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60        
61        <br>
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63        <br>
64        
65        <br>
66        
67        <font color="#FFFFFF" face="Verdana" size="1"><b>Fractional Real</b></font>
68        <p style="margin-top: 0; margin-bottom: 0" align="center"><font color="#FFFFFF" face="Verdana" size="1"><b>Estate Ownership</b></font>
69        
70      </td>
71      <td width="18" height="796" bgcolor="#FFFFFF" rowspan="3" background="http://www.fractionalvillas.com/images/shadowbar.jpg">
72
73&nbsp;
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75      <td width="759" height="179" bgcolor="#FFFFFF">
76
77<p align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font color="#FFFFFF"><a href="http://www.fractionalvillas.com/faqs.htm"><font face="Verdana" size="1">FAQs</font></a><font face="Verdana" size="1">
78 <a href="http://www.fractionalvillas.com/public_html/sitemap.html">Sitemap</a>&nbsp;&nbsp;&nbsp;</font></font></p>
79
80<p align="center" style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="Verdana"><img border="0" src="http://www.fractionalvillas.com/key/Fractional_Villas_Fractional_Ownership.jpg" width="525" height="106" alt="Fractional Ownership Real Estate. Luxury fractional ownership properties in the world's best locations. Use it anytime! Share the costs. Deeded equity interest. "></font></p>
81
82<p align="center" style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font face="Verdana" color="#534b44" size="2"><span style="letter-spacing: 3pt">Fractional
83ownership of dream vacation homes.</span></font></p>
84
85<table border="0" width="100%">
86  <tr>
87            <td width="25%" align="center" valign="middle" bgcolor="#FFFFFF">
88              <p style="margin-top: 0; margin-bottom: 0"><b><font face="Verdana" color="#534b44" size="2"><sub><span>&nbsp;
89              </span>Mountain<span><a onmouseover="document['fpAnimswapImgFP13'].imgRolln=document['fpAnimswapImgFP13'].src;document['fpAnimswapImgFP13'].src=document['fpAnimswapImgFP13'].lowsrc;" onmouseout="document['fpAnimswapImgFP13'].src=document['fpAnimswapImgFP13'].imgRolln" href="http://www.fractionalvillas.com/mountain.htm"><img border="0" src="http://www.fractionalvillas.com/key/Fractional_Homes_2.gif" align="middle" id="fpAnimswapImgFP13" name="fpAnimswapImgFP13" dynamicanimation="fpAnimswapImgFP13" lowsrc="http://www.fractionalvillas.com/images/Iconsmall2.gif" width="26" height="24" alt="Fractional Ownership Real Estate. Luxury fractional ownership properties in the world's best locations. Use it anytime! Share the costs. Deeded equity interest. "></a></span>Villas</sub></font></b></p>
90    </td>
91            <td width="25%" align="center" valign="middle" bgcolor="#FFFFFF">
92              <p style="margin-top: 0; margin-bottom: 0"><b><font face="Verdana" color="#534b44" size="2"><span><sub>&nbsp;
93              </sub>
94              </span><sub>Metro</sub><span><sub><a onmouseover="document['fpAnimswapImgFP14'].imgRolln=document['fpAnimswapImgFP14'].src;document['fpAnimswapImgFP14'].src=document['fpAnimswapImgFP14'].lowsrc;" onmouseout="document['fpAnimswapImgFP14'].src=document['fpAnimswapImgFP14'].imgRolln" href="http://www.fractionalvillas.com/metro.htm"><img border="0" src="http://www.fractionalvillas.com/key/Fractional_Homes.jpg" align="middle" id="fpAnimswapImgFP14" name="fpAnimswapImgFP14" dynamicanimation="fpAnimswapImgFP14" lowsrc="http://www.fractionalvillas.com/images/Iconsmall2.gif" width="26" height="24"></a>Villas</sub>
95              </span></font></b></p>
96    </td>
97            <td width="25%" align="center" valign="middle" bgcolor="#FFFFFF">
98              <p style="margin-top: 0; margin-bottom: 0"><b><font face="Verdana" color="#534b44" size="2"><sub><span>&nbsp;
99              </span>Beach<span><a onmouseover="document['fpAnimswapImgFP15'].imgRolln=document['fpAnimswapImgFP15'].src;document['fpAnimswapImgFP15'].src=document['fpAnimswapImgFP15'].lowsrc;" onmouseout="document['fpAnimswapImgFP15'].src=document['fpAnimswapImgFP15'].imgRolln" href="http://www.fractionalvillas.com/beach.htm"><img border="0" src="http://www.fractionalvillas.com/key/Fractional_Homes.jpg" align="middle" id="fpAnimswapImgFP15" name="fpAnimswapImgFP15" dynamicanimation="fpAnimswapImgFP15" lowsrc="http://www.fractionalvillas.com/images/Iconsmall2.gif" width="26" height="24" alt="fractional home ownership, fractional interest ownership, fractional ownership, fractional ownership beach, fractional ownership california, fractional ownership condo, fractional ownership financing, fractional ownership homes, fractional ownership properties, fractional ownership property, fractional ownership real estate, fractional ownership resort, fractional ownership vacation homes, fractional property, fractional real estate, fractional share, fractional share ownership, fractional timeshare, shared ownership properties, timeshare fractional ownership"></a>Villas</span></sub></font></b></p>
100    </td>
101            <td width="25%" align="center" valign="middle" bgcolor="#FFFFFF">
102              <p style="margin-top: 0; margin-bottom: 0"><b><font face="Verdana" color="#534b44" size="2"><sub><span>&nbsp;
103              </span>Lifestyle<span><a onmouseover="document['fpAnimswapImgFP16'].imgRolln=document['fpAnimswapImgFP16'].src;document['fpAnimswapImgFP16'].src=document['fpAnimswapImgFP16'].lowsrc;" onmouseout="document['fpAnimswapImgFP16'].src=document['fpAnimswapImgFP16'].imgRolln" href="http://www.fractionalvillas.com/Lifestyle.htm"><img border="0" src="http://www.fractionalvillas.com/key/Fractional_Homes.jpg" align="middle" id="fpAnimswapImgFP16" name="fpAnimswapImgFP16" dynamicanimation="fpAnimswapImgFP16" lowsrc="http://www.fractionalvillas.com/images/Iconsmall2.gif" width="26" height="24" alt="fractional ownership real estate fractional property ownership fractional real estate fractionalization fractionals shared ownership tenants in common co-ownership share ownership partner homes resort homes second homes timeshares membership shares deeded"></a>Villas</span></sub></font></b></p>
104    </td>
105  </tr>
106</table>
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115          </tr>
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117            <td width="100%" valign="baseline"  align="left" background="http://www.fractionalvillas.com/key/Fractional_Ownership_Europe.jpg" height="45" bgcolor="#2F200D">&nbsp;</td>
118          </tr>
119          <tr>
120            <td width="100%" valign="baseline" align="left" background="http://www.fractionalvillas.com/key/Helium_Report_Fractional_Guide.jpg" height="45">&nbsp;</td>
121          </tr>
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123            <td width="100%" valign="baseline" align="left" height="1" bgcolor="#2F200D">&nbsp;</td>
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185<div align="left">
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189        <tr>
190          <td bgColor="#7D5435" height="33" background="http://www.fractionalvillas.com/images/colorbarwide.JPG"><b><font face="Verdana" color="#ffffff" size="3">&nbsp;<font face="Verdana" size="3">Frequently
191            Asked Questions</font><font size="3"><span style="Z-INDEX: -5"> </span><font face="Verdana">About
192            Fractional Ownership.</font></font></font></b></td>
193        </tr>
194      </tbody>
195    </table>
196  </div>
197  </div>
198<div align="center">
199  <table border="0" width="100%" height="5984">
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205      <td vAlign="center" align="left" height="30">
206        <p align="center"><b><font face="Verdana" size="2" color="#FF0000">Please
207        click on any question below.</font></b></p>
208      </td>
209    </tr>
210  </tbody>
211</table>
212<table width="717" border="0" height="5576">
213  <tbody>
214    <tr>
215      <td vAlign="top" align="left" bgColor="#FFFFFF">
216        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
217          <li>
218            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Why
219            1/8th shares versus more, or less owners?</font></b><font face="Verdana" color="#3f2c11" size="2">
220            <ul style="display:block" type="square" dynamicoutline>
221              <li>
222                <p style="LINE-HEIGHT: 150%" align="left">Many forms of vacation
223                property ownership, such as most time shares are based on just a
224                few weeks of use per year. This effectively becomes more like a
225                prepaid hotel vacation. True pride of ownership can only come
226                from the exclusive right to use your property on a more frequent
227                basis. With 1/8th share deeded ownership, you will have the
228                right to use the property as often as you wish, subject to the
229                tiebreaker rules. You'll enjoy usage throughout all seasons,
230                providing you a complete appreciation of your property and the
231                rewards and activities of the community. Studies have determined
232                that the average 2nd home is used less than 30 days per year.
233                Our 1/8th share ownership, provides you with the optimum amount
234                of usage time, while not burdening you with more upfront
235                out-of-pocket cost, ongoing expense or use time than you may
236                need. Meaningful and fulfilling ownership, not limited access
237                that doesn't make sense, and doesn't provide you with the real
238                benefits of a vacation property of your own.<br>
239                <br>
240                Please note, while 1/8th is our most popular ownership
241                structure, some of our Fractional Villas<font face="Verdana" color="#534b44" size="1"><sup>®
242                </sup></font>are offered in 1/4th, 1/6th, 1/7th, 1/10th and
243                1/12th interests, depending on local zoning codes and market
244                conditions. In these cases, all documents and operating
245                agreements are adjusted accordingly along with the frequency of
246                use.</font></p>
247            </li>
248            </ul>
249          </li>
250        </ul>
251        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
252          <li>
253            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Can
254            I buy more than one share?</font></b><font face="Verdana" color="#3f2c11" size="2">
255            <ul style="display:block" type="square" dynamicoutline>
256              <li>
257                <p style="LINE-HEIGHT: 150%" align="left">Yes, you may purchase
258                more shares to allow you and your family more frequent use of
259                the property. You can also buy additional interests as they may
260                become available in the future from your fellow share owners, or
261                you may sell your fractional ownership interest to another
262                owner, or any third party, at the then fair market value.&nbsp;</font></p>
263            </li>
264            </ul>
265           </li>
266           </ul>
267          <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
268          <li>
269            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">How many days per year do I get to use the
270            property?</font></b>
271            <ul style="display:block" type="square" dynamicoutline>
272              <li>
273                <p style="LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2"><u>You are not limited to any particular amount of use
274                of the property</u>.&nbsp; You can use the property as often,
275                and as much as you wish, subject to the rules of the Priority
276                Reservation System established for your property.&nbsp; Each of the
277                Co-Owners has an equal right to use the property.&nbsp; You are
278                guaranteed your respective proportionate use of the property
279                each year. In some years, some of the Co-Owners may wish to use more time than in other years; and in some years, less time.&nbsp;
280                For example: if your property has 8 Co-Owners, and each Co-Owner
281                used the property equally, they would enjoy approximately 45 days of use per
282                year.</font></p>
283            </li>
284            </ul>
285          </li>
286        </ul>
287        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
288          <li>
289            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">How
290            do I know my schedule for use?</font></b><font face="Verdana" color="#3f2c11" size="2">
291            <ul style="display:block" type="square" dynamicoutline>
292              <li>
293                <p style="LINE-HEIGHT: 150%" align="left">With our Priority
294                Reservation System you will be able to plan ahead, years in
295                advance, knowing exactly when you have the highest priority
296                making it optimum for you to make your reservation. Or, you may
297                use it on a moment’s notice, subject to availability, and your
298                priority over other owners for a certain week. One week per
299                year, in the spring, is reserved for routine maintenance and
300                deep cleaning. This provides for 51 weeks of total owners
301                occupancy, per year, or if used equally in a particular year,
302                just under an average of 7 weeks per owner. For more information
303                see our <a href="http://www.fractionalvillas.com/schedule.htm" target="_blank">Priority
304                Reservation System</a>.&nbsp;&nbsp;</font></p>
305            </li>
306            </ul>
307          </li>
308        </ul>
309        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
310          <li>
311            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Can
312            I use the property on holidays?&nbsp;</font></b><font face="Verdana" color="#3f2c11" size="2">
313            <ul style="display:block" type="square" dynamicoutline>
314              <li>
315                <p style="LINE-HEIGHT: 150%" align="left">Each owner will have
316                the highest priority for every specific holiday and every week
317                of the year, once every eight years. This means that you will
318                have an equal opportunity to reserve the property on those
319                holidays that are important to you. Owners may independently
320                swap their priority, or scheduled time with each other,
321                combining weeks, or opting for time that better fits their
322                respective schedules. Either way, you won't have the customary
323                frustration of not being able to spend more time at the
324                property, knowing that it won't be vacant for long, or unused,
325                while still providing you the option to use it throughout the
326                year.&nbsp;</font></p>
327            </li>
328            </ul>
329          </li>
330        </ul>
331        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
332          <li>
333            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px;
333 LINE-HEIGHT: 100%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">As
334            a fractional interest owner, will I have exclusive use of the
335            property?</font></b><font face="Verdana" color="#3f2c11" size="2">
336            <ul style="display:block" type="square" dynamicoutline>
337              <li>
338                <p style="LINE-HEIGHT: 150%" align="left">Yes, the property will
339                be exclusively yours to use for up to one week at time. Weekly
340                periods begin on Monday afternoons, and end on the following
341                Monday mornings. The housekeepers completely clean the property
342                and prepare it for each owners’ arrival. You may arrive any
343                time after the scheduled arrival time. Many owners will skip the
344                weekdays and arrive for extended weekends only. Thus, another
345                owner may use the property, on those days when you are not,
346                maximizing everyone’s use. In some years you might end up
347                using the property 10, 15 or even 20 weeks a year, when other
348                owners don‘t wish to use it as much! For more information see
349                our <a href="http://www.fractionalvillas.com/schedule.htm" target="_blank">Priority
350                Reservation System</a>.&nbsp;</font></p>
351            </li>
352            </ul>
353          </li>
354        </ul>
355        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
356          <li>
357            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Where
358            did the concept of fractional ownership originate?</font></b><font face="Verdana" color="#3f2c11" size="2">
359            <ul style="display:block" type="square" dynamicoutline>
360              <li>
361                <p style="LINE-HEIGHT: 150%" align="left">The concept isn't new,
362                but the term &quot;fractional ownership&quot; is.&nbsp; Friends,
363                relatives, and business partners have been pooling their
364                resources to buy a second home for centuries.&nbsp; In the early
365                1990's, fractional ownership of private jets became popular,
366                followed by yachts, then luxury vacation homes.&nbsp; According
367                to the National Association of Realtors, in 2004, &quot;36% of
368                all home sales were second homes purchased for either vacation
369                use or investment&quot;.&nbsp; Despite the current market
370                slowdown, the interest and demand for fractional ownership is
371                growing every year, as more and more consumers discover that
372                they can have their proverbial dream vacation home, without all
373                of the expense, hassle or guilt!<br>
374                <br>
375                Fractional Villas<font face="Verdana" color="#534b44" size="1"><sup>®
376                </sup></font>recognized the need for an exclusive vacation home,
377                where a true sense of pride of ownership exists; and the
378                benefits of making a wise purchase can be realized with an
379                eighth-share fractional deeded ownership, instead of a club
380                membership in an elusive complex, with ever changing properties.
381                Whether it’s a vacation villa, private jet, or yacht,
382                fractional ownership is proving to be the best way to purchase
383                and enjoy high-value assets that you don't use fulltime.</font></p>
384            </li>
385            </ul>
386          </li>
387        </ul>
388        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
389          <li>
390            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Can't
391            I just find a property and purchase it with my friends?</font></b><font face="Verdana" color="#3f2c11" size="2">
392            <ul style="display:block" type="square" dynamicoutline>
393              <li>
394                <p style="LINE-HEIGHT: 150%" align="left">You can, however, with
395                Fractional Villas<font face="Verdana" color="#534b44" size="1"><sup>®
396                </sup></font>you don't need to convince 7 others to buy a share
397                in your dream vacation home, which as most people know, can be
398                very difficult. Further, you will need to prepare a
399                comprehensive set of CC&amp;R's, operating by-laws, rules and
400                regulations, as well as all of the legal and HOA documents for
401                purchase and shared ownership. Instead, with Fractional Villas<font face="Verdana" color="#534b44" size="1"><sup>®
402                </sup></font>you can just make your own decision to own a share
403                in a larger and more luxurious villa, than you could normally
404                afford, in an area where you would otherwise be priced out of
405                the market. With our typical Fractional Villa, you'll own a
406                1/8th share with 7 other proud owners, not hundreds, like with
407                the &quot;residence clubs&quot; or timeshare properties. We do
408                all of the work, and take all of the risk, identifying the
409                property, furnishing it, appointing the property manager and a
410                team of maintenance professionals, preparing all of the legal
411                documents correctly, and marketing the property to just 8
412                exclusive owners.&nbsp;</font></p>
413            </li>
414            </ul>
415          </li>
416        </ul>
417        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
418          <li>
419            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 100%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">How
420            does fractional ownership primarily differ from the economic
421            considerations for wholly owned real estate?</font></b><font face="Verdana" color="#3f2c11" size="2">
422            <ul style="display:block" type="square" dynamicoutline>
423              <li>
424                <p style="LINE-HEIGHT: 150%" align="left">Primarily, fractional
425                ownership allows you to afford a much more luxuri
425ous, elegant
426                and larger vacation property than you would normally on your
427                own. All costs and expenses are all divided and shared amongst
428                the owners vs. carrying the burden by yourself. Ownership is
429                evidenced by a fee simple &quot;Tenants In Common&quot; grant
430                deed to the property, backed by title insurance, exactly like
431                the home you live in now. However, you still enjoy all the
432                benefits of real estate ownership. This is a true value catering
433                to discriminating investors who are looking for a second home
434                but really don't want the full burden of owning a second home.
435                The more expensive the property, the more fractional ownership
436                makes financial sense!&nbsp;</font></p>
437            </li>
438            </ul>
439          </li>
440        </ul>
441        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
442          <li>
443            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Are
444            there legal agreements between the co-owners?</font></b><font face="Verdana" color="#3f2c11" size="2">
445            <ul style="display:block" type="square" dynamicoutline>
446              <li>
447                <p style="LINE-HEIGHT: 150%" align="left">Fractional Villas<font face="Verdana" color="#534b44" size="1"><sup>®
448                </sup></font>has developed, what is considered one of the
449                &quot;best set of proprietary fractional ownership
450                documents&quot; in the industry, from the &quot;co-owners point
451                of view&quot;. Each property is owned, governed and operated by
452                a very tight package of legal agreements that remove virtually
453                all ambiguity and questions for each of the owners. These
454                agreements help to assure each owner of their independent quiet
455                enjoyment, legal control, property rights and ownership
456                protection. Without these agreements, a group of owners would
457                effectively be operating on a handshake, with faith that
458                everything will work out. This may work for friends and family
459                (until there is a problem), but a handshake cannot be relied on
460                for independent owners, brought together under this
461                sophisticated structure.&nbsp; We are confident that after your
462                review, you will agree that virtually every concern has been
463                addressed and prescribed for the benefit of all co-owners,
464                assuring a very safe and enjoyable ownership experience.&nbsp;<br>
465                <br>
466                This package of documents is tailored specifically to each
467                property and the local municipal codes, and is made available to
468                each buyer in escrow, during their contingency evaluation
469                period.&nbsp;</font></p>
470            </li>
471            </ul>
472          </li>
473        </ul>
474        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
475          <li>
476            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Who
477            are fractional properties really for?</font></b><font face="Verdana" color="#3f2c11" size="2">
478            <ul style="display:block" type="square" dynamicoutline>
479              <li>
480                <p style="LINE-HEIGHT: 150%" align="left">This type of vacation
481                real estate ownership is ideal if you want the benefits of
482                owning an impressive second home (typically of more value than
483                you would afford on your own), complete with management
484                services, located in a very exclusive community, but you can't
485                justify whole ownership because of your projected limited use.&nbsp;<br>
486                <br>
487                Most fractional owners are frequent visitors to the resort area,
488                and want something they can call &quot;their own&quot;, with
489                friends and family members. These buyers aren't looking to be
490                sold vacation time, but instead want an upscale vacation
491                property without the responsibilities and costs associated with
492                a wholly owned home. Fractional ownership is a lifestyle choice,
493                yet an affordable and sensible way to purchase a second home,
494                providing most of the benefits of true property ownership. With
495                Fractional Villas<font face="Verdana" color="#534b44" size="1"><sup>®
496                </sup></font>, you can own several vacation properties - in
497                several parts of the world - collectively for the price of just
498                one!</font><br>
499              <blockquote>
500                <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="center"><a href="http://www.fractionalvillas.com/mammothcomparison.htm" target="_blank"><font face="Verdana" color="#a47535" size="2">Is
501                co-ownership right for you?</font></a></p>
502              </blockquote>
503            </li>
504            </ul>
505          </li>
506        </ul>
507        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
508          <li>
509            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px;
509 LINE-HEIGHT: 100%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">How
510            do Fractional Villas<font face="Verdana" color="#534b44" size="1"><sup>®
511            </sup></font>differ from residence clubs or condo hotels?</font></b><font face="Verdana" color="#3f2c11" size="2">
512            <ul style="display:block" type="square" dynamicoutline>
513              <li>
514                <p style="LINE-HEIGHT: 150%" align="left">Both offer luxurious
515                accommodations and services for the person seeking a vacation
516                home. However, the residence club/condo hotel tends to be an
517                individual room or suite located within a major multi-unit
518                complex. In most cases, the ownership is of a &quot;like kind
519                unit&quot;, meaning you will rarely stay in the same unit twice.
520                Effectively, you have bought a “floating floor plan” in the
521                complex, even though you may have title to a specific property,
522                or unit. With a Fractional Villa you will own and enjoy the same
523                property, on every visit, not just a floor plan where you float
524                from similar unit to unit. Additionally, a private estate
525                Fractional Villa assures you the highest degree of privacy. No
526                public hot tubs, lobbies, parking lots, or hallways!<br>
527                <br>
528                Residence clubs typical &quot;$25,000 annual fees&quot; equate
529                to $555.00 per day, with just 45 days of usage rights. The lost
530                interest (cost of funds) for the typical hefty, non-interest
531                bearing $350,000 to $400,000 membership fee adds another
532                significant cost. At just 5%, your cost of funds is $20,000 per
533                year (lost interest that could have been earned in a typical
534                Certificate of Deposit). So, your combined effective cost of
535                funds and annual fees, per year, is about $45,000, before resale
536                fees.&nbsp;&nbsp;<br>
537                <br>
538                Under most club plans, if you wish to cancel your membership,
539                they charge a significant 20% resale fee. Only 80% of the
540                original fee is refundable should you decide to resign your
541                &quot;club membership&quot; So, lets say you retain your
542                membership for 10 years, that's another $80,000 charge tagged
543                onto the end (resale fee), or about $8,000 per year.
544                Effectively, under this scenario, you will have paid about
545                $48,000 per year. That's $1,066 a day for your use with no
546                equity upside!&nbsp;&nbsp;<br>
547                <br>
548                What would that $400,000 have made in equity, when leveraged
549                into a fractional deeded, &quot;fee&quot; ownership interest in
550                a resort property, over the same 10 years?&nbsp;</font></p>
551            </li>
552            </ul>
553          </li>
554        </ul>
555        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
556          <li>
557            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">How
558            is the home furnished?</font></b><font face="Verdana" color="#3f2c11" size="2">
559            <ul style="display:block" type="square" dynamicoutline>
560              <li>
561                <p style="LINE-HEIGHT: 150%" align="left">Professional
562                decorators have furnished each home in a first class, upscale
563                style, befitting each locale and the architecture. Not trendy,
564                and not tacky. Elegantly appointed from luxurious furniture, to
565                paintings and museum quality panoramic photographs of the local
566                area, decorator touches, draperies, dishes, appliances, cooking
567                gear, linens, towels, comforters, even separate sets of summer
568                and winter bedding. Every detail is thought out to make you feel
569                at home – in some ways better than home. Even board games,
570                pool tables (subject to space), and outdoor toys from mountain
571                bikes, to sleds, pool floats and beach toys as appropriate for
572                your locale, are all provided. No reasonable cost is spared, and
573                nothing is overlooked!</font></p>
574            </li>
575            </ul>
576          </li>
577        </ul>
578        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
579          <li>
580            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Can
581            I have guests stay at the property?</font></b><font face="Verdana" color="#3f2c11" size="2">
582            <ul style="display:block" type="square" dynamicoutline>
583              <li>
584                <p style="LINE-HEIGHT: 150%" align="left">Unaccompanied family, friends,
585                business associates, or anyone else you designate, can use the
586                property as your guests, provided you have the highest
587                Reservation Priority for the subject week of use.&nbsp; Guests are treated as family and
588                may join you anytime, or use the property should your schedule not allow
589                you to attend at the same time. Guests shall be your
590                responsibility and required to respect the CC&amp;R’s, Bylaws
591                and Rules &amp; Regulations.</font></p>
592            </li>
593            </ul>
594          </li>
595        </ul>
596        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
597          <li>
598            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2"><b>Can
599            I rent out my unused time?</b>
600            <ul style="display:block" type="square" dynamicoutline>
601              <li>
602                <p style="LINE-HEIGHT: 150%" align="left">Certain villas do
603                allow for the rental of your priority time, however, many do
604                not. In those cases, only owners and their direct guests may use
605                the property. This also helps maintain less wear and tear on the
606                property, and makes its use more personal and exclusive. With
607                rental potential, some villas may qualify for 1031 exchanges,
608                and additional tax benefits, that your professional tax advisor
609                will need to determine for you.&nbsp;</font></p>
610            </li>
611            </ul>
612          </li>
613           </ul>
614        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
615          <li>
616            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2"><b>Can
617            I exchange my priority time with another Co-Owner of the property?</b>
618            <ul style="display:block" type="square" dynamicoutline>
619              <li>
620                <p style="LINE-HEIGHT: 150%" align="left">You may exchange your
621                priority time with any other Co-Owner to combine weeks, or to
622                reserve your use of the property when it better fits your
623                schedule.&nbsp;</font></p>
624            </li>
625            </ul>
626          </li>
627        </ul>
628        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
629          <li>
630            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px;
630 LINE-HEIGHT: 100%" align="left"><font face="Verdana" color="#3f2c11" size="2"><b>Do
631            I have the same tax considerations with fractional ownership as with
632            purchasing the entire property exclusively?&nbsp;</b>
633            <ul style="display:block" type="square" dynamicoutline>
634              <li>
635                <p style="LINE-HEIGHT: 150%" align="left">Fractional ownership
636                is the same as ownership of any other real estate, wherein you
637                enjoy potential appreciation, depreciation, interest and expense
638                deductions. At your discretion, you may sell your share of the
639                property, gift it, or leave it to someone in a Will. Your tax
640                advisor will be better suited to provide specific details, and
641                advise what your individual tax circumstances may offer. You may
642                also register title in your children’s names to assist in
643                estate planning.&nbsp;</font></p>
644            </li>
645            </ul>
646          </li>
647        </ul>
648        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
649          <li>
650            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Are
651            there concierge services available to me?</font></b><font face="Verdana" color="#3f2c11" size="2">
652            <ul style="display:block" type="square" dynamicoutline>
653              <li>
654                <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left">Personal
655                concierge services are available to every owner as desired.
656                Prior to each owner's arrival, the property manager will be
657                certain the toiletries and linens are well stocked, make sure
658                the heating and air conditioning is set at your preferred
659                temperature, have your personal framed photos placed right where
660                you left them on your last visit, instruct the housekeeper to
661                store your vacation clothes for you in a secure storage area,
662                and put them back in the closet before you arrive. At your
663                direction, for an extra fee,<b> </b>our Property Concierge will
664                be sure to spoil you with all of the frills,<b> </b>from
665                personal grocery shopping to stock the fridge and kitchen with
666                your favorite foods and beverages, to a providing a butler, a
667                private chef to prepare your perfect party dinner, a bartender,
668                a nanny, a chauffeur to and from the airport or for a night out,
669                a bodyguard or any special security, or just ordering and
670                arranging fresh flowers before your arrival.&nbsp; Tee times,
671                restaurant or theater reservations, a day of fishing, yachting
672                or sailing, skiing or surfing lessons, a private massage, hair
673                and spa services, laundry, dry cleaning and even child daycare
674                or pet care services are all available to you as an owner of a
675                Fractional Villa.</font></p>
676            </li>
677            </ul>
678          </li>
679        </ul>
680        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
681          <li>
682            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Is
683            there a valet to help me on arrival?</font></b><font face="Verdana" color="#3f2c11" size="2">
684            <ul style="display:block" type="square" dynamicoutline>
685              <li>
686                <p style="LINE-HEIGHT: 150%" align="left">Our optional “Meet
687                &amp; Greet” service provided by the property concierge will
688                have a courteous valet meet you at the property upon your
689                arrival. They will arrive before you do, adjust the temperature
690                of the house and the hot tub, turn on the lights, shovel any
691                snow on the entry stairs and walkway, light a fire in the
692                fireplace, turn on the music to your favorite selections, help
693                you bring in your luggage, and even pop the cork on your
694                favorite bottle of wine! All you need to do is arrive. No
695                worries!</font></p>
696            </li>
697            </ul>
698          </li>
699        </ul>
700        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
701          <li>
702            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2"><b>What
703            are the Operating Costs associated with fractional ownership?</b>
704            <ul style="display:block" type="square" dynamicoutline>
705              <li>
706                <p style="LINE-HEIGHT: 150%" align="left">In addition to the
707                initial acquisition cost, you will share in the ongoing
708                Operating Expenses including the utilities, property insurance, all maintenance, general household
709                and cleaning supplies, toiletries,
710                fireplace logs, interim housekeeping,
711                deep cleaning, repairs, the replacement of all furnishings as needed, security service,
712                bookkeeping, and the Property Manager’s fee.&nbsp; All
713                expenses are passed through to each Co-Owner on an equal and
714                proportionate basis without markup by Fractional Villas<sup><font face="Tahoma" color="#534b44" size="1">®</font></sup>.&nbsp;
715                The property manager works on a fixed annual fee, without a
716                conflict of interest.&nbsp; Only optional concierge services will be
717                billed directly to any owner requesting them on an a la carte
718                basis.&nbsp;</font></p>
719            </li>
720            </ul>
721          </li>
722           </ul>
723        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
724
725          <li>
726            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2"><b>What
727            happens if another Owner doesn’t pay his share of the on-going
728            Operating Expenses, or property taxes?</b></font><font face="Verdana" color="#3f2c11" size="2">
729            <ul style="display:block" type="square" dynamicoutline>
730              <li>
731                <p style="LINE-HEIGHT: 150%" align="left">Like a condominium home owners association, if an Owner does not pay their share of any expense, as and when due, the
732                fractional HOA may foreclose on that Owner’s deeded share, following a strict protocol, and reimburse the HOA from the proceeds of the
733                foreclosure. It is unlikely any action of this severity will ever be necessary.
734                <u> In no case, is your deeded share ever in jeopardy by another Owner’s
735                default</u>. The buyer of the “foreclosed share” will then step into the shoes of the defaulting shareowner and
736                thereafter be responsible for that equity share’s respective share of expenses.&nbsp;</font></p>
737            </li>
738            </ul>
739          </li>
740        </ul>
741        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
742          <li>
743            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Who controls the Home Owners Association?</font></b>
744            <ul style="display:block" type="square" dynamicoutline>
745              <li>
746                <p style="LINE-HEIGHT: 150%" align="left"><font color="#3f2c11" size="2" face="Verdana">Every Owner is a member of the
747                fractional HOA. Three of the Co-Owners rotate as members of the Board of Directors of the HOA for
748                two year terms each.</font></p>
749            </li>
750            </ul>
751          </li>
752           </ul>
753        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
754       
755          <li>
756            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2"><b>Who
757            manages and maintains the property?</b>
758            <ul style="display:block" type="square" dynamicoutline>
759              <li>
760                <p style="LINE-HEIGHT: 150%" align="left">The Home Owners Association (consisting of
761                all of the Co-Owners) hires a Property Manager for annual periods. The Property
762                Manager manages every aspect of the property including&nbsp; the complete maintenance and care of your
763                villa, the payment of all operating expenses and the annual preparation and
764                filing of the tax return for the HOA.&nbsp;&nbsp;</font></p>
765            </li>
766            </ul>
767          </li>
768           </ul>
769        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
770
771          <li>
772            <font face="Verdana" color="#3f2c11" size="2"><b>What do the
773            operating expenses cover?</b>
774            </font>
775            <ul style="display:block" type="square" dynamicoutline>
776              <li>
777                <p style="LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2">The
778                ongoing operating expense cover the
779                cost of all maintenance, repair, replacements and wear and tear
780                as required. A professional housekeeper is supervised by the
781                Property Manager, assuring the property is always clean and maintained in
782                a first class condition, as you would expect. Landscape
783                and pool maintenance is performed on a regularly scheduled basis
784                by local professionals, and, where necessary, snow removal as
785                required. Structural maintenance, including painting, and
786                repairs, is provided by the appropriate local trade contractors,
787                as and when needed. Certified professionals from the specific
788                equipment manufacturers and services will maintain the equipment
789                and appliances to our demanding standards. When the homeowners
790                are away, the property manager will look after the property,
791                assuring you the peace of mind that your property is safe and
792                secure.&nbsp;</font></p>
793            </li>
794            </ul>
795          </li>
796           </ul>
797        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
798
799          <li>
800            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Who
801            is responsible if an Owner damages the Villa?</font></b><font face="Verdana" color="#3f2c11" size="2">
802            <ul style="display:block" type="square" dynamicoutline>
803              <li>
804                <p style="LINE-HEIGHT: 150%" align="left">Other than normal wear and tear, each Owner is responsible for immediate repair or replacement of any damage to the Villa or
805                to any of the furnishings, fixtures or equipment, if incurred during their use of the
806                property.&nbsp;</font></p>
807            </li>
808            </ul>
809          </li>
810        </ul>
811        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
812          <li>
813            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Are housekeeping
814            services included?</font></b>
815            <ul style="display:block" type="square" dynamicoutline>
816              <li>
817                <p style="LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2">Each Owner pays for the cleaning of the Villa upon their departure. Housekeeping charges
818                are passed through to the respective Owner at the actual cost charged by the Housekeeper.&nbsp;</font></p>
819            </li>
820            </ul>
821          </li>
822           </ul>
823        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
824
825          <li>
826            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><b><font face="Verdana" color="#3f2c11" size="2">Is
827            the property non-smoking?</font></b><font face="Verdana" color="#3f2c11" size="2">
828            <ul style="display:block" type="square" dynamicoutline>
829              <li>
830                <p style="LINE-HEIGHT: 150%" align="left">For the comfort of all
831                owners, and maintaining the condition of the property, smoking
832                is not allowed within any area of the home.&nbsp;&nbsp; &nbsp;</font></p>
833            </li>
834            </ul>
835          </li>
836        </ul>
837        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
838          <li>
839            <p style="LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2"><b>Are
840            pets allowed at the property?</b>
841            <ul style="display:block" type="square" dynamicoutline>
842              <li>
843                <p style="LINE-HEIGHT: 150%" align="left">Owners will
844                collectively decide if their villa is pet friendly and establish
845                a special set of rules and conditions regarding their pet’s
846                access to the property.</font></p>
847            </li>
848            </ul>
849          </li>
850        </ul>
851        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
852          <li>
853            <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2"><b>Can
854            I finance my purchase?</b>
855            <ul style="display:block" type="square" dynamicoutline>
856              <li>
857                <p style="LINE-HEIGHT: 150%" align="left">Fractional Villas<font face="Verdana" color="#534b44" size="1"><sup>®
858                </sup></font>has arranged with lenders to provide you a mortgage
859                for your purchase, requiring a typical deposit of 20% of the
860                share price. Most owners will, however, either pay all cash, or
861                opt to pay for their share with equity from their primary
862                residence, using a line of credit.</font></p>
863            </li>
864            </ul>
865          </li>
866           </ul>
867        <ul style="list-style-image: url('listarrow.gif')" initcollapsed dynamicoutline>
868
869          <li>
870            <p style="LINE-HEIGHT: 150%" align="left"><font face="Verdana" color="#3f2c11" size="2"><b>How
871            can I sell my share in the future?</b><ul style="display:block" type="square" dynamicoutline>
872              <li>
873                <p style="LINE-HEIGHT: 150%" align="left">You may sell your share to any other owner of the property, 
874                or you may sell it to any third party. Typically, resale shares are listed with Fractional Villas®, 
875                or with a local real estate broker, who will promote the sale of your share the same way they 
876                promote any other property for sale. The market for fractional ownership shares is growing, 
877                as more and more buyers realize the benefits and savings. You may also sell your share yourself, 
878                by advertising in any publication, newspaper, or on the internet at free real estate listing sites. 
879                You set the price and are in control of the sale, just like any other property sale.
880</font></p>
881            </li>
882            </li>
883        </ul>
884      </td>
885    </tr>
886  </tbody>
887</table>
888
889      </td>
890    </tr>
891    <tr>
892      <td height="378" bgcolor="#FFFFFF">
893<blockquote>
894&nbsp;<p style="line-height: 110%; margin-left: .25in; margin-right: .25in; margin-top: 0; margin-bottom: 0" class="MsoNormal"><font face="Tahoma" color="#534b44" size="1"><b>For
895more information, please contact us at:&nbsp;</b></font><span style="text-transform: uppercase"><font face="Verdana" size="1" color="#534b44">
896</font><a href="mailto:[email protected]?subject=Please send me more information!"><font face="Verdana" size="1" color="#A47535"><b>[email protected]</b></font></a></span>
897</p>
898<br>
899<br>
900
901<p class="MsoNormal" style="line-height: 110%; margin-left: .25in; margin-right: .25in; margin-top: 0; margin-bottom: 0"><font face="Tahoma" color="#534b44" size="1">Each fractional ownership 
902				property listed herein, is separately owned. Fractional Villas® 
903				is neither the owner, nor the real estate sales broker of the 
904				properties. Each Fractional Villas® fractional ownership 
905				property is a separate offering. This is not a solicitation or 
906				offering for fractional ownership in those states where 
907				regulated. Fractional Villas makes no warranty express or 
908				implied as to the merchantability or legality of any fractional 
909				ownership offering herein.<br><br>The information contained on 
910				this website is believed to be accurate to the best of our 
911				knowledge. The purchaser of any fractional ownership interest is 
912				solely responsible for verifying all information contained 
913				herein. Actual Fractional Villas® properties may 
914				vary in location, size, bedrooms, bathrooms, character, 
915				furnishings, equipment, fixtures, amenities and features. 
916				Certain photos featured within this website are for example 
917				purposes only. Unless expressly stated in the purchase or 
918				operating agreements of any property featured on this website, 
919				Fractional Villas is not the property manager, concierge, or 
920				scheduling agent, and shall not provide any services related 
921				thereto.<br><br>Copyright © 2005 – 2015,
922				<a href="http://www.fractionalvillas.com/copyrightnotice.htm" target="_blank">
923				Fractional Villas, Inc. Terms of use of this website</a>. All 
924				Rights Reserved Fractional Villas, Inc. Del Mar, CA 92014 Green 
925				Ownership and Fractional Escapes are trademarks owned by 
926				Fractional Villas, Inc.</font>
927
928          </p>
929</blockquote>
930
931      </td>
932    </tr>
933  </table>
934</div>
935    </td>
936    </tr>
937  <center>
938      <tr>
939      <td width="147" height="187" bgcolor="#FFFFFF" valign="middle" background="http://www.fractionalvillas.com/images/sidebarbackgroundhouse.jpg">
940        
941       
942        <p align="center">
943        
944       
945        <br>
946        <br>
947        <br>
948        <br>
949        <br>
950
951        &nbsp;&nbsp; <b><span style="letter-spacing: 1pt"><font face="Verdana" color="#FFFFFF" size="1">Fractional Villas</font><sup><font face="Verdana" size="1" color="#FFFFFF">®</font></sup></span></b></p>
952        
953      </td>
954      <td width="759" height="1" bgcolor="#FFFFFF">
955
956<table border="0" width="99%" cellspacing="0" cellpadding="0" height="54">
957  <tr>
958    <td width="11%" height="125" valign="bottom"></td>
959    <td width="42%" height="125" valign="middle">
960      <p align="center">
961<img border="0" src="http://www.fractionalvillas.com/images/Equalhousing.gif" width="72" height="76" align="left" alt="fractional ownership real estate fractional property ownership fractional real estate fractionalization fractionals shared ownership tenants in common co-ownership share ownership partner homes resort homes second homes timeshares membership shares deeded">
962    </td>
963    <td width="76%" height="125" valign="bottom">
964      <p align="center">
965      <a href="http://www.fractionalvillas.com/greenownership.htm" target="_blank"><img border="0" src="http://www.fractionalvillas.com/images/Green_Ownership_Icon.jpg" align="center" alt="Fractional Ownership Real Estate is good for the environment.  Green Ownership is created with co-ownership sharing the use of one property." width="150" height="122"></a></td>
966  </tr>
967  <tr>
968    <td width="129%" height="13" valign="bottom" colspan="3"></td>
969  </tr>
970  <tr>
971    <td width="129%" height="13" valign="bottom" colspan="3">
972      <p align="center"><a href="http://www.fractionalvillas.com"><font face="Tahoma" size="2" color="#4D2C1D">Home</font></a><font face="Tahoma" size="2" color="#4D2C1D">
973      | </font><a href="http://www.fractionalvillas.com/ownership.htm"><font face="Tahoma" size="2" color="#4D2C1D">Ownership</font></a><font face="Tahoma" size="2" color="#4D2C1D">
974      | </font><a href="http://www.fractionalvillas.com/use.htm"><font face="Tahoma" size="2" color="#4D2C1D">Use</font></a><font face="Tahoma" size="2" color="#4D2C1D">
975      | </font><a href="http://www.fractionalvillas.com/properties.htm"><font face="Tahoma" size="2" color="#4D2C1D">Properties</font></a><font face="Tahoma" size="2" color="#4D2C1D">
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