GENERAL TERMS AND CONDITIONS FOR USING THE OMARAHA OÜ PORTAL

Valid from 1 February 2019

By signing these General Terms and Conditions of the Agreement by means of authentication with an ID-card, smart-ID, or PIN (hereinafter: Signature), the Portal User (hereinafter: User) receives a personal Virtual Account, with which the Portal Manager or User can perform operations in accordance with these General Terms and Conditions.

1. GENERAL PROVISIONS

1.1 The service provider (hereinafter: Portal Manager) is Omaraha OÜ (registry code 12044597, address Posti 30, 90504 Haapsalu, Republic of Estonia, e-mail address info@omaraha.ee, website address www.omaraha.ee).

1.2 These General Terms and Conditions (hereinafter: General Terms) regulate:

1.2.1 the relations between the Portal Manager and the Portal User regarding the credit intermediation activities of the Portal Manager in the Omaraha OÜ electronic environment at www.omaraha.ee (hereinafter: Portal);

1.2.2 the relations between the Portal Manager and the Portal User regarding the services provided by the Portal Manager to the Portal users;

1.2.3 the legal relations between the Portal users arising in the course of using the Portal, being an integral part of the Loan Agreements concluded between the Portal users (i.e. lenders and borrowers) and regulating the relations between the Parties to the Loan Agreement in matters not provided for in the Loan Agreement.

1.3 By agreeing to the General Terms, the Portal User Agreement is deemed concluded between the Portal Manager and the User. The Portal User Agreement also includes the terms and conditions of the credit intermediation agreement to be concluded between the User and the Portal Manager.

1.4 Before agreeing to the General Terms of the Portal, the User is obliged to examine the Portal’s Procedure for Processing Personal Data, available on the Portal Manager’s website at www.omaraha.ee.

1.5 The Portal Manager is responsible for providing credit intermediation services to the Portal users in accordance with the General Terms. Users conclude contracts on the Portal with each other and at their own risk. The Portal Manager is not a party to the contracts concluded on the Portal, but may act as representative of the borrower or lender in cases expressly provided for in the General Terms or in the Loan Agreement or assume the position of the lender in the Loan Agreement.

1.6 The Portal Manager has the right to transfer all or part of the rights and obligations arising from the Portal User Agreement and any other contracts concluded between the Portal Manager and the Portal User to other companies of the Portal Manager’s group, notifying the Portal users thereof and ensuring that the transfer of contracts would not negatively affect the Portal users. Contracts may be transferred only to those companies of the group that are located within the European Economic Area.

2. DEFINITIONS

2.1 Portal Manager – OÜ Omaraha, Posti 30, 90504 Haapsalu, Estonia, registry code 12045597.

2.2 Borrower – a person of at least 21 years of age who resides permanently in Estonia or in another European Union country who has a valid identity document (passport or ID-card) issued in said country and who has submitted a Loan Application through the Portal.

2.3 Investor – a person of at least 18 years of age who resides permanently in Estonia or in another European Union country who has a valid identity document (passport or ID-card) issued in said country and who has signed the general Investment Terms through the Portal’s Investment Account. An Investor may also be a legal person if granting credit is not its principal commercial, economic, or professional activity and the granting of credit to a natural person is not deemed consumer credit under the law of the Borrower’s country of residence.

2.4 Loan Application – a legally binding declaration of intention submitted by the Borrower on the Portal to enter into a Loan Agreement.

2.5 Loan Agreement – documents signed by the Borrower and the Investor confirming the will of the Borrower and the Investor to apply for and grant the loan under the agreed terms and conditions. As a comprehensive whole, the Loan Agreement consists of separately signed General Terms and Special Terms.

2.6 Special Terms – part of the Borrower’s Loan Terms and the Investor’s Investment Terms, which are added to the Loan Agreement in accordance with article 8.6 of the General Terms.

2.7 Borrower’s Loan Terms – a declaration of intention signed by the Borrower, under the terms and conditions of which the Borrower agrees to borrow.

2.8 Investor’s Investment Terms – a declaration of intention signed by the Investor, according to which the Investor agrees to lend and on the basis of which, the Portal makes Loan Offers to borrowers.

2.9 Loan Offer – an offer which is automatically generated by the Portal for the purpose of concluding a Loan Agreement under the terms and conditions prescribed in the Loan Offer and is prepared in accordance with the terms and conditions signed by the Investor and the Borrower.

2.10 Investment Account – an account that the Investor uses to provide loans through the Portal.

2.11 Virtual Account – a personal user account used to keep account of the transactions made through the Portal pursuant to the Loan Agreements.

2.12 Portal – an e-services environment managed by the Portal Manager, where users can borrow money from each other. The Portal’s address is omaraha.ee.

2.13 Portal User – a natural person who uses the Portal to conclude Loan Agreements in accordance with these General Terms. A Portal User is not obliged to enter into Loan Agreements.

3. TERMS AND CONDITIONS OF THE CREDIT INTERMEDIATION AGREEMENT

3.1 By agreeing to the General Terms, the User also enters into a credit intermediation agreement with the Portal Manager.

3.2 For one and the same Loan Agreement, the Portal Manager acts as a credit intermediary for both the Borrower and the Investor.

3.3 In accordance with the General Terms, the Portal Manager organises the authentication of the Parties to the Loan Agreement, the verification of the data submitted in the Loan Application, the assessment of the Borrower’s creditworthiness, the submission of pre-contractual information to the Borrower, and the processing of declarations of intention to conclude a Loan Agreement on the Portal.

3.4 For the credit intermediation services, the User pays to the Portal Manager a service charge, the amount of which is calculated on the basis of the Portal Manager’s price list (www.omaraha.ee) in force at the time of applying for the loan.

4. USER REGISTRATION

4.1 In order to enter the Portal and use its services, the person must register as a User of the Portal.

4.2 A natural person who meets the criteria established by the Portal Manager and who has been issued a valid identity document acceptable by the Portal Manager can register as a User of the Portal.

4.3 When registering, the User must choose a username and password. The chosen username and password may thereafter be used by the User as one of the possible means of authentication for entering the Portal.

5. USER AND TRANSACTION AUTHENTICATION ON THE PORTAL

5.1 Transactions can be concluded on the Portal only by users who have been authenticated by the Portal Manager in accordance with the General Terms.

5.2 The User is obliged to provide the Portal Manager with true data and documents that the Portal Manager requires from the User for their authentication.

5.3 The User is obliged to provide to the Portal Manager a copy of his/her identity document. If the Portal Manager has doubts about the correctness of the data or documents provided by the User, it may ask the User to specify the data or to provide additional data or additional documents.

5.4 The Portal Manager verifies the data provided by the User by means of a so-called authentication payment, which the User must have made to the Portal Manager’s bank account via a bank account opened in the User’s name with a credit institution of a member state of the European Economic Area or another country that complies with the regulations on the prevention of money laundering and terrorist financing. The data of the payment information must match the data provided by the User to the Portal Manager prior to making the payment.

5.5 Other means of authentication include an ID-card or Smart-ID.

5.6 A User who has been authenticated as required by the Portal Manager may thereafter enter and use the Portal with their username and password or by using other authentication data and technical solutions acceptable by the Portal Manager.

5.7 The Portal Manager has the right to refuse to provide services to a person if he/she has not provided the data or documents required for identifying his/her person or the true beneficiaries or for proving the lawful origin of assets or if there is, for some other reason, suspicion of money laundering or terrorist financing.

5.8 Unless otherwise provided by law, the User may authenticate transactions and operations on the Portal in one of the following ways provided by the Portal Manager (authentication methods provided by the Portal Manager may depend on the content of the transaction or operation, the country of residence of the User, technical possibilities, etc.):

5.8.1 by using the Portal password;

5.8.2 by providing a digital signature with an ID-card or mobile-ID.

6. GENERAL OBLIGATIONS OF USERS

6.1 The User is obliged to use the Portal only for performing transactions and operations that comply with the requirements of the law and good practices and to act with respect and good faith towards other users and the Portal Manager.

6.2 The data provided by the User to the Portal Manager and other users must be true. In the event of a change in the data, the User is obliged to notify the Portal Manager thereof in accordance with the procedure prescribed in the General Terms.

6.3 The User is obliged to notify the Portal Manager immediately, but not later than within five (5) working days, of any change in his/her contact details, as well as of any circumstances that may affect the performance of the User’s obligations to the Portal Manager or other users, including any actions or execution, bankruptcy, or other proceedings that may affect the performance of the obligations. A User who is a legal person is obliged to notify the Portal Manager immediately, but not later than within five (5) working days, of any changes in the legal person’s circle of representatives and/or beneficial owners and to submit documents reflecting the respective changes at the request of the Portal Manager. The User is not exempted from the notification obligation if the above data and circumstances are also available from public or other sources.

6.4 The User is obliged to notify the Portal Manager (by sending a notification via email to info@omaraha.ee or using the technical solution of the Portal) immediately about the loss, theft, or any other way the identity document or other means of identification has left his/her possession. The User is obliged to maintain the security of all the means of authentication and passwords necessary for entering the Portal so that they do not come into the possession of third parties. The Portal Manager has the right to presume that the instructions given and transactions made on the Portal are made by the User who owns the passwords or whose telephone is used for mobile authentication, until the User has properly notified the Portal Manager of the loss of the means of access or passwords or of them coming into the possession of a third party.

6.5 The User is obliged to respect the intellectual property rights of the Portal Manager. The Portal and its copyrighted content is the property of the Portal Manager, which users are entitled to use solely for their personal use in relation to using the Portal’s services.

6.6 In case of violation of the obligations prescribed in the General Terms, the Portal Manager has the right to restrict or revoke the non-conforming User’s rights to use the Portal, cancel or amend the auctions related to the non-conforming User, and to withhold the performance of its obligations to the non-conforming User, as well as to terminate the Portal User Agreement with the User in accordance with the procedure prescribed in the General Terms.

7. USER’S PORTAL ACCOUNT

7.1 The Portal Manager creates a virtual Portal account for the User, which keeps a current account of the money paid by the User to the Portal Manager’s bank account and the claims and obligations arising from the use of the Portal’s services and from Loan Agreements.

7.2 The User makes contributions into his/her Virtual Account via the Portal Manager’s bank account.

7.3 When making a payment to the Portal Manager’s bank account, the payment order must include a reference number, which can be found on the Transfers page of the Portal.

7.4 The Portal Manager has the right to withhold acceptance of payments that do not comply with the conditions established by the Portal Manager (i.e. if the payment is made from a bank account that is not opened in a credit institution of the European Economic Area, but in a third country where the Portal Manager estimates that money laundering and terrorist financing prevention measures are not effectively applied).

7.5 The Portal Manager records the amount paid to the Portal Manager’s bank account on the User’s Virtual Account no later than on the next working day after its receipt. The User is obliged to notify the Portal Manager immediately if the payment has not reached the User’s Virtual Account, as well as if the User has received an unknown payment to the Virtual Account. The User is not permitted to dispose of the assets received in his/her Virtual Account for which a third party may have a right of recourse (i.e. wrongly paid payments).

7.6 Regardless of transferring and holding money in the Portal Manager’s bank account, the assets are the property of the Portal users, not the Portal Manager.

7.7 The amounts owned by the User are held in the Portal Manager’s bank account until they are paid out to the persons entitled thereto pursuant to the General Terms or the contracts concluded on the Portal. Payments to the entitled persons are made in the cases and pursuant to the procedure prescribed in the General Terms of the Portal and the contracts concluded on the Portal.

7.8 The Portal Manager does not pay interest to the users for the money on the Portal Manager’s bank account.

7.9 The Portal Manager makes deductions from the User’s Virtual Account for performing the User’s obligations arising from the General Terms of the Portal and other contracts concluded with the User. Firstly, the assets on the User’s Virtual Account will cover the charges and expenses payable to the Portal Manager. After that, the assets on the User’s Virtual Account will cover the User’s obligations to other users arising from the contracts concluded on the Portal.

8. LOAN AGREEMENT AND THE PROCEDURE FOR ITS CONCLUSION, TRANSFER OF LOAN AMOUNT

8.1 The Loan Agreement between the Investor and the Borrower (hereinafter also referred to as ‘the Party’ or ‘the Parties’) consists of separately signed General Terms and Special Terms, which together constitute the Loan Agreement.

8.2 The Parties shall sign the General Terms prior to making any transactions through the Portal.

8.3 The General Terms must be re-signed only if the Portal Manager has changed the General Terms or if more than 6 months have passed since the General Terms were last signed.

8.4 The Investor will sign the Investor’s Investment Terms, on the basis of which, the Portal prepares Loan Offers to borrowers.

8.5 The Borrower will sign the Borrower’s Loan Terms and, finally, the Loan Offer prepared by the Portal, if it suits him/her. The Loan Agreement is prepared on the terms and conditions signed by the Investor and the Borrower.

8.6 The Loan Agreement will be concluded and binding between the Parties as soon as the Borrower has signed the Loan Offer prepared by the Portal and the Portal has prepared, on the terms and conditions signed by the Parties, a Loan Agreement in PDF format together with an information sheet.

8.7 Once the Loan Agreement is concluded and binding in accordance with clause 8.6, the Portal Manager debits the loan amount agreed in the Loan Agreement from the Investor’s Investment Account and transfer the loan amount to the Borrower’s Virtual Account on the Portal. The Investor’s obligations arising from the Loan Agreement are herewith deemed performed and the loan amount has been paid out to the Borrower. The Borrower has the right to withdraw the loan from his/her Virtual Account and use it at his/her own discretion.

8.8 By signing the General Terms, the Parties confirm that they agree to the service charges, fines, and other fees prescribed in the Portal Manager’s price list (available on the Portal) and to the automatic debiting of the User’s Virtual Account.

8.9 The Parties confirm that the Loan Agreement is a contract between the Investor and the Borrower, i.e. natural persons, and thus does not qualify as a consumer loan. If the Investor is a legal person registered in Estonia, the Investor’s representative will, upon signing the Loan Agreement, confirm that the Investor is not entering into the Loan Agreement within the framework of its permanent and principal economic activity.

8.10 Disputes arising from the Loan Agreement will be settled in a court chosen by the Party that initiated the proceedings. In resolving the disputes, Estonian law is applied.

9. REPAYMENT OF LOAN AMOUNT

9.1 The Borrower repays the Loan and Interest to the Investor in instalments in accordance with the payment schedule agreed in the Loan Agreement.

9.2 The Borrower is obliged to ensure that the amount of money necessary for paying the instalment is available on the Borrower’s Virtual Account on the repayment date prescribed in the payment schedule.

9.3 The Portal Manager automatically debits the Borrower’s instalment from the Borrower’s Virtual Account on the date prescribed in the payment schedule and transfers it to the Investor’s Virtual Account.

9.4 The Investor agrees that for loans with a repayment term of up to 90 calendar days, the Borrower has the right to extend the term of repayment of the loan by one month on the same terms and conditions.

9.5 The interest rate is recorded in the Loan Agreement. Interest is paid as a percentage of the outstanding loan amount. Interest is calculated until the date of the last instalment, as specified in the payment schedule. Interest is calculated daily, proceeding from a 365-day year.

9.6 If the repayment amount or a part thereof cannot be paid, the Borrower is obliged to pay a penalty for late payment. The penalty for late payment is calculated for the period after the due date of the repayment of the loan or payment of the instalment from the day following the due date. The penalty for late payment is calculated daily on the amount outstanding according to the payment schedule until the date the amount is paid and available from the Borrower’s Virtual Account.

10. VALIDITY AND PREMATURE TERMINATION OF THE LOAN AGREEMENT

10.1 The Loan Agreement is terminated when the Borrower has fully repaid the loan to the Investor, i.e. repaid the entire loan amount received pursuant to the Loan Agreement, the accrued interest, and other payments, and performed all other obligations undertaken pursuant to the Loan Agreement.

10.2 The Borrower has the right to repay the loan before the due date specified in the payment schedule, using the technical solutions of the Portal. If the Borrower has entered into more than one Loan Agreement on the Borrower’s Loan Terms, the Loan Agreements can be terminated by premature termination only at the same time.

10.3 The premature termination of a Loan Agreement does not exempt the Borrower from the performance of financial obligations that have fallen due pursuant to the Loan Agreement prior to its cancellation.

10.4 In order to prematurely terminate a Loan Agreement, the Borrower’s Virtual Account must hold an amount corresponding to the outstanding balance of the Loan Agreement(s) together with the interest, penalties for late payment, service charges, and other charges.

10.5 The Portal Manager has the right to claim a compensation of 0.5% of the repayable amount if the period between the premature repayment and termination of the contract is less than one year and a compensation of 1% if the period is longer than one year.

10.6 In order to apply for premature termination of the Loan Agreement, the Borrower must submit a corresponding application on the Portal.

10.7 If the Borrower does not meet the conditions of early repayment upon submitting the corresponding declaration of intention and after accepting the said conditions, the Loan Agreement is not terminated prematurely.

11. PAYMENT DEFAULTS

11.1 If the due date of the loan’s repayment has expired, the penalty for late payment is calculated at the contractual interest rate or the statutory interest rate, whichever is higher. The penalty for late payment is calculated on the outstanding amount for each day of delay starting from the day after the due date.

11.2 Late repayments will firstly cover the Portal Manager’s expenses arising from debt collection (incl. fines and contractual penalties), then the penalties for late payment, and then the interest and loan amount pursuant to the Loan Agreement and payment schedule.

11.3 If the amount transferred to the Borrower’s Virtual Account is not sufficient to pay all loan instalments of all the Loan Agreements, the amount is divided between the investors in proportion to the amount of each instalment due.

11.4 By signing the General Terms, the Investor authorises the Portal Manager to collect debts independently or by using the services of collection agencies, which includes the right to terminate/cancel the Loan Agreement, file claims on the Investor’s behalf with a court, and enforce judgments. The Portal Manager acts in the interest of the Portal users.

11.5 By signing the General Terms, the Investor confirms that he/she agrees and understands that he/she may lose all or part of his/her investment if the Borrower does not perform his/her contractual obligations. The Portal Manager does not assume any obligations to reclaim the investors’ investments except as provided in the General Terms.

11.6 By signing the General Terms, the Borrower and the Investor confirm that they agree to the automatic transfer of the Loan Agreements concluded from 1 March 2014 to the Portal together with the transfer of all the rights and obligations arising from these Loan Agreements when more than 90 (ninety) days have passed since the repayment date of a particular loan and/or its individual instalment and the Borrower has not performed the corresponding obligation. Upon the automatic transfer of contracts, the Portal assumes the obligation to pay to the Investor a compensation of no less than 60% of the outstanding balance of the loan. This compensation is transferred to the Investor’s Virtual Account on the day of the automatic transfer of the Loan Agreement. The Portal has the right, in turn, to transfer the contracts transferred to it to a third party or to assign the claims arising from the transferred contracts.

11.7 The Borrower is obliged to reimburse all expenses and service charges, including the legal, collection, and court expenses prescribed in the Loan Agreement and/or the Portal’s price list.

11.8 The Borrower is obliged to compensate immediately all expenses arising from violations of the Loan Agreement or outstanding obligations and/or the expenses related to service charges after receiving the request for payment.

11.9 If the Borrower fails to perform the obligations arising from the Loan Agreement and therefore receives a notice of breach of the Loan Agreement, he/she is obliged to pay, in addition to the amount of the debt, compensation for the delayed payment of the instalment, the amount of which is established in the Portal’s price list.

11.10 If the amount due exceeds the amount of two repayments and one (1) month has passed since the last collection notice, the payment schedule will expire. If the payment schedule has expired, the entire amount of the loan will become due, the collection of the entire amount of the loan will begin, and the Investor will have the right to demand payment of the entire loan amount together with the interest payments (extraordinary cancellation).

11.11 The Portal Manager must submit the notice of extraordinary cancellation of the Loan Agreement to the Borrower in writing. In case of extraordinary cancellation of the Loan Agreement, the Borrower is obliged to pay the compensation for submitting the cancellation notice, the amount of which is established in the Portal’s price list.

11.12 By signing the General Terms, the Borrower agrees that the Portal Manager may share the Borrower’s personal data and other data provided on the Portal with credit registers for the purpose of checking their creditworthiness and for storing data. The Borrower gives credit registers permission to process the Borrower’s personal data and other data, and to publish the necessary data on the credit register for the purpose of providing additional information to the register’s users (banks and other credit companies) for making credit decisions.

12. PERSONAL DATA PROTECTION AND LIABILITY OF THE PORTAL MANAGER

12.1 The principles of processing personal data and the rights and obligations of the Portal Manager in processing customer data (incl. transmission to third parties) are established in the document entitled ‘Procedure for Processing Personal Data’, available on the Portal Manager’s website.

12.2 By signing the General Terms, the User gives to the Portal Manager the right and consent to process the User’s personal data for the purposes and to the extent specified in these General Terms on the bases of and pursuant to the procedure prescribed in the applicable law. Upon the termination of the User’s user status, a natural person has the right to withdraw his/her consent to the processing of personal data at any time, to request the termination of processing of the personal data, and to request the erasure or closure of the collected personal data in accordance with the applicable law.

12.3 The Portal Manager is obliged to maintain the confidentiality of the User’s personal data and to comply with all applicable laws for the protection of personal data.

12.4 The Portal Manager is not responsible for:

12.4.1 the correctness of the data provided by the users;

12.4.2 the expected tasks and obligations of the users pursuant to their Loan Agreements;

12.4.3 the validity of the right of representation of a representative of a User who is a legal person.

12.5 Users conclude transactions on the Portal directly, entirely on their own behalf, and at their own risk. Users are the Parties to the transactions concluded. The contract forms provided by the Portal are intended to be used by the users at their own risk. The Portal Manager is not liable for any damages arising from identity theft or inaccuracy and errors in the User’s registration and use of the Portal.

13. WITHDRAWAL FROM AND TERMINATION OF THE PORTAL USER AGREEMENT

13.1 The User may withdraw from the Portal User Agreement within fourteen (14) days from its conclusion.

13.2 The User may terminate the Portal User Agreement at any time if all the obligations to other users and the Portal Manager arising from the Loan Agreements concluded by the User have been performed, the Loan Offers and Loan Applications have become invalid, expired, or otherwise terminated, and the User’s account balance on the Portal is zero. In order to terminate the Portal User Agreement, a notification must be sent to the Portal Manager by e-mail to info@omaraha.ee or by using the technical solution of the Portal.

13.3 The Portal Manager has the right to cancel the Portal User Agreement extraordinarily and without advance notice if the User fundamentally violates the obligations of the User prescribed in the law, the General Terms, and the contract concluded on the Portal.

13.4 If, for any reason, the Portal Manager ceases operations (i.e. in case of bankruptcy), it shall make reasonable efforts to transfer the management of the Loan Agreements concluded through the Portal, the users’ Portal accounts, and user-owned assets to some other credit intermediary. Once the contract on the transfer of the Portal’s operations has been concluded, users are notified of the details of the new service provider. If the Portal Manager fails to transfer the operations to a new service provider, the Portal Manager shall notify the users of the cancellation of the Portal User Agreement. Where possible, the Portal Manager notifies users thereof at least two (2) months in advance. During the term of advance notice, the Portal Manager may limit the users’ rights in using the Portal’s services, in particular the possibility to submit new Loan Applications or Loan Offers.

13.5 The termination of the Portal User Agreement does not affect the validity of the contracts and obligations concluded between the users of the Portal and, after the termination of the Portal User Agreement, the respective obligations must be performed directly to the other Party.

13.6 Upon the termination of the Portal User Agreement, the Portal Manager transfers the amount of money remaining in the User’s Portal account after the performance of the User’s obligations to the Portal Manager and other users to the User’s bank account, which is opened in the User’s name in a credit institution of a contracting state of the European Economic Area or another country that complies with the regulations of prevention of money laundering and terrorist financing and from which the User has made the last payment to the Portal Manager’s bank account.

13.7 If the User has notified the Portal Manager of the withdrawal from or termination of the Portal User Agreement, or if the User has received a notice from the Portal Manager about the cancellation of the Portal User Agreement, the User can, during the term of advance notice, download, print, and/or otherwise save all the data and documents containing information on the transactions and operations performed on the Portal by him/her.

13.8 After the termination of the Portal User Agreement, the Portal Manager closes the User’s Portal account and the Portal Manager has no obligation to preserve, retain, or provide to the User any information related to the transactions and operations performed on the Portal by him/her (except for the performance of statutory obligations concerning the preservation of documents).

14. AMENDMENT OF GENERAL TERMS AND PRICE LIST

14.1 The Portal Manager has the right to unilaterally amend these General Terms in cases provided by legislation or if it is necessary:

14.1.1 for the development or improvement of the Portal’s services;

14.1.2 due to changes in legislation or practice;

14.1.3 for taking into account a decision, precept, or other form of judgment of a court or other authority or person;

14.1.4 for clarifying the circumstances related to the provision or use of the service and for making the General Terms more user-friendly;

14.1.5 to ensure compliance with the requirements made by the service providers used by the Portal Manager.

14.2 The Portal Manager has the right to amend its price list at its own discretion.

14.3 The Portal Manager notifies the users of any amendments made to the General Terms and the price list by transmitting the respective information to the users electronically via e-mail or the Portal. Advance notice is not required if the amendments do not significantly affect the rights and obligations of existing users. If the User does not agree to the amendments to the General Terms or the price list, the User has the right to waive the use of the Portal’s services by notifying the Portal Manager thereof by e-mail after performing all obligations arising from the contracts concluded on the Portal to the Portal Manager and other users. If, within one (1) month from the publication of the information about the amendments, the User has not submitted the corresponding notification to the Portal Manager and/or has not performed his/her obligations to the Portal Manager or other users, the User is deemed to have accepted the amendments. However, if an Investor has at that time Loan Agreements (investments) in force on the Portal and wishes to terminate the Portal User Agreement due to the aforementioned amendments, his/her Portal User Agreement will expire only after the Borrower has fully performed his/her contractual obligations to the Investor.

15. FINAL PROVISIONS

15.1 In the event of a dispute, the Parties endeavour to resolve the disagreements by negotiations. If an agreement is not reached, the dispute will be resolved by the Harju County Court if no other compulsory jurisdiction arises from the contract between the Parties or the applicable law. The aforementioned jurisdictional agreement also applies if the User resides outside the Republic of Estonia after the conclusion of the jurisdiction agreement or if his/her place of residence is not known at the time of filing the action.




Precontractual information

Taking a loan is a financial obligation and before assuming any such obligation, all the related terms and conditions should be examined carefully.

It is therefore important to think through whether and how much is needed to be borrowed and how will its refinancing be arranged. The accompanying costs must be made clear, as well as whether your budget allows you to cover the loan instalments and the associated costs throughout the entire contract period.

In order to ensure you are properly informed, read through all the terms and conditions of the agreement you are signing and the documents referred to in the latter (in particular, the General Terms and Conditions for Using the Omaraha OÜ Portal, the price list on our website, and the Procedure for Processing Personal Data).

Be diligent and always provide true and complete information about your financial situation so that we could accurately assess your options for performing your obligations.

If you have any further questions, please contact us by telephone +372 58 070 613 or e-mail info@omaraha.ee. Moreover, be sure to consult with a family member or an expert before committing to the loan.

If you have made the decision to enter into the agreement after giving the matter careful consideration, be sure to pay attention to the following:

Information form

Before signing the agreement, read through the Standard European Consumer Credit Information form given to you. It provides a comprehensive summary of the terms and conditions of the agreement.

Concluding the agreement and issuing the loan

In order to enter into the agreement, you must have first read and signed the General Terms and Conditions for Using the Omaraha OÜ Portal. Upon signing the agreement, you must also pay a contract fee and a guarantee fund fee, which we will deduct from the loan amount paid to you. After signing the agreement, we will transfer the loan amount to your Virtual Account.

Right to withdraw from the agreement

After signing the agreement, you may still withdraw from it within 14 days. For further details on the procedure, read the terms of withdrawal specified in the agreement.

Interest

For using the loan, you must pay a monthly interest, which we will calculate on the balance of the loan starting from the date of conclusion of the agreement up until the full repayment of the loan. The interest rate is stated on the front page of the agreement and will not be subject to changes during the contract period unless a separate agreement has been concluded on the matter.

Repayments

The monthly loan repayments consist of the repayment of the principal amount of the loan and the interest. The repayments are made in accordance with the payment schedule annexed to the agreement, which specifies the number of repayments and their due dates. The payment schedule is based on the principle of annuity, which means that monthly repayments are usually of equal size. Make sure that the necessary funds are available on your Virtual Account on the due date, so that we can debit it from your account when needed.

Early repayment

It is also possible to repay the loan prematurely – if you have decided to do so, please let us know in advance and pay attention to the terms of early repayment specified in the agreement. Note that in such case, we may claim a compensation amounting to 0.5–1% of the repayable amount.

Possible inconveniences in case of non-performance of the agreement

Your primary responsibility is to ensure that a sufficient amount would be available on your Virtual Account and that the loan repayments would be made in accordance with the payment schedule. If you are unable to pay, please contact us immediately – we shall work together to prevent problems and find a solution to the situation.

In case of non-performance, you should take account of additional costs and inconveniences:

In case of non-performance, you should take account of the following additional costs and inconveniences:

- in the event of non-payment of contractual payments, we may charge a penalty for late payment in the amount specified in the agreement;

- if a non-monetary obligation is violated or if false information is submitted, we may charge a contractual penalty in the amount specified in the agreement;

- if a borrower falls into arrears, we will first send a reminder, but if the arrears remain unpaid, we will also issue debit notes;

- we will inform the Credit Register about long-term arrears;

- non-performance of the agreement may make it difficult to obtain credit in the future;

- we have the right to cancel the agreement extraordinarily and demand the immediate performance of all contractual obligations if, for example, you have delayed, either in part or in full, the payment of three consecutive payments or have provided us with false information;

- you shall be liable for all costs related to debt collection (i.e. costs related to debt settlement, court, execution, or bankruptcy proceedings).

Options for dispute resolution

Any disputes will be resolved through negotiations. You may also consult the Consumer Protection Board (Pronksi 12, 10117 Tallinn; www.tarbijakaitseamet.ee) or contact the Consumer Disputes Committee located at the Consumer Protection Board for a solution or turn to court. In addition to the Consumer Protection Board, our activities are supervised by the Financial Supervision Authority (Sakala 4, 15030 Tallinn; www.fi.ee).


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