Costa Rica Condos Unit Rental Program Terms of Agreement

Oracle Development Group, whose sole purpose is to manage the rental of Condo Units unit(s).

Unit Owner who chooses to place his/her condo unit into the Rental Program as a Rental Unit.

Rental of Unit / Owner Occupancy.

Once a rental unit is enrolled in Oracle Development Group’s rental program, the unit owner’s occupancy period will be limited to 30 days per year.

Provided unit owners give Oracle Development Group advance notice, they are free to select occupancy periods with NO date restrictions and are also free to spread occupancy dates throughout the year up to a maximum of 30 total days.

In such a case, where the unit owner desires to occupy their rental unit for more than 30 total days per year; unit owner will be responsible for water, electricity, cable and maintenance for a period of no less than one month, regardless of occupancy time.

In cases where the unit will be occupied for extended periods of time, the one-month rule renews after each 31-day period or the first day following the end of each calendar month.

E.G.:

Unit owner arrives June 1 and stays for 37 days (instead of 30), leaving on July 7th (instead of June 30th).

Unit owner must cover maintenance and utility bills for both June and July as the owner occupancy period extended into a second 31-day period.

For the remaining 335 days of the year when the unit owner is not occupying the rental unit, it shall remain in the rental program queue.

All rental units will share equal consideration in the rental program queue with Oracle Development Group attempting to evenly spread occupancy amongst the rental units of each unit type.

Unit owner may choose to leave the rental program at any time and for any reason, without incurring fees or penalties.

Upon rental program cancellation, unit owner will no longer be subject to share rental income with Oracle Development Group; but will then be fully responsible once again for paying unit utilities, maintenance and other fees associated with their unit.

To cancel enrollment in the rental program, the unit owner must submit a notice of cancellation to Oracle Development Group; 30 days prior to cancellation during low-season (March through November), and 60 days prior to cancellation during high season (December through February).

If enrollment in the rental program was mandatory, due to the selection of advantageous developer financing options, the unit owner may still at any time, and for ANY reason, remove their rental unit from the rental program, provided cancellation notice was submitted.

If a principle mortgage balance remains on a financed rental unit upon cancellation, unit owner must choose one of the following options:

• Pay the remaining principle mortgage balance in full without penalty.
• Re-finance the remaining principle mortgage balance at 8% interest.

Should members of the rental pool sell their rental unit during an operational month; the rental unit profit for the month of sale will be pro-rated to the seller and buyer based on the closing date of the sale.

NOTES:
Unit owner is always fully responsible for unit property taxes of $175 annually, regardless of whether their unit is enrolled in rental program or not.

While wireless internet is free for rental unit guests, unit owners must pay an additional charge for internet access during their occupancy period.

Unit management services ensure rental unit guests a front-desk check-in, 24-hour security and an exemplary clean rental unit, grounds and pool area.

When rental units are enrolled in the rental program, unit owners will incur NO expenses other than property taxes, which amount to less than $175 annually.

Oracle Development Group agrees to absorb the full cost of all monthly rental unit expenses including unit utilities, cleaning, maintenance and security within the unit management fee.

If a rental unit is in need of minor repair, Oracle Development Group also agrees to carry out minor repairs at no extra cost to the unit owner.

Once a rental unit is enrolled in the rental program, unit owners will receive 50% of all gross-rent income and will pay nothing out of their own pocket other than property taxes.

As proven in Phase I of Agua de Lechuga, rental program units are rarely unoccupied.

Over the last six months, rental units in Oracle Development Group’s Rental Program have maintained a 90% program occupancy and provided unit owners with a rock-steady income stream.

In order to ensure the integrity of the rental program, Oracle Development Group encourages unit owners to utilize their developer furnishing package.

Unit owners who choose to furnish their rental units themselves, must have their rental unit approved by Oracle Development Group prior to acceptance into the rental program.

This rental program safeguard ensures rental unit guests that all unit owner rental units have equal or better quality furnishings to rental units offered by Oracle Development Group.

In the event of a rental unit requiring modification for rental purposes, the owner will be responsible for covering all expenses incurred.

While our rental program occupancy income stream may seem too good to be true; we will happily provide you with a list of contactable, condo owners, who would be more than delighted to share their Oracle Experience with you!