MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement made and executed this ____ day of ________________, in the City of Cebu,
Philippines, by and between:

______________________, of legal, Filipino, single/married/ widower/widow, and resident of

_______________, and ________________, of legal age, Filipino, and a resident of
_______________ hereinafter known as the “OWNER”;

-and-

_____________________________, of legal age, Filipino, single/married, and residents of

___________________, hereinafter known as the “PURCHASER”

WITNESSETH:

WHEREAS, the Owner is the owner in fee simple of a parcel of land situated in the
__________________________, described as follows:

“LOT DESCRIPTION”

WHEREAS, the PURCHASERS are the occupants by virtue of an implied/oral contract of lease
of the above described parcel of land, occupying portions of the lot where their respective houses
are constructed.

WHEREAS, the OWNER, herein intends and herby agrees to sell to the PURCHASERS the
above described parcel of land and the PURCHASERS hereby agree to buy the same at the
amount of _________________ (p___________) Philippine Currency, per square meter.

WHEREAS, for the purpose of determining the exact area that each of the PURCHASERS has
occupied, the PURCHASERS have hired the services of a Geodetic Engineer at their own
expenses who conduct a survey of the subject lot and prepared a subdivision plan, copy of which
is hereto attached as Annex “A”.

NOW, THEREFORE, for and in consideration of the mutual covenants herein contained, the
OWNER hereby sells, transfer, and conveys unto the PURCHASERS, its successor-in-interested
and assigns, the above-described parcel of land upon the terms and conditions embodied herein
1. PURCHASE PRICE- The Purchasers shall pay to the Owner the amount of
____________________ (P __________) per square meter, Philippine Currency for the area
each is occupying pursuant to the Subdivision Plan, in the manner hereafter specified.

1.1 DOWNPAYMENT- Upon signing of this Agreement, the PURCHASERS shall pay to the
OWNER the sum equivalent to _____________PERCENT (___________) OF THE
COST/CONSIDERATION OF THE PROPERTY.
1.2 BALANCE OF CONSIDERATION- The balance of the consideration shall be paid within
one (1) year from the execution of this Agreement, in twelve (12) equal monthly installments
provided that the last such installment shall ready fully pay the consideration.
1.3 SCHEDULE OF PAYMENT- The parties have agreed to attach hereto as Annex “B” the
schedule of payment agreed upon between them.

2. EXECUTION OF DEED OF ABSOLUTE SALE- Upon receipt in full of the consideration,

the OWNER shall execute a Deed of Absolute Sale over the property subject of this agreement in
favor of the PURCHASERS.

3. RECORDING- The capital gains tax and the documentary stamps and all other expenses for
the registration of the Deed of Absolute Sale including transfer tax shall be for the account of the
PURCHASERS.

4. REAL ESTATE TAXES- The payment of the Real Estate Taxes due for the whole year at the
time of the Execution of the Deed of Absolute Sale shall be for the account of the OWNER.

5. COVENANT TO EXECUTE ADDITIONAL INSTRUMENTS- The partied agree to execute

and deliver any instruments in writing necessary to carry out any agreement, term, condition, or
assurance in this CONTRACT TO SELL whenever occasion shall arise and request for such
instruments shall be made.

6. BINDING NATURE- The covenants, terms, conditions, provisions and undertakings in this
agreement or any modifications, revisions or supplements thereof shall extend to and be binding
upon the heir, executors, administrators, successors and assigns of the PURCHASERS, as if they
were in very case named and expressed and shall be construed as covenants running with the
land.

7. VENUE- All suits for any breach of this contract shall be instituted and maintained in the
court of competent jurisdiction in _____________ only to the exclusion of all other courts.

IN WITNESS WHEREOF, the parties have hereunto set their hands this __________day of
____________ in the _______________, Philippines.
__________________ ___________________
Owner Owner

PURCHASERS

__________________________ __________________________

__________________________ __________________________

__________________________ __________________________

__________________________ __________________________

__________________________ __________________________

Signed in the Presence of

____________________ and ___________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF CEBU ) S.S

BEFORE ME, a notary Public for the Cities and Province of Cebu this ____day of
_________________ personally appeared the following [persons with their Comm. Tax Cert.
Nos.:

Comm. Tax Cert. No. ____________

Issued on ______________________
Issued at ______________________

Comm. Tax Cert. No. ____________

Issued on ______________________
Issued at ______________________
Comm. Tax Cert. No. ____________
Issued on ______________________
Issued at ______________________

Comm. Tax Cert. No. ____________

Issued on ______________________
Issued at ______________________

Comm. Tax Cert. No. ____________

Issued on ______________________
Issued at ______________________

Known to me and to me known to be the same person who executed the foregoing instrument
and acknowledged to me that the same is his own free act and voluntary deed.

WITNESS MY HAND AND NOTARIAL SEAL on the sate and at the place first herein-above
written.

Doc. No. ___________

Page No.____________
Book No. ___________
Series of 200____