Jae Hyoung Kim, of Legal Age, Korean Citizen, With The Residence of South Korea

AGREEMENT
This agreement is made and executed and entered into by;
Jae Hyoung Kim, of legal age, Korean citizen, with the residence of South Korea
represented by his lawful Attorney-in-fact also of legal age and hereinafter referred
to as “OWNER”;
and
Anwar Blao Mangacop, of legal age, Filipino, with the residence address at Davao
City, Philippines, hereinafter referred to as “Administrator”.
(Each, a “Party”, and collectively, the “Parties”)
Recitals:
(a) The OWNER is the absolute and registered rightful holder of the certain parcel of land situated
in the Barangay Calawisan, Lapu-Lapu City, Cebu, with an area of One Hundred Sixty-Five
(165) hectares, more or less;
(b) The Administrator has offered to process the title and ensure the development of the entire
property, under their full supervision, from the beginning to end, subject to the terms and
conditions hereinafter set forth;
(c) The authority of (Attorney-in-fact) to make, sign, execute and deliver this Agreement for and
on behalf of Jae Hyoung Kim, is evidenced by a Special Power of Attorney (the “SPA”) dated
April 25, 2019, and which document is entered in the notarial register of Atty. Nicanor V.
Moreno Jr., Notary Republic for Lapu-Lapu City, as Document No. 335 of Page No. 67, Book
No. 48, Series of 2019.
(d) The parties have agreed in the completion, and the maintenance of the viability, of the project.
NOW, THEREFORE, for and in consideration of the foregoing property and the mutual covenants herein
contained, the Parties hereby agree as follows;
1. The total consideration for the land (before title) shall be Nine Hundred Ninety Million Pesos
(Ᵽ 990,000,000) (165 Hectares x Ᵽ600), payables as follows;
a. Twenty Million Pesos (Ᵽ20,000,000) once the property title has been fully processed and
released.
b. Eight percent (10%) of the total price (before title), which is equivalent to Ninety-Nine
Million (Ᵽ99,000,000) upon signing of Joint Venture Contract.
c. The remaining amount of Eight Hundred Seventy-One Million (Ᵽ871,000,000) will be

subject to the terms of the developer once the Joint Venture is establish.
2. Operational and mobilization expenses shall be shouldered and shall be account of the
ADMINISTRATOR.
3. The parties agreed that all miscellaneous expenses, fees and liabilities due to the Philippine
Government shall also be shouldered and account of the ADMINISTRATOR. Any tax paid for
the property will be refunded to the OWNER.
4. Total amount equivalent to all expenses incurred, shall not be deducted on the total initial land
price.
5. The OWNER agrees to cooperate and deliver, to the ADMINISTRATOR, all documents and/or
certificates as may be required by law for the title registration.
6. ADMINISTRATOR is expected to deliver the Titled Documents on or before the third quarter of
this calendar year will end.
7. The OWNER undertakes and agrees that the ADMINISTRATOR is entitled to take Forty
percent (40%) of the actual sales value of the property.
8. Once the title is processed, both parties agrees that the property will be valued at Ten Thousand
(Ᵽ10,000) per square meter and ADMINISTRATOR is responsible for the full supervision in
getting the property to be developed.
9. All information, documents and papers received from the OWNER in relation to the preparation,
negotiation and execution of Joint Venture shall be treated by the Parties in utmost confidentiality
and shall not be divulged or shared with any third party, without the prior written consent of the
other Party.
10. OWNER represents and warrants that he has good and marketable title to the Property and full
authority to make deals with the Property.
IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the Effective Date.
JAE HYOUNG KIM ANWAR BLAO MANGACOP

Owner Administrator
Signed in the presence of:
________________________ ________________________
ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)
_____________________________) SS.
BEFORE ME, a Notary Public for and in __________________________________________ personally
appeared:

Name ID Number Date/Place Issued

Known to me and to me known to be the same persons who executed the foregoing instrument and
acknowledged to me that the same are their free act and voluntary deed.

This instrument, consisting of 2 pages, including the page on which this acknowledgment is written, has
been signed on the left margin of each and every page thereof by the concerned parties and their
witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL on this ______day of
_______________________________20__________ at_____________________________.

Notary Public

Doc. No. ……..;
Page No. …….;
Book No. …….;
Series of 20____.

Jae Hyoung Kim, of Legal Age, Korean Citizen, With The Residence of South Korea

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AGREEMENT

This agreement is made and executed and entered into by;

c. The remaining amount of Eight Hundred Seventy-One Million (Ᵽ871,000,000) will be

JAE HYOUNG KIM ANWAR BLAO MANGACOP

Signed in the presence of:

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