USUFRUCT WITH CONSTRUCTION AGREEMENT

This AGREEMENT, made and entered into this _______ day of

_______, 20 _____, at Cebu City, Philippines, by and between:


PHIL. PARAMOUNT VENTURES, INC. a corporation duly organized and existing
under and by virtue of the laws of the Philippines, with principal office and place of
business located at 9
th
Floor CIFC Tower, cor. Humabon and Legaspi Street, North
Reclamation, Cebu represented herein by its President, FRANCIS GERARD S.
CAEDO, hereinafter known as the PROJECT OWNER

and

__________________, married, _________ Citizen with business
address at _____________________________, _____________
hereinafter known as the GRANTEE

WHEREAS, the project owner is the developer of Fonte Di Versailles located
at Tulay, Minglanilla, Cebu
WHEREAS, the grantee desires to use Lot No. ____ Blk. ___ covered under
TCT No. ______ and to construct therein a house under Model no. ___.

WHEREAS, the project owner accepts the offer of the grantee for a
consideration herein below agreed upon.
NOW THEREFORE, for and in consideration of the foregoing premises, the
parties hereby agree as follows:


1. RIGHT TO USE

The project owner hereby grants unto the grantee perpetual right to use
Lot ____, Blk No. ____ of Fonte Di Versailles. This right to use includes
the right to construct therein a residential house on the agreed
specification. For purposes of the specifications, Attached as Annex A
is the model of the house to be constructed by the project owner.



2. OWNERSHIP OF THE HOUSE

As soon as the construction of the house has been turned over by the
project owner, the tax declaration shall be in the name of the grantee.

3. OPTION TO CONVERT THE RIGHT TO USE WITH RIGHT OF
OWNERSHIP

In the event that the grantee opts to have Lot No. ___, Blk. No. _____ to
be owned by another person thereby effectively terminating the right to
use, the project owner, at the instance of the grantee shall execute a
deed of conveyance so that the right to use can be changed to right of
ownership wherein it includes the right to use the same lot mentioned.

4. MODEL HOUSE TO BE CONSTRUCTED

The GRANTEE engages the project owner to construct the house on Lot
No. ___, Blk. No. ____ for a consideration payable on the terms below
agreed upon. The specifications of the model house is provided in the
Annex Specification duly signed by the parties.

It is understood that completion of the house constructed carries with it
the master deed of restriction on the coral bay project which shall
constitute as forming part and parcel of this agreement. The deed of
restriction is hereto attached as Annex B hereof forming integral part of
this agreement.

5. TOTAL CONSIDERATION:
That the consideration of this Agreement involving the grant of the right
to use with construction of the house shall be the sum
of_____________________________________(P________), Philippine
Currency payable as follows:

5.1 A non refundable reservation fee in the amount of
_________________________________(P____________), Philippine
Currency, is hereby acknowledge to have been received by the
SELLER and shall be form part of the total contract price upon signing
the Reservation Agreement.

5.2 The balance of the total consideration shall be under either of the
following arrangements:

5.2.1 On spot cash Basis, the balance of the consideration shall
be paid in full within ____________( ) days from the date of
payment of the Reservation Fee, plus the necessary expenses

6. CONSTRUCTION SCHEDULE:

The project owner shall endeavor to complete the Unit and deliver the
same to the Grantee not later than ___________months.


7. TURN OVER OF THE HOUSE:
Upon completion of the construction, the project owner shall turn over the
house to the grantee who shall accept in writing the construction. The
turn over shall include a certificate of occupancy issued by the local
government unit concerned.


IN WITNESS HEREOF, the parties have hereunto, signed these presents in
the place and on the date first above written.


PHIL. PARAMOUNT VENTURES, INC. ________________
Project Owner Grantee
By:
FRANCIS GERARD S. CAEDO
President

SIGNED IN THE PRESENCE OF:


____________________ _____________________