Document:

exhibit_4-18.htm

Exhibit 4.18

 

D’ANGELLA BUILDING RIGHT AGREEMENT

 

English summary of Italian version1

1. Preliminary Note

 

The building (superficie) right, regulated by article 952 of the Italian Civil Code, is particularly appropriate for the construction of photovoltaic plants, as it allows the grantee of the building right to be owner of the plant whereas the title of the land remains with the grantor.

For the construction and the maintenance of the photovoltaic plant (“PV Plant”) on the land (Municipality of Minervino Murge (BT), sheet 131, parcels 43, 46, 47, 48, 96, 102, 105, 111, 112, 166) (the “Land”), on August 4, 2011 the company Luma Solar S.r.l. entered into a definitive building right agreement. The agreement has been executed in Andria (BT), authenticated by the Notary Salvatore Consolo, Repertorio no. 937, Raccolta no. 638, registered in Barletta and filed with the Conservatoria dei Registri Immobiliari on August 8, 2011.

The above mentioned agreement has been amended by means of a deed authenticated by the Notary Salvatore Consolo, Repertorio no. 968, Raccolta no. 660, registered in Barletta and filed with the Conservatoria dei Registri Immobiliari on September 27, 2011.

Please note that the surface of the Land on which the building right has been set-up is bigger than the one on which the PV Plant has been built (i.e. parcels 46, 47, 48, 166, sheet 131). In order not to have the remaining part of the Land abandoned, Luma Solar S.r.l. entered into a gratuitous lease agreement with the landowners, having as object the portion of Land which has not been used for the construction of the PV Plant (i.e. parcels 43, 96, 102, 105, 111 and 112, sheet 131).

On February 14, 2012 the portion of the Land on which the PV Plant has been built changed its registration number at the Cadastral Land Registry from parcels 46, 47, 48 and 166 to parcels 204 and 198. After that, on February 23, 2012, the PV Plant has been registered in the Cadastral Building Registry with the numbers 204 sub 1 and 198 sub 1.

 

	
1

	
The original language version is on file with the Registrant and is available upon request.

  

  

  

 

2. Main content of the amended agreement

 

	
1 Execution date

	
August 4, 2011

	
2. Grantors

	
Mr. Vincenzo D’Angella and Mrs. Francesca Vurro

	
3 Grantee

	
Luma Solar S.r.l.

	
4. Portion of the land

	
Municipality of Minervino Murge (BT), sheet 131, parcels 43, 46, 47, 48, 96, 102, 105, 111, 112, 166, size 3.79.57 hectares2.

	
5. Duration

	
21 years (until August 4, 2032)

	
6. Extension and Renewal

	
Upon the expiry date, the building right may be renewed for further 4 years, and upon the expiry of the 4-year period above, for further 5 years, upon the Grantee’s request to be made by means of 60 days prior notice by registered letter.

	
7. Consideration

 

 

 

 

	
As consideration for the 21-year building right, the Grantee shall pay an overall amount of Euro 278,983.95 of which:

 

-  Euro 37,668.71 to Mr. Vincenzo D’Angella;

 

-  Euro 241,314.94 to Mr. Vincenzo D’Angella and Mrs. Francesca Vurro.

 

The consideration shall be paid in 21 annual instalments equal to Euro 13,284.95 (of which Euro 1,793.75 to Mr. Vincenzo D’Angella and Euro 11,491.20 to both Vincenzo D’Angella and Mrs. Francesca Vurro) by August 5 of each year. The payment is made in advance for the following year.

The consideration for the 4-year and 5-year renewal shall be equal to 13,284.950 (of which Euro 1,793.75 to Mr. Vincenzo D’Angella and Euro 11,491.20 to both Vincenzo D’Angella and Mrs. Francesca Vurro) increased by 100% of the previous year inflation national rate as resulting by official statistics.

	
8. Consideration adjustment

	
Starting from the second yearly instalment (August 5, 2012) the annual payment shall be adjusted each year by 100% of the previous year’s inflation national rate as resulting by official statistics.

	
9. Gratuitous lease agreement

	
The Parties entered into a gratuitous lease agreement having as object parcels 43, 96, 102, 105, 111 and 112, size 1.39.81 hectares, which has not been used for the construction of the PV Plant. The duration of the gratuitous lease agreement is 21 year and the Parties undertook to extend the same in the case of renewal of the building right.

 

2 Please note that Mr. Vincenzo D’Angella is the sole owner of parcels 48, 111 and 112, while both Mr. Vincenzo D’Angella and Mrs. Francesca Vurro are co-owners of parcels 43, 46, 47, 96, 102, 105, 166.

 

  

  

  

 

	
10. Withdrawal/Termination right (Grantee)

	
Starting from the date of execution, the Grantee shall be entitled to withdraw at any time before the expiry date of the agreement. The withdrawal shall be made by notarial deed and communicated to the Grantors by registered letter.

	
11.Withdrawal/Termination

right (Grantor)

	
The Grantors shall be entitled to terminate the building right agreement in case payment of the consideration is delayed for more than 3 months.

In the case of termination, the Grantors shall send a written notice to the Grantee and to the financing entity indicated by the Grantee. Within 60 days of receipt of the abovementioned notice, the financing entity shall be entitled to (i) appoint a third party that will replace the Grantee in the  agreement, or (ii) to inform the Grantors of its intention to cure, directly or through the Grantee, the breach of contract giving rise to the termination. In such events, the Grantors shall be entitled to terminate the building right agreement only by way of judicial order and provided that the non-fulfilment has not been cured the within 60 days of the appointment of the third party replacing the Grantee or, as the case may be, of the receipt by the Grantors of the financing entity’s notice. Regardless of any breach of contract by the Grantee, the financing entity shall have the faculty to appoint a third party replacing the Grantee in the event the financing entity has informed the Grantee of its intention to declare the Grantee forfeited from the term for payment (decadenza del beneficio del termine), or to terminate for breach of contract or to withdraw from the loan agreement.

	
12. Easements

	
The Grantors agree to grant and set-up all the easements necessary for the construction and operation of the PV Plant on any neighbouring lands owned by the Grantors.

	
13. Plant removal

	
Within 6 months following the expiry of the building right, the Grantee shall remove the PV Plant at its own expense.

Ownership of the PV Plant shall remain with the Grantee.

 

  

  

  

 

	
14. Assignment

	
The Grantee shall be entitled, at any time whatsoever, to assign the building right agreement to third parties and/or the rights and obligations arising there from, sending the relevant notice to the Grantors.

	
15. Pre-emption

	
Should the Grantors decide to sell the Land, they shall send the Grantee notice indicating the terms and conditions for the sale. The Grantee shall be entitled to exercise a pre-emption right for the purchase of the Land by sending a letter within 60 days of receipt of the notice of sale.

	
16. Governing Law and Competent Court

	
Italian law applies. Exclusive jurisdiction of the court of Trani.exhibit_4-19.htm

 

Exhibit 4.19

 

SOLAR PHOTOVOLTAIC PLANT LA RINCONADA (CÓRDOBA, SPAIN)

Surface right over the property where the plant is located

ENGLISH SUMMARY OF THE SPANISH VERSION1

 

1. Preliminary Note

 

Ellomay has acquired a solar photovoltaic plant called “La Rinconada II”, with an installed capacity of 1.89 MW and located in the Municipality of Córdoba, Spain (the “Plant”).

The site where the Plant is located consists of a portion of land with a surface area of 81,103 m2 (the “Site”) within a rural property identified by the Cadastre as rural cadastral plot 12 of rural cadastral area 69 in Córdoba, with cadastral reference 14900A069000120000FK, and registered with the Land Registry number 3 of Córdoba at volume 2,070, book 343, folio 33, registered property 11,000 (the “Property”). The Property is owned by the following related individuals:

	
-

	
Mr. Eloy Martínez Sagrera;

	
-

	
Ms. Irene Muñoz Sagrera;

	
-

	
Ms. Irene Martínez Muñoz;

	
-

	
Ms. María del Carmen Martínez Muñoz;

	
-

	
Mr. Eloy Jesús Martínez Muñoz;

	
-

	
Ms. María Asunción Martínez Muñoz; and

	
-

	
Ms. Rosa Martínez Sagrera.

The former indirect owners of the Plant entered into private agreements with the owners of the Property in order to construct and operate the Plant. In any event, the rights of the former owners of the Plant over the Property were not registered with the Land Registry.

These former agreements have been terminated and Ellomay Spain, S.L. and the owners of the Property have entered into a public deed of surface right on March 12, 2012 in front of a notary public in Madrid, Spain. Due to the lack of time, the representative of the owners was a verbally appointed attorney (mandatario verbal). Therefore, the public deed needs to be confirmed by the owners in Córdoba. Said confirmation took place on March 26, 2012 before the Notary Public of Córdoba, Mr. Pedro Velamazán Perdomo. The Notary Public of Córdoba has requested the corresponding Land Registrar of Córdoba to register the surface right with the Land Registry.

 

1 The original language version is on file with the Registrant and is available upon request.

  

  

  

 

The surface right is foreseen in Article 40 of the Spanish Royal Legislative Decree 2/2008, dated June 20, 2008, on approval of the Act on Land.

The surface right entitles the tenant the authority to erect any constructions or buildings either under or above ground on land owned by third parties and to hold temporary title to any such constructions or buildings, or in respect of constructions or buildings already completed, thereby allocating the tenant temporary title thereto, without prejudice to the landowner’s separate title over the land.

Additionally, any surface right shall only be valid when entered into a public deed and registered with the Land Registry.

 

2. Main content of the public deed of surface right

 

	
1 Execution date

	
March 12, 2012.

 

Confirmation of the public deed by the owners of the Property will took place on March 26, 2012.

 

Registration of the surface area with the Land Registry is pending.

	
2. Landowners

	
-Mr. Eloy Martínez Sagrera;

-Ms. Irene Muñoz Sagrera;

-Ms. Irene Martínez Muñoz;

-Ms. María del Carmen Martínez Muñoz;

-Mr. Eloy Jesús Martínez Muñoz;

-Ms. María Asunción Martínez Muñoz; and

-Ms. Rosa Martínez Sagrera.

	
3. Tenant

	
Ellomay Spain, S.L.

	
4. Portion of the land

	
Portion of land with a surface area of 81,103 m2 within a rural property identified by the Cadastre as rural cadastral plot 12 of rural cadastral area 69 in Córdoba, with cadastral reference 14900A069000120000FK, and registered with the Land Registry number 3 of Córdoba at volume 2,070, book 343, folio 33, registered property 11,000.

	
5. Term

	
25 years commencing May 27, 2010.

	
6. Extension and Renewal

	
The tenant is entitled to request to extend or shorten the original term of 25 years in the event of a change of law related with the maximum term of the feed in tariff of the Plant.

 

Additionally, by mutual agreement, both parties are entitled to extend the original term of 25 years for additional terms from 1 to 3 years.

	
7. Annual Rent

	
Annual rent (canon) of Euro 24,330.9 + VAT paid in four installments within 5 days of the end of each quarter.

	
8. Withdrawal/Termination right (tenant)

	
The tenant is entitled to early termination of the surface right, among others, in the event of change of law related with the economic regime of the Plant (i.e. amount of feed in tariff to which the titleholder of the Plant is entitled).

	
9. Withdrawal/Termination right (landowners)

	
The landowners are entitled to early termination of the surface right, among others, in the event of default on payment of two quarterly installments, whether consecutive or not.

	
10. Easements

	
Along with the surface right, the owners grant an easement of pass in favor of the tenant for the access to the Site and the Plant.

	
11. Plant removal

	
Upon termination of the surface right, the tenant is obliged to remove the Plant from the Property within 6 months as from the date of expiry of the surface right.

	
12. Assignment

	
The tenant is entitled to assign the surface right to any partner or any company of its group but only for the remaining term of the surface right.

	
13. Governing Law and Competent Court

	
Spanish legislation. Courts and Tribunals of Córdoba (Spain).

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