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Earnest Money Receipt and Agreement
Earnest Money Receipt and Agreement
__________________)ss.
5. Should the SELLER decide not to continue with the sale of the Subject
Property, for any reason whatsoever, other than failure of the BUYER to
pay, SELLER shall return the earnest money of TWO MILLION FIVE
HUNDRED THOUSAND PESOS (PHP2,500,000.00) plus damages of 12%
per annum to the BUYER within seven (7) days from notice to the BUYER
of the said SELLERS’ decision, without necessity of prior notice or
demand.
If the above outline of terms and conditions are acceptable, please indicate
by signing below. All parties to these transactions intend that this Earnest
Money Agreement be superseded by a Contract to Sell/Deed of Absolute
Sale and/or any other contract necessary to effect the transfer/disposition of
the Subject Property in favor of the BUYER. In the meantime, all parties
agree to proceed in accordance with terms and conditions outlined in this
Earnest Money Agreement. SELLER understands that the purpose of this
Earnest Money Agreement is to allow further investigation by both parties
into the feasibility of entering into a formal agreement. If the Contract to
Sell/Deed of Sale or any other contract applicable under the circumstances is
not mutually executed after the Feasibility Period for any reason whatsoever
or no reason at all, this Earnest Money Agreement shall expire and no party
shall have any further rights or duties hereunder except as provided in Items
5 and 6 above.
2
SELLER BUYER
WITNESSES:
___________________________ ____________________________
ACKNOWLEDGMENT
all known to me and to me known to be the same persons who executed the
foregoing agreement and they acknowledged to me that the same is their
free and voluntary act and deed and that of the corporation represented
herein.
3
This Earnest Money Receipt and Agreement consists of four (4) pages
including the page on which this Acknowledgment is written and has been
signed by the parties and their witness on each and every page hereof.
WITNESS MY HAND AND SEAL on the date and place stated above.