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Legal Structure and Financing

WHY SHARE OWNERSHIP
INSTEAD OF A CONDOMINIUM?

CURRENT

The Purchaser becomes a shareholder in the corporation which owns the property. The shares entitle the owner /shareholder to the " right of exclusive use in perpetuity" of a specific house and the common element property. The administration and operation of the corporation is as a condominium in North America . A Board of Directors is elected from the shareholders and hires a property management company to execute the day-to-day management. "Exclusive use" property is clearly defined as well as is common element property. Monthly common element fees are payable and Resident association rules and regulations which are commonly found in condominiums in North American are clearly stated. The legal documentation is modeled on Canadian / American condominium laws modified to fit Costa Rican law.

OWNERSHIP ALLOCATION and COMMON ELEMENT FEES

Each house has been allocated a set number of voting shares out of a possible 200 shares. These shares can be re-sold or gifted without restriction.

See Matrix: Current Status. Lease / Purchase

House
House Area in
2010 Mo. Common Exp.-Op.
Mo. Prop. Mgt. Fee
Total Mo. CEF
#
Sq. Meters
101
177
$234
$100
$334
102
177
$234
$100
$334
103
91
$120
$100
$220
104
99
$131
$100
$231
105
85
$112
$100
$212
106 A
117
$155
$100
$255
106 B
117
$155
$100
$255
106 C
113
$150
$100
$250
106 D
113
$150
$100
$250
107
158
$209
$100
$309
108
158
$209
$100
$309
109
140
$185
$100
$285
110
120
$159
$100
$259
111
160
$212
$100
$312
112
120
$159
$100
$259
113
121
$160
$100
$260
114
120
$159
$100
$259
115
125
$165
$100
$265
116
120
$159
$100
$259
117
122
$161
$100
$261
118
122
$161
$100
$261
119
122
$161
$100
$261
120
122
$161
$100
$261
121
131
$173
$100
$273
122
169
$224
$100
$324
123
140
$185
$100
$285
124
61
$81
$100
$181
125
61
$81
$100
$181
126
35
$46
$100
$146
Doneste
3516
$4,653

May 1, 2006

Note 1:
While the Management Fee portion of the common element fee is expected to remain fixed over the life of the mgt. contract, the Variable Cost Per Share is expected to change. For example, the Property Tax element is based on the current annual assessment of approximately $900. When the property is reassessed due to additional buildings, this expense is expected to increase and to be apportioned according to share ownership.

Note 2:
For absentee owner/investors who wish their property to be leased and managed on their behalf, an additional charge will be applied between Residencias Property Management and the share holder.

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