MEMORANDUM OF UNDERSTANDING

This Memorandum of Understanding (this “MOU”) is made and entered into this __
day of ________ 2017 at Mandaluyong City, by and amongbetween:

CAPRI OASIS CONDOMINIUM CORPORATION, a non-stock, non-

profit condominium corporation duly organized and existing under the laws of
the Republic of the Philippines, with address at Dr. Sixto Avenue, Barangay
Maybunga, Pasig City, represented herein by its President, MR. NOEL
TORRES[•], and hereinafter referred to as the “COCC,”

- and -

FILINVEST LAND, INC., a corporation duly organized and existing

under the laws of the Republic of the Philippines, with principal office address at
the Filinvest Building, 79 EDSA, Highway Hills, Mandaluyong City, represented
herein by its [•], [•], and hereinafter referred to as “FLI.”

RECITALS

WHEREAS, COCC was incorporated for the primary purpose of holding title to and
managing all the common areas of the Capri Oasis Condominium Project located along Dr.
Sixto Antonio Avenue, Barangay Maybunga, Pasig City, Metro Manila (the “Project”);

WHEREAS, as the management body over the Project, COCC is mandated to implement
and enforce the limitations, restrictions, and conditions of the Master Deed with Declaration of
Restrictions (“Master Deed”) created for the Project, and ensure strict compliance therewith by
the unit owners and residents within the Project, including the timely payment of association
dues, which finance the management expenses for the Project’s common areas;

WHEREAS, Part II, Section 13 of the Master Deed empowers COCC to cut-off/shut-off
the water service connection for the unit of any buyer or owner who is delinquent in the
payment of any association dues or the bills pertaining to said service connections;

WHEREAS, COCC understands that the water service connections of the units in the
Project are supplied by FLI pursuant to individual Contracts for Water Service Connection
executed between FLI and each unit owner as its customers;

WHEREAS, FLI, in its capacity as a service provider, recognizes that the power and
authority of COCC to cut-off water service connections granted by Part II, Section 13 of the
Master Deed is a necessary and equitable remedial measure to enforce a unit owner’s obligation
to timely pay his/her association dues, and has therefore agreed to accommodate COCC’s
request to cooperate with its collection efforts, subject to the terms and conditions stipulated in
this MOU;

NOW, THEREFORE, for and in consideration of the foregoing premises, the parties
agree as follows:

1. Subject to COCC’s establishment of the conditions and delivery of the requirements

stipulated in this MOU, FLI agrees to temporarily shut-off or disconnect the water service
connection to postpaid water meters or suspend the loading to the prepaid water meters, of
 of a unit buyer or owner, who has been established as delinquent in the payment of any
association dues, whether or not such delinquent unit buyer or owner has timely paid all of
his/her water bills with FLI.

2. COCC recognizes that its power and authority pursuant to Part II, Section 13 of the Master
Deed is a severe but necessary penalty, which must nonetheless be exercised sparingly and
with due consideration. Accordingly, any request by COCC for FLI to disconnect a unit’s
water connection shall only be made when the affected unit buyer or owner has been
delinquent in the payment of his/her full association dues for at least three twenty eightwo
(283) daysconsecutive months, and after the due date of theindicated in a Disconnection
Notice that was served by prior to the date of the Notice of Disconnection to be served by
COCC to the delinquent unit buyer or owner had lapsed.

When a unit buyer or owner has been delinquent in the payment of his association dues for
twentyat least three (3)one consecutive (1201) daysmonths, COCC shall be entitled to send a
First Demand CollectionLetter Notice to the concerned unit buyer or owner, accompanied
by . Such Demand Letter must contain the following details: (i) a statement of account
(“SOA”) for the current month plus the unpaid dues for the immediately preceding month,
including any penalties or interests incurred; . If the unit buyer or owner still fails to pay the
full amount stated in the First Collection Notice on or before the date set forth therein,
COCC shall send (ii) a Disconnectionfinal demandFinal Collection Notice after five (5) days
from the stated due date25 for the total unpaid amounts plus the dues for the current
month. The Disconnection Notice shall contentain a warning that failure to timely pay all
amounts due by the end ofon or before the deadline, which shall not be less than three (3)
days from the Disconnection Notice of this notice, shall entitle COCC to direct the cut-off of
the concerned unit’s water service connection. COCC shall deliver all the notices
stipulatrequired hereunder to the delinquent unit buyer or owner, either by personal service
if presently occupying the unit or by licensed courier to his/her last known address outside
the Project.

The Final Collection Notice shall be accompanied by a Disconnection Notice, which shall
include; (ii: (i) a period of at least ten twenty (120) calendar days within which to fully pay all
the unpaid three (3) months’ association dues plus incurred penalties or interests (the “Curing
Period”); and (ivii) a warning that failure to timely pay all amounts due by the end of the
Curing Period shall entitle COCC to direct the cut-off of the concerned unit’s water service
connection. Upon the expiration of the Curing Period, COCC shall then deliver a Notice of
Disconnectionall the notices stipulated hereunder to the delinquent unit buyer or owner, either
by personal service if presently occupying the unit or by licensed courier to his/her last known
address outside the Project.

3. FLI then agrees to temporarily cut-off the water service connection of the delinquent unit
buyer or owner upon a written instruction from COCC, signed by its duly authorized
representative, and accompanied by the following supporting documents: (i) the Demand
LetterFirst and Final Collection Notices, together with the applicable SOAs, with proof of
service; and (ii) the Notice of Disconnection Notice, likewise with proof of service. In case of
service via licensed courier, the applicable receipt should be appended. Upon receipt of the
written instruction, FLI shall immediately cut-off the specified water service connection.

4. Notwithstanding anything contrary stipulated in the sales documents for an affected unit, as
well as the provisions of the Master Deed, COCC recognizes that the specific requirements
 stipulated under this MOU must be duly submitted or complied with before FLI may be
required to cut-off a specific water service connection.

5. For avoidance of doubt, COCC’s exercise of its right to cut-off a unit’s water service
connection after delinquency for twenty eighto (28) daysconsecutive months shall not
absolve the unit buyer or owner from his/her obligation to settle all unpaid association dues
and penalties, nor shall it prejudice the accrual of subsequent monthly association dues for
the unit. Moreover, nothing in this MOU shall be interpreted as a waiver by COCC of its
right to avail of other legal remedies to enforce its right to collect association dues.

6. FLI shall only restore a water service connection temporarily cut-off pursuant to this MOU
upon written advice from COCC that the affected unit buyer or owner has fully settled all
his/her monetary obligations to COCC, including those that may have continued to accrue
even after the fact of disconnection. FLI shall restore such water service connection no later
than the working day subsequent to its receipt of the aforementioned written advice from
COCC.

7. COCC shall indemnify and hold FLI free and harmless against any claim, demand, injury,
damage, or proceeding initiated by a unit owner or buyer as a result of the disconnection of
a water service connection done in accordance with the Master Deed, as supplemented by
the requirements under this MOU. On the other hand, FLI shall not be entitled to demand
from COCC any claim for loss of expected income or any other additional service fee on
account of the execution of this MOU.

8. For purposes of notice and transparency, COCC shall post the terms of this MOU,
particularly the requirements prior to disconnection and the mode of restoration, in
conspicuous places throughout the Project for a period of no less than one (1) month.

9. No provision of this MOU shall be interpreted to supersede or prejudice any of the rights of
FLI nor the obligations of a unit buyer or owner under the particular Contract for Water
Service Connection executed by them.

10. 10. This MOU shall be binding between the parties, as well as their successors-in-interests
and assigns.

111. The effectivity of this MOU shall commence upon the expiration of the notice period
stipulated in paragraph 8 above, and shall continue until terminated by either party upon
notice to the other party of its intention to terminate this MOU no earlier than 90 days from
the intended and specified date of termination.

IN WITNESS WHEREOF, the COCC and FLI, through their authorized representatives,
have executed this Memorandum of Understanding on the date and at the place first written
above.

CAPRI OASIS FILINVEST LAND, INC.

CONDOMINIUM CORPORATION

By: By:

NOEL TORRES[•] [•]

President [position]
 Signed in the presence of:

___________________________ ___________________________
 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

MANDALUYONG CITY ) S.S.

BEFORE ME, a Notary Public for and in the above jurisdiction, on _________________,
personally appeared the following individuals with their competent evidence of identity,
bearing their respective photographs and signatures:

Name Competent Proof of Date and Place of Issue

Identity
NOEL TORRES
in his capacity as President of Capri Oasis
Condominium Corporation

in his capacity as [•] of Filinvest Land, Inc.

known to me to be the same persons who executed the foregoing Memorandum of

Understanding, which consists of four (4) pages, including the page whereon this
acknowledgment is written, and they acknowledged to me that the same is their free and
voluntary act and deed as well as that of the corporations herein represented.

WITNESS MY HAND AND SEAL on the date and at the place first written above.

Doc. No. _____

Page No. _____
Book No. _____
Series of 2017.

1.4.5
MOU re Water Cut-off / RBG