Dear All

A statement from the developer should be sent out to all purchasers shortly concerning the delays in this development. This information will be sent out by the deal lawyers.

There are clauses in the contract that allow the developer to extend the term of completion, but also other clauses that protect the client. The deal lawyers will also be explaining to clients all options open to them.

Kindest regards
Debbie

Deborah

Letter received yesterday from the developer via the PS deal lawyer.

It didnt really tell us anything we dont know nor was there any accompanying advice from the lawyer on options available to buyers. In particular I want to know whether I have the right to withdraw and if so what procedure I should follow if I wish to excercise this option. Would you please ask them again for this.

One thing we do need from the developer (via PS or lawyer) is clear information on the rental guarantee. What I received on exchange was an agreement to lease from CPP's parent company. It offered to lease at a certain % yield but contained little other detail. We now need to see a draft lease plus proposals for the lease starting date and payment details so buyers can plan cashflow. Given that the development should have been handed over by now then surely the lease is ready to go.

Please advise. Thanks

Nick

Dear Nick

I had a discussion with the deal lawyer yesterday, they have approached the developer regarding the rental guarantee and are awaiting a response. Once they have a response they will be in a position to further discuss this with clients.

As for advice on withdrawal, please contact the deal lawyer who will go through these options with you.

Kindest regards
Debbie

Has anyone been to Central Park recently or had a look at the site from the webcams?

Have you seen any sign of any builders?

I have checked the webcams regularly and there appears to be an absence of anyone on site despite assurances from the developer that work resumed on 24th November.

Nick

do you have the URL to the webcam ?, .. iv never been able to view it, except for a BB where photo's have been posted.

Also the deal lawyers have sent a .pdf document from the Developers stating that Building B (my unit) will be complete by the end of Aug.2009.
I have posed the question about the developer being in breach of contract from April 2009 therefore whether i was correct in assuming that i have a decision to make regarding keeping the unit or not.
Im waiting for a reply to this as i sent the Email on the 2/12.

i cant stress this enough but the rental guarantee is parmount if im to keep this unit as im sure it is for yourself / other PS investors.

My unit, im told faces the park(s), which is a relief but TBH im considering going over and for a visual / orientation confirmation.

IMalik

The deal lawyer wrote to me on 3 Dec and said "The FPC gives you option to withdraw from the contract if the completion is delayed for more than six months of the deadline. The deadline was on October 31st 08. Therefore May 1st 09 is the day when you can withdraw. In case of such withdrawal, the developer is obliged to return the deposit you paid and pay you the contractual penalty in amount of 25,000 CZK per each month of delay. The maximal amount of the penalty is the amount of the deposit." This applies only to those who bought the PS sourced deal, of course.

Links to the cameras are http://85.207.18.18/home/homeJ.html (Zizkov Tower) or http://80.188.197.42/home/homeJ.html (O2 Tower). There is also a link on the CPP website http: / /www .centralparkpraha .cz /< /em>

I agree that the Rental Guarantee is paramount. See Deborah Le Goff's post of 2 Dec. It seems detail has been requested but I am disappointed that it has not been forthcoming. After we should have completed by now so surely the rental details (including draft lease) are available.

Nick