CONTRACT OF USUFRUCT

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Usufruct is executed on November 10,

2022 at Country Club Rd, Camp John Hay, Baguio, 2600
Benguet by and between:

FELIZ A. NAVIDAD, Filipino, of legal age, single,

with postal address at One VF Tower, Dr. Jose P.
Rizal Monument, Benjamin R. Salvosa Dr, Brgy,
Baguio, 2600 Benguet represented hereinafter
referred to as the “FIRST PARTY”;

- and -

SYLENT A. NITE, Filipino, of legal age, single, with

postal address at No. 432, Leonard Wood Road Brgy.
Cabinet Hill, Baguio, 2600 Benguet, hereinafter
referred to as the “SECOND PARTY”;

WITNESS THAT:

WHEREAS, the FIRST PARTY is the registered owner of a

real property covered by Tax Declaration No. 45892 located at
110 Brgy. Teachers Camp, Baguio, 2600 Benguet consisting of
more or less 2500 sq.m. (hereafter referred to as “the
Property”), with the following boundaries:

Beginning at a point marked “1” Lot 3620, 464-D, C-3

being N, San Jose Cadastre,
North: 4-47 E., 79.70 m to point 2;
South: 4-48 W., 65.70 m to point 3;
East: 5-47 N., 89.60 m to point 2;
West: 6-48 E., 99.10 m to point 6;

NOW THEREFORE, the Parties to this contract agree to

the following terms and conditions:

1. The FIRST PARTY agrees to grant the SECOND PARTY

the usufruct of the Property, with possession, use and
enjoyment of the said Property, as well as the right of
management of the Property.

2. Such usufruct rights shall remain in force for a period of

ten (10) years.

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 3. The SECOND PARTY shall be entitled to all the natural,
industrial and civil fruits of the Property during the term
of the usufruct.

4. In using the usufruct, the SECOND PARTY shall take as

much care of the Property as a person of ordinary
prudence would take of his own property.

5. The SECOND PARTY shall not transfer the usufruct to

any other persons or unrelated outsiders, except with the
FIRST PARTY’s prior written consent.

6. The SECOND PARTY shall not use the Property for any
unlawful purposes.

7. The SECOND PARTY may make useful improvements for

mere pleasure as he may deem proper, provided that the
substance of the Property shall remain unaltered;

8. The SECOND PARTY shall bear all expenses for the

management of the Property, ordinary maintenance and
minor repairs, pay taxes and duties, and be responsible
for all interest payments on debts charged upon it.

9. In case of death of the SECOND PARTY prior to

expiration of the rights of usufruct granted herein, this
contract shall be deemed extinguished, and shall not be
transferable by way of inheritance.

10. The SECOND PARTY shall insure the Property

against loss for the benefit of the FIRST PARTY
throughout the period of this contract, the insurance
premium of which shall be borne by the SECOND PARTY.

IN WITNESS WHEREOF, the PARTIES have set their

hands on the date and place first above-written.

Feliz A. Navidad Sylent A. Nite

First Party Second Party

SIGNED IN THE PRESENCE OF:

Joy N. World Jingle E. Belle

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 ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES )

CITY OF BAGUIO) SS

In the City of Baguio on November 10, 2022, personally

appeared before me the following persons, showing unto me
an integrally complete instrument/document, consisting of
two (2) pages including this page, such person/s being known
to me personally or through their competent evidence of
identifications (IDs) bearing their respective photograph and
signature, as the same person/s who executed the foregoing
instrument, namely:

Name ID Type /No. Date & Place

Issued
Feliz A. Navidad Driver’s License 01/23/2023 –
Baguio City
Sylent A. Nite Philippine 02/12/2022 –
Passport Baguio City

and who represented to me that the above signature was

voluntarily affixed by them for the purposes stated in the
instrument/document, and who further acknowledged before
me that they have executed the instrument/document as their
free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the date and place

first above written.

Atty. Kriselle Armi S. Umingan

Notary Public
Commission Expires Dec. 31, 2023
Roll of Attorney No. 34567
IBP No. 12345/2-5-12/Baguio
PTR No. 87654/12-22-23/Baguio
MCLE Compliance No. IV-0006987/02-15-23

Doc. No. 01;

Page No. 23;
Book No. II;
Series of 2023.