EFTA00552097.pdf

From: J <jeevacation@gmail.com> To: Karyna Shuliak Subject: Fwd: Bin Palace Date: Sun, 10 Mar 2019 22:25:15 +0000 marc. its been about one month alreaddy since we began, and as of today we have nothing solid. we just met with the lawyers. are there terms for the letter of credit or are you asking for escrow documents. do you have them? is this for the purchase of the anshalt or the bvi co. ? or the property. we are told that it is highly unlikely that anyone will ever be allowed to turn the house into a hotel. and fear your vendor is merely using us as a means to get a higher bid my suggestion is as follows. . we will close immediately at 19 million euros for the shares plus 1 m to kensington. . if this is not acceptable . It appears that your vendor will need to find another buyer. and wish you luck. thx for a quick response , and we will move on. On Sun, Mar 10, 2019 at 11:15 AM Karyna Shuliak wrote: Begin forwarded message: From: "Marc.Kensington" < Date: March 10, 2019 at 6:25:11 AM EDT To: Karyna Shuliak Cc: Alex Peto Subject: Bin Palace Dear Karyna, I hope to be able to answer to all your long list of requests. - Survey: Using surveyors as you know in UK or the States is not use in Morocco. There is still a discussion with another potential buyers. They visited the property several times, checked all the mechanical and now are only waiting for a permit to increase the number of rooms by adding several pavilions to 60. Their plan is to get the Bin Palace to a boutique hotel. This is the only reason why we are still exchanging. The vendor was clear with the other buying. They applied for a permit on their own risk. The first one who pays gets the property. What are we talking about: Bin Palace is 25 years old property, more a piece of art than a house. Roof, wall, ceilings are in excellent condition. Plumbing, floor heating or electricity also, but might be upgraded. Depends of the wishes of the future owner. Would you redo all this in a castle in Europe ? Talking about the unfinished guest house: This should not be an issue. 70 % of this house was built 25 years ago and is still in the same condition. There everything will be renewed. Even starting new from 0 would not exceed 300 000 euros more expenses. EFTA00552097 After sending a letter of credit, you will be allowed to commit all the surveyors you wish. - Different costs and risks The whole staff is paid by a management company. This company is not absolutely part of the deal. You can choose to take it over or to create a new one. All the employees rights will be cleared by the vendor and the buyer starts with new contracts. There is no ground water risk in Marrakech. The water level in the Palmeraie is about 30 m deep. No risk to get basement overflowing. Buying the property in Morocco will add 7 % fees (registration fees, state taxes and notary). - Offer for an asset deal in Morocco The owner could consider an asset deal in Morocco at 29 million euros, the same price as the other potential buyer. 29 million euros divided as follow: 28 million euros transferred to the notary escrow account and I million euros to Kensington, in order to pay several transaction expenses in Morocco, on behalf of the vendor. There you have to add our negotiation provision of I million euros. You will receive an invoice for both transfers of I million euros. The way to buy the shares at 25 million euros is still possible. Yours sincerely Marc LEON Partner KENSINGTON Luxury Properties Sari Private Office Marrakech Imm. El Pacha, ler etage 40000 - Marrakech (Morocco) Tel.: Cell: www.kensingtonmorocco.com please note EFTA00552098 The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00552099