27 Nov 2009 7:07 PM:
“Embargo”, within the Spanish legal system is the equivalent to “Lien” in English.
In law, a lien is a form of security interest given over an item of property to secure the payment of a debt or the performance of some other obligation.
This law gives the creditor who imposes a lien over an item of real estate or other chattel, the passive right to retain (but not sell) the asset until the debt is discharged.
Due to a dispute between Peninsula and two of its major contractors, over the non-fulfilment of the contractors’ obligations according to the original agreement, Peninsula, committed to defending the best interests of its clients, withheld payment due to the contractors, whilst renegotiations between all parties took place; in the meantime, they (the contractors) exercised their rights as creditors, imposing a preventive lien over Peninsula properties.
Negotiations have concluded over one month ago, and an agreement suitable to all parties has been reached, Peninsula has discharged the debt and, in turn, the other parties have released the lien over the properties.
Therefore, the situation which has been the subject of the posts in this forum during the past few days has been resolved, as a result, we have been completing on properties with our clients on ME23, with more completions already scheduled for the following weeks.
Should the legal representatives of any of our clients require documented proof of the settlement of the debt, and the release of the lien, Peninsula will be pleased to provide any confirmation requested.
As regards completions on Fairways, after our last meeting with Town Hall, we can now confirm that, by next week, we will be in possession of the First Occupation Licence on that development. As soon as the licence is issued, we will advise all Fairways clients and their legal representatives accordingly.
As a result, the bank will be contacting all clients who have lodged mortgage applications with them, in order to provide them with formal mortgage offers, which, in turn, will allow us to proceed to completion.
We would like to take this opportunity to remind our valued clients that Peninsula has been involved in this project since its very beginnings, and that the company’s commitment and its investment of almost 100 million Euros during the past 5 years, has seen the Medina Elvira complex take shape from a vacant plot of rural land into an award winning golf development [“Winner of the Golf Development Award” European Property Awards 2009] , with a golf course, club house and prestigious bilingual college already operational and 2 of Peninsula’s residential areas completed and ready for occupation.
Peninsula is proud to have not only overcome the current global crisis, which has crippled the sector, adversely affecting most of our competitors, but, also to be able to deliver these 2 developments according to the original plans and specs, and meeting the expectations of our valued clients.
Please do not hesitate to contact me personally or our Sales & Marketing Director, Sharon Hitchcock, regarding any of the above:
Gaspar Lino
Managing Director
Peninsula Project Management
Phone: +34 952 90 20 20
Fax: +34 952 90 17 80
Mobile: +34 696 94 94 40
Sharon Hitchcock
Sales & Marketing Director
Peninsula Project Management
Phone: +34 952 90 20 20
Fax: +34 952 90 17 80
Mobile: +34 600 41 17 39
For any other queries regarding your purchase or mortgage application, please contact either Mar Campuzano or Inma Mediero in our Sales Management department.
Regards,
GASPAR LINO
MANAGING DIRECTOR
PENINSULA PROJECT MANAGEMENT
Community thread:
Hallo
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