Protection of Lienholder

The lienholder in any time-share program shall have the following rights:

(a)A lienholder shall have his lien rights preserved as against any purchaser of time- share interval claiming that the time-share instrument is invalid, void or voidable, thirty

(30)days after written notice by certified mail or personal delivery has been given by the developer to the purchaser. Said notice shall state that developer has assigned the receivables to the lienholder and that purchaser has thirty

(30)days within which to object and specify the invalidity or defect contained within such instrument; and

(b)Any purchaser who fails to indicate the invalidity, void or voidableness as provided in Subparagraph

(a)of this Section waives or is stopped to raise, the same in any subsequent enforcement of the collection of the receivable by the lienholder. COL120106 CH. 47 T IME-SHARE O WNERSHIP