25439-MP-TUR of August 27, 1996. In the event that this foreclosing creditor with no interest in development is a foreigner, the Instituto Costarricense de Turismo shall grant it a period not exceeding three months to accredit an entity incorporated and domiciled in the country that will become the holder of the obligations in representation of the foreclosing creditor.
It shall be the responsibility of the Board of Directors of the Instituto Costarricense de Turismo to recognize the foreclosing creditor with no interest in development, for which purpose, the interested party must make the request before the Collegiate Body within thirty days following the execution.
The foreclosing creditor with no interest in the development of the concession shall have a period of two years, starting from the recognition of its status by the Board of Directors, to transfer the concession right to a third party, who must comply with all the necessary requirements to be a concessionaire before the Instituto Costarricense de Turismo. Once the indicated period has expired, the foreclosing creditor must indicate to the Board of Directors of the Instituto Costarricense de Turismo if it has an interest in the development of the concession and make the payment corresponding to the transfer fee, so that it is recognized as the new concessionaire.
The foreclosing creditor with no interest in development, duly recognized by the Board of Directors of the Instituto Costarricense de Turismo, must ensure the maintenance and conservation of the foreclosed asset, taking all the necessary actions to comply with this obligation.
The foreclosing creditor shall be responsible for the fulfillment of the obligations of the concessioned area with other State institutions, including the municipal fee (canon municipal) and public services.
When a foreclosing creditor is awarded a concession that possesses a duly constructed commercial establishment, and considers that the operation of the same can be continued, it may grant its administration or lease to a third party, for the maximum term indicated in Article 72 of Law No. 1644 "Organic Law of the National Banking System." For this, it must make the formal request before the Board of Directors of the Instituto Costarricense de Turismo, which is the competent body to grant such authorization.
When the foreclosing creditor chooses to continue with the operation of the business, it must respect and comply with the special regulations governing the concessions within the Golfo Papagayo Tourism Hub, as well as with the obligations to other State entities that are involved in the commercial activity of the business.
If the creditor that executed the concession has an interest in the development of the same, it must prove before the Instituto Costarricense de Turismo that it meets all the requirements to be a concessionaire, including the payment of the corresponding fee (canon), and it shall be the responsibility of the Board of Directors to recognize it as the new concessionaire.
The total or partial transfer (cesión) of an executed concession made in favor of a third party shall require prior authorization from the Instituto Costarricense de Turismo and must pay the corresponding fee (canon).
(Thus added by Article 1 of Executive Decree No. 30259-MP-TUR of February 21, 2002, its numbering being run) (Thus amended by Article 1 of Executive Decree No. 37701 of August 1, 2012)