DEED OF GRANT OF USUFRUCTUARY RIGHTS

This Deed of Grant of Usufructuary Rights (this “Deed”) is entered into this ___
day of _____________________________, by and between:

ANTONIO TAN, Filipino, of legal age, and a resident of 1234

Molabe St., Tondo, Manila, Philippines (together with his
successors and assigns, the “GRANTOR”);

- and -

MICHELLE CO, Filipino, of legal age, and a resident of

______________________________, (together with his
successors and assigns, the “GRANTEE”).

WHEREAS, the Grantor holds the title in fee simple to a certain parcel of
land consisting of an area of ___ square meters, together with all improvements
thereon situated at ____ Philippines covered by Transfer Certificate of Title No.
___________________ of the Register of Deeds of ________________ and
more particularly described as follows (the “Property”):

TCT NO. 12345

(insert technical description)

WHEREAS, the Grantor desires to give the Grantee the right of usufruct
over the Property with the full right to the possession, use and enjoyment of the
Property including the right to lease such property in return for assuming the
obligation to preserve and maintain the Property which includes but is not limited
to payment of taxes and liens and other expenses during the term of this Deed;

NOW, THEREFORE, for and in consideration of the foregoing premises,

and subject to the terms and conditions stipulated herein, the parties agree as
follows:

1. DURATION OF USUFRUCT. The grant of usufructuary rights

shall be for a period of ________ (_______) years, starting from the date of
execution of this Deed.
2. OWNERSHIP. While the usufruct and/or the beneficial use of
the Property is transferred to the Grantee, the ownership and title of the Property
remains with and continues to be in the name of the Grantor.
3. OBLIGATIONS OF THE GRANTOR. The grant of usufructuary
rights by the Grantor to the Grantee shall be absolute. The Grantor warrants and
undertakes that the Grantee shall peaceably hold and enjoy the full use and
possession of the Property for the duration of the usufruct.
4. OBLIGATIONS OF THE GRANTEE. The duties and obligations of
Grantee as usufructuary provided for in the relevant provisions of the New Civil

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Code of the Philippines are deemed part of the provisions of this Deed including
but not limited to :
a. Preserve the form and substance of the Property;
b. Account for all income derived from and expenses incurred
over the Property during the duration of this Deed including those incurred
in case the Grantee enters to a Lease Agreement with a Third Party.;
c. Assume all necessary and extraordinary expenses and
repairs during the term of this Deed including but not limited to payment of
utilities, association dues and other improvements;
d. Introduce improvements to the property that may be
necessary for the proper and beneficial use of the property, upon notice
and approval of the Grantor,
c. Pay all taxes, charges, liens over the Property existing at the
time of the execution of this Deed and those that may accrue within its
duration and upon its transfer, if any.
Upon the termination of the usufruct, any improvements introduced by the
Grantee shall accrue to the Grantor.
5. TOTAL CONSIDERATION. No other consideration shall be due
except as may be later on agreed upon.
6. REPRESENTATIONS AND WARRANTIES OF THE GRANTOR.
There is no existing adverse claim/s of whatever nature over the Property. To the
best of the Grantor’s knowledge and belief, after due and diligent inquiry, there
are no forthcoming adverse claim/s of whatever nature over the Property
7. INDEMNITY. The Grantee shall assume full responsibility for any
damage which may be caused to the person or property of any third person
during the term of this Deed. Grantee further binds himself to hold the Grantor
free and harmless from damages as a result thereof, and shall indemnify the
Grantor for such, unless said damage arose from the structural or inherent
defects in the property or is due to the fault of the Grantor, his agent or
representatives.
8. TERMINATION. Grantor may terminate this contract, for any
causes, after thirty (30) days prior written notice to the Grantee.

IN WITNESS WHEREOF, we have hereunto set our hands this

_______________________________ at __________________, Philippines.

Grantor Grantee

SIGNED IN THE PRESENCE OF:

____________________________ ___________________________

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 ACKNOWLEDGEMENT

Republic of the Philippines)

_________________________) S.S

BEFORE ME, a notary for and in the City of ________, personally appeared:

Name CTC Number/Gov’t Isued ID Date/Place

Issued

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

foregoing Deed of Grant of Usufructuary Rights and acknowledged to me that the
same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL, on the date and place first above written.

Notary Public
Doc. No.______;
Page No. ______;
Book No.______;
Series of 20___.