1. I/WE hereby make a reservation deposit of (Php 30,000.00), as my/our reservation fee which shall form part of the purchase price.

 

2. This Reservation is good for thirty (30) calendar days from payment of Reservation Fee. If I/WE fail to exercise the option to finalize the transaction after the 30-day period, the Owner/Developer may automatically cancel the Reservation and forfeit the whole reservation amount, and offer the unit for sale to other interested buyers, without need of any notice. Likewise, if within the thirty (30) calendar period, I/We decide to cancel this reservation agreement, the Owner/Developer shall forfeit the 50% of the Reservation Fee, and offer the unit for sale to other interested buyers, without need of any notice.

 

3. In the event that I/WE cancel or withdraw from this agreement for any reason whatsoever or fail to pay any amount due as hereinabove stipulated, the Owner/Developer shall have the option to cancel the sale and forfeit the reservation I/We paid in accordance to the above stated. Furthermore, it is understood that the Owner/Developer may already sell the subject property to any other party without further notice to me/us. Withdrawal of the Reservation Deposit or fee shall be subject to the following guidelines: [a] Withdrawal within thirty (30) days, 50% refund; [b] Withdrawal over thirty (30) calendar days, Non-Refundable.

 

4. The prescribed Contract to Sell shall be executed by the Owner/Developer and signed by the Buyer as soon as the requirements are satisfied and complied with.

 

5. This reservation is non-transferable nor could it be assigned to any third party without prior written consent and approval by the Owner/Developer. The transfer of my/our reservation to any third party is subject to Transfer Fee of Php 100,000.00.

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6. Without need of prior notice or demand, the Owner/Developer may cancel this Reservation and forfeit all payments made as liquidated damages upon the occurrence of any of the following events of default: a. Failure to pay any installment on the down payment on the due date set forth under Page 1; b. Failure to sign and deliver the prescribed Contract to Sell within five (5) days upon receipt of the said contract; c. Failure to pay the down payment or deliver any post-dated checks required on their respective due dates as agreed upon by both parties; d. Any delay lasting for thirty (30) days beyond due date; e. As to Bank Financing – If within 30 days from the date of reservation deposit, if I/We fail to do any act or sign the required documents or fail for any reason to obtain the loan of payment of the balance of the purchase price, the Owner/Developer may consider this reservation as cancelled and the reservation deposit shall be forfeited plus 50% of whatever amount of down payment paid as liquidated damages in lieu of probable actual damages and other monetary relief that the Owner/Developer may be entitled under the law. The other 50% of the down payment or installment, less the sale commission and other expenses shall be refunded to me/us without any interest, and in consideration of which all rights over the unit subject of this Reservation Agreement shall be restored to the Owner/Developer. f. As to In-House Financing – It is agreed by the parties herein that the Owner/Developer has the option to assign or transfer all the part of its receivables under the Post-Dated Checks issued by the Buyer to any banks or other financial institution;

 

7. I/WE likewise agree that any misrepresentation or unauthorized warranty made by the agent shall not be binding or shall have no legal effect against the Owner/Developer unless such representation or warranty is produced into writing and duly approved and confirmed by its authorized officer(s).

 

8. All taxes and expenses, including but not limited to, documentary stamp taxes, transfer taxes, registration fees, processing fees, and notarial fees shall be for the account of the Buyer(s). Payments shall be based on a preliminary computation of such fees, taxes or expenses. Any increase thereto shall be for the account of the Buyer.

 

9. The undersigned hereto manifest that I/We am/are aware of the status of the project with the Department of Human Settlements and Urban Development (DHSUD) formerly Housing and Land Use Regulatory Board (HLURB), and that the sole reason why I/We avail of this reservation is to buy the unit(s) at pre-developed price. The Owner/Developer reserves the right to increase the number of floors permissible within the scope of the Building Code and subject to the approval of the approving Government Building Officials, increase or reduce the unit area or common areas in order to adjust Architectural design suited for the building.

 

10. This reservation application is on first-come-first-serve basis and subject to final approval by the Owner/Developer.

 

11. The Buyer(s) hereby confirm that all personal details disclosed herein are true and correct and hereby undertakes to notify the Owner/Developer of any change in the Buyer(s) personal circumstances, without prejudice to the right of the Owner/Developer to conduct the appropriate verification as to the veracity of all disclosures containedherein.

 

12. This Reservation states the entire agreement of the Buyer(s) and the Owner/Developer and any stipulations, representations, warranties, agreements or promises, oral or otherwise, not contained in this Reservation Agreement shall not bind the Owner/Developer.