This Philippines real estate agreement to purchase a new home [building and improvements only, plus a 75 year leasehold only in the land beneath the home building and improvements] in Econotel, Bulwang Barangay, Mabinay Municipality, Negros Oriental Province, Philippines, is made by and between:
 

Phillip Fry, builder and property owner, a Filipino citizen, and resident of Bulwang, Mabinay, Negros Oriental, Philippines, (Seller), and
_________________________________________________________________________________________________,
whose mailing address is:_____________________________________________________________________________________
___________________________________________________________________________________________(Buyer).

Whereas, for good consideration the parties mutually agree that:

          1. Seller agrees to sell, and Buyer agrees to buy, the following described building: a new home and improvements only, on land leased for 50 years plus a renewal time period of 25 years [totaling 75 years of leasehold time], with the prepaid rent for all 75 years already included in the home building purchase price. The home includes _____ bedrooms and _____ bathrooms on a single floor level of all masonry and steel construction [except for wood doors, plywood ceilings, and plywood soffits on the underside of exterior roof overhangs].  The home has an exterior building size of _____ meters in width, plus _____ meters in depth, plus a fenced and gated front court yard leasehold with a size of _____ meters wide by ______ meters deep. The total size of the leased land to is ______ meters by _______ meters.  The home shall be built utilizing: □ the Village standard floor plan as included as attached Schedule A; or the □ custom-design house floor plan as shown in the attached Schedule A. The Buyer understands and agrees that NO appliances or air conditioner units are included in this sale. The home does include three standard, through-the-wall air conditioner holes [each bedroom plus the living room] with dedicated air conditioning electrical outlets next to each air conditioning location. The Buyer further understands that this sale includes NO landscaping and NO painting of the backside of any exterior wall or fence which is located on a Village perimeter boundary line. Otherwise, all other surfaces inside and outside have been primed and painted with colors to be selected by the Buyer. Buyer further understands and agrees that any building revisions made by the Buyer hereafter will result in the appropriate additional expense to Buyer.

            2. Buyer agrees to pay to Seller and Seller agrees to accept as total purchase price the sum of

US$__________________________________________________, payable as follows:  

$________________________deposit herewith paid, plus $________________________balance payable by:

             □ Interest free PAY-AS-YOU-BUILD PLAN [as detailed and specified in paragraph 3 below], with the total purchase price being paid in full within 36 months of the date of this agreement. 

             □ Home Loan from Seller, to be documented in separately-executed and notarized documents [promissory note and finance security agreement] to be executed by the Buyer, and which shall include the following terms: (a) fifty percent [50%] down payment payable at the signing of this agreement; (b} ten percent [10%] annual percentage rate of interest on the unpaid balance due; (c) payable in monthly installments of principal and interest to amortize [pay] the full amount of the loan within 10 years; (d) late fee of US $10 per day on each every payment not paid timely;
(e) no prepayment penalty; and (f) other supporting terms included in the promissory note and finance security agreement.

           3. PAY-AS-YOU-BUILD PLAN If selected as the payment option in paragraph 2 above, below is the agreed to schedule for the cumulative percentage payment minimums to be paid prior to each listed stage of construction of the home:
 
          (a) Reserve your home leasehold site: 10% of home purchase price. This amount also serves as your HOME DEPOSIT.
          (b) Construct your home foundations: 15% cumulative total, including (a) above.
          (c) Construct the masonry walls of your home, including interior walls: 30% cumulative total, including all of the above.
          (d) Construct the all-steel roof trusses and roof: 50% cumulative total, including all of the above.
          (e) Install electrical, plumbing, & septic tank lines & equipment: 75% cumulative total, including all of the above.
          (f) Install ceramic tile floors and ceramic tile bathroom [2] floor and wall tile: 85% cumulative total, including all of the above.
          (g) Complete all construction including front yard wall & gate, and painting of interior/exterior walls and fencing [except the unseen backside of any wall that is on a Village outer perimeter boundary line]: 100% cumulative total including all of the above.

          4. For both the PAY-AS-YOU-BUILD PLAN and the home loan  installment sales, your home building ownership bill of sale and 50 year ground lease [with option to renew for 25 additional years] are NOT  transferred from the Village to you until you have paid in full to Seller the entire
purchase price and interest on the agreed-to, timely-paid basis.

          5. Buyer understands and agrees that the Buyer is NOT purchasing the land beneath the home and physical improvements being sold in this agreement, and that the Buyer is NOT buying a condominium or any other type of ownership interest in the land. The Buyer further understands and agrees that he or she will own only the home building and its physical improvements attached to the land leased from the Seller. Buyer further understands and agrees that there will NEVER be a transfer of the land ownership from the Seller to the Buyer. Buyer agrees that the Buyer will never ask for or otherwise seek subdivision or partition of the Seller's property. In the event that the Buyer or the Buyer's successors, assigns and/or personal representatives seek such a subdivision or partition of the Seller's property, Buyer [or the Buyer's successors, assigns and/or personal representatives] agrees to pay as liquidated damages for such a breach of this Agreement two hundred fifty thousand US dollars [US$250,000] per individual leasehold for which Buyer seeks such a subdivision or partition of the Seller's property.
 
          6. Seller warrants she has good and legal title to said property to be leased to Buyer, full authority to lease said property, and that said property shall be leased free and clear of all liens, encumbrances, liabilities and adverse claims of every nature and description whatsoever.

          7. This agreement shall be interpreted and administered solely and only under the laws of the Philippines. Should there be litigation between the parties, such litigation must be initiated only in the Mabinay Trial Court, Mabinay, Negros Oriental, Philippines, with the losing party paying the reasonable attorney fees and court costs incurred by the prevailing party.

          8. This agreement is the entire statement of the terms and conditions of this transaction, except for the separately-executed: (a) 50 year lease with option to renew for 25 years; (b) promissory note; and (c) finance security agreement.  No verbal or written representations that are not specifically encompassed in the precise terms of this agreement are enforceable.

          9. This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives.

Signed this___________day of_________________________, 20__________.

_______________________         _______________________________________
Witness                                                                                 Buyer

__________________________________________         _______________________________________
Witness                                                                                 Seller