S.L. 573.18 Art. 10Type Credemption - Conditions for redemption of groundrent of undeveloped land.       S.L. 573.17. 7         S.L. 573.15.  S.L. 573.15.

(1) Undeveloped land to be developed into a unit or more and garages and, or parking spaces for residential purposes shall be eligible for redemption as prescribed by these regulations. The applicant shall submit the plans of the proposed or approved development, and such plans shall form an integral part of the deed of redemption. Following the submission and successful processing of an application, the Authority shall provide a Certificate of Redemption to the applicant indicating the properties that were subject to redemption.

(2) The applicable redemption prices are listed in Schedule III.

(3) When a unit within the development is sold or transferred by a real right within the period of fifteen (15) years from the date of validation of the application for redemption, an additional payment of three per cent (3%) of the selling price shall be due to the Authority.

(4) The properties shall continue to be used for a residential purpose as prescribed in these regulations with the exception and exclusion of any part intended for commercial purposes as prescribed in the definition "residential properties". Any change in use shall be subject to the provisions of the Amendment or Revocation of a Condition Imposed in a Contract of a Property Transferred by the Government, the Lands Authority or Ecclesiastical Entities by means of a Sale or Emphyteusis Regulations regulating the request for change in conditions of an emphyteutical concession:

Provided that there shall be no distinction based on the date of the granting of the original concession, or on the date of termination of emphyteusis:

Provided further that residential properties with an expired emphyteutical concession and that qualify under the terms of a

Type C redemption, shall be eligible to apply under the same terms of a Type C redemption once the emphyteutical concession has been renewed in accordance with the provisions of Expired or Expiring

Emphyteutical Concessions Regulations.

(5) The minimum amount payable by the applicant following the submission of an application in terms of the Expired or Expiring Emphyteutical Concessions Regulations shall be of one (1) year’s ground rent and shall be paid prior to the submission of the application in terms of these regulations:

Provided that any additional payments shall be due by the vendor only once on the first transfer following redemption and shall be collected by the notary publishing the deed of transfer of property.

(6) Further to the issuing of a certificate of redemption as provided in sub-regulation (1), should additional development be proposed, an additional payment of three per cent (3%), apart from the redemption prices as indicated in sub-regulation (2) corresponding to the addition of units, garages or parking spaces shall be due to the Authority:

Provided that the imposition of the additional payment shall remain in effect for a period of fifteen (15) years from the date of the validation of the original application for redemption, which date shall be clearly stated in the deed of redemption. A revised Certificate of Redemption based on the additional plans submitted by the applicant shall be provided with each Deed of Redemption. Amended Certificates of Redemption shall be issued subject to an additional payment of one thousand euro (€1,000) per certificate of redemption:

Provided further that should the number of the proposed residential units, garages or parking spaces be reduced, the applicant shall not be eligible to claim any refund of the previously paid amount to the Authority.