FairPlay Properties REIT-Sofia, BSE code – FPP, has filed the following information to the BSE-Sofia:
On the grounds of a Decision of the Board of Directors of FairPlay Properties REIT dated 15.03.2006, the company has concluded the following contracts:
1. Construction work contract with the executor of the whole building project of the object – Santa Marina Holiday Village in Sozopol, who respectively owns all legally needful construction documents. The contract provides for the building of Villas No 15, 16, 18 and 20 in Sozopol, regarding which the right to build is entitled to FairPlay Properties REIT. The contract settles the following basics:
– Price of the construction works service: Euro 490 /sq. m. unfolded built-up area (VAT included). The part of the sum unpaid and due upon this service shall be indexed on the first date of each month with 1% /one per cent/ based on a past calendar month, starting on 01.06.2006.
– Deadline for completion of the construction works, respectively for submission of the Licence for use of the four buildings: 30.04.2007;
– Payment deadline: within 1 /one/ month following the date of the last of the four Licences for use.
2. Assignment contract with Santa Marina AD, who shall intermediate upon attracting clients and performance of the advertising campaign for presentation of the real estates owned by FairPlay Properties REIT, for which FairPlay Properties REIT shall pay remuneration but no more than 12% of the sale price.
