EARNEST MONEY RECEIPT AGREEMENT

This EARNEST MONEY RECEIPT AGREEMENT (“Agreement”) is made and entered

into this _____ day of July 2020 at ______________, by and between:

ALEJANDRO DELARMENTE LOPEZ, of legal age, Filipino, single, residing at

Brgy. Taon-taon, Inopacan, Leyte;

JOEL ROSAS LOPEZ, of legal age, Filipino, married, residing at Brgy. Taon-taon,
Inopacan, Leyte;

MARITES LOPEZ SARVIDA, of legal age, Filipino, married, residing at Brgy.

Taon-taon, Inopacan, Leyte;

JAY ROSAS LOPEZ, of legal age, Filipino, married, residing at Brgy. Taon-taon,
Inopacan, Leyte;

RENATO ROSAS LOPEZ, of legal age, Filipino, married, residing at Brgy. Taon-
taon, Inopacan, Leyte; and

MELANIE ROSAS LOPEZ, of legal age, Filipino, single, residing at Brgy. Taon-
taon, Inopacan, Leyte;

hereinafter collectively referred to as “SELLERS”

-and-

MARICEL FELICILDA HANDLEMAN, of legal age, Filipino, married, residing at

Block 12, Lot 01, Camella Homes, Brgy. Tambulilid, Ormoc City, Leyte, herein
represented by GRECILDA FELICILDA MONTE, of legal age, Filipino, married,
residing at Block 12, Lot 01, Camella Homes, Brgy. Tambulilid, Ormoc City, Leyte,
hereinafter referred to as “BUYER”.

WITNESSETH, that

WHEREAS, we (“SELLERS”) are the sole heirs of the deceased SEVERINO

DELARMENTE, ANACORITA DELARMENTE LOPEZ and FLORENCIO
DELARMENTE LOPEZ (“the deceased”);
 WHEREAS, the deceased, died intestate, without Will or Testament;

WHEREAS, we (“SELLERS”) have decided to offer for sale a property of the

deceased described hereunder to the BUYER.

1. The SELLERS acknowledge receipt from the BUYER the sum of FIFTY
THOUSAND PESOS (Php 50,000.00) representing EARNEST MONEY for payment of a real
property located at Brgy. Linao, Inopacan, Leyte, Philippines covered by O.C.T. No. P-
79183 (“Subject Property”).

2. This EARNEST MONEY forms part of the purchase price of the Subject
Property balance and full payment shall be paid within thirty (30) days from the full
settlement of the estate tax liabilities attached to the SUBJECT PROPERTY. Any time
constraints brought about by any guidelines, rules and/or regulations issued by the
national or local government pertaining to the present coronavirus pandemic or any other
pandemic or calamity shall be excluded in the computation of the thirty-day period.

3. The BUYER hereby reserves the exclusive right to purchase the Subject
Property and the SELLERS cannot offer the Subject Property to any third party until the
expiration of the period provided under No. 2 hereof.

4. Upon full payment, the SELLERS shall execute a DEED OF ABSOLUTE SALE
in favor of the BUYER, conveying the subject property with full warranty of a legal and
valid title as provided by law, free and clear from any liens and encumbrances.

5. Upon execution of the DEED OF ABSOLUTE SALE, the SELLERS shall

undertake the payment of the Capital Gains Tax and Documentary Stamps Tax. The BUYER
shall shoulder the payment of the Transfer Tax, Registration Fee and all other expenses to
transfer the title of the property under her name.

6. In case of voluntary cancellation of this agreement by the BUYER without

any cause on the part of the SELLER or if the BUYER fails to comply with her obligations
mentioned, then the SELLER shall have the right to terminate this agreement in which case
the EARNEST MONEY in the amount of FIFTY THOUSAND PESOS (Php 50,000.00) shall be
forfeited in favor of the SELLER as liquidated damages.

7. In case of voluntary cancellation of this agreement by the SELLERS without

any cause on the part of the BUYER or if the SELLERS fail to comply with their obligations
mentioned, then the BUYER shall have the right to terminate this agreement in which case
she is entitled to the return of the EARNEST MONEY in the amount of FIFTY THOUSAND
PESOS (Php 50,000.00) and reimbursement for all expenses incurred in furtherance of the
instant agreement as well as the sale of the Subject Property.

SELLERS: BUYER:

ALEJANDRO DELARMENTE MARICEL FELICILDA HANDLEMAN

LOPEZ as represented herein by
GRECILDA FELICILDA MONTE

JOEL ROSAS LOPEZ

MARITES LOPEZ SARVIDA

JAY ROSAS LOPEZ

RENATO ROSAS LOPEZ

MELANIE ROSAS LOPEZ

ACKNOWLEDGEMENT

Republic of the Philippines}

City of }

BEFORE ME, a Notary Public, for and in the City of ____________ this _____ day of
______________ Personally appeared the following

Name Gov’t Issued ID Date of Expiry; Place Issued

Both known to me and to me known to have executed the foregoing Earnest Money
Receipt Agreement consisting of Five (5) pages including the Acknowledgement and they
acknowledged to me that the same is their free and voluntary act and deed.

Doc No. _____;

Page No. _____;
Book No. _____;
Series of 2020.