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meridian

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									 Ober-Haus Real Estate Company
 POLAND                                LITHUANIA
 Krolewska 14                          Gelezinio Vilko 18A
 00-950 Warsaw, Poland                 Vilnius, Lithuania
 Tel: (48) 22 829 1212                 Tel: (370) 5 210 97 00
 Fax: (48) 22 829 1222                 Fax: (370) 5 210 97 01
 E-mail:                               E-mail:
 poland@ober-haus.com                  lithuania@ober-haus.com

 LATVIA                                ESTONIA
 Lacplesa 13                           Narva mnt 53
 LV-1010 Riga, Latvia                  10152 Tallinn, Estonia
 Tel: (371) 7284544                    Tel: (372) 665 9700
 Fax: (371) 7284526                    Fax: (372) 665 9701
 E-mail:                               E-mail:
 latvia@ober-haus.com                  estonia@ober-haus.com

 www.ober-haus.com


                  BUY-TO-LET INVESTMENT OPPORTUNITY

                                              Warsaw, Poland

                                                      Meridian




All prices in Poland are set in Polish zloty (PLN). When prices are quoted in this document in euro (EUR), they are quoted
assuming an exchange rate of 3.8 PLN to 1 EUR. Exchange rates may vary. This document is for guidance, and does not
constitute an offer. All market information in this document are given in good faith and are believed to be correct, however,
neither Ober-Haus nor the developer should be held liable for inaccuracies. All purchasers should satisfy themselves as to the
accuracy of these details before making a purchase.
 Ober-Haus Real Estate Company
 www.ober-haus.com




Summary ..................................................................................................................................3
     Why invest in Warsaw?.....................................................................................................3
     Key economic indicators for Poland..................................................................................3
     Why invest in Meridian? ....................................................................................................3
     Meridian ............................................................................................................................3
     Investment rational (summary)..........................................................................................3
     Reliable developer ............................................................................................................3
     Map of the neighborhood ..................................................................................................3
Letting and Property Management ...........................................................................................3
     Letting ...............................................................................................................................3
     Property management.......................................................................................................3
The Transaction - Pricing .........................................................................................................3
     Pricing ...............................................................................................................................3
The Transaction - Finance and Legal.......................................................................................3
     Mortgage finance ..............................................................................................................3
     Currency exchange ...........................................................................................................3
     Property insurance ............................................................................................................3
     Legal conveyance .............................................................................................................3
     Purchase costs and taxes .................................................................................................3
     Tax planning......................................................................................................................3
Property Specifications.............................................................................................................3
     Floorplans .........................................................................................................................3
     Finishout............................................................................................................................3
     Parking spaces..................................................................................................................3
Appendix: Purchase contract ...................................................................................................3
     Preliminary Apartment Sale Agreement............................................................................3
Appendix: Mortgage application document checklist ...............................................................3
     Home Mortgage Application Form ....................................................................................3
     Information about home mortgage ....................................................................................3
     Key information .................................................................................................................3
     Information on family – assets and liabilities status ..........................................................3
     Information on the employment status ..............................................................................3
     Information on financial standing ......................................................................................3
     Bank accounts and cards held ..........................................................................................3
     List of attachments ............................................................................................................3
Simple and Easy ......................................................................................................................3
Disclaimer.................................................................................................................................3




Ober-Haus Real Estate Company                                                                                                 page 2 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Summary
Why invest in Warsaw?

Central Europe in general and Warsaw in particular, is now at the beginning of a new growth
cycle in residential apartment prices. The new cycle is being driven by the following factors:

          •    Phenomenal GDP growth, averaging 4.5% per year for the past 10 years.
               Warsaw itself enjoys far higher economic growth rates: Warsaw city GDP grew
               over 15% in 2005, vs.3.8% for the country as a whole.


                                                          GDP growth
                 8.0
                                             7.0         6.8
                 7.0
                                                   6.0
                 6.0                   5.2                                                          5.4
                                                               4.8                                              5.0
                 5.0                                                  4.1
                             3.8                                            4.0                           3.8
                 4.0                                                                          3.6

                 3.0   2.6

                 2.0                                                                    1.3
                                                                                  1.0
                 1.0
                 0.0
                       1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006




          •    Growing loan liquidity. Low rates fuel demand. Over 5 billion EUR worth of
               home loans were given in 2005, up from 3.75 billion EUR granted in 2004. Still,
               total residential loans outstanding are less than 4% of GDP, compared to over
               48% in the EU. This means a lot more liquidity is still in the pipeline to come.


                                              New mortgages (EUR bil / year)

                                   4

                                   3

                                   2

                                   1

                                   0
                                               2002                  2003               2004

          •    Growing population. The population in Warsaw is growing. In Communist times
               a worker got the same salary in a small city as in the capital. Not anymore.
               Warsaw’s population has arguably grown half a million since 1991, and is still less
               than 5% of the country. When it reaches 10-15% (as in most countries) its
               population could be 4-6 million.

Ober-Haus Real Estate Company                                                                                         page 3 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




          •    Lack of supply. Warsaw suffers an acute housing shortage, especially in the low
               to mid-price range. Warsaw authorities say the immediate need is for an
               additional 100,000 new flats. Existing living space is much smaller than required:
               there is 21 sqm of living space for each Warsaw inhabitant, far less than the 32
               sqm average in Western Europe.

          •    Deteriorating housing stock. Most flats were built from 1945 - 1990. There are
               an estimated 600,000 people living in Soviet-era, prefabricated concrete panel
               buildings that simply won’t last another twenty years. And these flats cost more to
               heat and repair than a modern flat. When living in junk costs more than a
               mortgage for a new flat, people will move.

          •    Strong real wage growth. Real wage growth in Warsaw is over 7% per year.

          •    Low unemployment. Forget about the figures you read for national
               unemployment. Joblessness in Warsaw is officially 5%, and probably much lower
               considering the unofficial economy.


                                                    Unemployment

                                            20.0%

                                            15.0%

                                            10.0%

                                             5.0%

                                             0.0%
                                                      2003          2004

                                                        Poland   Warsaw


          •    “EU-phoria”. People feel good - and secure in buying a new home - in the new
               geopolitical reality. They are aggressive buyers because they know the same flat
               that costs 1,250 EUR per sqm here costs three to five times that in the West.

          •    Planned introduction of the Euro. This will bring multiple benefits, including
               currency stability, lower interest rates, and increased FDI.

          •    FDI growth. The examples of Ireland, Spain and Portugal all show that FDI
               increases more than 500% within six years after joining the EU.

Due to these and other positive economic trends, the General Partner anticipates demand for
new residential houses and apartments will continued to outpace supply. Demand is so
strong in Warsaw, that 87% of all apartments planned for completion in 2005, were
pre-sold by May (less than halfway through the year).




Ober-Haus Real Estate Company                                                           page 4 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Key economic indicators for Poland

Main economic indicators:

                                 2003                 2004          2005         2006(f)         2007(f)
       GDP(%)              3,8                 5,6           3,5           4,4             4,0
       Inflation (%)       0,8                 3,5           2,2           2,1             2,0
       Unemployment
                           20                  19,1          17,3          16,9            16,4
       rate
       Interest rate                           5,25          4,5           4,0             n/a
       Average
       Exchange Rate       4,4                 4,53          4,1           n/a             n/a
       PLN/EUR
       Average
       Exchange Rate      3,89                 3,65          3,2           n/a             n/a
       PLN/USD



Why invest in Meridian?

Meridian on Chlodna Street is an excellent investment opportunity, within five minutes drive
or 15-minute walk to the business district and the city the center, and 10 minutes drive to the
Old Town. The Meridian is under construction in the very center of Wola, a rapidly
developing district next to the city center. This is a fantastic opportunity to invest in a quality
development in an area due to experience massive investment in the coming years, making
it a more and more attractive area to live in.




Chlodna Street, is one of the oldest streets in Warsaw and has witnessed extraordinary
changes over the years. The Meridian development is the latest change for Chlodna. The
Wola district as a whole is undergoing a transformation from a traditionally industrial area to
a vibrant office, hotel and residential area. The Meridian is a short walk to the city centre
where residents will have access to the plentiful amenities and attractions on offer. The area
is well serviced by public transport giving access to the whole of Warsaw. The Hilton Hotel
Group is currently developing a 5 star hotel less than 500 meters from the development. The
Ober-Haus Real Estate Company                                                                        page 5 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Warsaw Trade Tower a Class A 42 stoery office block is also situated on Chlodna Street,
future landlords will attract many tenants working in the Warsaw Trade Tower seeking
accommodation in close proximity their office.

Meridian

The building consists of 48 sqm to 184 sqm modern apartments in seven and nine -storey
buildings. The apartments are designed according to the highest standards, with large
wooden windows a specious kitchen and storage space in each apartment. Usage of the
highest quality materials assures irradiance and excellent thermal isolation. For clients who
enjoy space, there is always a possibility of connecting two or more adjacent apartments.




Investment rational (summary)

     •    Ober-Haus has arranged 25 year loans for its clients from leading banks, to cover up
          to 95% of the purchase price - and at the lowest interest rates in the market, starting
          from 3% annually.

     •    The competitive price and low mortgage terms means your investment can be cash
          flow positive from day one.

     •    With full financing, you can buy a unit for as little as 5,000 EUR down (including
          equity and all fees).

     •    Forecast capital growth of 10-15% annually.

     •    Turn-key investment opportunity - Ober-Haus and its partners can handle mortgage
          finance, acquisition, conveyance, fit-out, insurance, letting, and property
          management.




Ober-Haus Real Estate Company                                                          page 6 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Reliable developer

The Ronson Development Group debuted on the Polish market with Sloneczny Skwer, a
residential development in Warsaw. Since 2000, Ronson has developed highly prestigious
residential schemes such as: Lazurowa Dolina, Pegaz, Twoj Bialy Dom and Meridian I. It is
part of a consortium that also includes UDori Company, for 40 years involved in residential,
commercial, retail and hotel projects. Another member of the consortium is I.T, International
Theaters known in Poland for Warsaw’s Sadyba Best Mall and Bemowo Cinema Center,
along with Punkt 44 entertainment center in Katowice. Ronson Development is also active in
other countries across Europe such as Ireland and the Netherlands.




Ober-Haus Real Estate Company                                                      page 7 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Map of the neighborhood




Ober-Haus Real Estate Company                       page 8 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Letting and Property Management

Letting

Agent

There are many rental companies available, and you are free to choose your own. However,
Ober-Haus is the largest property-letting agency in Central and Eastern Europe, with three
offices and 40 brokers working just in Warsaw. Ober-Haus works with all embassies,
relocations companies and human resource departments of multi-national companies, to find
homes for hundreds of expatriate workers each month.

Ober-Haus is the most successful residential letting agent, and can market your property
through direct calls, business events, weekly newspaper listings, internet offers and direct
contacts.

Typical monthly rent

Typical monthly rents for a modern apartment with underground parking garage in the district
of Wola are (all figures are quoted in PLN):

               gross rent per                  monthly utilities and net rent per
        Symbol month          gross yield %        letting fee       month          net yield %
         125             4200              6.5                   955           3245            5.0
         135             4300              6.6                   964           3336            5.1
         114             4300              6.7                   975           3325            5.2
         149             4500              6.7                   993           3507            5.2
         189           11000               8.7                  2132           8868            7.0
         194           11000               8.5                  2132           8868            6.8
         199           11000               8.4                  2132           8868            6.8
         204           11000               8.3                  2132           8868            6.7
         168             2000              5.4                   501           1499            4.1
         186             2100              5.5                   510           1590            4.2
         196             2200              5.7                   519           1681            4.4
         201             2300              6.0                   527           1773            4.6
         155             2000              5.3                   503           1497            4.0
         141             2200              5.1                   550           1650            3.8
         153             2200              5.0                   555           1645            3.8
         147             2200              5.1                   556           1644            3.8
         187             2300              5.8                   534           1766            4.5

See page for apartment sizes and purchase prices.

Rents will depend, of course, on factors such as apartment size, location, and floor. Real
market comparables are available on our web site www.ober-haus.com.



Ober-Haus Real Estate Company                                                                 page 9 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




The tenant pays a gross rent. From that rent the owner pays a monthly maintenance fee for
landscaping, cleaning of common areas, security, water and heating. These fees tend to be
about 7 PLN per sqm of living space.

Tenants pay separately for their own-metered use of electricity, as well as their monthly
telephone, cable TV, and Internet usage bills.

Property management

Maintenance of the building, including security, cleaning, gardening, and other services, is
taken care of by Meridian’s private facilities management company.

Your individual units, however, need to be managed by a local property manager. The value
of your investment property will depend, to a great extent, on the professionalism of its
management. It is absolutely critical that your property is well looked after and maintained in
order to maximize its market potential and protect your investment and future tenancy. Well
maintained properties keep their tenants, meaning you will have more cash flow and fewer
“rental voids”.

Most important for you, as a landlord you need fluent English speaking, professional property
managers at your call 24-hours a day, 7-days a week. Ober-Haus property managers are all
bi-lingual and have experience working in property management in the UK, US, Australia, or
other English speaking countries.

We provide owner/investors like you with the following range of services:
      -      Collection of all incomings: deposits, rents, and utility payments
      -      Management of rent accounting
      -      Holding of deposits
      -      Payment of all outgoings
      -      Routine and emergency repairs
      -      24-hour tenant help line to answer all tenant concerns
      -      Taking inventory of each property during handover and return
      -      Handling all insurance claims
      -      Advice on safety and legal obligations




Ober-Haus Real Estate Company                                                       page 10 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




The Transaction - Pricing
Pricing

Flats are available from 48 to 184 sqm. Prices for an apartment, including typical fit-out,
balcony, one underground parking space, and VAT are (all prices are quoted in PLN):

                                            Internal External     Total price with
                         Symbol floor rooms SQM       SQM       fitout and parking
                          125     4     3    86.39    7.68                   731900
                          135     6     3    86.55    7.68                   742700
                          114     2     3    88.06    5.29                   729000
                          149     9     3    88.23    5.29                   767900
                          189     6     4   173.65 23.48                    1445500
                          194     7     4   173.65 23.48                    1481300
                          199     8     4   173.65 23.48                    1491000
                          204     9     4   173.65 23.48                    1510400
                          168     2     2    47.81    5.36                   417400
                          186     5     2    47.90    5.36                   428700
                          196     7     2    47.90    5.36                   434000
                          201     8     2    47.90    5.36                   436600
                          155     0     2    48.08    19.99                  425500
                          141     8     2    52.41    13.58                  494700
                          153     0     2    53.12    40.03                  495500
                          147     9     2    53.28    6.77                   489435
                          187     6     2    48.86    8.34                   446780

A parking space in the underground garage costs 39, 000 PLN, storage rooms of 2 to 8 sqm
are available at 2,675 PLN per sqm

All prices shown above include 7% VAT on residential space, and 22% VAT on parking.

Payment terms are as follows:

Deposit to reserve flat (refundable)                2000 PLN
On signing preliminary contract                     10% of price
By May 30, 2006                                     10% of price
By July 30, 2006                                    10% of price
By September 30, 2006                               10% of price
By November 30, 2006                                15% of price
By January 01, 2007                                 10% of price
By March 30, 2007                                   10% of price
By May 30, 2007                                     15% of price
On receiving the finished property                  10% of price

However, assuming you finance this acquisition through, for example, a 95% loan-to-value
mortgage, and then only 5% of the total cost would be due at the outset, as your equity in the
deal, the following payments are covered by the bank.
Ober-Haus Real Estate Company                                                         page 11 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




The Transaction - Finance and Legal
Mortgage finance

Ober-Haus works with all the top local banks ready to provide finance for investors
purchasing investments in the Meridian development.

General mortgage terms:

Loan-to-value:                                      Maximum 100% for applicants with high
                                                    incomes and low debts
                                                    70-90% for most other applicants.
Terms:                                              Up to 30 years

Currency:                                           EUR (euros)
                                                    CHF (Swiss franks)
                                                    GBP (Pounds sterling)
                                                    PLN (Polish zloty)

Our in-house mortgage advisors can help get you the finance you need to leverage your
investment returns. Ober-Haus has in-house mortgage brokers who will collect all the
required documentation from you, collect all the documentation on the property to be
purchased, and provide the complete application to the bank, which provides the best rates
in the currency of your choice.

See the checklist of documents you will need for the mortgage application on page 29.

What does the mortgage loan cost?

Typical fees for setting up a mortgage loan on your investment property are from 1.5% -
2.5%, depending on the bank and other required documentation.




Ober-Haus Real Estate Company                                                    page 12 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Currency exchange

All purchases have to be made in PLN, polish zloty. Your financing bank in Poland will, of
course, disburse its loan to you in PLN (even is the underlying currency of the contract is
EUR, CHF or GBP). However, you will have to remit the equity portion of your purchase
yourself. Chances are, your capital is now in GBP, EUR, or some other currency.

In order to reduce the cost to you of currency conversion (Polish banks charge 2.5%!) we
have negotiated a special rate for our clients with the UK firm HIFX Currency Specialists.
HIFX Currency Specialists should be able to exchange your currency for PLN for fess more
than 80% cheaper than those of Polish banks. See their web page at: www.hifx.co.uk

In order to set-up currency conversion, please contact Monika Canic and mention that you
are a client of Ober-Haus.


Contact:

Monika Canic
HIFX plc
Morgan House
Maderia Walk
Windsor
Berkshire
SL4 1EP

Ph.: 0044 1753 859 159 Ext 7278
Fax: 0044 1753 859 169

monika.canic@hifx.co.uk.

Property insurance

Ober-Haus has agreements with the largest insurance brokers in the region to provide low
cost insurance quotes to you before you make your acquisition.




Ober-Haus Real Estate Company                                                   page 13 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Legal conveyance

Normally lawyers are not used in Poland in residential property transactions. Notary Publics
oversee al aspects of the purchase agreements.

However, since many of our buyers are based in the UK or Ireland, and would like to have an
English speaking lawyer safeguard their interests, we have negotiated a special price
arrangement with the law firm of Baranski-Bartosiak-Cieslik Law Firm to oversee
conveyance.

The partner in charge of property transactions at Baranski-Bartosiak-Cieslik Law Firm is Mr.
Jacek Bartosiak represents many property investors and funds making purchases in Poland.

Mr. Bartosiak and his team have negotiated, on behalf of Ober-Haus and our clients, the
standard purchase agreement with the developer of this property.

Contact:

Jacek Bartosiak

Barański-Bartosiak-Cieślik
Kancelaria Adwokacka Sp. p.
Topiel 21/5
00-342 Warszawa

Ph.: (48 22) 826 20 18
Fax: (48 22) 826 20 19

www.kancelaria-bbc.com.pl


Purchase costs and taxes

Legal Conveyance

For each apartment purchased, the conveyance fee is PLN 2,000 + VAT.

Notary Fee

For each apartment purchased, the notary fee is approximately PLN 4,000 + VAT. If more
than one apartment is purchased, we can negotiate with notary for a lower fee per unit.

Court Fees

Court fees are approximately PLN 460 per apartment..




Ober-Haus Real Estate Company                                                    page 14 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Tax planning

Ober-Haus works with the most respected tax advisory firms in the region, to help you
choose which type of investment structure is most tax efficient for you. We can recommend a
well-known tax advisory firm to help you plan for extracting cash during the hold period, or
benefiting from capital gains.

Our recommendation for UK and Irish clients is to use the tax and accounting firm of Grant
Thornten International. Grant Thornton has offices in the UK, Ireland and Poland, and has
local English and Polish-speaking tax professionals in their Warsaw office.

Information on Grant Thornton International is available on-line at: www.gt.org.pl

Contact:

Grant Thornton Sp z o.o.

Tomasz Karas
Direct (+48) 22 501 9636

Nordic Park
Kruczkowskiego 8
00-380 Warsaw
Poland

Ph.: (+48) 22 501 95 00
Fax: (+48) 22 501 95 99

e-mail: admi@pkgt.pl
www.gt.org.pl




Ober-Haus Real Estate Company                                                        page 15 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Property Specifications

Floorplans

Floorplans of the entire development, and of the selected apartments, are on the Ober-Haus
web page at www.ober-haus.pl

Finishout

Apartments in Poland and nearly all sold in what the UK market would describe as “black
finish” (stan surowy in Polish, meaning “raw state”). That is they are sold without interior
works such as parquet, wall plastering, kitchens, etc).

Developers generally do not do the finishing works.

To make your investment easier, we have negotiated with one of the largest interior fit-out
companies in Poland, to complete the works. Because we negotiated on behalf of all our
clients at once, we were able to negotiate a reduced rate for our clients.

To complete the unit requires an additional 600 PLN per sqm (including VAT). To make your
own financial calculations easier, we have included this price in all the apartment price
tables, so the price you see is the price for final fit-out. The apartment purchase prices in our
price tables also include the cost of a simple kitchen, the most basic required to rent the flat.
This kitchen costs 7,200 PLN, and is included in the prices on the apartment pricing tables.

Therefore the prices you see in the tables are the final price you will pay for a fully fitted
apartment unit.

Parking spaces

Underground parking is a key requirement if you want to rent or sell your unit. A unit without
parking has substantially lower market value.

That is why we have negotiated that every apartment unit is sold to our clients with an
underground parking space. The underground garage has access to the apartments by a lift.

The garage is gated and access is by a magnetic card only, provided only to residents of the
property. This type of security is a big plus when you are renting out your unit.




Ober-Haus Real Estate Company                                                        page 16 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Appendix: Purchase contract

Preliminary Apartment Sale Agreement


concluded on ___________ 2006 in Warsaw by and between:

“RONSON DEVELOPMENT INVESTMENT” Sp. z o.o. with its registered office in Warsaw at
29 Pruszkowska St, entered in the Entrepreneur’s Register kept by the District Court for the
capital city of Warsaw XX Commercial Division under No. KRS 0000091884,
represented pursuant to the power of attorney, by:
Andrzej Gutowski,
hereinafter referred to as the „Seller”

and
Mrs ___________________
domiciled in: _______________, _____________ St,
having the identity card No _________________ ,
PESEL _______________,
NIP ________________ ,

and

Mr ___________________
domiciled in: _______________, _____________ St,
having the identity card No _________________ ,
PESEL _______________,
NIP ________________ ,

hereinafter referred to as the „Purchaser”,

hereinafter jointly referred to as the “Parties”,

hereinafter referred to as the „Agreement”.


                                                       §1
                                          Representations of the Parties

The Seller hereby represents that:
   1.      he is the perpetual user of the real estate of the total area of 5196 m2 (five
           thousand one hundred ninety six square meters), located in Warsaw at Chłodna
           48/50 St, comprising of the plot of land no. 29 within precinct 82 (6-01-01), for
           which the land and mortgage register KW Nr WA4M/00160784/3 is kept by the
           District Court for Warszawa – Mokotów X Land and Mortgage Register Division X
           („Real Estate”);


Ober-Haus Real Estate Company                                                    page 17 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




     2.       the Seller acquired the right of perpetual usufruct of the real estate mentioned in
              subs. 1 above pursuant to the agreement in form of notary deed on 30.11.2004,
              prepared before Jerzy Horban notary in Warsaw, repertory A no. 10884/2004;
     3.       he obtained the decision – building permit - issued by the President of the Capital
              City of Warsaw no. 643/Wol/2005 dated 19.09.2005, where the investor is Ronson
              Development Investment Sp. z o.o. with its registered office in Warsaw, at 23
              Kłobucka 23 St, constituting Appendix no. l hereto;
     4.       the construction of set of multi-family residential building with services,
              underground garage including in the I stage of investment, 10 storey building
              marked on the plan constituting appendix no. 1a hereto, is realized on the Real
              Estate („Building”);
     5.       The Building is construed on the basis of the plans prepared by project team
              Mierzejewski Kasprzycki Sp. z o.o., General Constructor shall be Hochtief Polska
              Sp. z o.o. with its registered office in Warsaw or different contractor appointed in
              the future by the Seller;
     6.       This Agreement is concluded within the scope of the business activity of the
              Seller.

The Purchaser represents that:
   1. He/She has financial resources necessary for execution of this Agreement;
   2. He/She is married and the purchase will be financed by means originating from
      _________(joint/separate assets) to assets _____________ (alternatively, is not
      married).

                                                       §2
                                                    Definitions

The terms set forth below shall have in this Agreement the following meaning:
   1.     “Real Estate” – means the real estate of the total area of 5196 m2 (five thousand
          one hundred ninety six square meters), located in Warsaw at Chłodna 48/50 St,
          comprising of the plot of land No. 29 within precinct 82 (6-01-01), for which the
          land and mortgage register Kw no. WA4M/00160784/3 is kept by the District Court
          for Warszawa – Mokotów VI Land and Mortgage Register Division,
   2.     ”Building” - means the residential building designed by project team Mierzejewski
          Kasprzycki Sp. z o.o. and which is to be constructed by the General Contractor on
          the Real Estate in accordance with the building permit mentioned in paragraph 1
          point 3 hereof.
   3.     ”Apartment” - means the apartment:
          - which is marked with the number ___________,
          - of the total area of ______ m2 in accordance with the drawing constituting
               Appendix No. 2 hereto,
          - located on ______ floor of the Building,
          - with a terrace [balcony] of the area of ____ m2,
          - with the attached auxiliary room No. ____, of the area of ___ m2, located at
               the level of ______ in the Building in accordance with the drawing constituting
               Appendix no. 2b hereto.
          The total area of the Apartment shall be finally established on the basis of the
          post-execution measurements. The Parties hereby agree that the area of the
          Apartment shall be established in accordance with the survey rules specified in
          the Polish standard symbol PN-70/B-02365 as defined by the Polish
          Standardization Committee (Polski Komitet Normalizacyjny). If the difference in

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           the area of the Apartment exceeding 3 % (three percent) occurs, the price for the
           Apartment stall be adjusted on the basis of the accounting rate in the amount of:
           - _____ PLN for l m2 of the area of the Apartment
           - exceeding the area of the Apartment specified in this clause 3 increased by 3
               %- in case where area of the Apartment exceeds the area indicated above;
           - not exceeding the area of the Apartment set out in this clause 3 and
               decreased by 3 % - in case where the area of the Apartment does not exceed
               the area indicated above;
           - _____ PLN for l m2 of the area of the terrace/balcony.
        The adjustment/settlement of the correction shall take place at the time of the
        payment of the last installment of the price for the Apartment.
     4.    “Completion of the Construction Date” – means delivery to the Seller of the permit
           for use of the Building as specified in Art. 59 of the Building Law Act dated 7 July
           1994 (unified text Journal of Laws of 2003 no. 207 item 2016 as amended); “The
           Ownership of Apartments Act” – means the act on the ownership of the
           apartments dated 24 June 1994 (unified text Journal of Laws of 2000 no. 80 item
           903 as amended);
     5.    “Common Real Estate” – has the meaning inscribed to this term in Article 3 clause
           2 of the Ownership of Apartments Act.

                                                       §3
                                          The Subject of the Agreement

     1.       The Seller hereby obliges himself to build the Building, establish separate
              ownership of the Apartment and to enter into the sale agreement of the Apartment
              together with the share in the common areas in the Building appropriate to the
              size of the Apartment and the same share in the right of perpetual usufruct of the
              Real Estate.
     2.       The Seller shall be obliged to sell and the Purchaser shall be obliged to buy the
              Apartment together with the share in the common areas of the Building and the
              same share in the perpetual usufruct of the Real Estate calculated in accordance
              with Article 3 clause 3 of the Ownership of Apartments Act, for the price and on
              the terms and conditions specified in this Agreement.
     3.       The establishment of the separate ownership of the Apartment for the benefit of
              the Purchaser together with the share in the common areas of the Building in the
              share appropriate to the size of the Apartment and the same share in the right of
              perpetual usufruct of the Real Estate shall take place after Completion of the
              Construction Date and after the Purchaser pays all the amounts due to the Seller
              under this Agreement.
     4.       The standard of the decor of the Apartment and the attached auxiliary room are
              described in Appendix No. 3 hereof.
     5.       The amendment of the symbol of the Real Estate in the way of ascribing the new
              symbol in the land register or the amendment of the number of the land and
              mortgage registers shall not constitute the amendment to this Agreement.
     6.       The Seller reserves the right to unilateral changes in the Building and Apartment
              installations, however, it shall inform the Buyer about made changes immediately
              and these changes shall not decrease quality of the Apartment (i.e. standard
              appointed in Appendix no. 3 hereto is not changed).




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                                                    §4
                                  The date of completion of the construction

     1.       Parties agree that construction of the Building in the scope of I stage of the
              investment shall be completed on 30.06.2007 (completion of construction the
              Building shall mean completion of all construction works on the Real Estate,
              cleaning of the construction area, what shall be confirmed by relevant entry to the
              construction log). In case of occurrence during realization of construction of the
              disadvantageous weather conditions such as low temperatures, torrential rains,
              lasting for at least 14 days during whole period of construction of the Building,
              occurrence of which is confirmed by relevant entry to the construction log the
              Seller shall have right to postpone date of completion of construction by the time
              of occurrence of such obstacles.
     2.       Moreover, date set out in clause 1 above may be changed in the following
              situations:
          -   if the Purchaser is in delay with payment of any of the installments – date for
              delivery of the Apartment may be postponed by the time of delay in payment,
              without prejudice to other Seller’s rights arising from this Agreement or from law
              provisions ascribed to it in such situation;
          -   other reasons on the part of the Purchaser, un-enabling or making more difficult
              execution of works within the envisaged period;
          -   in case of occurrence of vis major or in case of issuing administration decisions or
              court’s judgments, un-enabling or preventing execution of construction works –
              proportionally to the time of duration of these obstacles;
          -   in case of occurrence, during execution of construction works, of necessity of
              executing additional works, necessity of which could not be envisaged at the
              moment of signing of this Agreement, even despite acting with due diligence;
     3.       Delay in delivery of the Apartment caused by the reasons referred to in clause 1
              and 2 above, shall not result in Seller’s compensation liability, in particular not in
              obligation of payment of any amounts for the benefit of the Purchaser.

                                           §5
Apartment Inspection, Procedure of Defects Repairing and the Acceptance of the Apartment

     1.       Not later than within 3 months from the Date of Completion of the Building, the
              Seller shall notify the Purchaser in writing that the Apartment is ready to be
              handed over („Acceptance”), and shall fix the date of the Acceptance for at least
              the 14th day from the day of delivery of the notification. During the Acceptance
              procedure the final measurements of the Apartment, as provided for in § 2 clause
              3 herein, shall be made. The results of the measurements shall be written down in
              the Acceptance Record.
     2.       The Purchaser or his authorized representative and the representative of Seller
              shall take part in the acceptance procedure.
     3.       The acceptance of the common devices shall be performed by the supervising
              inspector of the Seller and the respective technical and construction supervision.
     4.       If in the result of the Acceptance the Parties state that the Apartment is in
              compliance with the decor standard specified in Appendix No. 3 hereof, the
              Parties shall sign the Acceptance Record confirming the acceptation of the
              Apartment by the Purchaser.
     5.       If both of the Parties find the defects which results from the used material or are
              caused due to improper performance of the construction works and which cannot
              be removed immediately, the Seller shall fix the date for their repair (taking into
Ober-Haus Real Estate Company                                                           page 20 of 34
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              consideration technical possibilities). After removing the said defects the Seller
              shall notify the Purchaser the new date of the Acceptance. Purchaser shall be
              obliged to accept the Apartment in the date set out in accordance with the
              previous sentence unless he invokes new essential defects of the Apartment, that
              he could not find during first Acceptance. Acceptance of the Apartment shall not
              exclude or limit the Purchaser’s consumer rights arising from the law provisions
              concerning warranty for the physical defects.
     6.       If the Purchaser or his authorized representative shall not be present during the
              Acceptance, of which the Purchaser was properly notified, the Seller shall have
              the right to perform such Acceptance independently and to accept the Apartment.
              In such a case Acceptance shall be deemed as effective towards the Purchaser,
              provided that the Purchaser shall not present to the Seller, within 7 days following
              the Acceptance, the written evidence that his or his representative absence was
              excused. If the Purchaser presents to the Seller the above mentioned evidence,
              the Seller shall fix the new date for Acceptance and shall notify the Purchaser
              about that new Acceptance in writing.
     7.       The disputes between the Parties related to the meeting by the Apartment of the
              standards specified in Appendix No. 3 hereof or to occurrence or correctness of
              removal of defects, shall be settled by the supervising inspector who supervised
              the execution of the construction of the Building. This clause shall not exclude the
              Purchaser’s right to file the claim against the Seller before the court arising from
              non-performance or improper performance of the Seller’s obligations under this
              Agreement.

                                                       §6
                                     Entering into the promised agreement

     1.       Within 4 months after the day where the last of the following conditions is fulfilled:
              the final settlement of the full price for the Apartment and after the settlement of
              additional payments that may be due to the Seller from the Purchaser and (b)
              decision permission for use of the Building is issued (c) Acceptance of the
              Apartment in accordance with § 5 clause 4, 5 or 6 herein, the Parties shall (on the
              conditions specified in this Agreement) enter into the agreement (in the form of
              the notary deed) on transfer of the ownership of the Apartment together with the
              share in the common areas of the Building and in the right of perpetual usufruct of
              the Real Estate (“Promised Agreement”). Moreover in the content of the Promised
              Agreement the Parties shall include the request for separation of the Apartment
              from the land and mortgage register kept for the Real Estate and for establishing
              for the Apartment the separate land and mortgage register and the Parties shall
              establish the rules for management of the Building. Moreover in the content of the
              Promised Agreement the Parties shall establish the rules of exclusive usage,
              servitudes and limitation in the usage, in particular Buyer shall be obliged to in the
              Promised Agreement to set rules of using the Real Estate in way that every
              owners and/or users of the below apartments located at the ground floor of the
              Building may, free of charge, in exclusive manner use the following parts of the
              common Real Estate, marked in pink in Appendix no. 2a:
     -        owner and/or user of the apartment no. 55 of the common part of Real Estate of
              the area of 59,86 m2,
     -        owner and/or user of the apartment no. 56 of the common part of Real Estate of
              the area of 57,51 m2,
     -        owner and/or user of the apartment no. 102 of the common part of Real Estate of
              the area of 50,56 m2,
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     -        owner and/or user of the apartment no. 103 of the common part of Real Estate of
              the area of 69,66 m2,
     -        owner and/or user of the apartment no. 104 of the common part of Real Estate of
              the area of 175,13 m2,
     -        owner and/or user of the apartment no. 105 of the common part of Real Estate of
              the area of 63,67 m2,
     -        owner and/or user of the apartment no. 151 of the common part of Real Estate of
              the area of 65,41 m2,
     -        owner and/or user of the apartment no. 152 of the common part of Real Estate of
              the area of 58,83 m2,
     -        owner and/or user of the apartment no. 153 of the common part of Real Estate of
              the area of 40,51 m2,
     -        owner and/or user of the apartment no. 154 of the common part of Real Estate of
              the area of 43,72 m2,
     2.       Simultaneously Buyer shall be obliged to grant to the Seller in the Promised
              Agreement power of attorney to make statement on behalf of the Buyer regarding
              setting out rules of using of the Real Estate in way described in previous sentence
              in the promised agreements transferring ownership of the other apartments in the
              Building.
     3.       All the costs and fees connected with concluding the Promised Agreement and
              entries in the land and mortgage register shall be incurred by the Purchaser.

                                                           §7
                                                    The Purchase Price

     1.       1 . The net purchase price for the Apartment together with the share in the right of
              ownership of the Real Estate shall amount to PLN ( net price of the apartment +
              auxiliary room)_______ , the net price of the auxiliary room shall amount to PLN
              _________ and shall be increased by the relevant VAT rate (“Purchase Price”).
              The gross Purchase Price (i.e. the price to be paid by the Purchaser) for the
              Apartment amounts to PLN ______ ( gross price of the apartment + auxiliary
              room)_______, the gross price of the auxiliary room shall amount to PLN
              __________ (including VAT calculated for the gross Price of the Apartment
              amounts VAT on the Whole___ zlotys).
     2.       Moreover, the Parties agreed that:
              -       In case of the increase of VAT rate before the completion of the Building
                      and before the final settlement of the Purchase Price of Apartment is
                      made, the Purchase Price of Apartment will be increased by the amount
                      resulting from the increase of VAT. The gross Purchase Price of Apartment
                      shall not be however higher than the net purchase price of the Apartment
                      (as specified in the first sentence of clause 1 above) increased by VAT of
                      22%.The Purchaser hereby agrees for the increase of the Purchase Price
                      of Apartment by the amount resulting from the increase of VAT rate to the
                      amount specified in the previous sentence and shall be obliged to pay
                      such amount within the time limit specified by the Seller.




Ober-Haus Real Estate Company                                                         page 22 of 34
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              -       In case the VAT rate is decreased before the completion of the Building
                      and before the final settlement of the Purchase Price of the Apartment is
                      made, the gross Purchase Price of the Apartment will be respectively
                      decreased in such a way that the net Purchase Price of the Apartment will
                      be increased by VAT rate in the amount binding on the date of issuance of
                      the invoice.
     3.       In case where by virtue of the binding law provisions coming into effect after the
              date of signing this Agreement, the tax different than VAT in the amount up to
              22% will be imposed, the Seller shall have the right to increase the Purchase
              Price by the amount resulting from the increase of such tax. In such a case the
              Purchaser, within 14 days following the date of entering such law provisions into
              effect, shall have the right to terminate this Agreement in writing.

                                                          §8
                                                    Terms of payment

     1.       The Purchaser shall be obliged to pay the Purchase Price for the Apartment,
              which is specified in § 7 hereof, in accordance with the schedule constituting the
              Appendix No. 4 hereto.
     2.       The payments of the Purchase Price for the Apartment shall be made to the bank
              account of the Seller in the FORTIS BANK S.A. 35 16001068 0003 0103 1023
              0001 or other bank account indicated in writing by the Seller. The day of crediting
              of the bank account of the Seller has been agreed by the Parties as the day of
              payment.
     3.       The payments shall be calculated with the following priority: due interest
              calculated for the overdue amounts, due VAT, payment of the installment of
              Purchase Price for the Apartment.
     4.       The Seller shall have right to calculate the statutory interest on the delayed
              payments.

                                                         §9
                                            The Liability for the defects

     1.       The Seller shall be liable towards the Purchaser for defects in the Apartment
              under the warranty in accordance with the general rules, however period for the
              said liability starts running from the date of the Acceptance of the Apartment.
     2.       The Purchaser shall be obliged to notify the Seller in writing of occurrence of any
              defects or faults.
     3.       The Seller shall not be liable for the defects in the Apartment in the following
              cases:
              a. Occurrence of any defects in any part of the Apartment which have not been
                  covered by this Agreement or have not been performed or delivered by the
                  Seller;
              b. occurrence of the defects is the result of introducing by the Purchaser, on his
                  own, alterations or technical changes in the Apartment;
              c. Occurrence of the damage caused by the force majeure;
              d. Where occurrence of the defects is the result of action or omission of the
                  Purchaser, persons acting on his behalf and for his benefit, for which the
                  Seller shall not be responsible.



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                                               § 10
               Costs of maintaining and the management of the Common Real Estate

     1.       From the date of acceptance of the Apartment, the Purchaser shall be obliged to
              incur the costs specified in Articles 13 and 14 of the Ownership of Apartments
              Act, which are borne in connection with the usage and maintenance of the
              Apartment and the Common Real Estate.
     2.       The Purchaser hereby orders and the Seller obliges himself to deliver for the
              period of maximum 12 months from the date of signing of the first notary deed in
              which the separate ownership of any apartment in the Building was established
              the following services: regular administering of the Common Real Estate
              (“Management Services”). The Management Services shall be rendered by the
              independent company indicated by the Seller. The purchasers of the apartments
              in the Building may indicate the new manager of the Common Real Estate.
     3.       The Management Services shall be rendered on the terms and conditions
              specified in the Promised Agreement.

                                                       § 11
                                                    Assignment

     1.       The Purchaser shall have the right, upon prior written consent of the Seller (such
              consent shall not be unreasonably withheld), to assign his rights and obligations
              arising from this Agreement.
     2.       After assignment of the rights and obligations arising from this Agreement the
              payments made by the Purchaser shall be calculated towards the payments due
              from the Assignee.
     3.       The Purchaser hereby assures and states that he will not claim the Seller for
              return of any amounts that have been calculated towards the payments due from
              the Assignee in connection with the assignment of rights and obligations of the
              Purchaser arising from the Agreement.

                                                  § 12
                         Contractual penalties and termination of the Agreement

     1.       The Seller shall be entitled to terminate this Agreement with immediate effects
              under the unilateral statement of will if:
              a. The Purchaser delays with payment of any installments of the Purchase Price
                  for the Apartment for 30 days and he does not pay the delayed payment
                  within 14 days from receiving the call for payment;
              b. The Purchaser did not sign the notary deed mentioned in § 6 hereof, on the
                  date fixed by the Seller and despite the Seller fixed another date for at least
                  fourteenth day from receiving of the notification by the Purchaser, the
                  Purchaser did not sign again the notary deed.
     2.       The Purchaser shall be entitled to terminate this Agreement with immediate
              effects under the unilateral statement of will if:
              a. The Seller, due to the reasons on the part of himself, did not fix the date for
                  Acceptance of the Apartment within 90 days following the Completion of the
                  Construction Date;
              b. The Seller, due to the reasons on the part of himself, did not fix the date for
                  signing of the notary deed or did not sign the notary deed mentioned in § 6 of
                  this Agreement within the time limit specified in this Agreement.

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     3.       Termination of this Agreement in accordance with the provisions of this paragraph
              shall take place by the termination notice made in writing to the other Party.
     4.       If this Agreement is terminated due to the reasons on the part of the Purchaser,
              the Seller shall be entitled to demand the contractual penalty in the amount of 10
              % (ten percent) of the Purchase Price, moreover Purchaser shall have no right to
              demand return of the expenses made in the Apartment. In such a case the Seller
              shall return to the Purchaser the amount paid by the Purchaser as the purchase
              price of the Apartment, decreased by the Amount of the contractual penalty,
              however not later than within 30 days following the date of termination of this
              Agreement.
     5.       In case of termination of this Agreement due to the reasons on the part of the
              Seller, the Purchaser shall be entitled to demand the statutory interest calculated
              from the amounts paid to the bank account of the Seller under this Agreement. In
              such a case the Seller shall return to the Purchaser the paid amount, increased by
              the statutory interest calculated for the period from the date of the payment made
              until the date of its return, however not more than 10 % (ten percent) of the
              Purchase Price of the Apartment. The return of the amount mentioned in the
              preceding sentence shall be made not later than within 30 days following the date
              of termination of this Agreement.
     6.       If the Seller did not fix the date for the Acceptance in accordance with the
              provisions of § 5 hereof due to the reasons on the part of the Seller, the
              Purchaser shall be entitled to demand the contractual penalty in the amount of
              0,05% of the Purchase Price of the Apartment as specified in § 7 for each full day
              of qualified delay, provided however that the total amount of the contractual
              penalty shall not exceed 2.5% (two and a half percent) of the Purchase Price
              specified in § 7.

                                                          § 13
                                                    Final Provisions

     1.       Seller is entitled to establish mortgage on the Real Estate for the benefit of the
              bank to secure the credit for building the Building. Simultaneously, Seller
              represents that it obliges itself to receive from bank for the benefit of which the
              mortgage is to be established, permission to not encumber newly created real
              estate - Apartment, with the mortgage of the Real Estate. Seller shall be obliged
              to transfer ownership of the Apartment free from mortgage encumbrances for the
              benefit of the bank.
     2.       The Purchaser shall be entitled upon prior consent of the Seller to change
              arrangement of the Apartment at his own expense under the condition that the
              changes are in compliance with the construction rules and do not cause the
              changes in the elevation of the Building or layout of other rooms or do not extend
              the scope of the construction works to be performed by the Seller. Whenever the
              changes to be introduced by the Purchaser might cause the changes in the
              elevation of the Building, introducing of such changes will be possible after
              obtaining prior written consent of the Seller and the owners of the remaining
              apartments in the Building.
     3.       The Parties hereby agree that all the notices connected with execution of this
              Agreement shall be made in writing in the way of delivery to the other Party upon
              the receipt or by sending the mail upon the confirmation of receipt to the address
              specified below. The notice shall be deemed delivered on the day on which the
              delivery was confirmed by the receiving Party or on the fourteenth day from the

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              day on which the letter was mailed if the notice was sent by mail upon
              confirmation of receipt.
              Correspondence addresses:
              Seller:
              Ronson Development Investment Sp. z o.o.
              02-119 Warszawa, ul. Pruszkowska 29

              Purchaser:
              Mr/ Mrs _____________.
     4.       The Parties in the way of amicable negotiations shall settle the disputes arising in
              connection with this Agreement. If the Parties do not reach the agreement, the
              competent court shall settle the dispute.
     5.       The Parties hereby agree that this Agreement constitutes the only agreement as
              for the issues covered by it.
     6.       Any amendments to this Agreement shall be made in writing under the pain of
              invalidity.
     7.       In the matters not regulated in this Agreement the provisions of the Civil Code and
              of the Ownership of Apartments Act shall apply.
     8.       The Appendices No. l, 1a, 2, 2a,2b, 3, 4 hereof constitute an integral part of this
              Agreement.
     9.       This Agreement has been executed in two identical counterparts. Each Party shall
              receive one copy of the Agreement.


                The Purchaser                                  The Seller




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Appendix: Mortgage application document checklist

Home Mortgage Application Form
__________________________________________________________________________
Place                                                     Date (dd/mm/yy)


__________________________________________________________________________
Branch name (filled in by the Bank)                       Branch number (filled in by the Bank)


Notes:
1.     Please fill in the application in BLOCK LETTERS and put ‘X’ in the appropriate boxes.
2.     If the application contains questions which do not concern You, please write ‘NOT
APPLICABLE’
3.     * - cross out if necessary

Information about home mortgage

Home mortgage / construction-mortgage:

_ PURCHASE OF A FLAT / SINGLE FAMILY HOUSE ON THE PRIMARY MARKET*

_ PURCHASE OF A FLAT / SINGLE FAMILY HOUSE ON THE SECONDARY MARKET*

_ PURCHASE OF A CONSTRUCTION PLOT / RECREATIONAL GROUNDS*

_ FINANCE CONSTRUCTION OF A HOUSE WITH OWN RESOURCES

_ FINANCE EXPENDITURE ON THE EXISTING PROPERTY

_ EQUITY RELEASE

_OTHER

__________________________________________________________________________
Loan amount and currency: AMOUNT        CURRENCY    SAY:
__________________________________________________________________________
Disbursement method:            ONE-OFF             IN DRAWDOWNS


Dates and amounts of draw downs:

                              date of         amount of                                date of     amount of
        number                                                    no.
                           disbursement       drawdown                              disbursement   drawdown




__________________________________________________________________________

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Disbursement account: (bank, account number)


Loan purpose:
________________________________________________

Value of the property (based on appraisal - if required):
________________________________________________PLN


Purchase price of the property (according to preliminary contract, notarial deed or other relevant contract):
____________PLN

Investment expenditure (according to cost estimate):
_________________PLN on

_ REFURBISHMENT

_ ADAPTATION FOR RESIDENTIAL PURPOSES

_ CONSTRUCTION OF AN ADDITIONAL FLOOR / RECONSTRUCTION / DEVELOPMENT

_ CONSTRUCTION OF A HOUSE WITH OWN RESOURCES

Amount of the Customer’s own funds: ______________________PLN
__________________________________________________________________________
Number of monthly loan installments
__________________________________________________________________________
Interest      FIXED FOR 2 YEARS    FIXED FOR 5 YEARS VARIABLE
__________________________________________________________________________
Principal and interest installments: FULLY AMORTISING REPAYMENTS DECREASING REPAYMENTS

Bridging security (proposed collateral securing loan repayments until the time of perfecting
a mortgage charge over the property, once the mortgage is in place, the bridging security is
released):

_ LOAN REPAYMENT INSURANCE POLICY

_ CIVIL GUARANTEE / B/E GUARANTEE

_ BLANK PROMISSORY NOTE

_ PLEDGE ON _______________________________________

_ TRANSFER OF OWNERSHIP TITLE TO ___________________________________

_ ASSIGNMENT OF RIGHTS TO TERM DEPOSIT

_ OTHER, PLEASE SPECIFY THEM _______________________________________

Repayments effected by debiting personal account no. __________________________

Ober-Haus Real Estate Company                                                                                   page 28 of 34
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Key information

                                                         Applicant                          Spouse/Co-applicant
                                          Ms. Mr.                               Ms.   Mr.
Name / names
Surname
Date of birth
Place of birth
Type of identity document                 ID            Passport                ID            Passport
Serial number
Issued by
Social security number
Nationality
Father’s name
Contact telephone number with area
code
Permanent address
Street/district/village, number
Place
Zip code / post office


Domiciled at the address
from ________ to ________                           from ________ to ________

Information on family – assets and liabilities status

                                          Applicant                             Spouse / Co-applicant
                                          single _                              single _
Martial status                            married _                             married _
                                          trial separation _                    trial separation _
                                          yes _                                 yes _
Joint ownership of assets
                                          no_                                   no_
Number of persons in a household          number of dependants _                number of dependants _
                                          detached house _                      detached house _
                                          semi-detached _                       semi-detached _
Occupied residential premises             house/terraced house _                house/terraced house _
                                          flat _                                flat _
                                          other _                               other _
                                          lessee_                               lessee_
                                          (cooperative, municipal, company) _   (cooperative, municipal, company) _
                                          sub-lessee (from private persons)_    sub-lessee (from private persons)_
Living premises ownership status
                                          with family _                         with family _
                                          owner_                                owner_
                                          other_                                other_
                                          yes _                                 yes _
Mortgage on the own premises              no _                                  no _
                                          mortgage charge _                     mortgage charge _
                                          yes _                                 yes _
Life insurance policies                   no _                                  no _
                                          number of insurance policies _        number of insurance policies _
Name of the insurance company
Total of insurance covers


Information on the employment status

                                          primary_                              primary_
                                          vocational_                           vocational_
                                          secondary_                            secondary_
Education
                                          licentiate_                           licentiate_
                                          higher_                               higher_
                                          other _                               other _
Ober-Haus Real Estate Company                                                                             page 29 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Current job
                                           freelancer _                              freelancer _
Type of employment                         blue collar worker _                      blue collar worker _
                                           white collar worker _                     white collar worker _
Name of employer/own business*
Employed with the current employer/in      years _                                   years _
own business* for                          months _                                  months _
                                           clear _                                   clear _
Military service record                    subject to service _                      subject to service _
                                           n/a _                                     n/a _
                                           budget and state/local administration _   budget and state/local administration _
                                           budget sponsored institutions _           budget sponsored institutions _
                                           state owned enterprises _                 state owned enterprises _
                                           self-employed _                           self-employed _
Employed in                                partner in civil partnership _            partner in civil partnership _
                                           joint stock company _                     joint stock company _
                                           limited liability company _               limited liability company _
                                           co-operative _                            co-operative _
                                           farmer _                                  farmer _


Information on financial standing

Net monthly income                         ______ PLN/EUR                            ______ PLN/EUR
Additional net monthly income              ______ PLN/EUR                            ______ PLN/EUR
                                           regular _                                 regular _
                                           other than regular _                      other than regular _
                                           what source _                             what source _
                                           rental _                                  rental _
Type of charges (exclusive of loan         lease _                                   lease _
installments listed in point VII)          alimonies _                               alimonies _
                                           other (specify) _                         other (specify) _
Total monthly charges                      ______ PLN                                ______ PLN


Bank accounts and cards held

Personal accounts held with
                                           yes _ amount _______                      yes _ amount _______
Personal account with overdraft
                                           no _                                      no _
Personal account number

Balance as at the day of filling in the
application (not applicable to customers   ______ PLN                                ______ PLN
having a personal account with BZWBK)

Term deposits held

Credit cards held

Number of credit cards held

Total credit limit in credit cards held

Balance as at the day of filling in the
application


Credit facilities raised and guarantees granted (please list ALL facilities)

I avail of a credit facility                                YES _ NO _                            YES _ NO _

Please list facilities raised by Applicant and Co-applicants


Ober-Haus Real Estate Company                                                                                  page 30 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




                                                                                                         Borrower
       Name of          Monthly loan                             Outstanding       Expiry of credit
                                            Type of facility                                           Applicant / Co-
     Bank/Lender         instalment                               balance               term
                                                                                                         applicant




I am a debtor in debt recovery proceedings YES _ NO _                YES _ NO _
                       recovered debt amount ____ recovered debt amount ____


I am a guarantor                                          YES _ NO _                          YES _ NO _

Please list guarantees granted by Applicant and Co-applicants

     Name of
                           Monthly           Outstanding
  Bank/Lender                                                                        Guarantor            Does the
                       instalment of a       balance of a       Expiry of credit
  sanctioning a                                                                    Applicant / Co-     Guarantor clear
                      facility under the   facility under the        term
facility under the                                                                   applicant*          the debt ?
                          guarantee            guarantee
    guarantee
                                                                                                      yes _ no _
                                                                                                      yes _ no _
                                                                                                      yes _ no _
                                                                                                      yes _ no _
                                                                                                      yes _ no _



Signature of the Applicant                                         Signature of the Spouse / Co-applicant*


List of attachments


APPLICATION NUMBER (FILLED IN BY THE BANK)

Put X in the appropriate boxes

1.        For Personal Application the following documents are required:

      1.1. Statement of stable and regular monthly net income over the last 2 years
      1.2. Statement of permanent / temporary job contract indicating the average net monthly
           income over the last 6 months
      1.3. Marriage settlement (effected by way of a notarial deed) or a court statement waiving
           the statutory joint ownership
      1.4. Personal net worth statement

In the case of self-employed and sole trader the bank also requires the following:

          1.5.a. Revenue Office Statement confirming income over the last 12 months
          1.5.b. Revenue Office Statement confirming that all tax liabilities are up to date


Ober-Haus Real Estate Company                                                                             page 31 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




         1.5.c. Statement confirming registration in the Company Names Register (also
         relevant
                permits and licenses)
         1.5.d. Social Insurance Office Statement confirming that all the borrower’s and his
                employees social insurance contributions are up to date.
         1.5.e. Revenue Office decision about granting a Tax Record Sheet (whereby taxable
                revenue is reported)
         1.5.f. Company’s entry to the Commercial Register
         1.5.g. Current Deed of Association
         1.5.h. Company’s track record in term of financial performance for the last year
         (balance
                sheets, P&L account, the latest F-01 report)
         1.5.i. Opinions of banks providing credit facilities to the business
         1.5.j. Resolution of the General Shareholder’s Meeting on distribution of profits and
                documents confirming that dividend has been paid to the Borrower
         1.5.k. REGON number (business registration number)
     1.6. The last three statements confirming receipt of pension or disability benefit.
     1.7. Decision on granting pension or disability benefit.




Ober-Haus Real Estate Company                                                      page 32 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Simple and Easy
It has never been easier to take advantage of growing real estate values in the emerging
countries of the new EU. Ober-Haus has been working 12 years in Central and Eastern
Europe, and is the only property company in the region that can offer all buy-to-let services,
from acquisition through financing, letting, and management, all under one roof.

For more information, please contact:

David Rice
Regional Buy-to-Let Manager
Ober-Haus Real Estate Company
Krolewska 14,
Warsaw
00-065 Poland

Ph.: +48 22 829 12 12
Fax: + 48 22 829 12 22
Mobile: +48 502 10 50 30

e-mail: david.rice@ober-haus.com




Ober-Haus Real Estate Company                                                      page 33 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds
 Ober-Haus Real Estate Company
 www.ober-haus.com




Disclaimer
As with all investments, you should carry out your own due diligence on this investment.

Ober-Haus has compiled this report based on information provided to it by the developer. OH
cannot guarantee the accuracy of this report, nor should it be relied on as the sole source of
information in making an investment decision.

Warning: property values can fall as well as rise. This document and other documents
provided are for informational purposes only.

The information should not be interpreted to be a commitment on the part of Ober-Haus, nor
can Ober-Haus guarantee the accuracy of any of the information presented.

Information presented in this report is provided “as is” without warranty of any kind. The user
assumes the entire risk as to the accuracy and the use of this report.

All prices in Poland are set in Polish zloty (PLN). When prices are quoted in this document in
euro (EUR), they are quoted assuming an exchange rate of 3.8 PLN to 1 EUR. Exchange
rates may vary. This document is for guidance, and does not constitute an offer. All market
information in this document are given in good faith and are believed to be correct, however,
neither Ober-Haus nor the developer should be held liable for inaccuracies. All purchasers
should satisfy themselves as to the accuracy of these details before making a purchase.




Ober-Haus Real Estate Company                                                       page 34 of 34
Królewska 14, Warsaw, Poland, +48 22 829-1212
Please read the disclaimer before investing funds

								
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