Usufract Agreement
Usufract Agreement
Usufract Agreement
NORMA BRIGNAS MUÑEZ, of legal age, Filipino citizen, single and resident of Dakit,
Bogo City, Cebu, Philippines, and, hereinafter referred as the “LANDOWNER”,
-and-
WITNESSETH
“A parcel of land known as Lot No. 2320-C-7; being a portion of Lot No. 2320-C of the
sketch plan prepared by Geodetic Engr., Felix C. Rodriguez; covered by Transfer Certificate
of Title No. T-74074-; under Tax Declaration No. BB-224-13004; bounded on the NW: by
Lot No. 2320-D; on the NE: by Lot No. 2322-CAD155; on the SE: by Lot No. 2320-B; and
on the SW: by Barangay Road; containing an area of ONE THOUSAND (1,000) Square
Meters, more or less.”
WHEREAS, the LANDOWNER, by tolerance, is hereby bestowing the right to use and
enjoy the property provided that all the necessary improvements for
preservation of the said property, including payment of electricity and water
shall be shouldered by the usufructuary;
WHEREAS, the USUFRUCTUARY, shall bear the burden of preserving the property,
ensuring its usefulness for the future use of the landowner, maintaining peaceful
existence within the property and paying all necessary expenses for the
preservation and improvements of the said property;
WHEREAS, the LANDOWNER is willing to enter into a usufruct agreement with the
usufructuary subjet to the terms and conditions herein;
NOW THEREFORE, for and in consideration of the foregoing premises and of the
mutual covenants hereinafter contained, the parties hereby agree as follows:
1. TERM: The term of the usufruct shall be for a period of of lifetime upon agreement of
two parties from the signing of this Agreement.
1. PURPOSES OF THE USUFRUCT: The place will serve as home and residence
of the usufractuary and the land owner.
2. LAND OWNERSHIP: The ownership and title remains with and continues to
be in the name of the LANDOWNER. When the Land owner dies first the
usufractuary shall continue to stay at the property of the land owner and the
loan still payable until such time that the usufructuary dies first the loan’s
forgiven and the house and the contents of the usufructuary possession will
automatically and becomes the Landowner’s ownership.
4.2 The USUFRACTUARY shall pay the real estate taxes due on the
property upon construction of their residential house/building
constructed.
4.4 The USUFRACTUARY shall not enter into any other agreements that
will involve use of the property intended without the consent of the
LANDOWNER.
4.9 The USUFRACTUARY shall not use the property for any unlawful or
illegal act.
4.2 Exercise the right of ownership over the property under usufruct;
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5. OTHER TERMS AND CONDITIONS:
5.1 This agreement shall be binding upon the parties hereto and their
successors-in-interest.
5.2 In case of breach of any terms of the Agreement, dispute and/or litigation
arising from this agreement, the venue of actions shall be filed in the proper
court of Bogo City, Cebu, Philippines, to the exclusions of all other courts.
IN WITNESS WHEREOF, the parties have set their hands this _____________ at
Mandaue City, Cebu, Philippines.
________________ _____________
Landowner Usufractuary
ACKNOWLEDGMENT
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