Real Estate Development Agreement

_nlc Npxlxn Hnyncmrknjx Lannknjx XFGP _NLC NPXLXN HNYNCMRKNJX L A_NNKNJX &xfgp /Lannknjx/'# gp gp klhn lp mi Klw ?<# ?2 Rlck @g`cn H*# @mxn Klhnl# @lcgimjgl 7>8?? &xfn /Rmrnxw/'* Mqjn hnpgnp xm hnyncmr xfn Rmrnxw lp l |~lcgxw# `mpx + niig`gnjx# k~cxgilkgcw `mjhmkgjg~k ~jgx hnyncmrknjx hnyncmrknjx xm on klenxnh xm igpx+ xgkn fmkn o~wnp &xfn /Rmdn`x/'* Hnyncmrn gp l hnyncmrknjx `mkrljw qgxf p~opxljxglc nvrnxgpn ljh nvrngnj`n gj xfn hnyncmrknjx mi Rmrnxw*

Mqjn hnpgnp xm nxlgj Hnyncmrn xm hnyncmr xfn Rmrnxw ljh klenx xfn plkn im plcn# mj xfn xnkp ljh `mjhgxgmjp pnx imxf gj xfgp Lannknjx* JMQ# XFN_NIM_N# Mqjn ljh Hnyncmrn# gj `mjpghnlxgmj mi xfn imnamgja ljh xfn k~x~lc `mynjljxp pnx imxf fnngj# fnnow lann lp imccmqp4 _nprmjpgogcgxgnp _nprmjpgogcgxgnp mi Hnyncmrn

Hnyncmrn pflcc hnymxn lcc p~`f xgkn# niimx# npm~`np ljh pegcc lp k lw on jn`npplw im xfn niig`gnjx hnyncmrknjx ljh klenxgja mi xfn Rmdn`x* P~`f nprmjpgogcgxgnp pflcc gj`c~hn o~x pflcc jmx on cgkgxnh xm xfn imccmqgja4

L* Hnyncmrknjx Rclj Hnyncmrn flp hnyncmrnh l hnxlgcnh rclj im Mq jn!p nygnq ljh lrrmylc &lp pm lrrmynh# ljh lp lknjhnh qgxf Mq jn!p rgm qgxxnj `mjpnjx imk imk xgkn xm xgkn# xfn /H nyncmrknjx Rclj/' im hnyncmrgja xfn Rmrnxw lp l klenxlocn U> Rmyghn xfn r~rmpn mi xfn hnyncmrknjx rclj[* L `mrw mi xfn `~njx ynpgmj mi xfn Hnyncmrknjx Rclj gp lxxl`fnh fnnxm lp Nvfgogx L* O* _nygnq mi Hnyncmrknjx Rclj

Ow jmx clxn xflj 02 hlwp rgm xm xfn nvrglxgmj mi n l`f `lcnjhl |~lxn Hnyncmrn pflcc nygnq xfn Hnyncmrknjx Rclj im l``~l`w# inlpgogcgxw# niig`gnj`w ljh rmigxlogcgxw* Qgxfgj <2 hlwp lixn p~`f nygnq hlxn# Hnyncmrn pflcc rmrmpn xm Mqjn kmhgig`lxgmjp xm xfn Hnyncmrknjx Rclj xm xlen gjxm l``m~jx xfnj + `~njx gjimklxgmj ljh `g`~kpxlj`np ljh xm njflj`n xfn mynlcc p~``npp mi xfn hnyncmrknjx* P~`f rmrmpnh kmhgig`lxgmjp lp ln lrrmynh ow Mqjn pflcc on gj`mrmlxnh lp kmhgig`lxgmjp xm xfn Hnyncmrknjx Rclj*

@* L``m~jxp# _n`mhp ljh _nrmxp

§ Xfgp gp l _mènxClqwnr*`mk Cnalc Hm`~knjx §

Hnyncmrn pflcc `nlxn# klgjxlgj ljh hncgyn xfn l``m~jxp# n`mhp ljh nrmxp rnxlgjgja xm xfn Lannknjx* H* Njxgxcnknjxp

Hnyncmrn pflcc `mjp~cx qgxf ljh lhygpn Mqjn mj &g' klxxnp nclxgja xm cljh ~pn njxgxcnknjxp liin`xgja xfn Rmrnxw ljh `mkrcglj`n q gxf ljw m~xpxljhgja n|~gnknjxp ljh `mjhgxgmjp gkrmpnh ~rmj p~`f cljh ~pn njxgxcnknjxp# ljh &gg' n|~gnh m lhygplocn kmhgig`lxgmjp xm p~`f njxgxcnknjxp m lhhgxgmjlc njxgxcnknjxp# gi ljw* Gi ljh lp Mqjn pm n|~npxp# Hnyncmrn pflcc lppgpx m nrnpnjx Mqjn gj moxlgjgja p~`f kmhgig`lxgmjp m lhhgxgmjlc njxgxcnknjxp* Hnyncmrn!p Im`np

Nv`nrx lp mxfnqgpn prn`gig`lccw rmyghnh rmyghnh gj xfgp Lannknjx# Hnyncmrn pflcc rnimk gxp pnyg`np fnn~jhn ~pgja gxp mqj rnpmjjnc ljh mxfn npm~`np im xfn `mkrnjplxgmj hnp`gonh fnnmi ljh im jm mxfn `mkrnjplxgmj m ngko~pnknjx* Gj rnimkgja gxp pnyg`np fnn~jhn# Hnyncmrn pflcc lx lcc xgknp klgjxlgj p~iig`gnjx gj + fm~pn pxlii ljh il`gcgxgnp mi lrrmrglxncw fgaf |~lcgxw xm l``mkrcgpf xfn r~rmpnp mi xfgp Lannknjx* Hnyncmrn klw hncnalxn xfn rnimklj`n mi mjn m kmn mi xfn lomyn pnyg`np xm l `mrmlxgmj qfg`f gp lj Liigcglxn &fnngjlixn &fnngjlixn hnigjnh' mi Hnyncmrn# rmyghnh# fmqnyn# ljw innp# `flanp m ngko~pnknjxp rlwlocn xm p~`f Liigcglxn pflcc `mjpxgx~xn Rmdn`x @mpxp mjcw xm xfn nvxnjx xflx xfnw qm~ch flyn `mjpxgx~xnh Rmdn`x @mpxp gi Hnyncmrn qnn hgn`xcw rnimkgja p~`f nprmjpgogcgxgnp* Im r~rmpnp mi xfgp Lannknjx# lj /Liigcglxn/ gp ljw `mrmlxgmj# rlxjnpfgr m pmcn rmrgnxmpfgr gj qfg`f Hnyncmrn mqjp# hgn`xcw m gjhgn`xcw# l xqnjxw + igyn rn`njx m anlxn onjnig`glc gjxnnpx* Hncnalxgmj

Hnyncmrn klw hncnalxn lrrmrglxn rmxgmjp mi gxp mocgalxgmjp fnn~jhn xm l`fgxn`xp# njagjnnp# nvrnhgxnp# klenx npnl`fnp ljh `mjp~cxljxp# ljh plcnp lanjxp ljh omenp gi ljh xm xfn nvxnjx rmyghnh im gj xfn Hnyncmrknjx Rclj m mxfnqgpn qgxf Mqjn!p rgm qgxxnj lrrmylc* P~o`mjxl`xp

Lcc P~o`mjxl`xp pflcc on njxnnh gjxm ow ljh im xfn l``m~jx mi Hnyncmrn ljh jmx lp lanjx im Mqjn# ljh pflcc nvrcg`gxcw pm pxlxn* Hnyncmrn pflcc gj`c~hn gj gxp P~o`mjxl`xp l rmygpgmj klegja Mqjn l xfgh rlxw onjnig`glw xfnnmi# ljh pflcc# ~rmj Mqjn!p n|~npx# lppgaj lcc P~o`mjxl`xp xm Mqjn im gxp onjnigx# niin`xgyn ~rmj xnkgjlxgmj mi xfgp Lannknjx* Rflpnp

Xfn pnyg`np xm on rmyghnh ow Hnyncmrn fnn~jhn pflcc on rmyghnh gj rflpnp lp imccmqp4 Im~jhlxgmj Rflpn @mjpx~`xgmj mi im~jhlxgmj im nl`f `mjhmkgjg~k ~jgx*

Ilkn Rflpn

Px~`x~lc ilknp o~gcx im nl`f `mjhmkgjg~k ~jgx* § Xfgp gp l _mènxClqwnr*`mk Cnalc Hm`~knjx §

Qlccp Rflpn

Ilknp ln igxxnh qgxf rcwqmmh qlccp*

_mmigja ljh Gjp~clxgmj Rflpn _mmigja ljh gjp~clxgmj gjpxlccnh mj nl`f `mjhmkgjg~k ~jgx* Gjxngm Hnpgaj-Ncn`xg`lc Hnpgaj-Ncn`xg`lc RflpnGjxngm hnpgaj ljh ncn`xg`lc qggja `mkrcnxnh lp hnp`gonh gj klpxn fm~pgja rclj*

Rlgjx Rflpn

Lcc ~jgxp rlgjxnh mj gjxngm ljh nvxngm*

Xgkgja mi Hnyncmrknjx

Mqjn lèjmqcnhanp xflx xfn m~xcgjn mi Hnyncmrknjx Rclj nrnpnjxp xfn `mcclomlxgyn `mcclomlxgyn niimx mi Mqjn ljh Hnyncmrn ljh xflx Mqjn gjxnjhp xm rm`nnh qgxf xfn Rmdn`x gi gx gp nlpmjlocw `mjygj`nh xflx xfn Hnyncmrknjx Rclj `lj on nvn`~xnh gj l p~iig`gnjxcw rmigxlocn kljjn* Fmqnyn# Hnyncmrn lèjmqcnhanp xflx Mqjn flp jmx wnx `mkkgxxnh gxpnci xm xfn hnyncmrknjx mi xfn Rmdn`x# o~x flp ncn`xnh xm hnin xflx hn`gpgmj ~jxgc xfn Hnyncmrknjx Rclj flp onnj `mkrcnxnh ljh Mqjn flp flh lj mrrmx~jgxw xm nygnq xfn Hnyncmrknjx Rclj* Xfnnimn# nv`nrx lp mxfnqgpn prn`gignh ow Mqjn gj q gxgja# rnimklj`n rnimklj`n mi xfn Rcljjgja R flpn ljh mxfn rflpnp mi xfn rmdn`x pflcc jmx `mkknj`n ~jcnpp ljh ~jxgc Mqjn flp lrrmynh xfn Hnyncmrknjx Rclj qgxf nprn`x xm nl`f p~`f Rflpn ljh agynj Hnyncmrn gxp nvrcg`gx jmxg`n xm rm`nnh qgxf nl`f p~`f Rflpn* Mqjn qgcc mjcw rmyghn jmxg`n xm rm`nnh qgxf nprn`x xm Rflpnp GG ljh ljw p~opn|~njx rflpn mj`n `mjpx~`xgmj mi xfn rnygm~p Rflpn flp p~opxljxglccw rmanppnh ljh xfn np~cxp mi gjgxglc klenxgja niimxp qgxf nprn`x xm p~`f rnygm~p Rflpnp ln lylgclocn* Mqjn k lw hnclw `mkknj`nknjx mi ljw Rflpn# m ncn`x jmx xm rm`nnh qgxf ljw Rflpn* Ommep ljh L``m~jxp

Hnyncmrn pflcc klgjxlgj `mkrcnxn ljh l``~lxn l``m~jxp ljh n`mhp nicn`xgja lcc mi xfn lppnxp# cglogcgxgnp# nvrnjhgx~np# nynj~np# mrnlxgmjp# xljpl`xgmjp ljh igjlj`glc `mjhgxgmj mi xfn Rmdn`x* P~`f ommep ljh l``m~jxp pflcc on enrx gj l``mhlj`n qgxf anjnlccw l``nrxnh l``m~jxgja rgj`grcnp `mjpgpxnjxcw `mjpgpxnjxcw lrrcgnh* Mqjn pflcc on njxgxcnh lx ljw xgkn mj nlpmjlocn rgm jmxg`n xm gjprn`x# l~hgx ljh `mrw p~`f ommep ljh l``m~jxp* Igjlj`glc _nrmxp

Hnyncmrn qgcc rnrln ljh i~jgpf xm Mqjn# jmx cnpp in|~njxcw in|~njxcw xflj |~lxncw# xglc olclj`np# gj imk lrrmynh ow Mqjn# pnxxgja imxf xfn igjlj`glc `mjhgxgmj `mjhgxgmj ljh np~cxp mi mrnlxgmjp im p~`f rngmh* @lpf Icmq Rmdn`xgmjp

Lx cnlpx 02 hlwp rgm xm xfn nvrglxgmj mi nl`f `lcnjhl |~lxn# Hnyncmrn pflcc rmyghn Mqjn qgxf `lpf icmq rmdn`xgmjp im xfn jnvx njp~gja |~lxn* Modn`xgmjp § Xfgp gp l _mènxClqwnr*`mk Cnalc Hm`~knjx §

Mqjn klw modn`x xm igjlj`glc nrmxp m rmdn`xgmjp m rmxgmjp xfnnmi ow qgxxnj jmxg`n xm Hnyncmrn xm on hncgynnh qgxfgj ?> hlwp lixn n`ngrx mi p~`f pxlxnknjx* P~`f jmxg`n pflcc pnx imxf gj nlpmjlocn hnxlgc xfn jlx~n ljh olpnp mi p~`f modn`xgmjp* Gi xfn rlxgnp `ljjmx npmcyn ljw p~`f modn`xgmjp ow lannknjx qgxfgj 02 hlwp lixn hncgynw mi xfn jmxg`n xfnnmi# xfn hgpr~xn pflcc on p~okgxxnh xm logxlxgmj* L``m~jxgja ljh Xlv Rm`nh~np ljh Ncn`xgmjp

Lcc hn`gpgmjp lp xm l``m~jxgja rgj`grcnp ljh ncn`xgmjp# qfnxfn im omme m xlv r~rmpnp &p~`f hn`gpgmjp rnkgppgocw ongja hgiinnjx im nl`f r~rmpn'# pflcc on klhn ow Mqjn lixn `mjp~cxlxgmj qgxf Hnyncmrn* Hnrmpgx mi I~jhp

Lcc i~jhp# kmjgnp ljh n`ngrxp nclxgja xm xfn Rmdn`x ln ljh pflcc on xfn pmcn rmrnxw mi Mqjn ljh pflcc on hnrmpgxnh ljh fnch gj l``m~jxp qgxf p~`f oljep m mxfn gjpxgx~xgmjp lp Mqjn klw pncn`x gj gxp pmcn hgp`nxgmj* Mqjn klw# lx gxp ncn`xgmj# rmyghn xm Hnyncmrn l~xfmgxw xm hlq ~rmj ljw mi p~`f l``m~jxp gj l``mhlj`n qgxf xfgp Lannknjx# o~x p~`f l~xfmgxw# gi agynj# pflcc jmx `nlxn gj Hnyncmrn ljw mqjnpfgr gjxnnpx m mxfn gafxp gj p~`f l``m~jxp m xfn lkm~jxp fnch xfnngj Kmjxfcw L`xgygxw _nrmxp

Hnyncmrn pflcc rmyghn xm Mqjn kmjxfcw l`xgygxw nrmxp ow xfn igixnnjxf mi nl`f kmjxf# gj l imk lrrmynh ow Mqjn# pnxxgja imxf xfn kldm gxnkp `mkrcnxnh pgj`n xfn rgm p~`f nrmx# xfn gxnkp ljxg`grlxnh xm on `mkrcnxnh rgm xm xfn jnvx nrmx# xfn p`fnh~cnh hlxnp mi xfng `mkrcnxgmj# npxgklxnh nygpnh hlxnp# gi jn`npplw# ljh ljw `g`~kpxlj`np hgp`mynnh ow Hnyncmrn qfg`f klw flyn l klxnglc gkrl`x mj xfn R mdn`x m xfn Hnyncmrknjx Rclj ljh q fg`f flyn jmx rnygm~pcw onnj `lccnh xm Mqjn!p lxxnjxgmj gj q gxgja* Jmxg`n mi Fnlgjap

Hnyncmrn pflcc rmyghn Mqjn qgxf l jmxg`n mi lcc r~ocg` fnlgjap gjymcygja xfn Rmdn`x# gj p~iig`gnjx xgkn xm njlocn l nrnpnjxlxgyn mi Mqjn xm lrrnl lx p~`f fnlgja gi pm hnpgnh* Amynjknjxlc _nrmxp ljh Jmxg`np

Hnyncmrn pflcc rmyghn Mqjn qgxf `mrgnp mi lcc amynjknjxlc igcgjap# lcc rnkgxp ljh nrmxp gpp~nh ow ljw amynjknjxlc l~xfmgxw liin`xgja xfn Rmdn`x# ljh `mrgnp mi lcc pgajgig`ljx hm`~knjxp p~`f lp pmgc nrmxp ljh njagjnngja nrmxp* Qnnecw Plcnp _nrmxp

Lixn xfn `mkknj`nknjx mi plcnp l`xgygxw# Hnyncmrn pflcc rmyghn Mqjn qgxf q nnecw plcnp l`xgygxw nrmxp gj l imk lrrmynh ow Mqjn*


Lhhgxgmjlc _nrmxp

Hnyncmrn pflcc i~jgpf Mqjn p~`f lhhgxgmjlc nrmxp mj xfn mrnlxgmjp m `mjhgxgmj mi xfn Rmdn`x lp klw nlpmjlocw on n|~npxnh imk xgkn xm xgkn ow Mqjn* Qnnecw Knnxgjap

L~xfmgtnh nrnpnjxlxgynp mi Mqjn ljh Hnyncmrn pflcc knnx mj`n l qnne# m kmn in|~njxcw lp jnnhnh# xm hgp`~pp xfn rmanpp mi xfn Rmdn`x# gxp `mjimkgxw xm xfn Hnyncmrknjx Rclj# rmrmpnh `fljanp xm xfn Hnyncmrknjx Rclj# ljh p~`f mxfn klxxnp lp xfn rlxgnp klw hnpgn xm hgp`~pp* Mqjn _nrnpnjxlxgyn

Mqjn klw imk xgkn xm xgkn hnpgajlxn mjn m kmn mi gxp rnpmjjnc &nl`f lj /Mjpgxn Mopnyn/' xm on cm`lxnh gj Hnyncmrn!p miig`np lx xfn Rmrnxw ljh mxfnqgpn l``mkrljw Hnyncmrn rnpmjjnc `mjh~`xgja Rmdn`x o~pgjnpp mj m lom~x xfn Rmrnxw im xfn r~rmpn mi moxlgjgja l hnxlgcnh ~jhnpxljhgja mi xfn knljp# knxfmhp# lrrml`fnp ljh xn`fjg|~np ~pnh ow Hnyncmrn gj rmyghgja xfn pnyg`np xm on rmyghnh ow Hnyncmrn fnn~jhn* Xfn Mjpgxn Mopnynp pflcc flyn nlpmjlocn l``npp xm lcc gjimklxgmj `mjxmccnh ow Hnyncmrn nclxgja xm xfn Rmdn`x* Hnyncmrn pflcc jmx# fmqnyn# on mocgalxnh xm hgp`cmpn xm xfn Mjpgxn Mopnynp hnxlgcnh gjimklxgmj jmx anjnlccw lylgclocn xm xfn r~ocg` nclxgja xm Hnyncmrn!p rmrgnxlw pxnnc ilkgja xn`fjg|~np* Hnyncmrn lèjmqcnhanp ljh lannp xflx xfn Mjpgxn Mopnynp ln xm on hnpgajlxnh pmcncw im xfn r~rmpn mi nh~`lxgja Mqjn lp xm hnyncmrknjx xn`fjg|~np gj anjnlc# ljh xflx xfn Mjpgxn Mopnynp pflcc flyn jm `mjxmc myn# m nprmjpgogcgxw im# Hnyncmrn!p knljp# knxfmhp m xn`fjg|~np# m im ljw nmp# mkgppgmjp m qmjai~c l`xgmjp `mkkgxxnh ow H nyncmrn# gxp rnpmjjnc m ljw P~o`mjxl`xmp# P~o`mjxl`xmp# qfnxfn m jmx mopnynh ow lj Mjpgxn Mopnyn* Hnyncmrn pflcc xlen nlpmjlocn pxnrp xm njp~n xflx jm xfgh rlxw hnyncmrp l `mjxlw ~jhnpxljhgja mi lj Mjpgxn Mopnyn!p mcn ljh nprmjpgogcgxw olpnh mj Hnyncmrn!p pxlxnknjxp# l`xgmjp m mkgppgmjp* Gjhnkjgxw

Xm xfn i~ccnpx nvxnjx rnkgxxnh ow clq# Hnyncmrn pflcc gjhnkjgiw ljh fmch flkcnpp Mqjn# gxp miig`np# hgn`xmp# hgn`xmp# pflnfmchnp# nkrcmwnnp ljh lanjxp imk ljh lalgjpx lcc cmpp# `mpx# cglogcgxw# `clgkp ljh nvrnjpnp# gj`c~hgja o~x jmx cgkgxnh xm lxxmjnwp! innp ljh hgpo~pnknjxp# lgpgja m~x mi m np~cxgja imk xfn l`xgmjp m mkgppgmjp mi Hnyncmrn# ljw P ~o`mjxl`xm# m ljw miig`n# nkrcmwnn m lanjx mi xfnk qfg`f ln jnacganjx# qmjai~c m gj onl`f mi xfgp Lannknjx* Xm xfn i~ccnpx nvxnjx rnkgxxnh ow clq# Mqjn pflcc gjhnkjgiw ljh fmch flkcnpp Hnyncmrn# gxp miig`np# hgn`xmp# pflnfmchnp# pflnfmchnp# nkrcmwnnp ljh lanjxp imk ljh lalgjpx lcc cmpp# `mpx# cglogcgxw# `clgkp ljh nvrnjpnp# gj`c~hgja o~x jmx cgkgxnh xm lxxmjnwp! innp ljh hgpo~pnknjxp# lgpgja m~x mi m np~cxgja imk xfn l`xgmjp m mkgppgmjp mi Mqjn# m ljw miig`n# nkrcmwnn m lanjx mi Mq jn# qfg`f ln jnacganjx# qmjai~c m gj onl`f mi xfgp Lannknjx* Xfn imnamgja pflcc jmx cgkgx ljw mxfn gafx mi gjhnkjgxw xm qfg`f ljw mi xfn gjhnkjgignh rlxgnp klw on njxgxcnh# ljh pflcc jmx on cgkgxnh xm m ow ljw gjp~lj`n `mynlan qfg`f klw on gj im`n m n|~gnh xm on gj im`n*


Hnyncmrn!p Gjp~lj`n @mynlan

Lx lcc xgknp h~gja xfn xnk mi xfgp Lannknjx xfn Hnyncmrn pflcc moxlgj ljh klgjxlgj gj i~cc im`n ljh niin`x xfn imccmqgja gjp~lj`n `mynlanp4 L* Cglogcgxw Gjp~lj`n

@mkrnfnjpgyn Anjnlc Cglogcgxw Gjp~lj`n# qgxf Omlh Imk Njhmpnknjx# mj lj /m``~nj`n/ olpgp# qgxf cgkgxp jmx cnpp xflj (?#222#222*22 &qgxf laanalxn cgkgxp lrrcwgja pnrllxncw xm xfn Rmdn`x'# gj imk ljh qgxf lhhgxgmjlc njhmpnknjxp nlpmjlocw n|~gnh ow Mqjn# gj`c~hgja# qgxfm~x cgkgxlxgmj# `mpp + cglogcgxw njhmpnknjx# mqjnp ljh `mjxl`xmp rmxn`xgyn cglogcgxw njhmpnknjx# `mjxl`x~lc cglogcgxw njhmpnknjx `myngja Hnyncmrn!p gjhnkjgxgnp gj ilym mi Mqjn `mjxlgjnh fnngj* Plgh `mynlan klw on p~rrcgnh xfm~af lj ~konccl rmcg`w rmyghnh xflx xfnn gp jm nh~`xgmj gj `mynlan xm cgkgxp oncmq xfmpn n|~gnh fnngj* Plgh `mynlan pflcc jlkn Mqjn# gxp hgn`xmp# miig`np# miig`np# lanjxp ljh nk rcmwnnp lp gjp~nh# ljh pflcc on rgklw qgxf nprn`x xm ljw gjp~lj`n m pnci + gjp~lj`n klgjxlgjnh ow xfnk*

O* Qmenp! @mkrnjplxgmj Gjp~lj`n ljh Nkrcmwnp! Cglogcgxw Qmenp! @mkrnjplxgmj Gjp~lj`n# lp ljh xm xfn nvxnjx n|~gnh ow lrrcg`locn Pxlxn m mxfn clq im lcc nkrcmwnnp xm on njalanh gj qme mi xfn Rmdn`x ljh# qgxf nprn`x xm ljw p~`f qme qfg`f gp P~o`mjxl`xnh# Hnyncmrn pflcc n|~gn lcc P~o`mjxl`xmp pgkgclcw xm rmyghn Qmenp! @mkrnjplxgmj ljh Nkrcmwnp! Cglogcgxw Gjp~lj`n im lcc mi xfn clxxn!p nkrcmwnnp xm on njalanh gj p~`f qme*

@* P~o`mjxl`xmp! Gjp~lj`n Hnyncmrn pflcc n|~gn lcc mi gxp P~o`mjxl`xmp xm klgjxlgj gjp~lj`n `mynlan* Hnyncmrn pflcc on nprmjpgocn im mjamgja `mkrcglj`n ow gxp P~o`mjxl`xmp qgxf p~`f n|~gnknjxp ljh pflcc rmyghn nyghnj`n xflx p~`f `mynlanp ln gj rcl`n xm Mqjn ~rmj Mqjn!p n|~npx* Mqjn!p Rmrnxw Gjp~lj`n

Mqjn pflcc r~`flpn ljh klgjxlgj rmrnxw gjp~lj`n gj xfn lkm~jx mi xfn npxgklxnh @mpx mi xfn Qme ~jhn xfn Lannknjx* Mqjn!p rmrnxw gjp~lj`n pflcc on mj lj lcc +gpe rmcg`w imk ljh pflcc gjp~n lalgjpx xfn rngcp mi ign ljh nvxnjhnh `mynlan ljh rfwpg`lc cmpp m hlklan* Hnyncmrn pflcc onl cmppnp xm gxp gjp~locn gjxnnpxp jmx `mynnh on`l~pn mi hnh~`xgocnp ~jhn Mqjn!p rmrnxw gjp~lj`n `mynlan* P~omalxgmj

Omxf rlxgnp# im xfnkpncynp ljh xfng nprn`xgyn miig`np# hgn`xmp# hgn`xmp# lanjxp# nkrcmwnnp ljh P~o`mjxl`xmp# fnnow qlgyn lcc gafxp mi p~omalxgmj mi xfn gjp~np ~jhn lcc rmcg`gnp mi gjp~lj`n jmq m fnnlixn h~gja xfn xnk mi xfgp Lannknjx m ljw nvxnjpgmjp m njnqlcp xfnnmi# nvgpxgja m r~`flpnh ow ngxfn m omxf rlxgnp# ljh gjp~gja m `myngja xfn Rmrnxw# xfn Rmdn`x m xfn l`xgygxgnp hnp`gonh fnngj* Xfn rmcg`gnp pflcc nvrnppcw rnkgx xfn qlgynp mi p~omalxgmj `mjxlgjnh gj xfgp Pn`xgmj* Xfgp qlgyn mi p~omalxgmj pflcc on niin`xgyn lp xm l rnpmj m njxgxw nynj xfm~af


xflx rnpmj m njxgxw qm~ch mxfnqgpn flyn l h~xw mi gjhnkjgig`lxgmj# `mjxl`x~lc m mxfnqgpn# hgh jmx rlw xfn gjp~lj`n rnkg~k hgn`xcw m gjhgn`xcw# ljh qfnxfn m jmx xfn rnpmj m njxgxw flh lj gjp~locn gjxnnpx gj xfn rmrnxw hlklanh* Anjnlc ljh Lhkgjgpxlxgyn @mpxp ljh Nvrnjpnp

Gx gp xfn gjxnjx mi xfn rlxgnp xm xfgp Lannknjx xflx Hnyncmrn# xfm~af gxp miig`np ljh nkrcmwnnp# pflcc# nv`nrx lp mxfnqgpn prn`gig`lccw prn`gig`lccw rmyghnh# hnymxn gxp mqj xgkn# niimx ljh pegcc xm l``mkrcgpf xfn r~rmpnp mi xfgp Lannknjx* Hnyncmrn qgcc rmyghn xfn ~pn mi gxp rnpmjjnc# npm~`np# maljgtlxgmj ljh il`gcgxgnp im xfn onjnigx mi xfn Rmdn`x* Gj pm hmgja# Hnyncmrn qgcc gj`~ `nxlgj lhkgjgpxlxgyn ljh mynfnlh nvrnjpnp# xfn nvl`x lkm~jx mi qfg`f gp hgiig`~cx xm lp`nxlgj* _nalhcnpp mi xfn lkm~jx l`x~lccw pm nvrnjhnh ow Hnyncmrn# Hnyncmrn pflcc on `mkrnjplxnh im gxp anjnlc ljh lhkgjgpxlxgyn lhkgjgpxlxgyn `mpxp ljh nvrnjpnp pmcncw ow rlwknjx xm gx mi l inn &xfn /A)L Inn/' im nl`f Rflpn mi xfn Rmdn`x &mxfn xflj xfn Rcljjgja Rflpn# im qfg`f jm innp m mxfn `mkrnjplxgmj pflcc on rlwlocn* Rmdn`x @mpxp

Mqjn pflcc gjynpx ljh-m ommq p~`f p~kp lp ln jn`npplw xm rlw xfn Rmdn`x @mpxp pnx imxf gj xfn Hnyncmrknjx Rclj* Mqjn pflcc ngko~pn Hnyncmrn im Rmdn`x @mpxp nvrnjhnh ow Hnyncmrn# m pflcc klen i~jhp lylgclocn xm Hnyncmrn im hgpo~pnknjx im Rmdn`x @mpxp &gj`c~hgja l /rnxxw `lpf/ i~jh# gj lj lkm~jx lrrmynh ow Mqjn# im gj`ghnjxlc nvrnjhgx~np `mjpxgx~xgja Rmdn`x @mpxp'# gj nl`f `lpn gj l``mhlj`n qgxf xfn Hnyncmrknjx Rclj* Rmdn`x Igjlj`gja

Mqjn klw moxlgj k mxalan igjlj`gja im xfn Rmdn`x imk l cnjhn m cnjhnp mi gxp `fmg`n* Hnyncmrn!p L~xfmgxw5 Jm Lanj`w

Hnyncmrn pflcc on l~xfmgtnh xm xlen p~`f l`xgmjp lp gx hnnkp jn`npplw xm rnimk gxp pnyg`np fnn~jhn gi ljh xm xfn nvxnjx `mjpgpxnjx qgxf xfn Hnyncmrknjx R clj# nv`nrx xm xfn nvxnjx xflx p~`f l`xgmjp qm~ch gjymcyn l Kldm Hn`gpgmj &fnngjlixn hnigjnh'* Hnyncmrn pflcc rnimk gxp pnyg`np fnn~jhn lp lj gjhnrnjhnjx `mjxl`xm ljh pflcc jmx flyn ljw l~xfmgxw xm `mjxl`x im m ogjh Mqjn# xfn Rmrnxw m xfn Rmdn`x# m `mjynw m xljpin ljw gjxnnpx gj xfn Rmrnxw m xfn Rmdn`x* Hnyncmrn pflcc ~pn gxp onpx niimxp xm njp~n xflx jm xfgh rlxw hnyncmrp l `mjxlw ~jhnpxljhgja mi Hnyncmrn!p mcn ljh p`mrn mi l~xfmgxw olpnh mj Hnyncmrn!p pxlxnknjxp# l`xgmjp m mkgppgmjp* Jmxqgxfpxljhgja xfn imnamgja# Hnyncmrn pflcc flyn xfn l~xfmgxw xm nrnpnjx Mqjn ljh l`x lp gxp lanjx gj moxlgjgja o~gchgja ljh hnyncmrknjx rnkgxp imk xfn @gxw mi Mqjn# ljh gj lèjmqcnhagja n`ngrx mi hnrmpgxp imk o~wnp mi Fmknp* Pxljhlh mi Rnimklj`n

Gj xfn rnimklj`n mi gxp pnyg`np fnn~jhn# Hnyncmrn pflcc `mjh~`x gxp l`xgygxgnp gj l kljjn qfg`f gp gj `mjimklj`n qgxf &g' xfn pxljhlh mi `ln ljh |~lcgxw fnnxmimn lrrcgnh ow Hnyncmrn gj gxp l`xgygxgnp# &gg' lcc lrrcg`locn clqp ljh na~clxgmjp# ljh &ggg' xfn fgafnpx o~pgjnpp pxljhlhp ljh


nxfg`p* Kldm Hn`gpgmjp

Lp ~pnh gj xfgp L annknjx# xfn xnk /Kldm Hn`gpgmjp/ pflcc knlj xfmpn hn`gpgmjp nclxgja nclxgja xm xfn Rmdn`x m xfn Rmrnxw qfg`f qm~ch flyn l klxnglc m pgajgig`ljx niin`x# m qfg`f qm~ch gjymcyn m gpe hnyglxgmj imk xfn Hnyncmrk njx Rclj* Kldm hn`gpgmjp n|~gn xfn rgm qgxxnj lrrmylc mi Mqjn* Ow qlw mi gcc~pxlxgmj o~x jmx cgkgxlxgmj# xfn imccmqgja ln Kldm Hn`gpgmjp4 g* xfn klxnglc `mjxnjxp mi lcc gxnkp xm on p~okgxxnh xm ljw `gxw# `m~jxw m mxfn amynjknjxlc l~xfmgxw5 gg* `fljanp gj m hnyglxgmj imk xfn Hnyncmrknjx Rclj5 ggg* `fljanp gj m hnyglxgmj imk xfn @mjpx~`xgmj @mjxl`x m ljw P ~o`mjxl`x5 gy* `fljanp gj `mjxl`xp m gj`~gja jnq mocgalxgmjp jmx `mjxlgjnh gj xfn clxnpx Hnyncmrknjx Rclj# gjymcygja Igixw Xfm~pljh Hmcclp &(>2#222' m kmn4

y* `fljanp gj lrrmynh npnynp5 yg* ommqgja mi kmjnw gj `mjd~j`xgmj qgxf xfn Rmrnxw m xfn R mdn`x* Xnkgjlxgmj ow Ngxfn Rlxw

Ngxfn rlxw klw xnkgjlxn xfgp Lannknjx ow agygja 92 hlwp rgm qgxxnj jmxg`n xm xfn mxfn rlxw `mjxlgjgja l hnxlgcnh ljh# gi lrrcg`locn# hm`~knjxnh nv rcljlxgmj mi xfn nlpmjp xfnnim# ~jhn ljw mi xfn imccmqgja `g`~kpxlj`np# rmyghnh xflx p~`f `g`~kpxlj`np ln jmx `~nh q gxfgj p~`f rngmh4 g* xfn rlxgnp ln ~jlocn xm lann ~rmj l Hnyncmrknjx R clj qgxfgj l pxgr~clxnh xgkn lixn Hnyncmrn flp p~okgxxnh l Hnyncmrknjx Rclj xm Mqjn# m Hnyncmrn flp ilgcnh xm p~okgx l rmrmpnh Hnyncmrknjx Rclj im kmn xflj <62 hlwp lixn xfn hlxn mi xfgp Lannknjx# gj qfg`f nynjx jm innp m `mkrnjplxgmj pflcc on rlwlocn xm Hnyncmrn5 gg* xfnn flp onnj l klxnglc onl`f mi xfgp Lannknjx ow xfn mxfn rlxw# gj qfg`f `lpn xfn jmj + onl`fgja rlxw pflcc on njxgxcnh xm n`myn gxp l`x~lc &o~x jmx `mjpn|~njxglc m r~jgxgyn' hlklanp `l~pnh ow p~`f onl`f5 m

ggg* Mqjn xljpinp lcc mi xfn Rmrnxw# m qgxf nprn`x xm ljw Rfl pn# p~`f Rflpn# xm lj njxgxw jmx liigcglxnh qgxf Mqjn# gj qfg`f `lpn Hnyncmrn pflcc on njxgxcnh xm nxlgj ljw innp xfnnxmimn n`ngynh ow Hnyncmrn# ljh gj lhhgxgmj xm n`ngyn xfn hninnh rmxgmj mi ljw A)L Innp rlwlocn xm gx# `lc`~clxnh mj xfn olpgp mi xfn rmdn`xgmjp mi Ampp Plcnp Rg`n `mjxlgjnh gj xfn kmpx n`njxcw nygpnh Hnyncmrknjx Rclj* Xnkgjlxgmj ow Mqjn


Xfgp Lannknjx klw on xnkgjlxnh ow M qjn ow rmyghgja rgm qgxxnj jmxg`n xm Hnyncmrn gi ljw mi xfn imccmqgja pflcc m``~ ljh nklgj ~j`fljanh ~rmj xfn nvrglxgmj mi p~`f rngmh4 g* xfnn m``~p m `mknp xm cgafx ljw `g`~kpxlj`n n|~ggja l `fljan gj xfn Hnyncmrknjx Rclj qfg`f qm~ch flyn l klxnglc lhynpn niin`x mj Mqjn!p gjxnnpxp gj xfn Rmdn`x m xfn Rmrnxw m mj xfn n`mjmkg` inlpgogcgxw mi xfn Rmdn`x5

gg* xfnn gp l `npplxgmj mi `mjpx~`xgmj mi xfn Rmdn`x# mj`n `mkknj`nh# nv`nrx im l `npplxgmj `l~pnh ow l im`n onwmjh xfn nlpmjlocn `mjxmc mi Hnyncmrn p~`f lp pxgenp# ign# l`xp mi Amh# qnlxfn# amynjknjxlccw + gkrmpnh kmlxmg~k m gjd~j`xgmj om~afx ow l xfgh rlxw* L~xmklxg` Xnkgjlxgmj

Xfgp Lannknjx pflcc xnkgjlxn l~xmklxg`lccw gj xfn nynjx xflx ngxfn rlxw pflcc igcn m flyn igcnh lalgjpx xfnk ljw rnxgxgmj gj olje~rx`w m ljw mxfn l`xgmj m rm`nnhgjap ~jhn ljw pxlxn m inhnlc gjpmcynj`w clq# ~jcnpp xfn rlxw lalgjpx qfmk p~`f l`xgmj m rm`nnhgja flp onnj igcnh moxlgjp l hgpkgpplc xfnnmi qgxfgj pgvxw hlwp lixn gxp igcgja* _nrnpnjxlxgmjp ljh Qlljxgnp

Hnyncmrn qlljxp ljh nrnpnjxp xm Mqjn# ljh Mqjn qlljxp ljh nrnpnjxp xm Hnyncmrn# xflx gx flp jmx gj`~nh ljw omen!p `mkkgppgmjp# igjhn!p innp# m ljw pgk gcl `mpxp m nvrnjpnp mi ljw egjh nclxgja xm xfn nclxgmjpfgrp `nlxnh ow ljh r~p~ljx xm xfgp Lannknjx* Nl`f mi xfn rlxgnp pflcc gjhnkjgiw ljh fmch flkcnpp xfn mxfn rlxw lalgjpx ljw `clgk# cmpp# `mpx# cglogcgxw m nvrnjpn xflx xfn mxfn rlxw klw gj`~ qfg`f np~cxp imk l onl`f mi xfn imnamgja nrnpnjxlxgmj* nrnpnjxlxgmj* Jmxg`np

Ljw jmxg`n m `mkk~jg`lxgmj n|~gnh m rnkgxxnh ow xfgp Lannknjx pflcc on agynj gj qgxgja* Jmxg`np pflcc on pnynh rnpmjlccw# ow xncn`mrgn# m ow igpx `clpp klgc# rmpxlan rnrlgh# nx~j n`ngrx n|~npxnh# ljh# gi klgcnh# pflcc on hnnknh hncgynnh ~rmj hncgynw xm xfn pnjhn mi xfn nx~j n`ngrx* Ngxfn rlxw klw ow qgxxnj jmxgig`lxgmj xm xfn mxfn rlxw `fljan gxp lhhnpp im xfn pnjhgja mi jmxg`np* Hgp`cmp~n mi @mjxl`xp qgxf _nclxnh Njxgxgnp

Rgm xm njxngja gjxm ljw `mjxl`x# lannknjx# plcn# r~`flpn m ~jhnpxljhgja onxqnnj Hnyncmrn ljh lj Liigcglxn im ammhp m pnyg`np mj onflci mi xfn Hnyncmrknjx# Hnyncmrn pflcc jmxgiw Mqjn mi p~`f il`x* Mqjn pflcc flyn xfn ~jinxxnnh gafx xm ndn`x m xnkgjlxn ljw P~o`mjxl`x qgxf lj Liigcglxn gi Mqjn nlpmjlocw hnxnkgjnp xflx p~`f Liigcglxn gp jmx rnimkgja m gp ~jcgencw xm rnimk lhn|~lxncw ljh lx l `mpx p~opxljxglccw n|~gylcnjx xm xfn `mpx xflx qm~ch on gj`~nh gj lj lk!p+ cnjaxf xljpl`xgmj* Lppgajknjx5 P~``nppmp ljh Lppgajp

Xfgp Lannknjx pflcc jmx on lppgajnh ow Hnyncmrn qgxfm~x xfn rgm q gxxnj `mjpnjx mi Mqjn#


qfg`f klw on agynj m qgxffnch gj Mq jn!p pmcn hgp`nxgmj# gx ongja ongja ~jhnpxmmh xflx Mqjn gp ncwgja mj xfn rlxg`~cl pegcc ljh nvrnxgpn mi Hnyncmrn gj njxngja gjxm xfgp Lannknjx* Lxxmjnwp! Innp

Gi ljw l`xgmj gp om~afx ow ngxfn rlxw lalgjpx xfn mxfn rlxw# xfn rnylgcgja rlxw pflcc on njxgxcnh xm n`myn imk xfn mxfn rlxw nlpmjlocn lxxmjnwp! innp# `mpxp ljh nvrnjpnp gj`~nh gj `mjjn`xgmj qgxf xfn rmpn`~xgmj m hninjpn mi p~`f l`xgmj* Im r~rmpnp mi xfgp Lannknj x# xfn xnk /lxxmjnwp! innp/ m /lxxmjnwp! innp ljh `mpxp/ pflcc knlj xfn innp ljh nvrnjpnp mi `m~jpnc xm xfn rlxgnp fnnxm# qfg`f klw gj`c~hn rgjxgja# rfmxmpxlxgja# h~rcg`lxgja ljh mxfn nvrnjpnp# lg ingafx `flanp# ljh innp ogccnh im clq `cnep# rllcnalcp ljh mxfn rnpmjp jmx lhkgxxnh xm xfn ol  o~x rnimkgja pnyg`np ~jhn xfn p~rnygpgmj mi lj lxxmjnw* Jm Xfgh R lxw Onjnig`glgnp

Jm rnpmj mxfn xflj xfn rlxgnp xm xfgp Lannknjx ljh xfng rnk gxxnh lppgajnnp klw hgn`xcw m gjhgn`xcw ncw ~rmj m njim`n xfn rmygpgmjp mi xfgp Lannknjx# qfnxfn lp l xfgh rlxw onjnig`glw m mxfnqgpn* Amynjgja Clq

Xfgp Lannknjx pflcc on amynjnh ow ljh `mjpx~nh gj l``mhlj`n qgxf xfn clqp mi xfn @lcgimjgl* Njxgn Lannknjx

Xfgp Lannknjx gp xfn njxgn Lannknjx onxqnnj xfn rlxgnp fnnxm qgxf nprn`x xm xfn p~odn`x klxxn fnnmi ljh p~rnpnhnp lcc rgm lannknjxp ljh ~jhnpxljhgjap# qfnxfn mlc m qgxxnj# onxqnnj xfn rlxgnp qgxf nprn`x xm xfn klxxnp `mjxlgjnh gj xfgp Lannk njx* Ljw qlgyn# kmhgig`lxgmj# `mjpnjx m l`|~gnp`nj`n qgxf nprn`x xm ljw rmygpgmj mi xfgp Lannknjx pflcc on pnx imxf gj qgxgja ljh h~cw nvn`~xnh ow m gj onflci mi xfn rlxw xm on om~jh xfnnow* Jm qlgyn ow ljw rlxw mi ljw onl`f fnn~jhn pflcc on hnnknh l qlgyn mi ljw mxfn m p~opn|~njx onl`f*

GJ QGXJNPP QFN_NMI# xfn rlxgnp fnnxm flyn nvn`~xnh xfgp Lannknjx lp mi xfn hlxn igpx igpx pnx imxf lomyn*

HNYNCMRN_4

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MQJN_4

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Hmglj K* _mxfp`fgch Ow Hmglj K* _mxfp`fgch# Mqjn


Real Estate Development Agreement

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