PROMISE OF SALE CONTRACT Canes
PROMISE OF SALE CONTRACT Canes
Among:
On the one hand, Messrs. CANES MONTA, of United States nationality, of legal age identified with
United States passport No. 566710544, married to Mrs. MARIE MONTA, of United States
nationality, identified with United States passport No. 665094416, domiciled and residing in the
Caracol Avenue, Boca Chica Municipality, Santo Domingo Province, Dominican Republic, who
hereinafter shall be referred to as THE PROMISING VENDORS.
On the other hand, Mr. WILNER ABEL, of United States nationality, of legal age identified with
United States passport No. 665094416, domiciled and residing on Caracol Avenue, Boca Chica
municipality, Santo Domingo Province, Dominican Republic, who from now on This contract will be
called THE PROMISING BUYER.
When THE PROMISING SELLER and THE PROMISING BUYER are designated jointly in this
document, they will be called "The Parties".
P R E A M B U L E:
WHEREAS: THE PROMISING SELLERS are the owners of the property that is described later in
Article 1 of this contract (hereinafter "Promise of Sale Contract" or "the Contract").
WHEREAS: THE PROMISING BUYER has expressed its interest in acquiring an Apartment in the
aforementioned Project, under the terms and conditions established in this contract.
WHEREAS: Likewise, THE COMMITTED SELLER has expressed its interest in committing to sell,
assign and transfer in favor of THE COMMITTED BUYER, the property in question, free of charges
and encumbrances, according to the terms and conditions established by the parties to this
contract.
THE PARTIES have the capacity and legal capacity to contract and be bound by the terms of this
agreement, granting their will to sign it in the terms of this Agreement;
THEREFORE: With the understanding that this Preamble is an integral part of this contract.
ARTICLE 1: THE PROMISING SELLERS, by means of this act undertake to SELL, ASSIGN AND
TRANSFER and once the property is PAID IN FULL, with all the guarantees of law and free of
charges and encumbrances of any nature in favor of THE PROMISING BUYER, according to the
terms and conditions specified later in this contract, who accepts, the Property described below
“A portion of land with a surface area of (601 m²) within the scope of parcel 403461089039, of
cadastral district No.32, of the municipality of Boca Chica, Santo Domingo Province.
PARAGRAPH: The prominent sellers justify their property rights by virtue of the act of sale signed
between them and the company Inversiones Dominico Españolas SRL, who in turn are covered by
the certificate of title identified by license plate 4000282824, issued by the office of registration of
titles of Santo Domingo on August 19, 2015.
1.1: THE PROMISING BUYER undertakes and is obliged to sign a new final sale contract once he has
made the Final payment.
1.2: THE COMMITTED BUYER acknowledges and accepts that, if the area of THE PROPERTY is
greater than the number of square meters estimated in this Contract, THE COMMITTED SELLER
may increase the agreed price in proportion to the number of additional meters, in such case will
sign Addendum to this Contract.
1.3: THE COMMITTED BUYER acknowledges and accepts that, if the area of THE PROPERTY is
greater than the number of square meters estimated in this Contract, THE COMMITTED SELLER
may increase the agreed price in proportion to the number of additional meters, in such case will
sign Addendum to this Contract.
ARTICLE 2: ARTICLE 2. PROPERTY RIGHTS. The property identified within plot 403461089039, of
cadastral district No.32, of the municipality of Boca Chica, Santo Domingo Province, with a surface
area of six hundred and one square meters (601 m²).
ARTICLE 3: SALE PRICE OF THE PROPERTY. The price agreed and agreed between the parties has
been set at the sum of SIXTY THOUSAND DOLLARS OF THE UNITED STATES (US$60,000.00)
(hereinafter "the Sale Price of the Property”).
ARTICLE 4: FORM OF PAYMENT OF THE CONTRACT PRICE. The Parties agree that the Contract Price
and on which the Definitive Sale Contract will be made will be paid by THE PROMISING BUYER in
favor of THE PROMISING SELLERS in accordance with the following scheme:
4.1.1: It is expressly agreed between the Parties that it is of the very essence of this Contract, that
the payments stipulated therein be made in Dominican pesos (RD$) or any other legal or foreign
currency.
4.1.2: THE PROMISING BUYER acknowledges and accepts that all payments corresponding to the
Purchase Price must be made by cash payment.
THE SAME AGREE THAT BEFORE BEING ABLE TO BUILD ON THE LAND THAT IS THE OBJECT OF THIS
CONTRACT, THE ENTIRE DEBT MUST BE PAID.
ARTICLE 5: FINANCING. The Parties acknowledge and accept that THE PROMISING BUYER may
obtain the necessary funds to cover the purchase price of the property, by any means deemed
appropriate. THE COMMITTED SELLER(S) will make its best efforts reasonably cooperating with
THE COMMITTED BUYER in the preparation of any necessary or convenient documents for the full
effectiveness of the management of the aforementioned funds, providing for this purpose any
information, certificates and documents that, in general, reasonably required by THE PROMISING
BUYER. Likewise, THE PROMISING BUYER declares that the simple fact of processing the financing
process does not release him from his payment responsibilities according to the scheme
established in the previous article, if applicable.
5.1 The parties acknowledge and accept that, in the event that the aforementioned financing
materializes, the form of payment described in article 3 paragraphs a) and/or b) does not apply,
once the disbursement has been made by the issuer of the funds of the sums owed, at which time
the definitive sale contract will be formalized.
ARTICLE 6: PUTTING IN DELAY. The parties acknowledge and agree that in the event of default by
THE PROMISING BUYER of its payment obligations contained in this contract and, according to the
terms established in this contract, THE PROMISING BUYER must pay the criminal closing title a
default interest of five percent (5%) per month of the amount owed by THE PROMISING BUYER to
THE PROMISING SELLERS as a surcharge, for each month or fraction of a month of delay. However,
the parties agree and acknowledge that after the period of ninety (90) days of arrears in payments
has elapsed, THE PROMISING SELLER will not return to THE PROMISING BUYER any of the sums
paid by the latter to date, in which case It is considered that this contract will be terminated by
operation of law and without the need for judicial intervention, leaving THE PROMISING SELLER
released from any liability arising from this contract and also leaving THE PROMISING SELLER
entitled to freely sell or dispose of the property that is the subject of this contract.
ARTICLE 7: WITHDRAWAL OF PURCHASE OF THE PROPERTY. The Parties acknowledge and accept
that, in the event that THE COMMITTED BUYER desists from making the purchase of the property
object of this contract, for reasons attributed to THE COMMITTED BUYER, it must indemnify THE
COMMITTED SELLER with a sum equivalent to TWENTY FIVE PERCENT (25%) of the sums paid to
THE PROMISING VENDORS, unless otherwise agreed between the Parties.
ARTICLE 8: TAXES AND EXPENSES. That it is expressly agreed that any kind of taxes, tributes, fees
and in general all expenses of any nature originating from this act, due to its drafting, legalization,
registration or deposit, will be paid by both parties.
ARTICLE 9: TRANSFER OF PROPERTY RIGHTS. The Parties agree that in order to formalize the final
sale and transfer of the Property, it will be necessary for THE PROMISING SELLERS to have received
the sums equivalent to the Sale Price of the Property, unless otherwise agreed between the
Parties, which will be recorded in a separate document to be signed between such purposes.
ARTICLE 10: AGREEMENTS. All agreements, guarantees, statements and agreements contained in
this Agreement and its annexes will survive the signing of this Agreement and will continue to be
owned and will include and bind the heirs, executors, administrators, successors and successors in
title of THE respective PARTIES. It is understood that there are no agreements or oral or written
statements between THE PROMISING SELLERS and THE PROMISING BUYER
that affect this Agreement, and the same replaces and cancels any and all negotiations,
arrangements, statements and prior understandings that may exist between THE PARTIES.
This Agreement may only be modified or altered by written agreement between THE PARTIES and
no action or omission of any employee or agent of the parties or of any broker, if any, will alter,
change or modify any of its provisions.
ARTICLE 11: CHOICE OF ADDRESS. For the purposes of executing this Agreement, the parties make
a choice of domicile as follows:
-THE PROMISING VENDORS at the address indicated at the beginning of this Contract; Y
-THE PROMISING BUYER at the address indicated at the beginning of this Contract
11.1. Any notification that must be made, either within the Dominican Republic or abroad, in
accordance with the provisions of this Contract, whose form of notification has not been expressly
detailed in this act, will be considered duly made and notified for all its purposes. and effects when
the same is made or delivered: (i) by act of bailiff; or (ii) by courier with acknowledgment of
receipt, either by certified mail or via international courier; or (iii) by means of a copy by facsimile
during business hours to the party that was addressed, indicating that the original be sent by
certified mail. Any notification will take effect and will be opposable to the receiving party from
the date of receipt of the same.
ARTICLE 12: LEGAL FEES AND EXPENSES. All legal expenses and attorney fees arising from the
formalization of this Contract and its annexes will be borne by THE PROMISING BUYER,
understanding as such those expenses and fees exclusively related to the legalization of the
signatures of this Contract that take place in the Dominican Republic, and its subsequent
registration by the corresponding Registrar of Titles.
ARTICLE 13: APPLICABLE LAW. The Parties acknowledge that this agreement will be governed by
the laws of the Dominican Republic. Likewise, for all matters and situations not provided for in this
Agreement, the Parties refer to common law. In such virtue, all litigation, controversy, dispute,
conflict or claim resulting from the interpretation, breach, execution, resolution or nullity of this
Contract will be submitted and resolved in the Ordinary Courts of the Dominican Republic.
ARTICLE 14: RULES OF INTERPRETATION. For the purposes of this Agreement unless otherwise
indicated: (i) references to articles, paragraphs and exhibits are references to Articles, Paragraphs
and Exhibits of this Agreement; (ii) all references to days refer to calendar days, unless expressly
stated otherwise; (iii) the titles and headings will be used only as a reference, in the understanding
that they are not intended to limit or restrict the interpretation of the preceding text.
DONE AND SIGNED, in good faith, in three (3) originals, of the same tenor and effect, one for each
of the parties and one to be deposited in the notary's protocol. In the city of Santo Domingo,
National District, Dominican Republic, on the twenty-sixth (26th) day of the month of September
of the year twenty-two (2022).
BY PROMISING BUYER
WILNER ABEL
I, DRA. CRISELIA O. ECHAVARRIA, Lawyer, Notary Public of the numbers of the National District,
identity and electoral card No. 001-0567087-1, with registration No.2950, with a professional
studio open on Duarte Street NO. 9, Andrés, Boca Chica Municipality, Santo Domingo Province, I
CERTIFY AND CERTIFY that the signatures that appear on the foregoing document were placed in
my presence freely and voluntarily by Messrs.: CANES MONTA, MARIE MONTA and WILNER ABEL,
who have declared under oath that these are the signatures that they usually use in all their public
and private acts. In the Municipality of Boca Chica, Santo Domingo province, Dominican Republic,
on the twenty-sixth (26th) day of the month of September of the year twenty-two (2022).