ARTICLE ONE: NAME. The name of the condominium is “CASCADAS DEL MAR RAINFOREST RESIDENTIAL VERTICAL CONDOMINIUM”, in Spanish: “Condominio Vertical Residencial Cascadas del Mar Bosque Lluvioso.”

ARTICLE TWO: SCOPE OF APPLICATION. These Regulations regulate the relationships between condominium owners, as well as their relationships with condominium bodies and third parties. They shall be binding upon all condominium owners, holders of real rights, residents, guests, visitors or invitees, and, in general, to any occupant of the units under the norms of the HORIZONTAL PROPERTY LAW up to date and the restrictions specified in the constitutive contract of this Condominium.

ARTICLE THREE: DEFINITIONS. For application and interpretation of these Regulations, the terms indicated below shall have the following meanings: MANAGEMENT: The Manager of the Cascadas del Mar Rainforest Residential Vertical Condominium. MANAGER: The Manager of the Cascadas del Mar Rainforest Residential Vertical Condominium. CALENDAR YEAR: The year from the first day of January to the thirty-first day of December. COMMON AREAS: Those assets, belongings, sites or facilities for services, which cannot be transferred or divided, owned by all condominium owners, necessary for the existence, safety, health, conservation, access, recreation, hygiene and ornate of the Cascadas del Mar Rainforest Residential Vertical Condominium. PERCENTAGE OWNERSHIP INTEREST: Proportion of each of the units with respect to the total area of the condominium. CONDOMINIUM: Cascadas del Mar Rainforest Residential Vertical Condominium. MAINTENANCE FEE: The amount to be periodically paid by each condominium owner to the Management, in order to cover a proportional portion of common expenses, expenses for repair of common areas for good operation of the Condominium and the Condominium Maintenance Fee. The Maintenance Fee can be changed on a yearly basis and shall be approved at the Condominium Owners’ Meeting at which the budget of management and maintenance expenses has been defined and approved. The Maintenance Fee can include the payment for the Reserve Fund. RESERVE FUND FEE: Amount to be paid on a yearly basis, and in advance, to the Management, for the Condominium Reserve Fund. This amount shall be collected by the Manager together with the Maintenance Fee. EXTRAORDINARY DAMAGES: Those damages caused in common zones that are not the result of the normal use thereof. COMMON EXPENSES: Those required for the management and maintenance of the Condominium. DOLLAR: Legal tender of the United States of America. LAW: Condominium Ownership Regulatory Law, as amended. OWNER OR CONDOMINIUM OWNER: Owner of a unit in the Cascadas del Mar Rainforest Residential Vertical Condominium. REGULATIONS: Condominium and Management Regulations of the Cascadas del Mar Rainforest Residential Vertical Condominium.

ARTICLE FOUR: CONDOMINIUM REGULATIONS. For purposes of practical application and interpretation, these Regulations are subdivided into two major sections or chapters; each also named Regulations, as follows: Condominium Regulations and Management Regulations. If any portion of these Regulations results to be invalid or illegal, it shall be considered as not agreed upon, but the legality and validity of the balance of the Regulations shall not be affected or limited by such omission.

FIRST CHAPTER: CONDOMINIUM REGULATIONS.

ARTICLE ONE: CONSTITUTION OF THE CONDOMINIUM. The Condominium is composed of private areas and common areas used as rainwater draining areas, green zones, parks, playgrounds, road accesses, pumping station, guard hut, garbage collectors and others duly identified in the Condominium plans as such. The private area, Phase One, is composed of sixty eight units that form the Condominium, which description is contained in the articles of organization of the Condominium and the plans deposited with the National Register of Certified Land Maps.

ARTICLE TWO: CONDOMINIUM OWNERS. Condominium Owners are all the owners of Condominium units. Each Condominium Owner is owner and common owner of the assets assigned to the common use. Condominium Owners can use, encumber and alienate their individual property, with the limitations and prohibitions established by the Condominium Ownership Regulatory Law, the Articles of Organization and the Regulations. If a real right of use, dwelling, or possession is created, the holder of such right shall have no right to intervene at Condominium Owners’ Meetings, and the bare Condominium Owner shall remain, as to the relationships with the Condominium, entitled to exercise all the rights and obligations of the Condominium Owner. In case of another type of sale, assignment or transfer of a unit or part thereof, the Condominium Owner shall give notice to the Manager within fifteen calendar days in order to have the appropriate entry recorded in the Condominium Owners’ Register. The Condominium Owner shall deliver to the acquiring party, which in turn shall demand from the Condominium Owner, a certificate issued by the Manager that the Condominium Owner has duly paid all his obligations towards the Condominium. Before taking possession of the Condominium, the new Condominium Owner shall be liable for payment of any debt that the former Condominium Owner may have failed to pay. In the transfer instrument, the new Condominium Owner shall state that he knows and accepts in full and without exception the Regulations, and in any case the new Condominium Owner cannot claim lack of use or lack of knowledge of these Regulations. The new Condominium Owner shall have the responsibility to accredit himself as such before the Manager as such. For all purposes, the Manager shall have as Condominium Owner of the unit the one that is registered in the Condominium Owners’ Register.

ARTICLE THREE: PERCENTAGE CO-OWNERSHIP INTERESTS. The percentage co-ownership interests established for each unit determine the right of each Condominium Owner over common property.

ARTICLE FOUR: COMMON PROPERTY. The common area is divided into free common area and built common area. The location and measurements of the various common areas are indicated in the constructive plans duly approved and deposited in the National Register of Certified Land Maps and in the description of the common areas given above.

ARTICLE FIVE: MAINTENANCE OF COMMON AREAS AND PAYMENT OF MAINTENANCE FEE. Each Condominium Owner is required to contribute to payment of Common Expenses by means of the Condominium Maintenance Fee. The Maintenance Fee shall be collected by the Manager. Failure by any Owner to pay the Maintenance Fee shall entitle the Manager to proceed in accordance with these Regulations, the Law and common legislation. The Maintenance Fee can include the payment of the Reserve Fund or any extraordinary charges. The Maintenance Fee can be modified on a yearly basis. The Manager can also collect in the Maintenance Fee any item established in the Regulations, whether to all Owners or to a single one, as appropriate. Failure by an Owner to pay the Condominium Maintenance Fee (including the Reserve Fund, services and fines) shall entitle the Manager to demand payment in writing, warning the Owner that in case of failure to pay within five business days, the Manager shall proceed to collect an additional charge of twenty percent of the amount due to cover the Maintenance Fee and other items, whether payable on a monthly basis or annually, and the Manager can take action at Court for the purpose in accordance with Articles twenty, twenty-three and following and related articles of the Law, in addition to those means foreseen by common legislation. This surcharge shall be collected whenever there is a failure to pay the Maintenance Fee and other items included. If an Owner fails to comply within the same calendar year with payment of the Maintenance Fee and other items included, the Manager can apply against such Owner the regime of fines indicated below. ARTICLE SIX: EXPENSES. One) Common Expenses: The Common Expenses include, but are not limited to: a) National or municipal taxes and rates that may be levied on the property as a common asset, as well as any mandatory charge. b) The amount of premiums for fire, lightning, natural disasters, occupational hazards, civil liability and other insurance for the common areas. c) Those incurred in the management, maintenance and cleaning of the Condominium common areas. d) Those incurred in the maintenance and operation of special services in the Condominium common areas, including but not limited to public lighting, irrigation systems, water consumption, telephone and electric power for common services. e) The cost of the innovations, improvements and repairs of ordinary damages made at the Condominium or its common property, duly authorized by the Condominium Owners’ Meeting and the Manager; as well as those ordered by the appropriate public authorities. f) Expenses incurred by the Manager in the performance of his duties. Common Expenses shall be paid by means of payments which periodicity shall be determined by the Management, at the Management offices, in dollars, legal tender of the United States of America, or in colones, at the exchange rate in force on the date of payment.

ARTICLE SEVEN: RESERVE FUND. In addition to the payment of the monthly Maintenance Fee, each Condominium Owner shall cover an additional annual amount, to be paid in advance per calendar year, for the purpose of establishing a Reserve Fund to cover any unforeseen expenses of the Management or the maintenance of the common areas. The Reserve Fund shall be paid with the first fee payable for the calendar year. This amount shall be fixed at the Condominium Owners’ Meeting, which shall establish the procedure for management of the Fund in order to make it profitable. Likewise, such Owners’ Meeting shall decide if the Reserve Fund shall have a maximum amount, and if one, the respective amount thereof. The Condominium Owners shall contribute to the Reserve Fund in the same proportion they contribute to the payment of Common Expenses. If an Owner fails to pay his contribution to the Reserve Fund, the Manager can proceed in accordance with the provisions on failure to pay the Maintenance Fee as indicated above. ARTICLE EIGHT: INSURANCE: Common buildings shall be permanently insured against fire, lightning, earthquake and any disaster, in the amount established by the Condominium Owners’ Meeting, being the Manager in charge of proceeding to insure them. The Manager can also take any other insurance necessary to provide adequate coverage and protection of the property and personnel working for the Condominium, as well as occupational hazards insurance.

ARTICLE NINE: OBLIGATIONS OF CONDOMINIUM OWNERS. a) The Condominium Owners shall have the following obligations: One) To respect and comply with the Regulations, abide by the resolutions of the Condominium Manager, pay the Maintenance Fee which can include all the items established in the Regulations, and also pay the contribution to the Reserve Fund to be included in the Maintenance Fee. Failure to pay the Maintenance Fee and all the items included in it shall entitle the Manager to take action at Court for collection of such payment, in accordance with Article Twenty of the Regulating Law of Property in Condominium or use the means foreseen by common legislation. Two) To allow access to the personnel of utility companies when requested by the Condominium Manager, for installation, check up, inspection, alteration, substitution, repair and maintenance of equipment and items to be used for or related to the provision of the services and, in general, for the purpose for which they are required by the equipment owner. Furthermore, if necessary, they shall authorize excavation within their land for the purpose. Three) The Owners shall comply with all the obligations set forth by the legal system, the Law, the Regulations and the rules issued by the Manager. In case of violation of or failure to comply with such obligations, the Manager can demand compliance with them, as well as payment of the respective amounts, deposits and fines, whether through administrative channels or taking action at Court, using the remedies foreseen in the Regulations, the Law and common legislation. b) The following is prohibited to Condominium Owners: One) To use or accept the use of the unit for purposes against the law, customs and the provisions of these Regulations. The Condominium Owner shall use the unit for residential and dwelling purposes only. Condo units used as commercial offices, for time-share purposes, hotels, lodging, bed and breakfasts, or shops, even of family nature, are prohibited. The Owner is not forbidden to rent his unit or include the same in group programs for management of the rent, provided the standards established by these Regulations are maintained. Two) To store, keep and/or deposit inside the unit or in the Condominium common areas, any explosive, flammable and/or asphyxiating materials which may cause danger or produce annoying emanations. Three) To deposit materials, merchandises, furniture and/or goods in the units and the common areas of the Condominium, which may compromise the ornate, cleanliness, esthetics and/or decoration of the Condominium that may mean damage or disturbance to or for the other users, as well as obstruct or hinder the use of such areas. Four) To place in common areas or the units any badges, signs, ads, advertising flags, canopies, shields, furniture, pots or any other object that may affect the esthetics of the Condominium or the comfort of the neighborhoods. Five) To cause, or allow to be caused, disturbances and/or noises that may affect the peace and tranquility of other condominium owners. Six) To obstruct access roads, sidewalks and parking lots, in such way as to hinder the passage, access. or stay of persons or vehicles. Seven) To thrown liquids and/or objects outside the unit. Eight) To hang in the windows clothing, rugs or the like and place clothing lines in the gardens or yards of the units or in the common areas. Nine) To dispose of garbage or waste by means other than those foreseen for the purpose. Ten) To use the common green areas to clean vehicles, furniture or any other object. Eleven) To have parties in common areas, on dates and at times where and when the Manager has indicated that it cannot be done. Twelve) To require any Condominium employee to provide personal services, without the prior authorization of the Manager. Thirteen) To fail to comply with the Law of Transit for Public Roads and Ground Ways, which shall be mandatory by analogy, as appropriate, for the Owners and any occupant of the Condominium. Fourteen) To park vehicles in spaces not allocated for such purpose. In addition, to park commercial vehicles (understood as vehicles with more than four wheels, vehicles carrying commercial equipment as well as any vehicle bearing a sign concerning a commercial activity), equipment, boats, trailers, or any type of recreational vehicle anywhere inside the Condominium. Fifteen) To call residents or guards using the horn, or make an unnecessary use thereof. Sixteen) To emit any kind of noise in the common areas that may affect or disturb the other Condominium Owners. Seventeen) To give maintenance to, deposit, seed, allow plants, seeds or the like to produce and/or cause infections or diseases in other plants or attract harmful bugs. Eighteen) To live in or keep on a temporary or permanent basis campers, tents, canopies or any other structure, with the exception of those used for special purposes only and their location shall be authorized and indicated by Manager. Upon completion of the special authorized purpose, such structures must be removed. Nineteen) To establish, implement or enter into time-share systems or programs of similar nature, under which the exclusive right of use of Condominium Owners is transferred or temporarily shared. Twenty) To shoot with firearms or use sharp cutting instruments in violation of the governing legislation. Twenty-one) To build fences or walls. Twenty-two) To construct within the Common Areas. Twenty-three) The Condominium Owner cannot use any access to or exit route from the unit other than the common areas that lead to the public road. Twenty-four) To abandon or to leave unfinished any work for a term of more than one month. Twenty-five) To disobey the guidelines established by Manager.

ARTICLE TEN: PETS. One) The authorized residents or Condominium Owners can have at home only domestic pets, such as dogs, cats and/or birds, being understood that they are not going to be bred for commercial purposes, and do not cause any disturbances or affect the safety of other Condominium Owners. Two) Any animals that may be considered wild, harmful or a threat to people in view of their behavior are not allowed under any circumstance anywhere within the Condominium. Three) Condominium Owners shall keep their pets inside their own property. They cannot be in Common Areas, unless they go out with their respective owners and in such way that they are kept under control. Four) Each authorized resident or Condominium Owner shall be responsible for and be required to clean or collect the waste that their pets or the pets of their invitees, guests or others, may leave anywhere in the Condominium. Five) Harmful pets shall be those that are noisy and may disturb or affect the peace of other authorized residents or Condominium Owners. Six) The violation of any of these provisions entitles the Condominium Management to demand the authorized resident or Condominium Owner to remove his pet from the Condominium.

ARTICLE ELEVEN: REPAIRS, CHANGES AND/OR MODIFICATIONS. a) Condominium Owner will be able to carry out works and repairs inside their living unit as deemed necessary, but all innovations or modifications will be prohibited if it affects the masterful structure, walls and electromechanical facilities or other essential elements of the construction, which can affect the atmosphere or architecture of the condominium. b) Condominium Owner has the obligation to execute in their property and by their account, with hurry that the case requires, the urgent repairs whose omission can produce damages or difficulties to the neighboring units or to the structure, stability or general security of the construction. In the case of not promptly taking care of the issue, that Owner will be held responsible for the damages caused to others and/or the structures. c) Condominium Owners will not be able to change the external form of the face walls, or decorate the walls, doors, or outer windows in any form or with colors, or different styles from those set on the construction. Condominium Owners will have to count on the approval of the Manager and the Condominium Owner’s Assembly to make any changes or modifications by means of decorative articles and/or any other nature in the visible areas to the common elements. d) Condominium Owners, in order to carry out any modification or structural improvement to their unit, must notify the Manager and obtain an approval of an architect designated by the Manager, that will watch out for the structures, faces, facilities, circulations, accesses and other parts of the construction are not affected. In general, those modifications or facilities will be attached being based on structures or removable facilities, without altering the original and configurative structure of the building.

ARTICLE TWELVE: SECURITY COMPANY. a) The Condominium Management can be in charge of security or else retain the services of one or more security companies for the purpose. b) If any Condominium Owner wants to retain the security services of another company, in addition to the one retained by Management for the security of the whole Condominium, this company shall be approved by the Manager.

ARTICLE THIRTEEN: GARDENS AND GREEN ZONES. a) The Condominium Management can retain the services of one or more companies for the design of the gardens and the maintenance of green zones, or else, can provide such service directly. b) The design and/or modification of the external gardens of the units shall be approved by the Manager, who shall take into consideration the harmony between the garden of the unit and the adjacent natural surroundings. The gardens shall try to cover or dissimulate the following works and structures: foundations, air conditioning and ventilation equipment, service areas, parking space. c) The Management shall be exclusively responsible for the maintenance of and/or changes to the gardens of common zones. Accordingly, the Condominium Owners of the units cannot modify for any reason the gardens of the common zones in front of their properties. d) The internal gardens can have plants of any type, provided their height does not interfere excessively or abusively with the panoramic view of other buildings, or invade or dirt the adjacent properties excessively or abusively. e) The Condominium Owners can plant fruit or ornamental trees inside their property, trying as much as possible that their foliage does not invade any adjacent properties. f) Condominium Owners are required to comply with standards of preservation and cleanliness of the gardens and green zones in their property equal to or higher than the standards prevailing at the Condominium. g) If the Condominium Owner fails to keep his garden in proper condition, in the judgment of the Management, he shall be given written notice of such default, being granted a term of ten business days to correct the deficiencies specified by the Management. If the Condominium Owner has failed to comply with the Management’s indication within said term of ten days, it shall proceed to provide the appropriate maintenance and charge to the Condominium Owner any expenses incurred plus twenty per cent, for which the Condominium Owner, upon acceptance of these Regulations, grants to the Management a permanent authorization of entrance to his property for these purposes. The expenses incurred shall be collected together with the next monthly Maintenance Fee of the Condominium. If the Maintenance Fee has been paid yearly in advance, the expenses shall be collected the month following that of the performance of the works. h) The cultivation of trees, plants or vegetation that are inconsistent or foreign to the weather, fauna and flora prevailing in the zone of Uvita; the delimitation of properties with cut trees or bushes; the design and cutting of trees or bushes to create figures; the filling with dirt threatening the life of the existing trees; and the use of concrete animals, statues or fountains without the approval of the Manager, are prohibited. i) The Condominium Owners can give maintenance on their own to the gardens of their units. j) The company hired by the Management or by the Condominium Owners for maintenance of green zones shall comply with the guidelines on security, cleanliness and entrance of equipment detailed below: The name of the company, the names and identity card numbers of the employees of said company, as well as the equipment that is going to be entered to the Condominium for maintenance of gardens and green zones shall be registered at the security guard hut. The machinery and the personnel of the garden maintenance companies shall enter or leave the Condominium using the appropriate service entrance. All workers participating in these works shall be uniformed and/or bear the appropriate identification at all times. Any change in the personnel shall be notified without delay to the Management. The working hours shall be reported in advance at the security guard hut. All garbage or waste resulting from these works shall be immediately removed to prevent accumulation thereof, and taken out of the Condominium. The gardens of the common zones cannot be polluted or altered. The handling of the equipment to be used for maintenance shall be as careful as possible, in such way as not to cause disturbances to the Condominium Owners. ARTICLE FOURTEEN: GARBAGE COLLECTION. a) Garbage cans shall be located at places where they are not exposed from any point to common zones or adjacent properties. b) The garbage shall always be deposited into a sanitarily appropriate container or bin. c) The garbage shall be taken out from the unit following the instructions given for the purpose by the Management. d) Once the garbage has been collected, each Condominium Owner shall be responsible to remove the garbage containers or bins without delay.

ARTICLE FIFTEEN: RESOLUTION OF DISPUTES. If a dispute arises between two residents, whether Owners or tenants, they shall subject the matter to the Management, which upon hearing the facts and claims of both parties, shall resolve the difference within five business days. The measures and provisions taken and issued by the Management shall be binding upon all Owners or tenants. The resolutions of the Condominium Owners’ Meeting are binding upon all the Owners, the tenants and the Management. In accordance with Article fifteen of the Condominium Ownership Regulatory Law, the Management or the Owners who consider their rights injured can file a claim at Court within three months following the date on which the resolution was adopted by the Condominium Owners’ Meeting, to initiate summary proceedings as established in the Code of Civil Procedure.

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SECOND CHAPTER: MANAGEMENT REGULATIONS.

ARTICLE ONE: CONDOMINIUM BODIES. The government and management bodies of the Condominium shall be: (i) The Condominium Owners’ Meeting, (ii) The Management.

ARTICLE TWO: CONDOMINIUM OWNERS’ MEETING. The Condominium Owners’ Meeting is the supreme body of the Condominium and resolves matters of common interest submitted to it. The Condominium Owners’ Meetings can be Regular or Extraordinary.

ARTICLE THREE: REGULAR AND EXTRAORDINARY CONDOMINIUM OWNERS’ MEETINGS. The Regular Condominium Owners’ Meeting shall be held on a yearly basis, within the first three months of each year. Extraordinary Condominium Owners’ Meetings shall be held when requested by the Manager or Condominium Owners representing at least thirty per cent of the percentage value of the Condominium, who shall address the Manager asking him to convene a Condominium Owners’ Meeting within twenty business days following their request. Condominium Owners’ Meetings shall be held at the Condominium or at the place specified by the Manager. ARTICLE FOUR: NOTICE TO OWNERS’ MEETINGS. The Manager is in charge of convening Condominium Owners’ Meetings. The notice to the meeting shall specify the agenda to be discussed, as well as the date, time and place of the Owners’ Meeting. Such notice shall be given by means of circular letter to be sent to the address that each Condominium Owner may have registered with the Condominium Management, at least fifteen calendar days in advance to the date of the Regular or Extraordinary Owners’ Meeting, not counting the date on which the letter was sent or the date of the Owners’ Meeting.

ARTICLE FIVE: QUORUM. Quorum to hold a Condominium Owners’ Meeting at first call shall be the votes representing not less than two thirds of the value of the Condominium. Quorum at second call shall be reached with any number of Owners. For purposes of quorum, all the attending Owners and those represented by an attorney in fact, including special representatives under proxy shall be counted. If the fixed quorum has not been reached at the time indicated in the first call to the meeting, the Owners’ Meeting shall be considered duly convened at second call to be held thirty minutes after the time for which it was convened at first call, and shall be validly held with the number of Condominium Owners attending it at that time. Any notice shall expressly indicate the possibility of this second call. Prior notice proceedings shall be waived if one hundred percent of the Condominium Owners are gathered and resolve to hold an Owners’ Meeting, expressly agreeing to waive such proceedings, and recording the fact in the respective minute. If no Condominium Owners attend a Regular Owners’ Meeting held at second call, the Manager shall record this fact in the Minute Book, transcribe the Agenda and consider the Budget of Common Expenses as duly approved. Only those who have duly paid the Condominium fees at the time can vote.

ARTICLE SIX: POWERS OF THE REGULAR OWNERS’ MEETING. The Regular Owners’ Meeting shall have the following powers: a) To hear the annual report of the Manager for the previous year, approving or rejecting it. b) To approve or reject, as the case may be, the budget of Common Expenses submitted by the Manager for the following year, as well as the payments to cover such expenses that correspond to each unit. Common Expenses shall be borne by all Condominium Owners proportionally to their percentage ownership interest. c) To authorize the repairs or improvements to be made in the common elements of the Condominium. d) To resolve the conflicts between Owners and/or tenants, and between Owners or their tenants and the Management. e) Any other matters that fall under its authority in accordance with the Condominium Ownership Regulatory Law.

ARTICLE SEVEN: FORMALITIES OF CONDOMINIUM OWNERS’ MEETINGS. There shall be an ad-hoc president and an ad-hoc secretary at Owners’ Meetings, designated by the Condominium Owners for each Owner’s Meeting. A minute of the proceedings at each Owners’ Meeting shall be kept and recorded in the Minute Book of the Condominium Owners’ Meetings kept for the purpose by the Condominium, and shall be signed by the President, the Secretary and the condominium owners who wish to do so. Condominium Owners can be represented at Owners’ Meetings by means of agents, being sufficient for the purpose to submit a proxy that meets the required legal formalities. Proxies sent by fax shall be valid provided it is sent to the Owners’ Meeting Secretary before the Owners’ Meeting is held. If there is co-ownership of any of the units, the co-owners shall designate a single representative.

ARTICLE EIGHT: VOTES. The vote of each Condominium Owner shall have a value in accordance with the value of his unit, as indicated in the Articles of Organization of the Condominium. Required Vote. a) The unanimous vote of all the Condominium Owners is required to: i) withdraw from the Condominium Property Regime; ii) sell or encumber the property in full or otherwise dispose of it; iii) to perform constructions in the common areas that are not foreseen in the Condominium plans; iv) acquire new common assets, vary the use of the existing ones, or dispose of them in any way they can be used; v) amend any of the clauses of the Articles of Organization or the Regulations; vi) any other resolution that requires total agreement of Condominium Owners, in accordance with the Condominium Ownership Regulatory Law or these Regulations. b) A majority of eighty-five per cent of the total value of the Condominium shall be required to appoint and remove the Manager. c) A majority vote of two thirds of the total value of the Condominium shall be required to adopt the resolutions indicated in subsection “b” of Article twenty-seven of the Condominium Ownership Regulatory Law: i) to change the special use of an unit; ii) to build new floors or basements, excavate or authorize any Owners to perform such works; iii) to acquire new common property, change the use of the existing ones or dispose of them in any way they can be used; iv) to authorize the lease of common property; and v) approve the partial or total reconstruction of the Condominium. d) A vote of a simple majority of the total value of the Condominium shall be required: i) to make useful and necessary improvements; ii) to resolve any other matter included in the Agenda. The resolutions of an Owners’ Meeting shall be definitive, valid, binding and final from the time they are adopted, even for absentees or dissenters, to whom the Manager shall give written notice of all the resolutions adopted.

ARTICLE NINE: MANAGER. The Manager is appointed by the Condominium Owners’ Meeting by a vote representing eighty-five per cent of the total percentage value of the Condominium. The appointment of the Manager is for a term of five years and he shall be automatically reelected, unless eighty-five per cent of the total percentage value of the Condominium resolves not to extend his term of appointment and appoint another Manager in his place. The Manager shall be responsible of the administration of the Condominium. Individuals or legal entities, owners or renters of one or more units, can be appointed Manager. The Manager can be removed from office by a vote of eighty-five per cent of the total percentage value of the Condominium in case of unjustified failure to comply with his obligations.

ARTICLE TEN: MANAGER’S COMPENSATION. As compensation for the performance of his duties in the Management of the Condominium, the Manager shall receive an annual remuneration to be paid with the Maintenance Fee to be fixed at the Condominium Owners’ Meeting and which shall be reviewed at least on a yearly basis at the Regular Condominium Owners’ Meeting.

ARTICLE ELEVEN: MANAGER’S POWERS. One) The Manager is the legal representative of the Condominium having sufficient authority to represent it in all judicial and/or administrative matters that may arise in connection with the Condominium, in accordance with Article twenty-nine of the Condominium Ownership Regulatory Law. He can take actions administratively and at Court against the owners or occupants of the Condominium if they violate the legal system, the Law and/or the Regulations; and demand payment of the Maintenance Fee, payment to the Reserve Fund, as well as payment of the fines and other items indicated in the Regulations. Failure by an Owner to pay the Maintenance Fee and the items included in it shall entitle the Manager to demand payment thereof at Court, in accordance with Article twenty of the Law and/or using the means foreseen by common legislation. Two) The Manager shall have the authority as granted under an unlimited power of attorney without restrictions as to the amounts involved, with the powers established in Article one thousand two hundred and fifty-three of the Civil Code. However, he shall require the authorization of the Condominium Owners’ Meeting to sell, donate, alienate, transfer, lease or otherwise dispose of the real estate or the fixed assets of the Condominium, as well as to acquire loans on behalf of the Condominium.

FINAL GENERAL PROVISIONS: Any matters not foreseen in these Regulations shall be governed by the provisions of the Condominium Ownership Regulatory Law.

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