Association Newsletter - September 2001

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(An expanded version of the printed newsletter sent out 8/28/01)

President’s Message, by John Chase

Welcome to the new Cypress Pointe Resort at Lake Buena Vista newsletter. This newsletter, to be published quarterly, has been created for our owners and guests to help them learn about everything that is changing at the most convenient luxury resort in Orlando. It has been a very busy time at Cypress Pointe Resort. Major changes have been planned and are now underway at the resort.

The Cypress Pointe HOA Board of Directors is made up of 6 owners who are elected to represent the 8,568 weeks that comprise the total Cypress Pointe ownership. We are joined by a 7th member who represents our largest single block of ownership at this time, Sunterra Corporation. Board members come from all over the USA and volunteer the time needed to oversee a $4 million dollar annual budget, interact with management and owners, and ensure proper operation of the resort. We are governed by a complex set of State laws and Association Bylaws meant to protect every owner, employee and the many vendors needed to run a condominium resort. The Board did not build Cypress Pointe, does not handle sales, deeding or other sales functions. Ours is strictly an ongoing operational and budgeting function to ensure resort operations are funded and carried out to standards.

As our owners are too well aware there was a major funding crisis that had to be handled in May 2001, simply to keep the resort a viable operation. With the help and understanding of every owner we were able to have an extremely successful, one-time assessment that has now allowed us to tackle the serious concerns at the resort. Issues with check-in, unit and grounds maintenance, billing and collections as well as our coveted Gold Crown status caused the HOA Board to request a management change. Accomplishing that has taken far more time and money than anyone could have expected .

With that short background the Board is pleased to announce the following

: · Effective 9/1/01 Cypress Pointe Resort has a new management company. VRI (Vacation Resorts International) will assume the critical day to day resort operation. This includes reservations, fee collection and resort maintenance.

· Effective 9/1/01 Cypress Pointe Resort owners have an additional choice for exchange of your week. Interval International (II) has affiliated with Cypress Pointe Resort. (See enclosure for special offers)

· Existing resort affiliations with RCI and Club Sunterra* have been renewed

· Owners now have more trade or rental options through VRI programs called Vacation Tyme, VRI*ety and the VRI VIP Discount.

· A $1.1 million dollar unit renovation was fully completed 7/14/01.

These are major changes and improvements for all Cypress Pointe owners and guests. And it is just the beginning! Over the next few months everything at Cypress Pointe Resort will be reviewed with an eye on improving service to every visitor. From check-in procedures, to unit supplies and grounds, every facet of resort operation will be looked at for improvement and efficiency. New state of the art communication systems - phone, internet and television - are planned this fall for improved service at lower cost.

Communication with our owners is very important. In addition to this newsletter you will find a brand new look at our HOA web site http://www.cypresspointe.net. Included there is a full page of contact information, a discussion group for Cypress Pointe owners and this web version of the newsletter . We have email, HOA@cypresspointe.net and fax (707) 924-2213 available to owners who wish to reach Board members in addition to the new resort email, CP1@cypresspointe.net and resort phone numbers. The Board hopes you find this newsletter and our web site a great way to keep up with all that is new and exciting at Cypress Pointe Resort. We urge you to take part in our upcoming 2002 Budget process 10/20/01 at the resort. All owners are welcome to attend or simply contact the Board with any concerns.

The Cypress Pointe Resort HOA Board of Directors has worked very hard to accomplish the positive changes needed at the resort. It is our firm belief that we have put Cypress Pointe Resort in the position to regain the premier status previously enjoyed. With the great support we have received from our owners we all have many years of enjoyable vacations ahead. Your ownership at Cypress Pointe, if enjoyed at our renewed facility in Orlando or used to trade to other resorts around the world, will live up to the original promise. Everyone at the resort is extremely excited about this fresh start. It is a great time to be an owner at Cypress Pointe.

* Club Sunterra currently operating under temporary guidelines pending new affiliation.

Special Assessment Billing Reminder

The Special Assessment Billing was mailed out in late May and was due and payable on receipt and is considered delinquent if it was not received by June 30. Also, all delinquent accounts will have their 2001 reservations canceled. There is no guarantee that another reservation will be available after the late payment.

Unit Assignments

Some Phase I owners have in the past been assigned to units in Phase II either upon check in or transferred from a Phase I unit after check-in. Unfortunately this practice must stop in that there is no agreement in place to compensate for the accommodation\cleaning fees associated with this type of use.

The Return of The Cypress Tree Welcome Home!

Many Cypress Pointe owners have commented on the "disappearance" of the Cypress tree logo at the resort. The tree, along with the pool volcano and Charile, have been symbols of Cypress Pointe Resort since it was first designed. As part of the rebirth at Cypress Pointe the Cypress Tree logo will return. From signage to shirts our unique identity as symbolized by that logo, featured many places here on the website, will once again take on the primary identifying role it used to enjoy. Cypress Pointe owners know that there is a unique family feeling at Cypress Pointe and our original logo plays a big part in displaying the pride of owners and employees. We welcome back an old friend as an important part of the Cypress Pointe family.

Resale of foreclosed weeks

As part of the increased effort to collect fees from delinquent owners some weeks have been returned to the HOA. These weeks will be offered for sale to existing owners who are current on all fees and desire to add more time for vacation or trade. Soon a plan to offer the weeks in a sealed bid auction will be announced. If you are interested in the weeks to be offered please contact the HOA via email. We will make every attempt to let every eligible owner have a chance to bid on the weeks as they become available. The easiest method to ensure you will be notified is by email. We have a special email address for these weeks bid@cypresspointe.net.

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