MEMORANDUM OF AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Memorandum of Agreement is entered into by and between:
ALMA C. VILLAMOR, of legal age, Filipino and a resident of Tagum City, Philippines,
hereinafter called the Seller.
-and
JAMES L. DESPABILADERAS, of legal age, Filipino and a resident of Davao City,
Davao del Sur, Philippines, hereinafter called the Buyer.
WITNESSETH
WHEREAS, the Seller is the true and lawful owner of a parcel of land situated in Tagum City,
Philippines, consisting of an area of FIVE HUNDRED FIFTY EIGHT (558), more or less (the
Property), and more particularly described and embraced in Transfer Certificate of Title No. 142-
2010003667.
WHEREAS, the Seller intends to sell and the Buyer intends to purchase the Property subject
to the conditions herein below.
WHEREFORE, in view of the foregoing premises, the parties hereto hereby agree, stipulate
and covenant:
1. For and in consideration of THIRTEEN MILLION PESOS (P13,000,000.00), Philippine
Currency, the Seller hereby sells, transfers and conveys unto the Buyer, its assigns, and successors-
in-interest the Property.
2. The total consideration of THIRTEEN MILLION PESOS (P13,000,000.00), shall be
paid as follows:
I. FIVE HUNDRED THOUSAND PESOS (P500,000.00) upon signing of this Agreement;
II. The balance of TWELVE MILLION FIVE HUNDRED THOUSAND PESOS
(P12,500,000.00) shall be paid immediately after the seller surrenders the owners
original copy of Transfer Certificate of Title No. 142-2010003667
3. Upon receipt of the sum of P500, 000.00, the seller shall no longer offer the
property for sale to third persons and any offer or sale shall be deemed null and
void.
4. The Buyer shall be responsible for the payment of all taxes, costs, fees and expenses
for the transfer and registration of the Property purchased under this Agreement. However, the Seller
undertakes to pay all real property taxes due on the Property at the time of execution of the Deed of
Absolute Sale.
5. The Seller hereby warrants that the Property sold is free from all liens and
encumbrances. Seller further warrants the peaceful possession of the Property by the Buyer and shall
defend the Buyers title thereto free from all liens and encumbrances from any suit that may be
subsequently brought against the Buyer by reason of the sale of the Property to the Buyer. The Seller
shall bear all the expenses of litigation in case of such suit or action.
6. The Seller shall ensure that the Property is free of any occupants at the time of the
execution of this Agreement or, if there are occupants, Seller shall immediately cause the eviction of
said occupants. In addition, Seller shall ensure that all bills for utilities within the Property such but
not limited to electricity, water, telephone, etc. that may have accrued prior to the actual possession
of the Seller of the Property are paid in full. Should there be such unpaid utility bills, Seller shall be
responsible for the payment thereof.
7. Should title to the Property not be registered in the name of the Buyer through any fault
of the Seller, the Buyer shall have the right to rescind the Deed of Absolute Sale for the Property and
demand for the return of the consideration paid as well as the expenses incurred in connection with
the purchase of the Property.
8. 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.
9. 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.
IN WITNESS WHEREOF, the parties hereto hereby affix their signatures on the date and in
the place stated above.
ALMA C. VILLAMOR JAMES L. DESPABILADERAS
Seller Buyer
With Marital Conformity:
Reynaldo B. Villamor
