Good News for Meadow Lake Owners: RCI Take Back – More Rental, Owners to Benefit
We hope this note finds you enjoying your summer and having spent some time with us here at Meadow Lake. At MLDC we are constantly working to maximize owner benefits and to operate your resort to the benefit of dues-paying owners. You are the reason that this place is so special.
A built-in benefit for Meadow Lake owners is the ability for MLDC to put a defaulting owner’s interval into the rental pool and apply the proceeds, after rental fees, to unit upkeep and reserves. To quote the governing documents, “The Managing Agent shall be entitled to rent the Unit during the defaulting Owner’s Use Period(s) and to set up any amounts received against the amount due from the defaulting owner” (SAHA Dec Covenants 14. (B)(iii)).
It is easy to see how this not only benefits dues-paying owners, as the unit may generate needed funds, but it also benefits the owner in default, as the credits offset this person’s obligations. It is a logical system designed to benefit owners and the overall resort.
So, why the notice? It has come to our attention that in some cases, MLDC is prevented from renting a defaulting owner’s interval by RCI because the points have been booked and RCI therefore controls the interval. This is not right. The solution is to cancel the delinquent owner’s RCI membership at the same time that MLDC restricts the defaulting owner from accessing the unit at Meadow Lake. Effective immediately, this will be our policy. All costs to restore RCI membership, including an MLDC management fee for time to assist, will not be the responsibility of MLDC but of the Unit owner should they become current and want to rejoin RCI.
We feel this is an important step to serve our owners interests. As always, we welcome your feedback.
Looking for more information on how the rental program works? Follow the link below to read the article “Rental Program Explained.”