Mother Ignacia Avenue corner E. Lopez St., Brgy.

South Triangle, 1103 Quezon City

Phones: (632) 924-4101 to 22; 415-2272; 922-4842 • Telefax: (632) 415-2187 • E-mail: foundation@abs-cbn.com

USUFRUCT AGREEMENT

This USUFRUCT AGREEMENT (the “Agreement”) is made and executed this ___ day
of _______ 2015 in ___________________, by and between:

__________________________, a non-stock, non-profit corporation

duly organized and existing under the laws of the Republic of the Philippines
with principal office at __________________________, represented by its
________________, _________________, and hereinafter referred to as
“OWNER";

-and-

__________________________, a non-stock, non-profit corporation

duly organized and existing under the laws of the Republic of the Philippines,
with principal business address at __________________, represented by its
________________________, and hereinafter referred to as
“USUFRUCTUARY”;

Recitals:

WHEREAS, OWNER is the registered owner of the land/property known located at

____________________ (the “Property”), with an area of ____________ square meters;

WHEREAS, the OWNER offers the use of the Property to the USUFRUCTUARY;

WHEREAS, the USUFRUCTUARY accepts the above-stated offer of the OWNER with
gratitude and deep appreciation;

WHEREAS, the OWNER hereby grants a right of usufruct over the Property, to the
USUFRUCTUARY, and that the use of the same shall be free from any charges, fees or
rentals and without the need of making of an inventory of the property or the posting of any
bond or security;

WHEREAS, the Parties have agreed to constitute and hereby ratifies the USUFRUCT
in favour of the USUFRUCTUARY for the latter’s beneficial use of the said Property;

NOW, THEREFORE, for and in consideration of the foregoing premises and of the
mutual covenants hereinafter contained, the Parties hereby agree to the following terms and
conditions:

1. PROPERTY – The Property is located at ________________________________.

2. TERM – The Agreement shall be effective upon signing and shall remain valid and
binding for _________ years unless terminated by the Parties upon sixty (60) days
prior written consent to the other party. It may be renewed for an additional period
upon the written agreement of the Parties under such terms and conditions as may
 Mother Ignacia Avenue corner E. Lopez St., Brgy. South Triangle, 1103 Quezon City
Phones: (632) 924-4101 to 22; 415-2272; 922-4842 • Telefax: (632) 415-2187 • E-mail: foundation@abs-cbn.com

be acceptable to them, by prior written notice of thirty (30) days before its
expiration.

3. OWNERSHIP – While the usufruct and/or beneficial use of the office space is
transferred to the USUFRUCTUARY, the ownership and title of the said portion of the
Property remains with and continues to be in the name of the OWNER. Upon the
expiration or non-renewal of the contract, improvements introduced on the Site shall
accrue to the OWNER.

4. INTRODUCTION OF INFRASTRUCTURES, FACILITIES AND IMPROVEMENTS

– OWNER shall provide, introduce and/ or maintain proper infrastructures, facilities
and improvements, e.g. electricity, communication and water facility that shall make
the Site sustainable and viable for the USUFRUCTUARY.

5. MAINTENANCE OF CLEANLINESS AND PEACE AND ORDER- the OWNER shall

maintain the cleanliness and peace and order in the common areas of the Site while
the USUFRUCTUARY shall be responsible for maintaining the cleanliness and peace
and order in the area in usufruct.

6. OTHER TERMS AND CONDITIONS

a. The USUFRUCTUARY may introduce improvements and facilities and shall

maintain the same in accordance with local ordinance and/or national laws on
environmental safety, maintenance and preservation;

b. USUFRUCTUARY shall likewise be obliged to take care of the Site as a good

father of the family and undertakes to maintain and preserve the Site consistent
with the standards required; to promptly and properly repair any damage in or to
the Site suffered due to ordinary wear and tear or use, and provide proper
security and precautionary measures therefore in the ordinary use thereof; and

c. The rights and obligations of the Parties herein shall be governed by Articles 566
to 602 of the Civil Code of the Philippines regarding Usufruct.

IN WITNESS WHEREOF, the Parties represented by their duly authorized officers

have signed this USUFRUCT AGREEMENT at the place and on the date above written.

______________ _________________
(OWNER) (USUFRUCTUARY)
By: By:

______________________ ____________________

SIGNED IN THE PRESENCE OF:

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 Mother Ignacia Avenue corner E. Lopez St., Brgy. South Triangle, 1103 Quezon City
Phones: (632) 924-4101 to 22; 415-2272; 922-4842 • Telefax: (632) 415-2187 • E-mail: foundation@abs-cbn.com

___________________________ _____________________________

ACKNOWLEDGMENT

Republic of the Philippines)

……………………………….…….) S.S.

BEFORE ME, a Notary Public for and in ___________________ this

__________________, appeared the following persons who exhibited to me their
government-issued identification documents, as follows:

NAME GOVERNMENT ISSUED DATE/PLACE ISSUED

IDENTITY

known to me and to me known to be the same persons who executed the foregoing
Agreement, and who acknowledged to me that they executed the foregoing Agreement for
and in behalf of their respective corporations, that they are duly authorized to sign the
same, and that the same is their free and voluntary act and deed, and that of the
corporations represented.

This document, which pertains to a USUFRUCT AGREEMENT consisting of three (3)

pages, including the page on which this Acknowledgment is written, has been signed by the
Parties and their witnesses on each and every page thereof, and sealed with my notarial
seal.

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

Doc. No. ____;

Page No. ____;
Book No. ____;
Series of 2015.

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