Requirements for closing of sale of time share

The sale of a time share to a purchaser may not be closed unless the developer has provided satisfactory evidence to the Administrator that: 1. The project is free and clear of any blanket encumbrance; 2. Each person who holds an interest in the blanket encumbrance has executed an agreement, approved by the Administrator, to subordinate his or her rights to the rights of the purchaser; 3. Title to the project has been conveyed to a trustee; 4. All holders of a lien recorded against the project have recorded an instrument providing for the release and reconveyance of each time share from the lien upon the payment of a specified sum or the performance of a specified act; 5. The developer has obtained and recorded one or more binding nondisturbance agreements acceptable to the Administrator, that: (a) Are executed by the developer, all holders of a lien recorded against the project and any other person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale; and (b) Provide that any person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale takes title to the project subject to the rights of the purchasers; or 6. Alternative arrangements have been made which are adequate to protect the rights of the purchasers of the time shares and approved by the Administrator.