S.L. 573.16 Art. 13Future transfers. Laudemium. Lease to third parties.

(1) Any request for transfer in favour of third parties of an emphyteutical concession granted under these regulations approved by the authority, shall be transferred in whole.

(2) Transfers by title of sub-emphyteusis shall not be approved. Any such transfer shall be deemed null and void and shall be construed as sufficient legal basis for the termination of the emphyteutical concession.

(3) Upon transferring the emphyteutical concession to third parties, a recognition fee (laudemium) equivalent to one (1) year’s ground rent shall be due to the authority. The transferor shall provide the authority with a copy of the deed within sixty (60) days from the effective date of transfer, failing which an administrative penalty of one hundred euro (€100) per day, in addition to the laudemium, shall be imposed on the transferor, as long as the failure persists.

(4) (a) The emphyteuta may lease the property to third parties subject to a written authorisation from the authority and subject to the payment of an administrative fee equivalent to fifty per cent (50%) of the ground rent determined by the authority in accordance with regulation 8.

(b) If the emphyteuta leases the property in accordance with this sub-regulation, a copy of the relative lease agreement shall be sent to the authority within sixty (60) days, failing which an administrative penalty of one hundred euro (€100) per day, in addition to the administrative fee in accordance with paragraph (a), shall be imposed on the transferor.