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This letter sets forth some of the basic terms under which Seller and Buyer would be interested
in entering into a Real Estate Purchase Agreement. It serves as a letter of intent (“Letter”)
from REX JAYSON TUOZO ("BUYER") through and dated 9 May 2019, in which Purchaser
has set forth its interest in acquiring the subject Property. NEVERTHELESS, PLEASE BE
ADVISED THAT THIS LETTER IS NOT CONTRACTUALLY BINDING ON THE PARTIES
AND IS ONLY AN EXPRESSION OF THE BASIC TERMS AND CONDITIONS TO BE
INCORPORATED IN A FORMAL WRITTEN AGREEMENT.
3% BROKER FEES
EARNEST MONEY
DEPOSIT: THREE MILLION PHIL. PESOS (PHP 3,000,000.00)
(“Earnest Money”) shall be placed in escrow with the
SELLER upon the execution of the Purchase and Sale
Agreement and approval of BDO BANK LOAN. Upon
expiration of the Due Diligence Period (defined below) and
provided BUYER does not terminate the Purchase and
Sale Agreement before expiration of the Due Diligence
Period, the Earnest Money shall become non-refundable.
DUE DILIGENCE ITEMS: Seller, at its expense, shall provide Buyer with the following
items, if any, in Seller's possession:
a. A copy of the most recent titles, commitment or
Proof of Ownership for the Property
b. Consularized SPA for the Attorney-in-Fact
c. Bank proof of outstanding loan balance (if any)
d. Survey and Environmental Report (from admin)
e. Latest copy of condominium dues bill (admin)
f. Real property tax bills and receipts
g. Latest Tax Declaration
PAYMENT METHOD: BUYER shall submit the Due Diligence Items for review to
BDO Mortgage Dept. and to enter upon the Property to
inspect the physical condition of the same and appraise, as
it shall deem necessary.
CLOSING COSTS: Closing Costs, Notarial Fee, Transfer tax and Documentary
stamp tax and any Title Registration and taxes shall be
shouldered by the BUYER, further detailed in the Purchase
and Sale Agreement.
The above items are the general business terms and conditions to be covered in the
Purchase and Sale Agreement, which would be submitted to the Seller. Additional
remaining terms of the Purchase and Sale Agreement will be negotiated and must be
acceptable to both Purchaser and Seller.
If this Letter accurately reflects the general business terms and conditions which may
form the basis of a separate written agreement, please confirm in writing.
______________________________ ___________________
REX JAYSON TUOZO DATE
______________________________ ___________________
DIVINAE GRATIAE DEL RIO DATE
ATTORNEY-IN-FACT
WITNESSED BY:
______________________________ ___________________
DATE