Professional Documents
Culture Documents
- and -
A. The
is the absolute and registered owner of a parcel of land
located St. Martin De Porres/Cubao, Quezon City, more particularly described as
Lot 4-A, Block 6 of Transfer Certificate of Title No. 179033 of the Register of
Deeds for Quezon City, containing an area of ONE THOUSAND FIVE HUNDRED
AND FIFTEEN (1,515) SQUARE METERS, more or less, hereinafter referred to as
the !";
B. The
desires to develop the Property into a Condominium Project,
hereinafter referred to as the ô to be composed of commercial and
residential elements in accordance with the Condominium Development Plan to
be prepared by the
and approved by the
;
C. The
has expressed its desire to invest and participate in the
ôby undertaking the development of the Property into a Condominium
Project to be composed of commercial and residential elements in accordance
with the Condominium Development Plan, more specifically by contributing the
necessary expertise and resources for the master planning and development of
and performing all development work for the ô in consideration for
acquiring ownership over specifically designated developed and saleable units in
the Condominium Development Plan which shall be allocated to it, and a pro-
rata undivided interest in the common areas of the ô;
D. The
has accepted the
#$ offer to participate in the
ô, and
and
agree to cooperate with one
another for the planning and development of the ô in consideration for
each of them acquiring ownership over specifically designated developed and
saleable units in the Condominium Development Plan which shall be allocated to
each of them in proportion to the agreed sharing in the ô, and a pro-
rata undivided interest in the common areas of the ô;
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NOW, THEREFORE, for and in consideration of the foregoing premises, the
parties hereby agree and stipulate as follows:
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Section 1. The parties agree to pool their resources as specified below
into an unincorporated joint venture agreement for the master planning and
development of the ô to be composed of commercial and residential
elements in accordance with the Condominium Development Plan to be prepared
by the
and approved by the
. The Condominium
Development Plan shall be prepared by the
prior to the start of the
development.
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Section 1. The
shall contribute to the ô the
Property described in the first Recital hereof in consideration for acquiring
ownership over specifically designated developed and saleable units in the
Condominium Development Plan and a pro-rata undivided interest in the common
areas of the ô, while the
shall undertake the development of
the Property into a Condominium Project to be composed of commercial and
residential elements by providing the necessary expertise and resources for the
development of the ô, in consideration for acquiring ownership over
specifically designated developed and saleable units in the Condominium
Development Plan which shall be allocated to it, and a pro-rata undivided interest in
the common areas of the ô;
- Thirty Percent (30%)
& SeventyPercent (70%)
Section 3. The Parties agree that the subdivided CCTƞs resulting from the
Condominium Development Plan shall be issued in the names of the Parties to
which such units have been allocated in accordance with Article II Section 5 below.
This particular provision of this agreement shall be annotated on the back of the
title of the .
Section 4. The subdivided CCTƞs covering the open spaces and common
areas of the ô shall be jointly placed in the names of the
and
in accordance with the sharing ratio stated in Article II Section 2
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hereof. This particular provision of this agreement shall be annotated on the back
of the title of the Property.
Section 1. The
hereby agrees to undertake the
development of the PROPERTY into a Condominium Project to be composed of
commercial and residential elements by providing the necessary expertise and
resources for the construction and development of the ô and perform the
necessary developmental work in accordance with the Condominium Development
Plan to be prepared by the
and approved by the
.
The
, however shall have the discretion to revise and/or alter the
ôƞs plans as it may deem fit, provided the written consent of the
shall be secured which consent shall not be unreasonably withheld.
The Condominium Development Plan including all amendments thereto once
approved by the parties shall automatically be considered part and parcel of this
Agreement.
Section 2. The
and
shall agree on the
commencement date of the development activities for the Property provided that
the following conditions have been met:
a. The
has turned over possession of the Property to the
free and clear of tenants, squatters and other occupants, if
any;
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d. The
has confirmed through a due diligence audit and
inquiry with the Register of Deeds concerned the good and marketable
title of the
to the Property and the genuineness and
authenticity of the title covering the Property.
Section 3. The
shall complete the development works on
the Property within the guaranteed period prescribed in the Condominium
Development Plan provided however, that in the event of force majeure of
fortuitous events which may cause delays in the completion, this guaranteed period
shall be extended by such time that as mutually determined by the
and the
.
the
shall prepare, make and finalize the Condominium
Development Plan for the Property. The development plan shall include among
others, the development timetable, subdivision plans and specifications for land
development, open spaces, water and electrical power supply, sewage disposal
system and other activities necessary for the development. The development shall
conform strictly and in good faith to such plans and specifications as approved by
the regulatory authorities concerned. Upon approval, the plans and specifications
shall form part an integral part of this Agreement and shall be incorporated herein
by reference. It is understood that all expenses to be incurred in the foregoing
development works shall be for the sole account of the
.
Section 5. The
shall promptly secure all the necessary
permits, licenses and approvals from the appropriate authoirities as may be
required for the purpose of implementing the Condominium Development Plan.
The timetables for the procurement of all necessary permits and licenses shall be
incorporated by the
as part of the timetable in the Condominium
Development Plan for approval of the
Pursuant thereto, the
shall execute a special power of attorney authorizing the
Section 6. The
with the concurrence of the
shall be responsible for promulgating the corresponding declaration of covenants
and restrictions governing the use of the saleable lots/units derived from the
Property.
Section 7. The
shall hold the
free and
harmless from any damages or liability for any claim or demand by any third person
arising from the negligence, bad faith or fraud committed by the
in
the performance of its development obligations hereunder. Any defect arising from
or in connection with the development of the Property shall be the responsibility of
the
. In such event, the
undertakes to rectify such
defect at its own cost to the satisfaction of the
and the lot/unit
buyers within a reasonable period of time.
Section 8. The
hereby grants the
, its
assigns, representatives, successors-in-interest, employees, visitors, licensees and
buyers including their tenants, visitors and licensees a right-of-way to the Property
for the purpose of the development. This grant of right-of-way shall likewise be
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enjoyed by the
ƞs subcontractors for access or for conveyance of
heavy equipment or other equipment or vehicles required for the development of
the Property or the construction of the
ƞs facilities thereon. This grant
of right-of-way shall also include ingress and egress from the Property by any of
the public utility companies for all lawful purposes connected with the use and
enjoyment of the Property.
Section 10. After the Register of Deeds has released the titles to the
lots/units as subdivided under the approved subdivision plan, the titles shall be in
joint custody of the
and the
subject to a safe-keeping
arrangement acceptable to both parties.
Section 12. Upon completion of the development of the ô, all taxes
ont he open spaces and common areas as developed shall be shared by the parties
in accordance with the Sharing Ratio.
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Section 1. The
shall make available at its sole expense all
necessary heavy equipment, machinery, engineering and labor personnel to carry
out the development works in the Property.
Section 2. The
shall purchase at its sole expense all materials
and supplies needed for the development of the Property. All expenses necessary
or incidental to the development of the Property such as the preparation of the
plans and specifications of the development works, permits and licenses, insurances
relating to or in connection with the development, shall be for the exclusive account
of the
.
Section 3. Expenses for the break-up of the titles into individual CCTƞs in
accordance with the approved plan shall be for the account of the
and the
in accordance with the Sharing Ratio.
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Section 1. Upon the start of the development work for the ô, all real
property taxes and other assessments due on the Property shall be borne by the
and the
on the basis of the Sharing Ratio. As such,
the
shall bill the
its corresponding share of taxes and
assessments together with the supporting documents for such taxes and
assessments, and the
shall, within seven (7) days from the receipt
of such bill, pay the
based on the
#s share.
Section 2. The
shall ensure that the ô is serviced at
all times in accordance with (1) applicable laws and (2) similar projects of the
.
Section 3. The
shall procure and maintain whatever insurances
are necessary and adequate with a reputable insurance company to cover the
development works and any improvements introduced on the Property in
compliance with the requirements of the HLURB.
Section 4. The
shall submit a quarterly report to the
in connection with project updates and other information relative to
or in connection with the development of the ô.
The
, however, may upon twenty four (24) hours notice,
request the
for an immediate inspection during reasonable business
hours of the records, books and accounts relative to the project updates when
exigencies require.
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Section 1. The
represents and warrants that:
a.)It has all the requisite power and authority under the law to enter into
this Agreement and perform its obligations according to the terms
thereof;
b.)It is the lawful and beneficial owner of, an has good marketable title to
the Property;
c.)The title is the genuine, valid and subsisting certificate of title covering
the Property;
d.)The title to the property is good and valid and free and clear of all
security interests, liens, encumbrances, obligations, liabilities or other
burdens in favor of third parties;
e.)There is no law, ruling or regulation or fact which, upon the execution of
this Agreement and delivery of titles to the
, will prevent
the issuance of good marketable titles to the saleable lots/units derived
from the Property free and clear of all security interests, liens,
encumbrances, obligations or other burdens in favour of third parties;
f.) Its execution, delivery and performance of this Agreement do not violate,
with or without the giving of notices or the passage of time, any
provision of law or regulation applicable to it, and do not result in a
breach of, or constitute a default under any agreement or instrument to
which it is a party;
h.)There are no existing leases or options to purchase, lease or develop the
Property that have been granted to third parties.
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Section 3. In the event that a suit, proceeding or other legal action is
brought questioning the
ƞs title and right to dispose of the Property
and to carry out the objects of this Agreement, all expenses of litigation and
judgment against the
, if there be any, shall be for the exclusive
account of the
, and the
shall indemnify and hold
the
free and harmless from any and all claims, damages, expenses
and liabilities arising therefrom or relating thereto, in case such suit, the
shall have the right to suspend all development activities and the
development period provided herein shall be deemed suspended until such time as
the litigation shall have been finally settled.
Section 1. The
represents and warrants that:
b.)Its execution, delivery and performance of this Agreement do not violate,
with or without the giving of notice or the passage of time, any provision
of law or regulation applicable to it, and do not result in a breach of, or
constitute a default under any agreement or instrument to which it is a
party;
c.)This Agreement constitutes its legal, valid and binding obligation,
enforceable against it in accordance with the terms thereof;
d.)It has inspected the Property and is aware of the condition of the
Property and accepts the Property on an Ơas is where isơ basis;
e.)It has made its own study of the ô and the saleability and
marketability of the Property based on the current circumstances and/or
conditions;
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f.) It has the technical expertise, financial and other resources required for
the effective performance of its contributions and responsibilities herein
for the development and construction of the ô;
g.)There are no judgments, orders or decrees of any kind or any legal
action, suit or investigation or any other legal or administrative
proceeding filed before any court or by or before any other government
agency or body which may have a material adverse effect on the ability
of the
to perform its respective obligation under this
Agreement; and
Section 1. The
shall forever hold the
, its
successors and assigns free and harmless from any claim, action or proceeding that
maybe instituted y a third party arising from or in connection with the transactions
and agreements that may be executed by the
with third party
buyers, contractor or subcontractors in relation to the PROJECT. Reasonable costs
and expenses incurred by the
in suits, actions or proceedings
brought by third party purchasers or unit/lot buyers arising from defects in the
development of the Property attributable to the
ƞs own negligence,
bad faith or act constituting fraud as adjudged by a competent court or government
regulatory office or agency, shall be reimbursed by the
.
Section 1. The
may by written notice to the
,
terminate this Agreement if the following conditions occur and while capable of
being cured are continuing for a period of one hundred eighty (180) calendar days
from written notice to the
:
a.)The
fails to start development of the Property within the
period stipulated in Article III Section 2 herein;
b.)The
fails to procure the necessary permits and licenses
and/or complete the development of the Property within the parameters
and time period prescribed in the Condominium Development Plan for the
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development including reasonable extensions allowed by the
due to reasons other than force majeure or fortuitous
events;
c.)The
ceases or threatens to cease to carry on substantially
the whole of its business or becomes insolvent, bankrupt, winds-up,
liquidates or dissolves its affairs and the PROJECT has not yet been
completed;
.
In view thereof, within one hundred twenty (120) days from the execution of
this Agreement, the
shall execute a Special Power of Attorney
granting and giving full authority to the
for all aforesaid acts. This
Special Power of Attorney shall be implemented by the
only upon
termination of this Agreement in accordance with the circumstances above-
mentioned.
Section 2. The
may by written notice to the
,
terminate this Agreement if the following conditions occur and while capable of
being cured are continuing for a period of ninety (90) calendar days from written
notice to the
:
b.)By reason of any judgment, order or decree of any kind or any legal
action, suit or investigation or any other legal or administrative
proceeding filed before any court or by or before any governmental
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agency or body involving the title, possession or any adverse interests or
claims in the Property, the
is restrained, prevented,
inhibited or obstructed in the development of the Property.
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Section 2. The
or any of its authorized representatives shall
have the right to inspect the Property at anytime to determine compliance by the
Section 3. The failure of the parties to demand compliance with any and all
of the terms of this Agreement shall not be considered as a waiver or cause the
parties to be in estoppel from enforcing any of its rights under this Agreement at
any time, unless such waiver i made expressly in writing, signed by the parties
concerned and made express addendum to this Agreement.
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Section 6. All disputes, controversies or differences arising out of or in
connection with this Agreement shall be amicably settled by mutual consultation
within thirty (30) days after written notice thereof has been given by the
complaining party. Should the parties fail to agree within the said period, any suit
or legal action between the parties shall be brought in the exclusive courts of
__________, all other venues being expressly waived.
Section 7. This Agreement shall be valid and binding upon the heirs,
successors, executors, administrators and assigns of the parties, Provided That,
neither party may sell, cede, transfer, assign, mortgage, encumber or in any
manner dispose of the Property and its rights and obligations under this Agreement
except with the written consent of the other party. Either party, however has the
right to assign its interest under this Agreement, provided, the other party shall be
notified thereof prior to the actual assignment.
Section 9. The
undertakes to furnish the
a
copy of its performance bond, if any, which it is required to be submitted in favour
of the Housing and Land Use Regulatory Board (HLURB) or any other regulatory
agency or agencies.
BY:
President
_________________ ____________________
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(
REPUBLIC OF THE PHILIPPINES )
__________________________) S.S.
BEFORE ME, a Notary Public for and in ___________________ this ____ day
of ________, 2012, personally appeared:
___________ ___________________
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