(a) General(1) A mortgage may confer a power of sale upon the mortgagee, trustees, or any other person to be exercised after a breach of the obligation for which that mortgage or transfer is a security.(2) A regular or special assessment under a timeshare plan and any late charges, reasonable fees and costs of collection, reasonable attorney’s fees, if any, and interest, are a debt of the owner of the timeshare estate at the time the assessment or other sums are levied. If an assessment is delinquent, the timeshare association may recover all of the following:(A) Reasonable costs incurred in collecting the delinquent assessment, including reasonable attorney’s fees;(B) A late charge not exceeding 10% of the delinquent assessment or $10, whichever is greater, unless the timeshare instrument specifies a late charge in a smaller amount, in which case any late charge imposed must not exceed the amount specified in the timeshare instrument;(C) Interest on all sums imposed in accordance with this section, including the delinquent assessments, reasonable fees and costs of collection, and reasonable attorney’s fees, at an annual interest rate not to exceed 12%, commencing 30 days after the assessment becomes due, unless the timeshare instrument specifies the recovery of interest at a rate of a lesser amount, in which case the lesser rate of interest applies.(3) Nothing in this section may be construed as limiting the right of a trustee, mortgagee, timeshare association, or their authorized agent (“the “Foreclosing Party”), to enforce a lien in any other manner permitted by law.(4) Notwithstanding anything to the contrary contained in the governing documents of an existing timeshare association, the board of directors of the existing timeshare association may adopt the provisions of this section by a majority vote.(5) The provisions of this section apply only to the foreclosure of timeshare estates located within the Territory.
(1) A mortgage may confer a power of sale upon the mortgagee, trustees, or any other person to be exercised after a breach of the obligation for which that mortgage or transfer is a security.
(2) A regular or special assessment under a timeshare plan and any late charges, reasonable fees and costs of collection, reasonable attorney’s fees, if any, and interest, are a debt of the owner of the timeshare estate at the time the assessment or other sums are levied. If an assessment is delinquent, the timeshare association may recover all of the following:(A) Reasonable costs incurred in collecting the delinquent assessment, including reasonable attorney’s fees;(B) A late charge not exceeding 10% of the delinquent assessment or $10, whichever is greater, unless the timeshare instrument specifies a late charge in a smaller amount, in which case any late charge imposed must not exceed the amount specified in the timeshare instrument;(C) Interest on all sums imposed in accordance with this section, including the delinquent assessments, reasonable fees and costs of collection, and reasonable attorney’s fees, at an annual interest rate not to exceed 12%, commencing 30 days after the assessment becomes due, unless the timeshare instrument specifies the recovery of interest at a rate of a lesser amount, in which case the lesser rate of interest applies.
(A) Reasonable costs incurred in collecting the delinquent assessment, including reasonable attorney’s fees;
(B) A late charge not exceeding 10% of the delinquent assessment or $10, whichever is greater, unless the timeshare instrument specifies a late charge in a smaller amount, in which case any late charge imposed must not exceed the amount specified in the timeshare instrument;
(C) Interest on all sums imposed in accordance with this section, including the delinquent assessments, reasonable fees and costs of collection, and reasonable attorney’s fees, at an annual interest rate not to exceed 12%, commencing 30 days after the assessment becomes due, unless the timeshare instrument specifies the recovery of interest at a rate of a lesser amount, in which case the lesser rate of interest applies.
(3) Nothing in this section may be construed as limiting the right of a trustee, mortgagee, timeshare association, or their authorized agent (“the “Foreclosing Party”), to enforce a lien in any other manner permitted by law.
(4) Notwithstanding anything to the contrary contained in the governing documents of an existing timeshare association, the board of directors of the existing timeshare association may adopt the provisions of this section by a majority vote.
(5) The provisions of this section apply only to the foreclosure of timeshare estates located within the Territory.
(b) Notice Requirements(1) At least 30 days prior to recording a lien upon the timeshare estate to collect a debt that is past due, the Foreclosing Party shall notify the mortgagor or owner of records, as applicable, in writing by certified mail of the following:(A) A general description of the collection and lien enforcement procedures of the Foreclosing Party and the method of calculation of the amount due, and the following statement in conspicuous type: “IMPORTANT NOTICE: IF YOUR PROPERTY IS IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR PAYMENTS, IT MAY BE SOLD WITHOUT ANY COURT ACTION.”(B) An itemized statement of the charges owed by the owner, including items on the statement which indicate the amount of any delinquent amounts owed, the fees and reasonable costs of collection, reasonable attorney’s fees, and any late charges and interest, if any.(C) A statement that the owner is not liable to pay the charges, interest, and collection, if it is determined that the amount due was paid on time to the Foreclosing Party.(D) A statement that if the owner does not object to the use of the trustees foreclosure procedure, the owner will not be subject to a deficiency judgment even if the proceeds from the sale of the timeshare interest are insufficient to offset the amounts secured by the lien.(E) The notice must include an objection form with which the mortgagor or owner of records, as applicable, may object to the use of the non-judicial foreclosure procedure by signing and returning the objection form to the Foreclosing Party. The objection form must identify the mortgagor or owner of record, as applicable, the notice address of the mortgagor or owner of records, as applicable, the timeshare interest, and the return address of the Foreclosing Party and must state: “The undersigned exercises the right to object to the use of the non-judicial foreclosure procedure.”(2) In addition to the requirements of this section, the Foreclosing Party shall serve a notice of default without the objection form on the person named as the owner of the timeshare estate in the timeshare association’s records or the mortgagee, as applicable, or if that person has designated a legal representative, on that legal representative. An owner may designate a legal representative in writing that is mailed to the timeshare association in a manner that indicates that the timeshare association has received it.(3) In order for the lien to be enforced by non-judicial foreclosure, the notice of delinquent amounts owed must state the name and address of the Foreclosing Party to enforce the lien by sale. The notice of delinquent amounts owed must be signed by the person designated in the mortgage, timeshare instrument, or by the timeshare association for that purpose, as applicable.(4) The amount past due, plus any costs of collection, late charges, and interest assessed in accordance with this section constitute a lien on the owner’s timeshare estate from and after the time the Foreclosing Party causes to be recorded with the judicial division in which the timeshare estate is located, a notice of delinquent amounts owed, which must state the amount due and other sums imposed in accordance with this section, a legal description of the owner’s timeshare estate against which the amount due and other sums are levied, and the name of the mortgagor or record owner of the timeshare estate against which the lien is imposed. The itemized statement of the charges owed by the mortgagor or owner described in on paragraph (1) of this subsection must be recorded together with the notice of delinquent amounts owed.(5) The notice of any default described in this section, recorded and mailed to any person pursuant to this section, must begin with substantially the statement, printed or types thereon, in conspicuous types as follows: IMPORTANT NOTICE: IF YOUR PROPERTY IS IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR PAYMENTS, IT MAY BE SOLD WITHOUT ANY COURT ACTION, and you may have the legal right to bring your account in good standing by paying all of your past due payments plus permitted costs and expenses within the time permitted by law for reinstatement of your account, which is normally five (5) business days prior to the date set for the sale of your property. You also have the right to object to a non-judicial foreclosure pursuant to applicable law by choosing to sign and send to the timeshare association or mortgagee, as applicable, the enclosed objection form, exercising your right to object to the use of non-judicial foreclosure and, thereafter, the timeshare association or mortgagee, as applicable, may thereafter proceed by filing a judicial foreclosure action. No sale date may be set until approximately 30 days from the date this notice of default may be recorded (which date of recordation appears on this notice). This amount is __________ as of __________ (date) and will increase until your account becomes current. While your property is in foreclosure, you still must pay other obligations, such as insurance and taxes, required by your timeshare instrument or mortgage, as applicable. If you fail to make future payments on the loan, pay taxes on the property, provide insurance on the property, or pay other obligations as required in the timeshare instrument or mortgage, as applicable, the timeshare association or mortgagee, as applicable, may insist that you do so in order to reinstate your account in good standing. In addition, the timeshare association or mortgagee, as applicable, may require as a condition to reinstatement that you provide reliable written evidence that you paid all senior liens, property taxes, and hazard insurance premiums. Upon your written request, the timeshare association or mortgagee, as applicable, will give you a written itemization of the entire amount you must pay. You may not have to pay the entire unpaid portion of your account, even though full payment was demanded, but you must pay all amounts in default at the time payment is made. However, you and the timeshare association or mortgagee, as applicable, may mutually agree in writing prior to the time the notice of sale is posted, which may not be earlier than three months after this notice of default is recorded to among other things, (i) provide additional time in which to cure the default by transfer of the property or otherwise; or (ii) establish a schedule of payments in order to cure your default; or both (i) and (ii). Following the expiration of the time period referred to in the first paragraph of this notice, unless the obligation being foreclosed upon, or a separate written agreement between you and your creditor permits a longer period, you have only the legal right to stop the sale of your property by paying the entire amount demanded by your creditor. To find out the amount you must pay, or to arrange for payment to stop the foreclosure, or if your property is in foreclosure for any other reason, contact: ________ at ________. If you have any questions, you should contact a lawyer. Notwithstanding the fact that your property is in foreclosure, you may offer your property for sale, provided the sale is concluded prior to the conclusion of the foreclosure. Remember, YOU MAY LOSE LEGAL RIGHTS IF YOU DO NOT TAKE PROMPT ACTION.(6) A copy of the recorded notice of delinquent amounts owed must be mailed by certified mail to every person whose name is shown as the mortgagor or as an owner of the timeshare estate in the timeshare association’s records, as applicable, and the notice must be mailed no later than 10 calendar days after recordation.(7) After the expiration of 30 days following the recording of a lien created pursuant to this section, the lien may be enforced in any manner permitted by law, including sale by the court or sale by the Foreclosing Party designated in the notice of delinquent amounts owed.(8) The decision to initiate foreclosure by a timeshare association for a lien for delinquent amounts owed which has been validly recorded must be made by the board of directors and may be delegated to the managing entity. The board of directors and the managing entity shall maintain the confidentiality of the owner or owners of the separate interest by identifying the matter in the minutes by the legal description of the timeshare estate being foreclosed, rather than the name of the owner or owners.(9) The owner of a timeshare estate, at any time prior to entry of the decree of foreclosure, may pay to the Foreclosing Party the entire amount due, at the time payment is tendered, with respect to: all amounts of principal, interest, taxes, assessments, insurance premiums, or advances actually known by the beneficiary to be, and that are, in default and shown in the notice of default, under the terms of the timeshare instrument or the mortgage, as applicable, all amounts in default on recurring obligations not shown in the notice of default, and all reasonable costs and expenses that are actually incurred in enforcing the terms of the timeshare instrument or the mortgage, as applicable, and trustee’s or attorney’s fees, other than the portion of principal as would not then be due had no default occurred. Thereby, the owner of the timeshare estate may cure the default theretofore existing, and thereupon, all proceedings theretofore had or instituted must be dismissed or discontinued and the timeshare instrument or mortgage, as applicable, must be reinstated and must be and remain in, the same as if the acceleration had not occurred. If the mortgagor or owner of the timeshare instrument, as applicable, does cure the default, the Foreclosing Party, not later than 21 days following the reinstatement, shall execute and deliver to the Foreclosed Party a notice of rescission that rescinds the declaration of default and demand for sale and advises the Foreclosed Party of the date of reinstatement. The Foreclosing Party shall cause the notice of rescission to be recorded not later than 30 days after receipt of the notice of rescission and after all allowable fees and costs. No charge, except for the recording fee, may be made against the mortgagor or owner of the timeshare instrument, as applicable, for the execution and recordation of the notice which rescinds the declaration of default and demand for sale.(10) A non-judicial foreclosure by a Foreclosing Party to collect upon a debt for past due obligations is subject to a right of redemption. The redemption period within which the timeshare estate may be redeemed from a foreclosure sale under this paragraph ends 90 days after the sale. In addition to the requirements of this section, a notice of sale in connection with the foreclosure of a timeshare estate must include a statement that the property is being sold subject to the right redemption created in this section.(11) The owner may object to the Foreclosing Party’s use of the non-judicial foreclosure procedure for as specific default at any time before the sale of the timeshare interest commences under subsection (c) of this section by delivering a written objection to the trustees using the objection form provided for in paragraph (1), subparagraph (D) of this subsection. If the Foreclosing Party receives the written objection from the owner, the Foreclosing Party may not proceed with the non-judicial foreclosure procedures as to the default under this subsection, and the Foreclosing Party may proceed thereafter only with a judicial foreclosure action as to that specified default.
(1) At least 30 days prior to recording a lien upon the timeshare estate to collect a debt that is past due, the Foreclosing Party shall notify the mortgagor or owner of records, as applicable, in writing by certified mail of the following:(A) A general description of the collection and lien enforcement procedures of the Foreclosing Party and the method of calculation of the amount due, and the following statement in conspicuous type: “IMPORTANT NOTICE: IF YOUR PROPERTY IS IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR PAYMENTS, IT MAY BE SOLD WITHOUT ANY COURT ACTION.”(B) An itemized statement of the charges owed by the owner, including items on the statement which indicate the amount of any delinquent amounts owed, the fees and reasonable costs of collection, reasonable attorney’s fees, and any late charges and interest, if any.(C) A statement that the owner is not liable to pay the charges, interest, and collection, if it is determined that the amount due was paid on time to the Foreclosing Party.(D) A statement that if the owner does not object to the use of the trustees foreclosure procedure, the owner will not be subject to a deficiency judgment even if the proceeds from the sale of the timeshare interest are insufficient to offset the amounts secured by the lien.(E) The notice must include an objection form with which the mortgagor or owner of records, as applicable, may object to the use of the non-judicial foreclosure procedure by signing and returning the objection form to the Foreclosing Party. The objection form must identify the mortgagor or owner of record, as applicable, the notice address of the mortgagor or owner of records, as applicable, the timeshare interest, and the return address of the Foreclosing Party and must state: “The undersigned exercises the right to object to the use of the non-judicial foreclosure procedure.”
(A) A general description of the collection and lien enforcement procedures of the Foreclosing Party and the method of calculation of the amount due, and the following statement in conspicuous type: “IMPORTANT NOTICE: IF YOUR PROPERTY IS IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR PAYMENTS, IT MAY BE SOLD WITHOUT ANY COURT ACTION.”
(B) An itemized statement of the charges owed by the owner, including items on the statement which indicate the amount of any delinquent amounts owed, the fees and reasonable costs of collection, reasonable attorney’s fees, and any late charges and interest, if any.
(C) A statement that the owner is not liable to pay the charges, interest, and collection, if it is determined that the amount due was paid on time to the Foreclosing Party.
(D) A statement that if the owner does not object to the use of the trustees foreclosure procedure, the owner will not be subject to a deficiency judgment even if the proceeds from the sale of the timeshare interest are insufficient to offset the amounts secured by the lien.
(E) The notice must include an objection form with which the mortgagor or owner of records, as applicable, may object to the use of the non-judicial foreclosure procedure by signing and returning the objection form to the Foreclosing Party. The objection form must identify the mortgagor or owner of record, as applicable, the notice address of the mortgagor or owner of records, as applicable, the timeshare interest, and the return address of the Foreclosing Party and must state: “The undersigned exercises the right to object to the use of the non-judicial foreclosure procedure.”
(2) In addition to the requirements of this section, the Foreclosing Party shall serve a notice of default without the objection form on the person named as the owner of the timeshare estate in the timeshare association’s records or the mortgagee, as applicable, or if that person has designated a legal representative, on that legal representative. An owner may designate a legal representative in writing that is mailed to the timeshare association in a manner that indicates that the timeshare association has received it.
(3) In order for the lien to be enforced by non-judicial foreclosure, the notice of delinquent amounts owed must state the name and address of the Foreclosing Party to enforce the lien by sale. The notice of delinquent amounts owed must be signed by the person designated in the mortgage, timeshare instrument, or by the timeshare association for that purpose, as applicable.
(4) The amount past due, plus any costs of collection, late charges, and interest assessed in accordance with this section constitute a lien on the owner’s timeshare estate from and after the time the Foreclosing Party causes to be recorded with the judicial division in which the timeshare estate is located, a notice of delinquent amounts owed, which must state the amount due and other sums imposed in accordance with this section, a legal description of the owner’s timeshare estate against which the amount due and other sums are levied, and the name of the mortgagor or record owner of the timeshare estate against which the lien is imposed. The itemized statement of the charges owed by the mortgagor or owner described in on paragraph (1) of this subsection must be recorded together with the notice of delinquent amounts owed.
(5) The notice of any default described in this section, recorded and mailed to any person pursuant to this section, must begin with substantially the statement, printed or types thereon, in conspicuous types as follows: IMPORTANT NOTICE: IF YOUR PROPERTY IS IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR PAYMENTS, IT MAY BE SOLD WITHOUT ANY COURT ACTION, and you may have the legal right to bring your account in good standing by paying all of your past due payments plus permitted costs and expenses within the time permitted by law for reinstatement of your account, which is normally five (5) business days prior to the date set for the sale of your property. You also have the right to object to a non-judicial foreclosure pursuant to applicable law by choosing to sign and send to the timeshare association or mortgagee, as applicable, the enclosed objection form, exercising your right to object to the use of non-judicial foreclosure and, thereafter, the timeshare association or mortgagee, as applicable, may thereafter proceed by filing a judicial foreclosure action. No sale date may be set until approximately 30 days from the date this notice of default may be recorded (which date of recordation appears on this notice). This amount is __________ as of __________ (date) and will increase until your account becomes current. While your property is in foreclosure, you still must pay other obligations, such as insurance and taxes, required by your timeshare instrument or mortgage, as applicable. If you fail to make future payments on the loan, pay taxes on the property, provide insurance on the property, or pay other obligations as required in the timeshare instrument or mortgage, as applicable, the timeshare association or mortgagee, as applicable, may insist that you do so in order to reinstate your account in good standing. In addition, the timeshare association or mortgagee, as applicable, may require as a condition to reinstatement that you provide reliable written evidence that you paid all senior liens, property taxes, and hazard insurance premiums. Upon your written request, the timeshare association or mortgagee, as applicable, will give you a written itemization of the entire amount you must pay. You may not have to pay the entire unpaid portion of your account, even though full payment was demanded, but you must pay all amounts in default at the time payment is made. However, you and the timeshare association or mortgagee, as applicable, may mutually agree in writing prior to the time the notice of sale is posted, which may not be earlier than three months after this notice of default is recorded to among other things, (i) provide additional time in which to cure the default by transfer of the property or otherwise; or (ii) establish a schedule of payments in order to cure your default; or both (i) and (ii). Following the expiration of the time period referred to in the first paragraph of this notice, unless the obligation being foreclosed upon, or a separate written agreement between you and your creditor permits a longer period, you have only the legal right to stop the sale of your property by paying the entire amount demanded by your creditor. To find out the amount you must pay, or to arrange for payment to stop the foreclosure, or if your property is in foreclosure for any other reason, contact: ________ at ________. If you have any questions, you should contact a lawyer. Notwithstanding the fact that your property is in foreclosure, you may offer your property for sale, provided the sale is concluded prior to the conclusion of the foreclosure. Remember, YOU MAY LOSE LEGAL RIGHTS IF YOU DO NOT TAKE PROMPT ACTION.
(6) A copy of the recorded notice of delinquent amounts owed must be mailed by certified mail to every person whose name is shown as the mortgagor or as an owner of the timeshare estate in the timeshare association’s records, as applicable, and the notice must be mailed no later than 10 calendar days after recordation.
(7) After the expiration of 30 days following the recording of a lien created pursuant to this section, the lien may be enforced in any manner permitted by law, including sale by the court or sale by the Foreclosing Party designated in the notice of delinquent amounts owed.
(8) The decision to initiate foreclosure by a timeshare association for a lien for delinquent amounts owed which has been validly recorded must be made by the board of directors and may be delegated to the managing entity. The board of directors and the managing entity shall maintain the confidentiality of the owner or owners of the separate interest by identifying the matter in the minutes by the legal description of the timeshare estate being foreclosed, rather than the name of the owner or owners.
(9) The owner of a timeshare estate, at any time prior to entry of the decree of foreclosure, may pay to the Foreclosing Party the entire amount due, at the time payment is tendered, with respect to: all amounts of principal, interest, taxes, assessments, insurance premiums, or advances actually known by the beneficiary to be, and that are, in default and shown in the notice of default, under the terms of the timeshare instrument or the mortgage, as applicable, all amounts in default on recurring obligations not shown in the notice of default, and all reasonable costs and expenses that are actually incurred in enforcing the terms of the timeshare instrument or the mortgage, as applicable, and trustee’s or attorney’s fees, other than the portion of principal as would not then be due had no default occurred. Thereby, the owner of the timeshare estate may cure the default theretofore existing, and thereupon, all proceedings theretofore had or instituted must be dismissed or discontinued and the timeshare instrument or mortgage, as applicable, must be reinstated and must be and remain in, the same as if the acceleration had not occurred. If the mortgagor or owner of the timeshare instrument, as applicable, does cure the default, the Foreclosing Party, not later than 21 days following the reinstatement, shall execute and deliver to the Foreclosed Party a notice of rescission that rescinds the declaration of default and demand for sale and advises the Foreclosed Party of the date of reinstatement. The Foreclosing Party shall cause the notice of rescission to be recorded not later than 30 days after receipt of the notice of rescission and after all allowable fees and costs. No charge, except for the recording fee, may be made against the mortgagor or owner of the timeshare instrument, as applicable, for the execution and recordation of the notice which rescinds the declaration of default and demand for sale.
(10) A non-judicial foreclosure by a Foreclosing Party to collect upon a debt for past due obligations is subject to a right of redemption. The redemption period within which the timeshare estate may be redeemed from a foreclosure sale under this paragraph ends 90 days after the sale. In addition to the requirements of this section, a notice of sale in connection with the foreclosure of a timeshare estate must include a statement that the property is being sold subject to the right redemption created in this section.
(11) The owner may object to the Foreclosing Party’s use of the non-judicial foreclosure procedure for as specific default at any time before the sale of the timeshare interest commences under subsection (c) of this section by delivering a written objection to the trustees using the objection form provided for in paragraph (1), subparagraph (D) of this subsection. If the Foreclosing Party receives the written objection from the owner, the Foreclosing Party may not proceed with the non-judicial foreclosure procedures as to the default under this subsection, and the Foreclosing Party may proceed thereafter only with a judicial foreclosure action as to that specified default.
(c) Procedure for Sale(1) Before any sale of property may be made pursuant to this section, notice of the sale of property must be given by posting a written notice of the time of sale and of the street address and the specific place at the street address where the sale will be held, and describing the property to be sold, at least 20 days before the date of sale in one public place in the judicial division where the property is to be sold, and publishing a copy once a week for three consecutive calendar weeks. The first publication must be published at least 20 days before the date of sale, in a newspaper of general circulation, which may be a newspaper published electronically, in the judicial division in which the property or some part of the property is situated.(2) The notice of sale must contain the name, street address in the Territory, and either a toll-free telephone number in this Territory, and the name of the Foreclosing Party. In addition to any other description of the property, the notice must describe the property by giving its street address, if any, or other common designation, if any, and a tax assessor’s parcel number: but if the property has no street address, the name and address of the beneficiary at whose request the sale is to be conducted, and a statement that directions may be obtained pursuant to a written request submitted to the beneficiary not later than 10 days from the first publication of the notice. Directions are deem reasonably sufficient to locate the property if information as to the location of the property is given by reference to the direction and approximate distance from the nearest crossroads, frontage road, or access road. If a legal description or tax assessor’s parcel number and either a street address or another common designation of the property is given, the validity of the notice and the validity of the sale are not affected by the fact that the street address, other common designation, name and address of the beneficiary, or directions obtained therefrom are erroneous or that the street address, other common designation, name and address of the beneficiary, or other directions obtained therefrom are omitted.(3) The notice of sale must contain a statement of the total amount of the unpaid balance of the obligation secured by the property to be sold or the assessments owed to the timeshare association, as applicable, and reasonably estimated costs, expenses, advances at the time of the initial publication of the notice of sale; however, the Foreclosing Party does not incur liability for any good faith error in stating the proper amount, including any amount provided in good faith by or on behalf of the beneficiary. An inaccurate statement of this amount does not affect the validity of any sale to a bona fide purchaser for value, nor does the failure to post the notice of sale in a public place as provided by this subsection affect the validity of any sale to a bona fide purchaser for value.(4) A Foreclosing Party shall make a good faith effort to provide up-to-date information regarding a sale dates and postponements to persons who wish this information. This information must be made available free of charge. It must be made available via internet web site, a telephone recording that is accessible 24 hours a day, 7 days a week, or through any other means that allows 24 hours a day, 7 days a week, no cost access to updated information. A disruption of any of these methods of providing a sale date and postponement information to allow for reasonable maintenance or due to a service outage is not a violation of the good faith standard.(5) All sales of property made pursuant to this section must be held in the judicial division where the property or some part of the property is situated, and must be made at auction, to the highest bidder, between the hours of 9 a.m. and 5 p.m. on any business day, Monday through Friday. The sale must commence at the time and location specified in the notice of sale. Any postponement must be announced at the time and location specified in the notice of sale for commencement of sale. If the sale of more than one parcel of real property has been scheduled for the same time and location by the same Foreclosing Party, any postponement of any of the sales must be announced at the time published in the notice of sale, the first sale must commence at the time published in the notice of sale immediately after the announcement of any postponement, and each subsequent sale must take place as soon as possible after the preceding sale has been completed.(6) There may be a postponement or postponements of the sale proceedings, including a postponement upon instruction by the Foreclosing Party that the sale proceedings be postponed, at any time prior to the completion of the sale for any period of time not to exceed a total of 365 days from the date set forth in the notice of sale. The Foreclosing Party shall postpone the sale in accordance with any of the following: upon the order of any court of competent jurisdiction; if stayed by operation of law; by mutual agreement, whether oral or in writing, of any debtor and the Foreclosing Party, or at the discretion of the Foreclosing Party. If the sale proceedings are postponed for a period or periods totaling more than 365 days, the scheduling of any further sale proceedings must be preceded by giving a new notice of sale in the manner prescribed in this section.(7) Each and every bid made by a bidder at a sale pursuant to this section is deemed to be an irrevocable offer by that bidder to purchase the property being sold for the amount of the bid. Any second or subsequent bid by the same bidder or any other bidder for a higher amount is a cancellation of the prior bid. At the sale, the Foreclosing Party has the right to require every bidder to show evidence of the bidder’s ability to deposit with the Foreclosing Party the full amount of the bidder’s final bid in cash, a cashier’s check, or a cash equivalent, which has been designated in the notice of sale as acceptable to the Foreclosing Party prior to, and as a condition to, the recognizing of the bid, and to conditionally accept and hold these amounts for the duration of the sale; and to require the last and highest bidder to deposit, if not deposited previously, the full amount of the bidder’s final bid in cash, a cashier’s check, or a cash equivalent, which has been designated in the notice of sale as acceptable to the Foreclosing Party, immediately prior to the completion of the sale, with the completion of the sale being so announced by the fall of the hammer or in another customary manner. The present beneficiary of the mortgage or lien for assessments under foreclosure has the right to offset his or her bid or bids only to the extent of the total amount due the beneficiary including the Foreclosing Party’s fees and expenses.(8) A sale conducted pursuant to this section releases the owner’s liability for all amounts secured by the lien. The lienholder has no right to any deficiency judgement against the owner after the sale of the owner’s timeshare interest under this section.
(1) Before any sale of property may be made pursuant to this section, notice of the sale of property must be given by posting a written notice of the time of sale and of the street address and the specific place at the street address where the sale will be held, and describing the property to be sold, at least 20 days before the date of sale in one public place in the judicial division where the property is to be sold, and publishing a copy once a week for three consecutive calendar weeks. The first publication must be published at least 20 days before the date of sale, in a newspaper of general circulation, which may be a newspaper published electronically, in the judicial division in which the property or some part of the property is situated.
(2) The notice of sale must contain the name, street address in the Territory, and either a toll-free telephone number in this Territory, and the name of the Foreclosing Party. In addition to any other description of the property, the notice must describe the property by giving its street address, if any, or other common designation, if any, and a tax assessor’s parcel number: but if the property has no street address, the name and address of the beneficiary at whose request the sale is to be conducted, and a statement that directions may be obtained pursuant to a written request submitted to the beneficiary not later than 10 days from the first publication of the notice. Directions are deem reasonably sufficient to locate the property if information as to the location of the property is given by reference to the direction and approximate distance from the nearest crossroads, frontage road, or access road. If a legal description or tax assessor’s parcel number and either a street address or another common designation of the property is given, the validity of the notice and the validity of the sale are not affected by the fact that the street address, other common designation, name and address of the beneficiary, or directions obtained therefrom are erroneous or that the street address, other common designation, name and address of the beneficiary, or other directions obtained therefrom are omitted.
(3) The notice of sale must contain a statement of the total amount of the unpaid balance of the obligation secured by the property to be sold or the assessments owed to the timeshare association, as applicable, and reasonably estimated costs, expenses, advances at the time of the initial publication of the notice of sale; however, the Foreclosing Party does not incur liability for any good faith error in stating the proper amount, including any amount provided in good faith by or on behalf of the beneficiary. An inaccurate statement of this amount does not affect the validity of any sale to a bona fide purchaser for value, nor does the failure to post the notice of sale in a public place as provided by this subsection affect the validity of any sale to a bona fide purchaser for value.
(4) A Foreclosing Party shall make a good faith effort to provide up-to-date information regarding a sale dates and postponements to persons who wish this information. This information must be made available free of charge. It must be made available via internet web site, a telephone recording that is accessible 24 hours a day, 7 days a week, or through any other means that allows 24 hours a day, 7 days a week, no cost access to updated information. A disruption of any of these methods of providing a sale date and postponement information to allow for reasonable maintenance or due to a service outage is not a violation of the good faith standard.
(5) All sales of property made pursuant to this section must be held in the judicial division where the property or some part of the property is situated, and must be made at auction, to the highest bidder, between the hours of 9 a.m. and 5 p.m. on any business day, Monday through Friday. The sale must commence at the time and location specified in the notice of sale. Any postponement must be announced at the time and location specified in the notice of sale for commencement of sale. If the sale of more than one parcel of real property has been scheduled for the same time and location by the same Foreclosing Party, any postponement of any of the sales must be announced at the time published in the notice of sale, the first sale must commence at the time published in the notice of sale immediately after the announcement of any postponement, and each subsequent sale must take place as soon as possible after the preceding sale has been completed.
(6) There may be a postponement or postponements of the sale proceedings, including a postponement upon instruction by the Foreclosing Party that the sale proceedings be postponed, at any time prior to the completion of the sale for any period of time not to exceed a total of 365 days from the date set forth in the notice of sale. The Foreclosing Party shall postpone the sale in accordance with any of the following: upon the order of any court of competent jurisdiction; if stayed by operation of law; by mutual agreement, whether oral or in writing, of any debtor and the Foreclosing Party, or at the discretion of the Foreclosing Party. If the sale proceedings are postponed for a period or periods totaling more than 365 days, the scheduling of any further sale proceedings must be preceded by giving a new notice of sale in the manner prescribed in this section.
(7) Each and every bid made by a bidder at a sale pursuant to this section is deemed to be an irrevocable offer by that bidder to purchase the property being sold for the amount of the bid. Any second or subsequent bid by the same bidder or any other bidder for a higher amount is a cancellation of the prior bid. At the sale, the Foreclosing Party has the right to require every bidder to show evidence of the bidder’s ability to deposit with the Foreclosing Party the full amount of the bidder’s final bid in cash, a cashier’s check, or a cash equivalent, which has been designated in the notice of sale as acceptable to the Foreclosing Party prior to, and as a condition to, the recognizing of the bid, and to conditionally accept and hold these amounts for the duration of the sale; and to require the last and highest bidder to deposit, if not deposited previously, the full amount of the bidder’s final bid in cash, a cashier’s check, or a cash equivalent, which has been designated in the notice of sale as acceptable to the Foreclosing Party, immediately prior to the completion of the sale, with the completion of the sale being so announced by the fall of the hammer or in another customary manner. The present beneficiary of the mortgage or lien for assessments under foreclosure has the right to offset his or her bid or bids only to the extent of the total amount due the beneficiary including the Foreclosing Party’s fees and expenses.
(8) A sale conducted pursuant to this section releases the owner’s liability for all amounts secured by the lien. The lienholder has no right to any deficiency judgement against the owner after the sale of the owner’s timeshare interest under this section.