*State registrations of rights shall be made only for a standard time period (not subject to an expedited procedure).

**In case of failure to apply for the 2nd tranche within 6 months and to comply with the terms for completion of construction, the Bank shall, at its own expense, conduct monitoring through cooperating appraisers, the conclusion of which determines the intended use of the loan. In case of unjustified use of the loan, the Bank has the right to unilaterally change the loan interest rate to the maximum interest rate for Express Consumer Loans secured by real estate.

***The land plot on which the residential property will be built must belong to the borrower under the right of ownership as of the time of loan issuance.

****If, after the final commissioning of the constructed/developed residential real estate (100% completed), the LTV ratio meets the Bank's requirements based on the cooperating appraiser’s report, at the request of the borrower/co-borrower, the right to the second collateral may be terminated and the restriction on the property may be lifted.

**In the event of a failure to meet the conditions set by “National Mortgage Company” RCO CJSC, the loan application shall be considered within the terms set by the Banks’ own resources. The Bank is entitled to change the annual interest rate in the amount of the changed refinancing interest rate by the National Mortgage Company RLO CJSC. In the event of non-financing or termination of financing by the National Mortgage Company RCO CJSC, the contractual interest rate shall change to a floating interest rate, and the new interest rate shall be established in the amount of the Settlement Rate (SR)+4.5%, provided that SR value shall equal the Bank’s effective SR value as of the moment of change in the interest rate (except for cases stipulated by the Bank’s internal legal acts).

¹The interest rates of loans issued at a fixed (adjustable) rate shall be reviewed starting from the 36^th month of the effective period of the loan contract – on February 1 and August 1 of each year - in the amount of change in the Settlement Rate (SR). The settlement rate effective as of the moment of the first and consecutive changes of the interest rate upon expiry of the 36-month period, shall be compared to SR effective as of the moment of signing the Contract. The first change in the interest rate is performed on February 1 or August 1 following the 36-month period.

²The settlement rate of loans issued at a floating rate shall equal the SR effective at the Bank upon the loan approval.

The settlement rate shall be published on the Bank’s website (www.ardshinbank.am) and reviewed by the Bank annually on February 1 and August 1. The interest rates with respect to the acting contracts shall be reviewed a month after the change in SR (unless a longer date is indicated in the notice). The interest rates shall change (increase or decrease) in the amount of the change in SR.

The interest rate cannot increase or decrease by more than 2.5 percentage points throughout the effective period of the loan contract as compareded to the interest rate at the time of loan issuance. 

³ The re-assessment of the property specified in clause 2.3 (the land plot and the half-constructed building) before issuing each tranche of the loan at the expense of Own resources is carried out by the appraiser (except in cases when the Bank has terminated cooperation with the appraiser) having assessed the property at the time of decisioning. Property re-assessment costs are incurred by the borrower. The re-assessment is carried out based of a new (final) assessment report. In case of termination of the cooperation with the appraiser, the borrower has the right to contact another appraiser collaborating with the Bank.