AGREEMENT FOR USUFRUCT

This Agreement for Usufruct (“Agreement”) is made and entered into this ___ day of ________________
in __________ Philippines, by and between:

_____________________________, both Filipino, of legal age, with address at No. 12 La Salle Street,
Northeast Greenhills, San Juan, Metro Manila (hereinafter referred to collectively as the “GRANTOR”)

_____________________________________, a corporation duly organized and existing under and by

virtue of the laws of the Philippines with office address at ____________________________, represented in this
Agreement by its President and Chief Executive Officer, _______________________ (hereinafter referred to as
the “USUFRUCTUARY”).

WITNESSETH: That –

WHEREAS, the GRANTOR is the owner of certain property, particularly identified and described in Annex
“A” hereof (hereinafter the “SUBJECT PROPERTY”);

WHEREAS, the GRANTOR has offered to grant to the USUFRUCTUARY the usufruct of the SUBJECT
PROPERTY and the USUFRUCTUARY has agreed to accept the grant of usufruct to the SUBJECT PROPERTY;

NOW THEREFORE, for and in consideration of the foregoing premises and for the mutual covenants
hereinafter contained, the Parties hereby agree to the following terms and conditions:

1. The GRANTOR grants to the USUFRUCTUARY a usufruct (“Usufruct”) over the SUBJECT PROPERTY, with
the right to possess, use, lease-out, and otherwise manage the SUBJECT PROPERTY.

2. The term of the Usufruct shall be for a period of fifty (50) years effective ___________________.

3. While the Usufruct and/ or beneficial use of the SUBJECT PROPERTY is transferred to the
USUFRUCTUARY, the ownership and title over the SUBJECT PROPERTY shall remain with, and continue
to be in the name of, the GRANTOR.

4. The USUFRUCTUARY agrees to the following:

a. the SUBJECT PROPERTY shall be possessed, used, leased-out, and otherwise managed for the
purpose of leasing out the SUBJECT PROPERTY to tenants of the USUFRUCTUARY;

b. the SUBJECT PROPERTY shall be possessed, used, leased-out, and otherwise managed by the
USUFRUCTUARY with ordinary prudence, maintain at its expense the SUBJECT PROPERTY in
good and working condition, pay for all expenses of operation (including but not limited to
power, fuel and lubricants), and provide works which may be necessary for the use of the
SUBJECT PROPERTY;

c. the USUFRUCTUARY shall pay all taxes and charges, assessments, registration and license fees
as well as other governmental impositions (national or local, general or special) of any kind
whatsoever, which now or hereafter may be imposed upon the use or operation of the SUBJECT
PROPERTY and the fruits thereof, and

d. the USUFRUCTUARY shall compensate the GRANTOR for all losses and damages to the SUBJECT
PROPERTY while in the USUFRUCTUARY’s possession, not otherwise covered or compensated
for by insurance, and ordinary wear and tear from proper use.

5. In case of dissolution of either the GRANTOR or the USUFRUCTUARY, prior to the expiration of the term
of the Usufruct, this Agreement shall be deemed terminated upon written notice of such dissolution to
the other Party, which notice shall be provided not later than ten (10) days from the effectivity of the
dissolution.
 6. This Agreement shall be deemed automatically terminated whenever by reason of conflagration, flood,
fire, earthquake, or other fortuitous cause, the SUBJECT PROPERTY shall become totally destroyed or
rendered unfit for the exclusive use provided for in the Agreement, and the GRANTOR shall not be
responsible to the USUFRUCTUARY for any of the said causes.

7. Upon the termination/ expiration of this Agreement, the USUFRUCTUARY shall return to the GRANTOR
the possession of the SUBJECT PROPERTY in the same condition as at the time of delivery to the
USUFRUCTUARY, ordinary wear and tear excepted.

8. The GRANTOR, through its duly authorized representative, shall have the right to visit and inspect the
SUBJECT PROPERTY upon prior notice during reasonable hours of the day to see to it that the terms and
conditions of this Agreement are being faithfully complied with.

9. The USUFRUCTUARY hereby undertakes to hold the GRANTOR free and harmless from any liability,
responsibility or damage to any person or property arising out of or as a consequence of the possession,
use, and management of the SUBJECT PROPERTY by the USUFRUCTUARY, its personnel, guest or
anyone admitted by it into its premises, or resulting from crime, torts and otherwise.

10. The GRANTOR unconditionally agrees to respect and abide by any existing lease rights or agreements
covering any of the SUBJECT PROPERTY at the time of termination of this Agreement and to exert good
faith and reasonable efforts to enter into a new lease agreement with any lessee that enjoys the benefit
of a lease over any part of the SUBJECT PROPERTY at the time of termination (each a “Lessee”). Any
material violation by the USUFRUCTUARY of any of its obligations under this Agreement, which has not
been cured within 30 days from its occurrence by the USUFRUCTUARY, shall entitle the GRANTOR to
terminate the same upon thirty (30) days advance written notice to the USUFRUCTUARY without
prejudice to its recourse to other remedies and/ or cause of action as may be deemed proper under the
circumstances.

11. This Agreement shall be binding and enforceable between the GRANTOR and the USUFRUCTUARY, save
other than the terms of clause 10, which may be enforced against the GRANTOR by any Lessee. The
USUFRUCTUARY shall not transfer the Usufruct to any other person/s except with the GRANTOR’s prior
written consent. The parties may, upon mutual agreement, amend, modify, supplement or otherwise
revise any provisions of this Agreement at any time during the term hereof.

12. Should any provision of this Agreement be declared invalid, illegal or unenforceable, the validity, legality
and enforceability of the other provisions hereof shall not in any manner be affected thereby.

13. This Agreement and the rights and obligations of the Parties hereunder shall be governed by and
construed in accordance with the laws of the Republic of the Philippines.

IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their respective
authorized representatives on __ day of _____________ at ________________.

(Usufructuary)

By:

(Grantor) President and Chief Executive Officer

Signed in the presence of:

___________________________ ___________________________
 ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES )

) S.S.

BEFORE ME, a Notary Public, for and in _____________ this _________________, personally came and
appeared the following persons:

NAME GOV’T ISSUED I.D DATE & PLACE ISSUED

Known to me and to me known to be the same persons who executed the foregoing Agreement for Usufruct
and they acknowledged to me that the same is their free and voluntary act and deed, and the corporate act and
deed of the corporation herein represented.

This Instrument consists of four (4) pages including the page whereon this acknowledgment is written and
signed by the parties and their instrumental witnesses on each and every page thereof.

WITNESS MY HAND AND SEAL, on the date and at the place first above written.

Doc. No. _______;

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