S.L. 573.8 Art. 3Qualification. 2 [S.L.

(1) Any natural or legal person who hold a title of temporary emphyteusis on a property transferred to the applicant from the Government, the Authority or an Ecclesiastical entity (which subsequently passed on the title to the Government) for commercial purposes and that the term will expire after the 31st August 2025, may, subject to any other provisions in these regulations, request the Authority to rescind the contract and to grant a new contract holding a title of temporary emphyteusis, which term starts to run from the date of the new contract and this until the term of the concession is in force:

Provided that the term of the new concession shall be equivalent to that in force: CONTRACT FOR A COMMERCIAL PREMISES TRANSFERRED FROM THE GOVERNMENT, THE LANDS AUTHORITY OR ECCLESIASTICAL ENTITIES BY TITLE 573.08 OF EMPHYTEUSIS

Provided further that where the term of the concession in force is greater than sixty-five (65) years, the term of the new concession shall be equivalent to sixty-five (65) years.

(2) The applicant shall prove that he needs the land for a commercial project thereby satisfying the Authority of the benefit of the project for the national economy and that it will generate adequate employment.

(3) The Authority shall request the applicant to provide it with a detailed business plan to substantiate his request, which business plan shall include the following:

(a) a brief description of the project and the product and services that shall be offered;

(b) a summary of the objectives;

(c) a solid description of the market;

(d) a high level justification of the project’s viability;

(e) a snapshot of its growth potential;

(f) an overview of the funding requirements.