• The special accounts of the Developer (hereinafter the Special account) shall be opened on basis of an application or a special template issued by the Bank for purposes to accept payments from buyer (hereinafter the Buyer) to the developer’s account as prepayments in frames of the sale and purchase agreement between the Buyer and the Developer of the right to buy an apartment (hereinafter the Sale and Purchase agreement) in the building being developed by the Developer. Whereas a separate Special Account shall be opened for each building being developed.
• All payments made by the Buyer shall be registered separately and their total balance shall be reflected in the Special account.
• The funds to Developer’s special account may be credited on Armenian drams only.
  
• All funds credited to the Special account shall be put under arrest by the Bank and shall not be available for the use of the Developer, except for the cases provided in the Sale and Purchase of the agreement and the legislation of RA.
• The Bank shall debit the funds from the Special account within the limit of the actual balance of the Special account. The funds may be debited from the Special account in the following cases:

1. By the Developer’s order all funds available on the Special account if an ownership transfer act of the real estate being purchased by the Buyer has been signed between the Buyer and the Developer and ownership title has been registered in name of the Buyer and the ownership registration certificate or an official information on such registration from the State registry of real estate ofRA Cadastre Committee has been presented to the Bank, or;

2. By the Developer’s order all funds or a part of them available on the Special account if the agreement/s between the Developer and the Buyer or the Buyer’s creditor envisage a collateral of the all or part of the funds being credited on the Special account in favor of the Buyer or the Buyer’s Creditor and such agreement/s or amendment/s thereto envisage a premature termination of the collateral and those agreements are presented to the Bank.

3. By the Developer’s order in amount of a penalty accrued on the funds credited by the Client if six months after registration of the finalization of the construction the ownership transfer act is not signed, the Sale and Purchase agreement is terminated prematurely or has been annulled on the basis of the documents below presented to the Bank:

3.1. The original copy of the request of the Developer presented to the Buyer in manner prescribed by the Sale and Purchase agreement to the Buyer either to sign an ownership transfer act after the finalization of the construction or to pay a penalty for failure to sign the act. Whereas the request shall contain the exact amount of due penalty;

3.2. In case the Sale and Purchase agreement is terminated the agreement on such termination and an official information from real estate State Registry of RA on registration of the termination agreement. Whereas the termination agreement shall set the exact amount of due penalty;

3.3. A court decision entered into force and nullifying or terminating the Sale and Purchase agreement and containing an exact amount of due penalty.

4. At the request of the Buyer without the Developer’s order by crediting the funds to Buyer’s or Buyer Creditor’s bank account or paying in cash in cases stipulated herein and in amount of the funds paid by the Buyer. Whereas in cases mentioned in the 3rd hereof the amount paid to the Buyer cannot exceed the difference between the funds paid by the Buyer and the due penalty.

4.1. After six months from the date of the registration of the finalization of the construction the ownership transfer act between the Developer and the Buyer has not been presented to the Bank. Whereas the Developer hereby indemnifies the Bank from any direct or implied liability arising from debiting the Special account in a manner specified herein. The request of the Developer to pay the penalty shall be processed in a manner prescribed by clause 3. herein;

4.2. An agreement on termination of the Sale and Purchase agreement and an official information from real estate State Registry of RA on registration of the termination agreement has been presented to the Bank before the registration of finalization of the construction;

4.3. An agreement on termination or a court decision entered into force on annulment of the Sale and Purchase agreement has been presented to the Bank before state registration of the finalization of the construction.

5. Without the Developer’s order to a new developer’s account with the bank or an account with state depositary or notary depositary in cases when all or part of the rights of the owner over the land plot under construction has been transferred to other developer and if the following documents are presented to the Bank:

5.1 The ownership certificate of the new developer over the land plot on which a building is being constructed and,

5.2 A reference on opening of a special account in name of the new developer (if the special account is not held with the Bank ) containing at least the following information: account number, the currency, identifying details of the developer and the land plot as well as the balances of all Buyers’ payments and the collaterals.

• No interest is paid for the account balance if nothing else is stipulated by the agreement.
• The bank account of the Developer is opened on the day all necessary documents are submitted. In case of documents extra research necessity bank account is opened within two banking days.
• In other cases as stipulated by the Armenian legislation and/or conditions of account opening and servicing.
• The disputes between the bank and the client are regulated in the court of the Republic of Armenia.
• The clients can view their accounts distantly if they use Online Banking service of the bank.
• All fees are charged in AMD only. Generally the fees are charged from the account balance through which the corresponding transaction has been performed.
• If the fee is set in percentage, it is charged based on the total amount of the transaction.
• The accounts can be replenished or cash withdrawn each working day from 09:30 till 16:30.