The Court of First Instance in Curacao.February 18, 2013 dutch to English google translation we have now received in entirety March 18, 2013

1.Arnold Huizing qq trustee in bankruptcy of the private company Aqua Spa BV , Based in Curacao.

2.Marieta Filomena Hassell - Lopez, residing in Aruba.

3. Emile Hassell, residing in Curacao,

Plaintiffs attorney, Mr. Th Aardenburg,

Against

1.de limited company Riffort Village

Directory NV, based in Curacao,

2. the corporation Riffort Village NV, based in Curacao.

3.de limited company established in Aruba Aruba Bank NV,

Defendants,

Attorney defendants under 1 and 2; Mr. C.H.M. Fievez

Representative shall defendant under 3. Mr. B. Nagel Makers.

Plaintiffs will hereinafter Aqua Spa, Lopez and Hassell (plaintiffs collectively referred to as Aqua Spa cs) called. Defendants will hereinafter Riffort, Renaissance and the Bank are listed.

Conduct of the procedure

1.1. The procedure appears from;

- The originating application, on April 29, 2011 filed with the Registry;

- The conclusion of response Riffort Renaissance and of 14 November 2011;

- The statement of defense of the Bank, also counterclaim, on 14 November 2011;

- The conclusion of reply in convention, also statement of defense counterclaim January 9, 2012;

- The document commenting on the part of the trustee of 2 April 2012;

- The suspension of the proceedings in the counterclaim by April 2, 2012;

- The suspension of the proceedings in the counterclaim by April 2, 2012 due to the failure of Aqua Spa;

- The rejoinder in Riffort and Renaissance convention of 25 June 2012;

- The rejoinder in the Bank Convention of 25 June 2012;

- The plea hearing of 18 September 2012 and on the occasion of that meeting submitted pleadings.

1.2 Judgment is specified date.

The facts

2.1 The following facts will in this dispute between the parties as fixed aid. These facts appear from the documents and / or resulting from allegations of the parties so far as they are supplied by one party and the other party are recognized or not or not sufficiently challenged.

2.2 Aqua Spa was founded on May 31, 2007. Hassell is a director of the company.

2.3 Aqua Spa on 27 September 2007 a lease - and concession agreement with Riffort (hereafter, the lease), Aqua Spa with the exclusive right to operate a spa in the Rif Fort in Otrobanda (hereinafter, the spa). The lease commenced on 1 March 2009. The lease states - where relevant - the following;

The Tenant (Aqua Spa) has Responsible for the leasehold improvement zoals but not limited to the storefront, ceilings. Floor and wall covering, light fixtures, electrical installations etc. It is Explicitly agreed That this location may be substituted for another location at any time and at the sole discretion of the Landlord (Riffort) on the following, conditions and covenants provided however That Landlord gives tenant a reasonable period for the re-location and provided That any reasonable cost for the relocation will be for the account or Landlord.

1. CONCESSION

Landlord hereby grants to Tenant the sole and exclusive right to operate a Spa facility in the Renaissance Curacao Resort for the sale of services and items related to an upscale full service spa or international standing and in compliance with standards Renaissance for a resort hotel.

2. COMMENCEMENT OF TERM

The term of this lease is for a period of 5 years, commencing on the opening of the resort (...)

3. RENT, COMPENSATION, OUTDOOR, ADVERTISING AND PROMOTION

(...)

The monthly fee for Entertainment, Advertising, Promotion and consistently the initial term amounts to USD 1.420, - (..)

6. OPTIONS TO RENEW THE LEASE

While the lease is in full force and effect (...) Tenant Shall have the right or option to extend the original term of this lease for a two terms of five (5) years. Such an extension or renewal of the original term Shall Be upon terms, covenants and conditions to be negotiated.

23 SURRENDER OR Premises AT END OF TERM.

23.3 The Tenant at his own expense Shall remove all property of Tenant and all Alterations, additions or improvements All which may remove Tenant under this lease, repair all damage to the Leased Premises to the condition in All which they were prior to the installation of the articles so moved (...)

23.6 The Landlord Shall Not be liable to make any payment for items not removed. Already Items not removed, may be removed at Tenants expense.

31. TERMINATION OF THE LEASE AGREEMENT

31.1. (..) When a conservation attachment is served on or distress is leveled on the movable or immovable goods of the Tenant or on a part thereof (..) the Landlord Shall have right (..) to (..) terminate this Lease Agreement with immediate effect by giving notice to the Tenant by registered mail, without any judicial judgment being required.

2.4 By agreement of 14 May 2008 between Orco Bank and Aqua Spa is a loan of NAF. 1.150.000, - and a kreditlijn of NAF.100.000 to Aqua Spa provided (hereinafter: the credit agreement). As security for the fulfillment of the obligation under the credit agreement include the following agreements.

- Pledging or savings account in the name or (Lopez) at Aruba Bank (...) for the amount or AWG 175,000.00.

- Pledging or 3,378 shares or Meru Real Estate Investments SA in the company HJC Realty SA.

- Pledging or Inventory and Equipment or Aqua Spa BV.

- Pledging of shares or Aqua Spa BV

-Personal guarantee of Mr. and Mrs. Marieta Emile Hassell Hassell - Lopez has to be signed for each an amount or ANG 1,250,000.00

- Once the mortgage on the condominiums at Jardines del Mar has leg released by Aruba Bank NV, Orco Bank will have the right to place a first priority mortgage up to a principal amount of ANG 1,250,000.00 on a 3 bedroom condominium at Jardines del Mar.

2.5 The credit agreement on the applicable general conditions mentioned include the following;

2.1 The Bank will carry out all orders of the client the required diligence and thereby to the best of the best interests of the client account (..)

4.6 Each loan will be due immediately, even if repayment rate and / or notice has been agreed or a specific expiration date is set.

If a client the conditions under which the loan was granted does not strictly comply, (...)

e. Should the client incorrect or incomplete information to obtain, widening or extension of a by the Bank / to grant credit.

46.2 The Client is obliged to initial application of the Bank for this purpose all to the Bank promptly comply.

2.6 In property deed of May 14, 2008 Aqua Spa Orco Bank pledged its inventory.

2.7 Aqua has made investments to a spa in the rented building in order to exploit this spa.

2.8 Aqua Spa has a business doing drawing by Deloitte & Touch. The business distinguish two scenarios. In the worst case scenario assumes a clientele of approximately 10 guests (Renaissance) and 14 local customers per day.

2.9 By letter of 2 October 2009, Orco Bank - where relevant - the next to Aqua Spa message;

"Regret Fully we must inform you That some of the bestaande and offered collateral are not in place. (..) The aforementioned puts the account in a default position. We urge you to present an acceptable collateral to secure the exposure prior to October 16.2009 other wise we will have no other alternative to take Necessary steps to maximize our recovery position. "

2.10 If the deed of assignment dated 30 April, 2010, Orco Bank which they head out of the credit agreement Aqua Spa receivable has been assigned to the Bank.

2.11 By letter of 22 July 2010, the Bank - where relevant - the following Aqua Spa cs message;

"Your loan account shows as per today arrears or ANG 118,206.29 and your current account is overdrawn for an amount of ANG 78,531.21 bringing the Total past due amount to 196,737.50 Awg. We hereby request That You start with repayment or your monthly installment or ANG 23,8872.11 axis by August 1, 2010 and to make The necessary arrangements to transfer this amount to your current account at Aruba Bank.

Also we have taken notice That the deposits That you make on the current account at Orco Bank are in the range of ANG 40 / m per month. You have informed us That You Also deposit the credit cards at RBTT Bank in Curacao, but we have Requested you to transfer on a continuous basis, not less than twice a week from the account at RBTT to the account or Orco Bank, in order That we can have a better picture of the development of your revenues. It Remains a Group That Does Not Appear the cash flow to be sufficient is to pay all of the obligations of the company, but not limited to the zoals loan payments of the Bank.

Also we are hereby requesting a copy of all invoices paid related to the construction and equipment and all other initial startup expenses Relating to the investment in the Spa. With reference to our recent

conversation and after Evaluating the Credit Facilities Agreement dated May 8.2008 we have taken notice That subject Credit Facilities Agreement has not honored leg on various points.

It is a condition of your agreement That submit your Annual Financial Statements Within 90 days after each year - end. In addition various quarterly reports are to be Submitted as stated under article 14 Appendix 2 in the Additional Provision to your Credit Facilities Agreement.

(...) Also Considering that up to now no replacement has leg collaterize provided to your credit, this Remains a serious issue and the Bank will be addressing this issue with the guarantors or your company.

We hereby request That You address / remedy the issues Mentioned in this letter, as each thesis or items do constitute a default if not corrected. '

2.12 By letter of 6 October 2010, the Bank - where relevant - the following Aqua Spa cs message;

"We inform you That You remainning in default with the agreement with the Bank (...). You have not made a concrete counter offer to start paying on the account. The company Remains on leveraged for the current level of operation and does require a major capital injection (...)

Please note the the Bank does consider That You remainning in default and we request That you pay or the Bank in full by no later than November 15.2010 Unless we arrive at a new agreement by That Time All which will entail but not limited to a new payment schedule and acceptable collateral.

That we trust you will take due note of this letter. '

2.13 By letter of 23 November 2010, the Bank - where relevant - the following Aqua Spa cs message;

"In addition to your prior defaults Mentioned in our previous letter, you have not compaction song with the monthly payments or ANG 10,000 on October 1, 2010 and on November 1.2010. Further More, you have not provided the Bank with your internal financial figures in order to make a proper assessment of your business. The above is not acceptable and your remainning in default.

Consequently, the Bank has Decided to make an assessment of your business and will request the assistance of a reputable accounting firm, to assist with the assessment, All which cost will be for your account. The Bank Expects your full cooperation consistently the assessment. '

2.14 When an email message of 9 December 2010, the Bank the following message Aqua Spa;

"We received the SFT statements for the month of November. However, the cash flow sheet that was sent to you last week to be filled in has not yet Submitted leg. Be Informed That the Bank can not wati much longer to receive the Requested file and lieve have online access to both of both bank accounts. The cash flow is essential for the monitoring of the dialysis writing checks or with the prior approval of the Bank based on the available funds.

Be Informed That without your strict compliance with the conditions as stipulated in our letter of November 23.2010 we will need to increasefontsize our Efforts to secure our interest. "

2.15 email message of 15 December 2010 the Bank has the following message Aqua Spa;

"Despite our requests and your promises we have not yet received back the cash flow sheet. Our call to your mobile revolution Unanswered. Cynthia called me yesterday for some assistance for filling in the sheets but we have not received it back yet.

Please provide an update on the above, this is taking too long. "

2.16. By letter dated December 21, 2010, the Bank's credit agreement immediately terminated. Lopez and Hassell gain thereby to 4 January 2011 to repay the credit in their position as guarantor. On December 22, 2010, the Bank also its lien on the inventory of the spa exercised. Riffort the lease same day orally terminated.

2.17 On 23 December 2010 the Bank Aqua Spa notice that the exercise of the right of pledge the operation of the spa is not in the way of having to stand. If the inventory is removed, Aqua Spa, the company can continue.

2.18 Riffort Renaissance and the employees of Aqua Spa from December 22, 2010 the spa access denied. By letter dated December 24, 2010, received by Aqua Spa on January 7, 2011, has Riffort to Aqua Spa notice that the lease is terminated with immediate effect, because the Bank's lien on the inventory exercised.

2.19 The inventory is not removed by the Bank. Ultimately, the inventory at the public auction at Renaissance sold. As of April 1, 2011 Renaissance operates a spa in the rented.

The Dispute.

3.1 Aqua Spa cs progresses convention that the Court, by judgment enforceable, to rule that;

- The lease at December 22, 2010 by unlawful Riffort has ended and as of that date is no longer in force;

- Riffort and Renaissance and the Bank have acted unlawfully against the applicants;

- Riffort and Renaissance, at least Riffort unjustified, are / is enriched.

- It also requests that Riffort cs Aqua Spa, Renaissance and the Bank are jointly and severally ordered to pay damages to Aqua Spa cs amounting to USD 5,417,578.60 2,187,502.26 and NAF, plus statutory interest, at least compensation further assessed by state and ordered Riffort, Renaissance and the Bank of the proceedings.

3.2 At its claims against the Bank Aqua Spa cs at the following foundations. The Bank on December 21, 2010 the credit relationship with Aqua Spa immediately terminated without a notice period. The next day, the Bank without prior consultations within the spa with a lot of force and the spa was closed. While the Bank had no right to the spa to close. Moreover, this took place in the season for the spa. The Bank did voogaande in the knowledge that Hassell abroad was to overnamekanditaten speak. The Bank also knew that doing Aqua Spa was a new manager to attract and financial projecities for the next six

months to prepare. Also knew that the Bank Aqua Spa in trouble was hit by Renaissance its commitment to the spa with her guests to promote failed to meet. There are also indications that there is illustrated by an approach between the Bank and Riffort / Renaissance. The furniture is indeed a low amount sold to Renaissance, now a spa in the rented operates. The actions of the Bank is also unlawful to Lopez and Hassell. The Bank has the aforementioned behaviors performed in the knowledge that Lopez and Hassell personal guarantors voro the entire debt to the Bank of Aqua Spa. Despite the knowledge that Aqua Spa cs was doing to attract new investors, the Bank has pulled the plug from Aqua Spa. It also provides a direct tort against Lopez and Hassell on said still Aqua Spa cs

3.2 The Bank has in its defense the following. The Bank is authorized to cancel a credit relationship and its pledge to exercise. In the present case there was any reason to. Aqua Spa lived a long time unable to meet its obligations to the Bank. The loan was not repaid and any investor, but that was never concrete. The information requested by the Bank on cash flow, were never provided. Hassell was also increasingly inaccessible to the Bank. On 17 December 2010 the Bank with Lopez in Aruba. Lopez said that Hassell was in Miami doing the activities of Aqua Spa to sell. This shot the Bank in the wrong way because they would lose almost all of its securities would be. In this context, a role that the credit agreement pledging of shares in HJC Realty SA was not implemented because Meru Real Estate Investments SA owns no shares which turned out to be more. Aqua Spa was therefore less than pledged to which it was connected. It then requested mortgage is not provided.

The Bank ultimately the credit relationship terminated by letter dated 21 December 2010 and the next day her pledge exercised. The manager of the spa itself decided to clients to send home and close to the spa. The goods were in agreement with the manager left in the spa.

Only after exercise of the lien is contacted Riffort and Renaissance. In order to set is therefore no question. The Bank also drawing no interest, because they now face a claim of over Naf. 1.2 million remains. It is also not unusual for a foreclosure auction property below market value are sold, so that no indication for a one-two punch can be.

The Bank has been in all not acted unlawfully towards Aqua Spa. After the agreed securities were not provided, there was insufficient information given, the loan and interest were not paid and Hassell was doing the business of selling. The cancellation of the credit relationship and enforcement of the lien was therefore not unlawful.

For a main condemnation of the Bank and Renaissance Riffort is no reason. Not shown is why the Bank would be liable for damage caused by Riffort and Renaissance.

Hassell and Lopez argue that the Bank also acted wrongfully towards them.

The Bank disputes the lack of knowledge that Hassell and Lopez shareholder of Aqua Spa. Furthermore, it follows from the case law that the shareholder does not claim accrues because the legal person to claim damages must. Of acting contrary to the shareholder in respect of the private care required is no question, so that the progress of Hassell and Lopez this rebound.

The Bank disputes the extent of the damage. The loss of profit is based on the business of Deloitte & Touch, but this refers only expectations in clinical practice are never fulfilled. The alleged investments are insufficiently substantiated. In addition, various items that are not staged investment, which double booked or private property concerns.

The Bank is in no way enriched. The basis of the claim against the Bank flawed, still according to the Bank.

Court verdict english page 2

3.4. The Bank relies zic h at offsetting its claim on Aqua Spa, Hassell and Lopez. This claim, the Bank counterclaimed set. Due to the failure of Aqua Spa is the procedure counterclaim suspended.

3.5. At its claims against Riffort and Renaissance Aqua Spa cs at the following foundations.

Riffort and Renaissance oaths make significant investments Aqua Spa at the spa, in order to meet fire standards of Renaissance. The architect of Renaissance Riffort and also served to authorize the construction and the interior of the spa. The lease included therewith also the construction and operation of the spa. The lease included therewith also the construction and operation of the spa. Riffort and Renaissance also undertook towards Aqua Spa for the spa guests under the promotion. Furthermore, there is a walkway from the Renaissance hotel will be constructed to provide direct access to the spa for guests to realize. Riffort Renaissance and its commitments regarding promotion failed. The walkway is eventually realized, but it did not go directly to the spa and was also closed by a gate that only by an often absent guard Renaissance could be opened. As a result, the spa guests and insufficient customer received and is in financial trouble, which ultimately leads to the cancellation of the credit relationship with the bank led.

On December 22, 2010 Riffort the lease immediately opgezeged. Access to the Spa Aqua Spa staff was denied by Riffort and Renaissance. The cancellation is not valid, because Aqua Spa betalingsverplichtigen met her. Moreover, the consent of the Rental obtained.

Riffort Renaissance and have at least a malpractice tort committed against Aqua Spa by the agreements on promotion and the walkway or insufficient to meet. Furthermore, the lease wrongfully terminated immediately and were employees of the Aqua Spa Spa Access denied. All this is unlawful to Aqua Spa and also towards Hassell and Lopez, now Riffort and Renaissance knew that they were personally guaranteed the debt of Aqua Spa.

Riffort and Renaissance finally unjustly enriched by being a ready-made spa lap got that meets the standards of Renaissance.De enrichment consists of the investments made in the leased said still Aqua Spa cs

3.6. Riffort and Renaissance have their defense the following. Riffort has under the lease the spa promoted, as they all resort facilities promotes. An appointment for specific and active marketing of the spa by Riffort or Renaissance was no question that served Aqua Spa yourself.

Aqua Spa also shows that they are not self sufficient marketing has made towards hotel guests and local customers or guests of other hotels.

The walkway between the Riffort and the Renaissance Hotel is realized. It is incorrect that the walkway was closed, there is a guard that opens the door on presentation of a room pass.

Riffort the lease terminated because the Bank had exercised its lien and the spa had closed its doors. Without Aqua Spa activities would not generate income and would therefore not be able to pay the rent. Riffort told her other tenants obligation to avoid empty. Continuation of the activities of Aqua Spa was given the poor financial poisitie, not imminent. The termination of the lease is not altogether contrary to the reasonableness and fairness.

The Rent Control (hereafter; HCR) also does not apply to the rented space, because the rented part of a hotel and hotels are not within the scope of the HCR fall. Renaissance and Riffort there was no need to take into account the fact that Hassell and Lopez were responsible for their ability Aqua Spa. Breach of a standard of care is therefore no question.

The business of Aqua Spa cs based on incorrect assumptions about the number of rooms, the sales, the staff and the overall margin. The plan is thus from the outset been unrealistic. Wrongly believes Aqua Spa cs any loss of profit to claim Renaissance and Riffort. If anything is to be recovered, it could never be more than the turnover of residents of Renaissance would, therefore 30% of the revenues as estimated in the business plan. Also, the calculation of the profit does not take into account the possibility that the lease after five years would not be extended. Of unjust enrichment does not apply. Riffort by the investment of Aqua Spa not enriched. Riffort has incurred costs to the rented Renaissance to rent. Riffort has also not be able to charge higher rents in the Renaissance. As though there would be an enrichment can not be equated with the investments of Aqua Spa, not to mention that it is unclear what amount now invested in the spa, says Riffort.

Renaissance is not the owner of the rented. Renaissance should Riffort monthly rent to pay and should also invest a substantial amount in order to use the leased property. Renaissance is not enriched, says Renaissance.

3.7. The positions of the parties is below, where relevant, in more detail.

The assessment of the dispute.

In convention

The cancellation of the credit relationship and the exercise of the right of pledge by the Bank.

4.1 It is assumed that under the terms and conditions in the credit agreement, the credit relationship in principle at any time by the Bank may be terminated. It is a bank are not free to do this at will. The requirements of reasonableness and fairness may, because of the circumstances of the case it would only be to terminate a valid termination of the contract leads, if a sufficiently weighty grounds for termination exists. For a bank applies that they are related to the social function of banks has a special

duty of care, such as the Bank in its terms and conditions listed. The scope of that duty depends on the circumstances of the case. A credit denunciation implies that at least they will have to comply with requirements of proportionality and subsidiarity. Finally, apply to the court the decision of the bank in principle restraint will serve to evaluate because he cannot take the place of banker.

4.2 It is clear that Aqua Spa at the time of termination has long been in default in respect of the performance of its obligations under the credit agreement. The interest and repayments were in fact not paid. It also found the agreed collateral only partly be provided. The pledged shares HJC had already sold the pledge and the mortgage on the apartment in Jardines del Mar is never provided. It was therefore the benevolence of the Bank due to Aqua Spa still got respite in order to find new investors and its financial house in order to get. The various letters of the Bank in this context speak volumes. Already on October 2, 2009, the former financier Orco Bank Aqua Spa in default, because the promised an agreed security were not provided. Even after the assignment was providing the security off. On July 22, 2010, the Bank Aqua Spa in default in respect of the redemption - and interest obligations, providing financial data and provide security. This will be further emphatically to the attention of Aqua Spa cc.s. by letter of 6 October 2010, in which the Bank - among others - the following message Aqua Spa cs;

"We inform you That You remainning in default with the agreement with the Bank (...). You have not made a concrete concrete counter offer to start paying on the account. The company Remains on leveraged for the current level of operation and does require a major capital injection. (...) Please note that the Bank does consider That You remainning in default and we request That your pay off the bank in full by no later than November 15, 2010 Unless we can arrive at a new agreement by That Time All which will entail but not limited to a new payment schedule and acceptable collateral. That we trust you will take due note of this letter. '

4.3 Given this wording and the previous letters can be no doubt that the Bank in October 2010 by the situation very seriously and her patience with Aqua Spa cs its end. Not available or has been shown subsequently sufficient security has been provided an acceptable payments are followed or further payment arrangements. Nor has shown that Aqua Spa, the Bank requested financial information (full) has provided concrete or investors have been submitted. In that light, it is therefore by no means inconceivable that the Bank credit relationship on December 21, 2010 with immediate effect has ended. It had indeed already Aqua Spa for December 21, 2010 should be clear that the credit only hung by a thread. Under the circumstances, the termination with immediate effect not conflict with requirements of proportionality and subsidiarity. Of action by the Bank in violation of the reasonableness and fairness or fulfill its duty of care is therefore no question. This applies less to the Bank now has a period of two weeks and Hassell Lopez - in their position as guarantor - is permitted to assume the obligations of Aqua Spa obligations. The termination of the credit relationship is under the aforementioned conditions not unlawfully against Hassell and Lopez.

That the ultimate reason for the Bank to the credit relationship to say possibly a misunderstanding, namely the communication Lopez that Hassell in Miami was to sell the company, while Lopez claims to

only have meant that Hassell with investors in conversation , does not affect the foregoing. The cause of the termination of the credit relationship is the absence of principal and interest due, failure to provide collateral and not (fully) for access to the financial data, on which defects Aqua Spa cs once and again been highlighted by the Bank, but who nevertheless were not retrieved.

4.4. Nor is it illegal for the Bank immediately its lien on the inventory of spa exercised. The Bank possessed because of insufficient collateral and therefore had the collateral that they are ad as soon as possible to invoke. No rule is that preclude lien without prior notice to the debtor is exercised.

4.5. Aqua Spa cs accuses the Bank still they the spa on December 22, 2010 - season for the spa - has closed, while they reached that conclusion was not entitled. This reproach bounce off on its own assertion that Hassell cs Aqua Spa already on December 23, 2010 the Bank has understood that the exercise of the pledge not to operate the spa in the way of having to stand. The fact that a continuation of the spa has not subsequently take place because the staff of Aqua Spa access was denied by Riffort and Renaissance, can not be invoked against the Bank.

4.6. Aqua Spa cs accuses the Bank finally that there would be one - two punch between the Bank on the one hand and other hand Riffort and Renaissance. Aqua Spa cs see such evidence in the fact that the contents of the spa for a song to Renaissance is sold and furthermore that Renaissance is now a spa in the rented operates. Although the Court palpable note that Aqua Spa cs the current situation as such experiences, the Court sees no evidence of foul play between the Bank and Riffort and Renaissance. Not found what importance the Bank thereby would have, especially now retrospectively must be noted that the Bank with a strong claim is left. That the Bank has sold furniture below market value, is certainly not uncommon in foreclosure auctions. The fact that Renaissance is now a spa in the rented operates, is independent of the Bank and its therefore cannot be invoked. The argument therefore fails.

4.7. Given the above, the claims of Aqua Spa cs to the Bank must be rejected.

Acting Riffort and Renaissance

4.8. Aqua Spa cs Riffort accusation that they rent in conflict with the provisions of the Rent Control (hereafter; HCR) has terminated. Article 17a paragraph 1 of the HCR provides that this regulation does not apply to hotels. The question thus arises as to whether the spa part of the Renaissance Hotel. In this regard, the following conditions are of importance. The leased property is situated in the Rif Fort. Besides the Rif Fort is the Renaissance Hotel. The Rif Fort and the Renaissance hotel operated by different companies (Riffort and Renaissance), but are - as explained put part of the same group of companies. The Rif Fort and the Renaissance hotel linked by a walkway. The spa is mentioned on the website of Renaissance hotel as the hotel's spa. The website of the spa Aqua Spa dubbed as "Renaissance Aqua Spa, the official Spa of the hotel. '. On the signposting in the Rif Fort marked Aqua Spa, is also the logo of the Renaissance Hotel.

The foregoing, all this in context and considered together, lead to the conclusion that the spa was part of a publicly known as a unit complex, a resort. The spa must therefore be regarded as situated in a hotel under (Article 17a of the now former HCR) Article 7a Article 7, 24 BW, BW 274. The fact that the

spa is accessible for non hotel guests, is of sufficient weight to that judgment to do. The conclusion is that the UNHCR does not apply to the lease between Aqua Spa and Riffort, so the argument Aqua Spa cs that the termination in violation of the UNHCR, should be rejected.

4.9. According Aqua Spa cs Riffort and Renaissance briefly unlawfully against her acted promotion agreements not to comply, the lease at the first opportunity to terminate and employees of Aqua Spa access to the spa to deny, to eventually own the spa across take.

4.10. Riffort and Renaissance are part of the same group of companies. The Rif Fort, owned by Riffort, is actually closely related to the Renaissance Hotel, owned by Renaissance. Indirectly director of both companies is the spring, which according to the court documents also occurs for both companies. The interconnectedness is further demonstrated by the fact that the lease is entered into between Riffort and Aqua Spa, but (apparently by mistake) was signed by Renaissance. Also from the contents of the lease follows that Riffort and Renaissance were closely involved, now it is stated that the spa must meet the standards of fire Renaissance. Finally, reference is made to what has been considered as to whether the Riffort established in the spa part of the Renaissance Hotel. Based on the foregoing, the science of one company may reasonably be attributed

4.11. Both the lease as from the note of the former director of Renaissance and Renaissance that Riffort to Aqua Spa cs have committed to the spa to promote. The intention was, according to the memo to the spa an integrated part of Renaissance making. Part of these agreements was marketing and customer service, which specifically in the memo indicated the initiatives in this area should be undertaken. Furthermore, it was agreed that a bridge would be built, which is in line with the desired integration between the spa and the hotel was. Renaissance and Riffort thus have an obligation to itself to the spa to promote and integrate as part of the hotel. The theorem of Renaissance and Riffort that there was no specific requirement promotion of the spa is therefore passed.

4.12. Now the spa is not in the hotel but in the Rif Fort is located, may in the area of promotion more of Renaissance and Riffort be required than when the spa is located within the walls of the hotel was located. The spa is in terms of visibility and accessibility indeed at a disadvantage compared to other hotel facilities, which also plays a role that has the potential clients of a facility as a luxurious spa is not too difficult to be made in order to reach the spa. The agreements therefore having to be seen in that light. It may be that the promised spa menus in the rooms is not ultimately come due to fire standard regulations and furthermore that there is little or no signs in the hotel were referring to the spa. Moreover, the direct line from the spa rooms have not come, that the staff of Aqua Spa has received no trainig of Renaissance, that access to the spa from the hotel by a gate was closed and Aqua Spa of the fence, despite repeated request, no key was. Finally, it is undisputed that remained its own promotional activities of Aqua Spa, as the sign at the elevator, on resistance of Riffort and Renaissance encountered.

4.13. Aqua Spa cs has repeatedly when Riffort Renaissance and brought to the attention that the agreements on promotion were not met. The requests and proposals from Aqua Spa cs, however each of the rejected and prior commitments have been put on hold or canceled. Illustrative in this respect is the - uncontested - comment 'I will not lift a finger to help you' De Veer (indirectly) driver Riffort and

Renaissance, made by Hassell on 18 March and repeated on October 1, 2010. From this communication Feather could infer that Riffort Aqua Spa and Renaissance promotion agreements would not comply. A notice could therefore be omitted.

4.14. Based on the foregoing, it is concluded that Renaissance and Riffort to insufficient efforts to promote the spa. That does not alter the fact that Aqua Spa cs possible self promotion could have done more, as has been argued by Riffort and Renaissance.

ourt Verdict English page 3

4.15. Aqua Spa cs reproach Riffort Renaissance and subsequently hire in violation of the lease is terminated and wrongly to employees of Aqua Spa access the spa is denied. In accordance with Article 31.1 of the lease is entitled Riffort let directly to say 'when attachment is a conservation reserve Thurs or distress is leveled on the movable or immovable goods of the Tenant. This provision can only be passed if this teopassing to standards of reasonableness and fairness is. According Riffort is the scope of the provision that the tenant after exercising a lien may not be able to continue to conduct its business and consequently its obligations under the lease will no longer be able to fulfill. The landlord does the default of the tenant not to wait, but can let directly to say, according Riffort.

4.16. In the present case, the Bank exercised its lien on the Goods of the Company. This was not necessary for the operation of the spa in the way that bears on December 23, 2010 Aqua Spa is also confirmed by the Bank. The danger Aqua Spa no longer meet its obligations to Riffort could meet, manifested therefore not immediately on December 22, 2010. This is especially true now undisputed that Aqua Spa until that moment had no rent arrears and also the Christmas holidays at the door stood, which is a busy time for the spa would be. It was therefore in the way of Riffort and Renaissance located in conversation with Aqua Spa cs to the current situation in detail and any additional agreements concerning the rent payments to make before the lease to an end and the staff at the spa access to the spa to deny. This is particularly so Riffort and Renaissance there were aware of that Aqua Spa substantial investments had been made to the spa to comply with fire standards of Renaissance. Riffort and Renaissance also knew, or at least they should understand that these investments in December 2010 by no means could be recouped. In addition to Riffort Renaissance and their obligation to the spa to promote not least onvoeldoende been discharged, as considered above, so that they themselves had affected the viability of Aqua Spa.

All these circumstances together make a profession of Riffort to Article 31.1 of the lease to standards of reasonableness and fairness, so it must be held that the rent in violation of the lease is terminated and wrongly spa access is prevented . The let directly to an end and the staff of Aqua Spa deny admission have Riffort and Renaissance people have proved themselves the interests of Aqua Spa cs insufficient to attract, which unlawful towards Aqua Spa cs Riffort Renaissance and are thus liable for damage cs Aqua Spa has suffered. The chances of a successful operation of the spa Aqua Spa cs by Riffort and Renaissance deprived.

Unjust enrichment

4.17. With regard to the question whether a tenant is entitled to compensation under unjust enrichment for changes he at the end of the lease has not removed, it should be provided that the question only can be answered affirmatively if special circumstances warrant. In this case plays a role that Aqua Spa spa in such a manner that the spa must design meets the standards of Renaissance. Aqua Spa purpose was under lease obligation. Furthermore, Aqua Spa in the twenty months that the spa has been open, cannot recover its investments, which at Riffort and Renaissance must have been clear. Moreover, Riffort the rented now rents to Renaissance, also a spa in the rented operates.

4.18. All this may be true, but that does not mean that the lease provides that the tenant no compensation is due for things that the tenant has applied and after termination of the lease has not removed. Aqua Spa has no business removed. Riffort subsequently charges made by certain Aqua Spa cases before removing and Renaissance, in turn, have to invest to the spa to her liking.

4.19. All things considered, the Court considers that special circumstances have proved insufficient to give rise to the award of compensation to Aqua Spa on the grounds of unjust enrichment. It was on the way from cs Aqua Spa located at the conclusion of the agreement a fee in respect of its investments to stipulate, in case the contract (prematurely) would be terminated. By failing to do so, Aqua Spa cs the risk that its investment would accrue to the landlord on termination of the lease. That situation has now achieved. It was also on the way of Aqua Spa located to the year made changes to the property to remove the termination of the lease. Not stated or shown that Riffort and Renaissance that has prevented. Now Aqua Spa has failed cases brought by her to take away and also did not negotiate with Riffort and Renaissance on a purchase price, it can not Riffort Renaissance and argue that the latter use the remaining cases. The claim based on unjust enrichment will therefore be rejected.

Damage

4.20. Aqua Spa cs that their damage includes loss of profit of $ 5,289.960, investments NAF 1,952,000.00, paid bail of $ 25,000, payable to third parties of $ 102,618.63 and NAF. 201,436.97 and costs of consultants NAF 34,065.29.

4.21. The Court considers it likely that Aqua Spa cs damage. Assessment of damage, the Court considers at this stage may be insufficient, especially now audited accounts of Aqua Spa lacking and insufficient insight into the survival of Aqua Spa, tucked thought the wrongful conduct of Riffort and Renaissance. Partly for reasons of procedural economy, the Court will Riffort Renaissance and therefore pay damages further assessed by state.

4.22. Riffort and Renaissance will if the losing party to the proceedings of Aqua Spa cs be condemned. These costs are estimated to date at NAF. 8.198.26 to advances (NAF. 7,500 in court fees included therein) and NAF. 18.300, - to authorized salary (3 points rate x 11 ad NAF. 6.100, - per point).

4.23. The claims against the Bank will be rejected. Aqua Spa cs will if the losing party to the proceedings of the Bank be condemned. These costs are estimated to date at NAF. 18.300 - Agents of salary (3 points

rate x 11 ad NAF. 6.100, -). The advanced legal interest on the costs will be allocated from two weeks after service of the judgment.

Counterclaim

4.24. Having regard to the suspension of the procedure, all decisions made in the counterclaim be detained.

The Decision

The Court;

In convention

5.1. rejects the claims against the Bank off.

5.2. condemns Aqua Spa cs in the proceedings, on the part of the Bank to date estimated at NAF. 18.300 - Agents of salary, plus statutory interest from two weeks wet service of this judgment;

5.3. declares that the lease between Riffort and Aqua Spa at December 22, 2010 by unlawful Riffort is terminated;

5.4. declares that Riffort Renaissance and wrongfully towards Aqua Spa cs acted.

5.5. condemns Riffort and Renaissance jointly, so that if and when one pays the other will be freed to pay the damages, plus statutory interest, which Aqua Spa cs by this unlawful act have suffered and states that this damage detail will be made by the court and will be settled according to the law;

5.6. condemns Riffort Renaissance and severally, so if and when one pays the other will be released in the proceedings, on the part of Aqua Spa cs to date estimated at 8,198.26 in disbursements and NAF NAF. 18.300 Agents in salary;

5.7. declares this judgment regarding the costs convictions under 5.2 and 5.6 enforceable.

5.8. denies any further or other claims.

Counterclaim

5.9. takes all decisions on.

This judgment was given by Mr. P.W. van Schendel and in the presence of the Registrar in public on February 18, 2013.