LAND CO-OWNERSHIP AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Land Co-Ownership Agreement is made and

entered into this _____ day of __________ 2019 by and
between:

_______________, married to ______ both of

legal age, Filipino Citizens, and with residential
and postal address at ___________________, Baguio
City; c

_______________, married to ______ both of

legal age, Filipino Citizens, and with residential
and postal address at ___________________, Baguio
City;

_______________, married to ______ both of

legal age, Filipino Citizens, and with residential
and postal address at ___________________, Baguio
City; who are collectively referred to as “FIRST
PARTY”;

-and-

_______________, married to ______ both of

legal age, Filipino Citizens, and with residential
and postal address at ___________________, Baguio
City; and hereinafter referred to as the “SECOND
PARTY”

WITNESSETH:

WHEREAS, the FIRST PARTY are the brother and

sisters of the SECOND PARTY who caused the
registration under his name a lot situated in
__________________ and more particularly described as:

Katibayan ng Orihinal na Titulo

(Technical Description)
TSI-CAR-688

Memorandum of Agreement
Page 1 of 5
 Beginning at a point marked “1” of TSI-
CAR-688, located at Residence Section
“L”, San Luis Village, Baguio City being
S., 07 deg. 47’ E., 1308.52 m. from
Triangulation Station “LIMESTONE”,
Baguio Townsite thence;

N. 76 deg. 44’ W., 32.34 m. to point 2;

N. 16 deg. 25’ W., 3.04 m. to point 3;

N. 88 deg. 35’ E., 34.99 m. to point 4;

S. 13 deg. 15’ W., 11.52 m. to point of

beginning.

Containing an area of TWO HUNDRED

THIRTY EIGHT (238) SQUARE
METERS.

All corners are marked on the ground by

B.L. Cyl. Conc. Mons. 15 x 40 cms.

Bounded on the S., along line 1-2 by

Public Land claimed by Concordia s.
Rivera; on the W., along line 2-3 by
existing road (10.00 m. wide); on the N.,
along line 3-4 by Bernardo Osben (PSU-
202964 (OCT No. 0-228); on the E.,
along line 4-1 by public land claimed by
Danny Babli-ing.

Bearings: True

This lot was surveyed in accordance with

law and existing regulations
promulgated thereunder by Emmanuel P.
Dictaan, Geodetic Engineer on April 20,
1999 and December 11, 2001 and was
approved on December 09, 2003.

WHEREAS, the lot above described is actually a co-

owned property;

WHEREAS, the Parties likewise agree that the

SECOND PARTY shall harvest from all of the fruit bearing
trees in the abovementioned lots owned by the FIRST

Deed of Waiver and Transfer of Shares

Page 2 of 5
PARTY which shall be divided between the FIRST PARTY
and SECOND PARTY;

WHEREAS, in exchange to the services of the

SECOND PARTY, the FIRST PARTY, by tolerance and
goodwill, hereby allows the SECOND PARTY to construct a
shanty or a house at Lot 1 with an allotted lot space of
ONE HUNDRED (100) SQUARE METERS more or less, to be
the SECOND PARTY’s residence and shall only be
construed to be temporary with the reservation of his
right to evict the SECOND PARTY at her discretion.

NOW, THEREFORE, for and in the consideration of

the foregoing, the parties agree as follows:

1. Term of the Agreement: That the loan shall

be for a minimum period of TEN (10) year
subject to the renewal of the parties in case the
maximum period of TWENTY FIVE (25) years is
reached;

2. Conditions of the Agreement: That the

parties agree on the following conditions to
cover this agreement:

a. That by virtue of goodwill and tolerance by

the FIRST PARTY, SECOND PARTY to construct
a shanty or a house at Lot 1 with an allotted
lot space of ONE HUNDRED (100) SQUARE
METERS more or less, to be the SECOND
PARTY’s residence

b. the parties agree that the harvest from the

parcel of land owned by the FIRST PARTY
shall accrue to the FIRST PARTY;

c. That the FIRST PARTY likewise agrees to

shoulder all incidental expenses for the
cropping of the said parcel of land such as
purchase of crop fertilizers and pesticides,
expenses for plowing, etc needed for the
harvest of crops from the said property;

d. That the SECOND PARTY likewise agrees not

to sell the aforementioned property during
the duration of the loan without the consent
of the FIRST PARTY;

Deed of Waiver and Transfer of Shares

Page 3 of 5
 e. That on the other hand, the SECOND PARTY
agrees that in case they decide to sell the
aforementioned parcel of registered land, the
FIRST PARTY shall have the right of first
refusal on whether or not they would decide
to buy the land;

3. That the conditions and stipulations laid down in

this agreement shall immediately take effect
upon execution of this instrument;

4. That in the event of a need for the referral of

this matter to a lawyer for the collection and/or
the enforcement of the right of either party, the
party liable hereby confess to an attorney’s fees
equivalent to twenty five percent (25%) of the
amount collectible and litigation expenses
equivalent to ten percent (10%) of said amount
collectible aside from the legal cost and
litigation expenses;

5. That acceptance by the FIRST PARTY hereof of

the payment of any proceeds of the crop or any
part thereof shall not be considered as
extending the time for the payment of any of
the installment aforesaid or as modification of
any of the conditions hereof;

6. That all actions arising from or connected with

this undertaking shall be filed only in the City of
Baguio, Philippines where the place of the
execution of this note was made.

7. That parties hereby bind themselves to the

compliance of the conditions and stipulations
laid in this Memorandum of Agreement.

IN WITNESS WHEREOF, I have hereunto set my hand

this ____ day of ____ 2018 at Baguio City, Philippines.

_______________
With my marital consent:
First Party

Second Party With my marital consent:

Deed of Waiver and Transfer of Shares

Page 4 of 5
 SIGNED IN THE PRESENCE OF:

_______________________ ________________________

Deed of Waiver and Transfer of Shares

Page 5 of 5