Document Sample


Article One:
a) The name of the Condominium will be Selva Libre; b) By Law is meant the
Regulatory Law of Condominium Property (Ley Reguladora de la Propiedad en
Condominio) number 7933 of October 28, 1999; c) By Regulations is meant this
document; d) By subsidiary farms or subsidiaries is meant those condominium areas
clearly marked in the maps attached, and which constitute its private areas; e) By
parking spaces is meant the private areas described as such in the maps, destined for
parking motor vehicles, as well as the zones marked as such in the common areas, as
indicated in the condominium maps; f) By common areas, free as well as constructed, is
meant the condominium common areas, to which each proprietor will have free access,
except for those in which security controls function, the area destined for the heliport,
service installations belonging to the condominium, and others that are the direct
responsibility of the Administrator;
g) By resident is meant such person that, by virtue of a contract with the proprietor, or
of being a resident of a subsidiary, possesses the right to access and use of the
condominium; h) By proprietor is meant the registered owner of one or more
subsidiaries within the condominium; i) By common costs is meant those that the
Administrator requires for the maintenance, conservation and operation of the common
goods and services of the condominium, for which each proprietor is obligated to
contribute proportionately; j) By quotas is meant the proportional part of said common
costs, that each proprietor is obligated to cover in proportion to the value that his
subsidiary farm represents to the total condominium, quota whose amount will be fixed
in an Assembly of Proprietors; k) By property in condominium is meant all the land
described in this document, with the corresponding improvements, constructions and
rights; l) By general condominium usage and usage for each subsidiary farm, is meant a
residential and vacationa usage. But herein is authorized the commercial use for one
subsidiary bungalow farm at the entrance to the condominium (subsidiary identified as
number 1), as long as access by the public to the rest of the subsidiaries is forbidden,
and access by the public to common areas require the payment of entrance fees which
shall be fixed in the Assembly of Proprietors. It is also to be understood that the
developer, Selva Libre S.A., in charge of the promotion and sale of the condominium,
will be able to use subsidiary farms that are under its care as models for sale. As long as
they serve such purpose, these subsidiaries will be exempt from the residential usage.
Those proprietors dedicated to bringing services can also receive their clients within
their subsidiaries, as long as they do not violate the rules of these Regulations, and they
do not damage or abuse the common areas; l) By sale of a subsidiary farm is meant,
both the transfer of the subsidiary properly registered in the Public Registry, as well as
the transfer of the shares of stock of the owning company to a third party different from
the current owner of record. For purposes of the dispositions of these Regulations, the
transfer of the subsidiaries which is made in the condominium bylaws does not count as
an initial sale


Article Two: These Regulations will be obligatory to all the proprietors and holders of
real rights of the condominium, lessees, sub lessees, residents or visitors of the
subsidiaries of the condominium, under the dispositions of the Law, and in accordance
with the terms of the condominium bylaws of said condominium. The dispositions of
these Regulations are of obligatory compliance for all individuals and legal entities that
through purchase, contract, lease, sublease, judicial verdict or any other concept, occupy
or acquire the use, enjoyment, or any other right with respect to one or more of the
subsidiaries that conform said condominium. Against the dispositions of these
Regulations cannot be alleged ignorance, lack of use, or contrary practice or custom.
Any agreement between the persons mentioned in this article that in any way alters or
modifies these Regulations is void; and consequently, will have no effect with respect to
third parties.


Article Three: The governing and administration bodies which will apply to the
condominium shall be: a) The Assembly of Proprietors; and b) The Administrator.


Article Four: The Assembly of Proprietors shall consist of all the proprietors of
subsidiaries of the condominium. The meetings shall be presided by a President and a
Secretary, the first one will direct the debate and the second one will record the
proceedings in the corresponding minutes of the meeting.

Article Five: In case that a subsidiary belongs to several persons as co-owners, or when
on the subsidiary are established real rights of usufruct, use or simple possession, both
the co-owners as well as the holders of said real rights and the nuda property, must be
represented by one sole person in the meetings of the Assembly of Proprietors, such that
each subsidiary will count with only one vote, whose value shall be determined
according to the Law. In case that there exists co-ownership or dismemberment of the
dominion, the representative with the right to vote in the Assembly of Proprietors shall
be the person designated in the contract that generated the co-ownership or the

Article Six: Any proprietor may be represented in the meetings of the Assembly through
a special power of attorney. It shall be possible to exercise the representation of one or
more proprietors through conferring such power. In any event the power of attorney
must be exhibited at the time of the meeting and must be duly authenticated by a legal

Article Seven: The attributions of the Assembly of Proprietors are: a) The approval or
disapproval of the annual budget of common costs of the condominium, presented by
the Administrator, and which must detail the disbursements and the amount of the
quotas that each proprietor must cover with respect to his subsidiary, to pay for common
costs, maintenance of buildings, insurance payments if any, administration and reserve
funds and other authorized expenditures; b) Name and remove the Administrator, and
consider the report and statements of account that the Administrator must present; c) Fix
the compensation that the Administrator is to receive; d) Authorize the repairs and
improvements made in the common buildings and areas; e) Authorize the expansion of
common areas with new works, as well as private areas and the acquisition of other
goods for common use; f) In general, to consider and decide such matters of common
interest for the whole of the proprietors of the condominium, taking the necessary
measures for the adequate use of the common elements and areas; g) Resolve matters
that the Law puts under its competence, as well as decide all those issues of common
interest for the whole of the proprietors of the condominium, taking the necessary
measures for the adequate use of the condominium, its services and its common

Article Eight: The Assembly of Proprietors shall meet ordinarily at least once a year.
The first Ordinary Assembly will be held within two years, or when seventy percent of
the subsidiaries are sold, according to the criteria of the Administrator. It shall be
summoned by the Administrator, either by a circulating letter or by posting an
announcement in a nationally circulating newspaper; proprietors who represent at least a
third of the condominium may also summon such Assembly, in the same manner. It
must be summoned at least seven days in advance of the meeting of the Assembly. The
summon must contain an express indication of matters to be discussed, and the
Assembly meeting will be limited to discuss only the matters for which it was
summoned, except in the case that the totality of the proprietors be present. This
meeting shall be held in the condominium proper.

Article Nine: The quorum for the Assembly to validly meet in a first summon will
consist of the proprietors who represent at least two thirds of the value of the
condominium, according to the condominium bylaws. If the quorum is not achieved, the
Assembly shall validly meet in a second summon with the attendance of any number of

Article Ten: The second summon may be made on the same day. Between the first and
the second summons there must elapse a minimum of one hour.

Article Eleven: Agreements will be made by the majority of the votes present, except in
the cases where the Law or these Regulations call for a different majority or unanimity.
Such cases are, according to article twenty seven of said Law, the following: FIRST:
Only through the unanimous consent of all proprietors may it: a) Modify the general
usage of the condominium; b) Vary the proportional area of the subsidiaries in relation
to the total condominium area or in relation to the common goods; c) Renounce to the
condominium property regime, as long as the resulting parcels or units do not violate
other laws; d) Encumber or transfer the condominium in its totality; e) Vary the clauses
of the condominium bylaws or of these Regulations. SECOND: Only through
agreement of the votes which represent at least two thirds of the total value of the
condominium may it: a) Vary the special usage of a subsidiary farm; b) Construct new
floors or basements, excavate or authorize any of the proprietors to perform such work;
c) Acquire new common goods, vary the usage of existing ones or dispose in any
manner in which they are to be taken advantage of; d) Authorize the leasing of common
things; e) Approve the total or partial reconstruction of the condominium. In these
cases, when one proprietor represents at least fifty percent (50%) of the total value of
the condominium, it will additionally be required fifty percent (50%) of the remaining
votes meeting in an Assembly. THIRD: The following require the agreement of the
votes which represent at least one third of the total value of the condominium: A) The
subscription of insurance policies to cover liability in which the condominium could
incur for damages to the property of third parties, injury and death, in which case
condominium owners will be obligated to approve the funds to pay for these policies. B)
The subscription of a fire insurance policy for common areas, for the total value of the
real estate. If not, each subsidiary farm may separately subscribe such insurance policy.
Minutes of the meetings shall be written in the appropriate book, which must be duly
legalized by the Condominium Property section of the Public Registry, in which shall
be stated the agreements made and shall be signed by the President and the Secretary
who direct the meeting and by any attendee who wishes to do so. The vote of each
proprietor will be worth the percentage or proportion which corresponds to his
subsidiary farm, according to the value assigned to it in the condominium bylaws of the
condominium regime.


Article Twelve: The appointment of the Administrator will be made by the Assembly of
Proprietors. He will discharge his duties for periods that will be determined by the
Assembly of Proprietors, being able to resign at any time and with the option to be
reelected by the Assembly. He will have the faculties of judicial and extra judicial
representative in his condition of holder of power of attorney with full and unlimited
power of attorney, in accordance with article one thousand fifty five of the Civil Code,
being able to substitute his power wholly or in part, revoke substitutions and make new
ones, without thereby losing his faculties, all without need for previous authorization by
the Assembly of Proprietors. In case of noncompliance of his functions or inadequately
fulfilling them, which must be duly proven in Assembly, the Assembly of Proprietors
will be able to remove him before ending his term.

Article Thirteen: The Administrator appointed may be an individual or a legal entity,
and may be proprietors or not within the condominium regime. In case that, for any
motive, there were not a designated Administrator, or if he were incapacitated or unfit
to act, it will be proceeded according to article thirty two of the Law.

Article Fourteen: It will correspond to the Administrator to: a) Attend, care for and
watch over the common goods and services and the operation of the installations and
general services, whether these are found within or outside the private areas of the
subsidiary farms. b) Represent the condominium before public institutions, banking
entities, or neighbors of the condominium. To that effect, every proprietor must abstain
from acting by himself in the name of the condominium, and instead must channel
through the Administrator every formality that involves the interest of one or more
proprietors. c) Have under his care and responsibility the keys for access to the
installations for providing common services of the condominium, external as well as
internal. This includes, besides every common installation which may belong to the
condominium, the following: emergency electric plant, room with instrument panels
and controls of the security and vigilance systems, electronic controls and keys to the
gates and access regulations, telephone distribution boxes, water and electricity meters
for each subsidiary farm, water tanks and pumps, automatic irrigation systems,
treatment plant for residual waters, game areas, social area, fire system tanks and
pumps, guard booths, swimming pool pumps and works. All the foregoing, although
common goods, will be under the exclusive charge of the Administrator, and only he
will have access and control of said goods. However, it remains to the criteria of the
Administrator to give access to one or more of these goods to the person in charge of
vigilance or to maintenance personnel, to the end of guaranteeing a better operation of
services. d) Give to watchmen the necessary instructions with respect to the opening
and closing times of gates, regulations and times for the use of common areas, access
controls to the condominium, and the necessary measures to maintain the security level
in the condominium, besides watching over the due compliance with the foregoing. e)
Procure the correct use of the common areas, giving the necessary instructions to avoid
the incorrect use of alarm systems, registry boxes, visitors’ parking spots and
emergency exits. f) Open the bank accounts and financial instruments necessary for the
optimum use of condominium finances, which includes, but is not limited to, the
certificates of deposit or investment funds where the condominium reserve funds are to
be kept. g) Sign contracts with providers of common goods and services for the
condominium. h) Execute or coordinate the execution of all administrative and
conservation acts upon the areas which conform the condominium. i) Collect the
monthly quotas for common costs and services, insurance, reserve funds, taxes,
maintenance, fines and interest which correspond to each proprietor, collecting
judicially if necessary. j) Watch so that tranquility, order and observance of these
Regulations are not perturbed in each of the subsidiary farms and condominium spaces,
as well as apply the necessary measures in case of infraction. To that effect, the
application may be substantiated through an agreement of the Assembly of Proprietors,
or through a report duly subscribed by the security officer and his supervisor. He is
authorized to take the measures he deems pertinent against those who perturb the order
and tranquility and to impose according to the dispositions of article twenty three of the
Law, all the sanctions, whether written warnings, sanctions or fines to the proprietors;
he may even prescribe the eviction of the proprietor in accordance with the summary
process disposed in the Civil Processing Code, in case of repeated infractions, he is also
authorized to impose the sanctions contained in article twenty two of the Law against
occupants who are not proprietors. k) Issue receipts for paid quotas and proof of
amounts owed by proprietors for any concept that they must satisfy. The certification
issued by a Certified Public Accountant on these debts, duly authenticated by a Notary
Public, will constitute enforceable title, in accordance with article twenty of the Law. l)
Execute or coordinate the execution of agreements of the Assembly of Proprietors. m)
Watch over and direct the work of employees who perform the various services of the
condominium, who he will appoint and remove. n) Bring about the needed repairs to
avoid as possible the interruption of services. o) Watch that proprietors do not by
themselves make any repair related to common services, inside or outside each
subsidiary. p) Suspend the enjoyment, by any of the proprietors, of the common
services provided by the condominium, in case that the proprietor is in arrears of the
payment of such services. To proceed with the suspension, it shall suffice to be one
payment in arrears. The Administrator must notify the proprietor about the non-payment
and warn him of the suspension in case he does not pay, giving an advance notice of ten
working days. After this term, the Administrator will suspend the unpaid services,
which he will reconnect within the twenty four hours following the moment in which
the proprietor gets up to date in his debts for this concept.


Article Fifteen: The proprietors may encumber, transfer or lease their property rights.
The buyers of rights within each subsidiary shall be obligated to respect the general
usage of the condominium, and particularly of each subsidiary. In all instances they
must subject themselves to these Regulations and subsequent modifications. In case of
the sale or transfer of one subsidiary the transferor will be obligated to present to the
notary a certification issued by the condominium Administrator that he is current in his
payment of quotas for common costs.

Article Sixteen: Every proprietor shall be obligated to contribute proportionately on
behalf of his subsidiary for the common administration and maintenance costs, and for
the required reserve funds, insurance costs, taxes when applicable, and for any other
concept generated by the Regulations in force. The quotas not paid punctually will incur
for the proprietor the payment of interest equivalent to five percent monthly on the total
monthly amount owed in arrears, besides the payment of legal fees for both sides in
case of judicial collection. Quotas shall be paid monthly. The subsidiary farm shall be
affected as guarantee in preferential order and from its origin, for the noncompliance of
financial obligations that shall be paid monthly in advance.

Article Seventeen: The proprietors may establish at their own cost services for their
exclusive use, as long as they do not harm or interfere with the other proprietors, nor
represent the use of common services to the detriment of other proprietors. They should
use their property according to its usage, whether residential or for vacation, with the
exceptions indicated in article one of these Regulations. Proprietors cannot dedicate
their subsidiary farms to a different usage than is disposed by the condominium regime
constituted in this document.

Article Eighteen: Every proprietor has the obligation to make in his property and at his
cost, with the expediency required, those urgent repairs whose omission or delay may
produce damages or discomfort to the proprietors of neighboring subsidiary farms or to
the structure, solidity or general security of buildings in common or private areas. If he
does not, the Administrator may make the necessary repairs, according to his exclusive
criteria, and charge the costs to the proprietor who should have made the repairs. The
proprietor who does not make the repairs with the expediency that the case requires,
will be responsible for the harm and damage caused.

Article Nineteen: To make modifications in his subsidiary every proprietor must notify
his intention to the Administrator, who must authorize it, before any work is done. In
case that it is authorized, he must obtain the approval of the engineer or architect
designated by the Administrator, who will assure that the structures, installations,
services, accesses, circulation areas, security and vigilance systems, and other parts of
the condominium are not affected. Likewise, any proprietor may solicit the affectation
to condominium of one or more subsidiaries, dividing the primary subsidiaries into
different subsidiary farms and affecting them to condominium, in compliance with the
construction standard in effect, the Law, and these Regulations. However, constructions
can be made on no more than twenty percent of the subsidiary, no building shall be
taller than two floors or ten meters high, and it shall be at least three meters inside the
limits of the subsidiary.

Article Twenty: The proprietor may not dedicate his subsidiary to a different usage than
residential or for vacation, with the exceptions indicated in article one of these

Article Twenty One: The proprietors must abstain from any act that implies damage or
detriment, or which makes less efficient the use of the common services and
installations. It is prohibited to pick flowers or damage in any way the fauna and
vegetation that exist in the common areas.

Article Twenty Second: There will be one entrance and exit access to the condominium,
both for pedestrians and vehicles, which will contain a security booth. To enter the
condominium it shall be necessary to present a personal identification. Any person who
visits a proprietor must identify him or herself in the entrance booth, and his or her
entrance shall be authorized by the proprietor to be visited.

Article Twenty Third: It is totally prohibited the hunting of animals in any part of the
condominium, or the use of weapons of any type, even those of sports type.

Article Twenty Four: No proprietor, lessee, sub lessee or holder of real rights within the
condominium, resident or visitor, may keep loose animals of any type outside his
subsidiary, even domestic ones. He may have domestic animals within his subsidiary
which do not make noises or bother to other proprietors, and which do not violate the
dispositions of these Regulations. If a proprietor takes his pet out for a walk, or uses
common streets to ride a horse, he must immediately clean the excrements that these
deposit in the common areas. Each noncompliance will involve a charge to the
proprietor of US $100. No proprietor may keep, even within his subsidiary, dogs which
are bothersome to other proprietors, or which are considered dangerous animals by
legislation in effect. Should the Assembly of Proprietors consider it prudent, there may
exist in the condominium the dogs necessary for security, which if they exist, will be
under the charge of the Administrator or the security watchmen.

Article Twenty Five: It is prohibited to throw objects or any type of trash or garbage in
the yards, transit zones, or common areas in general, as web as to burn trash or garbage
within or without the subsidiaries, or to interrupt with the the access to one or more
subsidiaries or common area. The disposal of solid wastes will be made according to the
instructions of the Administrator. Each of the proprietors is obligated to adopt the
measures about hygiene, environmental preservation and waste disposal recommended
by the Administrator.

Article Twenty Six: It is entirely prohibited to have explosive materials, flammable or
unhealthy, or which produce disagreeable odors, smoke, toxic gases or any type of
bother, or which represent a danger to health, except for butane gas used for domestic
purposes, in reasonable quantity and using the adequate installations for that end.
Article Twenty Seven: Every proprietor must refrain from causing by himself or
through mechanical, electric or electronic equipment, noises which perturb or alter the
tranquility of the condominium. It is prohibited the use of vehicles of any type lacking a
muffler, the use of speakers or megaphones, the use of sound equipment with acoustic
intensity above sixty (60) decibels in any border point to adjacent subsidiaries or
common areas, and the use of electronic equipment which cause interference with
equipment of third parties.

Article Twenty Eight: Proprietors shall be obligated to allow the elements and common
area repair and maintenance work, even within their own subsidiaries, after previous
coordination with the proprietors, so that these elements function adequately for the rest
of the condominium. Proprietors are prohibited from making by themselves repairs or
modifications that affect construction elements that belong to adjacent subsidiaries.

Article Twenty Nine: In case that the proprietor decides to sell, lease, constitute real
rights or cede his possession in any way, he must inform the Administrator, so security
personnel know of the persons duly authorized to use the subsidiaries or to reside in the
condominium. The same will apply to a lessee in case of a sublease. The proprietary,
leasing or subleasing nuda must accept these Regulations.

Article Thirty: Even when there are several persons that have real rights within a
subsidiary, there shall subsist for the registered proprietor or proprietors the obligation
to comply with each and every obligations imposed by the Law, the condominium
bylaws and these Regulations. The registered proprietor will be directly responsible
before the Assembly of Proprietors and before the Administrator, for acts and violations
made by other holders of rights within the condominium, as well as debts for quotas for
maintenance, common costs and others, as applicable, and as contemplated in these
Regulations and the Law. When a repair is caused by the fault or negligence of some
proprietor or of a person who occupies the subsidiary in his name, both in the subsidiary
and in the common areas, the repair cost shall be paid wholly and made immediately by
the proprietor, who can then file a judicial action against someone else if he has not
caused the damage.

Article Thirty One: Every proprietor shall be obligated to allow entrance to the
condominium of persons or companies, duly authorized by the Administrator, who work
in the construction of new subsidiaries with the machinery and equipment necessary for
that end. This disposition applies to the first stage of the condominium as well as
subsequent ones, to the repairs of existing subsidiaries or to the maintenance of any
common element. Likewise, he has the obligation to allow the use of the streets and
areas necessary to perform such work.

Article Thirty Two: As long as there are subsidiary firms to sell, the proprietors must
allow persons or companies authorized by the corresponding proprietor, with the
knowledge of the Administrator, to perform any necessary sales promotion activities.
Article Thirty Three: Every proprietor must refrain from leasing his parking space in the
private area of his subsidiary, to persons who do not reside within the condominium.
Likewise, he must refrain from giving keys, master control and other access facilities to
persons unconnected to the condominium.


Article Thirty Four: Besides sums related to the payment and delivery of common costs,
insurance and taxes, proprietors must cover a percentage whose amount shall be
variable according to the Assembly of Proprietors, destined to the reserve fund for
unforeseen expenses in the administration of the condominium.

Article Thirty Five: The Administrator will contact the applicable authorities to open, if
possible, independent accounts for each proprietor, for the payment of municipal and
real estate taxes. Otherwise, each proprietor must pay his proportion of taxes punctually.

Article Thirty Six: As long as there exist subsidiaries to sell and under the care of the
developer, the alter can substitute all services brought by the condominium, such as
cooperation in security, maintenance of green areas or similar services, for the payment
which corresponds to him for maintenance quotas. The obligation for the payment of
quotas in liquid amounts will only originate upon the sale of the subsidiary farm by the

Article Thirty Seven: The annual income and expenditures budget will be prepared by
the Administrator, and to each proprietor will be assigned the percentage that
corresponds to him, according to his subsidiary. In case that the sums fixed were
insufficient to cover expenses and there were a deficit, the Assembly of Proprietors
shall adopt the needed measures to solve the problem. When preparing the annual
condominium budget, be it during the month prior the the General Ordinary Assembly,
the monthly remuneration of the Administrator and of condominium employees shall be

Article thirty Eight: All debts owed to the condominium, be they for quotas for common
costs, fines, interest, late charges, extraordinary quotas, payment of common services or
of any other kind, shall constitute one sole debt, indivisible and preferential with the
condominium, which shall be paid in one payment. The partial payment of the debt
shall not be accepted, except by previous written authorization of the Administrator.

Article Thirty Nine: Every proprietor who is two or more maintenance quotas in arrears,
be they consecutive or not, may be brought to judicial collection, according to article
twenty of the Law.

Article Forty: Besides the areas duly specified in the construction plans as common
areas, are condominium common goods the electric installation; the emergency electric
plant; conduits and cables with their tubing, even if they are within the subsidiary farms,
the tubing for the installation of cable television, security systems and alarms of the
common zones; internal communication systems for condominium service personnel;
meters and register boxes of the various services which the condominium offers; and
any other good that is indicated as such in the Law or in these Regulations. Therefore,
such goods will be regulated by the dispositions indicated below.

Article Forty One: The operation, inspection, repair and handling of the common goods
will correspond in an exclusive manner to the condominium Administrator, and shall be
under his exclusive handling. It is prohibited to all proprietors, resident or holder of real
rights within the condominium, to operate or repair on his own said goods, except in
cases where the physical integrity of persons is in danger. All installations of security
systems in the subsidiaries must be previously coordinated with the Administrator.
However, it is the duty of each proprietor, resident or holder of rel rights, to notify the
Administrator immediately of any failure in the functioning, defect or similar in
common goods, in order to proceed to the required repair.

Article Forty Second: The access control in the main entrance will be under the
exclusive responsibility of the security personnel contracted by the condominium,
which must follow the access regulations indicated by the Administrator. None of the
proprietors shall individually operate this control.

Article Forty Three: Correspondence and packages will be received at the guard booth.
It shall be the responsibility of each proprietor or resident to go to the booth to pick up
his correspondence. Seven days after a package or correspondence is received, the
Administrator and security shall not be responsible for their care.

Article Forty Four: Each subsidiary farm will have a private and independent meter for
water consumption, as well as an indicator for the consumption of telephone services.
The consumption of each subsidiary must be paid together with the maintenance quota.
In case of a payment delay of two or more months, whether consecutive or not, the
Administrator shall have the authority to suspend the service, as long as he notifies the
proprietor in arrears and gives him ten days to get up to date. If payment is not made
within that term, service shall be suspended.

Article Forty Five: It is prohibited to use the water from tubes in the common areas for
private activities, such as vehicle washing or any other activity different from the
irrigation, cleaning and maintenance of the common zone. Queda prohibido utilizar el
agua de los tubos del área común para actividades privadas, tales como lavado de
vehículos o cualquier otra actividad diferente del riego, limpieza y mantenimiento de la
zona común. It is specifically prohibited to wash vehicles in the common area, including
the streets, except if other vehicle transit and parking are not obstructed. The
Administrator will be in charge of defining the form and places for washing vehicles,
and each proprietor is obligated to comply with such norms.

Article Forty Six: In case that any of the condominium proprietors or residents wishes
to exclusively use the common areas for leisure, such as green areas, play areas for
children or social areas, he must expressly solicit in writing permission from the
Administrator at least one web in advance. In such case, the Administrator shall notify
other proprietors of the activity, through an announcement board in an appropriate

Article Forty Seven: The hours for use of the common areas and children’s play area,
sports grounds, social areas and such, shall be from Sunday to Thursday, from seven a.
m. to nine p. m., and Fridays and Saturdays from seven a. m. to eleven p. m. Outside of
these hours, an express written permit from the Administrator will be required to use
such zones, which must be requested previously.

Article Forty Eight: To avoid accidents, it is prohibited to use traffic transit and
condominium areas as play zones. Neither can there be any sports activities in
condominium zones not expressly designated to that end. Sports can only be practiced
in the grounds and zones designated to that end.

Article Forty Nine: The maximum circulating speed within the condominium is twenty
kilometers per hour.

Article Fifty: Visitor parking spaces within the common area, will be those that the
Administrator deems convenient to that end, and will be so marked. Their use for
different ends shall be sanctioned according to these Regulations. It is prohibited for a
vehicle to remain more than twenty four areas in a visitor parking space. Should that
time limit be exceeded, the administration shall have the authority to remove the vehicle
with a crane and put it outside condominium installations, at the expense of the
proprietor that allowed its entrance. The Administrator may issue extraordinary permits,
fixing the criteria for such. Should the permit be extended, security shall issue an
identification for the vehicle that has extraordinary entrance and stay.

Article Fifty One: It is prohibited to park any type of vehicle in front of any
condominium exit, the main entrance, private area parking spaces, or in any other area
that obstructs the correct or adequate parking or circulation of vehicles within the
condominium. Should this disposition not be complied with, the Administrator will
have the authority to remove the badly stationed vehicle with a crane and place it
outside condominium installations, at the expense of the proprietor that allowed its

Article Fifty Two: In no case may there be bothersome noises in the common areas. The
Administrator shall also have the authority to regulate activities is those areas, to avoid
bother and to guarantee proprietors and residents the peaceful enjoyment of their

Article Fifty Three: The Administrator will regulate the duties of employees that bring
services to the condominium. The attention paid by those employees to resident
proprietors shall comply with rules dictated by the Administrator, who will procure that
these services are brought in an equitable, adequate and convenient manner to whoever
resides in the condominium.


Article Fifty Four: Violations committed by the proprietors, or by those who derive
their rights from them, shall be sanctioned according to the dispositions of these
Regulations, as authorized by article thirty three section e) of the Law, which authorizes
the establishment of a sanctions regime and of dispute resolution mechanisms, through
the Condominium Administration Regulations.

Article Fifty Five: When the violation by any of the proprietors or residents is minor,
Administrator will precaution him in writing. By ignoring two of these precautions, the
violator will owe a fine of between ten and forty percent of the base salary in effect, as
defined in Law Number 7337, of May 5, 1993.

Article Fifty Six: When a Proprietor commits a gross violation or is a repeated violator
of the dispositions that regulate the condominium property regime, he shall receive a
fine between twenty and fifty percent of the base salary, according to the criteria of the
Administrator. The Administrator may support his decisions in a report signed by the
security officer and his supervisor, or in a written complaint duly signed by at least four

Article Fifty Seven: The following are gross violations: a) the harm or destruction of a
common good; b) the inadequate use of parking spaces and common areas; c) the
improper use of speakers, alarms and security systems; d) exceeding the speed limit,
according to these Regulations, within the condominium; e) any other determined by a
simple majority of the Assembly of Proprietors.

Article Fifty Eight: The measures to adopt may be: a) The imposition of a fine, which
will be up to fifty percent of the base salary. Such fine will be imposed and collected by
the Administrator, or it might be imposed in a court after having solicited a summary
proceeding; b) Any other that the Assembly of Proprietors determines.

Article Fifty Nine: If whoever commits those infractions had derived his right from the
proprietor, the latter shall be informed so that he immediately solves the problem. If
not,, the Assembly of Proprietors shall adopt the appropriate legal measures. It shall be
the obligation of the proprietor to grant the Administrator the power referred to in the
last paragraph of article twenty two of the Law, so as to avoid the alteration of the
normal coexistence of the condominium. Said article indicates that the Administrator
having previously been notified of the granting of the power by the respective
proprietor, shall be able to evict the non proprietor occupant, who in a repeated manner
infringes the condominium Regulations or alter the normal coexistence of all

Article Sixty: The proprietor shall be jointly responsible in a civil action, for the fines
imposed for infractions of the Law and of these Regulations.


Article Sixty First: Any proprietor who wishes to affect to condominium his subsidiary
farm, must subject himself to the stipulations of the Law, to urban norms and to theses
regulations. The affectation shall not require the express acceptance by the other
proprietors of subsidiary farms, but must count with the written approval of the primary
condominium Administrator. By accepting these Regulations, all purchasers and owners
of real rights within the condominium accept and authorize any of the proprietors to
submit his subsidiary to an originating property, within the norms stated below.

Article Sixty Second: Upon converting a subsidiary farm into an originating property,
there continues the obligation to contribute to the costs of the primary condominium, of
which it remains a part. The proprietors of theses new subsidiary farms shall be
obligated to have the same Administrator of the original condominium, for purposes of
continuing to contribute punctually towards the administration and maintenance of the
primary condominium.

Article Sixty Three: In the bylaws of the secondary property, there must necessarily be
an indication of the percentage of the value of each secondary subsidiary, both in
relation to the new originating property that is constituted, as well as in relation to the
total condominium. The obligation to contribute to the condominium maintenance costs
shall be calculated based on the latter.

Article Sixty Four: For all purposes, the new secondary originating property functions
like a subsidiary farm of the primary condominium, except that it will have more than
one proprietor. However, the common areas of the primary and secondary
condominiums shall be treated as common zones of the whole condominium, and a
single fund shall be managed for common costs. The tubing, electromechanical and
electric installations, and communications, sports, recreation, social and remaining
common areas, shall have the character of common goods for all primary or secondary
farm proprietors, and which are situated within the primary or secondary condominium.
Likewise, there shall be only one Administrator, who shall be in charge of coordinating
the work in both condominiums.

Article Sixty Five: The fact of constituting themselves as a secondary originating
property, does not exempt its proprietors from complying with all the norms and
dispositions of the primary condominium.

Article Sixty Six: In the Assemblies of Proprietors, the subsidiary that constitutes itself
as an originating property may send as many representatives as there are existing
proprietors of secondary farms. Their vote percentage shall be defined in the
Regulations of the secondary originating property.

Article Sixty Seven: The specific usage of each of the subsidiary farms of the secondary
property must respect the specific usage set by these Regulations.

Article Sixty Eight: Each of the resulting subsidiaries from the constitution of the sub
condominium, shall have the individual obligation to cover the common costs of all
types, including extraordinary ones. In case that such costs have to be collected through
judicial means, of having to demand the compliance with any of the obligations
established in the Law or in these Regulations, the Administrator will proceed directly
against the proprietor of the secondary subsidiary, singling out the responsible party
from the rest of the proprietors that integrate the new secondary originating property.
The totality of the obligation of the originating property shall not be collectible, even
when by its nature it constitutes one sole primary subsidiary, for the debts or
responsibilities of one or several of its proprietors. The collection of the obligation of
the secondary originating property in its totality shall apply only if the responsibility
falls upon all the proprietors that conform it.


Article Sixty Nine: The extinction of the condominium property regime, as well as all
reference to its construction and destruction, shall be subject to the dispositions of the
seventh chapter of the law.


Article Seventy: In compliance with article twenty seven subsection b five of the Law,
these Regulations may be modified by the unanimity of the votes of the Assembly of
Proprietors that represent the total value of the condominium.