[Conditional Contract to Sell
Condominium Apartment (In process of construction)] KNOW ALL
MEN BY THESE PRESENTS: This
Contract, made and executed on this ______________________ day Of__________________
, 19_____ at
________________________, A
corporation duly organized and existing under and by virtue of
Philippine laws, with principal office at ___________________, WITNESSETH:
THAT Whereas,
the Developer is the absolute and registered owner of a parcel of land
located at _____________________ , Baguio City, Philippines with a total
area of ________________________________, square meters, more or less,
which are more particularly described in and whose title is evidenced by
Transfer Certificate of Title No.__________________ , of the Registry of
Deeds for the City of Baguio; Whereas,
the Developer intends to set up a condominium project (the "Project") on
the above-described parcel of land, consisting of
__________________________ apartments or units (the "Unit(s)"), in
accordance with the provisions of Republic Act No. 4726, otherwise known
as the Condominium Act, and pursuant to an instrument dated ______________________________________ Doc.
No.__________ Page No.__________ Book No. Series of ___________ of the Notarial
Register of____ of __________
consisting of a Master Deed (Part I) and Declaration of Restrictions
(Part II), copy of which, without the annexes, is hereto attached as
Exhibit 1 and made an integral part hereof; Whereas,
the development plans for the Project, including the plans and
specifications of the buildings included in the Project, are set forth in
the Master Deed; Whereas,
the Purchaser desires to buy the Unit(s) described below subject to the
provisions hereinafter set forth; Now
therefore, for and in consideration of the foregoing premises, and
the payment of the purchase price herein below specified, the Developer
has agreed to sell, transfer, and convey to the Purchaser the Unit(s)
described below, subject to the provisions hereinafter set forth, to
wit: 1.
The Unit(s) Purchased. (a) The Purchaser agrees to buy
the following described Unit(s) or apartment(s) in the Project, and the
parking space described opposite each Unit is hereby assigned and set
aside to the exclusive use of such Unit as a Limited Common Area pursuant
to Section
________________ of the Master Deed
Description of Units
Parking Space (b)
The Units are being sold unfurnished. The equipment and fixtures shown on
the plan are merely for purposes of illustration and shall not be deemed
included in the sale, except for those items specified in the Master
Deed. 2.
Price and Terms of Payment. The purchase price of the
Unit(s) herein purchased shall be ________________pesos (P_________),
Philippine currency, and payable in the following manner: (a)
Down Payment: P________________
equivalent to ______% of the purchase price shall be paid upon the
signing of this contract. Any reservation fee paid earlier is hereby
considered part of the down payment received. (b)
Balance: P_____________________
, which represents the balance due on the purchase price, which
together with interest at the rate of _____% per month, to be paid in (
_______ ) equal installments of P __________ per
installment, commencing on the 30th day after the signing of this contract
and each of the subsequent installments being payable every 25th day of
each and every month following the payment of the first installment. (c)
All payments shall be made on or before their respective due dates without
necessity of any demand therefore. Unless otherwise specified in
writing by the Developer, all payments shall be made by the Purchaser to
the Developer through the_______________ Official receipts will be issued
to the Purchaser based on deposits made in favor of the Developer. 3.
Delivery. (a)
The Unit(s) herein purchased shall be completed and delivered to the
Purchaser on or before ________________________ ( __________ ) months
after the signing of this contract. This period excludes any delay caused
by fire, earthquakes, acts of God, the elements, war or civil
disturbances, strikes or other labor disturbances, economic controls
making it impossible or difficult to obtain the necessary materials, acts
of third persons, or other matters, causes, or conditions beyond the
control of the Developer. (b)
If the Developer fails to deliver the Unit(s) subject hereof on the due
date, then the Developer agrees to pay the Purchaser interest at the rate
of one (1%) percentum per month on the total principal payments made, and
the Purchaser may withhold his monthly amortization until the Developer
has delivered the Unit. (c)
If the Developer fails to deliver the Unit(s) within _______________
(__________) months after due date, then the Developer agrees to return to
the Purchaser all his/her principal payments, plus the 1% interest per
month thereon, as provided in preceding subparagraph of this section. (d)
Upon completion of the Unit(s) subject hereof, the Developer shall so
notify the Purchaser. The delivery of such notice (which shall be sent to
the Purchaser at the address as hereinabove stated) shall constitute
constructive delivery of the Unit(s) subject hereof to the Purchaser,
notwithstanding the failure of the Purchaser to take actual possession of
the Unit(s). From and after such constructive delivery, all risks of loss
or damage to the Unit(s) shall be covered by the requirements set forth in
the Master Deed and the Declaration of Restrictions. Upon
full payment by the Purchaser of the full amount of the purchase price
stipulated under Section 2 hereof and otherwise upon full compliance by
the Purchaser of all its obligations herein, the Developer will convey to
the Purchaser all the rights and interest of the former in and to the
Unit(s) subject hereof, together with the interest in the Common Areas and
in the Condominium Corporation118 appurtenant to such Unit(s). The
rights and interests so conveyed shall be subject to the provisions of the
Condominium Act, the Master Deed, the Declaration of Restrictions, the
Articles and By-Laws of the Condominium Corporation. Should
the Purchaser be a natural person, the Developer shall be authorized to
take out insurance on the life of the Purchaser, the premium to be paid
exclusively by the Developer and the proceeds of which shall be made
applicable to the outstanding balance due the Developer from the Purchaser
with the understanding that should the Purchaser die at anytime during the
existence of the contract, subject to the requirements of the
Developer-Insurer and the compliance of all the obligations of the
Purchaser as of the date of the death the insurance proceeds shall be
applied directly to the outstanding balance due the Developer from the
Purchaser and the former shall, upon receipt of the said balance, .
Transfer to the designated beneficiary the title to the subject matter
hereof. For purposes of the application of this contingency, the
designated beneficiary of the Purchaser is ______________ , whose address is
_______________________________________________, the Purchaser,
reserving to himself the exclusive right to change beneficiary as
and when he should so desire. Section 5. Taxes and
Assessments (a)
The Purchaser, in proportion to his unit-holding(s) as specified in the
Master Deed, agrees to pay to the Developer through the _____________________ , without the need of
demand, all the taxes and assessments levied or which may be levied on the
land and/or buildings during the term of this Contract, at least (10)'days
before they become due, and in case of failure to do so the Developer may
pay said taxes and assessments which shall be reimbursed by the Purchaser
together with interest at the rate of one (1%) percentum per month. The
tax declaration of the Unit(s) shall remain in the name of the Developer
until after the Purchaser shall have paid all sums of money due to the
Developer under the terms of this agreement. (b)
The Developer is hereby authorized to procure such insurance on the
Building as it may deem necessary for the first year after completion of
the Building. The premiums on such insurance shall be assessed against all
Unit purchasers in accordance with the By-Laws of the Condominium
Corporation. (c)
Documentary stamps, registration fees, taxes and all other expenses
incident to the transfer of title to the Unit(s) herein sold to the
Purchaser, shall be for the account of the Purchaser. (d)
Before transferring title to the Unit(s) subject hereof the Purchaser
agrees to reimburse the Developer for the Purchaser's pro rata share in
assessments which were advanced by the Developer and to pay for expenses
due herein from the Purchaser. Section 6.
Assignment. This Purchaser may not
assign this contract or any right or interest therein or in the Unit(s)
subject hereof, without the prior written consent of the Developer. Section 7. Entire
Contract. This
contract states the entire agreement between the parties, and the
Developer is not and shall not be bound by any stipulations,
representations, agreements or promises, oral or otherwise, not contained
in this contract or incorporated herein by reference. Section 8. Incorporation by
Reference. This
contract shall be deemed subject to the provisions of the Condominium Act,
the Master Deed, the Declaration of Restrictions, and the by-laws of the
Condominium Corporation. Section 9. Inflation or
Devaluation. In
the event of a material variation in the value of Philippine currency due
to inflation or devaluation, the outstanding balance of the purchase price
herein stipulated shall be adjusted in favor of the Developer so as to
reflect the value of the currency as of the date of the execution of this
contract. A material variation in the value of Philippine currency shall
be deemed to exist when there is a diminution to the extent of 15% in the
purchasing power of the Philippine currency as reflected in the Central
Bank of the Philippines official report or when there is an official
devaluation' of the currency. Section 10. Automatic Cancellation
of this Agreement. (a)
Should the Purchaser fail to make the payment of any of the monthly
installments together with the interest thereon as agreed herein or of all
the corresponding proportionate obligations or dues for taxes and
assessments levied on the land and the building herein involved during the
term of this contract within thirty (30) days from its due date, this
Contract shall, by the mere fact of non-payment, expire by itself and
become null and void without necessity of notice to the Purchaser or of
any judicial declaration to the effect, and any and all sums of money paid
under this contract together with all the improvements made on the
premises shall be considered and become rentals on the property, and in
this event, the Purchaser, should he/she continue in possession of the
Unit(s) herein purchased shall become a mere intruder or unlawful detainer
of the same and maybe ejected there from by the means provided by law for
trespassers or unlawful detainers. Immediately after the expiration of the
30-day period provided for in this clause, the Developer shall be at
liberty to dispose of and sell said Unit(s) and its appurtenances to any
interested third person. The
breach by the Purchaser of any of the conditions, restrictions or
obligations* contained herein shall have the same effect as non-payment of
the installments of the purchase price. IN
WITNESS WHEREOF, the parties hereto have signed these presents in the
place and on the date first above written. Developer TAN 0310-991-5 BY: ________________________________________ ________________________________________
-and-
___________________________________________________________________________________
herein
after referred to as the "Purchaser";
Section 4. Title to
the Unit(s)
Notwithstanding anything to the contrary, in the event that the Purchaser
is not insurable, the Purchaser's rights and obligations in case of death
shall subsist.
TAN 2085-930-0 Purchaser
_____________________________________
Purchaser
TAN _________________________________
SIGNED IN THE PRESENCE
OF:
____________________________
____________________________
ACKNOWLEDGMENT