Republic of the Philippines….

)
City of ________…………………) S.S.
Province of ______________)
X------------------x

MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Memorandum of Agreement is entered into by and between:

_________________, of legal age, Filipino, single/married, and a resident of

_______________________, hereinafter called the “FIRST PARTY”

-and–

_________________, of legal age, Filipino, single/married, and a resident of

_____________________, hereinafter called the “SECOND PARTY”.

WITNESSETH: WHEREAS,

The First Party is one of the beneficiaries of Twin Rivers Employees Agrarian
Reform Beneficiaries Association Incorporated (TREARBAI) with a parcel of
land situated in _____________________, consisting of an area of
___________________, more or less (the “Property”).

WHEREFORE, for and in consideration of the foregoing, as well as the

stipulations, terms, and conditions set out below, the parties hereby
mutually agree the covenant as follows:

1. The Second Party offered to finance for the expenses of the Property;

2. Twenty percent (20%) proceeds of the income of the Property shall be

given to the Second Party;

3. The Second Party shall be responsible for the payment of all taxes,
costs, fees, and expenses for the transfer and registration of the
Property under this Agreement. However, the First Party undertakes to
pay all real property taxes due on the Property at the time of
execution of the Deed of Absolute Sale;

4. The First Party hereby warrants that the Property is free from all liens
and encumbrances. The First Party further warrants the peaceful
possession of the Property by the Second Party and shall defend the
Second Party’s title thereto free from all liens and encumbrances from
any suit that may be subsequently brought against the Second Party
by reason of the sale of the Property to the Second Party. The First
Party shall bear all the expenses of litigation in case of such suit or
action;

5. The First Party shall ensure that the Property is free of any occupants
at the time of the execution of this Agreement or, if there are
occupants, The First Party shall immediately cause the eviction of said
occupants. In addition, the First Party shall ensure that all bills for

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 utilities within the Property such as but not limited to electricity, water,
telephone, etc. that may have accrued prior to the actual possession of
the Second Party of the Property are paid in full. Should there be such
unpaid utility bills, the First Party shall be responsible for the payment
thereof;

6. In the event that there is a final determination by a competent court

or authority to the effect that one or several of the provisions, or any
part of this Agreement are invalid, the remaining provisions hereof
shall continue to be in full force and effect;

7. None of the terms of this Agreement may be amended, supplemented,

waived, or otherwise modified except by an instrument in writing,
signed by the parties herein;

8. EFFECTIVITY. This Memorandum of Agreement is effective on

_____________________________; and

9. LITIGATION. In case of court litigation, the proper venue of the

SECOND PARTY shall be in Tagum City, Davao del Norte.

IN WITNESS WHEREOF, we have hereunto set our hands, this ___

day of ____________, 20____, in the City of ______________.

_________________ ___________________
FIRST PARTY SECOND PARTY
ID No.___________ ID No.___________

Signed in the presence of:

_______________________ ________________________
Witness Witness

ACKNOWLEDGMENT

Republic of the Philippines….)

City of ________…………………) S.S.
Province of ______________)
X------------------x

BEFORE ME, a Notary Public in the City of _________, this ___day of

__________,20__ personally appeared known to me to be the same persons
who executed the foregoing instrument and they acknowledged to me that

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the same is their free and voluntary act and deed. This instrument,
consisting of ____ (__) page/s, including the page on which this
acknowledgment is written refers to a Memorandum of Agreement together
with improvements, signed on each and every page thereof by the
concerned parties and their witnesses, and sealed with my notarial seal.

IN WITNESS WHEREOF, I have hereunto set my hand the day, year,

and place above written.

Notary Public

Doc. No. _____;

Page No. _____;
Book No. _____;
Series of 20___.

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