MEMORANDUM OF UNDERSTANDING

KNOW ALL MEN BY THESE PRESENTS:

This MEMORANDUM OF UNDERSTANDING is made, executed and entered

into by:

FIRST PARTY, of legal age, married, Filipino, a resident of Patag, Cagayan de

Oro City, hereinafter referred to as the FIRST PARTY.
-AND-

SECOND and SECOND PARTY, both of legal age, Filipinos, and residents of
Cagayan de Oro City, hereinafter referred to as the SECOND PARTY.

WITNESSETH:

WHEREAS, the FIRST PARTY is the duly authorized representative of the

lawful and registered owners of TCT No. 123 and TCT No. 456 with a total area of more
or less TWO THOUSAND (2,000) SQ. M situated at Alubijid, Misamis Oriental;

WHEREAS, the FIRST PARTY has authorized the SECOND PARTY to sell
the abovementioned property under the terms and conditions herein below set forth;

1. That the said property shall be sold in the amount of SIX HUNDRED
PESOS (Php 600.00) PER SQ. M. or a total of ONE MILLION TWO
HUNDRED THOUSAND PESOS (Php 1,200,000.00) NET;

2. That the amount of ONE MILLION TWO HUNDRED THOUSAND

PESOS (Php 1,200,000.00) NET shall be paid in cash by the SECOND
PARTY to the FIRST PARTY within FOUR (4) MONTHS from the
signing of this contract;

3. That in the sale of the above-stated property, any amount in excess of ONE
MILLION TWO HUNDRED THOUSAND PESOS (Php 1,200,000.00)
NET shall belong to the SECOND PARTY as commission fee; and

4. That all expenses necessary for the sale of the said property shall be paid by
the SECOND PARTY.

IN WITNESS WHEREOF, the parties have hereunto affix their signature this
_______________________________ at Cagayan de Oro City, Philippines.

FIRST PARTY SECOND and SECOND PARTY

FIRST PARTY SECOND PARTY

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Marital Consent: _____________________________

SIGNED IN THE PRESENCE OF:

_____________________________ _____________________________