CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This Contract to Sell made and executed this 7th day of February, 2004 by
and between:

_, single of legal age, Filipino, and with residence and postal

address at _, hereinafter referred to as the VENDOR;

- and -

_ married to _, of legal age, Filipino, and with residence and postal

address at _ hereinafter referred to as the VENDEE;

WITNESSETH:

WHEREAS, the VENDOR is the absolute and registered owner of that

parcel of land, with improvement thereon, a residential apartment unit
(townhouse), located at _, covered by transfer _ of the Registry of Deeds for the
City of Manila, and more particularly described as follows:

T. C. T. NO.

“x x x x x.”

WHEREAS, the VENDOR wishes to sell, and the VENDEE to buy, under
installment sale.

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

the VENDOR hereby agrees to sell, cede, convey and forever transfer unto the
VENDEE her heirs, successors and assigns, in a manner absolute and
irrevocable, the above property with an area of Fifty Two (52) Square Meters,
more or less for the consideration of Two Million and Four Hundred Thousand
(P2,400,000.00);

The parties shall abide by the following terms and conditions, to wit:

1. The VENDOR warrants that he/she is the owner of the property, that
the latter is not covered by the CARP Law, that said property is not
encumbered or subject to any private lien.

2. Upon the execution of this Contract to Sell the VENDEE shall pay a
down payment of Four Hundred Thousand Pesos (P400,000.00) to
the VENDOR.

3. Thereafter, the VENDEE shall pay the balance of Two Million Pesos
(P2,000,000.00) upon the release of the VENDEE’s housing loan with
BPI Family Bank.

4. Upon full payment of the balance of Two Million Pesos

(P2,000,000.00), the VENDOR shall execute a Deed of Absolute Sale
in favor of the VENDEE, and the instant Contract to Sell shall
thereupon become of no force and effect.
 5. The VENDOR shall pay the Capital Gain Tax and Real Property Tax
incident to the Deed of Absolute Sale. All other taxes shall be for the
account of the VENDEE.

IN WITNESS WHEREOF, the parties have hereunto set their hands this
7th day of February, 2004 at the City of Manila.

______________________ __________________________
_ _
Vendor Vendee

SIGNED IN THE PRESENCE OF:

_____________________ _____________________

REPUBLIC OF THE PHILIPPINES)

C I t y of M a n i l a ) S.S.

BEFORE ME, a Notary Public for and in the City of Manila, Philippines, on
this, 7th day of February, 2004, personally appeared:

NAME CTC NUMBER DATE & PLACE ISSUED

_ 09822155 10/06/2003, Manila

_ 12378639 01/22/2004, Manila

and they alleged to me to be one and the same persons who executed the
foregoing Contract to Sell, consisting of two (2) pages, including this page, and
they each acknowledged that the same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the date and place above written.

Doc. No. _______;

Page No. _______; Notary Public
Book No. _______;
Series of 2004