MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement is entered into by and between the following:

SEGUNDINA H. ALBASIN and REMELY O. HIAVIA, both of of legal age, Filipino, married and a
residents of Purok Santan, Mirafuentes Subdivision, Magugpo North, Tagum City, Davao del
Norte, Philippines, hereinafter referrred to as the FIRST PARTY;

And

JOEL G. LAO, of legal age, Filipino, and a resident of Davao City herein after referred to as the
licensed broker of the buyer hereinafter referred to as the SECOND PARTY.

WITNESSETH

WHEREAS, the FIRST PARTY are the registered owner of the property embraced by Title
No. C-21026 located in Barangay New Balanban, Tagum City, Davao del Norte Philippines and
containing an area of SIXTEEN THOUSAND TWO HUNDRED SEVENTY EIGHT (16,278) SQUARE
METERS, more or less.

TERMS AND CONDITIONS:

1. The FIRST PARTY agree that their net selling price is of the above described is FOUR
MILLION (4,000,000) PESOS.

2. The parties agree that NET means that all expenses related to the sale shall be paid by
the SECOND PARTY’s buyer, such as:
a. Capital gains tax and documentary stamp tax
b. Transfer tax
c. Entry fee and other fees with the Register of Deeds
d. Notarial fee

3. The FIRST PARTY hereby acknowledge that the buyer of the SECOND PARTY for the
above mentioned property is the JHL GREEN HAVEN REALTY CORPORATION only.

4. Along this line, the FIRST PARTY is authorizing the SECOND PARTY as the licensed Real
Estate Broker of the aforementioned buyer to sell the above property over and above
the stated net selling price of FIVE MILLION (5,000,000) PESOS in order to cover all
other expenses and commission.

5. FIRST PARTY and the SECOND PARTY’s buyer agree to a cash payment basis, and upon
payment of the buyer, the FIRST PARTY simultaneously turn over to the SECOND PARTY
his share of the commission which is the excess amount over and above the stated net
selling price stipulated above in the amount of ONE MILLION PESOS (1,000,000) PESOS
and in the manner following the same terms and conditions of the payment schedule
and duration agreed with the buyer.

6. The parties hereby agree that while this authority continues to be effective, they will not
sell or negotiate the sale of the above property to the abovementioned buyer except
 through the SECOND PARTY, nor give any other broker, firm or person authority to sell
or negotiate the sale of the aforementioned property.

7. This agreement supersedes any term and conditions in any other previous agreements
inconsistent with the terms and conditions hereof.

8. This authority will expire __________________ after the date of the signing of this
contract. Done in Tagum City , Davao del Norte, Philippines this
_____________________

SEGUNDINA H. ALBASIN REMELY O. HIAVIA JOEL G. LAO

First Party First Party Second Party

SIGNED IN THE PRESENCE OF:

_____________________________ and ______________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

IN THE CITY OF DAVAO. . . . . . . )

In Davao City, Philip[pines, BEFORE ME, this _________________ personally

appeared the following person:

NAME Competent evidence of identity presented

JOEL G. LAO __________________________________
SEGUNDINA H. ALBASIN __________________________________
REMELY O. HIAVIA __________________________________

Known to be the persons who executed the foregoing Memorandum of Agreement and
they acknowledged to me that the same is executed by them of their own free and
voluntary and deed.

WITNESS MY HAND AND SEAL on the day, month and year and at the place
herein above written

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