<SEC-DOCUMENT>0000933267-14-000004.txt : 20141029
<SEC-HEADER>0000933267-14-000004.hdr.sgml : 20141029
<ACCEPTANCE-DATETIME>20140102144147
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000933267-14-000004
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IRSA INVESTMENTS & REPRESENTATIONS INC
		CENTRAL INDEX KEY:			0000933267
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a name="firmnameletterhead"><!--efplaceholder--></a>Simpson Thacher &amp; Bartlett llp</font></div>
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 288pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">January 2<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font></font>, 2014</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Securities and Exchange Commission</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100 F Street, NE</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IRSA Investments and Representations Inc., Form 20-F for Fiscal Year ended June 30, 2012</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Filed October 31, 2012, File No. 001-13542</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Ms. Monick</font>:</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On behalf of IRSA Investments and Representations Inc. (the &#8220;Company&#8221;), we are writing to respond to questions raised during our call on November 26, 2013 relating to the above-referenced annual report (the &#8220;Annual Report&#8221;) of the Company originally submitted on October 31, 2012, pursuant to the Securities Act of 1934, as amended. The responses and information described below are based upon information provided to us by the Company.</font></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, the Company wishes to clarify for the Staff certain economic terms of the agreements entered into by the Company with third-party developers. As we further described in our response to the Staff&#8217;s comment 5 in our letter dated May 20, 2013, the Company exchanges owned undeveloped land for: (i) cash, and (ii) property (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, apartment units) to be constructed on the land subject to the exchange. Legal title and possession of the undeveloped land is transferred to the developer at the same time the barter agreement is signed between the parties or when it is considered effective (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, when all conditions precedent to the entry into effect of the agreement are met). In addition, at the same time the deed of title of the land is executed, the Company receives from the developer the amount of cash stipulated in the agreement.</font></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Once the legal title and possession of the land is transferred, the Company recognizes revenue as all the criteria required by paragraph 14 of IAS 18 for the sale of goods are met at that time, as we further described in our response to the Staff&#8217;s comment 1 in the letters dated July 22, 2013 and October 18, 2013. Revenue (together with the in-kind receivable) is recognized at the fair value of the goods given up (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, the undeveloped land), adjusted by the amount of cash received as part of the transaction. The in-kind receivable is recognized as inventory and is not subsequently re-measured. For example, if the Company receives cash for an amount of US$ 5 million as part of a hypothetical transaction and we assume a fair value of the undeveloped land (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, goods given up) for an amount of US$ 25 million, the Company would recognize the following journal entry (in millions of US$):</font></font></div>

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<td valign="bottom"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Dr. Cash</font></td>
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<td valign="bottom" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td>
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<td valign="bottom"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Dr. Trading Property - Inventories (in-kind receivable)</font></td>
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<td valign="bottom" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20</font></td>
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<td valign="bottom" width="76%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Cr. Revenue</font></td>
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<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">


<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 70.8pt"></font>In addition, the Company would derecognize the net book value of the land given up against cost of sales in the statement of income.</font></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As we further described in our previous responses, the Company does not retain either managerial continuing involvement to the degree usually associated with ownership or effective control over the undeveloped land during the period the developer constructs the apartment units to be received as part of the exchange transaction. In addition, the third-party developer has no right to rescind the agreement or return the land for any reason (the land would only be reverted to the Company in the unlikely event the developer defaults on its obligations). Once construction is completed, the developer transfers to the Company the number of residential units stipulated in the agreement, thereby settling the in-kind receivable due to the Company in respect of the sale of the undeveloped land. At that time, neither the Company nor the developer transfers cash and/or any other asset. No revenue and/or gain is recognized when the developer transfers the constructed residential units.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">When the residential units are subsequently sold by the Company to third parties (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, home residents), the Company recognizes revenue in accordance with IAS 18. Revenue is measured at the fair value of the consideration received or receivable.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff&#8217;s additional request, we have also submitted translations into English of the principal operative provisions of the barter agreements that are commonly used by the Company in the context of the barter transactions.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;Please call me (212-455-3066) with any questions you may have regarding the above responses.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 216pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Very truly yours,</font></div>

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<td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">IRSA Investments and Representations Inc.</font></font></td>
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<div>January 2<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font>, 2014</div>
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<td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">/s/<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Jaime Mercado</font></font></td>
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<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;cc:&#160;Mat&#237;as I. Gaivironsky</font></td>
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    <title>tgltagreement.htm</title>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Background</font>. That "IRSA" declares to be the owner of a plot of land situated in this city, hereinafter called " the Property", with everything in it built and attached to the ground, designated as PARCEL 1 of plot THIRTY FIVE with front to the streets M&#201;NDEZ DE ANDES numbers 621, 625, 639,653 y 659 [ ... ].</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Object</font>. <font style="FONT-STYLE: italic; DISPLAY: inline">Barter</font>. [&#8230;] both parties have agreed to enter into a barter agreement for existing objects (the &#8220;Property&#8221;) and for future objects (units to be transferred) in accordance with the following terms and conditions:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FIRST</font>: The transferring party as the only owner of the property transfers full ownership to "TGLT" under barter agreement of the plot of land or property detailed in paragraph 2 of the witnesses section, whose location, dimensions, boundaries, surface and other circumstances were referred to above and incorporated herein by reference. This transfer includes all rights that "IRSA" has in the "building project" to be built on the property including registered work plans attached hereto as Exhibit I.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SECOND</font><font style="FONT-STYLE: italic; DISPLAY: inline">: Consideration by "TGLT"</font> <font style="FONT-STYLE: italic; DISPLAY: inline">2.1. Cash consideration</font>. &#8220;TGLT&#8221; agrees to pay &#8220;IRSA&#8221; a cash consideration for the amount of U.S. Dollars one hundred fifty-nine thousand three hundred seventy-five (US$ 159,375) within forty-eight (48) hours from the granting of this deed of title, which TGLT may pay in Argentine pesos at the exchange rate published by the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Banco de la Naci&#243;n Argentina</font>&#8221; at the closing rate of the day prior to the payment to &#8220;IRSA&#8221;. [&#8230;]. <font style="FONT-STYLE: italic; DISPLAY: inline">Non-cash consideration</font>. As the only non-cash consideration for the barter of &#8220;the Property&#8221;, "TGLT" commits to transfer opportunely the full ownership to "IRSA" who accepts such commitment, under the Horizontal Property Law (Law 13,512) of future real estate properties that will integrate the buildings that "TGLT" it is obligated to build on the property acquired in this agreement. The real estate properties that TGLT is obligated to transfer to IRSA will be part of the BUILDINGS designated temporarily with the letters "A", "B" and "C", and will have the percentages of such BUILDINGS detailed as follows: (i) a number to be determined of Housing Units (apartments) representing in the aggregate twenty three point ten (23.10%) of square meters of housing (apartments) of the said Buildings. "TGLT" also will guarantee to IRSA a minimum of&#160;&#160;six thousand nine hundred forty -five square meters (6,945 m2)&#160;&#160;marketable square meters of housing (department), of which 1,535 square meters (1,535 m2) will belong to the building designated by the letter "A"; two thousand four hundred eighteen square meters (2,418 m2) will belong to building designated with the letter "B"; and two thousand nine hundred ninety nine square meter (2,999 m2) will belong to the building designated with the letter " C", (ii) a number to be determined of parking spaces, representing in the aggregate twenty one point ten percent (21.10%) of the total square meters of parking spaces located in the two basement levels of the building that "TGLT" will build on the Property, with a guaranteed minimum for "IRSA" of one parking space for each Housing Units that corresponds as non-cash consideration in each of the BUILDINGS. "TGLT" has the right to build Complementary storage Units as long as it is authorized by the competent authority. In that case, "TGLT" will have the additional obligation to the obligations set forth in paragraphs (i) and (ii) to transfer to "IRSA" also in consideration for the transfer of the property, a number of supplementary storage units, to be determined, equivalent to twenty one point ten percent (21.1%) of square meters of storage spaces of buildings that "TGLT" will build in the property. It is noted that the selection criteria of Complementary Units corresponding to Functional Storage Space Housing Units (apartments) shall keep a similar proportionality to the selection criteria of one used by "IRSA". According the above mentioned, such functional units Housing (apartments), Functional Units parking spaces and Complementary storage Units will integrate all the buildings that "TGLT" commits to construct and finish, at its sole expense, cost, risk and responsibility in the Property, subject to the Conditions of Sale of the Units, specification and General Technical Specifications that attached hereto Exhibit III. The Committed Units are detailed and identified in Exhibit IV.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[ ... ] It is in any event expressly clarified and agreed that the transfer by "TGLT" to "IRSA" of Apartment Units together with the aforementioned cash consideration, will be the total consideration for this barter agreement. "IRSA" will not assume any contingency risk related with the construction or the transfer to &#8220;IRSA&#8221; of any such Apartment Units, or the deviations that the Apartment Units may have if compared to the committed Apartment Units.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">THIRD</font>:&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Valuation of the barter agreement.</font> The parties agree that the value of the property transferred by this act, is set in the amount of TWELVE MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS (US$ 12,750,000).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The above price shall be paid by the transfer of the cash consideration referred to in section 2.1. preceding and the transfer, as agreed in section 2.2, of the full ownership and control, free from all liens and encumbrances of the Apartment Units committed.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Given the reciprocity of this agreement, fact that is acknowledged and accepted by "TGLT", &#8220;TGLT&#8221; may not claim any payment of money difference for any cause including but not limited to: errors of assessment, higher costs, additional works, additional labor costs, supplies or any other current or future additional cost in the construction of the Apartment Units, even if the increase in the costs implies less benefit margin. Consequently &#8221;IRSA" assigns and transfers to "TGLT" all possession and ownership rights over said Property that had belonged to &#8220;IRSA&#8221;, agreeing to be obligated of any eviction case according to law . "TGLT" agrees and accepts possession of the Property, received on the day before the date of this agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FOURTH</font>: 4.1. "TGLT" agrees and undertakes to the following: [ ...]</font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a)&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Amendment and registration of the construction plans</font>. Submit, within eighteen (18) months from the date of the day, for registration to the competent authorities of the Government of the City of Buenos Aires, the construction plan with the alterations made because of this project. If "TGLT" intends to introduce one or several alterations to the construction plan, then TGLT shall send written notice to "IRSA&#8221; attaching the proposed amendments to the plans and documents. "IRSA" shall have a term of ten (10) working days from receipt of this letter and documentation with the amendment proposal to introduce any modification that deems necessary. The silence from "IRSA" on expiration of the period of ten (10) working days, shall be tacit acceptance of the proposed changes. [ ... ] If the parties do not reach an understanding about the amendments to the construction plan after a maximum period of thirty (30) days from the receipt by "IRSA" of the note and its documentation, as aforementioned, such conflict between "IRSA" and "TGLT" will be submitted to Mr. Rodolfo Seminar, member of Syasa Group (Seminar and Associates SA), for a final resolution.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">e) Complete Construction of the building</font>. <font style="FONT-STYLE: italic; DISPLAY: inline">Technical Documentation, construction and investment Schedule.</font> &#8220;TGLT" undertakes to build and finish the three buildings according to the following detail: BUILDING designated by the letter "A" , within thirty-six ( 36 ) months starting on the day of the date, the building designated by the letter "B", within forty-two ( 42 ) months from the day of the date, and the building designated by the letter "C" , within forty-eight ( 48 ) months from the day of the date. [...]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">h) Possession of the Apartment Units</font>. Maximum within forty (40) months from the date of this agreement, &#8220;TGLT&#8221; will finish the construction of the building designated with the Letter "A", within forty-six (46) months from the date of this agreement TGLT will finish the construction of the building designated with the Letter "B", and within fifty-two (52 ) months from the date of this agreement for the building designated by the letter "C", " IRSA " may choose to get possession of the&#160;&#160;Functional Housing Units, in the terms and conditions established hereby [ ... ].</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">4.2. Other obligations.</font>&#160;[ ...] "TGLT" shall not transfer the Property to third parties, under any title, without the prior written approval of "IRSA". This restriction is based on the obligations and commitments for &#8220;TGLT" arising from this agreement, and the <font style="FONT-STYLE: italic; DISPLAY: inline">intuitu personae</font> characteristic of this agreement that has been specially considered by "IRSA" for entering into this contract. As such, if "IRSA" eventually accepts the assignment of this agreement to third parties, "TGLT" (or , if applicable , any successor in the domain of the Property), must meet the following requirements: (i) the assignee shall prove to have solvency and good credit, as well as sufficient economic, financial, legal, commercial and technical capacity to fulfill the obligations under this contract, all to "IRSA"&#180;s satisfaction, (ii) the assignee, together with the acquisition of the Property shall assume expressly and unconditionally all the obligations, charges and commitments set out in this contract [ ... ]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">7. Default.</font>&#160;&#160;7.1. In case of default of "TGLT" of any of its obligations arising from this agreement, "IRSA" shall have the right to: (a) seek specific performance of this Agreement and request liquidated damages, (b) terminate this agreement, (c) require immediate payment of all&#160;&#160;fines&#160;&#160;as compensation [...] (d) execute the mortgage by any judicial or extrajudicial proceedings for the outstanding principal U.S. Dollars TWELVE MILLION SEVEN HUNDRED FIFTY THOUSAND (US$ 12,750,000 ) with fines, interest, etc., costs, expenses and other items that may be applicable, (e) to execute&#160;&#160;the pledge of the shares,&#160;&#160;and / or (f) take any legal action and any other&#160;&#160;legal remedies that may correspond to "IRSA" under a breach of agreement by " TGLT ".</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.2. Regarding&#160;&#160;the obligations of " TGLT " under this agreement, is expressly agreed that in the exceptional case of administrative and /or registry delays and/or delays by force majeure related to&#160;&#160;approvals and registrations relating to the acts and plans listed above, which prove to be beyond the control and diligence of "TGLT",&#160;&#160;a term extension shall be automatically awarded for an equal period to that corresponding to these possible delays that may have occurred and not be subject to the penalties provided herein. [ ... ]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.3. " TGLT " accepts and assumes, exclusively as its sole expense, cost, risk and responsibility all the obligations related to and/or arising from the approval, construction, development (including drafts, plans, calculations and other technical documentation , as well as all contracts, bids, etc. ), termination, organization and/or marketing of the Apartment Units. Consequently, it is established that "TGLT" agrees to indemnify and hold harmless &#8220;IRSA", throughout the term of statutory limitation, against any claim, demand, action, penalty, loss, damage and/or injury "IRSA" might be subject to (including the authorities and/or assignees of "IRSA") by any related circumstances referred to and /or arising from the approval, construction, development, organization and/or marketing of the Apartment Units. [ ... ]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8) <font style="DISPLAY: inline; FONT-WEIGHT: bold">Mortgage</font>. In guarantee of the full compliance of the obligations of the debtor specified in this agreement and in particular, the payment of fines, restitution, costs, expenses and other items agreed by the parties, "TGLT" grants a first degree mortgage to "IRSA&#8221;, empowering the creditor with the possibility to sale the property&#160;&#160;if the obligations of "TGLT " are not met within the time agreed,. In order to comply with the provisions of Articles 3,109 and 3,131 of the Civil Code and taking into account the nature of the obligations secured by this Mortgage, the parties agrees to estimate the amount of this mortgage in the amount of TWELVE MILLION SEVEN FIFTY THOUSAND DOLLARS (US$ 12,750,000) . [ ... ]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">12) Guarantee Insurance:</font>&#160;&#160;To ensure (i) any defects, faults and/or failures in the Apartment Units to be bartered and/or common areas of the building, and/or (ii) the obligations set out in paragraph 7.4. above, "TGLT" (as <font style="BACKGROUND-COLOR: #fafafa; DISPLAY: inline">policyholder</font>) will take a guarantee insurance simultaneously with the granting of title deeds of the Apartment Units of each of the buildings&#160;&#160;to "IRSA" (as insured and beneficiary), for the amount of U.S. Dollars three hundred thirty-three thousand (US$ 333,000 ) for each building, issued by an insurance company expressly accepted by "IRSA" [ ... ].</font></div>
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    <title>condominiosagreement.htm</title>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ARTICLE 1</font>: BARTER: APSA transfers to CONDOMINIOS in full ownership, possession and dominium, a parcel of real estate property designated as LOT TWO - g, which was determined in its actual size by the subdivision map prepared by the Mr. Norberto Frickx, properly registered in the Topographic Department of Rosario in the province of Santa Fe, on 12 September 2005, under the number 151645. The premise is located in Central Argentino Avenue (formerly known as Mayor Lamas Avenue), consisting of 72 meters of front length over to the Sur Argentino Central Avenue, 126 meters 27 centimeters in its left side, bordering with lot 2 h of the same subdivision map, the anterior side forming an angle of 87 degrees 26 minutes 6 seconds, 106 meters 84 centimeters facing in the north east side, the bordering funds form lots 2 c and 2 d of the same subdivision map, forming with the line above, an angle of 56 degrees 29 minutes 40 seconds, and 66 meters 33 centimeters at its other side to this South East, bordering lot 2 f of the same plane, the previous line forming an angle of 108 degrees 30 minutes 30 seconds and with the front line an angle of 107 degrees 33 minutes 44 seconds, which makes a total area of 7,901 meters&#160;&#160;30 square decimeters. [&#8230;]</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ARTICLE 2</font>: UNITS: As a partial consideration for the barter agreement CONDOMINIOS undertakes to transfer the full ownership in favor of APSA, who accepts such commitment under the Law No. 13,512 the following real estate units: (i) Fifteen (15) Departments, identified in Exhibit V -2G , which is added to the present as writing head, with its own covered area of &#8203;&#8203;one thousand five hundred and four square meters and forty-five decimeters m ( 1,504.45 m2) and that jointly represent (14.85 %) of the total covered square meters of housing (departments) BUILDING G that CONDOMINIOS will build on the plot 2g , and (ii) fifteen (15 ) Parking Space Units, that represents fifteen percent (15 %) of the parking space square meters that CONDOMINIOS built on the plot referred 2g. As additional consideration, CONDOMINIOS will pay, on May 15<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> 2008 to APSA, the amount of Fifteen Thousand Three Hundred U.S. Dollars (US$15.300), including value added tax, sum that will be transferred to an account designated by APSA.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As stated before, real estate units that are part of Building G will be constructed by CONDOMINIOS, at its sole expense , cost, risk and responsibility, in PLOT 2g under all, specifications detailed in Exhibit III- 2G that is added to the present document, and other documents and provisions set forth in this Agreement (and as has been said , referred to herein as the " BUILDING G") .</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The amount of square meters indicated in this Agreement may change, without any breach by CONDOMINIOS, on the understanding that these alterations may not exceed three percent (3%) of the square meters paid as consideration to APSA.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CONDOMINIOS reserve the right to build more of Real Estate Units than projected and always with prior authorization from the regulatory authority. In any case, the fifteen percent (15%) of the new square meters constructed in building G, will be paid as consideration to APSA.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[ ... ] Notwithstanding what will be said later , is expressly clarified and agreed that , since the delivery and transfer by CONDOMINIOS to APSA of the units to be exchanged will be the equivalent consideration to CONDOMINIOS by the transfer of title of plot 2g , CONDOMINIOS will only comply with the commitments assumed by the delivery and effective transfer of such units to be exchanged under the conditions and terms provided in this Agreement, but in no case can be understood that APSA assumes contingency or risk that units to be exchanged do not came to exist (in whole or in part) , or come into existence in a manner other than that provided and agreed in this Agreement and / or terms and conditions herein. [ ... ]</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ARTICLE 4</font>: ESTIMATED VALUE OF EACH CONSIDERATION: For all effects that apply, including fiscal effects, PARTIES agree that the value of each of the considerations for the purposes of this exchange will be (u$s.1.100.000 ), VAT included [ ... ].</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ARTICLE 5:</font> A) CONDOMINIOS OBLIGATIONS: [ ... ] 5.5) CONDOMINIOS commits to build and finish the building G within 27 months from the registration of this Deed, subject to the Architecture Draft, Memory description, General Technical Specifications and Completions Detail attached to this Deed as ANNEX III- 2G, the respective Registered Development Plan, Prehorizontalidad plans (&#8220;PRH&#8221;) , and the work plans and Investment Curve attached to this Deed as ANNEX IV- 2G - . Construction will be carried out by CONDOMINIOS, at its sole expense , cost, risk and responsibility [ ... ] 5.7) Within thirty three (33) months from the registration of this Deed CONDOMINIOS must meet the consideration, i.e. transfer the domain to APSA , or his or their assignees and /or successors indicated by APSA by reliable means , of all the units to be exchanged , by simultaneous delivery of possession thereof, completely finished , suitable for immediate use and in perfect condition, all in accordance with the terms and conditions set forth in ANNEX IX attached hereto. Arrears of CONDOMINIOS in fulfilling any of its obligations hereunder will be produced automatically by the expiration of the terms and will cause in favor of the Company the right to receive a daily fine of U.S. Dollars (u$s&#160;&#160;1,540) , from the date of default until enforcement. [ ... ] 5.9) With respect to the obligations of CONDOMINIOS under paragraphs 5.2, 5.3 , 5.4, 5.6 and 5.7, above, is expressly clarified and agreed that (i) in the event of administrative delays and / or registry and / or general work stoppage in construction, if proved and demonstrated to be quite beyond the control and diligence of CONDOMINIOS or (ii) in the event of delays caused by accident or force majeure and/or attributable to APSA and also proved by CONDOMINIOS, in such unique and exceptional contingencies described in (i) and (ii) the corresponding expired terms involved (as applicable) shall be automatically extended for an equal period to that corresponding to these possible delays that may have occurred.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ARTICLE 6</font>: MORTGAGE COLLATERAL FOR CONDOMINIOS OBLIGATIONS: As warranty of compliance of each and every one of the obligations, CONDOMINIOS by this Deed and notwithstanding CONDOMINIOS general obligations with all its other present and future property, CONDOMINIOS mortgages in favor of APSA, the same building&#160;&#160;that acquires through this barter (i.e. the above plot 2g) with all its buildings, accessions and existing improvements and that exists in the future, which measures, boundaries and other circumstances are incorporated by reference. This mortgage is up to the total amount of (US$ 1,100,000) [...]</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PARTIES AGREE that mortgage will be subject to the terms and conditions below: [...] L ) CONDOMINIOS agrees not to encumber, lease, rent, sell, assign , transfer, mortgage or conclude contracts constituent antichresis , servitude (except for those provided in this deed ), use, loan, room, " leasing " or other rights involving restriction or covenant on the property subject of this deed, nor allow any third party to exercise a lien on it , or perform any other act or fact or law provision that has the purpose or effect of reducing the mortgage that it is implemented , without the express consent of APSA. [...]</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ARTICLE 7:</font> GUARANTY INSURANCE. In order to guarantee compliance in time each and every one of the obligations under this deed, as well as all other obligations arising and/or a derivation of the same and/or its eventual defaults (including any eventual accessory and interests, penalties herein provided, costs, expenses and other items for possible defaults) , in addition to the abovementioned mortgage, although completely autonomous and independent of it, and to reinforce the performance of the guaranty, the company " FUNDAR BUILDINGS SA " (as taker) simultaneously with the execution of this deed in favor of CONDOMINIOS (as insured and beneficiary) who as insured and beneficiary transferred its rights to indemnification in favor of APSA, constitutes an insurance policy for procurement of private work by policy No. 000589714 (the " Surety "), for the insured amount of U.S. Dollars One Million Six Hundred Thousand (US$ 1,600,000 ) [ ... ]</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ARTICLE 8:</font> DEFAULT: I) BREACH OF CONDOMINIOS: In case of default by CONDOMINIOS of their obligations arising from this Deed, APSA shall give notice to CONDOMINIOS for compliance for the minimum period of 10 (ten) days, except in cases where automatic default would have been provided , APSA will be entitled to: (a) enforcing unfulfilled obligations, plus the payment of fines under the provisions of this Agreement , and notwithstanding the possibility to also claim for damages, (b) terminate this Agreement [ ...] (c) execute : (c.1) the mortgage by any of the judicial or extrajudicial provided in the existing legislation, by U.S. Dollars One Million One Hundred Thousand (US$ 1,100,000 ), with its accessories (fines, interest , etc), costs , expenses and other items that may be applicable, and/or (c.2) the caution policy, for U.S. Dollars One Million Six Hundred Thousand (US $ 1,600,000 ), with its accessories (fines, interest , etc), costs, expenses and other items that could be applicable, and/or (d) in general, perform any actions and other legal remedies at law may correspond to APSA for breach of CONDOMINIOS .</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ARTICLE 12</font>: 12.1 CONDOMINIOS assume, exclusively as its sole expense , cost, risk and responsibility all obligations related to and/or arising from the approval , construction, development (including drafts, projects, calculations and other technical documentation, as well as all contracts, tenders, bids, etc.) , termination, organization and/or marketing of building G. Consequently, it is established that CONDOMINIOS agrees to indemnify and hold harmless APSA, throughout the term of law and the respective actions against any claims, demands, actions, penalties, losses, damages and/or damage that might experience APSA from third parties (including the authorities and/or successors of APSA in the domain of any of the units to be exchanged and/or successors or assigns of APSA in the rights to ownership of either) by any factual and/or legal - related circumstances referred to and/or arising from - (i) the domain and/or possession of the building G and/or component units of the building (including the units to be exchanged ) and (ii) the approval, construction, development, completion, organization and/or marketing Building G and/or units within the building.</font></div>
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