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UNELMUUNILU
2. NATURAL OR JURIDICAL PERSONS WHO, ON THE DATE OF ENTRY INTO FORCE OF THIS TREATY, ARE ENGAGED IN BUSINESS OR NON-PROFIT ACTIVITIES AT LOCATIONS IN THE FORMER CANAL ZONE MAY CONTINUE SUCH BUSINESS OR ACTIVITIES AT THOSE LOCATIONS UNDER THE SAME TERMS AND CONDITIONS PREVAIL ING PRIOR TO THE ENTRY INTO FORCE OF THIS TREATY FOR A THIRTY-MONT H TRANSITION PERIOD FROM ITS ENTRY INTO FORCE. THE REPUBLIC OF . PANAMA SHALL MAINTAIN THE SAME OPERATING CONDITIONS AS THOSE APPLICABLE TO THE AFOREMENT IO NED ENTERPRISES FRIOR TO THE ENTRY INTO FORCE OF THIS TREATY IN ORDER THAT THEY MAY RECEIVE LICENSES TO DO BUSINESS IN THE REPUBLIC OF PANAMA SUBJECT TO THEIR COMPLIANCE WITH THE REQUIREMENTS OF ITS LAW. THEREAFTER, SUCH PERSONS SHALL RECEIVE THE SAME TREATMENT UNDER THE LAW OF THE REPUBLIC OF PANAMA AS SIMILAR ENTERPRISES ALREADY ESTABLISHED IN THE REST OF THE TERRITORY OF THE REPUBLIC OF PANAMA WITHOUT DISCRIMINATION.
3. THE RIGHTS OF OWNERSHIP, AS RECOGNIZED BY THE UNITED STATES OF AMERICA, ENJOYED BY NATURAL OR JUR ID ICAL PRIVATE PERSONS IN BUILDINGS AND OT HER IMPROVEMENTS TO REAL PROPERTY LOCATED IN THE FORMER CANAL ZONE SHALL BE RECOGNIZED BY THE REPUBLIC OF PANAMA IN CONFORMITY WITH ITS LAWS.
4. WITH RESPECT TO BUILDINGS AND OTHER IMPROVE - MENTS TO REAL PROPERTY LOCATED IN THE CANAL OPERAT ING AREAS, HOUSING AREAS OR OTHER AREAS SUBJECT TO THE LICENSING PROCEDURE ESTABLISHED IN ARTICLE IV OF THE AGREEMENT IN IMPLEMENTATION OF ARTICLE III OF THIS TREATY, THE OWNERS SHALL BE AUTHORIZED TO CONTINUE USING THE LAND UPON WHICH THEIR PROPERTY IS LOCATED IN ACCORDANCE WITH THE PROCEDURES ESTABLISHED IN THAT ARTICLE.
5.
WITH RESPECT TO BUILDINGS AND OTHER IMPROVE -
MENT S TO REAL PROPERTY LOCATED IN AREAS OF THE FORMER CANAL ZONE TO WHICH THE AFORESAID LICENSING PROCEDURE IS NOT APPLICABLE, OR MAY CEASE TO BE APPLICABLE DURING THE LIFETIME OR UPON TERMINATION OF THIS TREATY, THE OWNERS MAY CONTINUE TO USE THE LAND UPON WHICH THEIR PROPERTY IS LOCATED, SUBJECT TO THE PAYMENT OF A REASONABLE CHARGE TO THE REPUBLIC OF PANAMA. SHOULD THE REPUBLIC OF PANAMA DECIDE TO SELL SUCH LAND, THE OWNERS OF THE BUILDINGS OR OTHER IMPROVEMENTS LOCATED THEREON SHALL BE OFFERED A FIRST OPT ION TO PURCHASE SUCH LAND AT A REASONABLE COST. IN THE CASE OF NON-PROFIT ENTERPRISES, SUCH AS CHURCHES AND FRATERNAL ORGANIZATIONS, THE COST OF PURCHASE WILL BE NOMINAL IN ACCORDANCE WITH THE PREVAILING
FRACT ICE IN THE REST OF THE TERRITORY OF THE REPUBLIC OF PANAMA.
6. IF ANY OF THE AFOREMENTIONED PERSONS ARE REQUIRED BY THE REPUBLIC OF PANAMA TO DISCONTINUE THE IR ACT IVITIES OR VACATE THE IR PROPERTY FOR PUBLIC
PURPOSES, THEY SHALL BE COMPENSATED AT FAIR MARKET VALUE BY THE REPUBLIC OF PANANA.
7. THE PROVISIONS OF PARAGRAPHS 2-6 ABOVE SHALL APPLY TO NATURAL OR JURIDICAL PERSONS WHO HAVE BEEN ENGAGED IN BUSINESS OR NON-PROFIT ACTIVITIES AT LOCA- TIONS IN THE FORMER CANAL ZONE FOR AT LEAST SIX MONTHS
PRIOR TO THE DATE OF SIGNATURE OF THIS TREATY.
TERASSIEFFO
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