Land Development Agreement

LAND DEVELOPMENT AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This agreement made and entered into this ____ day of _______,
20___ at __________________ by and between:
__________________, of legal age, married and represented in this

act by their duly authorized Attorney-in-fact and co-owner,
______________, of legal age, Filipino, married to _____________, with
residence and postal address at ________________________, hereinafter
referred to as FIRST PARTY;
and
____________________, likewise a domestic corporation duly

organized and existing under and by virtue of the laws of the Philippines
with address at __________________________________, represented in
this act by its duly authorized _____________________, hereinafter
referred to as the SECOND PARTY;
WITNESSETH:
WHEREAS, the FIRST PARTY is the duly registered owner in fee

simple of three (3) parcels of land situated in san Dionisio, Parañaque City
covered and embraced under Original Certificates of Title Nos. 679,680
and 681 of the land records of Parañaque City and more particularly
described as follows:
WHEREAS the FIRST PARTY is desirous of having the

aforementioned properties containing an approximate area of ONE
THOUSAND NINE HUNDRED TWENTY SQUARE METERS and FIFTY SQUARE
DECIMETERS (1,920.50), more or less, developed into and form part of BF
Homes Parañaque Phase V;
WHEREAS, the SECOND PARTY, being capable, able and having the
expertise and funds is willing and agreeable to develop and finance the
improvements the FIRST PARTY herein contemplates for the
development of the above described property;
NOW THEREFORE, for and in consideration of the foregoing

premises, the parties hereto bind themselves, their assigns and
successors-in-interest, under the following terms and conditions and
stipulations;
1. The SECOND PARTY shall undertake the development of the

above described parcels of land into a residential subdivision to
form part of BF Homes Parañaque Phase V and in that pursuit
shall advance and issue for its own account all funds and monies
to cover all expenses and cost of development of the subject
property and in consideration of which the FIRST PARTY agrees
to cede, as it hereby cedes unto and in favor of the SECOND
PARTY the following:
a. All areas within the developed subject allocated for road

lots;
b. FIVE HUNDRED FORTY-THREE SQUARE METERS (543) of
saleable lot areas after deducting area set aside for roads
from the gross area of the subject property;
2. Upon completion of the development of the above mentioned

property and after due notice to the FIRST PARTY, the SECOND
PARTY is hereby authorized to cause the partition and
adjudication of the NET TOTAL subdivided lot area and to
execute a Deed of Partition and Distribution of land, in the
following manner, to wit:
a. SEVEN HUNDRED FORTY-EIGHT SQUARE METERS (748) in

favor of the FIRST PARTY;
b. FIVE HUNDRED FIRTY-THREE SQUARE METERS (543) in
favor of the SECOND PARTY in consideration of its
development and financing services and in accordance
with Paragraph 1 (b) above. It is hereby understood that
the distribution of the respective shares shall be
undertaken by the SECOND PARTY in a manner that is
just, fair equitable and favorable to both parties in
accordance with the sharing ratio provided herein;
The SECOND PARTY binds itself to deliver to the FIRST

PARTY its net lot share, together with their corresponding
transfer certificates of title as provided for in the Deed of
Partition and Distribution of land subject to the conditions
herein stipulated; it being understood and herein
emphasized that the ownership of the resulting road lots
within the developed property subject of this agreement
shall pertain and be exclusively owned by the SECOND
PARTY hereinafter be lawfully required and provided for
by the law affecting such resulting road lots.
3. The SECOND PARTY shall commence the development of the

properties subject of this agreement upon approval of all
necessary and proper plans by the appropriate government
agency/s unless despite of such fact the commencement of the
development is not possible due to any impediment beyond the
control of the SECOND PARTY and in such event no liability
whatsoever attached or arises against the SECOND PARTY;
4. All expenses that may be incurred in securing the necessary

permits and/or licenses for the development of said project
from all government instrumentalities concerned shall be for the
account of the SECOND PARTY including the expenses for
relocation, survey, planning and approval thereof which the
SECOND PARTY does not warrant nor guarantee and always
subject to any rule, law, decrees, order, instruction, regulation
or circular which may hereafter be lawfully enacted
promulgated and made effective and applicable to this
Agreement;
5. The SECOND PARTY shall bear all expenses for the approval by
the proper government agency/s as to the consolidation-
subdivision plan of the lots comprised within the subdivision
project contemplated herein and for the issuance of the
corresponding certificates of title in the names of the FIRST
PARTY and the SECOND PARTY;
6. Before the completion of the development and execution of the

Deed of partition and Distribution it is specifically agreed that
the payment of the realty taxes on the entire property subject of
this agreement shall be for the account of the FIRST PARTY;
7. The sale of the subdivided lots by either party in relation to the

share of each in accordance with the apportionment herein
stipulated shall be subject to the standard restrictions being
imposed by the subdivision owner-developer, which restrictions
are contained in the hereto attached Annex “A”;
8. It is mutually agreed upon that in the event the parties herein

desires to assign, transfer and convey their lot shares in this
agreement, both parties shall have an absolute pre-emptive
right to exercise the option of the first refusal. In which case the
party herein desiring to assign, transfer and convey its shares,
shall first offer the same to other Party before such share is
offered to third person/s;
IN WITNESS WHEREOF, the Parties hereto have set their hands this
___day of ___________ at _____________.

Land Development Agreement

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LAND DEVELOPMENT AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

__________________, of legal age, married and represented in this

____________________, likewise a domestic corporation duly

WHEREAS, the FIRST PARTY is the duly registered owner in fee

WHEREAS the FIRST PARTY is desirous of having the

NOW THEREFORE, for and in consideration of the foregoing

1. The SECOND PARTY shall undertake the development of the

a. All areas within the developed subject allocated for road

2. Upon completion of the development of the above mentioned

a. SEVEN HUNDRED FORTY-EIGHT SQUARE METERS (748) in

The SECOND PARTY binds itself to deliver to the FIRST

3. The SECOND PARTY shall commence the development of the

4. All expenses that may be incurred in securing the necessary

6. Before the completion of the development and execution of the

7. The sale of the subdivided lots by either party in relation to the

8. It is mutually agreed upon that in the event the parties herein

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