Murillo building • Mabel Ubiria Center
The real estate will be transferred to the TRUST with the mandate to execute the construction of the building. This involves the following documents:
......a. Project of building and floor plans.
......b.Work specifications.
......c.Estimated budget of construction.
......d.Construction timeline
......e.Program of capital contributions
The CONSTRUCTION TRUST will be at cost value, therefore the contributions by the TRUSTORS will be according to the real construction cost.
The works will be carried out directly by the TRUST and will be supervised and controlled by a Construction Director of the firm Alvarez y asociados ® architecture y design. The architectural firm will also be in charge of the project and of the management of the construction work itself, in all issues related to contracting the construction company and other subcontractors.
The capital inflow for construction must be totally assured, therefore there will be some clauses added to penalize those who do not pay capital contributions in a proper and timely manner. TRUSTORS who fall into arrears may be excluded and their right as a BENEFICIARY of a specific unit assigned to a third party. Although these trustors may be subject to fines, the rights over the units will be transferred to third parties at the best possible price, via a public and competitive process, and once the fines are paid by the excluded Trustor, he/ she may receive the balance in their favor.
