AGREEMENT BETWEEN THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC AND GOVERNMENT OF THE REPUBLIC OF UZBEKISTAN

of July 18, 2024

About the objects of resort and recreational economy located in the territory of the Issyk kul region of the Kyrgyz Republic

The Cabinet of Ministers of the Kyrgyz Republic (further - the Kyrgyz side) and the Government of the Republic of Uzbekistan (further - the Uzbek side), together referred to as with the Parties,

being effective in the spirit of solidarity, neighborliness and cooperation,

being guided by the Contract on eternal friendship between the Republic of Uzbekistan and the Kyrgyz Republic of December 24, 1996 and the Agreement on mutual recognition of the rights and regulation of the relations of property of October 9, 1992,

agreed as follows:

Article 1.

This agreement is directed to settlement of the property rights to the following objects of resort and recreational economy located in the territory of the Issyk kul region of the Kyrgyz Republic (further - Objects), and also ensuring their further functioning:

1) the "Gold Dust of Central Asia" boarding house (earlier - Bosteri) located in the city of Cholpon-Ata of the Issyk kul district of the Issyk kul region of the Kyrgyz Republic;

2) the Rokhat-NBU boarding house (earlier - Rakhat) located in the village Cara-oh of the Issyk kul district of the Issyk kul region of the Kyrgyz Republic;

3) the Dilorom boarding house (earlier - "Enesay") located in the village Cara-oh of the Issyk kul district of the Issyk kul region of the Kyrgyz Republic;

4) incomplete construction the Buston boarding house located in Tonsky district of the Issyk kul region of the Kyrgyz Republic.

Article 2.

1. The Kyrgyz side transfers the ownership to the Uzbek side on buildings and constructions of the Objects specified in Article 1 of this agreement.

2. The Uzbek side determines the following authorized organizations (further - the Uzbek organizations) for implementation of the property rights to Objects:

1) Tashkent Mechanical Plant Joint-stock company - concerning the "Gold Dust of Central Asia" boarding house (earlier - Bosteri) located in the city of Cholpon-Ata of the Issyk kul district of the Issyk kul region of the Kyrgyz Republic;

2) "National Bank of Foreign Economic Activity of the Republic of Uzbekistan" Joint-stock company - concerning the Rokhat-NBU boarding house (earlier - Rakhat) located in the village Cara-oh of the Issyk kul district of the Issyk kul region of the Kyrgyz Republic;

3) Asakabank Joint-stock company concerning the Dilorom boarding house (earlier - "Enesay") located in the village Cara-oh of the Issyk kul district of the Issyk kul region of the Kyrgyz Republic;

4) Uzpromstroybank Joint stock bank - concerning incomplete construction of the Buston boarding house located in Tonsky district of the Issyk kul region of the Kyrgyz Republic.

3. The Kyrgyz side no later than three months from the effective date of this agreement will register the property right to Objects to the following affiliated enterprises of the Uzbek organizations, respectively:

1) "Gold Dust of Central Asia" Limited liability company;

2) Limited liability company "Improving boarding house "Rokhat-NBU";

3) Limited liability company "Dilorom Boarding house of Bank of Usak;

4) Limited liability company "Buston Boarding house of JSC Uzpromstroybank".

4. The procedure and conditions of use of the parcels of land assigned to Objects are regulated by the agreements signed by the State agency on management of state-owned property under the Cabinet of Ministers of the Kyrgyz Republic with:

1) Tashkent Mechanical Plant Joint-stock company about settlement of property rights on the Gold dust boarding house located in the Issyk kul district of the Issyk kul region of the Kyrgyz Republic of September 22, 2023;

2) "National Bank of Foreign Economic Activity of the Republic of Uzbekistan" Joint-stock company about settlement of property rights on Rakhat boarding house (Rokhat-NBU) located in the Issyk kul district of the Issyk kul region of the Kyrgyz Republic of August 29, 2023;

3) Asakabank Joint-stock company about settlement of property rights on the Enesay boarding house (Dilor) located in the Issyk kul district of the Issyk kul region of the Kyrgyz Republic of August 29, 2023;

4) JSB Uzpromstroybank about settlement of property rights on incomplete construction the Buston boarding house located in Tonsky district of the Issyk kul region of the Kyrgyz Republic of August 29, 2023.

5. The Kyrgyz side accords to the Uzbek organizations favorable treatment according to the Agreement between the Government of the Kyrgyz Republic and the Government of the Republic of Uzbekistan on mutual encouragement and protection of investments against December 24, 1996.

6. The Kyrgyz side guarantees protection against expropriation, nationalization and other forms of forced deprivation of property, and also any illegal actions / бездействий the state bodies of the Kyrgyz side directed to suspension or the termination of activities of Objects.

Article 3.

1. The Uzbek side after registration of the property rights to Objects by authorized state body of the Kyrgyz Republic for registration of the rights to real estate will take adequate measures on accomplishment of the following obligations by the Uzbek organizations:

1) completion of reconstruction of Objects for creation of hotel complexes at the level of at least three stars according to international standards;

2) attraction in case of operation of Objects of citizens of the Kyrgyz Republic in number of at least than eighty percent of list of all involved workers in annual average calculations;

3) implementation of economic activity on Objects according to the legislation of the Kyrgyz Republic;

4) easy access of citizens of the Kyrgyz Republic to beach areas;

5) timely payment of tax, non-tax, other obligatory payments, the rent for use of the parcels of land assigned to Objects according to the legislation of the Kyrgyz Republic.

2. Liquidation, reorganization, insolvency and bankruptcy, change of owners of the Uzbek organizations are not the bases for discharge, provided in this Article.

Article 4.

1. The Uzbek organizations have the right to alienate Objects to the third parties after execution of the subitem 1 of Item 1 of Article 3 of this agreement. At the same time, the Kyrgyz side has the right of acquisition of Objects, preferential before the third parties, on their market value estimated by the international and acknowledged independent estimative organizations.

2. The Uzbek organizations have no right to transfer the rights of temporary ownership and use of the parcels of land assigned to Objects, to the third parties including to pledge them, to make other transactions, the transfers to the sublease directly or indirectly directed to alienation or encumbrance of the parcels of land by the third party rights, except as specified in coordination with authorized body of the Kyrgyz side of part of the parcels of land assigned to Objects for the organization of public catering, trade and other social objects.

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