CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This Contract to Sell is entered into by and between:
CHAMPBITT PHILS. INC, a corporation duly organized
and existing under the laws of the Philippines, with principal
office at Doljo, Panglao, Bohol, herein represented by
PASTOR CHONG NIM KIM known as the SELLERS:
- and JOHNNY T. CHAN, likewise of legal age, Filipino, married
to Debbie Chan, and a resident of Alabang, Muntinlupa,
Philippines, hereinafter referred to as the BUYER;
WITNESSETH:
That, for and in consideration of the agreed purchase
price of ELEVEN THOUSAND PESOS (P11,000.00) per square
meter, and ONE MILLION PESOS (P1,000,000.00) thereof to
be given upon signing this contract and the remaining
balance of FIVE MILLION SEVEN HUNDRED FORTY THREE
THOUSAND PESOS (P 5,743,000.00) to be paid by the Buyer
in One (1) month upon the execution of the DEED OF
ABSOLUTE SALE
on or before September 25, 2015 , the
SELLERS do by these presents agree and bind themselves to
sell to the BUYER certain parcel of land designated as Lot No.
2980-A located at Doljo, Panglao, Bohol, Philippines, and
which parcel of land are more particularly described as
follows, to wit:
TRANSFER CERTIFICATE OF TITLE NO. 101-2012000034
A parcel of land (Lot No. 2980-A CSD-071235-004014,
IDEN TO LOT NO.8434, CAD 705-D) situated at the Doljo,
Panglao, Bohol. Bounded on the W & N along linesn 1-2-3 ny
Lot No. 2978; on the SE., along line 3-4 by Lot No. 8244;
Along Line 4-5 by Lot No. 2979; and on the SW, along line 51 by Lot No. 2980-B, CSD-071233-004014, Iden. To Lot No.
3435, Cad 705-D; all of CAD 705-D. Containing an area of SIX
HUNDRED THIRTEEN (613) SQUARE METERS, more or less.

WITNESSETH FURTHER:
That the total consideration for the sale
is
(P
6,743,000.00) to be paid strictly in accordance with the
following schedule of payments and currencies, to wit;
1.Upon signing of this contract, the amount of ONE
MILLION PESOS (P,1,000,000.00) as DOWNPAYMENT;
2.That on or before September 25, 2015, the balance
to be paid by the BUYER;
3.That upon payment of the total purchase price above
stipulated and the other obligations set forth hereunder, the
SELLERS shall forthwith execute and deliver to the Buyer a
Deed of Absolute Sale
conveying the above-described property, free and clear of all
liens and encumbrances except such as may be subsisting
by operation of law, it being understood, however, that the
expenses for the transfer of the titles to the BUYER, including
but
not
limited
to
documentary
stamps,
and
transfer/registration fees, shall be for the exclusive account
of said BUYER;
4. However, the BIR capital gains tax and documentary
shall be paid by the SELLER;
5.That the BUYER, shall have the option to pay the
entire balance of the purchase price at any time before the
period herein stipulated however, possession and enjoyment
of the property shall remain with the SELLERS;
6.That this agreement shall insure to the benefit of,
and be binding upon, the parties hereto and their respective
legal representatives and assigns, but the right of the
BUYER by virtue hereof cannot be validly transferred or
assigned to a third party except by hereditary succession
(but still subject to the terms hereof)without the prior
written consent of the SELLERS;
IN WITNESS WHEREOF, we have hereunto affixed our
respective signatures this _____ day of _______________ 2015
at ______________, Philippines.

CHAMPBITT PHILS. INC.

Represented by:
_____________________
SELLER

JOHNNY T. CHAN
Buyer

Signed in the presence of:

_________________________
_________________________
Witnesses
SUBSCRIBED AND SWORN to before me this _____ day of
_____________ in the City of Tagbilaran, Philippines, personally appeared
their com. Tax. No.
CHAMPBITT PHILS INC. __________________
_____________________________________
JOHNNY CHAN ________________________
_________________________________________
DOC. NO. _____:
PAGE NO. ____:
BOOK NO.____:
SERIES OF 2015: