Document:

EXHIBIT 10.32.2

 

GOVERNMENT OF THE STATE OF CALIFORNIA

PUBLIC REGISTRY OF PROPERTY AND COMMERCE
OF PLAYAS DE ROSARITO

 

This office hereby certifies that this
document has been recorded as follows:

 

	File number:
    6033239	Official
    receipt: 5245
	Date of recording: MAY 27, 2013	Date: MAY 22, 2013
	Section: CIVIL	Hour: 08:05:08
	Analyst: KARLA MARITZA
    BESNEIRIGOYEN PEREZ	Referral invoice:
    586562

 

PURCHASE SALE AGREEMENT

 

	PUBLIC INSTRUMENT	FIRST ISSUE OF PUBLIC INSTRUMENT 5520 VOLUME 184 DATED MAY 13, 2013,
    BY NOTARY PUBLIC NUMBER 18 OF THE CITY OF TIJUANA, B.C.
	AGREEMENT	PURCHASE AGREEMENT
	SELLERS	LOURDES VALDIVIA LOMELI WITH THE CONSENT OF HER SPOUSE MIGUEL ANGEL GARCIA GOMEZ AND ADRIANA
    VALDIVIA LOMELI
	BUYER (S)	N.C.S. AGUA S.A. DE C.V. REPRESENTED IN THIS ACT BY ITS ATTORNEY IN FACT DAVID WARREN SASNETT,
    ASSISTED IN THIS ACT BY HIS INTERPRETER JORGE ALEJANDRO LEON ORANTES BAENA
	 	Lot FRACTION 33-1 RESULTING FROM THE SUBDIVISION OF PARCEL 33 Z-1 P2/5 EJIDO MAZATLAN
	 	Surface: 120,000.000 square meters
	 	City Code: EM-033-001

	 	NORTHEAST:	184.622 M WITH EXPROPRIATION FROM CFE
	 	 	4,638 M WITH FRACTION 33-4
	 	 	154.720 M WITH PARCEL NUMBER 32
	 	 	351.963 M WITH PARCEL NUMBER 32
	 	SOUTHEAST:	551.276 M WITH FRACTION 33-2
	 	 	15.240 M WITH FRACTION 33-3
	 	 	0.1974 M WITH EXPROPRIATION FROM CORETT 
	 	SOUTHWEST:	4.750 M. WITH FRACTION 33-3
	 	NORTHWEST:	12.043 WITH FRACTION 33-3
	 	 	15.015 M WITH FRACTION 33-3
	 	 	40.274 M WITH FRACTION 33-3
	 	 	19.781 M WITH FRACTION 33-3
	 	 	44.835 M WITH EXPROPRIATION FROM CORETT
	 	 	14.682 M WITH FRACTION 33-4
	 	 	0.116 M WITH EXPROPRIATION FROM CORETT
	 	 	16.319 M WITH EXPROPRIATION FROM CORETT
	 	 	14.781 M WITH FRACTION 33-5
	 	 	90.193 M WITH EXPROPRIATION FROM CORETT 
	 	NO CONSTRUCTIONS INDICATED

 

	OPERATION VALUE	12,000,000.00 DOLLARS 
	 	 
	APPRAISAL VALUE	132,673,488.08 PESOS
	 	 
	SPECIAL PROVISIONS	WITH THE APPEARANCE OF ENRIQUE ESQUIVEL HAROS, ERNESTO CRUZ TRONCOSO AND JORGE GONZALEZ
    HERRERA, PRESIDENT, SECRETARY AND TREASURER OF THE EJIDO COMMISSARY IN OFFICE, RESPECTIVELY, REPRESENTING EJIDO MAZATLAN IN
    ORDER TO GIVE CONSENT OF THIS PRESENT OPERATION
	BACKGROUND	Section: CIVIL
	 	File Number: 6032845
	 	Date: MARCH 12, 2013
	 	Act: FORMALIZATION OF PROBATE PROCEEDINGS

 

6033239

 

    	Page 1 of 4

    	 

    

 

GOVERNMENT OF THE STATE OF CALIFORNIA

PUBLIC REGISTRY OF PROPERTY AND COMMERCE
OF PLAYAS DE ROSARITO

 

This office hereby certifies that this
document has been recorded as follows:

 

	File number:
    6033239	Official
    receipt: 5245
	Date of recording: MAY 27, 2013	Date: MAY 22, 2013
	Section: CIVIL	Hour: 08:05:08
	Analyst: KARLA MARTIZA
    BESNEIRIGOYEN PEREZ	Referral invoice:
    586562

 

PURCHASE SALE AGREEMENT

 

THE SUB-RECORDER OF PROPERTY AND COMMERCE

MS. MARIA GUADALUPE
MORALES HUERTA

 

ADVANCED ELECTRONIC SIGNATURE:

 

Authenticity code: 2105817

 

To verify this procedure consult http://www.bajacalifornia.gob.mx/rppc

 

6033239

 

    	Page 2 of 4

    	 

    

 

GOVERNMENT OF THE STATE OF CALIFORNIA

PUBLIC REGISTRY OF PROPERTY AND COMMERCE
OF PLAYAS DE ROSARITO

 

This office hereby certifies that this
document has been recorded as follows:

 

	File number:
    6033240	Official
    receipt: 5245
	Date of recording: MAY 27, 2013	Date: MAY 22, 2013
	Section: CIVIL	Hour: 08:05:08
	Analyst: KARLA MARTIZA
    BESNEIRIGOYEN PEREZ	Referral invoice:
    586562

 

PLACEMENT OF MORTGAGE

 

	PUBLIC INSTRUMENT	FIRST ISSUE OF PUBLIC INSTRUMENT 5520 VOLUME 184 DATED MAY 13, 2013,
    BY NOTARY PUBLIC NUMBER 18 OF THE CITY OF TIJUANA, B.C.
	ACT	PLACING OF MORTGAGE IN FIRST PREFERENCE AND GRADE
	CREDITOR	LOURDES VALDIVIA LOMELI, ADRIANA VALDIVIA LOMELI AND EJIDO MAZATLAN OF THE CITY OF PLAYAS
    DE ROSARITO, B.C.
	DEBTOR	N.C.S. AGUA S.A. DE C.V. 
	AMOUNT	10 ́050,000.00 DOLLARS
	MORTAGE ON	Lot FRACTION 33-1 RESULTING FROM THE SUBDIVISION OF PARCEL 33 Z-1 P2/5 EJIDO MAZATLAN Surface:
    120,000.000 square meters
	 	City Code: EM-033-001

	 	NORTHEAST:	184.622 M WITH EXPROPRIATION FROM CFE
	 	 	4,638 M WITH FRACTION 33-4
	 	 	154.720 M WITH PARCEL NUMBER 32
	 	 	351.963 M WITH PARCEL NUMBER 32
	 	SOUTHEAST:	551.276 M WITH FRACTION 33-2
	 	 	15.240 M WITH FRACTION 33-3
	 	 	0.1974 M WITH EXPROPRIATION FROM CORETT
	 	SOUTHWEST:	4.750 M. WITH FRACTION 33-3
	 	NORTHWEST:	12.043 WITH FRACTION 33-3
	 	 	15.015 M WITH FRACTION 33-3
	 	 	40.274 M WITH FRACTION 33-3
	 	 	19.781 M WITH FRACTION 33-3
	 	 	44.835 M WITH EXPROPRIATION FROM CORETT
	 	 	14.682 M WITH FRACTION 33-4
	 	 	0.116 M WITH EXPROPRIATION FROM CORETT
	 	 	16.319 M WITH EXPROPRIATION FROM CORETT
	 	 	14.781 M WITH FRACTION 33-5
	 	 	90.193 M WITH EXPROPRIATION FROM CORETT 
	 	NO CONSTRUCTION IS INDICATED

	SPECIAL PROVISIONS	SAID LIEN IS PLACED IN FAVOR OR LOURDES VALDIVIA LOMELI TO GUARANTEE
    THE PAYMENT OF AN AMOUNT OF $965,000.00 DOLLATS (NINE HUNDRED SIXTY FIVE THOUSAND UNITED STATES DOLLARS) CURRENCY OF THE UNTED
    STATES OF AMERICA.
	 	SAID LIEN IS PLACED IN FAVOR OR ADRIANA VALDIVIA LOMELI TO GUARANTEE THE PAYMENT OF AN AMOUNT
    OF $965,000.00 DOLLATS (NINE HUNDRED SIXTY FIVE THOUSAND UNITED STATES DOLLARS) CURRENCY OF THE UNTED STATES OF AMERICA.
	 	AND IT IS PLACED IN FAVOR OF EJIDO MAZATLAN FROM THE CITY OF PLAYAS DE ROSARITO, B.C.,TO
    GUARANTEE THE PAYMENT OF AN AMOUNT OF $8,120,000.00 DOLLARS (EIGHT MILLION ONE HUNDRED AND TWENTY THOUSAND U.S. DOLLARS) CURRENCY
    OF THE UNITED STATES OF AMERICA.
	BACKGROUND	Section: CIVIL
	 	File number: 6033239
	 	Date: MAY 27, 2013
	 	Act: PURCHASE AGREEMENT

 

6033240

 

    	Page 3 of 4

    	 

    

 

GOVERNMENT OF THE STATE OF CALIFORNIA

PUBLIC REGISTRY OF PROPERTY AND COMMERCE
OF PLAYAS DE ROSARITO

 

This office hereby certifies that this
document has been recorded as follows:

 

	File number:
    6033240	Official
    receipt: 5245
	Date of recording: MAY 27, 2013	Date: MAY 22, 2013
	Section: CIVIL	Hour: 08:05:08
	Analyst: KARLA MARTIZA
    BESNEIRIGOYEN PEREZ	Referral invoice:
    586562

 

PLACEMENT OF MORTGAGE

 

THE SUB-RECORDER OF PROPERTY AND COMMERCE

MS. MARIA GUADALUPE
MORALES HUERTA

 

ADVANCED ELECTRONIC SIGNATURE:

 

Authenticity code: 2105817

 

To verify this procedure consult  http://www.bajacalifornia.gob.mx/rppc

 

6033240

 

    	Page 4 of 4EXHIBIT 10.32.3

 

RAMON
ANDRES GRACIANO DUEÑAS 

 

NOTARY
PUBLIC NUMBER 18

 

	PUBLIC INSTRUMENT 5,520	 
	VOLUME
    184	TOTAL
        PAGES

        156

	 	DOCUMENTS
    TO LEDGER	 
	EXHIBIT
    A	PUB
    INSTRUMENT 5335	55
	EXHIBIT
    B	FISCAL
    AND PROPERTY TAX CERTIFICATE	2
	EXHIBIT
    C	CESPT
    CERTIFICATE	1
	EXHIBIT
    D	SURVEY	1
	EXHBIIT
    E	APPRAISAL	9
	EXHIBIT
    F	RIGHT PREFERENCE
    WRIT CITY OF PLAYAS	2
	EXHIBIT
    G	OFFICIAL
    LETTER PM/161/2013	3
	EXHIBIT
    H	RIGHT
    PREFERENCE WRIT STATE GOV	2
	EXHIBIT
    I	OFFICIAL
    LETTER 124/OMR/2013	1
	EXHIBIT
    J	PUB
    INST 22885 AND EJIDO MAZATLAN WRIT	8
	EXHIBIT
    K	MARRIAGE
    CERTIFICATE	1
	EXHIBIT
    L	MARRIAGE
    CERTIFICATE	1
	EXHIBIT
    M	RECORDING
    CERTIFICATE	3
	EXHIBIT
    N	BOARD
    OF DIRECTORS CERTIFICATION	11
	EXHIBIT
    O	FOREIGN
    INVESTMENT RENEWAL	5
	EXHIBIT
    P	PUB
    INST 2538	7
	EXHIBIT
    Q	CERTIFICATION
    OF GRADED CHANGE	22
	EXHIBIT
    R	IDENTIFICATION
    CARDS	8
	EXHIBIT
    S	INCOME
    TAX CALCULATION	1
	EXHIBIT
    T	PREVENTIVE
    NOTICE	1
	EXHIBIT
    U	INCOME
    TAX PAYMENT FEDERAL ENTITIES	3
	EXHBIIT
    V	INFORMATIVE
    REPORT INCOME TAX	8
	EXHIBIT
    W	ACQUISITION
    TAX	1
	EXHIBIT
    X	 	 
	EXHIBIT
    Y	 	 
	EXHBIIT
    ZABCCAPITAL	
        Blvd. Manuel Avila Camacho, Colonia Lomas
        

        de Chapultepec C.P. 11000

        Delegacion Alvaro Obregon Mexico D.F.

 

VALUATION UNIT:ABC CAPITAL, S.A. INSTITUCIÓN
DE BANCA MULTIPLE

	APPRAISAL INFORMATION SUMMARY

 

	
         

         

         

         

        (Photograph)

         

         

         

         

INTERIOR VIEW OF THE REAL ESTATE

 

 

	   1   Key of the Appraisal. Number assigned by the Valuation Unit.	54179
	   2   Date of Appraisal. In DD/MM/YYYY format.	07/05/2013
	   3   Infonavit Registration Number (if applicable)	NOT APPLICABLE
	   4   Key of the Comptroller certifying the Appraisal SHF Number	0903492
	   5   Key of the Appraiser carrying out the Appraisal SHF Number	0400663
	   6   Key of the entity granting the credit	NOT APPLICABLE
	   7   Constructor, in the event of new housing	NOT APPLICABLE
	   8   Purpose.	FOR PURPOSES OF NOTARIZATION
	   9   Kind of Real Estate to be appraised	UNOCCUPIED LAND
	 10   Street and number or equivalent.	SÉPTIMA WITHOUT NUMBER
	 11   Name of the condominium.	LOCATED BETWEEN THE LIENZO CHARRO NEIGHBORHOOD AND THE C.F.E. PLANT
	 12   Neighborhood.	PARCEL 33 Z-1 P-2/5 BELONGING TO EJIDO MAZATLAN PLAYAS DE ROSARITO, B.C.
	 13   Zip code.	22707
	 14   Municipality or Delegation Key according to INEGI catalog.	5	5
	 15   Federative Entity Key according to INEGI catalog.	2	2
	 16   Real estate tax account number.	EM-033-001.
	 17   Urban proximity reference.	CENTRIC
	 18   Urban infrastructure level	2
	 19   Type of Real Estate	0
	 20   Remaining Useful Life in months.NA	33Number of bedrooms	0
	 21   Year of termination or remodeling of the construction works (forNA	34Number of bathrooms	0
	 22   General leasable unitsNA	35Number of half bathrooms	0
	 23   Leasable unitsNA	36Number of levels of the appraised unit	0
	 24   Surface of the land plot in m2.   120,000.00	37Number of parking spaces	0
	 25   Constructed surface in m2.NA	38Telephone lines fixtures	UNEXISTENT
	 26   Accessory surface in m2.NA	39Level of Urban Equipment	2
	 27   Saleable surface in m2.NA	40Elevator	0
	 28   Comparative market value.            #¡REF!	41Longitude (Georeference)	117.0644440
	 29   Physical value of the land plot.	$143,640,000.00	42Latitude (Georeference)	32.3642220
	 30   Physical value of the construction.	$                 -	43Altitude (Georeference)	25.0000000
	 31   Amount of the concluded value in pesos.	$143,640,000.00	 
	 32   Amount of the concluded value in dollars US. Cy.	$12,000,000.00	 
	 	 	 	 	 	 	 

 

 

	
        SIGNATURE

         

         

        (Illegible Signature)

         
	 	
        SIGNATURE

         

         

        (Illegible Signature)

         

	
        PROFESSIONAL APPRAISER SIGNATURE

        MR. MARCELO GONZÁLEZ ALVEAR

        AUTHORIZATION KEY SHF: 0400663

        MUNICIPAL TAX REGISTRY: PV-023/99
	 	
        SIGNATURE AND SEAL

        MRS. ANA LAURA PALAZUELOS ILLADES

        AUTHORIZATION KEY SHF: 0903492

        0903492

	 	 	
         

        Seal that reads:

         

        (VALUATION UNIT

        09064

        APPRAISALS CERTIFICATION

        ABC CAPITAL, S.A., Institución de Banca Múltiple

        ANA LAURA PALAZUELOS ILLADES

        0903492)

 

    	 

    	 

    

 

	ABCCAPITAL	
        Blvd. Manuel Avila Camacho, Colonia Lomas
        

        de Chapultepec C.P. 11000

        Delegacion Alvaro Obregon Mexico D.F.

 

APPRAISAL NUMBER 54179

	A P P R A I S A L

 

	I.- GENERAL ASPECTS

 

	I.1. ANTECEDENTS

 

	PETITIONER OF THE APPRAISAL:	EJIDO MAZATLÁN
	NAME OF THE PROFESSIONAL APPRAISER:	MR. MARCELO GONZÁLEZ ALVEAR
	KEY OF THE PROFESSIONAL APPRAISER:	0400683
	KEY OF THE PROFESSIONAL APPRAISER BEFORE THE CADASTRAL OFFICE:	
         

        PV-023/99

	SPECIALIZATION:	REAL ESTATES
	NAME OF THE COMPTROLLER:	MRS. ANA LAURA PALAZUELOS ILLADES
	KEY OF THE COMPTROLLER:	0903492
	SPECIALIZATION:	REAL ESTATES
	KEY OF THE APPRAISAL:	54179
	DATE OF THE APPRAISAL:	MAY 7, 2013
	NAME OF THE VALUATION UNIT:	ABC CAPITAL, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE
	KEY OF THE VALUATION UNIT:	9064
	NAME OF THE CONSTRUCTOR FOR NEW HOUSING:	NOT APPLICABLE
	INFONAVIT REGISTRATION NUMBER:	NOT APPLICABLE
	INFONAVIT CONDOMINIUM REGISTRATION NUMBER:	NOT APPLICABLE
	PURPOSE OF THE APPRAISAL:	TO ESTIMATE THE VALUE OF THE LAND PLOT IN ITS CURRENT CONDITION
	PURPOSE OR USE OF THE APPRAISAL:	FOR PURPOSES OF NOTARIZATION
	KEY OF THE GRANTING ENTITY:	NOT APPLICABLE

 

	I.2.- GENERAL INFORMATION OF THE REAL ESTATE

 

	TYPE OF REAL ESTATE TO BE APPRAISED:	UNOCCUPIED LAND PLOT
	LOCATION OF THE REAL ESTATE:	TOWN OF ROSARITO BETWEEN THE CFE PLANT (NORTHBOUND) AND THE DEVELOPMENT HACIENDA FLORESTA DEL MAR (SOUTHBOUND)
	STREET:	SEVENTH AS ACCESS
	OFFICIAL NUMBER:	WITHOUT NUMBER
	MACROLOT:	 
	SUPERBLOCK:	 
	BLOCK:	PARCEL 33 Z-1 P-2/5
	LOT:	FRACTION 33-1 RESULTING FROM THE SUBDIVISION OF PARCEL 33 Z-1 P-2/5
	CONDOMINIUM:	 
	UNIT:	 
	DEVELOPMENT:	 
	NEIGHBORHOOD:	EJIDO MAZATLAN (PARCEL 33 Z-1 P-2/5)
	ZIP CODE:	22707
	CITY:	PLAYAS DE ROSARITO
	MUNICIPALITY:	PLAYAS DE ROSARITOKEY PURSUANT TO THE IN CATALOG    5
	
        STATE:

         
	B.C.KEY PURSUANT TO THE IN CATALOG    2
	OWNER OF THE REAL ESTATE:	MRS. ROSENDA LOMELI
	OWNERSHIP REGIME:	INDIVIDUAL PRIVATE
	REAL ESTATE TAX ACCOUNT NUMBER:	EM-033-001
	POTABLE WATER ACCOUNT NUMBER:	NOT PROVIDED
	GEOREFERENCES:	 

 

	LONGITUDE:	117.0644440	DEGREES
	LATITUDE:	32.3642220	DEGREES
	ALTITUDE:	25.00	MTS

 

	(Illegible Signature)	 	(Illegible Signature)
	 	 	
        Seal that reads:

         

        (VALUATION UNIT

        09064

        APPRAISALS CERTIFICATION

        ABC CAPITAL, S.A., Institución de Banca Múltiple

        ANA LAURA PALAZUELOS ILLADES

        0903492)

 

    	 

    	 

    

 

	ABCCAPITAL	
        Blvd. Manuel Avila Camacho, Colonia Lomas
        

        de Chapultepec C.P. 11000

        Delegacion Alvaro Obregon Mexico D.F.

 

APPRAISAL NUMBER 54179

	I.3.- REPRESENTATIONS AND WARNINGS

 

For the estimation of the value of a real
estate, the following three approaches exist:

THE COSTS APPROACH: Based in the
economic principle of “substitution”, it establishes that the value of a property is compared to the acquisition cost
of a new property that is equally desirable and with a use or functionality similar to such of the asset that is being valuated.

THE INCOME APPROACH: Based in the
economic principle of “anticipation”, it considers values in connection with the present value of future profits arising
from the property and is generally measured though the capitalization of a specific level of income.

THE COMPARATIVE MARKET APPROACH:
Based in the economic principle of “substitution”, it considers that a well-informed purchaser shall not pay for a
property, more than the purchase price of a similar property.

Using the costs approach:

The estimation of the value is carried
out calculating the actual cost that the reposition of the real estate and any other improvement that would have been made, as
if they were new, shall imply, subtracting the loss of value caused by the depreciation of the improvements, adding the value of
the land plot.

- The value of the land plot is obtained
from the comparative analysis of values of land plots having similar characteristics to those of the asset being appraised.

- For the value of the construction and/or
the improvements, the new reposition value obtained from specialized publications, adjusted for this area, shall be used, depreciating
them with basis on the remaining useful life, and the conditions of conservation, in accordance with the Ross- Heidec criteria.

Using the income capitalization approach:

- The estimation of the value is carried
out with basis on the rents that the real estate is capable to produce.

- The rents noted for the different kinds
of construction were obtained from the market investigation.

- The market approach is based in the comparison
of similar real estate to such being appraised or which are currently being offered, study is attached.

The purpose of this appraisal shall
be solely and exclusively such established in section ONE (ANTECEDENTS).

	To analyze the commercial value, the following verifications of the information received were carried out:	YES	NO
	- The physical identification of the real estate through its location and inspection is coincident with the surface described in the documentation (with the necessary approximation for the scope of the appraisal).	X	 
	- The existence of rights of way was verified.	X	 
	- The conditions of construction and conservation of the real estate were verified.	X	 
	- The conditions of occupation and use of the real estate were verified.	X	 
	- The construction of the real estate pursuant to the urban development plan in force.	X	 
	- The real estate is considered a historic monument of the INAH.	 	X
	- The real estate is considered architectonic patrimony of the INBA.	 	X

WARNINGS:

This appraisal does not constitute a structural
or foundation report, or a report of any other branch of engineering or architecture different than valuation, therefore, it may
not be used for purposes related with such branches, nor any liability for hidden defects or for other characteristics of the real
estate that may not be appreciated during an ordinary physical inspection visit for purposes of appraising is assumed, even when
certain characteristics that may constitute anomalies with respect to the conditions of ordinary conservation according to the
consumed useful life of a real estate or its structure are appreciated, the appraiser does not assume greater liability than mentioning
such when identified, considering that, although bad or run-down conditions are present, the obligation of the appraiser is to
carry out the appraisal pursuant to the criteria and rules in force and applicable in accordance with the purpose thereof.

No investigations were carried out, except
when such circumstance is indicated in the appraisal, with respect to the existence of pipelines or hazardous materials storage
which may be harmful to the health of the persons using the building or the conditions thereof, in the asset or its vicinities.

The names of the petitioner, owner, as
well as the real estate tax or water accounts numbers and the location of the real estate are mentioned pursuant to the information
provided by the client at the moment of requesting the appraisal, therefore, no liability is assumed for errors, omissions or differences
with respect to the data registered by official authorities, as such may be the registry.

The surfaces used in the appraisal are
obtained from the sources mentioned therein, when “according to measurements” is mentioned, such correspond to the
physical measurement, without thereby representing an exact survey, considering the existing measuring variations and customs.
Therefore, its result shall only be destined for purposes of calculation of the appraisal.

The age of the real estate is considered
with basis on the existing documentary information (construction licenses), real estate tax certificate, public deeds or others)
and in its case, it is estimated on the physical appreciations.

 

	I.4.- SURROUNDINGS	 
	CLASSIFICATION OF THE AREA:	SECOND ORDER HOUSING 
	TYPE OF CONSTRUCTION PREVAILING IN THE AREA:	HABITATIONAL HOUSINGOF ONE AND TWO STORIES, AS WELL AS THE CFE PLANT AND CLOSE HOTELS.
	SATURATION INDEX IN THE AREA:	SEVENTH AS 90%
	 	 	 

 

	(Illegible Signature)	 	(Illegible Signature)
	 	 	
        Seal that reads:

         

        (VALUATION UNIT

        09064

        APPRAISALS CERTIFICATION

        ABC CAPITAL, S.A., Institución de Banca Múltiple

        ANA LAURA PALAZUELOS ILLADES

        0903492)

 

    	 

    	 

    

 

	ABCCAPITAL	
        Blvd. Manuel Avila Camacho, Colonia Lomas
        

        de Chapultepec C.P. 11000

        Delegacion Alvaro Obregon Mexico D.F.

 

APPRAISAL NUMBER 54179

 

	POPULATION DENSITY:	MEDIUM
	SOCIO-ECONOMIC LEVEL OF THE POPULATION:	MIDDLE CLASS
	ENVIRONMENTAL POLLUTION:	NOT RELEVANT
	ACCESS WAYS AND IMPORTANCE THEREOF:	THE TIJUANA-ENSENADA HIGHWAY NEARBY TO HACIENDA FLORESTA DEL MAR DEVELOPMENT, CONTINUING THEREAFTER THROUGH CAMINO A PEMEX UNTIL THE CROSSROAD WITH THE SEVENTH STREET, WHICH IS THE ACCESS FRONT TO THE CORRESPONDING REAL ESTATE
	URBAN PROXIMITY REFERENCE:	CENTRIC
	AVAILABLE INFRASTRUCTURE IN THE AREA:	 
	POTABLE WATER	X	AVAILABLEWITHOUT CONNECTION TO THE REAL ESTATE
	DRAINAGE AND SEWERAGE	X	AVAILABLE WITHOUT CONNECTION TO THE REAL ESTATE
	ELECTRIFICATION	X	AVAILABLE AIR NETWORK WITHOUT CONNECTION TO THE REAL ESTATE
	PUBLIC LIGHTING	X	AVAILABLE AERIAL WITH SODIUM VAPOR LAMPS
	WAYS OF TRANSPORT	X	AVAILABLE ASPHALT WIDTH: 8.00 MTS
	SIDEWALKS	X	AVAILABLE TYPE “l” CONCRETE WIDTH 80 CMS
	
        OTHER SERVICES AVAILABLE IN THE ZONE:

         
	 
	TELEPHONES	X	EXISTING
	SIGNAGE	X	AVAILABLE IN SURROUNDING WAYS AND STREETS
	NATURAL GAS	X	AVAILABLE 
	PRIVATE SURVEILLANCE	X	AVAILABLE 
	GARBAGE COLLECTION	X	AVAILABLE 
	
        URBAN INFRASTRUCTURE LEVEL:

         
	3	 
	
        URBAN EQUIPMENT:

         
	 
	CHURCHES	 	NON EXISTING
	MARKETS OR BUSINESSES	x	EXISTING
	SCHOOLS	X	EXISTING
	PARKS AND GARDENS	X	EXISTING
	PUBLIC TRANSPORT	X	EXISTINGin an smaller radius than 800 meters
	HOSPITALS	 	NON EXISTING
	BANKS	X	EXISTING
	URBAN EQUIPMENT LEVEL:	2	 
	 	 	 	 

 

	II.- PARTICULAR CHARACTERISTICS

 

	II.1. LAND PLOT

 

	LOCATION MAP:	 
	SECTION OF STREETS, LIMITS AND ORIENTATION:	REAL ESTATE LOCATED BETWEEN THE STREET CAMINO A PEMEX (NORTHBOUND), MARIANO ESCOBEDO STREET (SOUTHBOUND), SEVENTH STREET (EASTBOUND) AND CAMINO ANTIGUO A PEMEX (WESTBOUND)
	MEASURES AND BOUNDARIES OF THE LAND PLOT ACCORDING TO:	REGISTRATION BEFORE THE PUBLIC REGISTRY OF COMMERCE DATED OCTOBER 5, 2011
	LAND PLOT BOUNDARIES	
        FRACTION 33-1 RESULTING FROM THE SUBDIVISION
        OF PARCEL 33 Z-1 P-2/5

        (ACCORDING TO CERTIFICATE OF P.R.P. AND
        COMMERCE OF PLAYAS DE ROSARITO)

	FRONT SIDE OF THE LAND PLOT IN MTS:	184.622 M.
	NORTHEAST:	
        IN 184.622 MTS WITH C.F.E. EXPROPRIATION

        IN 4.638 MTS WITH FRACTION 33-4

        IN 154.720 MTS WITH PARCEL NO. 32

        IN 351.963 MTS WITH PARCEL NO. 32

	SOUTHEAST	
        IN 551.276 MTS WITH FRACTION 33-2

        IN 15.240 MTS WITH FRACTION 33-3

        IN 0.194 MTS WITH CORETT EXPROPRIATION

	SOUTHWEST	IN 4. 750 MTS WITH FRACTION 33-3

 

	(Illegible Signature)	 	(Illegible Signature)
	 	 	
        Seal that reads:

         

        (VALUATION UNIT

        09064

        APPRAISALS CERTIFICATION

        ABC CAPITAL, S.A., Institución de Banca Múltiple

        ANA LAURA PALAZUELOS ILLADES

        0903492)

 

    	 

    	 

    

 

	ABCCAPITAL	
        Blvd. Manuel Avila Camacho, Colonia Lomas
        

        de Chapultepec C.P. 11000

        Delegacion Alvaro Obregon Mexico D.F.

 

APPRAISAL NUMBER 54179

 

	NORTHWEST:	
        IN 12.043 MTS WITH FRACTION 33-3

        IN 15.015 MTS WITH FRACTION 33-3

        IN 40.274 MTS WITH FRACTION 33-3

        IN 19.781 MTS WITH FRACTION 33-3

        IN 44.835 MTS WITH CORETT EXPROPRIATION

        IN 14.682 MTS WITH FRACTION 33-4

        IN 0.116 MTS WITH CORETT EXPROPRIATION

        IN 16.319 MTS WITH CORETT EXPROPRIATION

        IN 14.781 MTS WITH FRACTION 33-5

        IN 90.193 MTS WITH CORETT EXPROPRIATION

        SURFACE: 120,000.00 M2

         

	TOPOGRAPHY AND LAND PLOT CONFIGURATION:	
        FLAT LAND PLOT WITH A SIMILAR SHAPE TO A TRAPEZE

         

	PANORAMIC CHARACTERISTICS:	HABITATIONAL HOUSES COMPRISING THE DEVELOPMENT
	HABITATIONAL DENSITY:	100 VIV/HA
	(MAXIMUM HOUSING IN THE LAND PLOT ACCORDING TO DEVELOPMENT PLANS)	 
	GROUND USE:	HABITATIONAL
	GROUND USE COEFFICIENT (CUS):	1.00
	RIGHTS OF WAY AND/OR RESTRICTIONS:	UNKNOWN

 

	II.2.- GENERAL DESCRIPTION OF THE CONSTRUCTIONS

 

	CURRENT USE OR PURPOSE:	UNOCCUPIED LAND PLOT WITH A SIMILAR SHAPE TO A TRAPEZE. ITS TOPOGRAPHY IS SENSIBLY FLAT LOCATED WITHIN THE URBAN AREA OF PLAYAS DE ROSARITO
	NUMBER OF BEDROOMS:	 
	NUMBER OF COMPLETE BATHROOMS:	 
	NUMBER OF PARKING SPACES: (cero “0” if none are existing)	 
	NUMBER OF HALF BATHROOMS: (cero “0” if none are existing)	 
	ELEVATOR (1: if existing, 0: if non existing)	 
	TYPE OF CONSTRUCTION:	 
	NUMBER OF STORIES:	 
	APPROXIMATE CONSTRUCTION AGE:	 
	REMAINING USEFUL LIFE:	 
	TOTAL USEFUL LIFE:	 
	 	 
	CONSERVATION CONDITIONS:	 
	CONSTRUCTIONS CLASSIFICATION	CONSERVATION CONDITIONS	AGE (YEARS)	 
	T-1	 	 	 	 
	PROJECT QUALITY:	 
	GENERAL TYPE OF REAL ESTATE:	 
	TERMINATION LEVEL OF CONSTRUCTIONS IN%	 
	LEVEL AND PROGRESS OF COMMON AREAS:	 
	GENERAL LEASEABLE UNITS:	 
	LEASEABLE UNITS:	 
	 	 	 	 	 

 

	II.3.- SURFACES

 

	TOTAL SURFACE OF LAND:	120,000.00 m2

 

	(Illegible Signature)	 	(Illegible Signature)
	 	 	
        Seal that reads:

         

        (VALUATION UNIT

        09064

        APPRAISALS CERTIFICATION

        ABC CAPITAL, S.A., Institución de Banca Múltiple

        ANA LAURA PALAZUELOS ILLADES

        0903492)

 

    	 

    	 

    

 

	ABCCAPITAL	
        Blvd. Manuel Avila Camacho, Colonia Lomas
        

        de Chapultepec C.P. 11000

        Delegacion Alvaro Obregon Mexico D.F.

 

APPRAISAL NUMBER 54179

	III ADDITIONAL APPROACHES USED
	III.1. PHYSICAL APPROACH

 

	Investigation of comparable land plots	 	 	 	 	 
	 	 	 	 	 	 	 
	Location 	Characteristics	ground m2	const m2	Price ($)	Unit P. ($/m2)	Name/telephone
	1 Tijuana Rosarito Hway (conventions center)	Regular flat land plot	100,000	165,000,000	 	1,650.00	Promotor 664-503-0074
	2 Entrance to Playa de Rosarito (centric land plot)	Regular flat land plot	2,000	4,728,150	 	2,364.08	Promotor 664-204-4962
	3 Playas de Tijuana Development Toll Road	Irregular accidently shaped land plot	40,000	45,030,000	 	1,125.75	Promotor 664-503-0074
	4 Playas de Rosarito (South área of Rosarito)	Land plot with irregular hills	200,000	154,050,000	 	770.25	Promotor 664-316-06-30
	5 Playas de Rosarito (Centric Area)	Regular land plot with services	36,000	25,525,943	 	709.05	Promotor 664-396-9958
	6 Playas de Rosarito km 49 (Los Arenales)	Land plot with regular hills	133,000	310,114,500	 	2,331.69	Promotor 664-686-2120
	 	 	 	 	Average	1,491.80	 

 

	
         

        Considering the value of the land plot from a static residual
        procedure: F = [VI (1 - b)] - Pn
	Construction prices of similar types (with basis in costs handbooks)
	
        Type of

         
	 	 	Payments	 	Payments	Payments	 	Unit Value	 	 	 
	Real Estate	b	[VI (1 - b)]	 	Depreciation	
        Net ($/

        m2)
	totals	[VI(1-b)]-Pn	($/m2)	Source	Unit P. ($/m2)
	 	1.00	0	 	0.25	-	0	0	1,650	Handbook or costs reference No. 1	5,500.00
	 	1.00	0	 	0.25	-	0	0	2,364	Characteristics of the type of housing 1	 
	 	1.00	0	 	0.25	-	0	0	1,125	Handbook or costs reference No. 2	5,500.00
	 	1.00	0	 	0.25	-	0	0	770	Characteristics of the type of housing 2	 
	 	1.00	0	 	0.25	-	0	0	709	Handbook or costs reference No. 2	5,500.00
	 	1.00	0	 	0.25	-	0	0	2,332	Characteristics of the type of housing 2	 
	 	 	Average	1,491.80	 	 	Average	5,500.00
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	The comparison is made with respect to the characteristics of the appraised lot	 	 	 	 	 
	Sur. M2	Unit ($/m2)	Area	Locat.	Front	Form	Surf.	Com	Resulting F	Unit V.($/m2)	Efficiency factor in appraised real estate	 
	100,000	1,650	0.90	1.00	0.95	1.00	1.00	0.90	0.77	1,269.68	Zone	1.00
	Factors used in offer 1	 	 	 	 	 	 	 	 	 	 
	2,000	2,364	0.90	1.00	0.95	1.00	1.00	0.90	0.77	1,819.16	Location	1.00
	Factors used in offer 2	 	 	 	 	 	 	 	 	 	 
	40,000	1,126	0.90	1.00	0.95	1.00	1.00	0.93	0.79	893.22	Front	1.00
	Factors used in offer 3	 	 	 	 	 	 	 	 	 	 
	200,000	770	1.00	1.00	0.95	1.00	1.00	1.00	0.95	731.74	Form	1.00
	Factors used in offer 4	 	 	 	 	 	 	 	 	 	 
	36,000	709	1.00	1.00	0.95	1.00	1.00	1.00	0.95	673.60	Surface	1.00
	Factors used in offer 5	 	 	 	 	 	 	 	 	 	 
	133,000	2,332	0.90	1.00	0.95	1.00	1.00	0.90	0.77	1,794.23	Other	1.00
	Factors used in offer 6	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Average	1,196.94	Resulting F	1.00
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Lot type	Unitary Value Applied to the Ground	1,197.00	Value Area	 	Value Band	1.00
	Land Plot	 	 	 	 	 	 	 	 	 	 
	Fraction Land Plot	Area / m2	Unit. Value	Efficiency factors	Net Unitary Value	Proportion	Partial value of the land plot
	 	Area	Locat.	Front	Form	Surface	Other	F Re.
	120,000.00	 	1,197.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1,197	1.00	143,640,000.00
	General Polygon	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Total surf. land plot	120,000.00	m2	 	 	 	 	 
	Constructions	 	 	 	 	 	 	 	 	 
	Types of construction	Use (key)	Class (key)	Age in years	V.U.T. in years	Area m2	New V.R.	Age factor	Conservation factor	Other (explain)	F Re.	
        Net V.R.

        ($/m2)
	
        Constructions

        partial value

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Total constructions surface	0.00	 	 	Total value of the constructions	0.00
	 	 	 	 	 	 	 	 	 	 	 
	Accessory surface	 	 	 	 	Construction Surface	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Common areas and premises (only in condominiums)	 	 	 	 	 
	Key	Description	Unit	Amount	New V.R.	Age in years	V.U.T. in years	Age factor	Conservation factor	F Re.	
        Net V.R.

        ($/m2)
	Proportion	Common areas partial value
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total value of the common areas and premises	0.00
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Total constructions surface	0.00	 	 	Total value of the constructions	0.00
	 	 	 	 	 	 	 	 	 	 	 
	Accessory surface	 	 	 	 	Construction Surface	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Additional elements (special premises, complementary works and accessory elements)	 	 	 
	Key	Description	 	Unit 	Amount 	New V.R.	Age in years 	V.U.T. in years 	Age factor 	Conservation factor	
        F Re.

         
	
        Net V.R.

        ($/m2)
	
        Partial value

        Additional Elements

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Additional elements (special premises, complementary works and accessory elements)	0.00
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	RESULT OF THE PHYSICAL APPROACH	143,640,000.00

 

	(Illegible Signature)	 	(Illegible Signature)
	 	 	
        Seal that reads: (VALUATION UNIT

        09064 APPRAISALS CERTIFICATION

        ABC CAPITAL, S.A., Institución de Banca Múltiple

        ANA LAURA PALAZUELOS ILLADES 0903492)

 

    	 

    	 

    

 

	ABCCAPITAL	
        Blvd. Manuel Avila Camacho, Colonia Lomas
        

        de Chapultepec C.P. 11000

        Delegacion Alvaro Obregon Mexico D.F.

 

	IV. CONCLUSIONS
	IV.1 SUMMARY OF VALUES

 

	COMPARATIVE MARKET APPROACH	 
	(COMPARATIVE MARKET VALUE)	$143,640,000.00
	 	 
	COSTS APPROACH	 
	(PHYSICAL OR DIRECT VALUE, NET OF REPLACEMENT)	$143,640,000.00
	 	 
	CAPITALIZATION APPROACH	 
	 	NON APPLICABLE
	RESIDUAL APPROACH	 
	(RESIDUAL VALUE)	NON APPLICABLE

 

	CONSIDERATIONS PRIOR TO CONCLUSION

 

	
        FROM THE ANALYSIS OF THE VALUES OBTAINED
        THROUGH THE DIFFERENT APPROACHES, AND CONSIDERING THE DEVELOPMENT OF THE MARKET IN THE AREA OF INFLUENCE OF THE REAL ESTATE, IT
        IS CONCLUDED THAT THE VALUE OBTAINED THROUGH THE MARKET APPROACH, IS THE ONE THAT BEST REFLECTS ITS COMMERCIAL VALUE; WHICH AMOUNT
        IS:

         

        $143,640,000.00

 

	V.- CONCLUSION

 

	COMMERCIAL VALUE	$143,640,000.00

 

	
        <<<<<<<<<THAT
        IS, ONE HUNDRED FORTY THREE MILLION SIX HUNDRED AND FORTY THOUSAND PESOS 00/100 LEGAL CURRENCY IN THE UNITED MEXICAN STATES>>>>>>>>>>

         

        THIS AMOUNT CONVERTED TO U.S. DOLLARS AT
        THE EXCHANGE RATE OF $11.97 PESOS PER DOLLAR, EQUALS THE SUM OF U.S. CY. $12’000,000.00 DLLS.

         

        THAT IS, TWELVE MILLION DOLLARS 00/100
        LEGAL CURRENCY IN THE UNITED STATES OF AMERICA

         

        THIS AMOUNT REPRESENTS THE COMMERCIAL
        VALUE OF THE REAL ESTATE AS OF: MAY 7, 2013

         

         

        THE VALUE OF THE REAL ESTATE OBTAINED IN
        PESOS, REFERRED BY THE METHOD OF THE I.N.P.C., AS OF AUGUST 2, 2011, AMOUNTS THE SUM OF:

         

        $132’673,488.08

         

        <<<<<<<<<THAT
        IS, ONE HUNDRED THIRTY TWO MILLION SIX HUNDRED AND SEVENTY THREE THOUSAND, FOUR HUNDRED AND EIGHTY EIGHT PESOS 08/100 LEGAL CURRENCY
        IN THE UNITED MEXICAN STATES>>>>>>>>>>

 

	
        PROFESSIONAL APPRAISER 

        SIGNATURE

         

         

        (Illegible Signature)

         
	 	
        COMPTROLLER

        SIGNATURE

         

         

        (Illegible Signature)

         
	 
	
        MR. MARCELO GONZÁLEZ ALVEAR

        SHF REG: 0400663

        SPECIALIZATION: REAL ESTATES

        MUNICIPAL TAX REGISTRY: PV-023/99
	 	
        MRS. ANA LAURA PALAZUELOS ILLADES

        SHF REG: 0903492

        SPECIALIZATION: REAL ESTATES

        VALUATION UNIT

        ABC CAPITAL S.A. INSTITUCIÓN DE BANCA MÚLTIPLE
	 
	 	 	
         

        Seal that reads:

         

        (VALUATION UNIT

        09064

        APPRAISALS CERTIFICATION

        ABC CAPITAL, S.A., Institución de Banca Múltiple

        ANA LAURA PALAZUELOS ILLADES

        0903492)
	 
	 	 	 	 	 

 

    	 

    	 

    

 

	ABCCAPITAL	
        Blvd. Manuel Avila Camacho, Colonia Lomas
        

        de Chapultepec C.P. 11000

        Delegacion Alvaro Obregon Mexico D.F.

 

	PHOTOGRAPHS

 

	
         

         

         

         

         

         

         

        (Photograph)

         

         

         

         

         

         

         
	 	
         

         

         

         

         

         

         

        (Photograph)

         

         

         

         

         

         

	 	 	 
	SURROUNDINGS	 	SURROUNDINGS
	 	 	 
	
         

         

         

         

         

         

         

        (Photograph)

         

         

         

         

         

         

         
	 	
         

         

         

         

         

         

         

        (Photograph)

         

         

         

         

         

         

	 	 	 
	INTERIOR VIEW OF THE LAND PLOT	 	INTERIOR VIEW OF THE LAND PLOT
	 	 	 
	
         

         

         

         

         

         

         

        (Photograph)

         

         

         

         

         

         

         
	 	
         

         

         

         

         

         

         

        (Photograph)

         

         

         

         

         

         

         

	 	 	 
	INTERIOR VIEW OF THE LAND PLOT	 	INTERIOR VIEW OF THE LAND PLOT
	 	 	 

 

	(Illegible Signature)	 	(Illegible Signature)
	 	 	
        Seal that reads: (VALUATION UNIT

        09064 APPRAISALS CERTIFICATION

        ABC CAPITAL, S.A., Institución de Banca Múltiple

        ANA LAURA PALAZUELOS ILLADES 0903492)

 

    	 

    	 

    

 

	ABCCAPITAL	
        Blvd. Manuel Avila Camacho, Colonia Lomas
        

        de Chapultepec C.P. 11000

        Delegacion Alvaro Obregon Mexico D.F.

 

	MAP OF THE POLYGON

 

	
         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

        (Map of the polygon)

 

 

	
         

         

         

         

         

         

         

        (Construction Chart for Fraction 33-1)

         

         

         

         

         

         

         

 

	(Illegible Signature)	 	(Illegible Signature)
	 	 	
        Seal that reads: (VALUATION UNIT

        09064 APPRAISALS CERTIFICATION

        ABC CAPITAL, S.A., Institución de Banca Múltiple

        ANA LAURA PALAZUELOS ILLADES 0903492)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]