Contract of Usufruct

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CONTRACT OF USUFRUCT

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF USUFRUCT is made and executed at the


________ this day of ___________, 2021 by and between:

________________, of legal age, married, Filipino, and with


residence and postal address at _________________________,
hereinafter referred as the OWNER.

- AND –

___________________, Filipino and with residence and postal


address at ____________________, hereinafter referred as the
USUFRUCTUARY.

WITNESSETH: That

WHEREAS, ______________________ is the owner of the real


property situated at ______________________________ with
Title No. _______________ containing an area of __________
square meters;

WHEREAS, the owner merely tolerates the usufructuary to use


a small portion of the above-mentioned lot which shall be
determined by the owner himself;

WHEREAS, the usufructuary recognizes the ownership of the


owner over the said lot and his use is only by mere tolerance;

WHEREAS, the usufructuary cannot expand the area of his use


of the property other than the one determined by the owner;

WHEREAS, the usufructuary agrees to use the said property for


residential only;

WHEREAS, the usufructuary agrees not to use the same in any


other purpose;

WHEREAS, the usufructuary agrees not to put up any


improvement therein especially semi-concrete or concrete
improvements therein except for the barong-barong for his
house;
WHEREAS, the usufructuary agrees to remove the
improvement therein and vacate immediately the property
at anytime upon demand of the owner;

WHEREAS, the usufructuary acknowledges the OWNER’S RIGHT


OF ENTRY in the property or any authorized agent of the
owner;

This CONTRACT shall be valid and binding between the


parties, their successors-in-interest and assigns.

IN WITNESS WHEREOF, parties herein affixed their signatures


on the date and place above written.

______________________
_______________________
Owner Usufructuary

Signed in the presence of:

________________________ ________________________

ACKNOWLEDGMENT

Republic of the Philippines


________________________ ) S.S.

BEFORE ME, personally appeared:

Name CTC Number Date/Place Issued

Known to me and to be the same persons who executed the


foregoing instrument and acknowledged to me that the same
is their free and voluntary act and deed.

This instrument consisting of ____ page/s, including the page


on which this acknowledgment is written, has been signed on
each and every page thereof by the concerned parties and
their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL, on the date and place above


written.

Doc. No. ________


Page No. ________
Book No. ________
Series of 2021

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