Decision to extend the term of the land lease agreement and make amendments and additions to the agreement

What was decided

1. Lease extendedLand plot

   Extend the term of the lease agreement No. 5666, concluded on July 29, 2005, for the land plot of 21.4 sqm occupied by garage 11 of building 26 on Khorenatsi Street, and make amendments and additions to it

   • Counterparty: Ashot Ishkhanyan
   • Owner: Yerevan Municipality

   Object

   1 Khorenatsi St., Building 26, Garage 11, Yerevan

   Area

   21.4 m²

2. Act amendedLease agreement

   Add a new paragraph to clause 18 of the agreement stating that the term of the agreement has been extended until September 1, 2031

   Added Lease Agreement No. 5666 · Clause 18

   (No specific text provided for the original clause)

   The term of the agreement has been extended until September 1, 2031, based on the agreement concluded between the parties.

3. Act amendedLease agreement

   Remove the words "and alienate the attached real estate to the lessor" from clause 5.5 of the agreement

   Deleted Lease Agreement No. 5666 · Clause 5.5

   (No specific text provided for the original clause)

   (Removed the words "and alienate the attached real estate to the lessor")

4. Act amendedLease agreement

   Add new clauses 6.7, 6.8, and 6.9 to clause 6 of the agreement regarding the lessor's right to unilaterally terminate the agreement under certain conditions and the procedure for notification

   Added Lease Agreement No. 5666 · Clause 6

   (No specific text provided for the original clause)

   Clause 6.7: The lessor has the right to unilaterally terminate this agreement in case of implementation of urban development or investment programs approved by the community of Yerevan or the Yerevan Municipality, or regulation of urban development issues of courtyards and inter-yard areas, as well as implementation of other programs by or with the participation of the community of Yerevan, or regulation of other public importance issues. In this case, the agreement is considered terminated from the day following the expiration of three months from the date of receipt of the notice of unilateral termination by the lessee. The state registration of the lease right arising from this agreement is recognized as invalid based on the application of the lessor in accordance with subparagraph 'c' of point 3 of part 3 of Article 35 of the Law "On State Registration of Rights to Property". Clause 6.8: The parties unconditionally agree that the written notice of unilateral termination of the agreement in accordance with clause 6.7 of the agreement is carried out simultaneously in the following three ways: a) The lessor's written notice is published on the official websites of the Yerevan Municipality www.yerevan.am, as well as the Public Notices of the Republic of Armenia www.azdarar.am, b) The lessor's written notice is sent to the lessee's e-mail address (if available), c) The lessor's written notice is sent by postal mail via registered letter. Clause 6.9: The parties unconditionally agree and guarantee that the notification methods specified in clause 6.8 of the agreement are considered proper and valid. Moreover, the lessee is considered duly notified of the unilateral termination of the agreement from the day of publication of the notice on the specified websites. The lessee unconditionally agrees that following the websites www.yerevan.am and www.azdarar.am throughout the entire term of the agreement is its continuous and uninterrupted contractual obligation.

5. Act amendedLease agreement

   Rewrite clause 8 of the agreement to specify the annual land lease payment and the approximated cadastral value per sqm

   Replaced Lease Agreement No. 5666 · Clause 8

   (No specific text provided for the original clause)

   Annual land lease payment: 45,903 AMD (21.4 sqm x 214,500 AMD/sqm x 1%) in accordance with subparagraph 'd' of point 1 of clause 40 of the appendix to decision No. 463-N of the Council of Elders of Yerevan dated December 23, 2025. The cadastral value of the land plot, approximated to the market value at the time of concluding the agreement, is 214,500 AMD per sqm.

6. Act amendedLease agreement

   Rewrite clause 9 of the agreement regarding notification of changes in cadastral value or rent and the procedure for applying these changes

   Replaced Lease Agreement No. 5666 · Clause 9

   (No specific text provided for the original clause)

   In case of an increase in the cadastral value of land approximated to market value and/or the amount of rent established by decisions of the Council of Elders of Yerevan, the Lessor is obliged to notify the Lessee in writing in advance about the new value (rent). In case of an increase in the cadastral value of land approximated to market value and/or rent, the calculated rent amount is subject to application (the agreement is considered amended) no earlier than 15 days after written notification thereof. The rent is not changed if the Lessee has notified the Lessor of the early termination of the agreement (refusal of the agreement) before the end of the corresponding 15-day period.

7. Execution assignedMunicipal act

   Entrust the execution and responsibility for this decision to the Head of the Kentron Administrative District of Yerevan

   • Executor: Head of Kentron Administrative District of Yerevan
8. Oversight assignedMunicipal act

   Ensure control over the execution of this decision by the First Deputy Mayor of Yerevan Armen Pambukhchyan

   • Oversight: Armen Pambukhchyan