MASTER DEED AND DECLARATION OF

RESTRICTIONS

____________________ CONDOMINIUM PROJECT

KNOW ALL MEN BY THESE PRESENTS:

This Master Deed and Declaration of Restrictions executed this 10th day of
October 2017 at Makati, Metro-Manila, Philippines by:
SM DEVELOPMENT CORPORATION, a corporation duly organized and existing
under and by virtue of the laws of the Philippines, with principal office at Princeton
Building, Aurora Blvd, Quezon City represented herein by its President MAYNARD
BRYAN OFILAS, hereinafter referred to as the DECLARANT.

WITNESSETH THAT

WHEREAS, DECLARANT is the absolute and registered owner of a parcel of

land together with the 6 storey (basements (basement 1 and 2) excluded) building now
erected thereon located at T. Alonzo, Baguio City, Philippines, which parcel of land is
covered by Transfer Certificate of Title No. 79888 of the Registry of Deeds of Baguio
City;

WHEREAS, DECLARANT desires to constitute a condominium project out of the

parcel of land and building above-mentioned pursuant to the provisions of R.A. 4726,
otherwise known as the Condominium Act;

WHEREAS, DECLARANT desires to impose on the proposed condominium

Project certain mutually beneficial restrictions, which (unless otherwise provided) shall
constitute a lien upon the condominium project and upon each unit therein and shall
inure to and bind all parties owning or holding any unit or any right or interest therein or
in the condominium project pursuant to the provisions of the Condominium Act; for the
purpose of enhancing and perfecting the value, desirability and attractiveness of the
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MASTER DEED AND DECLARATION OF RESTRICTIONS
project;

NOW, THEREFORE, pursuant to and in compliance with the provisions of the

Condominium Act, the DECLARANT hereby executes this Master Deed and Declaration
of Restrictions and declares as follows:

PART I
THE MASTER DEED

SECTION 1. NAME OF PROJECT.

The Condominium Project hereby established shall be known as the
"________________"

SECTION 2. DESCRIPTION OF LAND.

The land on which the ______________ Condominium Project shall be
established is covered by Transfer Certificate of Title No. 79888 issued by the Registry
of Deeds of Baguio City and more particularly bounded and described as follows:

"A parcel of land (Lot 5 of the consolidation-subdivision (LRC) Pcs-4288, being a

portion of the consolidation of Lot 5-A4, Psd-41239 and Lots 5-A.2A, 5-A-2-B, 5-
A-5-A, and 5-A-6-B, (LRC) Psd-5899, LRC (GLRO) Cad. Record No. 219),
situated in T. Alonzo, baguio City, Island of Luzon. Bounded on the NE., points 2
to 3, by Lot4; on the SE., points 3 to 4, by Lot 7; on the SW., points 4 to 1, by Lot
8, all of the consolidation-subdivision plan; and on the NW., points 1 to 2, by Lot
5-A-1, Psd-41239 (Caltex Phil., Inc.). Beginning at a point marked "1" on plan,
being N. 59 deg. 58'W., 665,66 m. from BLLM,#49 Manila Cad-13; thence N. 61
deg. 13'W., 67.98 m. to point 2; thence S. 28 deg. 39'W., 37.12 m. to point 3;
thence S. 61 deg. 13'W., 67.99 m. to point 4; thence N. 28 deg. 39'W., 37.10 m.
to point of beginning; containing an area of TWO THOUSAND FIVE HUNDRED
TWENTY TWO SQUARE METERS AND FIFTY , SQUARE DECIMETERS
(2,533.5), more or less.
All points referred to are indicated on the plan and are marked on the ground as
follows: points 1 & 2, by Old P.L.S Cyl. Conc. Mon., 15 x 60 cm.,and the rest, by
P.S. Cyl. Conc. Mon., 15 x 60 cms , bearings true; declination Variable; date of
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MASTER DEED AND DECLARATION OF RESTRICTIONS
 the Original Survey, January 20 - July 14, 2017, and that of the consolidation-
subdivision Survey. April. 6-8 & July 9, 2017.
SECTION 3. DESCRIPTION OF THE BUILDING.
The _____________ Condominium Project is a 6 storey building (basement excluded)
constructed of hollow blocks and reinforced concrete and consists of the following:

1. A ground floor consisting of

a. Lobby
with reception desk;
lounge area or waiting area
mail box area
administration office
1 comfort room
elevator
b. A portion divided by a concrete wall consisting of a convenience store
occupying Ground floor units 6 to 8
c. The remaining portion shall be leased to laundry shops occupying Ground
floor units 9 and 10
2. The Apartment-Hotel consisting of 4 floors (from the second floor to the third
floor, and fourth floor to the 5th of the building);
3. The entire fourth floor shall be considered as a common study area for the
owners, occupants or lessees, with table and chairs suitable for studying.
4. The Parking spaces on the basements (Basement 1 and basement 2) of the
building.

A diagrammatic floor plan of the building aforementioned consisting of 10 sheets in

sufficient detail to identify each unit, its relative location and appropriate dimensions is
hereto attached as Annex "A" and made an integral part hereof.

SECTION 4. DESCRIPTION OF THE UNITS.

Horizontally, each unit shall consist of the area measured (1) form the exterior
surface of the windows or masonry wall; and/or (2) from the centerline od the interior
wall and/or door separating the unit from a common area.
Vertically, each unit shal consist of the area measured from the top of the
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MASTER DEED AND DECLARATION OF RESTRICTIONS
concrete floor to the underside of the concrete ceiling up to the point of intersection with
the horizontal boundaries of the unit.
The Apartment Hotel portion shall contain 40 units specifically identified by
numbers: starting from 201 to 510, the first of the three numbers signifying the floor
number and the subsequent numbers identifying the room number for each floor.
As to the parking spaces, each condominium unit is entitled to one parking slot
should they avail of the same. The kind, make oir number of vehicles shall be regulated
by the DECLARANT.
The DECLARANT reserves the right to amend at any time the development plan
by filing such additional, supplemental and/or revised plans and/or specifications as
may be required to describe adequately the completion of improvements, together with
the changes therein, if any. Such completion may be shown by a certificate of an
architect or engineer certifying that the improvements have been constructed
substantially as herein represented, or designating any changes made.
Such plans, specifications or certificate, when signed and acknowledged by
DECLARANT and registered in accordance with Section 4 of the Condominium Act,
shall constitute an amendment of this MASTER DEED.

SECTION 5. USE OF THE UNITS.

The Lobby portion of the building shall be used exclusively for reception and for
accommodating walk-in inquirers and visitors until they are fetched by the occupants or
tenants, it being understood that it shall not be utilized for and/or devoted to dwelling
purposes.
With respect to the Apartment-Hotel portion of the building, all the units therein
shall be used exclusively for residential and/or hotel purposes. It is understood that both
the Lobby as well as the Apartment-Hotel shall further be subject to the restrictions and
limitations provided in the Declaration of Restrictions, Part II hereof.
SECTION 6. THE COMMON AREAS OR ELEMENTS.
The common areas of the _______ (herein referred to as the "COMMON
AREAS") shall, unless otherwise classified as LIMITED COMMON AREAS, comprise all
the parts of the project other than the Units, including, without limitation to the following:
1. The parcel of land hereinbefore described;
2. All bearing wall, facade, floors, roofs, foundations, columns, girders, beams,
supports, and other common structural elements of the building;
3. All lobbies doors gates fire escapes hallways corridors stairways walkways and
entrances to and exits from the building to and exits from the building

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MASTER DEED AND DECLARATION OF RESTRICTIONS
 4. The fourth floor (study area)
5. All surfaces of Units facing any limited or common areas
6. All driveway and parking areas subject however to Section 7 hereof;
7. All elevator equipment and shafts all central and appurtenant equipment and
installations for utility services such as power, light, telephone, sewerage,
drainage, gas, water and air conditioning (including all outlets, pipes, drafts,
wires, cables and conduits used in connection therewith whether located in
COMMON AREAS or in Units) which are utilized for or serve more than one Unit;
all shafts, tanks, pumps, motors, fans, compressors and control equipment; all
common utility spaces and areas;
8. Lobby with toilet facilities
9. Security guards shed at the entrance of the condominium going down to the
basement
10. Telephone cable line now or hereafter installed in the project shall be equally
distributed among the units in relation to the area of each unit
11. The common garbage chutes now or hereafter installed in the project shall be
situated in three accessible areas in each floor
12. The covered and uncovered parking spaces within the project as now existing or
as may here after exist which shall be allocated as equally as possible among all
the unit owners in the project
13. All other parts of the condominium project and all structures and facilities,
apparatus, equipment, installations and areas therein which are for common use
or necessary or convenient to the the existence, maintenance or safety of the
building.

SECTION 7. THE LIMITED COMMON AREAS.

The following parts of the common areas are to be set aside and reserved for the
exclusive use of certain units which shall have appurtenant thereto an exclusive
easement for the use of such limited common areas to wit:
The package centralized air-conditioning equipment servicing the lobby of the
Apartment Hotel portion of the building (ground floor), and the fourth floor, including all
outlets, pipes, ducts, wires, cables and conduits used in connection therewith which
shall be for the exclusive benefit and use of the Unit owners of the Apartment-Hotel
portion of the building (2nd to 5th floor) and their guests.

SECTION 8. CONDOMINIUM CORPORATION.

A corporation to be known as "_____________________," hereinafter referred to
as "Condominium Corporation" shall be formed and organized pursuant to the
Condominium Act No. 4726 and the Corporation Law to hold title to the COMMON

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MASTER DEED AND DECLARATION OF RESTRICTIONS
AREAS and LIMITED COMMON AREAS of the Condominium Project including the
land, to manage the building and to do such things as may be necessary, incidental or
convenient to the accomplishment of said purposes. All unit owners shall automatically
be members and shall elect the officers amongst themselves.
SECTION 9. PROPERTY RIGHTS OF UNIT OWNERS

1. The purchaser of a unit in the ____________condo shall acquire title to or

ownership of such Unit subject always to this MASTER DEED and to the terms
and conditions of the instrument conveying the Unit from the DECLARANT to
such purchaser, and when applicable, to the terms and conditions of any
subsequent conveyance under which the purchaser takes title to the Unit.
2. The purchaser or owner of a Unit shall further indirectly acquire an undivided
interest and obligation in the COMMON AREAS and LIMITED COMMON
AREAS, equal to the percentage which the area of the Unit bears to the total
area of all the Units of the PROJECT, exclusive of the COMMON AREAS and
LIMITED COMMON AREAS Thus:

Area of Units % interest of

Total Area of Units

plus area of parking slots (if any)
_________________________________________ = % interest of unit common areas
of the project
Total saleable area of all units,
plus total area of parking slots

Each member of the Condominium Corporation shall be entitled in all meetings to

such number of votes as shall corresponds to his fractional share in the Condominium
Corporation.
For this purpose the proprietory interest acquired by each member of the
Condominium Corporation shall be equal to the appurtenant interest of his unit in the
COMMON AREA as provided in the paragraph immediately preceding.
In the event that the Condominium Corporation is dissolved, the members
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MASTER DEED AND DECLARATION OF RESTRICTIONS
thereof shall become co-owners of the common areas with such shares corresponding
to their appurtenant interest in the Condominium Corporation as provided for in this
Section.

SECTION 10. NOTICE OF LIEN OR SUIT.

1. A Unit owner shall give a written notice to the Condominium Corporation of every
lien upon his Unit or rights thereto (other than liens in favor of the Condominium
Corporation), within five (5) days after the lien shall attach the Unit.
2. Notice shall be given by a Unit owner to the Condominium Corporation of every
suit or other proceeding which may affect the title to his unit or rights thereto
within five (5) days after the Unit owner receives knowledge thereof.

PART II
DECLARATION OF RESTRICTION ON THE USE AND
OCCUPANCY OF THE CONDOMINIUM UNITS

The DECLARANT further declare that, in addition to the title restrictions on the
subject land as abovementioned, the land, the Units and all COMMON AREAS and
LIMITED COMMON AREAS shall likewise be held, conveyed, encumbered, leased,
used, occupied and/or improved subject to the limitations, restrictions, covenants and
conditions hereinafter set forth. Said limitations, restrictions, covenants and conditions
shall run with the land, the building(s) and other improvements making up to the project,
shall be binding upon all parties having or acquiring any right, title or interest therein,and
shall be for the benefit of each owner of any interest therein, and shall inure to the
benefit and be binding upon each successor-in-interest of the owners thereof. These
restrictions shall be annotated on the certificates of titles of the Units.

SECTION 1. MANAGEMENT BODY

The Condominium Corporation mentioned in Section 8 of Part I above, shall
constitute the management body of the BUILDING. Its powers shall be such as may be
provided by the Condominium Act, this MASTER DEED, its Articles of Incorporation and
By-Laws, and by the applicable provisions of the Corporation law as are not inconsistent
with the Condominium Act. Nothing contained herein or in the Articles of incorporation
or the by-laws of the corporation shall be construed as granting the corporation the
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MASTER DEED AND DECLARATION OF RESTRICTIONS
power to conduct an active business for the profit of the members of any of them, and
the corporation shall not declare dividends of any kind whatsoever.

SECTION 2. MAINTENANCE, REPAIRS, ALTERATIONS, ETC.

1. All maintenance of and repairs to any Unit (other than maintenance and of repair
to any of the COMMON AREAS or.LIMITED COMMON AREAS contained
therein not caused by The act of negligence of the owner, tenant or occupant of
such Unit) shall be made by and at the expense of the owner of such unit. Each
Unit owner shall be responsible for all damages to any other Unit or Units and/or
to any portion of the PROJECT resulting from his failure to effect the required
maintenance and repairs of his Unit. Each Unit owner or purchaser shall also be
obliged to promptly report in writing to the Condominium Corporation any defect
or need for repairs on any of the COMMON AREAS or LIMITED COMMON
AREAS found in or within the vicinity of his Unit.
2. Except as may be limited or restricted herein or in the By-Laws or House Rules,
each Unit owner shall have the exclusive right, at his own expense, to paint,
repaint, tile, wax, paper, or otherwise refinish and decorate the inside surfaces of:
(1) the walls, (2) ceilings, (3) floors, (4) windows, and (5) doors bounding his own
unit.
3. Notwithstanding the foregoing provisions, the owner, purchaser., tenant or
occupant of a Unit cannot undertake any structural repairs or alterations or any
other work which would jeopardize the safety of the buildings or another Unit, or
impair any easement, without the prior written approval of the Condominium
Corporation and of the owners of the Units directly affected by such work.
4. All maintenance of and repairs to the COMMON AREAS or LIMITED COMMON
AREAS, whether located inside or outside the Units (unless necessitated by the
act of a Unit owner, tenant, or occupant of the Unit) shall be made by the
Condominium Corporation, in accordance with the By-Laws of the Corporation.
5. The By-Laws of the Corporation may contain such further provisions relating to
maintenance, repairs, alterations, additions to supplement the provisions herein.

SECTION 3. ASSESSMENTS.
At such time and in such manner as shall be provided in the By-Laws of the
Condominium Corporation, there shall be assessed against each Unit owner in the
project and paid to the Condominium Corporation to accrue to a special fund for capital
expenditures in the COMMON AREAS, the following:
A. Limited assessments against the Unit owners in the Apartment-Hotel portion of
the building for such amount as shall cover the following:
1. Maintenance of the package centralized air-conditioning system servicing the
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MASTER DEED AND DECLARATION OF RESTRICTIONS
 lobby of the Apartment-Hotel portion of the building; and
2. All other capital expenditures peculiar to or which, by its nature, primarily benefit
the Unit owners in the Apartment-Hotel area.
B. Common assessments against Unit owners of both the Apartment-Hotel
portion of the building and the owner or operator of the convenience store and
laundry portion of the ground floor, which shall, unless otherwise herein
provided, be in proportion to the Unit owner's appurtenant interest in the
Condominium Corporation, for payment of the following:

1. Realty taxes on the common areas;

2. Cost of insurance against risks of fire, earthquake and other calamities;
3. Maintenance of the grounds, including but not limited to expenses for
landscaping, for salaries of gardeners and the like;
4. Maintenance of the elevators servicing the whole building which shall be
assessed against Unit owners in the Apartment-Hotel portion of the building in
the proportion of, two is to sixteen, that is one-eight to be shouldered by the Unit
owners in the Convenience store and laundry area and seven-eight to be borne
by the Apartment-Hotel Unit owners;

Cost of extraordinary repairs, and reconstruction due to fire, earthquake and other
calamities, obsolescence expropriation or condemnation;
All other expenses not otherwise classified under limited assessments to meet the
operating expenses of the Corporation which are of common interest and benefit to all
Unit owners.
C. Special assessments to make up the deficiency
In case the capital fund for capital expenditures together with the insurance or
other proceeds or recovery, if any, are insufficient to cover the cost of capital
expenditures for the restoration and/or reconstruction of the condominium project unless
the damage, obsolescence, expropriation or condemnation is of such extent as to meet
the conditions for dissolution of the Condominium Corporation required by the
Condominium Act and the required vote of Unit owners decide for dissolution, provided,
however, that the amount to be assessed against the individual owner under this
paragraph shall be in the same proportion prescribed for common assessments in case
of limited assessments, the amount to be assessed against the Unit owners of a
particular area (Shopping Arcade or Apartment-Hotel area) shall be determined in
accordance with the following formula:
Area of Unit

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MASTER DEED AND DECLARATION OF RESTRICTIONS
Total Area of All Units in the particular area (Convenience and laundry area= di ko
magest huhubells bububi %'Limited Assessment Arcade or Apartment-Hotel) against
Unit Owner
The amount of any assessment, the interest fixed for delinquency and the costs
of collection including attorney's fees, if any, and penalties for delinquency, shall
constitute a lien upon the Unit and on the appurtenant interest of the Unit owner in the
Condominium Corporation.
Such lien shall be constituted and the same shall be enforced, or the amount of
the assessment otherwise collected, in the manner provided in the By-Laws of the
Condominium Corporation; and except as otherwise provided by this MASTER DEED or
by the Condominium Act, said lien for assessments shall be superior to all other liens
and encumbrances. In case of foreclosures, the transfer or conveyance, as well as the
redemption, of the unit shall include the Unit owner's appurtenant membership in the
Condominium Corporation. The Condominium Corporation shall have the power to bid
at the foreclosure sale.

SECTION.4. SUBDIVISION OR PARTITION OF UNIT.

When the unit owner so desire, the Units defined and established thereby shall
be subdivided into smaller Units or be partitioned, subject to reformation of the contract
to allow such partition or subdivision and additional payment to the developer to be
determined by the management body.

SECTION. 5. REAL PROPERTY TAXES AND ASSESSMENTS.

Each Unit owner shall execute such instrument(s) and take such action(s) as
may reasonably be specified by the Condominium Corporation to obtain a separate
assessment of his respective Unit for purposes of taxation and special assessment on
real property.

SECTION 6. LIMITATIONS ON USE OF UNITS AND COMMON AREAS.

The Units and COMMON AREAS or LIMITED COMMON AREAS of the
PROJECT shall be occupied and used subject to the following limitations:
1. No Unit owner shall occupy or use his Unit; or permit the same or any part
thereof to be occupied or used, for any purpose other than those specified in
Section 5, Part I of this instrument.
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MASTER DEED AND DECLARATION OF RESTRICTIONS
 2. There shall be no obstruction of the COMMON AREAS intended for ingress,
egress or access to any portion of the building(s). Nothing shall be stored in any
part thereof (except in those portions intended for common storage)without the
previous written consent of the Condominium Corporation.
3. Nothing shall be done or kept in any Unit or in the COMMON, AREAS or
LIMITED COMMON AREAS which will increase the rate of insurance on the
building without the prior written consent of the Condominium Corporation. Any
such increase in insurance premiums shalt be charged to the owner responsible
and assessed in accordance with the procedure above provided for.
4. No owner shall permit anything to be done or kept in his Unit or in the COMMON
AREAS or LIMITED COMMON AREAS which will result in the cancellation of
insurance on the building's) or any part thereof or which would be in violation of
law.
5. No sign of any kind shall be displayed to the public view in or from any Unit or
any other portion of the PROJECT without the prior consent of the Condominium.
6. Every Unit owner is obliged to keep and maintain his Unit in good and sanitary
condition and repair. No noxious or offensive activity shall be carried on in any
Unit or in any other part of the PROJECT, nor shall anything be done therein
which may be as annoyance or nuisance to the other owners
7. Nothing shall be done or placed in any Unit or in or to any part of the COMMON
AREAS or LIMITED COMMON AREAS which will impair the structural strength of
the building.
8. Domestic pets shall be allowed, but only one (1) pet is allowed to each unit
owner. In the event that the pet causes damage to the common areas, such
damage will be shouldered by the unit owner who owned the pet. Violation to
such will be subjected to penalty of 10,000.00 that will redound to the
maintenance expenses of the Condominium.

In addition to the easements provided by law:

A. Each Unit shall be subject to an easement for the passage of water, sewerage,
drainage, gas, electricity, artificially cooled air, and other utilities and services in
favor of the Condominium Corporation, as well as every other unit necessarily
depending on the easement for the extension of said utilities and services to the
Unit. This easement shall be executed in the manner which least interferes with
the use and enjoyment of the subservient Unit.
B. The Condominium Corporation, through its duly authorized agents, shall have a
right to enter any Unit from time to time to inspect all pipes, wires, ducts, cables,
conduits, public utility lines, and other COMMON AREAS or LIMITED COMMON
AREAS located within the Unit, to remove violations therefrom, and to maintain,
repair or replace such areas, provided, however, that the DEVELOPER shall not
be liable for any failure of water supply, electric current or telephone service, or
for injury or damage to persons or property -caused by the elements or by other
tenants or Persons in the building, or resulting from gas, electricity, water, or rain
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MASTER DEED AND DECLARATION OF RESTRICTIONS
 which may leak or flow from any part of the building, or from the pipes,
appliances or plumbing works of the same( or from any other place, or for
interference with light or other incorporeal hereditaments by anybody or for any
other defect, nuisance or interference. Neither shall the DEVELOPER be liable
for any latent defect in the building.
C. The right of access under this paragraph shall be executed during reasonable
hours, &mat in cases of emergency, and with as little inconvenience to the
occupant of the Unit as possible, and any damage caused thereby shall be
replaced or restored at the expense of the Corporation. These easements shall
be exercised in the manner which least interferes with the use and enjoyment of
the subservient Unit.

SECTION 7. PARKING AREA

The use of the parking area may be within the option of the unit owner whether to
purchase the area, rent to own the area, or just to rent the area. These options are
deemed necessary because not all unit owners tend to use their cars. Such options may
be resorted to at anytime by the unit owners.

SECTION 8. BUILDING RULES.

The use, occupancy and enjoyment of each Unit, whether by the owner thereof
or his tenants or lessees, shall likewise be subject to such uniform rules and regulations
(here inafter called "BUILDING RULES") as the Condominium Corporation may, from
time to time, deem necessary or convenient for the efficient and mutually beneficial
management and operation of the PROJECT. Copies of such BUILDING RULES, and
amendments thereto, shall be furnished by the Condominium Corporation to all Unit
owners upon request.

SECTION 9. PROCEDURES AND PENALTIES FOR VIOLATION OF RESTRICTIONS

AND BUILDING RULES.
In the event that any Unit owner or tenant or lessee of an owner, fails or refuses
to comply with any limitation, restriction, covenant or condition herein contained
involving an obligation other than the payment of money, or with the BUILDING RULES,
the Condominium Corporation may, in accordance with its By-Laws, remedy such
breach or violation after failure of the owner to do so within the period fixed in the notice,
and assess against the Unit owner the expense incurred by the management body.
The management body is also empowered to impose, by way of penalty in case
of violation, liquidated damages upon the Unit Owner in such amount and in the manner
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MASTER DEED AND DECLARATION OF RESTRICTIONS
prescribed in the By-Laws of the Condominium Corporation. When such liquidated
damages are imposed, the same shall be considered as an assessment upon the Unit,
and like the assessment for expenses, shall be secured by the lien provided for in
Section 3. Part II hereof.

SECTION 10. WAIVERS.

No limitation, restriction covenant or condition herein contained and no rule or
regulation in the BUILDING RULES shall be deemed to have been abrogated or waived
by reason of any failure to enforce the same, irrespective of the number of violations or
breathes thereof which may occur.

SECTION 11. INSURANCE

The Condominium Corporation shall, for its benefit and for the benefit of all the
Unit owners or their mortgagee, if any or occupants of Units as their interest may
appear, obtain and maintain at all times fire and earthquake insurance coverage with
such extended coverage as in customary for buildings in the locality, for the full
reinstatement value of the Units (excluding furnitures, furnishings, fixtures,
improvements and personal properties supplied or installed by the Unit owner) and the
COMMON AREAS and LIMITED COMMON AREAS in the PROJECT. Such
reinstatement value may, with the conformity of the insurance company concerned, be
revised by the Condominium Corporation from year to year, if necessary.
The policy or policies shall provide that the proceeds thereof shall be payable to
the Condominium Corporation, as trustee for the Unit owners Unit occupants,
mortgagees, if any, and subject to this limitation, shall also provide for a separate loss
payable endorsement in favor of the mortgagees of each Unit or of the Condominium
Corporation, if any.
Upon receipt of the proceeds, the Condominium Corporation shall use or pay the
same in the manner provided for in the following section. The premiums on such policy
or policies shall be considered an operating expense of the Condominium Corporation
and shall be assessed against each Unit in accordance with the provisions of Section 3.
Part II, hereof.
The authority to adjust losses under policies hereafter in force on the project
pursuant to this Section shall be vested in the Condominium Corporation, provided,
however, that an aggrieved Unit owner may ask that the determination of the
Condominium Corporation be referred to a reputable insurance adjuster acceptable to
both parties.
Nothing herein contained shall be construed to prohibit any Unit owner or
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MASTER DEED AND DECLARATION OF RESTRICTIONS
mortgagee from obtaining additional insurance on the Unit corresponding to the owner's
improvements thereon; Provided, however, that such right shall not be exercised in
such a way as to decrease the amount realizable under the insurance coverage
obtained by the Condominium Corporation; and Provided, further, that the Unit owner or
his mortgagee shall be obliged to notify the Condominium Corporation before obtaining
any additional coverage, and, within thirty (30) days after issuance of the policy, to file a
copy thereof with the Condominium Corporation.

SECTION 12. INSURANCE CLAIMS.

1. All proceeds from insurance claims, unless the conditions for dissolution of the
Condominium Corporation required by for dissolution, shall be used for the
reconstruction or repair of the building(s), or the damaged part or parts thereof.
Reconstruction or repair as used in the present context shall mean restoring the
building(s) or part thereof to the same condition as existed prior to the loss, with
each Unit and the COMMON AREAS and LIMITED COMMON AREAS having, to
the closest approximation possible, the same vertical and horizontal boundaries
as before.
2. If the insurance proceeds are insufficient to pay all the costs of reconstruction or
repair of the common areas, the deficiency shall be supplied out of the special
fund for capital expenditures, and, if a deficiency shall still exist thereafter, a
special assessment shall be assessed against each Unit owner to make up the
deficiency as provided in Section 3, Part II, hereof. Any further deficiency shall be
covered by funds to be raised by the corporation or the members in the manner
determined at a special meeting duly called for the purpose.
3. If the pro-rata insurance proceeds are insufficient to pay all the costs of
reconstruction or repair of one or more of the destroyed or damaged Units, the
Condominium Corporation may nevertheless proceed with the reconstruction or
repair of the destroyed or damaged Unit or Units and the respective owner or
owners shall become liable to an assessment for the deficiency, unless the
conditions of the Condominium Corporation required by Republic Act No. 4726
exist and the required vote of condominium Unit owners decide for dissolution.
4. If, by reason of the dissolution of the Condominium Corporation or for any other
reason the insurance proceeds are not used for reconstruction or repair as herein
provided, the proceeds shall be paid to their respective mortgagees of the Units
or of the Condominium Corporation to the extent of the amount outstanding on
the loan secured by the Unit or the COMMON AREAS and LIMITED COMMON
AREAS or part thereof, if any there be, and the balance of the proceeds to the
owner or owners thereof, as his or their interest may appear, after deducting the
amount of any assessment due from him or them.

SECTION 13. ENTRY FOR REPAIRS.

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MASTER DEED AND DECLARATION OF RESTRICTIONS
 Every Unit in the project shall be subject to a right of entry by the Condominium
Corporation or its duly authorized agent when necessary in connection with any repair
for which the corporation is responsible. Such entry shall be made during reasonable
office hours, except in cases of emergency and with as little inconvenience to the owner
as possible, and any damage caused .thereby shall be repaired at the expense of the
Condominium Corporation.

SECTION 14. RIGHT OF ASSIGNEE, MORTGAGE, TENANTS AND OCCUPANTS

OF UNITS.
All present and future owners, tenants, and occupants of Units shall be subject
to, and shall comply with the following governing rules:
1. The provisions of the Condominium Act;
2. The MASTER DEED;
3. The Artides of Incorporation;
4. By-Laws of the corporation; and
5. The BUILDING RULES and other rules and regulations adopted pursuant
thereto, as the instruments may be amended from time to time. The acceptance
of a deed of conveyance, or the entering into a lease or mortgage contract, the
entering into occupancy of any Unit shall constitute an acceptance to be bound
by the provisions of such governing rules, as they may be amended from time to
time. The provisions contained in such governing rules shall be covenants
running with the land and shall bind any person having at any time any interest or
estate in such Unit, as though such provisions were recited and fully stipulated in
each deed of conveyance, or lease or mortgage thereof.

SECTION 15. INVALIDITY.

The Invalidity of any provisions of this MASTER DEED shall not effect in any
manner the validity or enforceability of the remainder thereof, and the other provisions
of the MASTER DEED and other rules shall continue in effect as if such invalid
provision has never been included herein.

SECTION 16. AMENDMENT.

The enabling of MASTER DEED (Part I) may be amended, revoked upon
registration of an instrument executed by the registered owner or owners of the property
and consented to by all registered holders of a lien or encumbrances on the land or
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MASTER DEED AND DECLARATION OF RESTRICTIONS
building portion thereof. The "registered owner" shall include the registered owners of
condominiums in the project. The Declaration of Restrictions may be amended by the
affirmative vote of the owners of units entitled to exercise at least two thirds of the voting
power in the Condominium Corporation as determined in accordance with the By-Laws
of said corporation.

IN WITNESS WHEREOF, _____________condo CORPORATION has caused

this instrument to be executed by its duly authorized representative, on the date and at
the place first hereinabove written.

condo CORPORATION

By:

MAYNARD BRYAN OFILAS

President

IN THE PRESENCE OF:

_____________________ _____________________
Sgd.) G.G. Marshall (Sgd.) B.V. Aquino

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MASTER DEED AND DECLARATION OF RESTRICTIONS
 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

MUNICIPALITY OF MAKATI ) S.S.
PROVINCE OF RIZAL )

BEFORE ME, a notary public in and for Baguio City, personally appeared
Maynard Bryan Ofilas, on the 10th day of October 2017, known to me and to me known
to be the same person who executed the foregoing instrument and acknowledged to me
that the same is his true and voluntary act and deed and of the entity he represents.
I hereby certify that the foregoing instrument consists of ___________ pages,
including the page wherein this acknowledgement is written, each and every page of
which bears on the left hand margin of pages ____, ____ and at the foot of the
instrument on page ____ the signature of the party and his instrumental witnesses and
sealed with my notarial seal.

WITNESS MY HAND AND SEAL at the date and place.

XANDER FORD
NOTARY PUBLIC
1130, Madison Building, Baguio City
December 31, 2017
PTR NO. : 9877643
October 10, 2017
MCLE compliance number: III?? hahaha

Doc. No. 143

Page No. 30
Book No XI
Series of 2017

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