CONTRACT OF USUFRUCT
KNOW ALL MEN BY THESE PRESENTS:
The Contract of Usufruct, executed by and between:
__________________ of legal age, single/married/widow(er), Filipino, and a
resident of ____________________________, Philippines, hereinafter referred to as
“OWNER,”
and
The IGLESIA NI CRISTO, with its Executive Minister, EDUARDO V.
MANALO, as a corporation sole, duly organized and existing pursuant to the laws
of the Republic of the Philippines with central office address at No. 1 Central
Avenue, New Era, Quezon City, Metro Manila, herein represented by its District
Minister RENATO L. UBALDO, hereinafter referred to as the “USUFRUCTUARY.”
WITNESSETH
WHEREAS, the OWNER is the owner of a certain parcel of land situated at
_________________________________________, Philippines, declared under Tax
Declaration No. ________________ and more particularly described, to wit:
“A parcel of land situated in the Barangay of __________, City/Municipality of
_____________, Province of Negros Occidental, Philippines. Bounded on the North
by _____________ and on the East by_______________ and on the South by
________________ and on the West by ________________ containing an area of
_________________ (___) SQUARE METERS more or less.”
WHEREAS, the OWNER offers for the use of the Usufructuary the above
mentioned property;
WHEREAS, the USUFRUCTUARY accepts the above-stated offer of the
OWNER with gratitude and deep appreciation;
NOW, THEREFORE, for and in consideration of the foregoing premises and of
the mutual covenants hereinafter contained, the Parties have agreed and do
hereby agree that the USUFRUCTUARY shall hold in usufruct the
above-described property under the following terms and conditions:
1. COMMENCEMENT - The period of the usufruct shall commence upon
the execution and signing of this Contract;
2. TERM - The usufruct shall be for a period of ________ (___) years and
may be extended after the lapse of the original period for such time and
conditions as may be agreed upon by the parties. The Parties further agree
that the usufruct shall continue to exist even after the death of the owner, but
before the expiration of the period of the contract, herein indicated. Heirs,
assigns and/or successors-in-interest of the owner shall recognize and
comply with the obligations of the owner, as herein provided;
3. IMPROVEMENTS - The USUFRUCTUARY shall have the right to make
use, repair, introduce any improvement/s upon the property without need
of notice and/or consent from the OWNER. The USUFRUCTUARY shall have
the option to either remove or not any improvement/s that may be
introduced during the period of this contract;
4. NON-LIABILITY CLAUSE - The USUFRUCTUARY shall not be liable to
the OWNER for any damage/s that may be incurred in the event the former
opts to remove any or all of the improvement/s introduced upon the property;
5. EXTRAORDINARY EXPENSES - Extraordinary expenses for the property
shall be for the account of the OWNER;
6. ANNOTATION - The OWNER further consent that this contract of
usufruct shall be annotated in the title to the property, or in the absence of a
title, in the tax declaration of the property, to be facilitated by the
Usufructuary. Proof of annotation shall be provided by the OWNER within a
reasonable time after such annotation;
7. CANCELLATION OF ANNOTATION - Upon written request of the
OWNER to the USUFRUCTUARY, at the end of the term of usufruct without
extension, the USUFRUCTUARY shall facilitate the lifting of the annotation
on the title or tax declaration of the OWNER as provided in the preceding
paragraph;
8. GOVERNING LAW - The Parties do hereby adopt the provision of the law
on usufruct (Civil Code of the Philippines);
9. WAIVER - The OWNER hereby waives the provisions of Article 583,
paragraphs (1) and (2) of the Civil Code of the Philippines.
NOW, THEREFORE, the Parties do hereby bind themselves to faithfully abide
and fulfill the duties and obligations heretofore agreed upon.
IN WITNESS WHEREOF, we have hereunto set our hands this _____ day of
____________, 20___ at ____________________.
__________________ IGLESIA NI CRISTO
Owner Usufructuary
By:
____________________
With my marital consent:
___________________
Spouse
Signed in the Presence of:
____________________ __________________
ACKNOWLEDGEMENT
REPUBLIC OF THE PHILIPPINES )
PROVINCE OF NEGROS OCCIDENTAL)
CITY OF ) S.S.
BEFORE ME, a Notary Public for and in _____________, this ___ day of
_____________ 20__, personally appeared the affiants exhibiting to me their
respective Community Tax Certificate:
Name Number Issued On Issued At
___________ _____________ ___________ _________
___________ _____________ ___________ _________
KNOWN TO ME to be the same persons who executed this Contract of
Usufruct and acknowledged to me that the same is their freee and voluntary act
and deed.
The foregoing instrument relates to a Contract of Usufruct, consisting of three
(3) pages including this Acknowledgment is written and has been signed on each
page by the parties and their respective witnesses.
WITNESS MY HAND AND SEAL this ____ day of _________, 20__ in
_______________, Philippines.
Doc. No. _______
Page No. _______
Book No. _______
Series of ________
