EARNEST MONEY AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement made and executed by and between:

CONCEPCION OUANO CORTES and MA. TERESA OUANO

ADAMS, Filipinos, of legal age, and residents of Cabancalan, Mandaue
City, Cebu, Philippines, duly represented in this Act by Attorney-in-Fact,
JOJEAN S. TELERON, Filipino, of legal age, and a resident of Alang-
Alang, Mandaue City, Cebu, Philippines, hereinafter referred to as the
“SELLERS”

- and -

BENSON B. JAO, Filipino citizen, of legal age, single, and with

residence at J.C. Zamora St., Cebu City, Philippines, hereinafter referred to
as the “BUYER”.

WITNESSETH THAT:

WHEREAS, the SELLERS are the registered owners of a parcel of land covered
by Transfer Certificate of Title No. MR-15599 (T-63866) with an area of Four Hundred
Eighty Two (482 sq.m.) meters (sq. m.), more or less, and situated in Guizo, Mandaue
City, Philippines.

WHEREAS, the SELLERS are offering the aforementioned property for sale and
the BUYER has signified its intention to purchase the above-mentioned property.

WHEREAS, the SELLER is offering said portion of the property for sale at
FIFTEEN MILLION PESOS (Php 15, 000, 000. 00) only;

NOW, THEREFORE:

For and in consideration of the foregoing premises and the mutual covenant and
stipulations herein below set forth, the parties hereto agree as follows:

1. The SELLERS offer to sell, and the BUYER intends to buy, the subject real
property at the total price of FIFTEEN MILLION PESOS (Php 15, 000, 000. 00).

2. The SELLERS shall not entertain other person/entity who/which may be

interested in the subject property within two (2) years from the time of the execution of
this agreement, it being understood that within said period, the BUYER is given the
exclusive right and option to decide whether or not to purchase the same.

3. Upon signing of this agreement, the BUYER shall give to the SELLERS,
and the SELLERS hereby acknowledge receipt of the amount of FOUR MILLION
PESOS (Php 4, 000, 000. 00), Philippine Currency, as earnest money for the purchase of
the property described in this agreement.
 4. The BUYER shall immediately pay to the SELLERS the balance of
ELEVEN MILLION PESOS (Php 11, 000, 000. 00), Philippine Currency, after the
SELLERS shall have caused the lifting of the Adverse Claim presently annotated on the
Transfer Certificate of Title covering the subject lot.

5. In the event and for whatever reason, the transaction fails to materialize,
the SELLERS shall return to the BUYER the earnest money mentioned in paragraph 3
hereof.

6. The SELLER herein warrants that:

a. Aside from the Adverse Claim presently annotated on the Transfer

Certificate of Title covering the subject lot, the property is free from
any lien or encumbrance;
b. they hold valid and legal title thereto and have the right to dispose
of the same by way of sale or any mode of conveyance; and
c. the property is free from unwanted and illegal
occupants/squatters.

7. The BUYER is allowed to take possession of the subject property and is

allowed to make any structure or to start developing the said property from the signing
of this agreement.

8. The Capital Gains Tax, Documentary Stamp Tax, and other taxes or
expenses incidental to the sale of the property, including the commissions, shall be
shouldered by the SELLERS, except for the Transfer Tax and Registration Fees which
shall be shouldered by the BUYER.

9. Any violation of all the foregoing warranties by the SELLERS shall

invalidate this Earnest Money Agreement and the SELLERS shall be liable to
compensate the BUYER through reimbursement of the earnest money or down
payment being paid by the BUYER to the SELLERS.

10. In case it shall become necessary for either party to resort to judicial action
under this Agreement, venue shall be limited to the proper courts of Mandaue City,
Cebu, Philippines, to the exclusion of all other courts.

IN WITNESS WHEREOF, we have hereunto affixed our signatures this ____ day
of _______________ 2019, at Cebu City, Philippines.

JOJEAN S. TELERON
Attorney-in-fact of:
CONCEPCION OUANO CORTES and MA. TERESA OUANO ADAMS
SELLERS

-and-
 BENSON B. JAO
BUYER

Signed in the presence of:

_______________________ _______________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

CEBU CITY …………………………) s.s.

BEFORE ME, a Notary Public for and in the City of Cebu, personally appeared:

JOJEAN S. TELERON – ID No. ___________________________________________

BENSON B. JAO – ID No. _______________________________________________

Known to me and to me known to be the same persons who executed the

foregoing instrument and acknowledged to me that the same are their free act and
voluntary deed.

This instrument, consisting of three (3) pages, including the page on which this
acknowledgment is written, has been signed on the left margin of each and every page
thereof by the concerned parties and their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL on this ____ day of __________________, 2019.

Doc. No. _______;

Page No. _______;
Book No. _______;
Series of 2019.