not a component of or an appurtenance to any Ownership Interest. Some or all Club Member benefit programs may be limited, modified, canceled, or terminated at any time. In addition, some or all of Club Member benefit programs may be offered solely respect to Ownership Interests purchased and owned by Club Members who purchased the Ownership Interests directly from DVD and these special programs, including those benefits marketed as incidental benefits . . . . . . . . .are solely for the original Club Members benefit and not for the benefit of that Club Members assigns or successors- in-interest. If a Club Member sells his or her Ownership Interest, these benefit programs do not automatically transfer to the buyer. The availability of these benefit programs may or may not be renewed or extended to such assigns or successors-in interest. DVD has reserved the right, as set forth in the Membership Agreement and the DVC Resort Agreement, to prohibit or limit persons who do not purchase an Ownership Interest directly from DVD, or from an approved seller, from participating in other aspects of Club membership or benefits, including prohibiting or limiting access to other DVC Resorts through the DVC Reservation Component or restricting, limiting, or changing certain Home Resort Reservation Component or DVC Reservation Component reservation features. Such prohibitions, restrictions, limitations, or changes may adversely affect a Club Member's ability to resell the Club Member's Ownership Interest or at a value that the Club Member might seek. Club Members should refer to Exhibit "6" of this public offering statement for a description of any restrictions or limitations imposed on Club.
Exhibit 6-DVC Resort Restrictions and Limitations was added to the Public Offering Statement
EXHIBIT "6" DVC Resort Restrictions and Limitations, Disneys Riviera Resort ("Riviera Resort')
1. Club Members who purchase an Ownership Interest at Riviera Resort from a third party other than seller approved by DVD, are not permitted to convert their Riviera Resort Home Resort Vacation Points related to that Vacation Points for the purpose of reserving Vacation Homes at any other DVC Resort, including any future DVC Resorts, through the DVC Reservation Component
Component.
2. Effective January 19, 2019, Club Members at all other DVC Resorts, including any future DVC Resorts, who purchase an Ownership Interest at any DVC Resort other than Riviera Resort, including at any future DVC Resort, from a third party other than directly from DVD, or other seller approved by DVD, may not convert the Vacation Points related to the Ownership Interest from the other DVC Resort to DVC Vacation Points to reserve Vacation Homes at Riviera Resort through the DVC Reservation Component. Purchasers who purchase an Ownership Interest at any DVC Resort, other than Riviera Resort, from a Club Member who owned the Ownership Interest prior to January 19, 2019, are excluded from the prohibition set forth in this Paragraph 2.
3. DVD and The TWDC Companies are excluded from these prohibitions, including for any Home Resort Vacation Points or DVC Vacation Points owned or controlled by DVD or any of The TWDC Companies, transferred to DVD or any of The TWDC Companies, or in any way acquired by DVD or any of The TWDC Companies, including through foreclosure or deed in lieu of foreclosure.
4. DVD has reserved the right, in its discretion to modify or revoke implementation of any of these prohibitions, or then reinstate implementation of any of these prohibitions as it determines in its discretion from time to time, or permit such conversions for such Club Members who pay a fee or acquire an additional Ownership Interest at Riviera Resort or other DVC Resort, or to place additional prohibitions or limitations on certain Club Members including implementing such prohibitions or limitations to select Club Members or categories of Club Members or to set times. Such actions or decisions may be implemented by DVD, in its discretion, through a notice recorded in the public records, by requiring BVTC to make such an amendment to the BVTC Disclosure Document, or such other method, and such exercise of its reserved right shall not be subject to the approval or consent of any person, including the Association or any Club Member.
Section 3.3 DVC Resort Aqreement. Corporate Membership, and Prohibitions or Limitations on Participation.
. . . . Further, in consideration for the Developer's execution of the DVC Resort Agreement and the Developer's agreement to add the DVC Resort to the Club, the Developer may have reserved the right, in its discretion, to prohibit or limit certain Club Members from a particular DVC Resort from reserving Vacation Homes at some or all of the other DVC Resorts, including future DVC Resorts, through the DVC Reservation Component or to prohibit or limit certain Club Members from some or all of the other DVC Resorts, including future DVC Resorts, from accessing a particular DVC Resort, as it determines in its discretion from time to time. Such prohibitions or limitations may consist of the following or be applied as follows:
a) Club Members who purchase an Ownership Interest at a particular DVC Resort from a third party other than directly from the Developer, or other seller approved by the Developer, may not be permitted to convert the Home Resort Vacation Points related to that Ownership Interest at that particular DVC Resort to DVC Vacation Points for the purpose of reserving Vacation Homes at some or all other DVC Resorts, including future DVC Resorts, through the DVC Reservation Component, or such Club Members may be limited to specific periods of time during which such Club Members may be permitted to reserve a Vacation Home at some or all other DVC Resorts, including or future DVC Resorts, through the DVC Reservation Component.
b) The Developer may apply any prohibitions or limitations, including those set forth in subsection a. pursuant to certain terms and conditions as it establishes in its discretion, including applying the prohibitions or limitations to select Club Members or categories of Club Members (e.g., those who acquire an Ownership Interest at a particular DVC Resort after a date specified by the Developer); implementing such prohibitions or limitations for a defined period of time or for the duration of the DVC Resort; implementing, stopping, and re-implementing such prohibitions or limitations; or charging (or allowing an affiliate to charge) for exemptions or changes in the terms and conditions applied to such prohibitions or limitations.
c) The Developer, in its discretion, may determine at any time to exclude itself (or any of its assigns or affiliates) from any prohibitions or limitations, including for any Home Resort Vacation Points or DVC Vacation Points owned or controlled by DVD or transferred to DVD (or any of the TWDC Companies).
d) The Developer, in its discretion, may determine to exercise its reserved rights to implement any prohibitions or limitations through a notice recorded in the public records, by requiring BVTC to make such an amendment to this Disclosure Guide, or by such other method, and such exercise of its reserved rights shall not be subject to the approval or consent of any Association or any Club Member.
EXHIBIT "A" DVC Resort Restrictions and Limitations
Disneys Riviera Resort ("Riviera Resort")
Club Members who purchase an Ownership Interest at Riviera Resort from a third party other than directly from Disney Vacation Development, Inc. ("DVD"), the developer of the Riviera Resort, or other seller approved by DVD, are not permitted to convert their Riviera Resort Home Resort Vacation Points related to that Ownership Interest to DVC Vacation Points for the purpose of reserving Vacation Homes at any other DVC Resort, including any future DVC Resorts, through the DVC Reservation Component.
2. Effective January 19, 2019, Club Members at all other DVC Resorts, including any future DVC Resorts, who purchase an Ownership Interest at any DVC Resort other than Riviera Resort, including at any future DVC Resort, from a third party other than directly from DVD, or other seller approved by DVD, may not convert the Vacation Points related to the Ownership Interest from the other DVC Resort to DVC Vacation Points to reserve Vacation Homes at Riviera Resort through the DVC Reservation Component. Purchasers who purchase an Ownership Interest at any DVC Resort, other than Riviera Resort, from a Club Member who owned the Ownership Interest prior to January 19, 2019, are excluded from the prohibition set forth in this Paragraph 2.
3. . . . . .
4. DVD has reserved the right, in its discretion to modify or revoke implementation of any of these prohibitions, or then reinstate implementation of any of these prohibitions as it determines in its discretion from time to time, or permit such conversions for such Club Members who pay a fee or acquire an additional Ownership Interest at Riviera Resort or other DVC Resort, or to place additional prohibitions or limitations on certain Club Members including implementing such prohibitions or limitations to select Club Members or categories of Club Members or to set times. Such actions or decisions may be implemented by DVD, in its discretion, through a notice recorded in the public records, by requiring BVTC to make such an amendment to this Disclosure Document, or such other method, and such exercise of its reserved right shall not be subject to the approval or consent of any person, including the Association or any Club Member. All other terms of the Multi-site Public Offering Statement shall remain in full force and effect.