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USUFRUCT WITH CONSTRUCTION AGREEMENT This AGREEMENT, made and entered into this _______ day of _______, 20 _____,

at Cebu City, Philippines, by and between:


PHIL. PARAMOUNT VENTURES, 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 9thFloor CIFC Tower, cor. Humabon and Legaspi Street, North Reclamation, Cebu represented herein by its President, FRANCIS GERARD S. CAEDO, hereinafter known as the PROJECT OWNER and __________________, married, _________ Citizen with business address at _____________________________, _____________ hereinafter known as the GRANTEE

WHEREAS, the project owner is the developer of Fonte Di Versailles located at Tulay, Minglanilla, Cebu WHEREAS, the grantee desires to use Lot No. ____ Blk. ___ covered under TCT No. ______ and to construct therein a house under Model no. ___. WHEREAS, the project owner accepts the offer of the grantee for a consideration herein below agreed upon. NOW THEREFORE, for and in consideration of the foregoing premises, the parties hereby agree as follows:
1. RIGHT TO USE

The project owner hereby grants unto the grantee perpetual right to use Lot ____, Blk No. ____ of Fonte Di Versailles. This right to use includes the right to construct therein a residential house on the agreed specification. For purposes of the specifications, Attached as Annex A is the model of the house to be constructed by the project owner.

2. OWNERSHIP OF THE HOUSE

As soon as the construction of the house has been turned over by the project owner, the tax declaration shall be in the name of the grantee.
3. OPTION TO CONVERT THE RIGHT TO USE WITH RIGHT OF

OWNERSHIP In the event that the grantee opts to have Lot No. ___, Blk. No. _____ to be owned by another person thereby effectively terminating the right to use, the project owner, at the instance of the grantee shall execute a deed of conveyance so that the right to use can be changed to right of ownership wherein it includes the right to use the same lot mentioned.
4. MODEL HOUSE TO BE CONSTRUCTED

The GRANTEE engages the project owner to construct the house on Lot No. ___, Blk. No. ____ for a consideration payable on the terms below agreed upon. The specifications of the model house is provided in the Annex Specification duly signed by the parties. It is understood that completion of the house constructed carries with it the master deed of restriction on the coral bay project which shall constitute as forming part and parcel of this agreement. The deed of restriction is hereto attached as Annex B hereof forming integral part of this agreement.
5. TOTAL CONSIDERATION:

That the consideration of this Agreement involving the grant of the right to use with construction of the house shall be the sum of_____________________________________(P________), Philippine Currency payable as follows: 5.1 A non refundable reservation fee in the amount of _________________________________(P____________), Philippine Currency, is hereby acknowledge to have been received by the SELLER and shall be form part of the total contract price upon signing the Reservation Agreement. 5.2 The balance of the total consideration shall be under either of the following arrangements:

5.2.1 On spot cash Basis, the balance of the consideration shall be paid in full within ____________( ) days from the date of payment of the Reservation Fee, plus the necessary expenses
6. CONSTRUCTION SCHEDULE:

The project owner shall endeavor to complete the Unit and deliver the same to the Grantee not later than ___________months.
7. TURN OVER OF THE HOUSE:

Upon completion of the construction, the project owner shall turn over the house to the grantee who shall accept in writing the construction. The turn over shall include a certificate of occupancy issued by the local government unit concerned. IN WITNESS HEREOF, the parties have hereunto, signed these presents in the place and on the date first above written.
PHIL. PARAMOUNT VENTURES, INC. ________________ Project Owner Grantee By: FRANCIS GERARD S. CAEDO President SIGNED IN THE PRESENCE OF: ____________________ _____________________