3 room apartment lease in batumi

Agreement on Pledge of Real Estate with Right of Residence

The subject of this agreement is a three-room apartment, located on the 15th floor of a residential building at the intersection of Kobaladze Street and Tbel Abuseridze Street, Batumi. The apartment has been recently renovated.

Conditions:

The owner retains the right of residence in the said apartment throughout the term of the agreement.

Procedure:

The apartment shall be transferred to the pledgee under a purchase agreement with a condition of repurchase for the amount of 30,000 (thirty thousand) US dollars.

The owner (pledgor) shall remain residing in the apartment and undertakes to pay a monthly amount of 900 (nine hundred) US dollars as rent.

Upon expiration of the term of the agreement, the pledgee shall be obliged to return the above-mentioned amount to the owner, after which the apartment shall be re-registered in the name of the original owner.