MASTER DEED AND DECLARATION

OF

________________

KNOW ALL MEN BY THESE PRESENTS:

This Master Deed and Declaration of CHATEAU VALENZUELA executed by:

_________________________, a corporation organized and existing under

Philippine Laws, with principal office at, hereinafter referred to as the DECLARANT, and
represented in this herein act by its OIC Vice-President,;

WITNESSETH:

WHEREAS, the DECLARANT shall develop and establish in accordance with Republic
Act No. 4726, otherwise known as the Condominium Act, a condominium project on a parcel of
land located at, covered by Transfer Certificate of Title of the Register of Deeds of Valenzuela
City and presently registered in the name of;

WHEREAS, the DECLARANT desires to impose on the condominium project certain

mutually beneficial restrictions, which (unless otherwise provided) shall constitute a lien upon
the condominium project 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;

NOW, THEREFORE, pursuant to the provisions of the Condominium Act, the

DECLARANT hereby executes this Master Deed and Declaration of Restrictions as follows:

ARTICLE 1

THE MASTER DEED

Section 1. CONSTITUTION OF THE PROJECT – The

DECLARANT hereby submits the LAND and BUILDING (each as hereinafter described), all
other improvements erected or to be erected thereon, all easements, rights and appurtenances as
belonging thereto and all other properties, real, personal, or mixed, intended for use in
connection therewith (collectively called the PROPERTY) under the operation of the provisions
of Republic Act No. 4726 otherwise known as the Condominium Act, and pursuant thereto does
hereby establish a condominium to be known as CHATEAU VALENZUELA
CONDOMINIUM (hereinafter referred to as the condominium).

Section 2. DESCRIPTION OF LAND – The LAND included in the

PROPERTY described in Section 1 above refers to the parcels of land situated at of the Register
of Deeds for Valenzuela City, more particularly described as follows:

Section 3. DESCRIPTION OF THE BUILDING – The BUILDING

included in the PROPERTY described in Section 1 above refers to sixteen (16) condominium
building of reinforced concrete consisting of five (5) storeys including all appurtenances thereto
more specifically described as follows: (1) Lower Ground floor consisting of fourteen (14)
residential units; (2) Upper Ground floor consisting of fourteen (14) residential units; (3) Second
floor consisting of fourteen (14) residential units; (4) Third floor consisting of fourteen (14)
residential units; (5) Fourth floor consisting of fourteen (14) residential units; (6) Fifth floor
consisting of fourteen (14) residential units; (7) Roofdeck – utility area with an area of four
hundred thirty four (434) square meters.
 Section 4. DESCRIPTION OF COMMERCIAL/RESIDENTIAL
UNITS – Each UNIT consist of the space bounded by and contained within the interior
unfinished surface of the perimeter walls, floor, ceiling, windows and doors of such UNIT, each
of such spaces being defined and herein referred to as a “UNIT”. Each of the units are separately
shown, numbered and designated in the condominium plans (the diagrammatic floor plan of the
UNITS to be built in the PROPERTY which identifies each UNIT and shows its dimensions)
marked as Schedule A and made integral part thereof. Each UNIT includes both the portions of
the BUILDING so described and air space so encompassed therein. The UNIT does not include
those areas and those things which are defined as Common Areas in Section 7 hereof. Each
UNIT is subject to such encroachments or easements as are contained in the BUILDING,
whether the same now exist or may later be caused to exist or may later may be caused to exist or
created in any manner. In interpreting deeds and plans, the then existing physical boundaries of a
UNIT, whether in its original state or constructed substantially in accordance with the original
plans thereof, shall be conclusively presumed to be its boundaries expressed in such deeds or
plans, regardless of settling of lateral movement of the BUILDING and regardless of minor
variance between boundaries shown in the deeds or plans and the actual measurements thereof or
constructed and forming part of the BUILDING. Schedule B annexed hereto and made an
integral part hereof, sets forth the data with respect to each UNIT necessary for the proper
identification thereof; UNIT designation and tax declaration number; approximate area measured
by square meter; number of rooms; and the percentage interest that the UNIT bears in relation to
the Common Areas. The location of each UNIT is shown in the CONDOMINIUM floor plans of
the building (the “Floor Plan”), certified by the Architects, Engineers and Planners intended to be
filed with the office of the Register of Deeds of Valenzuela, simultaneous with the records of this
Master Deed and Declaration of Restrictions. The Floor Plans are attached to the original copy of
the Master Deed as Schedule ______.

Section 5. PARKING AREA – The parking area for all the UNITS in
the CONDOMINIUM project is located at the ground floor. The DECLARANT reserves the title
to and the ownership of the parking areas including the two titles mentioned in this section. The
DECLARANT shall subdivide the parking area into THREE HUNDRED SIXTY EIGHT
(368) slots consisting of 122 parking slots allocated within the building premises, 51 parking
slots under TCT no. V-71720 and V-71704, 195 parking slot beside Chateau Valenzuela; and
TWO HUNDRED (200) slots for motor cycles and shall sell, lease or convey the parking slots
so subdivided for the exclusive use of the condominium unit owners or their guests. The
subsequent sale, lease or conveyance of a UNIT by its owners shall carry with it the right to use
the parking slot to any person who does not own a UNIT in the CONDOMINIUM.

Section 6. USE OF UNITS – Each UNIT shall be used exclusively

for the purpose under which it has been hereinabove classified. A UNIT owned, or leased, by an
individual, partnership, corporation or trust may only be occupied by said individual, partner,
officer, director, stockholder, employee duly designated or authorized by such individual,
partnership, corporation or trust including the beneficiaries thereof respectively.

Section 7. THE COMMON AREAS – Except the different UNITS as

afore-described, all the spaces or areas of the CONDOMINIUM project shall comprise the
Common Areas including the following:

a) The LAND described in Section 2 above.

b) The open spaces on the roofdeck, foundations, columns, girders, beams, supports,
bearing walls, shear walls and other common structural elements of the BUILDING,
corridors, common toilets, lobbies, stairways, hallways, fire escapes, walkways,
entrances and exits, ramps and similar improvements of the CONDOMINIUM
project.
c) The main lobbies, common entrances and exits, elevator lobbies, the information
counter, administration office;
d) All ducts, conduits, electrical equipment, wiring pipes and other central and
appurtenant installations for utility including power, light, water, garbage, sewerage,
telephone and the like, except outlets thereof that are located within the UNITS;
e) The water tanks, mechanical/electrical pump rooms, garbage areas, storage rooms,
security office, maintenance rooms, pump generators and other central equipment for
utilities;
 f) The Swimming pool and clubhouse as well as all either apparatus, equipment,
installations and facilities not mentioned herein but existing on the PROPERTY for
common use or necessary or convenient to the existence, maintenance or safety of the
PROPERTY.

Section 8. ENTRY FOR REPAIRS – Each UNIT shall be subject to an

easement in favor of all UNITS for the use, maintenance, repair, alteration and replacement of
the pipes, vents, wires ducts, cables, conduits, public utility lines and all other elements located
in such UNIT or elsewhere in the property and serving other UNITS. The Association shall have
the right of access to each UNIT to repair or replace the ducts, conduits, electrical equipment,
wiring, master antenna or other control and appurtenant installation for service utilities contained
or passing through any of the UNITS or elsewhere in the PROPERTY; provided such means of
access shall be exercised in such manner as will not unreasonably interfere with the use of the
UNITS for dwelling. Such entry shall be permitted upon service of notice to the UNIT concerned
at least one (1) day prior to the entry, except that no notice will be necessary in the event of an
emergency.

Section 9. COVENANTS RUNNING WITH THE LAND – The Master

Deed and Declaration of Restrictions, the Articles of Incorporation and By-Laws of N including
the provision of this Section, shall to the extent applicable and unless expressly herein or thereon
provided to the contrary, be perpetual and be construed as covenants running with the LAND and
every provision thereof and interest therein shall be binding and inure to the benefit of all unit
owners, their heirs, executors, administrators, legal representatives, successors and assigns.

All present and future owners, tenants and occupants of UNITS shall be subject to and
shall comply with the provisions of the Deed of Restrictions, the Master Deed and Declaration of
Restrictions of the CONDOMINIUM, the Articles of Incorporation and the By-Laws of as they
may be amended from time to time; the acceptance of a deed, conveyance occupancy of any
UNIT shall constitute an agreement that the provisions of the Deed of Restrictions, the Master
Deed and Declaration of Restrictions, the Articles of Incorporation and By-Laws of as they may
be amended from time to time, are accepted and ratified by such unit owner, tenant or occupant
and such provisions shall be deemed and taken to be covenants running with the
CONDOMINIUM and shall bind any person having at any one time any interest or estate in such
as though the provisions were recited and stipulated at length in each and every deed or
conveyance thereof.

Section 10. CONDOMINIUM ASSOCIATION – An association to be known

as (the Association) shall be formed and organized pursuant to the Condominium Act and the
Corporation Code as a non-stock, non-profit corporation to hold title to all the afore-stated
Common Areas, to manage and to do such things as may be necessary, incidental and convenient
to the accomplishment of said purpose. An individual becomes a member of the association only
upon signing of the contract to sell and payment of the joining fee of P2,000.00, to the exclusion
of others, and in accordance with Section 11 hereof. The foregoing notwithstanding, the
purchaser of a UNIT shall, and by these presents, hereby grants an irrevocable proxy to the
DECLARANT and/or its duly designated representative, for the duration of the construction
period and for a period of ten (10) years from actual physical or constructive turn-over of a
UNIT, to vote in the annual election of directors and/or officers of the Association, as well as on
all matters concerning the Association and/or Condominium requiring the vote orapproval of the
general membership of the Association. Any subsequent sale, transfer or lease of the UNIT
within the 10 year period after unit acceptance shall be subject to this provision.

The Articles of Incorporation and the By-laws of the Association shall form an integral
part of this Master Deed and Declaration of Restrictions as if the terms thereof were written
herein. The Association may hire managerial, legal, auditing, accounting and other professional
and technical services, or such other personnel in the manner provided in its By-laws. However,
pending the operation of the Condominium Corporation, the DECLARANT may then hire
managerial, legal, auditing, accounting and other professional services, or such other personnel
to take effect over a period not exceeding ten (10) years from turn-over of project to the.
 Section 11. NATURE OF INTEREST ACQUIRED BY PURCHASE OF
UNITS
A. The purchaser of a UNIT in the CONDOMINIUM shall acquire ownership of such
UNIT as described in Section 4 and Schedule A hereof subject to the terms and conditions of the
instrument conveying the UNIT from the DECLARANT to such purchaser taking title over the
UNIT.
B. As an appurtenance of ownership of the UNIT, the purchaser shall become a member
of the Association upon acceptance of the Unit and payment of the joining fee, with such interest
or participation of equity therein corresponding to the percentage or the fractional share which
the floor area of his UNIT bears to the total saleable area in the CONDOMINIUM (Area of
UNIT divided by the total saleable area equals the percentage or a fractional share of a unit
owner). Said percentage or fractional share of each UNIT is stated in Schedule B hereto and
made integral hereof. The right of each unit owner includes, among others, the right to be present
or to be represented in all meetings of the members and the right to vote on matters requiring the
consent of the membership, subject to such conditions and limitations as may be provided in the
By-Laws of the Association.
C. Each member of the Association shall share in the common expenses of the
CONDOMINIUM in the same sharing or percentage stated in Schedule B hereof.
D.In the event the Association is dissolved, the members thereof shall become co-owners
of the Common Areas with such shares corresponding to their appurtenant interest in the
Association as provided for in this Section.

Section 12. OPTION IN CASE OF INVOLUNTARY DISSOLUTIION

OF ASSOCIATION – Incase of the involuntary dissolution of the Association for any of the
causes provided by law, the members shall have the option to decide by affirmative vote of all
the members owning two- thirds(2/3)of all the entire interest in the Association in a regular or
special meeting called for the purpose whether to convert their interest, participation or equity in
the Association into a co-ownership of the Common Areas or to sell and dispose of the attire
PROJECT as a whole including the separate UNITS therein before dissolution and liquidation of
the Association
ARTICLE II

DECLARATION OF RESTRICTIONS ON THE USE AND OCCUPANCY OF THE

CONDOMINIUM UNITS

The entire PROPERTY constituting the CONDOMINIUM shall be held, conveyed,

encumbered, leased, used,occupied and improved subject to the conditions, limitations,
restrictions, and covenants hereinafter set forth. The said conditions, limitations, restrictions, and
covenants shall attach to the LAND, BUILDING and the PROPERTY as a whole and shall be
binding upon all parties having or acquiring any right, title to or interest therein, and shall be for
the benefit and be binding upon each successors-in-interest of the owners thereof.

The acceptance of a deed or conveyance, or the entering into a lease or the entering into
occupancy of any UNIT shall constitute an agreement that the provisions of these Declaration of
Restrictions on the Use and Occupancy of, as they may from time to time be amended and
ratified, and all the provisions hereof, shall be deemed and taken to be covenants’ running with
the CONDOMINIUM and shall bind any person having at any one time any interest or estate in
such UNIT as though the provisions hereof were recited and stipulated at length in each and
every deed, conveyance, lease, mortgage and hypothecation of the UNIT.
The following restrictions shall govern the use and occupancy of the:

Section 1. PURPOSE OF BUILDING– Subject to the provisions of Article I, Sec. 7 (a)

& (b), the BUILDING shall be used only and exclusively as a Residential building and shall be
occupied and used only for dwelling by their respective owners or authorized lessees thereof,
their tenants, and for no other purposes, subject only to the rules and regulations duly
promulgated by the Association, except that the ground and mezzanine floors shall be used for
commercial purposes as additional amenities for the Building.
 Section 2. DISPOSITION OF UNITS– The CONDOMINIUM UNITS may be acquired,
leased or disposed of subject to the provisions of the Condominium Act and other applicable
laws, and to the regulations that the Association shall validly promulgate from time to time. No
transfer or conveyance of a UNIT shall be valid if the concomitant transfer of the appurtenant
membership in the association will cause the alien interest in such corporation to exceed the
limits imposed by existing laws. No conveyance of a CONDOMINIUM UNIT or part thereof
subsequent to the original conveyance thereof shall be binding upon the association unless
accompanied by a certificate by the Association that such conveyance is in accordance with the
provision of the Condominium Act and Declaration of restrictions.

Section 3. NO SUBDIVISION OR PARTITION OF UNIT– No UNIT defined and

established under the Master Deed of this CONDOMINIUM project shall be subdivided into
smaller units nor shall such UNIT be partitioned, either judicially or extra-judicially, among the
co-owners thereof except by sale of the entire UNIT and distribution of the proceeds to such co-
owners.

Section 4. POWER OF ATTORNEY OF CONDOMINIUM ASSOCIATION – Each unit

owner shall grant to the Association an irrevocable power of attorney, coupled with an interest, to
acquire title to or lease any UNIT which may be the subject of a foreclosure or other judicial sale
in the name of the Association or its designee, corporate or otherwise, on behalf of all unit
owners, and to convey, sell, lease, mortgage or otherwise deal with (but not vote the voting right
appurtenant to) any such UNIT so leased by the Association.

ARTICLE III

MANAGEMENT BODY

The Association to be formed and organized pursuant to Section 10 of Article I above,

shall constitute the management body of the CONDOMINIUM. As such management body, the
powers of the Association shall be such as are provided in the Condominium Act, by the Articles
of Incorporation and the By-Laws of the Association, by this instrument and by the applicable
provisions of the Corporation Code as are not inconsistent with the Condominium Act Among
such powers but not by way of limitation, it shall, have the power to enforce the provisions
thereof in accordance with the By-Laws of the Association.

ARTICLE IV

MAINTENANCE AND ASSESSMENTS

Section 1. CREATION OF THE LIEN AND PERSONAL OBLIGATION ON

ASSESSMENTS– The DECLARANT for each UNIT owned within the PROJECT hereby
covenants and each unit owner by acceptance of a deed is deemed to covenant and agree to the
Association. 1) annual assessments or charges and 2) special assessments for capital
improvements, such assessments to be established and collected as hereinafter provided. The
annual and special assessments together with interests, cost and reasonable attorney’s fees shall
be a charge on the UNIT and shall be a continuing lien upon the UNIT against which each such
assessments is made, the lien to become effective upon the recordation of a notice of assessment.
Each such assessment, together with interest, costs, and reasonable attorney’s fees, shall also be
the personal obligation of the person who is the registered owner of such UNIT at the time the
assessment falls due. No unit owner may exempt himself from liability for his contribution
towards the common expenses as well as his obligations in this Section by waiver of the use or
enjoyment of any of the common areas or by the abandonment of his UNIT.

Section 2. PURPOSE OF ASSESSMENTS – The assessments levied by the

Association shall be used exclusively to promote the recreation, health, safety and welfare of all
the residents in the entire CONDOMINIUM and for the improvement and maintenance of the
Common Areas for the common good of CONDOMINIUM.

Section 3. MONTHLY AND ANNUAL ASSESSMENTS – Immediately upon the

conveyance or sale of a UNIT by the DECLARANT to a purchaser, said purchaser shall pay the
Condominium Corporation joining fee of Two Thousand Pesos (P2,000.00). Thereafter, the unit
owner shall be assessed monthly of a minimum rate of Thirty Pesos (P30.00) pesos per square
meter of his UNIT area until the year when the DECLARANT turns over the Common Areas and
the facilities to the Association. The monthly assessment may be adjusted to defray the cost of
security, maintenance and administration of the BUILDING subject to the approval of the
DECLARANT. Thereafter, upon the constitution of the Association composed of unit owners
and the registration of the DECLARANT-sponsored Directors, the board of Directors of the
Association shall have the power to fix the annual assessment except, the monthly assessment
which may be increased by Twenty percent (20%) without the vote of the membership; any
increase over Twenty percent (20%) shall be approved only by vote of the members owning at
least Fifty One percent (51%) of the appurtenant interest in the Association. The annual
assessment may not be decreased, either by the Board of Directors or by the members without
the affirmative vote of members owning or holding two-thirds (2/3) of the appurtenant interest in
the Association.

Section 4. SPECIAL ASSESSMENT – In addition to the annual assessments authorized

above, the Association may levy, in any assessment year, a special assessment applicable to that
year only, for the purpose of defraying, in whole or in part, the cost of any construction,
reconstruction, repair or replacement of a capital improvement upon the Common Areas,
including fixtures and personal property related thereto, provided that any such assessment, shall
have the vote or written assent of the members owning Fifty percent (50%) of the entire interest
in the Association.

Section 5. NOTICE AND QUORUM FOR ANY ACTION AUTHORIZED UNDER

THIS ARTICLE – Any action authorized under this Article shall be taken at a meeting called for
that purpose, written notice of which shall be sent to all members, personally delivered or by
mail, not less than Fifteen (15) nor more than Thirty (30) days in advance of the meeting. If the
proposed action is favored by majority vote of the members present in person or by proxy at such
meeting, owning Fifty One percent (51%) of the entire interest in the Association, members who
were not present in person or by proxy may give their assent in writing, provided the same is
obtained by the appropriate officers of the Association not later than Thirty (30) days from the
date of such meeting.

Section 6. DIVISION OF ASSESSMENT – All assessments, both annual and special,

shall be charged to and divided among the unit owners according to respective appurtenant
interest of each UNIT as set forth in Section 11 (b) of Article 1 hereof. An Assessment may be
collected on a one-time or on an installment monthly basis.

Section 7. DATE OF COMMENCEMENT OF ANNUAL ASSESSMENT; DUE DATE

– The regular and other assessments provided for herein shall commence as to all UNITS
covered by this Declaration on the day of actual or constructive acceptance of the unit by the
purchaser. Subject to the provisions of Section 3 of this Article, the Board of Directors shall
determine and fix the amount of the annual assessment against each UNIT at least Thirty (30)
days in advance of each annual assessment. Written notice of the annual assessment shall be sent
to every unit owner subject thereto. The due date shall be established by the Board of Directors.
The assessment shall become due and demandable upon the lapse of the due date without need of
any notice or demand upon the unit owner concerned. The Association shall upon demand and
for a reasonable charge, furnish a certificate signed by an officer of the Association setting forth
whether the assessments on a specified UNIT have been paid.

Section 8. EFFECT OF NON-PAYMENT OF ASSESSMENT – Any assessment not

paid within Thirty (30) days after the due date shall bear interest at the rate of eighteen (18%)
percent per annum or at such rate as the Board of Directors may determine from the due date
until paid or on such date as may be fixed by the Board of Directors of the Association.
Furthermore, a Unit Owner’s right to vote may be suspended in the event he/she/it is in arrears in
the payment of such assessments.
 Section 9.TRANSFER OF UNIT BY SALE OR FORECLOSURE – Sale or transfer of
any UNIT shall not affect the assessment lien thereon. However, the sale or transfer of any UNIT
pursuant to a mortgage foreclosure shall not extinguish the lien of such assessment as to
payments which become due prior to such sale or transfer. No sale or transfer shall relieve such
UNIT from the lien thereof.
Where the mortgagee of a first mortgage of record or other purchaser or transferee of a
UNIT obtains title to the same, he/she shall be liable for the share of such UNIT in the common
expenses or assessments by the Association chargeable to such UNIT which became due prior to
the acquisition of title to such UNIT by such Acquirer as well as those subsequent to the latter’s
acquisition.

Section 10.PRIORITIES; ENFORCEMENT; REMEDIES – When a notice of

assessment has been recorded, such assessment shall constitute a lien on each respective UNIT
prior and superior to all other liens except all taxes, bonds, assessments and other levies which
by law are deemed superior thereto.

Such lien, when delinquent, may be enforced thru sale by the Association, its attorney or
other person authorized to make the sale, after failure of the owner to pay such assessment in
accordance with its terms applicable to the exercise of power of sale in a mortgage and deed of
trust, or in any other manner permitted by the law.

The Association acting on behalf of the unit owners, shall have the power to bid for the
UNIT at such sale and to acquire and hold, lease mortgage and convey the same. Suit to recover
unpaid common expenses, assessments, rents, attorney’s fees, and obligations considered as lien
on the UNIT may, upon the discretion of the Association be instituted and pursued without need
of foreclosure or waiving the lien secured by the UNIT.
The Board of Directors of the Association may suspend the voting right and/or the
privilege to use any facilities of the CONDOMINIUM or its appurtenances, of a member who is
default in payment of any assessment or obligation due the Association as provided in the By-
Laws of the Association.

Section 11.UNALLOCATED TAXES – Inthe event that any taxes are assessed against
the Common Areas, or the personal property of the Association, rather than against the UNITS,
said taxes shall be included in the assessments made under the provisions of this Section, and, if
necessary, a special assessment may be levied against the UNITS in an amount equal to said
taxes in proportion to their respective interest in the CONDOMINIUM to be paid in two (2)
installments or thirty (30) days prior to the due date of each installment or under the terms and
conditions which the Association may set forth.

ARTICLE V

LIMITATIONS ON USE OF UNITS AND COMMON AREAS

The Common Areas of the PROJECT shall be occupied and used subject to the following
limitations:

Section 1. NO OBSTRUCTION – Thereshall be no obstruction of all the Common Areas

intended for ingress, egress or access to any point of the BUILDING.

Section 2. PROHIBITION AFFECTING RATE OF INSURANCE– Nothing shall be

done or kept in any UNIT or in the Common Areas which will increase the rate of insurance on
the BUILDING without the prior consent of the Association. No owner shall permit anything to
be done or kept in his UNIT or in the Common Areas which will result in the cancellation of
insurance on the BUILDING or any part thereof or which would be in violation of law.

Section 3. MAINTENANCE OF UNITS – Every unit owner is obliged to keep and

maintain his UNIT in good and sanitary condition and repair. No noxious substance shall be kept
or offensive activity be carried on in any UNIT or in the Common Areas, nor shall be done
therein which may be or become an annoyance or nuisance to the other unit owners.

Section 4. PROHIBITION AFFECTING STRUCTURE OF BUILDING – Subject to the

reservation in favor of the DECLARANT stated in Article I, Sec. 7 (a) & (b) above, nothing shall
be done or placed in any UNIT or in the Common Areas which is beyond or will impair the
structural strength of the BUILDING or change or alter the appearance of any exterior portion of
the UNIT, its corridors or the BUILDING. Likewise subject to the reservation in favor of the
DECLARANT stated in Article I, Sec. 7 (a) & (b) above, no advertising signs or whatsoever
nature and kind shall be permitted to be installed, attached or erected except those whose sizes,
locations and appearances of which shall have been first approved by the Association. Buyers of
UNITS on installment basis shall not be allowed to do or place in any UNIT anything which will
alter or change the interior appearance of the UNIT without the written consent of the
Association.

Section 5. GARBAGE DISPOSAL – Subject to the building rules that may be

promulgated by the Association, no garbage or garbage container shall be placed in the corridors
or hallways or in front of the UNITS of the CONDOMINIUM. Garbage disposal shall be strictly
done through the BUILDING’S garbage collection units in accordance with the schedule of
collection to beimposed.

Section 6. BUILDING RULES – Theuse, occupancy and enjoyment of each UNIT,

whether by the owner thereof, or his tenants or lessees as well as the Common Areas shall
likewise be subject to such uniform rules and regulations (herein called “Building Rules”) as the
Association may from time to time deem necessary or convenient for the efficient and mutually
beneficial management and operation of the PROJECT.

ARTICLE VI

PROCEDURES AND PENALTIES FOR VIOLATIONS OF RESTRICTIONS AND

BUILDINGRULES

Section 1. VIOLATIONS, REVENUES, PENALTIES – In the event that any owner,

tenant or lessee of any UNIT, fails or refuses or neglects 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 Association may, in accordance with the By-
Laws of the Association, remedy such breach or violation or neglect after failure of the owner to
do so within the period fixed in the notice and assess against the unit owner all the expenses
incurred by the Association. The Association will also empowered to impose by way of penalty
in case of violation liquidated damages are imposed, the same shall be considered as assessment
upon the UNIT, and like the assessment for expenses shall, be secured by the lien provided for in
Section 1, Article IV.

Section 2. NON WAIVER – 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
breaches thereof which may occur.

ARTICLE VII

INSURANCE

Section 1. COVERAGE, INSURANCE PREMIUMS, DAMAGES, RECOVERY –

Within a reasonable time after securing a certificate of occupancy for the BUILDING the
DECLARANT shall insure the whole CONDOMINIUM for the benefit of all unit owners and
their mortgages for one (1) year. The cost and expenses for said insurance shall be borne by the
Association and assessed against, the unit owners chargeable against their initial deposit, for
assessment deposited with the DECLARANT. Thereafter, the Association shall obtain and
continue in effect a master policy of insurance covering real property and improvements and
personal property of the Association and liability insurance for full extended coverage against
loss by fire, casualty, liability and other insurable risks for fidelity bond of the member of the
management body, officers and employees, in such amounts satisfactory to the Board of
Directors as is customary for building in the locality for the full replacement value of the UNITS
(excluding furnitures, furnishings fixtures, improvements and personal properties of the unit
owners) and the Common Areas, but without prejudice to the right of the unit owners to obtain
additional insurance coverage provided that the exercise of such right shall in no way result to
the decrease of the amount realizable by the Association. The unit owner and/or his mortgagee
shall notify the Association before obtaining such additional insurance coverage and within thirty
(30) days after issuance of the policy, submit a copy thereof to the Association.

A. Insurance premiums for the master policy shall be a common expense to be included
in the monthly assessment levied by the Association and the portion of such payments necessary
for the insurance premium shall be held separate account of the Association and shall be used
solely for the payment of the master policy premiums as such premiums become due.

B. If any part of the CONDOMINIUM is damaged by fire or other casualty, insurance

proceeds payable to the Association shall be used to rebuild or repair such damage substantially
in accordance with the original plans and specifications thereof.Custom built items added by
owners to their insurer. Any excess insurance proceeds shall be deposited to the general funds of
the Association. In the event the proceeds of the Association’s insurance policy are insufficient to
rebuild or repair’s UNIT, and the owner or owners of said UNITS do not have sufficient funds,
whether insurance proceeds or personal funds to rebuild the restore said UNIT or UNITS then
the Association may use its fund for its account or if necessary from levying a special assessment
on all unit owners to restore from levying a special assessments on all unit owners to restore or
rebuild said UNIT or UNITS unless the conditions for dissolution required under the
Condominium Act exist and the required vote of the unit owners for dissolution is reached. The
cost of rebuilding the UNIT or UNITS beyond the proceeds of insurance receivable shall
constitute lien on the UNIT.
C. If, by reason of the dissolution of the Association or if for any other reason the
insurance proceeds are used for reconstruction or repair as herein provided, the proceeds shall be
paid to the respective mortgagees of the UNITS or of the Association to the extent of the amount
outstanding on the loan secured by the UNIT or the Common Areas or part hereof, if there may
be and the balance of proceeds to the owner or owners thereof, as his or their interest may appear
after deducting the amount of the assessment due from him or them.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

Section 1. EMINENT DOMAIN – The taking of any UNIT or any of the Common Areas
or any portion thereof shall be deemed a casualty and the award for such taking shall be treated
as proceed from insurance on account of casualty.

Section 2. REAL PROPERTY TAXES AND SPECIAL ASSESSMENTS – The

DECLARANT shall declare the whole BUILDING for real estate tax purposes within a
reasonable time upon the issuance of Certificate of Occupancy by the Office of the City
Engineers of Valenzuela City and conformably with existing law, pay the real estate taxes of said
CONDOMINIUM with the Office of City Assessor of Valenzuela City. The registered owner of
each individual UNIT shall be liable to pay real estate tax due thereon from the date acquisition
thereof. The purchasers on installment shall be liable to pay real estate tax from the time of
actual occupation or turnover of the condominium unit to the said purchasers.
The owner of each UNIT shall be separately assessed for purposes of real property
taxation and other purposes and the tax on each UNIT shall constitute a lien solely thereon. In
the event that any tax or special assessment may become a lien or the entire PROJECT or any
part thereof, the same may be paid by the Association and assessed by the latter against the unit
owners with such rate of interest and cost as it may determine. Such assessment shall be secured
by the lien provided for in Section 1 of Article IV.
 Section 3. ENTRY FOR REPAIRS– Every UNIT in the PROJECT shall be subject to
right of entry by the Association or its duly authorized agent when necessary in connection with
any repair for which the Association is responsible. Such entry shall be made during reasonable
hours, except in cases of emergency, and with a little inconvenience to the owner as possible and
any damage caused thereby shall be repaired at the expense of the Association.

Section 4. OBLIGATION OF BUYERS OF CONDOMINIUM UNITS UNDER A

DEFERRED PAYMENT PLAN– Fromand after the date of issuance of the Certificate of
Occupancy of the BUILDING the purchaser under a deferred payment plan (Contract to Sell)
shall be liable for all obligations, assessments and taxes provided for in this Master Deed and
Declaration of Restrictions and in the Articles of Incorporation and By-Laws of the Association.
In the meantime that payment of all installments have not been effected and title has not been
transferred to the purchaser, the DECLARANT is appointed as the purchaser’s proxy in the
meetings of Association, with the authority to vote in the purchaser’s behalf.

Section 5. AMENDMENT – This Master Deed and Declaration of Restrictions may be

amended, at any time by the DECLARANT prior to the conveyance to the Association of the
Common Areas and facilities of the CONDOMINIUM but before the delivery of the “as built”
drawings and the Certificate of Final Occupancy to the Association by the DECLARANT
provided said amendment or amended Master of Deed and Declaration of Restrictions is
properly recorded with the Register of Deeds. Thereafter, the Master Deed and Declaration of
Restrictions may be amended only by the affirmative vote of the members owning at least two-
thirds (2/3) of the appurtenant interest in the CONDOMINIUM and said amendment shall be
effective upon the recording thereof with the Register of Deeds.

Section 6. TERMINATION OF DECLARANT’S RESPONSIBILITY – Upon the

issuance of a Certificate of Final Occupancy, the DECLARANT shall, submit to the Association
one complete set of “as built” drawings for the entire project as certified by the Architect and
Engineers. From and after the turnover by the DECLARANT of the Common Areas and facilities
of the CONDOMINIUM to the Association, the DECLARANT shall be relieved of the
performance of any further duty or obligation hereunder and the Association shall be obligated to
perform all such duties and obligations of the DECLARANT, without prejudice to the applicable
provisions of this Deed and subject to such contracts as may have been previously entered into
by the DECLARANT. The DECLARANT shall assign to the Association all assignable
manufacturers, contractors and sub-contractors, bonds, warranties and guaranties and the
DECLARANT shall not be liable for any defects for which such assignable bonds, warranties
and guarantees have been transferred to the Association. The DECLARANT shall not be liable in
any case for any defect in the construction unless duly notified thereof in writing within six (6)
months from the date of issuance of the Certificate of Final Occupancy.

IN WITNESS WHEREOF, the DECLARANT has signed these presents this ______ th
day of ___________________,2004 in ______________________________.

By.

OIC/Vice President
SIGNED IN THE PRESENCE OF:

ACKNOWLEDGMENT