EARNEST MONEY RECEIPT AGREEMENT

           Received from JEZA A. BUCOG, of legal age, Filipino, single, and with residence at
Ugpong, Loboc, Bohol, Philippines, the sum of FIFTY THOUSAND PESOS (P50,000.00),
Philippine Currency, representing Earnest Money for payment of a parcel of land designated
as LOT NO. 6525-D situated in San Roque, Baclayon, Bohol, Philippines containing an area
of FOUR HUNDRED FIFTY FOUR (454) SQUARE METERS, more or less, covered by
ORIGINAL CERTIFICATE OF TITLE NO. 12506.

         This Earnest Money forms part of the Purchase Price of SIX HUNDRED EIGHTY
ONE THOUSAND PESOS (P681,000.00), Philippine Currency. To constitute the half
payment of the total consideration, another payment in the amount of TWO HUNDRED
NINETY THOUSAND AND FIVE HUNDRED PESOS (P290,500.00) shall be paid upon
the execution of the EXTRAJUDICIAL SETTLEMENT OF ESTATE OF A
DECEASED PERSON WITH SIMULTANEOUS SALE.

The remaining balance and full payment in the amount of THREE HUNDRED
FORTY THOUSAND AND FIVE HUNDRED PESOS (P340,500.00) shall be paid once
the necessary documents for the transfer of title to the buyer shall be submitted to and on the
last phase of the process at the REGISTER OF DEEDS FOR THE PROVINCE OF
BOHOL.

The Buyer hereby reserves the exclusive right to purchase the aforementioned
property and the Seller cannot offer the aforementioned property to any third party.

Upon receipt of the half payment from the Buyer, the Seller shall immediately execute
an EXTRAJUDICIAL SETTLEMENT OF ESTATE OF A DECEASED PERSON WITH
SIMULTANEOUS SALE in favor of the Buyer, conveying the said property with full
warranty of a legal and valid title as provided by law, free and clear from any liens and
encumbrances. Seller shall likewise turn over all pertinent documents of the land include the
Transfer Certificate of Title and tax clearances to the Buyer to allow the title of the property
to be processed for transfer into the name of the Buyer.

The Seller shall undertake the payment of the Capital Gains Tax and Documentary
Stamps Tax. The Buyer shall shoulder the payment of Transfer Tax, Deed of Registry Fees
and all other expenses related to the transfer of title of the property under the name of the
Buyer.

If the Buyer cannot proceed with purchase of the aforementioned property without
any cause on the part of the Seller, the Seller has the right to terminate this agreement and the
Earnest Money shall be forfeited in favor of the Seller as liquidated damages.