Real Estate

Long-Term Lease of Land in State Ownership and Project Development – Practical Experiences

The use or disposal of leased land in state property during and after the lease term is controversial. The authors share some experiences in this area.

Introduction

State-owned prop­er­ty or prop­er­ty owned by a munic­i­pal­i­ty may be leased for up to 90 years, sub­ject to approval by the Par­lia­ment of Mon­tene­gro. The land may be des­ig­nat­ed for the devel­op­ment of tourist com­plex­es, res­i­den­tial build­ings, and vil­las, and most com­mon­ly requires financ­ing pre-deter­mined in the ten­der pro­ce­dure. For land des­ig­nat­ed for the devel­op­ment of vil­las, the lessee may be grant­ed an own­er­ship right to the land beneath the vil­las and land sur­round­ing the vil­las when being used for their pri­ma­ry pur­pose. In prac­tice, the use/disposal of the leased land dur­ing and upon expiry of the lease term is the most con­tro­ver­sial aspect of this legal struc­ture.

Long term lease of state-owned land under applicable laws

Gen­er­al terms

Accord­ing to the State-Owned Prop­er­ty Act (STPA), state-owned prop­er­ty or prop­er­ty owned by a munic­i­pal­i­ty may be leased out for (i) up to 30 years, sub­ject to approval by the Gov­ern­ment of Mon­tene­gro or relat­ed munic­i­pal gov­ern­ment, or (ii) up to 90 years, sub­ject to approval by the Par­lia­ment of Mon­tene­gro based on a pro­pos­al by the Gov­ern­ment of Mon­tene­gro. The Par­lia­ment of Mon­tene­gro, at the pro­pos­al of the Gov­ern­ment, also decides on the dis­po­si­tion of state prop­er­ty val­ued over EUR 150,000,000.

State prop­er­ty may be dis­posed by pub­lic auc­tion or on the basis of col­lect­ed bids, and in excep­tion­al cas­es by pri­vate treaty. If a lease has been grant­ed for the devel­op­ment of a hotel-tourist com­plex, the lessor may grant the lessee its con­sent for the fur­ther dis­pos­al of such facil­i­ties, in line with plan­ning doc­u­ments and the cor­re­spond­ing lease agree­ment. Fur­ther­more, for land des­ig­nat­ed for the devel­op­ment of vil­las, the lessee may be grant­ed an own­er­ship right to the land beneath the vil­las and land sur­round­ing the vil­las being used for their pri­ma­ry pur­pose, in con­sid­er­a­tion of the mar­ket val­ue of the land and in line with plan­ning doc­u­ments and the lease.

Coastal area

A long-term lease agree­ment sets forth all terms and con­di­tions of the lease. It is, how­ev­er, inter­est­ing to note that, if the leased land encom­pass­es a coastal area, such part of the land may not be leased as the coast­line rep­re­sents a nat­ur­al resource that can­not be leased or oth­er­wise dis­posed of. How­ev­er, in line with the pro­ce­dure envis­aged by the Mon­tene­grin Sea Act, the use of such land may be grant­ed to the lessee by way of an agree­ment exe­cut­ed with the pub­lic com­pa­ny entrust­ed with pro­tect­ing the marine resources in Mon­tene­gro (JP Morsko Dobro).

The recent prac­tice in Mon­tene­gro, instead of two sep­a­rate agree­ments (one with the Gov­ern­ment of Mon­tene­gro and one with JP Morsko Dobro), is to have tri­par­tite lease agree­ments, the par­ties to which are the gov­ern­ment as lessor, the investor as lessee, and JP Morsko Dobro as the usage right grantor con­cern­ing the seg­ment of the leased land rep­re­sent­ing a mar­itime resource.

Disposal of state-owned leased land/facilities

Dur­ing the devel­op­ment of projects con­struct­ed on the state-owned land, espe­cial­ly for the pur­pose of financ­ing, the ques­tions arise whether the investor may sell or mort­gage (i) the con­struct­ed facilities/buildings and (ii) the leased land.

As a gen­er­al rule, a person/entity mort­gag­ing a prop­er­ty as a secu­ri­ty for its/other debt must be the own­er of the mort­gaged prop­er­ty. Accord­ing­ly, land in lease­hold may not be dis­posed of (except through sub-lease/as­sign­ment) and mort­gaged. On the oth­er hand, the owner/developer of a facil­i­ty may be reg­is­tered in the Cadas­tre of Real Estate as the own­er of the facil­i­ty once the rel­e­vant per­mits for construction/usage have been obtained, and hence may dis­pose of the facil­i­ty.

Mort­gages are per­fect­ed through reg­is­tra­tion in the Mon­tene­grin Real Estate Cadas­tre. The sub­ject of a mort­gage can be an indi­vid­u­al­ly deter­mined and liq­uid real estate, or any co-own­er­ship share in a real estate. In case the val­ue of the mort­gaged prop­er­ty increas­es dur­ing the term of the mort­gage, the mort­gage extends to such increase in val­ue. The sub­ject of a mort­gage can also be a facil­i­ty under con­struc­tion or any part of such facil­i­ty (apart­ment, office, garage), pro­vid­ed that a valid con­struc­tion per­mit has been issued for the facil­i­ty. A mort­gage on a facil­i­ty under con­struc­tion is reg­is­tered on the land on which such facil­i­ty is being con­struct­ed; fol­low­ing reg­is­tra­tion of the facil­i­ty in the CRE, the mort­gage is reg­is­tered ex offi­cio on the con­struct­ed facil­i­ty or a part there­of.

Dis­pos­al of con­struct­ed facilities/buildings 

How­ev­er, con­trary to the gen­er­al rule, long-term lease agree­ments usu­al­ly con­tain cer­tain restric­tions on the dis­pos­al of facil­i­ties under con­struc­tion. The ratio­nale behind these restric­tions is to pre­vent the out­flow of funds pri­or to final­i­sa­tion of a project (invest­ment of funds). Name­ly, although most com­mon­ly the gov­ern­ment may ter­mi­nate the agree­ment in case of breach by the investor (eg, fail­ure to com­ply with the invest­ment pro­gramme), the ques­tion is how to return/regain own­er­ship over facil­i­ties pur­chased from the investor by third par­ties act­ing bona fide?

In light of the above, the most com­mon restric­tions in long-term lease agree­ments are:

  • Dis­pos­al of the facil­i­ties requires pri­or writ­ten gov­ern­ment approval.
  • Establishment/foreclosure of the mort­gage over the facil­i­ties (ie, trans­fer of own­er­ship) is sub­ject to writ­ten gov­ern­ment approval.(Sometimes the mere estab­lish­ment of a mort­gage grant­ed in favour of third-par­ty devel­op­ers would not require pri­or writ­ten gov­ern­ment approval, where­as fore­clo­sure of a mort­gage [ie, trans­fer of own­er­ship through mort­gage rights] would.)

Final­ly, it is inter­est­ing to note that restric­tions sim­i­lar to the fore­go­ing may be found in agree­ments sell­ing and devel­op­ing state-owned prop­er­ty.

Dis­pos­al of leased land

As indi­cat­ed above, pur­suant to the applic­a­ble Mon­tene­grin laws, a mort­gage over land can be estab­lished sole­ly over land in free­hold, where­as, in rela­tion to lease­hold, only for the land beneath and ser­vic­ing the vil­las may be dis­posed of (pro­vid­ed that such land is pur­chased by the investor).

Most com­mon­ly under the lease agree­ments, the gov­ern­ment is not oblig­ed to grant lenders any secu­ri­ty inter­est in the government’s free­hold inter­est in the site or any part of it. More­over, a free­hold may be grant­ed only for apart­ment build­ings and the land under­neath them (once con­struct­ed). There­fore, a mort­gage can be cre­at­ed only over the facilities/buildings (based on the con­struc­tion per­mit), and not over the land sur­round­ing the apart­ment build­ings or any oth­er part of the site.

Most significant development projects in Montenegro are based on a long-term lease granted by the government. The lease is usually for 90 years.

Dugoročni zakup zemljišta u državnoj svojini i razvoj projekata – praktična iskustva

Korišćenje ili raspolaganje zemljištem u državnoj svojini tokom zakupa i nakon njega je kontroverzno pitanje. Autori ovog teksta dele neka od svojih iskustava u toj oblasti.

Uvod

Imov­ina u državnoj svo­ji­ni i svo­ji­ni opš­tine može se davati u zakup na peri­od do 90 god­i­na, uz prethod­no odobren­je Skupš­tine Crne Gore. U sluča­ju zemljiš­ta na kojem je pred­viđe­na izgrad­n­ja tur­is­tičkog kom­plek­sa, stam­benih zgra­da ili vila najčešće je potreb­no da pitan­ja finan­sir­an­ja budu unapred određe­na u pos­tup­ku javnog nad­metan­ja. Kada je reč o zemljiš­tu pred­viđenom za izgrad­nju vila, zaku­pac može dobiti pra­vo svo­jine na zemljiš­tu ispod vila i oko njih, koje je neophod­no za nji­hovu redovnu upotre­bu. U prak­si, korišćenje/raspolaganje zemljištem u zakupu tokom i nakon iste­ka peri­o­da zaku­pa je najkon­tro­verzni­ji aspekat ovog pravnog pitan­ja.

Dugoročni zakup zemljišta u državnoj svojini prema važećim zakonima

Opšte odredbe

Pre­ma Zakonu o državnoj imovi­ni (ZDI), dobra u svo­ji­ni Crne Gore ili imovi­ni opš­tine mogu se ugov­orom dati u zakup (i) do 30 god­i­na, odlukom Vlade Crne Gore, odnos­no nadležnog organa opš­tine, ili (ii) do 90 god­i­na, odlukom Skupš­tine, na pred­log Vlade. Skupšti­na Crne Gore, na pred­log Vlade, odluču­je i o raspo­la­gan­ju državnom imovi­nom u vred­nos­ti iznad 150.000.000 evra.

Raspo­la­gan­je dobri­ma u državnoj svo­ji­ni vrši se javn­im nad­metan­jem ili na osnovu priku­pljenih ponu­da, a izuzetno neposred­nom pogod­bom. Kad je pred­met zaku­pa zemljište na kome je pred­viđe­na grad­n­ja hotel­sko tur­is­tičkog kom­plek­sa, zakupo­davac može dati saglas­nost zakupcu na otuđen­je objek­ta izgrađenog na tom zemljiš­tu, u skladu sa plan­skom doku­mentaci­jom i ugov­orom o zakupu. Dal­je, kada je pred­met zaku­pa zemljište na kome je pred­viđe­na grad­n­ja vila, zakupcu se, uz svo­jinu na objek­tu, može preneti i pra­vo svo­jine na zaku­pljenom zemljiš­tu ispod objek­ta i oko njih i koje je neophod­no za nje­govu redovnu upotre­bu, u skladu sa plan­skom doku­mentaci­jom i ugov­orom o zakupu, uz plaćan­je tržišne naknade.

Morsko dobro

Ugov­orom o dugoročnom zakupu pred­viđeni su svi uslovi zaku­pa. Tre­ba, među­tim, pomenu­ti da uko­liko  zaku­pljeno zemljište obuh­va­ta i morsko dobro, taj deo zemljiš­ta se ne može davati u zakup poš­to je morsko dobro prirod­no bogat­st­vo, čije davan­je u zakup ili raspo­la­gan­je istim nije dozvol­jeno. Među­tim, pre­ma pos­tup­ku pred­viđenom Zakonom o moru Crne Gore, korišćen­je takvog zemljiš­ta može se odobri­ti zakupcu ugov­orom zaključen­im sa javn­im pre­duzećem zadužen­im za zašti­tu morskog dobra Crne Gore (JP Morsko Dobro).

Sko­ri­ja prak­sa u Crnoj Gori je da se, umesto dva odvo­je­na ugov­o­ra (jednog sa Vladom Crne Gore, a dru­gog sa JP Morsko Dobro), zaključi tri­par­tit­ni ugov­or o zakupu, čije su ugov­orne strane Vla­da kao zakupo­davac, investi­tor kao zaku­pac i JP Morsko Dobro kao davalac pra­va korišćen­ja na delu zaku­pljenog zemljiš­ta koje pred­stavl­ja morsko bogat­st­vo.

Raspolaganje zemljištem/objektima u državnoj svojini

Pri­likom razvo­ja pro­jeka­ta izgrad­nje objeka­ta na zemljiš­tu u državnoj svo­ji­ni, naroči­to u vezi sa finan­sir­an­jem, postavl­ja se pitan­je da li investi­tor ima pra­vo da pro­da ili založi (i) izgrađene objekte/zgrade i (ii) zaku­pljeno zemljište.

Opšte prav­i­lo glasi da lice/društvo koje zalaže objekat kao sred­st­vo obezbeđen­ja svojih/drugih dugo­va mora biti vlas­nik založene imovine. Sto­ga nije dozvol­jeno raspo­la­gan­je zaku­pljen­im zemljištem (osim putem podzakupa/ustupanja svo­jin­skih ovlašćen­ja) i zala­gan­je istog. S druge strane, vlasnik/graditelj objek­ta može biti upisan u reg­is­tar nepokret­nos­ti kao vlas­nik objek­ta čim prib­avi odgo­vara­juće građevinske/upotrebne dozv­ole, pa tada može objek­tom i raspo­la­gati.

Hipote­ka se uspostavl­ja upi­som u reg­is­tar nepokret­nos­ti Crne Gore. Pred­met hipoteke može biti poje­d­i­načno određe­na i likvid­na nepokret­nost, ili udeo pra­va svo­jine na nepokret­nos­ti. Uko­liko se vred­nost založene imovine poveća tokom peri­o­da hipoteke, hipote­ka se odnosi i na tu uvećanu vred­nost. Pred­met hipoteke može biti i objekat u izgrad­nji ili neki nje­gov deo (stan, kance­lar­i­ja, garaža), pod uslovom da je za objekat izda­ta puno­važ­na građevin­s­ka dozvola. Hipote­ka na objek­tu u izgrad­nji reg­istru­je se na zemljiš­tu na kojem se objekat gra­di; nakon evi­den­ti­ran­ja objek­ta u reg­istru nepokret­nos­ti, hipote­ka na izgrađenom objek­tu ili nje­gov­om delu uspostavl­ja se po službenoj dužnos­ti.

Raspo­la­gan­je izgrađen­im objektima/zgradama 

Među­tim, suprot­no opštem prav­ilu, ugov­ori o dugoročnom zakupu obično pred­viđa­ju određe­na ograničen­ja raspo­la­gan­ja objek­ti­ma u izgrad­nji. Razlog za uvođen­je tih ograničen­ja je kako bi se sprečio odliv sred­sta­va pre okončan­ja pro­jek­ta (inve­sti­ran­je sred­sta­va). Naime, iako je Vla­da najčešće ovlašće­na da rask­ine ugov­or u sluča­ju kršen­ja obaveza od strane investi­to­ra (npr. nepoš­to­van­je inves­ti­cionog plana), pitan­je je kako povratiti/ponovo steći vlas­ništ­vo nad objek­ti­ma koji su od investi­to­ra u dobroj veri kupi­la treća lica?

U tom kon­tek­stu, najčešća ograničen­ja u ugov­orima o dugoročnom zakupu su sledeća:

  • Za raspo­la­gan­je objek­ti­ma potreb­no je prethod­no pisano odobren­je vlade.
  • Za uspostavljanje/aktiviranje hipoteke na objek­ti­ma (tj. prenos pra­va svo­jine) potreb­no je prethod­no pisano odobren­je vlade.

    (Ponekad za samo uspostavl­jan­je hipoteke u korist nosio­ca pro­jek­ta trećeg lica nije potreb­no prethod­no pisano odobren­je vlade, a za aktivi­ran­je hipoteke [tj. prenos pra­va svo­jine putem založnog pra­va] jeste.)

Kon­ačno, tre­ba pomenu­ti da se i ograničen­ja slič­na opisan­im mogu naći i u ugov­orima o pro­da­ji i razvo­ju državne imovine.

Raspo­la­gan­je zaku­pljen­im zemljištem

Kao što je nave­de­no iznad, pre­ma važećim zakon­i­ma Crne Gore, hipote­ka na zemljiš­tu može se uspostavi­ti isključi­vo na zemljiš­tu u svo­ji­ni, dok se u sluča­ju zemljiš­ta u zakupu može raspo­la­gati samo zemljištem ispod vila, kao i onog koje je neophod­no za nji­hovu upotre­bu (pod uslovom da je to zemljište kupio investi­tor).

U ugov­orima o zakupu Vla­da najčešće nije u obavezi da zaj­mo­davci­ma dozvoli uspostavl­jan­je bilo kakvog obezbeđen­ja na nekoj lokaci­ji ili njenom delu koji su u svo­ji­ni vlade… Sto­ga, pored zemljiš­ta ispod i u funkci­ji vila se hipote­ka može uspostavi­ti isključi­vo na objektima/zgradama (na osnovu građevinske dozv­ole), a ne i na zemljiš­tu oko stam­benih zgra­da ili nekom dru­gom delu lokaci­je.

Najznačajniji građevinski projekti u Crnoj Gori zasnovani su na dugoročnom zakupu zemljišta od strane Vlade. Period zakupa je obično 90 godina.