RENTAL AGREEMENT

RENTAL AGREEMENTS ARE PLACED IN THE PROGRAM BY UNIT TYPE ON A FIRST-RECEIVED BASIS

UNIT WEEK RENTAL AGREEMENT
ASSIGNMENT AGREEMENT
AGREEMENT NO.____________

Owner's full name:_________________________________________________________

Co-owner's full name:___________________________________________________________

Social Security No._______________________
Co-owner's SSN:________________________

Street Address:_________________________________________________________

City, State, Zip:_______________________________________________________
.
Home Telephone:___________________________________

Work Telephone:_________________________________________

Deeded Unit No.__________ Week No._________

ASSIGNMENT TO HOTEL RENTAL PROGRAM

For the consideration described herein, the undersigned Owner hereby grants and assigns to Daytona Americano Management Co., Inc. a Florida Corporation, (hereinafter the "Hotel Operator"). The right to use Owner's week(s)for a hotel rental program. ("hotel program"), operated by the Hotel Operator at the Americano Beach Lodge Resort, 1260 North Atlantic Avenue, Daytona Beach, Florida 32118, wherein owner's unit week(s), together with unit week(s) assigned the Hotel Operator by other owners are pooled together and represent the Hotel Operators hotel facilities and offered for rent by the Hotel Operator to transient hootel guests on a nightly or weekly basis. The terms and coditions of this program are more specifically set forth in Exhibit A, attached hereto, and incorporated by reference herein.

CONSIDERATION
As Full consideration hereof, the Hotel Operator agrees to use its reasonable efforts to solicit rentals of unit weeks assigned to the Hotel Operator on a retail and/or wholesale basis. For each of Owner's unit week(s), or nightly poriton therof, that is rented by the Hotel Operator, the Hotel Operator agrees to pay the onwer 70% of the gross rental received, as defined in Exhibit A, collected by the Hotel Operator from such rental as full payment for the assignment herein. The Hotel Operator shall reconcile its rental receipts on a calendar month basis and any payments due Owner hereunder shall be paid within 30 days from such reconciliation and collection of rental charges from such rental.

TERM & OWNER'S USE OF UNIT WEEK(S)
This assignment shall apply to the new available use period of Owner's unit week(s) and shall be automatically renewe for consecutive use periods provided however, that should Owner desire to use his or her unit week(s), or any other portion thereof, Owner may telephone or write the Hotel Operator of such desire and if the Hotel Operator agrees to forgo this assignment for the period desired to be used by the Owner, the Owner may utilize this week. Either party may cancel this agreement altoghther by providing the other with notice of same at least 45 dyas prior to the next available use period.

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

_________________________________________
OWNER / DATE SIGNED BY OWNER

_________________________________________
CO-OWNER / DATE SIGNED BY CO-OWNER

_________________________________________
HOTEL OPERATOR / DATE SIGNED BY HOTEL OPERATOR

EXHIBIT A

UNIT WEEK(S) This agreement applies to all unit week periods which are recorded in Owner's name at Americano Beach Lodge Resort, A Condominium, as described by a certain amended Declaration of Condominium for same as recorded in the Public Records of Volusia Count, Florida. Hotel Operator may only on the listing of same ownership transfer. If any of the unit weeks are "flex-time unit weeks", the Hotel Operator may make reservations.

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 relaitonships between the Hotel Operator and any of its rental customers or 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 same or use same for commerical gain or advantage.

GROSS RENTAL RECEIVED The term "gross rental received" shall mean the actual amount collected by the Hotel Operator from the rental of any night of a unit week period assigned by Owner hereunder, exclusively of any poriton thereof which is due any travel agent, tour operator, travel wholesaler, or other rental procuring source and any discount fees paid to bankds for credit card usage. If the Hotel Operator did not collect any rent for Owner's unit weeks then no monies shall be due Owner. Owner's payment is based on all rental received and collected by the Hotel Operator. Incidential charges for telephone use, restaurant charges, atraction tickets, or advance deposit payments and any other charge other than the actual rental charge mya not be construed as being part of gross rental.

INDEMNIFICATION Owner hereby grants the Hotel Operator and its agents right to any liability insurance policy coverage available to Owner in reference to the unit week(s) 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, provided however that if Owner should terminate this agreement. Owner agrees to honor any advance reservaitons for use of Owner's unit week(s) which may be outstanding at such time and indemnifies the Hotel Operator from any laws for failure to honor same.

BONUS TIME Hotel Operator rental programs or Developer Programs, such as bonus time or other room discounts, shall not be rented for any owner pursuant to this agreement.

INCOME FILING The Hotel Operator shall provide to Owner annually a Form 1099 and summary sheet of all income derived of the unit subject to this Agreement.

OTHER PARTIES Owner hereby agrees that this agreement is solely by and between the Owner and the Hotel Operator and neither RWA Associates Inc. nor Americano Beach Lodge Resort Condominium Association are involved in any way with this agreement or the rental or non-rental of Owner's unit week(s) and hereby fully releases any and indemnifiers and holds them harmless from any claim whatsoever related to this agreement or the operation therof.

MISELLANEOUS As the context may require, whenever used, the singular shall also include the plural, and the plural shall also include the singular. It is explicily 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 rental or payment due Owner hereunder. Owner agrees that this transaciton is not a security transaction and shall be construed and governed in accordance with Florida Law and that venue for any legal on that may arise from or out of this agreement shall take place in courts located it the State of Florida. Owner warrants that Owner did not acquire such unit week(s) based on any rental investment return. For all purposes. Hotel Operator shall be construed as a lessee of the unit week(s) and operator or principal of its hotel operation not as an agent of or representative of, the Owner. Either party may assign this agreement or proceeds under effective upon written notice to the other.

ADDENDUM TO OWNER RENTAL AGREEMENT

In an effort to better our rental program, and get you (the Owner), some relief on our maintenance fees, we would like to offer some ideas pertaining to the rental of your unit.

Partial Rental of Week - By agreeing to a partial rental, you are making your unit available to more consumers. (This is done with no compensation for the remainder of days not rented.)
Rental to Cover Maintenance Fees - By agreeing to maintenance fee coverage, you may receive a partial rental, however total monies charged per night will equal the monies you have paid out in maintenance fees for the current year. (This is done with no compensation for the remainder of days not rented.)
Partial Maintenance Fee Coverage - By accepting partial maintenance fee coverage; you accept enough monies to cover partial maintenance fees paid in the current year. (This is done with no compensation for the remainder of days not rented.)
Full Week Rental - By accepting a ful week rental only, you are releasing your week for the full (7 - day) rental, at the rack rate pertaining to your size unit. Doing this may limit the amount of inquiries we may receive pertaining to the requirements you have agreed to.

Units are rented on a first come first serve basis. Reguardless of which option you choose, every attempt will first be made to rent the full week. The sooner you turn in your rental agreement, the greater the chances are that it will rent. Turning in rental agreements after June may result in unsuccessful rental.

ONLY

______I agree to a full (7 - day) rental only.

OR

______I agree to a partial rental of my unit.

______I agree to enough rental monies to cover my maintenance fees for the current year.

______I agree to a partial amount of maintenance fee coverage.

(You may choose more than one option to maximize your rental chances.)

*Please remember that maintenance fees for the current year must be paid in full before we may consider your unit for the rental program. Also please note that you must renew your rental agreement every year.