--CONVERSION OF PROPERTY TO THE--

--RÉGIME OF THE PROPERTY. HORIZONTAL

--- I NUMBER: TWO HUNDRED FIFTY NINE (259) -

--- In the city of Mayaguez, Puerto Rico, at the thirteen (13) days of the month of April of the Year two thousand (2000)

BEFORE MI

--- Graduated ROBERTO M. GARCÍA RULLAN, lawyer and notary from Puerto Rico, With vicinity, residence and office opened up in the city of Mayaguez, Puerto Rico.

................................ YOU APPEARS:

--- OF A SINGLE PART: COMAG DEVELOPMENT, INC.,  an organized and existent corporation to the assistance of the Laws of the Associated Free State of Puerto Rico, represented in this act by COMAG President, proprietor and neighbor of Guaynabo, Puerto Rico, properly authorized to appear document presently according to Certification of the Board. of Directors of the corporation Comag Development, Inc., of date three (3) of September of thousand nine hundred ninety eight (1998) granted in

1

Mayaguez, Puerto Rico for before the notary Roberto M. García Rullàn and authenticated by means of testimony number nineteen thousand three hundred seventeen (19,317) of equal it dates.

------Of the personal knowledge of the (of the) (of those) appearer (s) I give faith and for your

manifestations of your indicated personal circumstances. You assures me (n) to be in the exercise of your civil rights, and considering you (s) me the Notary with legal capacity for this act, freely EXPOSES (N):

FIRST: That "THE LANDHOLDER" he/she is owner in the middle of domain of the following property:

RUSTIC: Your parcels of land resided in the Neighborhood Barrero of the municipal end of Rincón, Puerto Rico, with a superficial area of Thirty a Thousand NINE HUNDRED FIVE SQUARE METERS (30,905.00 m.c..), equivalent to SEVEN POINT EIGHT HUNDRED SIXTY THREE CUERDA (7.863 CDs..). In you adjoin for the NORTH, in two alienations that add hundred thirty five point fifty meters (135.50 m..) with paved municipal road; for the SOUTH, in hundred fifty and one point fifty meters (151.50 m.) with remainder of the main property of the one which property of Agricultural Community Bianchi is segregated, Inc.; for the EAST, in hundred fifteen meters (115.00 m.) with paved municipal road that you leads to the highway state number four hundred twenty-nine (429) and in another alignment of hundred seventeen meters (117 m.) with remainder of the main property of the one which property of the Agricultural Community Bianchi is segregated, Inc., and for the west, in hundred seventy meters (170 m.) with the highway state number four hundred twenty-nine (429)..................................

--- Inscribed to the folio 169 of the volume 129 of Rincón, property number 6,230, first inscription.

--- The property before described you is burdened with MORTGAGE in guarantee of you will pay in favor of the Payee, for the main sum of FIVE MILLION DOLLARS ($5,000,000.00), yielding interests to reason of the preferential rate "rate prevails", according to settled down from time to time by the Citibank N.A. of the city of New York and vencedero to the presentation, as you consists of the deed number eight hundred ninety six (896) of date eleven (11) of September of thousand nine hundred ninety eight (1998) before the notary Francisco J. Biaggi Landrón. Inscribed this mortgage to the folio 169 of the volume 129 of Rincón, property number 6230 and with Servitudes in favor of the Authority of Electric power, in favor of the Authority of Aqueducts and Sewer systems and in favor of the Puerto Rico Telephone Company, Inc. --

SECOND: That in the land property before described, THE LANDHOLDER, you has built five (5) buildings of concrete and blocks of concrete that will be known as "CONDOMINIUM LOS ALMENDROS", which consists of fifty four (54) residential apartments, with a total area of construction of EIGHTY a THOUSAND FORTY SEVEN POINT FIFTY SQUARE FEET (80,047.50 p.c..), equivalent to SEVEN THOUSAND FOUR HUNDRED THIRTY NINE POINT THIRTY SIX SQUARE METERS (7,439.36 m.c..), having a merchantable total area SEVENTY THREE a THOUSAND SEVEN HUNDRED TEN SQUARE FEET (73,710.00 p.c.), equivalent to SIX a THOUSAND EIGHT HUNDRED FIFTY POINT THIRTY SEVEN SQUARE METERS (6,850.37 m.c..), with an area dedicated to spaces of parkings for motor vehicles to all the long of the boundaries North, South and This of the land in that you/they locate the five (5) buildings that you consists of hundred thirty four (134) parkings and eighteen (18) parking spaces for disabled or handicapped, for a total of hundred fifty two (152) spaces for parkings of motor vehicles.

--- The four (4) buildings that are identified with the letters "A.", "C", "D" and "E." they consist of four

(4) floors, having four (4) apartments for floor in the first ones three (3) floors except that the apartments of the third floor will also have an additional roofed area in the fourth floor or roof which has your access through a stairway located inside the apartment, for a total of forty eight (48) apartments. In each building they are identified

3

the apartments with the letter of the building and with the number of the apartment. In the first floor they are the apartments numbers eleven (11) at the fourteen (14); in the second floor they are the apartments numbers twenty-one (21) at the twenty-four (24); and in the third floor the apartments numbers thirty and one (31) at the thirty four (34). They have each one of this buildings a total area of construction of EIGHTEEN THOUSAND HUNDRED Forty AND TWO SQUARE FEET (18,142.00 p.c.), equivalent to a THOUSAND Six hundred EIGHTY SIX POINT ZERO SIX METERS (1,686.06 m.c.).

--- The fifth identified building with the Letter "B" you also consists of four (4) floors, having two (2) apartments for floor in each one of the first ones three (3) floors except that the apartments of the third floor will also have an additional roofed area in the fourth floor or roof which has your access through a stairway located inside the apartment, for a total of six (6) apartments. The apartments are identified with The letter of the building and with the number of the apartment. In the first floor they are the apartments numbers eleven (11) and twelve (12); in the second floor the apartments twenty-one (21) and twenty-two (22) and in the third floor the apartments thirty and one (31) and thirty two (32). The apartments are identified in the same way that in the previous building. You has this building a total area of construction of

SIX THOUSAND SIX HUNDRED `THIRTY THREE SQUARE FEET (6,633.00 P.C.), equivalent to SIX HUNDRED SIXTEEN POINT FORTY four SQUARE METERS (616.44 m.c.).

--- The hundred fifty two (152) spaces for parking are identified from the one

Number ONE (1) to the I NUMBER HUNDRED FIFTY AND TWO (152).

--- These buildings, from now on denominated THE COMPLEX (CONDOMINIUM LOS ALMENDROS), you was built to the assistance of the permission of construction number "P.C." NINETY NINE HYPHEN ZERO EIGHT

4

HYPHEN ZERO ONE SEVEN (P.C. 99-08-017), approved by the Administration of Regulations and Permits of Puerto Rico with date of the twenty-nine (29) of June of the thousand nine hundred ninety eight (1998) and sent the fifteen (15) of September of thousand nine hundred ninety eight (1998), according to then amended by the permission of same number but añadiéndosele the initials ENM-I and approved the one. fifteen (15) of September of thousand nine hundred ninety eight (1998)

--- The apartments (from now on also called unit or units) of which this Condominium is composed to complex of buildings, they will have a residential use that was granted you by The Administration of Regulations and Permits, which don't affect the decency or public order, in relation to the general use. of the other residential apartments (units) of the Building.

THIRD: That each one of Those before mentioned apartments (units) they can form individual, defined, separate and independent units some of other, each one with your own access or exit to the route publishes, very directly or through an element common of the structure that you is part that drives to this route, susceptible each one of these apartments (units) to belong in property to one or more proprietors to those who will be sold, which a right of particular and exclusive property will acquire on the acquired respective Unit and a participation with the other owners in the common elements, to limited common elements, as you is the case, necessary for the appropriate one, you uses and enjoy each unit, everything it according with the dispositions of the Law Hundred Fifty Seven (157) I/you approved the room (4) of June of thousand nine hundred seventy six (1976), as amended.

--- THE LANDHOLDER, for the present makes expressed declaration of subjecting, and for the present you/he/she subjects, and property before described and you organizes it in a Régime of Horizontal Property, which will already be governed by the dispositions of the Law

5

mentioned and of any other laws on the matter, for this deed and for the Regulation of Administration and Co-property adopted for the same one that one makes form part of this deed like Annex "A." and for the valid agreements that can be adopted by the Council of Owners (also denominated from now on "Association of Owners") and the Board of Directors of the Condominium.

--- At the end of fulfilling the dispositions settled down in the referred Law, the appealer makes consist that the lot and the five (5) buildings of apartments and the area of parking that here is organized in Régime of Horizontal Property, you consists of the parts, as you appears in the plans properly approved for the same one and prepared by the Engineer Fernando Morell Cortés, you Licenses Number Seven Thousand Three hundred Eighty Three (7383) of the signature Huyke Columbus and Associates. You copy complete of these plans they will be together to the first certified copy of this deed that will be presented in the Registration of the Property.

FOURTH: That the total value of the subjected property to the Régime of the Horizontal Property by means of this deed publishes the you is the sum of four MILLIONS DOLLARS ($4,000,000.00), according to appraisal certified by an appraiser authorized for you practices it of your profession in Puerto Rico, which will be added to the certified copy of this deed that will be presented in the Registration of the Property for your inscription.

FIFTH: That the description of the general common elements to common limited, as you is the case, available for the appropriate use and enjoyment of each apartment (unit), you is like you continues.

GENERAL COMMON ELEMENTS

--A. The land parcel in that you/they locate the five (5) buildings and the route of these and the fences and gates that demarcate the perimeter of this land parcel.

--- B. The servitude's in favor of the parcel and the building.

6

--- C. The foundations, walls teachers, roofs, galleries, public lobbies, access stairways to the second and third floor of each building, entrance routes and exit or communication of all the buildings or structures.

--- D. The patios and gardens, I save in the specific cases in that in this deed another thing is specified.

--- E. The areas dedicated to recreational activities and general services, such as but not limited to the gazebos, the pools and your inherent equipment, area of swings and children's games, areas of deposit garbage, tennis courts, hut of security and area of running-in of motor vehicles, sidewalks, passive parks and front and back patios.

--F. The local and installation of central services, such as: Electricity, illumination, the cold and hot water, cable television, telephone system and of "intercom", and other devices and existent facilities for common benefit.

--G. the mailboxes, the accountants of water and electric power, the net of pipe of water, sanitary services, pipe of having wired electricity, phone and cable television distributed through the walls of the buildings.

- - - H. Everything the rest that outside rationally of common or necessary use for the existence, conservation, security and appropriate use and enjoyment of the Complex.

--- I. The eighteen (18) parking spaces for disabled or handicapped marked with the numbers four (4), five (5), twelve (12), thirteen (13), forty three (43), forty four (44), fifty four (54), fifty five (55), sixty two (62), sixty three (63), hundred nine (109), hundred ten (110) hundred seventeen (117), hundred eighteen (118), hundred twenty-four (124), hundred twenty-five (125), hundred thirty two (132) and hundred thirty three (133) they will be identified

7

with a sign or rótulo, those which The Association of Owners or The LANDHOLDER, before you is formed this Association, they will be able to assign to any owner or apartment tenant that you is disabled, temporarily while you is owner and/or live this unit.

--- J. Ramps, pedestrian bridges that you leads from the parking to the buildings, sidewalks, posts of general lighting.

LIMITED COMMON ELEMENTS

---A. The parking spaces located in the area dedicated to parking spaces and in the land before described, which appear marked in the plans of the condominium, ascend at hundred fifty two (152) parking spaces. all have been assigned in this deed to different apartments and they are related in The description of each apartment, and they would be in use and enjoyment in favor of the owners of the apartments to that you/they were assigned.

--- B. hall's areas, closet and stairways of each floor in each building.

--- C. The roofs and floors of each unit.

--- D. The walls that divide the units and those that the units of the corridors and/or hall divide in each floor.

--- E. The roofs (not assigned areas - if some) and the route in each building, they are limited common areas for The owners of the apartments of each building. with the exception of the terraces that you/they exist in the (4to.) fourth Floor that you/they are for use and exclusive enjoyment from the apartment to which are assigned, according to this deed.

--- F. Wall that will be been able to build for the owner of the corresponding apartment to divide the patios of the apartments of the first floor.

SIXTH: That the one titles and interest of each owner of an individualized unit, in the areas, facilities and elements common generals described in the previous section, and your main participation in the rights, earnings and general common expenses, as well as your proportional representation for purposes of

8

voting in The meeting of the Association of Owners of the Condominium, you is based on the percentage that represents The surface of each individualized unit, with the surface of the entirety of all the individualized units, being the percentages according to later on it is indicated.---

SEVENTH: That the general and limited common elements and the facilities will stay in state of mandatory indivision and the owners put under an obligation to not requesting the division of the same ones

EIGHTH: That the percentage that represents each owner's proportional interest in your unit and in the general and limited common elements and facilities of the condominium and your participation in the earnings and common expenses won't be able to be varied without the consent of the owners that you/they represent The entirety of the units of the building, expressed in the deed you publishes properly inscribed in the Registration of The Property.

NINTH: That the undivided interest in the general and/or Limited common areas won't be separated from The unit to which belong and they will be considered transmitted and/or burdened with The unit, still when they are not described in The deed of sales or you mortgages or of any other nature that was granted.

TENTH: That all proprietor and/or owner, present or future, tenant, occupant for any concept of an unit of the Condominium or any person that you can use The facilities of the same one in any concept, is and they will be subject to the clauses of this deed, and to the Regulation of Administration and Co-property adopted for the condominium, as well as, to The decisions and/or valid agreements adopted by the Council of Owners and The Board of Directors that you settles down in the one referred Regulation, and the mere acquisition or lease of spaces of any unit or area of the buildings in any concept it will mean the acceptance and observance of this Deed, Statutes, Regulations and/or Agreements before referred.---

9

ELEVENTH: That no owner will be been able to exempt itself of the obligation of your participation in the common expenses in the form and proportion settled down in this deed for your particular unit by means of your self-limitation, of the use or enjoyment of some or all the common elements or areas or general or limited common facilities or for abandonment of your unit.

TWELFTH: That if the property object of this Régime of Horizontal Property is total or substantially destroyed or harmed, the repair, reconstruction or reinstatement of the property will be made of agreement with the Law Number hundred fifty seven (157), approved the day four (4) of June of thousand nine hundred seventy six (1976), As amended, except as you can be suited in contrary by unanimous agreement of all the owners.

TENTH THIRD: That as long as The LANDHOLDER is an owner of an or more than the units, you will be subject to the clauses of this deed and to the ends and conditions of the Regulation, united as Annex "A." of this deed.

TENTH four: That with arrangement to that settled down in the Section TENTH previous, the non fulfillment of anyone of the clauses, ends or conditions to those that refers this Section, will constitute enough cause for an action to recover owing sums or in damages and damages or in "injunction"

TENTH FIFTH That the dedication and submission of the property to the Régime of the Horizontal Property by means of The present notarize, you won't be revoked or anyone of the amended clauses, without the unanimous consent of all the owners and of all the hypothecary creditors of all the mortgages that burden the properties, properly expressed in instrument public.

10

TENTH SIXTH: That the buildings in your entirety, as well as any accessory structure and the existent equipment for common benefit that is part of the property will be assured by majority agreement of the Council of Owners, against the fire risks, hurricane, earthquake, explosion, etc., and you will be assured. as a single unit. The owners will be distributed you proportionally costs of the premiums of the insurance covering this risks.

--- Any owner or any hypothecary creditor that you advances the necessary quantities for this premium's payment of sure, will be entitled to recover the same ones, with the maximum interest authorized by law, of the owners that you/they have not paid your proportional part of the one referred premium of sure.

- - - The buyer and the seller of any unit, will be joint and responsible solidariamente for the payment of any sum that you owes to the date of the transfer of the unit for reason of the premiums of sure and/or general expenses of maintenance.

--- Any natural or juridical person that acquires an unit in the Condominium, will buy subject to the obligation of paying the premiums of sure, the general expenses of maintenance and the other conditions that they are provided in this Section.

--- Each owner will execute, to your only expense, the modification works. repair, cleaning, security and improvements of your unit, without perturbing the use and legitimate enjoyment of the other owners, neither to change the external form of the facade, neither to decorate the walls, doors or external windows with colors or tonalities different to those of the group.

TENTH SEVENTH: That in the exposed form, they are left constituted and subjected to the Régime of The Horizontal Property all and each one of the units that compose the Condominium, which will be been able to transmit or to be burdened individually and to be object of all kinds of juridical acts, with independence of the Complex in total, in the form settled down by the Civil Code, the Hypothecary Law and your Regulation, and the Law Number Hundred Fifty Seven (157) of the room (4) of June of thousand nine hundred seventy six (1976), as amended.

11

--TENTH EIGHTH: That the description of each one of the units of the Building is like you continues:--

--- Apartments and/or UNITS

--URBAN: Horizontal property - identified Apartment with the number A. hyphen eleven (A. -11), which is located in the first floor of the building and identified with the letter A. of the complex of apartments and/or known condominium as The Los Almendros, located in the neighborhood Barrero of the municipal end of Rincón, Puerto Rico, with a superficial area of a THOUSAND TWO HUNDRED TWENTY-SIX POINT NINETY AND ONE SQUARE FEET (1,226.91 p.c..), equivalent to Hundred fourteen point zero three square meters (114.03 m.c.). In you adjoin for the NORTH, in thirty seven (37) feet six (6) inches with external elements that in turn is adjacent with the parking area and with the corridor for which has your access; for the SOUTH, in thirty seven (37) feet six (6) inches with the patio that corresponds you and the one which. in turn it is adjacent with the green areas of the complex; for the EAST, in thirty nine (39) feet four (4) inches with external elements of the building and with the corridor for which has your access and with the patio that corresponds you; and for the WEST, in thirty nine (39) feet four (4) inches with external elements of the building and With the one. patio that corresponds you. Your main door of access is in your North side which communicates with the corridor of the first floor. You consists of two (2) rooms for bedrooms, two (2) bathrooms, living room, main dining room, dining room informal kitchen, closet with facilities for washing machine and drying of clothes and balcony. --

---You corresponds you the one point sixty six percent (1.66%) in the general common elements and the seven point forty nine percent (7.49%) in the common elements

--- You belongs you the use and enjoyment of two (2) spaces for parking of marked automobiles with the numbers one (1) and seventeen (17).

--- You also belongs you, the use and enjoyment of a patio located in your South side of five hundred eighty six point seventy and a square feet (586.71 p.c.), equivalent to fifty four point fifty three square meters (54.53 m.c.).--

--URBAN: Horizontal property - identified Apartment with the number A. hyphen twelve (A. -12), which is located in the first floor of the building and identified with the letter complex A.del of apartments and/or known condominium as The Los Almendros, located in the neighborhood Barrero of the municipal end of Rincón, Puerto Rico, with a superficial area of a THOUSAND TWO HUNDRED NINETEEN SQUARE FEET (1,219.00 p.c.), equivalent to hundred thirteen point twenty-nine square meters

12 to 58

-You Corresponds you the two points twenty-four percent (2.24%) in the general common elements and the ten point zero sixty seven percent (10.067%) in the limited common elements.

--- You belongs you the use and enjoyment of three (3) spaces for parking of marked automobiles with the numbers hundred twenty-six (126), hundred forty and one (141) and hundred forty two (142).

--- You also belongs you an area of uncovered terrace located in the fourth floor (roof) of the building directly above your apartment, with in area of seven hundred eighty and one point eighty four (781.84) equivalent square feet to seventy two point sixty five (72.65) square meters.

--URBAN: Horizontal property - identified Apartment with the number E. hyphen thirty four (E. -34), which is located in the third and quarter floor of the building to identified with the letter E. of the complex of apartments and/or known condominium as The Los Almendros, located in the neighborhood Barrero of the municipal end of Rincón, Puerto Rico, with superficial of a THOUSAND SIX HUNDRED FORTY NINE POINT ZERO EIGHT SQUARE feet (1,649.00 an area p.c.), equivalent to hundred fifty and thirteen point twenty-six square meters (153.26 m.c.), corresponding a thousand two hundred nineteen point zero eight (1,219.08) equivalent square feet to hundred thirteen point twenty-nine. (113.29) square meters at the Third Floor and four hundred thirty (430.00) equivalent square feet to thirty nine point ninety seven (39.97) square meters to the one. fourth Floor. ---

--The Third Floor is adjacent to the NORTH in thirty seven point six (37.6) feet with external elements of the building; to the SOUTH. in thirty seven point six (37.6) feet with external elements of the building and with the corridor for which has your access; to the WEST, in thirty nine point four (39.4) feet with external elements of the building; and to the EAST, in thirty nine point four (39.4) feet with external elements of the building and with the corridor for which has your access.

--The fourth Floor is adjacent to the NORTH. with the uncovered terrace that in turn is adjacent with external elements of the building; to the SOUTH, with external elements of the building; to the WEST. with the uncovered terrace that in turn is adjacent with external elements; and to the EAST, with the uncovered terrace that in turn is adjacent with external elements and with the Area common of The roof. Your main door of access is in your South side which communicates with the corridor of the Third floor. You consists the Third Floor (you plants main) of two (2) bedrooms room, dining room, the kitchen,

58

closet with facilities for a washing machine - drying of clothes, balcony, an area where you locates The stairway that gives access to the fourth Floor (roof) and the own stairway. The fourth Floor (roof) you consists of a terrace covered with facilities to install kitchen equipment, a room with the facilities to transform it into a bathroom, but the stairways type spiral to ascend of the Third floor (you plants main) until the fourth floor (roof).

--- You corresponds you the two point twenty-four percent (2.24%) in the general common elements and the ten point zero sixty seven percent (10.067%) in the limited common elements.

--- You belongs you the one you uses and enjoy three (3) spaces for parking of marked automobiles with the numbers hundred twenty-three (123), hundred Thirty nine (139) and hundred forty

(140).

--- You also belongs you an area of uncovered terrace located in the fourth floor (roof) of the building directly above your apartment. with an area of seven hundred eighty and one point eighty four (781.84) equivalent square feet to seventy two point sixty five (72.65) square meters.

TENTH NINTH: THE LANDHOLDER is reserved the right to grant any necessary, or convenient Explanatory Deed here for The attainment of the purposes expressed, providing stops to allowing the inscription of this Main deed subjecting the property to the one. Régime of the Horizontal Property, in the Registration of The Property. Being specified that any deed this way granted, you will force all and each one of the Co-owners, although such Co-owners have not converged or spoilt to this grant and to whose right reservation lends your expressed consent and they ratify in all your parts with the mere grant of the corresponding deed of Sale and purchase.

--- THE Landholder is also reserved the right to make changes in the construction Plans approved by the Administration of Regulations.

59

Permits and/or Board of Planning of Puerto Rico, when, in your opinion, such changes in the design requirements, engineering or architecture of the project justified and alone after this changes are they have been approved by the Administration of Regulations and Permits and/or Board of Planning of Puerto Rico to whose right reservation consents and they ratify all and each one of the futures Co-owners with the mere grant of the corresponding Deed of Sale and purchase.---

TWENTIETH: MODIFICATIONS: The units of the COMPLEX won't be able to be object of modifications that affect in form some the security, solidity, aesthetics and current physical aspect of the COMPLEX, your buildings, external walls, common elements and/or external parts of the adjacent units to those common elements, and the enjoyment and enjoyment of the units. ------

---No Co-owner will be able to build or to install on the roof of any of the buildings, you structures or permanent cover to seasonal; with the exception of those of the covered and uncovered terraces located in the (4to.) fourth floor of each building who you/they will be able to close the covered terraces and/or to install curtains or awnings retractable in the or the uncovered terraces, in the form and way and using the materials and specified colors, in a plan and/or sheet of specifications that The Landholder will give to each coproprietor to the moment to be granted the corresponding deed of Sale and purchase of each unit and to the Council of Owners to the moment to give you the condominium administration;

p60

neither he/she won't be able to install an antenna, except a communal antenna of television that will be able to be installed by the Coproprietors to be shared by all the Co-owners, flag poles or objects of any nature, independently of your purpose to design, without the previous consent given in writing of the Council of Owners. No Co-owner will have access to you will be able to use the roof of the building, except for that prepared in this deed

--- The owners of the apartments located in the first floor of each floor will be able to fence or to define the patio area, on which are entitled the use, with a fence that they will be able to build in the form, way, materials and colors specified in a plan and/or sheet of specifications that The Landholder will give to each coproprietor to the moment to be granted the corresponding deed of sale and purchase of each unit and to the Council of Owners to the moment of transfer the administration of the condominio.adquirente of the title of

----All the owners of apartments will be able to install in the balconies a curtain or awning

using the materials and colors specified in a plan and/or sheet of specifications that The Landholder will give to each Coproprietor to the moment to be granted the corresponding deed / of sale and purchase of each unit and to the Council of Owners to the moment of transfer him administration of the condominium.

TWENTIETH FIRST: When a hypothecary creditor to any other one an unit. for reason of mortgage execution

61

covering an unit, or for purchase reason to a grantee of The mortgage which has been covenantor of this obligation, the buyer of the title, your successor or grantee, won't be responsible for the taxes settled down by The Association that you/they have been yielded prior to the date of the acquisition: of the title for such a buyer, understanding each other, however that won't be interpreted in such a form that impedes the one that The Association resides actions claiming obligations for such taxes and making them valid in The form foreseen by The Law and this impositions and obligations will be subordinate to such a mortgage.

TWENTIETH SECOND: The Board of Directors, the Council of Owners, or the Administrator will be able to obtain a global insurance in The form and for The satisfactory sum for the creditor hypothecary owner of The first mortgage covering all the units of this building, but without damage that the owner of an unit obtains an individual insurance for an individual unit.

TWENTIETH THIRD: The premium of a global insurance will be a common expenditure to be paid, by means of monthly impositions fixed by The Association of Owners and this payments will be conserved in an account separated in trusteeship (escrow) of The Association of Owners and you will only be used for the payment of the premium of the global insurance of The property as you leaves falling due the payment of the premiums.

TWENTIETH four: The Administration of the Condominio will be taken to agreement effect with that settled down in The Law of Horizontal Property, in this deed and in the Regulation.

62

--- "THE Landholder" you will assume The initial administration of the Condominium with all the powers and rights that you confers and you imposes The Law of Horizontal Property, this deed and the Regulation to the Board of Directors, to the President and the Secretary, and you will pass over to The Administration from the Condominium to The Association of Owners when being sold and to surrender the fifty one percent (5l%) of participation of the elements common generals of the units in of the COMPLEX.

TWENTIETH FIFTH: while THE Landholder has The administration of the COMPLEX, as you is indicated in the previous paragraph, and exist given units, this (THE LANDHOLDER) you will already charge maintenance quota to The owners of the units sold and given, according to the budget settled down by THE Landholder, and you will pay, of your own peculium, the necessary thing to complete the cost of the maintenance of the COMPLEX. When giving THE Landholder The administration from the condominium to the Council of Owners, according to before it is indicated, of that moment THE LANDHOLDER will pay The maintenance quota corresponding to the not sold units from now on.

TWENTIETH SIXTH: That The individual apartments will be devoted exclusively for residential ends and they won't be rented by your owners for hotel purposes, being defined such. purpose like (to): the rent for one period smaller than thirty (30) days, or (b) any rent by means of which so provides to those

63

occupants of the unit with typical hotel services, such as, services of floors of foods and/or drinks, laundry and bed clothes, service of cleaning and service of bellboys; the owners will be entitled absolute of renting your units subject to that the one referred rent is carried out conditioned to the clauses and restrictions contained in this instrument and in the Regulation.

TWENTIETH SEVENTH: The Administrator of the Condominium or the Board of Directors will facilitate to the lessee owners, holders, insurers and covenanters of hypothecary credit, all the information that you/they want related with the COMPLEX.

TWENTIETH EIGHTH: THE LANDHOLDER in the exposed ends, leaves subjected and organized in Régime of Horizontal Property the lot and the described Buildings and your annexes, accessories, uses and comforts, of agreement with the bases that consist in this deed and in the Regulation before mentioned.

TWENTIETH NINTH: THE LANDHOLDER requests of the Senior Inspector of the Property that inscribes this deed in the main property and open up to each one of your units that constitute this Régime your corresponding Registration Branch, everything-under the dispositions of the Law of the Horizontal Property and of the Hypothecary Law.

ACCEPTANCE

THIRTIETH: The (The) (Those) appear manifest your conformity with this deed to find it composed of agreement with that suited and conventional.

64

--- Me, the Notary the (s) I made the pertinent legal warnings. ----

--- You says this way it (n) and you grants (n) for before me, having given up the right of requiring the presence of witness, of the one that him (s) I noticed. ----

--- Read that was the present you notarizes for the (the) (those) grantors, in use of the right that him (s) I noticed I/you had (n) apparent (n) to be very taxes of your content, in the same one are ratified (n) and you signs (n) at the end, also putting your initials to the margin of all the folios of this original.

--- Of all that which. me, the Notary Autorizante, I GIVE FAITH.

65

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------