MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This instrument, made and executed by and between:

__________________ of legal age, Filipino, and resident of Dasmariñas City

Cavite, hereinafter called as the FIRST PARTY;

-and-

________________________, represented by _________________________, of legal

age, Filipino, hereinafter called the SECOND PARTY;

W I T N E S S E T H:

Whereas, the FIRST PARTY is the registered owner of a parcel of land with
TCT No. 085-2021001560 located at ______________________, and with a total area of
6,975 square meters;

Whereas, the FIRST PARTY is developing a parcel of land for a residential

subdivision with subdivision name ____________________;

Whereas, pursuant in Section 18 of R.A. 7279 as amended by R.A. 10884

owners and/or developers of proposed subdivision and condominium projects shall
be required to develop an area for socialized housing equivalent to at least fifteen
percent (15%) of the total subdivision area or a total subdivision project cost and at
least five percent (5%) condominium area or project cost, at the option of the
developer, in accordance with the standards as provided by law: The balanced
housing development as herein required may also be complied with by the owners
and /or developers concerned in any of the following manner: (a) Development of
socialized housing in a new settlement, (b) Joint venture projects for socialized
housing with either the local government units or any of the housing agencies or
with another private developer, or a non-governmental organization engaged in the
provision of socialized housing and duly accredited by the Housing and Land Use
Regulatory Board, but if the developer has failed to complete the development of the
project, the owner and/or developer of the main subdivision or condominium
project shall be solidarily liable only to the extent of compliance to the balanced
housing requirement regardless of the provision of their joint venture agreement; or
(c) Participation in a new project under the community mortgage program.

Whereas, the 1,046.25 square meters is 15% of 6,975 square meters

intended for the socialized housing community facilities development for their
compliance to the 15% Socialized Housing;

NOW, THEREFORE, have agreed on the following:

a) The First Party shall comply the HLURB prescribed standard under Board
Resolution No. 973, Series of 2018 which undertake to construct a single
detached type of housing with the specific description stated on the said
Board Resolution.

Page 1 of 2
 b) The SECOND PARTY shall extend supervision over the projects through
selection of qualified priority beneficiaries;

c) That the FIRST PARTY shall develop the aforesaid area which includes
roads, drainage , and other facilities with ready provision for electricity
and water;

IN WITNESS WHEREOF, the parties have hereunto set their hands, this ___
day of _________________ 2023 at ____________ City, Philippines.

__________________________ _____________________________
First Party Second Party

Signed in the presence of:

_______________________ _______________________
ACKNOWLEDGMENT
Republic of the Philippines )
Province of Sorsogon ) Sc.
City of Sorsogon )

Before me personally appeared:

______________________ valid ID ____________________________

_______________________________ valid ID ____________________

, known to me, and to me known to be the same persons who executed the
foregoing Memorandum of Agreement, consisting of two (2) pages, including this
page whereon this acknowledgment is written, and being informed of the contents
of said document, acknowledged before me that they executed the same of their
own free will and deed for the use and purpose therein set forth.

Doc No. ___

Page No. ___
Book No. ___
Series of 2023

Page 2 of 2