In addition, Section 10.8 of the Lottery Regulations for the Selection of Persons Eligible to Purchase an Apartment in the "Buyer's Price" tracks, published by the State on December 31, 2018 (as amended) stipulates that the developer must sign a sales contract with the buyers of the "Buyer's Price" apartment at the end of 10 working days from the day on which the purchasers chose an apartment in the project:
"10.8. After the apartment is selection, each winner will be referred by the developer to sign the sale dam (hereinafter – the "date of signing the sale agreement") within 10 working days, and the winner will not be entitled to change his choice."
- As appears from the control company documents that were sent to the Appellant after winning the tender (see Appendix B to Mr. Friedman's affidavit), and in particular from the initial flow chart and timetables, the Appellant was required to sign sales contracts with the eligible purchasers within 10 days from the date on which the eligible purchasers selected the "Mehir LaMishtaken" apartments in the project.
The appellant was required to submit the wording of the sale contract for examination and approval by the control company, and only after the wording was approved as aforesaid, was the appellant able to hold information meetings with the eligible purchasers and allow them to choose apartments. Then, at the end of 10 days, the sale contract with the eligible purchasers should have been signed.
- Therefore, I accept the appellant's argument that she never received a lease right of the land for a period of 98 years and another 98 years, and that in practice, from the moment she won the tender, the appellant was subject to a defined timetable, according to which she was required to build the "Buyer's Price" apartments within a period of 40 months from the date of winning the tender, in accordance with the schedule set out in the building contract. In fact, the sale contract with the eligible purchasers was already signed even before the construction was completed, within the time frame set as stated above by the control company (acting on behalf of the Ministry of Construction and Housing).
Therefore, the appellant could have held the land for the purposes of construction and the transfer of the apartments to the entitled purchasers for a period of a few years, and at most for a period not exceeding five years.