PALMAS DEL MAR HOMEOWNERS ASSOCIATION INC.

Palmas del Mar Subdivision, Brgy. Singcang-Airport, Bacolod City

WAIVER AND ASSUMPTION

OF LIABILITY AND RISK

I/WE ____________________________________, as homeowner/lot

buyer of a property denominated as Lot No. ____, Blk. No. _____ situated at Palmas
del Mar Subdivision, having leased the said property to
________________________________________________ (Lessee), hereby
represent to the HOA and further acknowledge, appreciate and agree for myself and on
behalf of the Lessee that:

1. I knowingly and freely assume all such risks, both known and unknown, and
assume full responsibility for whatever act or acts that the said Lessee may
commit.

2. I acknowledge receiving a copy of the HOA by-laws and rules and that I will
instruct and be responsible for the compliance of the Lessee, the stated rules, as
may be amended from time to time, and other terms and conditions that the
HOA may promulgate. I hereby assume all claims, actions, liabilities, fees and
penalties that may be imposed as a result of the violation of the HOA by-laws and
rules by the Lessee.

3. I, for myself and on behalf of the Lessee and his/her heirs, assigns and personal
representatives, hereby RELEASE the HOA, its affiliates, officers, board of
directors, agents and/or employees from any claims, actions, liabilities and
expenses during the whole duration of the lease to the fullest extent permitted by
law. I further agree to indemnify, defend and hold the HOA harmless from any
claims coming from the Lessee, their respective heirs, assigns or personal
representatives.

I HAVE READ THIS ASSUMPTION OF RISK AND RELEASE OF LIABILITY,

FULLY UNDERSTAND ITS TERMS, UNDERSTAND THAT I HAVE GIVEN UP
SUBSTANTIAL RIGHTS BY SIGNING IT AND SIGN IT FREELY AND
VOLUNTARILY, FREE FROM ANY FORM OF THREAT, INTIMIDATION OR
COERCION.

__________________________
Homeowner/Lot Buyer

__________________________
Lessee

Signed in the presence of:

___________________________ ___________________________