GRANT OF USUFRUCTUARY RIGHTS

KNOW ALL MEN BY THESE PRESENTS

____________________, of legal age, single, Filipino and a resident of

Bacolod City (hereinafter referred to as the “GRANTOR);

-and-

____________________, likewise of legal age, married, Filipino and a

resident of Bacolod City, Philippines (hereinafter referred to as the “GRANTEE”);

WITNESSETH:

WHEREAS, the Grantor is the registered owner of a parcel of land situated

in Brgy. Granada, Bacolod City, more particularly described as follows:

Transfer Certificate of Title No. T-311105

(Registry of Deeds for City of Bacolod)

“A parcel of Land (Lot 2-B, Psd-06-065026), being a portion of

Lot 2, Psd-06-003731), situated in the Brgy. Of Granada, City of
Bacolod , Island of Negros Occ.., x x x containing an area of TWO
HUNDRED TWENTY THOUSAND ONE HUNDRED TWENTY SEVEN
(220,127) SQUARE METERS, more or less. x x x”

WHEREAS, the Grantor desires to give to the Grantee the right of usufruct
over the afore-described real property with the latter having full rights to the use
of the property and enjoyment of its fruits in return shall assume the obligation to
preserve the property during the duration of the usufruct;

NOW THEREFORE, for and in consideration of the mutual agreement,

covenants and stipulations hereinafter set forth, the Grantor hereby unto the
Grantee usufructuary rights over the afore-described parcel of land subject to the
following terms and conditions:
1. This grant of usufruct shall be valid and binding for a period of fifty (50)
years and automatically renewable for another twenty five (25) years every
expiration unless revoked by the Grantor.

2. The Grantee then enjoying the usufruct shall pay and be liable taxes,
licenses, permits, duties, levies and such other charges as the Government
or any of its instrumentalities and agencies may impose by reason of and
arising out of agreement and its implementations, including the realty taxes
due on the property subject of this usufruct.

3. Subject to the written consent of the Grantor, the Grantee enjoying the
usufruct may develop, subdivide, lease out or build and construct any
building or improvement (s) on the property subject of this grant and may
cause the conversion of the property to any other uses that will optimize
the use and benefit of the property, provided, however that in no case shall
be Grantors be liable for any loss, damage or injury that may arise by reason
of the use the property and enjoyment of its fruits by the Grantee; and
provide that any such improvement upon the termination of the Usufruct
shall become the property of the Grantors without right of reimbursement
to the Grantee or his heirs.

4. The Grantee enjoying the usufruct shall defray all expenses for the
development, subdivision, building and maintenance, including cost of
power, water, telephone and other utilities attached, connected to or
related to the operation of any improvement introduced on the subject
property.

5. The Grantee enjoying the usufruct shall, at its own expense, make all
necessary repairs and maintenance to preserve the property and to keep
the premises and all its facilities from deteriorating in value or condition
during the term of the usufruct.

6. The Grantor hereby warrants that the Grantee shall peaceably hold and
enjoy the full use and possession of the premises during the period of the
grant.
 7. The Grantee is expressly exempted and excused by the Grantors from
conducting an inventory of the subject property and from giving a security
in connection with the grant of usufruct.

8. It is expressly agreed by the Grantor that the instant Grant of Usufruct shall
be binding not only on the Grantor herein, but also on their agents, assigns
and successors-in- interests and shall constitute as a lien on the subject real
properties and which Grant shall be annotated at the back of the Titles of
the afore-described property.

9. The provisions of the Civil Code of the Philippines, especially those

pertaining to Usufruct, which are not inconsistent with the provisions
contained herein shall apply in a suppletory character to the instant Grant.

IN WITNESS WHEREOF, we have hereunto set our hands this

__________________ at Bacolod City, Philippines.

_________________________ _________________________
( GRANTOR) (GRANTOR)

SIGNED IN THE PRESENCE OF:

_______________________ _________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF BACOLOD )
X______________________X
 BEFORE ME, this _____________ at Bacolod City, Philippines, personally
appeared the following, with their government issued IDs, to wit:

Govt. Issued ID/

Passport No. Place/Date Issued

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

foregoing Grant of Usufructuary Rights and they acknowledged to me that the
same is their own voluntary free act and deed and of the entities they represent.

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

Doc. No. ______

Page No. ______
Book No. ______
Series of ______.