On the basis of Maceda Law, we would be furnishing Mr.

Danny Go a Notarial
Cancellation of his Request for Reservation and Contract to Sell, simultaneously
tendering payment of Cash Surrender Value since Mr. Go has already paid
monthly installments of more than two years.

1. Regarding the Notarial Cancellation, our law office will be providing you
one.

2. To determine the cash surrender value, Section 3 (b) of Maceda Law states:

(b) If the contract is canceled, the seller shall refund to the

buyer the cash surrender value of the payments on the
property equivalent to fifty per cent of the total payments
made, and, after five years of installments, an additional five
per cent every year but not to exceed ninety per cent of the
total payments made x x x .

Now, your records show that Mr. Go has already paid a total of Php
15,821,666.74, which includes the reservation fee. Fifty percent of the amount is
Php 7,910,833.37. The latter amount will constitute as the Cash Surrender Value.
(Note: Please check if the amount is correct)

3. We should be able to have Mr. Go receive both the Notarial Cancellation and
Cash Surrender Value. Upon receipt, the actual cancellation will only take effect
after 30 days.

Section 3.

(b). x x x . Provided, That the actual cancellation of the contract

shall take place after thirty days from receipt by the buyer of
the notice of cancellation or the demand for rescission of the
contract by a notarial act and upon full payment of the cash
surrender value to the buyer.

4. During the 30-day period prior to actual cancellation, Mr. Go can stop the
cancellation by updating his account. I advise that you make a computation of
his outstanding liabilities just in case he chooses to update his account, please
include interests in your computation so that he may be discouraged in doing so.
5. Please that under your agreement, in case the units cannot be delivered to
Mr. Go, a similar unit may be given in exchange. In case similar units are not
available, Mr. Go can ask for reimbursement of all his payments.

6. If Mr. Go would not accept the cash surrender value without any valid
reason, we will have to resort to judicial consignation where we would file a
petition in court.