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The persons appearing declared:
WHEREAS
A. HASCO is the owner of largely undeveloped land in Curacao, an area of approximately four hundred and fifty (450) hectare (the "Site"). The Site is situated south, east, and west of the airport Curacao International Airport 'Hato', parallel to the Franklin D. Rooseveltweg and the Seru Fortunaweg; CAH manages the airport and the land belonging to it and intends to develop the Site according to the Airport City Concept ("Airport City");
B. In furtherance of a memorandum of understanding, CAH, HASCO and Lessee have entered into a long lease agreement dated the twenty-ninth day of May two thousand and thirteen, regarding the development of the Green Hill Housing Project (the "Project") as described in greater detail below, as a part of Airport City (the "PHA") pursuant to which HASCO agreed to issue to Lessee the Right of Long Lease on the Property, both as defined below, and the Lessee has agreed to accept the Right of Long Lease, such in accordance with the terms and conditions set forth in the PDA and this Deed;
C. the general meeting of shareholders of HASCO, its board of supervisory directors and the board of supervisory directors of Curacao Airport Holding N.V. have given their required approval for this present issue of the Right of Long Lease;
D. the Minister of Economic Development of Curacao declared to have no objections against the development of the Project, as is evidenced by a letter dated the sixteenth day of May two thousand and thirteen, a copy of which will be attached to this Deed.
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GROUND RENT(CANON)PROPERTY VALUE(GRONDWAARDE)
a. Lessee has the obligation to pay an annual ground rent
(canon) (the "Ground Rent") being the aggregate of:
1. an interest component
(Rentebestanddeel),equal to the aggregate of:
a. for the first three (3) years of the Right of Long Lease:
(i) one Netherlands Antilles Guilder and twenty-five cent (ANG 1,25) per square meter of any non-developed part of the Property, such including parts of the
Property used for infrastructure and landscaping; and
(ii) two Netherlands Antilles Guilders and fifty cent (ANG 2,50) per square meter lot
(kavel)as described in the Project Plan in the event such lot
(kavel)has been (sold and) transferred, in whole or on part, to another party, let out or made subject to a right
in remregarding the use of the lot (kavel) or to enjoy the benefits thereof;
b. for all subsequent years of the Right of Long Lease:
two Netherlands Antilles Guilders and fifty cent (ANG 2,50) per square meter Property, such including parts of the Property used for infrastructure and landscaping, with the understanding that no interest component will be due over the square meters of Public Area, as defined in Article 11 of this Deed, as per the date the Public Area is transferred back to HASCO in accordance with this Deed;
2. a park management fee
(Omslagdeel),equal to fifty cent (ANG 0,50) per square meter lot
(kavel), being user fee for the infrastructure and collective facilities present at the Site. This part is used by HASCO for the maintenance of the infrastructure and the delivery of services and products. By means of this park management fee, Lessee pays a pro rata share for the use of these facilities and delivered services, which share is determined by HASCO, taking into account the designated use, lot size, number of users, accessibility, flow of visitors and such other variables FIASCO deems fit, and which park management fee will be adjusted and set by HASCO at the end of each calendar year, all in accordance with Article 9 of the General Conditions, as defined below.
b. In deviation of paragraph a.l.a. above, no interest component of the Ground Rent will be due for the first year of the Right of Long Lease.
c. In deviation of paragraph a.2. above, no park management fee component of the Ground Rent will be due for the first three (3) years of the Right of Long Lease.
d. The Ground Rent is payable in yearly in advance, in view of the above for the first time one year form the issue of the present Right of Long Lease, therefore on the fifth day of December two thousand and fourteen, such in accordance with the payment instructions given by HASCO from time to time.
e. Each year the Ground Rent will be adjusted in accordance with the Consumer Price Index Curacao as published by the Central Bureau of Statistics (CBS) Curacao, with the understanding that no adjustments will be made for the first five (5) years of the Right of Long Lease. An adjustment in accordance with this paragraph will not exceed three per cent (3%) for any given year.
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GENERAL AND SPECIAL CONDITIONS
A. The issue of the Right of Long Lease is subject to the "Short Form General Long-term Lease Conditions of Land near Curacao International Airport Hato" (hereinafter the "General Conditions"), a copy of which is attached to this Deed. Lessee herby declares that it received a copy of the General Conditions, to have taken note of the contents thereof and to be in agreement therewith.
B. In addition the issue of the Right of Long Lease is subject to the following special conditions:
Designated use
Article 1
1. The Property is being granted in long lease for the purpose of the development, construction and operation of the Green Hill Housing Project, a residential housing project consisting of approximately 200 residential houses and apartments with a gross floor area in the range of seventy-five (75) to one hundred (100) square meters (m2) such in accordance with the Project Plan as defined in Article 5 paragraph 5 under d. of this Deed.
Cancellation(opzegging)of the Right of Long Lease
Article 4
I . Lessee does not have the right to cancel
(opzeggen)the Right of Long Lease.
2. HASCO may cancel
(opzeggen)the Right of Long Lease upon a payment default within the meaning of Article 5:87(2) of the Curacao Civil Code or any other material default in the proper performance of Lessee's obligations within the meaning of Article 5:87(2) of the Curacao Civil Code.
Conditions precedent to the start of construction
Article 5
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5. The following conditions precedent have to be satisfied prior to start of construction:
a. Exemption from Zoning Plan (E.O.P.)
A zoning plan, in Dutch: Etland Ontwikkeling Plan ("EOP") for Curacao is in effect regarding the designated use of land in Curacao. The designated use attributed to the Property in the EOP is open land. It is Lessee's responsibility to apply with the relevant public authorities in order to arrange for such amendment or exemption of the EOP required to allow the realization of the Project.
b. Building permits
Lessee must apply for and obtain the building permit required for the realization of the Project from the relevant local authorities (Dienst Ruimtelijke Ontwikkeling en Planning - ROP) and all other permits required for the realization of the Project, if any.
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