AGREEMENT OF ANTICHRESIS

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF ANTICHRESIS is made and entered into by and between:

___________________________, a corporation duly organized and

existing under and by virtue of the laws of the Republic of the
Philippines, with principal office address at _____________________,
represented in this act by ______________, hereinafter called the
DEBTOR;

- and -

________________, of legal age, Korean Citizen, married and a

resident of _______________________, hereinafter called the CREDITOR.

WITNESSETH:

WHEREAS, the DEBTOR is indebted unto the CREDITOR in the sum of FIVE
MILLION PESOS (₱ 5,000,000.00), Philippine Currency, receipt of which is hereby
acknowledged by the DEBTOR upon the signing of this instrument, payable to the
CREDITOR without need of prior demand or notice within a period of TWENTY (20)
YEARS at TWO HUNDRED FIFTY THOUSAND PESOS (₱ 250,000.00) yearly starting
on __________________ and on every year thereafter until fully paid, with interest
thereon at the rate of THREE (3%) PERCENT per month.

WHEREAS, the DEBTOR is the owner in fee simple of an agricultural land

situated in ________________________________, with a total land area of THIRTY NINE
THOUSAND NINE HUNDRED TWELVE (39,912) SQUARE METERS, more or less,
covered and more particularly described in TRANSFER CERTIFICATES OF TITLE
NOS. ______________________ of the Registry of Deeds of Tagum City;

WHEREAS, the DEBTOR has offered to convey and deliver the exclusive
possession, use, and enjoyment of the whole area of the above-described parcels of
land to the CREDITOR until full payment of the foregoing obligation, which offer is
hereby accepted by the CREDITOR;

WHEREAS, the CREDITOR acquires the right of entry or to live in the subject
parcels of land with full authority to develop, build structures and introduce
improvements thereon with or without consent of the DEBTOR;

WHEREAS, the CREDITOR acquires the right to receive the fruits of the above-
described parcels of land of the DEBTOR, with the obligation to apply them to the
payment of the interest and thereafter to the principal of the obligation;

WHEREAS, the CREDITOR advances for the taxes, charges, as well as the  

necessary   expenses   for   the   preservation   of   the property;

WHEREAS, the DEBTOR cannot reacquire the possession and enjoyment of the
subject parcel of land without first having totally paid what he owes to the
CREDITOR;

NOW, THEREFORE, for and consideration of the afore-mentioned

indebtedness, and to assure the performance of said obligation to pay, the DEBTOR
does hereby convey and DELIVER the exclusive possession and enjoyment by way of
ANTICHRESIS unto the CREDITOR his heirs, successors and assigns, the foregoing
parcel of land, together with all the improvements found and standing thereon;

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 IN WITNESS WHEREOF, the parties hereto have set their hands on this _____
day of _________, 2016, at Davao City, Philippines.

_______________________________
Debtor

By:

_______________________ ___________________
Creditor
____________________

Signed in the Presence of:

______________________ ______________________

NOTARIAL ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF DAVAO ) SS.

BEFORE ME, a Notary Public in the City of Davao, Philippines, this

________________, personally appeared, the parties and their witnesses, with their
proof of identity above-indicated, known to me and to me known to be the same
persons who executed the foregoing instrument, consisting of two (2) pages, including
this page whereon the acknowledgement is written, and they acknowledged to me that
they signed the same as their free and voluntary act and deed.

WITNESS MY HAND AND SEAL.

Doc. No. _______;

Page No. _______;
Book No. _______;
Series of 2021.

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