SWIFT:      PIRBBGSF Holder : "Hanroc Developments" LTD

SWIFT:      PIRBBGSF

Holder : "Hanroc Developments" LTD

where Vendor shall reserve his right to indicate other bank accounts or means of payment.

(2) Vendee shall be obliged within 3 ( three) each payment of an installment of the agreed price has been made by bank transfer, to fax or send and email a copy of the payment order with a correctly indication of the reason for payment.

ІІІ. RIGHTS AND OBLIGATIONS OF THE PARTIES

(1) Vendor in his capacity of an executor of the construction shall be obliged to perform with due and proper care the complete work under this contract within the set term and in accordance with the rules and regulations in force in the Republic of Bulgaria.

(2) Vendor shall be obliged not to sign preliminary contracts with third parties the subject of which is the real right of building or to transfer the ownership for the same apartment .

Vendor shall be free to establish in favor of third parties a right of building on other objects of the building as per Art.1 and accomplishment of other actions as per Art.1 (5) as long as this does not obstruct in the discharge of his duties under this contract

(3) Vendor declares the circumstances as per Para 2 of this article which are important for the performance of his obligations as at the time of entering into the final contracts before a Notary Public as stipulated by law, by also submitting the respective certificates from the Registration Service at the court of law as per the location of the plot.

(4) Vendor shall be obliged to inform Vendee of the set date and hour of concluding the transaction at the Notary’s Office in the notarial form stipulated by law at least 30 /thirty / workdays in advance..

(5) All engagements and expenses for the survey, projecting, change of urban development plans, preparation of preliminary drafts and program sheets, as well as the organization and performance of the entire construction of the building in a complete mode according to the contract, and its opening for use in accordance with the regulations in force, shall be assumed by Vendor and shall be his responsibility, including the expenses for the power supply of the building from switchgear to the main switch board.

(6) Vendor shall undertake to erect the apartment building in accordance with Art.1 of this contract to April 2009.

(7) The term as per the preceding paragraph shall commence on the moment the construction line has been granted and shall continue until Completion Form 15 has been issued. This term shall be suspended if the construction works are ceased through Vendee’s or third parties’ fault, as well as in case of Acts of God.

(8) Vendor shall be obliged to observe the approved projects, and shall be able, if necessary, to make changes thereto only after obtaining Projector’s written consent without requiring Vendee’s consent if these changes do not refer to the size and location of the property for which the real right of building under this contract shall be established. In the remaining cases Vendor shall be obliged to coordinate with Vendee any eventual changes to the projects before submitting them to the competent authorities for approval. Vendee shall be obliged to give his consent or remark on the changes within five days after they have been presented. Failure to do so within the set term shall be considered tacit consent to the projects.

(9) Vendor shall be obliged to provide Vendee with Completion Form 15 for the property within the term under Art.1 of the contract, at a level of completion as stated in Attachment No.1 of the contract. Vendor shall be obliged to deliver the property within the term herein agreed by furnishing the necessary documents.

(10) Vendor shall be obliged to deliver the total parts of the building in a completely finished mode described in details in Attachment No.2:

(11) Vendor shall have the right in his own judgment, without Vendee’s approval or consent, to:

Hire, appoint, release, substitute, remove or dismiss employees and subcontractors;

Determine the number of persons and the term of their engagements as regards the performance of their obligations under the contract;

Assign a certain amount of work to the employees and subcontractors;

(12) Vendor shall have the right to require from Vendee to assist in the performance of the work.

(13) Vendor shall have the right to require from Vendee to accept the work.

Art.6. Rights and obligations of Vendee

(1) Vendee shall be obliged to pay the price of the established right of building and the building services in accordance with the provisions of this contract.

(2) All fees and charges with reference to the transfer of the real right of building on the property t (such as but not limited to local taxes and fees, notarial charges, etc) shall be assumed by and shall remain on Vendee’s account.

(3) By subscribing his name hereto Vendee approves the investment project drawn up by Vendor.

(4) Vendee shall not, directly or indirectly, take part in the construction by his own efforts and means. His contribution to the construction shall be limited to rendering assistance for obtaining the necessary administrative permissions.

(5) Vendee shall be obliged, when invited by Vendor, to sign the requests for the issuance of the necessary administrative instruments such as visas, permissions, etc. If necessary, he shall be obliged to officially authorize Vendor to perform these acts.

(6) Vendee shall have the right to check the stage of performance, the quality, and the technical parameters at any time during the term of the contract upon prior notice and within the hours of work , without obstructing Vendor’s work. While at the construction site, the Buyer must observe the safety rules as defined by law as well as the instructions given by the Seller’s employees and sub-executors. The Buyer is not responsible for any damages due to disregarding the rules and instructions as written above.
(7) Vendee shall be obliged to accept Vendor’s work.

(8) Vendee or his proxy shall be obliged to appear at Vendor’s invitation for the conclusion of the transactions in the notarial form stipulated by law and be put in possession on the date and hour specified by Vendor in accordance with the provisions of this contract.

(10) Both parties agree on a contract stated mortgage in case there are payments due by the time the construction permit is obtained and the construction work that follows.

(11) The Seller must maintain and protect the property with a view of his experience and abilities and the services offered / swimming pool, fitness hall, parking spaces / . By the time the Buyer enters into ownership of property, both parties must sign an agreement for property and service maintenance at 13 Euros per square metre without VAT for the first year since its launch.

Art.7. Furnishing Option

The Vendor will give to the Vendee different options for furnishing of the property, as the price of the furnishing packages are not included in the price of the property.

Art.8 Third Party

1. 
   In case the Buyer chooses a third person to acquire the right for constructing the apartment under article 1, paragraph 1, he is responsible for all the consequences and obligations that follow in accordance with the contract.
   

2. 
   The third person takes the duties under this contract after the explicit agreement of Seller and Buyer. Once the Seller has agreed, under no circumstances can the contract be cancelled or changed. Both the Buyer and the third person share joint responsibility in accordance with the contract signed between the Seller and the Buyer.
   

3. 
   The status of the third person as written above is to enter the rights and duties of the Buyer in this contract. The third person makes use of all past activities of the Buyer; he also takes the Buyer’s duties and obligations and no further conformation is needed.
   

(4) In case the third person does not assume the obligations evolving from this contract, choosing a third person by the Buyer is in the form of stipulation benefiting the third person.

1. 
   Provided that Vendor fails to establish a right of building in Vendee’s favor as per art.1 (1) of this contract, Vendee may break the contract after allowing an appropriate term for execution or to require that a final contract be concluded within the meaning of Art.19 of the Obligations and Contracts Act In this case Vendee may require refund of all payments he has made under the transaction as well as a forfeit at the rate of 20% of the agreed price of the real right of building as per Art.2 (1) of this contract.
   

Art.10. Non-fulfillment of Vendee’s obligation as regards the establishment of a real right of building on the property

Art.11. Obstacles/hindrances/ to construction

(1) If during construction obstacles arise as to the performance of this contract, each party shall be obliged to take all reasonable measures to remove these obstacles, even if it is not responsible for them.

Art.12. Deviation and faults in the performance of construction

(1) When Vendor has diverted from the work assigned or there are faults in his performance, then Vendee shall have the right to refuse to accept it.

(2) In the cases as per the preceding paragraph, when the diversions or the faults pertaining to the total parts of the building or the property subject of this contract, are essential, then Vendee may require from Vendor that the diversions and/or faults be removed, within an appropriate term allowed by Vendee, without extra payment.

(3) Diversions and/or faults are determinate up to the provided Bulgarian low.

Art.13. Delay

(1) Provided that Vendor fails to observe the deadline for the completion of the object under the contract by reasons for which he is guiltily responsible, then he shall pay to Vendee a daily forfeit at the rate of 0.03% of the value of the uncompleted construction and mounting works, but no more than 5 /five/% of the total value of the building service.

(2) In case of delayed payments Vendee shall owe an

interest of 0.03% per day for the period from the date on which the receipts have become payable until the date of the actual payment.

(3) In case the Vendee is delayed with the payments, the term of finishing the project will prolong with the time of the delay.

Art.14. Eviction

Provided that Vendee is evicted from the property for reasons for which Vendor is responsible, then the latter shall be obliged to refund the whole price paid by Vendee within three days upon learning thereof, as well as to pay him all damages, injuries and benefits missed within the meaning of the existing Bulgarian legislation.

Art.15. Objection to unexecuted contract

(1) Until the full payment of the due amounts for the establishment of a real right of building, Vendor may refuse to conclude the transaction in the notarial form stipulated by law.

(2) The Vendor of the building service shall have the right to refuse to perform his construction obligations unless Vendee makes the payment required until then.

(3) Vendor shall have the right to refuse to deliver the property and transfer the share parts of the plot until all amounts under the contract have been finally paid, without owing damages for the use during that time.

Art.16. Indemnity under general rules

Parties shall reserve their right to seek compensation for damages under the general rules if their value is bigger than the forfeits and interests under this chapter. This right shall not revoke the right to receive the forfeits and interests in the amount herein specified.

Art.17. Entry into force

This contract shall enter into force at the time it is signed by both parties’ authorized representatives after the payment of the first installment as per Art.3, Para 1, It.1 thereof.

Art.18. Termination

This contract shall be valid as from the date of its termination under the conditions stipulated therein and in accordance with the legislation in force in the Republic of Bulgaria.
Art.19. Validity of the provisions which shall not be included in the title deeds

This contract shall remain in force between the parties in respect of the provisions not included in the title deed, after the conclusion of the final contracts for the establishment of a right of building and agreed mortgage .

Art. 20. Additional agreements

This contract may be modified, supplemented and/or terminated at any time by mutual consent of the parties. Ant supplement to this contract should be signed by the parties thereto and contain an explicit indication that it is a supplement to this contract.

Art.21 Objective impossibility .
This contract is cancelled too when objective impossibility for executing a task appears.
Art. 22. Break of contract

The contract shall be also terminated within the meaning of Art.87 and Art.88 of the Obligations and Contracts Act in connection with Chapter IV of this contract. Unless otherwise provided for in this contract, 15 /fifteen/ days shall be considered an appropriate term for execution.

Art.23. Financial relations after termination of contract

In all cases of termination of the contract, the Parties’ obligations arising therefrom as regards the financial relations shall remain in force until they are finally arranged.

(1) The parties are familiar with the requirements of the regulations concerning the state acceptance of the construction, and shall be obliged to comply therewith. Neither party shall have bigger requirements as regards the construction than those legally determined.

(2) Notwithstanding the normative rules that govern the delivery of a ready construction, in their relations the parties shall also abide by the provisions of this contract.

Art.25. Written statements

(1) The delivery of the ready objects to the owners as well as the establishment of other circumstances on the construction shall be made by statements signed by the parties.

(2) The bilateral statements shall give an account of all events that affect the terms of contraction or the way of its execution.

(4) Provided that Vendee fails to appear to check and accept the property in the order specified above, then it will be considered that Vendee accepts the property without remarks.

Art.26. Succession

In case of a death, placement under injunction or universal succession of any of the parties, the fulfillment of its obligations under this contract shall be tacitly assumed by the heirs, trustees or its successors.

Art.27. Restraint on inconsistent acts

Neither the Vendor, nor his employees and subcontractors shall engage directly or indirectly in any professional activities which may be inconsistent with the activities assigned by this contract and the Vendee’s interests.

Art.28. Acts of God

(1) The parties hereto shall not be held responsible for failure to perform their obligations under this contract as a result of Acts of God.

(2) Act of God within the meaning of this contract shall mean any unforeseen or unavoidable event having occurred after its conclusion which makes the performance of this contract impossible and/or unlawful.

(3) The party injured by an Act of God shall be obliged to make all reasonable efforts and take all reasonable measures to limit the eventual damages and losses as well as to immediately notify the other party thereof in writing.

(4) As long as the Act of God lasts the performance of the obligations and the counter obligations connected therewith under this contract shall be cancelled.

(5) Provided that the Act of God lasts more than three months each party which is not interested in the continuation of this contract may terminate the contract by 30 /thirty/ days’ notice to the other party.

(6) The party whose negligence or willful acts have caused the Act of God cannot rely thereon.

(7) Lack of funds is not an Act of God.

(1) All notices the parties are obliged to address to one another in connection with the performance of this contract shall be made in writing, and may be delivered personally or by a registered mail, courier, telefax or e-mail as follows:

/а/ To Vendor:

Address : 109 Iskar Boulevard

2000 Samokov

Bulgaria

E-mail: support@forestview-bg.com

ATTN: Martin Dichev

/б/ To Vendee

(2) A notice shall be deemed to have been duly received:

/а/ if personally delivered, at the time of delivery to receiver

/б/ if posted by registered mail or express service, on the date of delivery recorded on the acknowledgment or the express service receipt, and

/в/ if sent by fax or e-mail: at the time of transmission, upon receipt of confirmation for completeness of the massage sent

(3) Should any Party hereto changes its address for serve during the validity of the contract, then it shall be obliged to notify the other party thereof. Otherwise the notice sent to the old address shall be deemed regularly served. Failure to notify of or irregular notification of change of address shall relieve the other party from responsibility for inaccurate dispatch of the notices under this contract

Art.30. Integrity

The contract /including all attachments thereto and all documents submitted accordingly or specified in the contract or incorporated by reference therein/ shall be considered a complete contract between the parties, and all declarations, guarantees, and consents in connection with its subject and the reasons for its conclusion on which each party rely, are explicitly stated in the contract or in the documents incorporated by reference therein. This contract and the attachments thereto represent a complete agreement between the parties, and no other document or general conditions issued by any of the parties shall raise obligations for both parties. This contract revokes and substitutes all previous written or tacit agreements in relation to the same subject matter.

Art.31. Severance

If any provision of this contract is rendered void or unenforceable, such rendering shall not affect the validity or enforceability of the remainder. If a provision of the contract is void or unenforceable, the same shall be substituted for a relevant and reasonable provision in order to achieve the intention and the purpose of the provision so rendered.
Art.32. Governing Law

In respect of this contract, including the relations between the parties not explicitly arranged or the interpretation of its provisions, the laws and practices of the Republic of Bulgaria shall be applied.

Art.33. Disputes and jurisdiction

All disputes arising out of or related to this Contract, including disputes arising out of or related to its interpretation, validity, performance or termination, shall be resolved by negotiations, and if no agreement is reached, the same shall be referred to the competent Courts of Law in Bulgaria. After signing this contract, in accordance with Article 91 of Bulgarian Civil Law, both parties agree to have any problems, not mentioned in Article 83 of the BCL, concerning the sentence above, settled in Varna Court.The procedural language shall be Bulgarian. The legal charges and registration fees, including a reasonable attorney fee, shall entirely or proportionately remain to the honored or rejected part of the claim as burden of the party against which the decision has been rendered.

VENDOR: ___________ VENDEE:___________

1. 
   Floors :
   

- bedrooms - laminate parquet

- living room - laminate parquet

- kitchen - terracotta

- terrace - granite tiles

- bathroom - terracotta

2. 
   Walls
   

- bathroom - faience tiles

3. 
   Equipment for the bathroom – sink, toilet unit, water- heater , bath or shower cabin, shower tap and accessories;
   

3. 
   Doors – laminate material
   
4. 
   Electrical equipment - switches, plugs and mounted lights;
   

1. 
   Floors
   

corridors and receptions - terracotta tiles;

staircases - staircase boards and railings;

2. 
   Walls and ceilings – painted gypsum cardboard
   
3. 
   Lift
   
4. 
   Facade
   
   • 
     thermo insulation
     
   • 
     colored mineral plaster
     
5. 
   Windows – PVC, double glazed;
   
6. 
   Landscape garden – walks, floors and grass;