81st Texas Legislature, House Bill 1036, Chapter 279 Page: 14 of 16
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S.B. No. 1036
1 of purchase money financing for the purchase, the developer is not
2 entitled to the release of any funds escrowed with respect to each
3 timeshare interest until the developer has provided the commission
4 with satisfactory evidence that:
5 (1) the timeshare interest and any other property or
6 rights to property appurtenant to the timeshare interest, including
7 any amenities represented to the purchaser as being part of the
8 timeshare plan, are free and clear of any of the claims of the
9 developer, any owner of the underlying fee, a mortgagee, judgment
10 creditor, or other lienor, or any other person having an interest in
11 or lien or encumbrance against the timeshare interest or
12 appurtenant property or property rights;
13 (2) the developer, any owner of the underlying fee, a
14 mortgagee, judgment creditor, or other lienor, or any other person
15 having an interest in or lien or encumbrance against the timeshare
16 interest or appurtenant property or property rights, including any
17 amenities represented to the purchaser as being part of the
18 timeshare plan, has recorded a subordination and notice to19 creditors document in the jurisdiction in which the timeshare
20 interest is located that expressly and effectively provides that
21 the interest holder's right, lien, or encumbrance does not
22 adversely affect and is subordinate to the rights of the owners of
23 the timeshare interests in the timeshare plan, regardless of the
24 date of purchase, on and after the effective date of the
25 subordination document;
26 (3) the developer, any owner of the underlying fee, a
27 mortgagee, judgment creditor, or other lienor, or any other person14
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Texas. Legislature. Senate. 81st Texas Legislature, House Bill 1036, Chapter 279, legislative document, May 30, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth149270/m1/14/: accessed March 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.