The notice of exercise letter references the seller, buyer (me) and the Account Number (presumably the seller's ownership account) and reads in pertinent part as follows:
"is exercising its option to purchase your above-referenced Vacation Ownership Interest." (note-it doesn't state who is exercising the option). "As stated in VSE Villas Arizona, Inc. 'Right of First Refusal' of the Vacation Ownership Declaration for your resort, the Developer has the right and option to purchase your Vacation Ownership Interest at the same price and with the same terms as contained in the 'Offer to Buy' presented by {prospective purchaser}."
The rest of the letter addresses new closing documents to be sent to the seller and the timing of the closing, nothing material to the Developer's rights under the Declaration, with I presume is the CC&Rs for the resort. I have asked for those documents and we will see if they will provide them. The letter is from Vistana Signature Experiences, Inc., but no actual signature.