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Condominium Purchase Contract


									                                   Condominium Purchase Contract
                                 (The Cliff Residence by Nova Group)

Date :
Agreement No : ________
The Cliff Residence Pattaya Co, Ltd.

This agreement made effective as of ________________and is executed by and between the Cliff
Residence Pattaya Co.,Ltd having a registered address/office at: 80/164 Moo.9 Nongprue Banglamung
Chonburi 20150 Thailand , represented by Mr. Ron Paul Fineman and/or Mr.Yakov Elbaz. Its
authorized directors hereinafter referred to as "The Seller" of the one part;


Mr./Mrs./Miss _ _________                _, holder of _ ____ National Passport number: ____
___having a registered address at __    _                   _, hereinafter referred to as "The Buyer" of
the other part.
The two parties hereby accept this agreement under the following terms and conditions:

Section 1
The seller agrees to sell and the buyer agrees to buy the Condominium Building _         __ , ____sqm,
room number____ _ of the Cliff , located at, Banglamung, Chonburi and to be the private property
covering a total area according to the Title Deeds of approximately 5912 square meters, which is located
on_               Land Title deeds number 4055,4056,4058,4059 . be registered on or before taking
possession, by having whole ownership to the property which belongs jointly to other co-owners (49%)
and the The Cliff Residence Pattaya Co.,LTD (51%) according to the ratio determined in the registration
of the above condominium unit as pertains to The Condominium Act (No. 4) B.E. 2551 (A.D. 2008).
A Unit sold is freehold titles. Unit sold is under ___        ____________ownership(Thai or foreign )

Section 2
The contracting parties agree to sell and purchase the condominium unit under Section 1. Hereof at the
price of THB _                          (__                  _), whereby the buyer agrees to make the
following payments to the seller:

2.1    On the date of executing this agreement the buyer shall pay the first deposit of the 'Contract
       Deposit'. This payment total amount being               (                                    )
       (30% of the agreed sales price) MINUS the initial securing deposit as mentioned under Art. 2.1
       Of THB
                       (                  Baht only) will amount to the sum of

2.2    The buyer agrees to make the remaining stage payments (50% in total) by the following time

2.3    10% payment 6 month later On            Sum amounting to THB                   (          _)

2.4    10% payment 6 month later On            sum amounting to THB           (                        _)

2.5    10% payment 6 month later On                sum amounting to THB           (                   _)
2.6     10% payment 6 month later On                 sum amounting to THB          (                    _)

2.7     10% payment 6 month later On                 sum amounting to THB          (                    _)

2.8     The balance (20%)payment on completion of THB               ___(                                     )

                 shall be paid to the seller in full within the date of receiving the occupying permit
whereby the seller shall notify the buyer in writing or email at least fifteen days in advance. The
payment of the balance must be made with a cashier's check, company check and/or Electronic Funds
Transfer ("EFT") or the buyer may apply for a loan, corresponding to such balance from any financial
institution or bank. For making such payment to the seller, the seller shall extend such assistance to be in
compliance with the terms and conditions of such financial or banking institution. However, if such
financial or banking institution does not deem that it is appropriate that the buyer is qualified to grant
such loan/credit, the buyer must acquire such balance from another financial institution, which is to be
paid to the seller within 30 days (thirty) effective from the date the seller has notified the buyer of the
willingness to transfer the ownership.
The seller will only be responsible for monies paid directly into bank account:.

      Account Name: The Cliff Residence Pattaya Co.,Ltd
      Account Number : 669-251919-4
      Account Type : Savings
      Swift Code : SICOTHBK
      Address : The Siam Comercial Bank Co.,Ltd
                Pattaya Second Road Branch

and can not be held responsible for monies paid to an Agent or third party.

This condo unit will have its ownership registered with the Government of Thailand in the name of the

Section 3
The buyer agrees to strictly comply with the terms and condition of section 2. In case the buyer is in
default of making payment for any installment, regardless of any reason whatsoever or if the buyer is
unable to secure money from any other financial institutions to make payment to the seller within the
specified time, it shall be deemed that the buyer is in default. If the seller has notified the buyer of such
default by email or registered mail and the buyer does not make the payment within the thirty (30) days
time of the seller sending the notification to the registered address/office, the seller is entitled to
terminate this agreement forthwith and confiscate all payments made by the buyer under section 2 and
the buyer agrees to waive all rights of claim against the seller. If the buyer at anytime is more than 30
days in default, the seller is entitled to terminate without notification this agreement forthwith and
confiscate all payments made by the buyer under section 2 and the buyer agrees to waive all rights of
claim against the seller.

Section 4
In case the seller is not able to complete, regardless of any reason whatsoever, the buyer is entitled to
receive all of his monies returned as mentioned under Section 2.
Section 5
Sinking fund and common management fee. On the date of transfer of ownership in the purchased unit,
the purchaser agrees to pay the money to the seller, who shall accept such payment on behalf of the
“The Cliff Residence ” Condominium juristic person as follows:
5.1    Sinking fund as the reserve for management and maintenance of the common property, of which
       the total amount shall be calculated pursuant to the area of the purchased unit at the rate of 400
       Baht (four hundred Baht only) per square meter. This payment shall be made on the date of
       transferring ownership of the purchased unit: Sinking fund is paid only once.
       Sinking fund for unit totals: THB                  Baht

5.2    Common management fee, of which the total amount shall be calculated pursuant to the area
       of the purchased unit, will be charged on annual bases on the rate of: 30 Baht (thirty Baht only)
       per square meter per month. The payment shall be made in advance for the period of 12 months
       commencing from the transfer date. All payments thereafter will be paid on monthly basis.
       Common management fee for unit                          totals: THB                  per annum.
Sinking fund and common management fee totals: THB                      payable on the date of transfer
of ownership.

Section 6
The buyer agrees to pay 100% of the total transfer fee including all taxes

Section 7
The buyer shall pay the cost of the installation of an electrical meter and a water meter and the buyer
must be responsible for the renting cost of the electrical meter and the water meter with the Thai
government agencies concerned, whereby the seller agrees to extend appropriate facilities for such

Section 8
In case the buyer mortgages the condominium unit with a financial or banking institution and the seller
still has participation in said condominium unit or becomes guarantor of the buyer to such financial or
banking institution and the buyer does not pay the debt to the financial or banking institution and such
financial or banking institution has sent notice to foreclose the mortgage on the condominium unit
under this agreement and the buyer is still unable to pay such debt or is not within the possibility of
making such mortgage payment, the buyer agrees for the seller to substitute its rights and duties
derived under the mortgage agreement with such financial or banking institution whereby the buyer
shall not raise any objection nor claim for any compensation in any form whatsoever from the seller. The
agreement under the aforesaid paragraph shall perpetually be binding upon the heirs or legatees or
subsequent transferees of the condominium unit from the buyer.

Section 9
If the buyer dies during the enforcement of this agreement, the contracting parties agree for the
statutory heir of the buyer to substitute all rights and obligations hereunder but the heir must notify
such intention to the seller in writing within ninety (90) days from the date the buyer dies. Further, for
any payment terms hereunder which are delayed as a result of the death of the buyer, the buyer agrees
for the seller to apply the interest rate against the statutory heir or administrator of the estate of the
buyer at the same rate charged by the bank, but not more than fifteen (15) percent per annum from the
outstanding payment due under each installment unit. The seller agrees to transfer the rights under this
agreement to the heir or legatee of the buyer. Also the buyer will nominate the following person
Mr./Mrs./Miss ____________________________,residing at_______________________________phone
number_____________,To be the statutory heir of the buyer.
Section 10
Before the transfer registration date of the purchased unit under Section 2 clause 2.4 of this agreement, if
the purchaser wishes to assign his rights and duties under this agreement to a third party, providing
that there is no outstanding installment payment, the purchaser agrees to pay the fee to the seller in the
amount of THB 50,000.00 (Fifty Thousand Baht only) for each assignment.
The purchaser shall arrange for the assignee to assume all rights, duties and liabilities under this
agreement, provided, always, that such agreement shall not cause the proportion of the foreign
ownership in the condominium to exceed the rate as stipulated by the law and if there is any assignment
which may violate such requirement, the seller may refuse to honor the assignment.

Section 11
In as much as the seller and the buyer have mutual intentions to have the The Cliff Residence
Condominium project to be a place of cohabitation and recreation and that all buyer's under this
condominium project shall be able to use all benefits, facilities and amenities from the common property
areas, which are made available for common benefit under this project, the contracting parties hereby
agree to observe the following provisions as an integral part of this agreement hereby, which the buyer,
his subordinate(s) or transferee(s) must strictly comply with, namely:

11.1    The buyer or his subordinate must only use the condominium unit under this agreement for
        dwelling purposes. Using the land or condominium for other purposes, such as for industrial,
        commercial, agricultural purpose, restaurant, hotel or for any other trading purpose is
        prohibited except by express permission made in writing from the seller and which has been
        obtained beforehand.
11.2    The buyer strictly agrees not to make any addition or alteration to the outside appearance of the
        condominium unit, including the structure within the interior of the building as well as the
        common property of the condominium unit unless express permission in writing has been
        obtained from the seller beforehand.
11.3    The buyer agrees to restrict all legal rights in the common property areas of the condominium
        unit to a meeting of co-owners of the condominium for the purpose of enabling other buyers of
        this project to use or benefit from the common property of the condominium on an equitable
        basis by paying the expenses for maintaining the common property at the rate determined either
        by the seller or juristic persons of the condominium.
11.4    The buyer or his subordinate must strictly comply with the rules and regulations of the
        committee in every respect when residing in the purchased condominium unit under this
        agreement or when using the facilities and services of the common property under this project.

Section 12
When the title deed of the condominium has been divided, if the area of the condominium increases or
decreases from such area specified hereunder, on the date of transfer of the title to the condominium, the
price thereof shall either increase or decrease respectively at the average price per square meter under
section 1 and section 2 hereof and in accordance with the area actually increased or decreased.

Section 13
The buyer certifies that the buyer’s email address and postal address as stated herein is correct. Any
notice to the buyer shall be sent to either address by email or registered mail or delivery by messenger
regardless of whether there was any recipient shall be deemed that such notice has duly been delivered
to the buyer.
Section 14
Any party who breaches any section of this agreement hereof shall be deemed as having breached the
whole agreement and the other party is entitled to terminate the agreement and claim for
compensation under the law. However, the seller shall not be deemed to have broken the agreement
under this section in such a case as the seller having made an amendment to the design of the project
or to the method of allocation of the land under the project, which has previously been approved by the
controlling land allocation. The Buyer shall be deemed in default of this Purchase Agreement
Contract, provided that the Seller advises the Buyer in writing, detailing the terms, conditions or a
clause which is/are in default, and the Buyer fails to rectify the default and continues to be in default
one (1) month after the written notification.

Section 15
This agreement, written in English, is the preferred language, understood and accepted by both parties.
In the event the translation thereof into any language is required, the interpretation and construction
based upon the English language shall prevail.

Section 16
Both the Buyer and the Seller agree to be responsible for their own lawyers/legal fees as associated with
this agreement.

Section 17
The laws of Thailand shall govern the construction, validity and performance of this Agreement.

Section 18
All disputes arising from or in connection with this Agreement, which cannot be settled in an amicable
way shall be finally settled under the Thai Arbitration Act B.E. 2545 (A.D. 2002) and in accordance with
the Arbitration Rules of the Arbitration Office, Ministry of Justice of Thailand.

This agreement is made and executed in duplicate; with both the Buyer and the Seller each retaining one
signed copy. The two parties have read and thoroughly understand the contents hereof, which they
acknowledge to be duly in compliance with their desires.
In witness whereof, we have executed this agreement with the respective corporate seal, at the presence
of a witness, whereby each party retains one signed copy for their records.
“Seller” (The Cliff Residence Pattaya Co., Ltd)

Signed: ___________________________ “Seller” Date: _____________

Mr. / Mrs.:________________________

Signed: ___________________________ “Buyer” Date: _____________

Mr. / Mrs.:________________________

Signed: ___________________________ “Witness” Date: _____________

Mr. / Mrs.:________________________

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