Option to Purchase Real Property       KNOW ALL MEN BY THESE PRESENTS: This AGREEMENT OF OPTION made and entered into at __________________________, Philippines, on this _________day of _________________, 19_____, by and between ___________ of ______________ and _________________ of _______________________, both of Philip­pine citizenship.   Witnesseth:   That for and in consideration of the sum of ___________ PESOS (P____________), Philippine currency, in hand paid by _______________ unto ____________________, receipt whereof is hereby acknowledged, the said offeror, ____________________ does hereby grant unto the said offeree, __________________ , the absolute and unlimited option, right, and privilege to purchase at any time within the period of ______________________days from the date hereof, the following described property, to wit:    (Description of property)   And it is understood that the failure of the said ___________ to exercise his option within the above-mentioned period shall ipso facto cancel his right to purchase, as well as to the amount paid, and thereupon this Option shall lapse, cease, and shall be of no further force and effect.   IN WITNESS WHEREOF, the parties hereto have hereunto set their hands at ________________, Philippines, this       ____________day of ______________________, 19_____                                                                                                          _______________________________                                                                      _______________________________                                                                                    (Signature of parties) Witnesses: ____________________________________ ____________________________________   ACKNOWLEDGMENT