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PROVIDENT RESORTS & HOTELS RENTAL PROGRAM AT SUNSET VISTAS

QUESTIONS AND ANSWERS

Q: What is a Condominium Hotel?
A: A condominium hotel is a facility that is designed, constructed and operated as a public lodging establishment offering transient accommodations and making available hotel type services to both Rental Guests and Owners. Different from a typical residential condominium development, condominium hotels gives the Unit Owner a hands free opportunity to earn rental income when not personally enjoying his/her Unit.

Q: Is participation in the Rental Program mandatory?
A: Participation is completely voluntary, but the facility is zoned for transient use as a hotel facility with its many guest amenities. The City of Treasure Island limits Owner occupancy to a maximum ninety (90) days of annual use. All units must be made available to the public for overnight accommodations for no fewer than 275 days in any calendar year. If an Owner chooses to participate in the Rental Program, a separate Rental Management Agreement would be executed.

Q: If I join the Rental Program, are there any limits to my personal use of the Unit?
A: Owner shall have the right to use the Unit without restriction as to when or for what period for a total of ninety (90) days per year as long as the Unit is not previously reserved with an existing reservation by Company. Owner shall not be entitled to occupy the Unit at any time without reserving such periods of occupancy through Company.

Q: If my Unit is unavailable for my personal use, may I stay in another Unit at Sunset Vistas?
A: Yes, at a discounted Owner’s rate. This is necessary since the Units are individually owned condominiums, wherein all occupancies, expenses, and income relative to a specific Unit are separately accounted for.

Q: May I furnish the Unit myself?
A: In order to operate Unit effectively as a hotel accommodation, Owner shall furnish Unit with furnishings, accessories, towels, and linens that conform to Company’s standards and Basic Furniture Package.

Q: Can an Owner store personal belongings in their Unit?
A: Owner may store private property in Unit at their own risk; however, the Company assumes no liability for the loss or damage thereof.

Q: Who is responsible for room damages, missing items, and repairs incurred by rental guests?
A: There are certain risks of renting in terms of loss as well as damage. Although our prior guest history has been good, losses do occasionally occur. If loss or damage does occur, management will attempt to recover those losses if the Rental Guest responsible can be identified. Ultimately, the Unit Owner is responsible.


PROVIDENT HOTELS & RESORTS RENTAL PROGRAM AT SUNSET VISTAS
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Q: What does the Company charge as compensation for its Rental Services?
A: There is a one-time non-refundable enrollment fee of $500.00 per Unit. On-going management fees are forty (40%) percent of the daily Base Rental Income, less all direct reservation costs or fees, including travel agent commissions, reservation fees and credit card fees. (25% currently for “owner referred” bookings)

Q: What types of services are provided for in the management fee?
A: Services include but are not limited to: Hotel administration, staffing, office expense, front desk reception (24 hour staffing), check-ins and check-outs, accounting, reservations, telephone switch board (phones are provided by Company), routine housekeeping, on- going inspection and inventory maintenance, laundry processing, availability of on-site maintenance, sales/marketing programs, brochures, property specific website and collateral materials to offer Units for transient rental to others.

Q: Who pays the weekly and departure cleaning and trash and towel services for Rental Guests and Owners?
A: Company provides housekeeping services to rental guests at its own expense. Company shall provide Owner with two (2) complimentary departure cleans per year. All other cleaning services and special deep cleaning projects are provided by Company for an additional fee.

Q: Who is responsible for costs associated with maintaining the Unit (including all furnishings, appliances, heat/air conditioning, door locks, plumbing and
electrical systems, etc.) in good clean and working condition?
A: Company will coordinate all maintenance service within the Unit at the Owner's expense. An in-house maintenance staff to perform minor maintenance and repairs is retained to minimize costs, charging only $24.00 per hour in fifteen (15) minute increments. Up to five (5%) percent monthly of the total Base
Rental Income (currently three (3%) percent) will be deducted (and separately accounted for) from the Owner share (of Base Rental Income) to provide funds in order to periodically pay for replacement of FF&E (furniture, fixtures and equipment) in an effort to keep the units fresh and marketable.

Q: Can these costs be deducted from my rental income?
A: Yes. Company shall deduct the costs from any amounts due and owing to Owner. In the absence of rental income, Company shall bill Owner directly.

Q: Is there a limitation as to what the Company can expend on my behalf?
A: Yes, with the exception of renovation projects. If sum exceeds three hundred dollars ($300.00), Company shall first notify Owner of such cost, if it is not an emergency. In the event of an emergency, Company is authorized to exceed three hundred dollars ($300.00) without prior notification to Owner, in order to preserve the Unit or prevent further damage.

PROVIDENT HOTELS & RESORTS RENTAL PROGRAM AT SUNSET VISTAS

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Q: Are pets allowed in the Units?
A: The Condominium Documents do not permit pets of any kind. Owner agrees that pets are not permitted anytime, by anyone, including the Owner.

Q: When are rental income checks remitted?
A: Company will forward a detailed monthly statement with net rental income (if applicable), on the twenty-fifth (25th) day of the following month in which occupancies occurred.

Q: What details are provided with this statement?
A: The “Owner Statement” identifies the number of nights the Unit was occupied, whether it was occupied by a Rental Guest or the Unit Owner, the rate charged for said rental, any repair or replacement charges, total revenues, commissions, fees and all appropriate accounting information including balance
of Unit FF&E Reserve.

Q: Can an Owner have such expenses as their mortgages, homeowner insurance for interior of unit, condominium association maintenance fee, electric and real estate taxes deducted from rental proceeds?
A: Owners are required to pay these costs on their own behalf. Company is authorized to only deduct for costs relative to rental and upkeep of Units as provided for in the Rental Management Agreement.

Q: Are Owners allowed to enter their Unit when occupied by a Guest?
A: Under the laws of the State of Florida, Rental Guests have specific rights, which must be respected. If an Owner has a need to enter his/her Unit, please contact Management. We will be happy to contact the Rental Guest and request their permission for entry.

Q: What services are provided by the Condominium Association?
A: Services include, but are not limited to: maintenance and upkeep of the common hallways, elevators, building exterior, roof, driveway, swimming pool, exercise room, grounds, security services, common area electric, cable television, water, sewer, trash and pest control.

Q: Who pays for the services provided?
A: All Owners of the Association are required to pay a monthly maintenance fee which is due and payable in monthly installments on the first day of each month. An annual budget is prepared by the Board of Directors of the Association.

Q: What is Sunset Vistas Condo Hotel on the Gulf Condominium Association, Inc.?
A: The Association is a Corporation not for profit organized under the laws of the State of Florida. The purpose of the Association is to provide maintenance and management of the common areas, easements, grounds, and enforcement of the deed restrictions, rules and regulations.

PROVIDENT RESORTS & HOTELS RENTAL PROGRAM AT SUNSET VISTAS

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Q: Who runs or controls the Association?
A: A Board of Directors, which is elected by the membership, handles all of the affairs of the Association.

Q: What involvement does the Association have on the on-site Rental Program?
A: The Association is not involved with the rental operation, nor does it have any direct input, decision making power or authority over the Rental Program.

Q: Whom has the Association contracted with for the Management of the Association and Condominium property?
A: Provident Island Resorts, LLC is providing these services in addition to the separate services they provide for Owners who elect to join the Rental Program.

SV/ PROVIDENT HOTEL RENTAL PROGRAM .Q&A revised 2013

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