Section 23Sec./Art. 23

License to Sell. No owner or developer shall sell any disposable subdivision lot or condominium unit in a registered property without a license to sell issued by the Commission.

Upon submission of a Performance Bond in the forms of a Surety Bond to the amount of Ten Percent (10%) of the total estimated development cost of the project issued by a duly accredited bonding company and acceptable to the Commission, or a certificate of guarantee from any bank or financing institution of good standing addressed to the Commission for the total development cost, the Commission shall cause the issuance of a License to Sell for the project.

Whenever it shall appear that the Performance Bond is, or for any cause has become worthless, inadequate or insufficient after the License to Sell has been issued, the owner/developer shall, after due notice, be required to give an additional performance bond or replace the worthless bond within ten days from receipt of such notice. Meanwhile, the License to Sell shall be deemed suspend or revoked.