Yes, a formal Costa Rican legal memorandum can be provided at closing.

The memorandum will be prepared by qualified local counsel and will address, in particular:
- The validity and enforceability of first-ranking mortgages (hipoteca de primer grado) duly registered with the Costa Rican National Registry;
- The priority of the secured creditor vis-à-vis other local creditors, including treatment in insolvency scenarios;
- The position of secured creditors in relation to statutory claims (including tax authorities and labor claims, if applicable);
- The procedural framework and realistic timelines for enforcement in both uncontested and contested foreclosure scenarios.

Under Costa Rican law, a properly registered first-ranking mortgage provides strong creditor protection. In the event of default, enforcement may proceed through judicial foreclosure, leading to public auction or asset realization. While timelines depend on court workload and whether the debtor contests the claim, typical enforcement periods range between approximately 12 and 18 months in standard cases.

The purpose of the memorandum will be to provide investors with a clear, jurisdiction-specific assessment of enforceability, procedural steps, and associated risks, ensuring transparency and legal robustness of the security package.