FAQ. Timberline Lodges, Fernie, Canada | Canada, US and UK investment property

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FAQ

Juniper Lodge - Fractional Resort Home Ownership

Renting Out Your Juniper Lodge Suite:

Juniper Lodge - Fractional Resort Home Ownership

How does the owner usage rotation work?

The week rotations for owner usage will work on a Friday to Friday rotation with one (1) and two (2) week rotations
For example:
• January, March to and including November will be two weeks
• February and December will be one week

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Are there any weeks allocated for maintenance?

Maintenance weeks will occur either in May (week one) or November (week one)

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What rental revenue am I entitled to?

Rental income will be attributed to the individual strata lot, therefore you will receive the revenue obtained from your purchased weeks

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What are my options for use?

As an owner, you will be able to choose your personal usage dates out of your selected share, on our June 1 calendar distribution date. If you desire to use additional weeks in your suite, swapping with other owners is allowed, otherwise weeks are purchased through Fernie Lodging Company at established and current rates. Upon making your selection, you will be given four calendar rotations to choose from that will be projected for a 4 year rotation

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Do I have to rent?

You have the option to maximize the value of your suite by placing your vacation home in our professionally managed rental program. You may also choose to occupy all your weeks, therefore not obtaining any revenue for your portion of your weeks.

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What is the rental management agreement?

(See the Rental Management Agreement in Disclosure Statement dated August 5, 2005- Exhibit ‘H’) Juniper Lodge Rental Management Agreement will remain unchanged.

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What if I want to make some changes to my suite?

There will be an in-suite ‘Owner’s Corporation’ in which any change requests must be sent in writing to.

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Who pays for furniture that requires replacing?

There is a Furniture, Fixtures, & Equipment Reserve (Capital Replacement Fund) set up for each suite to cover the cost of replacing furniture, etc. The FF&E Reserve is a
replacement reserve equal to an annual assessment of 4% of the estimated value of the FF&E package for each Strata Lot – approximately $215 annually per quarter interest.

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What is the Owner’s Corporation?

Each Quarter Interest Suite has an Owner’s Corporation. This Corporation has been set up to pay the Monthly and Annual Expenses on behalf of the Quarter Interest Owners. The Owners Corporation Budget estimates these expenses for each Strata Lot, which the Owner pays into monthly. The Management Fee for the Owner’s Corporation in $26.47/month (for 2005) per Quarter Interest to cover accounting and administrative costs

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When are the rental income statements issued?

Rental income statements will be shared with all owners on a monthly basis during the winter months and quarterly thereafter.

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How does fractional resort home ownership differ from a timeshare?

Suites at the Juniper Lodge are being sold as fractional resort home ownership. This means that with a purchase of a quarter you will have a deeded title and full rights of property ownership. You are buying real estate rather than vacation time.

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Has construction begun?

The tentative completion date is scheduled for December 15th, 2006. Landscaping for all other Timberline Lodges has been completed. This Lodge will complete the Timberline Lodges ‘Resort within a Resort’.

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Can I re-sell my property?

Yes. You may sell your fractional ownership privately or list it with a real-estate agent or broker to promote and sell your property.
Experience has shown that in most real estate developments, the best properties invariably sell first and appreciate the fastest.

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Could you tell me what the taxes would be on a ¼ ownership of one of the suites…estimate for ¼ ownership

The ‘Owner’s Corporation’ has budgeted property tax to be $625/yr. or $52.08/month per ¼ share (2005).

• Goods & Services Tax (6%)- if registering with a GST number there might be an exemption. Please speak to your accountant.
• Provincial Sales Tax (7%) on the furniture only!
• Property Transfer Tax is 1% on the first $200,000 and 2% on remaining amount
As you can see the major advantage of quarter ownership is that you only pay the costs (fees) for your purchased time (in this case a quarter).

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Renting Out Your Juniper Lodge Suite:

Who is the Lodge Rental Manager?

Fernie Lodging Company, the first rental management company in Fernie with over 17 years of experience, is the Rental Manager for Juniper Lodge at the Timberline Lodges. Fernie Lodging Company is Fernie's largest rental management company with over 160 rental properties on mountain at Fernie Alpine Resort. Fernie Lodging Company handles all of the reservations, marketing, accounting, owner relations and Guest Services for Timberline Lodges. Fernie Lodging Company's offices are located in the King Fir Lodge.

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Can my Juniper Lodge suite produce income?

A component of purchasing a Juniper Lodge suite is the potential income that can be earned from the rental program. The following are answers to some commonly asked questions to the program:

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a. How does the rental program work?

Each owner at the Lodge will enter into a Rental Management Agreement with Timberline Lodges. Under the Agreement an owner has the flexibility to leave their suite available for rent on a regular or casual basis. As an owner you have first choice on all dates. Each suite that is available for rent is then entered in to a First Resort Soft program. This program is designed to distribute the rentals evenly on a rotational system thereby giving all owners a fair opportunity for participating. Note: your personal use will impact the potential gross revenues the suite can generate. As well, you should not expect significant investment income from the rental program...it is available to help offset the cost of resort ownership while the property appreciates both in value and in revenue potential, along with the development of the ski-hill and community.

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b. Rental Management Expenses and Services

Just one of the benefits of ownership at Timberline Lodges is professional rental management by Fernie Lodging Company. The fee for this service is 47% of the adjusted gross revenue, 53% of adjusted gross revenue back to owners. Rental management services include: 17 years experience of professional rental management at Fernie Alpine Resort, advertising and marketing of your mountain home, all housekeeping, guest management and check in, collecting money from guest, greeting guest and key turnover, cleaning of home during guest stay, thorough clean upon guest check out including unit inventory check. As partners in this program Fernie Lodging Company is committed to striving for the highest possible occupancy and both owner and guest satisfaction.

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e. What if I change my mind and wish to use my suite when it has been rented?

The rental manager will make every attempt to move the guest to a similar suite if available. If the availability is not there, then as an owner you are out of luck.

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Are you, as suite owner, entitled to use the suite while it is in the Rental Management Program?

Yes, as an owner of the suite, you may use your suite at any time upon giving a six-month calendar notice to the management.

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Can I use the facilities when I am not staying in my suite?

No. The facilities are for the use of owners and guests staying at the Timberline Lodges.

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Is there a maximum number of nights that an owner may use their suite?

No, there is unrestricted usage of the suites for the owners. The intent of the suites is for rental purposes, however an owner may use their suite as often as they would like within their calendar rotation.

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What are the basic terms of the Timberline Lodges Property Management?

5 year term with mandatory renewal.

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What supplies are made available to guests?

All kitchens and bathroom cleaning supplies will be provided as part of the rental management fee.

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What is the security available?

24 hour security is provided by Fernie Lodging Company - the Rental Manager.

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