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The construction and interior finishing and furnishing of the Soma BreeZe Hotel Residences is expected to take approximately 30 months from first ground breaking.

The event milestones associated with the project is expected to parallel the following timetable.

Sales Period: Months 0 – 4

The Soma BreeZe apartment will be formally offered to the market during this period. Confirmation of purchase commitments will require payment of €10,000 upon signature of the reservation form for the unit, followed by a 25% down payment of the purchase price for the unit (less the € 10,000 reservation fee) upon signature of the sale contract. The down payment shall be made into an escrow account which Soma Bay Development Company (SBDC) shall open with a prime European bank exclusively for this purpose.

Ground breaking

Construction of the project and first ground breaking is planned for January 1, 2008 or earlier, conditional on having secured purchase commitments for an appropriate number of apartment units. The prime bank holding the escrow downpayments on the deposit will be committed to release the funds to SBDC (the Developer) upon satisfaction of the following conditional events:

1. Issuance of a certificate by the engineering consultants to the Project (Messrs. Engineering Consultants Group) that all architectural, structural, and electro-mechanical construction plans have been completed to allow for the timely construction of the Project.
2. Issuance of a certified statement by the Developer (Soma Bay Development Company) confirming that sufficient funds have been committed to allow for the timely construction and completion of the Project.

In the event that any one of the above conditions precedent are not satisfied by January 1, 2008, the Prime Escrow Bank will be committed to return in full to their original owners the funds received on account of apartment purchase commitments, unless all of the owners unanimously agree in writing to extend the ground-breaking deadline.

In the event that all conditions are satisfied, the outstanding funds balance in the escrow account will be released to the Developer and project ground-breaking will proceed in consequence.

The balance of the purchase price for each apartment unit is then to be made in 4 installments each equal to 12.5% of the purchase price, the first being due upon pouring of the first ceiling for the ground floor of the relevant apartment guest room block (estimated at about 8 months from ground breaking), followed by three approximately four-monthly payments each due on completion of the ceilings of the first, second and third (last) floor of the relevant apartment guest room block. The request for payment of each installment shall be accompanied by a certificate from the engineering consultant to the project certifying completion of each ceiling slab. The final payment of 25% of the purchase price of the unit shall be made at its delivery to the owner.

In summary, the payment schedule for the apartment units is as follows:

Other Purchase Conditions:

The purchase of a Soma BreeZe Apartment Unit entitles the owner to a free-hold interest in the unit and indefinite access to the Soma BreeZe's common areas (pools, reception, gym, etc). The owners will be bound to adhere to common rules established by the Manager designed to ensure the proper operation of the Hotel Residences. Each owner shall irrevocably agree to the appointment of the Manager of The Hotel Residences, as designated from time to time by the Developer, and shall irrevocably entrust the Manager with full rights to operate the Hotel Residences as the Manager sees fit, consistent with the common welfare of the Hotel Residences and of Soma Bay. The land allocated to the Project and the common facilities shall remain the property of the Developer with all apartment owners being granted use of such common facilities indefinitely subject only to the prompt payment of the monthly service charges referred to in Prices & Service Charges.

Any eventual secondary sale of an apartment unit by its original owner shall necessarily require that the secondary purchaser adheres to the principles of common management of the Soma BreeZe Hotel Residences as outlined above. Accordingly, all secondary sales of Soma BreeZe apartment units shall require that the secondary (or subsequent) purchaser explicitly acknowledges the restrictions and conditions applicable to each unit as outlined above. The Developer shall at all times have a right of first refusal in connection with any proposed secondary sale of a Soma BreeZe apartment unit.