RENTAL AGREEMENT

ASSIGNMENT TO HOTEL RENTAL PROGRAM. For the consideration described herein, the undersigned Owner hereby grants and assigns to Club Destin Resort Condominium Association, Inc., a Florida corporation, ("Hotel Program"), the right to use Owner's week for a hotel rental program, operated by the Hotel Operator at Club Destin Resort a Condominium Association, Inc., 1085 Highway 98 East, Destin, FL 32541, wherein Owner's unit week, together with unit week assigned to the Hotel Operator by other owners are pooled together and represent the Hotel Operator's hotel facilities and are offered for rent by the Hotel Operator to transient hotel guest on a nightly and/or weekly basis.

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CONSIDERATION. As full consideration hereof, the Hotel Operator agrees to use its best reasonable efforts to solicit rental of unit weeks assigned to the Hotel Operator on a retail and/or wholesale basis. For each of the Owner's week(s), or nightly portion thereof, that is rented by the Hotel Operator, the Hotel Operator agrees to pay the Owner "actual rental received", less a management fee set forth by the Hotel Operator and less any additional expenses that may occur. The Hotel Operator shall reconcile its rental receipts on a timeshare basis and any payments due to the Owner hereunder shall be paid within 30 days from such reconciliation and collection of rental charges from such rental.

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TERMS & OWNER'S USE OF UNIT WEEK. The assignment shall only apply to the next available use period of the Owner's unit week. By signing this agreement the Owner relinquishes all rights to the use of any portion of the unit and/or week as per stated above, allowing the Hotel Operator full access to attempt to rent the week or any portion of, to the best of their ability. This agreement is valid for 1 unit week & must be renewed every year: The resort is unable to monitor any activity or withdraw any night and/or week.

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IN WITNESS WHEREOF. Owner and Hotel Operator's Agent have executed this agreement on the dates below and agree to the provisions printed on the face and reverse side hereof.

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UNIT WEEK. This agreement applies only to those unit week listed on the face of this agreement which are recorded in the Owner's name of Club Destin Resort, A Condominium as described by a certain amended Declaration of Condominium for same as recorded in the Public Records of Okaloosa County, Florida. Hotel Operator may rely on the listing of same provided on the face hereof as being accurate. Owner agrees to immediately notify Hotel Operator of any ownership transfer. If any of the unit weeks are "flex¬time unit weeks", the Hotel Operator make reservations for use of same.

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RENTAL RATES & PROGRAMS. The Hotel Operator shall have the sole authority to determine rental rates, policies, unit assignments, terms and conditions related to the hotel rental program as the hotel Operator deems necessary. Owner agrees that all advertising and promotional materials developed by the Hotel Operator as well as any business relationship between the Hotel Operator and any of its rental customers, tour operators, travel wholesalers, travel agents, or franchises is and shall remain the proprietary property of the Hotel Operator and that Owner shall not interfere with the same or use same for any commercial gain or advantage.

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ACTUAL RENTAL RECEIVED. The term "Actual Rental Received" shall mean the actual sum collected by the Hotel Operator from the rental of any night of a unit week period assigned by the Owner hereunder, less any portion thereof which is due and travel agent, tour operator, travel wholesaler or other rental procuring source and for credit card merchant discounts incurred. If the Hotel Operator did not collect any rent for the Owner's unit week then no monies shall be due the Owner. Owner's payment is based on Actual Rental Received and collected by the Hotel Operator. Incidental charges for telephone use, advance deposit payments and any other charges than actual rental charge shall not be construed as being part of the "Actual Rental Received".

INDEMNIFICATION. Owner hereby grants Hotel Operator and its agents rights to any liability insurance policy coverage available to Owner in reference to the unit week owned. Owner hereby holds the Hotel Operator harmless from any claim for damages or costs related to this agreement or use of Owner's unit week period which is not the result of gross negligence of the Hotel Operator. Hotel Operator hereby holds Owner harmless from any claims resulting from Hotel Operator's marketing promotions or claims.

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MISCELLANEOUS. As the context may require, whenever used, the singular shall also include the plural, and the plural shall also include the singular. It is explicitly understood and agreed by all parties that in no manner, expressed or implied, does the Hotel Operator or any other party, warrant or predict the amount, if any, of any rental or payment due Owner hereunder. Owner agrees that this transaction is not a securities transaction and shall be construed and governed in accordance with Florida law and that venue for any legal action that my arise from or out of this agreement shall take place in courts located in the State of Florida. Owner warrants that Owner did not acquire such unit week based on anticipation of any rental investment return. For all purposes, Hotel Operator shall be construed as lessee of the unit week and operator or principal of its hotel operations and not as an agent of, or representative of, the Owner.