Deed Of Usufruct 6v2i57

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DEED OF USUFRUCT KNOW ALL MEN BY THESE PRESENTS: This DEED is made and executed by and between: IMMANUEL BIBLE COLLEGE a _______________duly organized and existing under the laws of the Philippines, with office address at ______________________________, represented herein by its President ___________________________ who is duly authorized to act in this instance and for this purpose, hereinafter referred to as the OWNER, -ANDPGCAG INC, a _____________________ duly organized and existing under the laws of the Phils., with office at ____________________________, represented herein by its President, ________________________, who is duly authorized to act in this instance and for this purpose, hereinafter referred to as the USUFRUCTUARY. -WITNESSETHWHEREAS, the OWNER, by these presents offers for the use of the USUFRUCTUARY a parcel of land containing an aggregate area of____________________________( ) square meters portion of Lot____ within the site of______________________situated at _____________________. WHEREAS, the USUFRUCTUARY accepts the above-stated offer of the OWNER with gratitude and deep appreciation. WHEREAS, pursuant to Resolution No.___dated_____ of the Board of Directors of____________________________, the President of the IMMANUEL BIBLE COLLEGE, has been authorized to sign, execute and deliver this DEED of USUFRUCT for and in behalf of the___________________; WHEREAS, pursuant to Resolution No._____ dated_____, President________________has been authorized to enter into, sign and accept in behalf of the PGCAG INC. NOW THEREFORE, for and in consideration of the foregoing premises and of the mutual covenants hereinafter contained, the parties agree to the following and conditions: 1. RIGHT TO USE FOR FREE The OWNER hereby grants unto the USUFRUCTUARY the perpetual right to use the aforesaid lot. This right to use includes the right to construct therein a building for the use of the ministry. The right to use is granted only to the legitimate officers of the PGCAG INC.

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2. OWNERSHIPThe ownership of the lot remains with and continues to be in the name of the OWNER. 3. FACILITIES AND IMPROVEMENTS The USUFRUCTUARY shall be responsible in providing for its facilities and improvements such as, water, communication, electricity that shall make it sustainable and viable. 4. MAINTENANCE OF CLEANLINESS AND PEACE AND ORDER The OWNER shall maintain the cleanliness and peace and order in the common areas while the USUFRUCTUARY shall maintain the cleanliness and peace and order in the area of USUFRUCT. 5. OTHER AND CONDITIONS The site shall be used exclusively by the USUFRUCTUARY at the exclusion of other denomination, organization and affiliations. A breach of this provision terminates this DEED OF USUFRUCT.

IN WITNESS WHEREOF, the parties have hereunto set their hands this ____day of _____________, 2015.

IMMANUEL BIBLE COLLEGE OWNER

PGCAG INC. USUFRUCTUARY

Represented by:

Represented by:

___________________________

_______________________________

Signed in the presence of: ______________________________ and __________________________ REPUBLIC OF THE PHILIPPINES) CITY OF CEBU ) S.S x…………………………………………x BEFORE ME, a NOTARY PUBLIC for the City of Cebu and Municipalities this ____ day of ________________ 2015 in Cebu City, personally appeared the following persons with their Valid Identification Cards to wit: NAME VALID I.D. ______________________________________________________________________________ ______________________________________________________________________________

3 Known to me to be the same persons who executed the forgoing DEED OF USUFRUCT who acknowledged to me that the same is their free act and deed of the entities that they represent in this instance. This Deed, consisting of ___ (_) pages including the page on which this Acknowledgment is written, signed by the Parties and their instrumental witnesses, refers to a Deed of Usufruct of a parcel of land. WITNESS MY HAND AND SEAL, written. Doc. No. Page No. Book No. Series of

____ ____ ____ 2015

on the date and in the place first above-