USUFRUCT AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This USUFRUCT AGREEMENT, hereinafter referred to as the "Agreement", is made and
executed by:

BARANGAY SAN FRANCISO MABUHAY, SOGOD, SOUTHERN

LEYTE, represented by HON. REYNALDO D. AGUILLON, in his
capacity as the Barangay Captain of Barangay San Francisco
Mabuhay, Sogod Southern Leyte, is hereinafter referred to as the
"GRANTOR".

-AND-

BONTOC MULTIPURPOSE COOPERATIVE (BCCI), as represented

MS. LUZVIMINDA LEOPARDAS, in her capacity as the General
Manager of the Cooperative hereinafter referred to as the
"GRANTEE"

WITNESSETH that –

WHEREAS, the GRANTOR is the true owner of a certain parcel of land situated in 6606
Barangay SF Mabuhay, Sogod, Southern Leyte and more particularly described as
follows:

ARP NO. 05-17006-00083

“a parcel of land located at Brgy. SF Mabuhay, Sogod, Southern Leyte, declared now in
the name of Brgy. San Francisco, Mabuhay, Sogod, Southern Leyte under TD No. 05-
17035-000101; assessed at P111,380.00 and bounded on the North, East, South and
West. by the remaining portion and South, by Asuscion Garlet”

WHEREAS, the GRANTOR desires to give to the GRANTEE the right of usufruct over
the said real property with the latter having the full right to the use and enjoyment of the
fruits of the property in return for his assuming the obligation to preserve the property
during the term of the usufruct.

NOW THEREFORE, for and in consideration of the mutual agreements, covenants and
stipulations hereafter set forth, the GRANTOR hereby TRANSFERS and CONVEYS unto
the GRANTEE by way of USUFRUCT the aforedescribed parcel of land, subject to the
following terms and conditions:

1. The term of the Usufruct shall be valid and binding for a period of Thirty (30) years,
reckoned from the date of signing of the instrument and renewable upon
agreement of both parties, but subject to extension or renewable upon agreement
of the parties.
 2. The GRANTEE may build and construct any building or improvement on the
property subject to this grant.
3. The ownership and title remains with and continues to be in the name of the
GRANTOR. Upon expiration of the Agreement, all permanent improvements
existing shall inure to the benefit of the GRANTOR. It is hereby understood that
permanent improvements shall refer to those that cannot be detached or removed
without damaging the structure.
4. The GRANTEE shall pay and be able for all taxes, licenses, permits, duties, levies
and such other charges as the Government or any of its instrumentalities and
agencies may impose by reason of and arising out of this agreement and its
implementation, including the real property taxes;
5. The GRANTEE shall defray all expenses for building and maintenance including
cost of power, water, telephone and other utilities attached, connected or related
to the operation of the improvement introduced on the property subject of this
agreement;
6. The GRANTEE shall, at his own expense, make all necessary repairs to keep the
premises and all its equipment and facilities from deteriorating in value or condition
during the term of the grant,
7. The GRANTOR hereby covenants with the GRANTEE that the latter shall
peaceably hold and enjoy the full use and possession of the premises during the
period of the grant. The GRANTEE, her representatives, agents and employees
shall have complete and unimpeded access to and from the premises at any time;
8. The GRANTOR may immediately recover possession the aforedescribed real
property, including all permanent structures and improvements introduced
thereon, without obligation to reimburse the herein GRANTEE, and terminate the
usufruct should the GRANTEE violate any of the provisions of this Deed or fail to
comply with its obligations as a usufructuary as provided in the New Civil Code of
the Philippines, the applicable provisions of which are incorporated herein and
deemed part of the provisions of this Deed.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures this day of
_____ of ________, year 2022, at Sogod, Southern Leyte Philippines.

_________________________
Ho. Reynaldo D. Aguillon
Barangay Captain of Brgy. SF Mabuhay
Sogod, Southern, Leyte
Grantor
_________________________
Ms. Luzviminda Leopardas
General Manager of BCCI
Grantee

Signed in the presence of

_________________________ __________________________
REPUBLIC OF THE PHILIPPINES. )
PROVINCE OR So) SS
MUNICIPALITY OF SOGOD

ACKNOWLEDGEMENT
BEFORE ME, a Notary Public for and in the Province of Southern Leyte, this _____ day
of ______ personally appeared the above-named parties to the foregoing instrument,
known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged that the same is their voluntary act and deed.

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

Doc. No. ______.

Page No. ______.
Book No. ______.
Series of. ______.