Descripton

A parcel of land at Elijos Str., Palanga will be mortgaged to protect the interests of investors. Houses planned to be built on the parcels of land will also be mortgaged to investors.

Assets (parcels of land) pledged to investors during this and previous funding stages will also be used to secure the obligations of the project owner in the next (additional) stages of financing, provided that the project owner raises the value of the pledged property to a maximum LTV of 60%. Investors of all stages will be pledged with a primary mortgage.

When investing into this project, during the second and subsequent funding stages, the invested funds will be repaid to investors only after settlement with the investors who have invested in the previous funding stages. This condition does not affect the seniority of the investor’s right to the collateral, the overall ratio of the collateral to the amount of the investment. This provision will also not apply in the event of termination of the loan agreement.