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gross proceeds after a certain level of development had been
reached. This development fee was designed to equalize the
estimated profit margins among Offsite, Bush, and WVI.
As the administrative partner of Powhatan Associates, WVI was
responsible for the strategic planning and day-to-day operation of
Powhatan Plantation. WVI’s responsibilities included: (1)
Reviewing and approving all time-share sales contracts; (2)
obtaining financing for the joint venture; (3) preparing all
required reports and accountings; (4) servicing and collecting
joint venture mortgage portfolios; (5) monitoring product quality
and customer satisfaction; and (6) coordinating the construction
schedules and inventory availability.
Nonroutine matters required the approval of all three members
of the joint venture.
The joint venture agreement contained restrictions on the
transferability or sale of an interest in the joint venture. In
pertinent part, it provided:
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Last modified: May 25, 2011