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Memorandum of Agreement: World Vision & Bayad Center

This memorandum of agreement is between a religious institution ("First Party") and an individual ("Second Party"). The First Party wants to purchase land to build a church. The Second Party agrees to buy the land in their name and mortgage it, with the First Party providing funds. Once the mortgage is fully paid by the First Party, the Second Party will transfer the land's title to the First Party. The agreement details the parties' roles and responsibilities regarding the land purchase, payment terms, and provisions for resolving disputes.

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500 views3 pages

Memorandum of Agreement: World Vision & Bayad Center

This memorandum of agreement is between a religious institution ("First Party") and an individual ("Second Party"). The First Party wants to purchase land to build a church. The Second Party agrees to buy the land in their name and mortgage it, with the First Party providing funds. Once the mortgage is fully paid by the First Party, the Second Party will transfer the land's title to the First Party. The agreement details the parties' roles and responsibilities regarding the land purchase, payment terms, and provisions for resolving disputes.

Uploaded by

geneabot
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 3

MEMORANDUM OF AGREEMENT

This Agreement is made and entered into by and between:

_______________________________, is a religious institution duly organized and registered


under existing laws of the Philippines with business address at
___________________________________, herein referred to as “FIRST PARTY”;

-and-

_________________________________, is of legal age, Filipino, single/married with


residence address at _________________________________________ represented herein by
its ________________, hereinafter referred to as “SECOND PARTY”.

- WITNESSETH: That-

WHEREAS, FIRST PARTY intended to purchase a lot in order to build a church and
improvements for the use of its members;

WHEREAS, SECOND PARTY has offered to accommodate the FIRST PARTY to purchase a
parcel of land in his name and the FIRST PARTY is agreeable to the same;

WHEREAS, SECOND PARTY purchased a parcel of land under his/her name on installment
and mortgaged with _______________________;

WHEREAS, FIRST PARTY shall shoulder that purchase and the payment of the installment
amounts wherein upon full payment SECOND PARTY shall transfer the said property under the name of
the FIRST PARTY;

NOW THEREFORE, for and in consideration of the foregoing premises, FIRST PARTY and
SECOND PARTY, hereinafter collectively referred to as the “Parties” have hereto agreed as follows:

A. SCOPE OF THIS AGREEMENT

This Agreement refers to a parcel of land more specifically described as follows:

B. ROLES AND RESPONSIBILITIES

The parties herein agree to perform the following:

FIRST PARTY SHALL:

1. Secure the payment of the purchase price of the subject lot;


2.

SECOND PARTY SHALL:

1. Purchase a property under his name and mortgage the same with a reputable with
consultation from the FIRST PARTY;
2. Transfer the property under the name of the FIRST PARTY upon full payment of the
mortgage amount;
3. Sign and deliver any and all documents for the transfer of the subject property;
4.

C. TERM AND VALIDITY

Page 1 of 3 WORLD VISION & BAYAD CENTER


This Agreement shall be valid until the both parties has complied with their respective duties and
responsibilities, to take effect immediately upon signing hereof, and may be renewed only upon written
agreement by the Parties. Either Party may terminate this Agreement by serving the other Party a written
notice to that effect, at least two (2) months prior to the intended date of termination.

D. PAYMENT

The parties to this Agreement shall share in the profits of the undertaking in the following
manner:

First Party - 50%

Second Party - 50%

II. AMENDMENTS

This Agreement may be revised, amended or modified only through a written instrument duly
executed and signed by both Parties.

III. SETTLEMENT OF DISPUTE

In case any party is compelled to institute appropriate court action to seek judicial relief or
remedy against the other, the latter shall, in addition to the damages, be liable to pay
attorney's fees in the amount equivalent to thirty percent (30%) of the total money claim,
aside from expenses incident to litigation and costs. Venue of any action arising from this
Agreement or in any wise relating thereto shall be exclusively in the
____________________.

IN WITNESS WHEREOF the Parties have hereto affixed their signatures at the place and date
first written above.

FIRST PARTY SECOND PARTY


BY BY

WITNESSED BY:

_______________________________ __________________________

ACKNOWLEDGMENT

Republic of the Philippines)


) S.S

BEFORE ME, a Notary Public for and in the above jurisdiction personally appeared the above
signatories with their respective competent evidences of identification:

PARTY GOVERNMENT-ISSUED ID DETAILS

Page 2 of 3 WORLD VISION & BAYAD CENTER


both known to me to be the same persons who executed foregoing document consisting of _____ (___)
pages and they acknowledge to me that the same is their voluntary act and deed as well as of the
corporations, agencies, instrumentalities or organizations they represent.
WITNESS MY HAND AND SEAL on the date and the place first above written.

NOTARY PUBLIC
Doc. No. ___ ;
Page No. ___ ;
Book No. ___ ;
Series of 2018.

Page 3 of 3 WORLD VISION & BAYAD CENTER

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