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Undertaking

This document is a deed of undertaking for a developer with incomplete documentary or technical requirements for a housing project. It states that the developer agrees to comply with any deficiencies within 60 working days to allow takeout of the project. The developer authorizes PAG-IBIG Fund to deduct 3% of the loan amount as cash retention until deficiencies are resolved. If deficiencies are not resolved within the period, the developer agrees to buy back affected accounts. The document is signed and notarized by the developer.

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Mitch Abellera
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88 views2 pages

Undertaking

This document is a deed of undertaking for a developer with incomplete documentary or technical requirements for a housing project. It states that the developer agrees to comply with any deficiencies within 60 working days to allow takeout of the project. The developer authorizes PAG-IBIG Fund to deduct 3% of the loan amount as cash retention until deficiencies are resolved. If deficiencies are not resolved within the period, the developer agrees to buy back affected accounts. The document is signed and notarized by the developer.

Uploaded by

Mitch Abellera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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For Developer with incomplete documentary/technical requirements

And housing project with incomplete development

REPUBLIC OF THE REPUBLIC)


________________________)S.S
DEED OF UNDERTAKING
KNOW ALL MEN BY THESE PRESENTS:
I, _______________________ of legal age, Filipino, single/married, with postal and
business address at ____________________ after having been duly sworn in accordance with
law hereby depose and state:
1. That I am the President _____________________ with office address at
_____________________________________.

2. That I am Authorized to execute and sign the Deed of Undertaking evidenced by a


Secretary Certificate dated July 6,2013; as well as to perform any and all such acts
may be necessary and required to carry out the purpose and intent of this Deed;

3. That we are the Developer of the housing ________________ located at


___________________________________________

4. That the properties for takeout as enumerated below, have a deficiency on the
(Documentary Deficiencies/Technical Deficiencies/Project Development Extension).

HOUSING NAME OF NAME OF LACKING


APPLICATION BORROWER/BUYER PROJECT DOCUMENTS/D
NO. (if any) (Last Name, First Name, (if any) EFICIENCY STATUS/REMARKS
Name Extension, Middle
Name)

RIVERA, DEO G. NORTH FORBES


SUBDIVISION

That it satisfies the conditions set by PAG-IBIG Fund allowing takeout even if there is no
full compliance with the documentary and technical requirements.
5. That _____________________________ undertakes the compliance of the
abovementioned deficiency with __________________(60) working days from the
date of takeout.

6. That we hereby authorized the Fund to deduct _________________percent (3%) of


the loan amount from the takeout proceeds due to us as cash retention for this
undertaking.

7. That we have understood that the cash retention shall only be releases to us upon
compliance of the above mentioned deficiency.

8. That if at the time of compliance for the above mentioned deficiency we have a
buyback obligation with the Fund, the cash retention shall be applied first to our
overdue buyback obligation and any excess shall be released to us;

9. That in case we fail to comply with the deficiency within the prescribed period five,
we shall buyback the affected accounts.

10. That we are executing this Deed to attest to the truth the foregoing fact and for
whatever legal purposes or intent this may duly serve.
For Developer with incomplete documentary/technical requirements
And housing project with incomplete development

IN WITNESS WHEREOF, I have hereunto set my hand this ___________________ day of


_______, 20___ at ________________________________________________, Philippines.

_________________________
Developer/Affiant

SUBSCRIBED AND SWORN to before me in the City/Municipality of


___________________________ this _______ day of ____________________, by
_____________________________________________ who has satisfactory proven to me
his/her identity through his/her ____________________________ No.
________________ valid until _________________, that he/she is the same person who
personally signed before me the foregoing Deed of Undertaking and acknowledgement that
he/she executed the same.

NOTARY PUBLIC

Doc. No. : _____


Page No. : _____
Book No. : _____
Series of : _____

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