Usufruct Agreement m1n1b

USUFRUCT AGREEMENT This AGREEMENT, made and entered into this _______ day of _______, 20 _____, at San Fernando City, Philippines, by and between: ALARM DISTRIBUTION PACIFIC INC. a corporation duly organized and existing under and by virtue of the laws of the Philippines, with principal office and place of business located at ____________________________________________________________ represented herein by its Officer/Director, CHARLEEN O. MUÑOZ, hereinafter known as the “CORPORATION” and OLIVIA M. ONOFRE, married, a Filipino Citizen, hereinafter known as the “GRANTOR”, and owner of a residential building, herein after referred to as REALTY, located at _____________________________, _____________

WHEREAS, the corporation desires to use Lot No. ____ Blk. ___ Dist.___ and the structure thereon and to make therein necessary improvements to accommodate its offices. WHEREAS, the grantor accepts the offer of the grantee provided that the corporation shall assume all the obligations of a usufructuary insofar as they are consistent with this agreement. NOW THEREFORE, for and in consideration of the foregoing premises, the parties hereby agree as follows: 1. RIGHT TO USE

The grantor hereby grants unto the corporation the right to use Lot ____, Blk No. ____ Dist. ____ and the structure thereon. This right to use includes the right to make improvements necessary to accommodate office space for the exclusive use of the corporation. 2. OWNERSHIP OF THE IMPROVEMENTS

Upon the expiration of this contract all improvements upon the realty shall belong to the grantor. 3. DURATION OF THE USUFRUCT

The right of the corporation to use the realty shall terminate on the 31st of December 2014. 4. OBLIGATIONS OF THE CORPORATION

The corporation hereby obligates itself to: a. Preserve the form and substance of the realty except to the extent necessary to accommodate its offices. This clause shall not be interpreted as an impossible obligation. It is understood that this obligation is complied with so long as at least a single story of the structure is dedicated for residential purposes with all necessary amenities and with unhindered access for ingress and egress. b. Assume all necessary AND extraordinary expenses and repairs upon the realty and the improvements made by the corporation. c. To pay all taxes, charges, liens over the realty existing at the time of this contract’s execution and those that may accrue within this duration AND upon its expiration including transfer and realty taxes if any. 5. TOTAL CONSIDERATION

NO other consideration shall be due except as may be later on agreed upon. 6. BREACH

In case of breach of contract by one party, the other party has the right to terminate the contract.

IN WITNESS HEREOF, the parties have hereunto, signed their names in the place and on the date first above written, upon this instrument consisting of three pages. _________________________________ ALARM DISTRIBUTION PACIFIC, INC. Represented by CHARLEEN O. MUÑOZ Director

___________________ OLIVIA M. ONOFRE

SIGNED IN THE PRESENCE OF: ____________________

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