Sale (Apartments) (Assurance of Investments of Apartment Purchasers) Law, 5735-1974

To __________ (hereinafter – the Purchaser)

Particulars of the apartment:

(hereinafter – the Apartment)

Particulars of the real property on which the apartment is being built: _________ (hereinafter – the Real Property).

Particulars of the vendor: _________ (hereinafter – the Vendor).

In accordance with the provisions of the Sale (Apartments) (Assurance of Investments of Apartment Purchasers) Law, 5735-1974 (hereinafter – the Law), we hereby notify you and undertake as follows:

Insofar as the Vendor's rights in the real property are subject to a charge (security interest) in our favour or an undertaking has been given to register a charge (security interest) in our favour (hereinafter – the charge (security interest)), we undertake that the charge (security interest) shall not be realised out of the apartment upon the fulfilment of all of the following:

1. Construction of the apartment has been completed;

2. Possession of the apartment has been delivered to the Purchaser;

3. The full price of the apartment has been paid to the Vendor in accordance with the payment book (in respect of an accompanying corporation) or in accordance with the contract of sale (in respect of a banking corporation or insurer that is not an accompanying corporation);

4. The Purchaser's monies have been assured pursuant to section 2(3), (4) or (5) of the Law, in accordance with section 2a of the Law, or the conditions prescribed in section 2b(a) of the Law have been fulfilled.

Subject to the foregoing, we undertake to act to cancel any registration in connection with the applicability of the charge (security interest) to the apartment, including in the real property registers, at the Israel Land Authority or in the pledge registry, within a reasonable time after the apartment is registered as a separate registration unit and it is possible to act as aforesaid in respect of the apartment separately from the remainder of the real property; we shall be entitled to realise the charge (security interest) out of the remaining parts of the real property, except for the apartment, at any time and without the need to obtain the Purchaser's consent.

It is clarified that the foregoing shall not apply in respect of a charge (security interest) or an undertaking to register a mortgage that were given in respect of credit extended to the Purchaser by us or that was agreed with the Purchaser that the apartment would secure it.

Signature ______________