DEED OF USUFRUCT

KNOW ALL MEN BY THESE PRESENTS:

This Deed of Usufruct made and executed by and between:

MISSION VALLEY CHRISTIAN FELLOWSHIP ILOILO, INC.,

a non-stock, non-profit corporation existing under and by virtue of Philippine laws
with principal office at Metropolis Executive Village, Brgy. Bito-on, Jaro, Iloilo
City, Philippines, herein represented by its Board of Trustee member, MISUK
JANG, of legal age, Korean national, single and a resident of Metropolis Executive
Village, Jaro, Iloilo City, Philippines, duly empowered and authorized to enter into
this contract by virtue of Board Resolution No. 001, series of 2014, hereto attached
as “Annex A”, and hereinafter referred to as the -
“OWNER”

and

MISSION VALLEY PRE-SCHOOL, INC.,

a non-stock, non-profit corporation existing under and by virtue of Philippine laws
with principal office at Korean Bldg., Metropolis Executive Village, Brgy. Bito-on,
Jaro, Iloilo City, Philippines, herein represented by its President, SONNY T.
TOLENTINO III, of legal age, Filipino, single and a resident of Cari Mayor,
Leganes, Iloilo, Philippines, duly empowered and authorized to enter into this
contract by virtue of Board Resolution No. 001, series of 2014, hereto attached as
“Annex B”, and hereinafter referred to as the -
“USUFRUCTUARY”

W I T N E S S E T H: that -

WHEREAS, the subject of this Deed of Usufruct is a parcel of land with

improvements, THE “Korean Building”, situated at Lot 4, Block 3, Metropolis
Executive Village, Brgy. Bito-on, Jaro, Iloilo City, registered in the name of the
OWNER, in the Registry of Deeds for Iloilo City under Transfer Certificate of Title
No. No. T-149449, being more particularly described as follows:

Transfer Certificate of Title

No. T-149449
Witness Misuk Jang Sonny T. Tolentino III

“A parcel of land (Lot 4, Block 3 of the Subd. plan, PCS-06-

002464, being a portion of Block 1-56, Road Lot 1-21, all of (LRC)
Pcs-18292), situated in the Barangay of Bito-on, Buhang & Balantang,
District of Jaro, City of Iloilo, Island of Panay X X X X X Containing
an area of SEVEN HUNDRED FIFTY ONE SQ. M. (751). X X X X
X date of original survey, Jan. 1, 1911 - Jan. 1, 1912 and that of the
Subd. survey, May 2, 1995 - May 30, 1995. Approved Jun. 27, 1995.”

WHEREAS, the OWNER offered to the USUFRUCTUARY, the “FREE”

and exclusive use and enjoyment of the above-described property along with all the
improvements found thereon;
Witness
DEED OF USUFRUCT
Mission Valley Christian Fellowship Iloilo, Inc., Page | 2
and Mission Valley Pre-School, Inc.,
TCT. No. T-149449
………………………………………………………………...

WHEREAS, the USUFRUCTUARY intends to use above-described parcel

of land with the improvements found thereon for the PURPOSE of establishing its
pre-school project thereon; and

WHEREAS, the pre-school project shall be under the supervision and

management of the USUFRUCTUARY.

NOW THEREFORE, for and in consideration of the foregoing premises,

the OWNER hereby CEDES, TRANSFERS, AND CONVEYS, by way of usufruct,
the beneficial use and enjoyment of the above-described property along with all the
improvements found thereon for a period of TEN (10) YEARS from 2014 to 2024 ,
and hereby ASSIGNS the above described property to the USUFRUCTUARY.

The right of usufruct however, is made subject to the conditions that the
above described property herein above given in usufruct shall be used exclusively
for the purpose for which it is intended. For and if the purposes of the herein
USUFRUCTUARY does not materialize within two (2) years from the execution
of this Deed of Usufruct, then the said right of usufruct shall be extinguished and the
property given in usufruct shall revert back to the OWNER, its successors-in-
interest, or assigns.

The USUFRUCTUARY herein accepts the right of usufruct herein made

subject to the conditions above stipulated and further expresses its gratefulness and
deep appreciation for the generosity of the OWNER.

IN WITNESS WHEREOF, the parties have hereunto set their signatures

this _________________, in the City of Iloilo, Philippines.

For: MISSION VALLEY CHRISTIAN FELLOWSHIP ILOILO, INC.,

By: MISUK JANG - Authorized Representative

OWNER

For: MISSION VALLEY PRE-SCHOOL, INC.,

By: SONNY T. TOLENTINO III - Authorized Representative

USUFRUCTUARY
 DEED OF USUFRUCT
Mission Valley Christian Fellowship Iloilo, Inc., Page | 3
and Mission Valley Pre-School, Inc.,
TCT. No. T-149449
………………………………………………………………...

Signed in the Presence of:

_______________________ _______________________
Lerah A. Hojilla Sheila H. Baldomer

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF ILOILO )S.S
x- - - - - - - - - - - - - - - - - - - - x

BEFORE ME, this _______________, at Iloilo City Philippines, personally

appeared the following with their Competent Evidence of Identity:

1. Misuk Jang: BIR TIN 455-676-94;

2. Sonny T. Tolentino III: BIR TIN 446-733-242;

the parties known to me to be the same persons who executed the foregoing Deed of
Usufruct and acknowledged to me that they are duly authorized to represent their
respective corporation and that this instrument is their free and voluntary act and
deed.

This instrument consists of THREE (3) pages including this page on which
this acknowledgment is written, signed by the parties and their witnesses on each
and every page hereof and sealed with my notarial seal.

WITNESS MY HAND SEAL.

Doc. No.: 222 ;

Page No.: 46 ;
Book No.: XVII ;
Series of 2014.
Witness Misuk Jang Sonny T. Tolentino III