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The reservation fee is good only for a period of thirty (30) calendar days from my/our payment of the Reservation Fee. I/We understand that the Reservation Fee is non-refundable. Should I/we decide to cancel my/our reservation herein, or should I/we fail or be unable to pay the amount due under the attached payment schedule (Annex “A”), on the due date therein stipulated, whether such failure or inability to pay is due to my/our decision not to proceed with my/our purchase of the Property, or due to a delay in the release of the loan proceeds to be used to finance my/our purchase of the Property, or for any reason whatsoever, I/we agree that my/our reservation shall lapse and my/our Reservation Fee shall be forfeited in favor of the Developer/Seller, without need for notice or demand.
I/We hereby agree that the Developer/Seller shall have the right to automatically cancel my/our reservation without further notice and without need of judicial rescission and to forfeit my/our reservation fee and whatever other payments I/we have made, as liquidated damages, in the event of any of the following:
- Failure to pay for the first down payment and/or amortization within thirty (30) days from payment of the Reservation Fee.
- Failure to pay any three (3) consecutive monthly installments or amortizations.
- Willful misrepresentation or falsification of any documents required under this Reservation Agreement.
- Willful and voluntary withdrawal on my/our part form this Reservation Agreement, for any or whatever reason.
- Failure to submit documentary requirements within thirty (30) days from date of reservation.
It is understood that in any event of cancellation of this Reservation Agreement, the Developer/Seller shall be free to dispose of the Property as if this Reservation Agreement had not been executed.
I/we hereby acknowledge the right of the Developer/Seller to correct the figures appearing herein, in the event errors in pricing and computation are discovered, at any time.
I/We am/are also aware that the monthly amortizations on the Property I/we am/are purchasing shall immediately commence based on the schedule indicated on the computation sheet hereof, without further notice, regardless of whether or not my/our Contract to Sell has been delivered to me/us.
In case therefore, of payment of foreign currencies, I/we agree that all bank fees, charges, and taxes imposed on the remittances and conversion shall be borne by me/us. Further, I/we understand that this agreement is Philippine Peso based so that all payments in foreign currencies shall be credited to my/our account and converted to their Peso values, based on the bank’s official exchange rate on the date of receipt/clearing of funds.
In the event that I/we avail myself/ourselves of bank financing which is acceptable to the Developer/Seller, for the Purchase Price or any portion thereof, I/we shall be solely responsible for filing the requisite loan application form prescribed by the bank or financial institution, together with all the necessary supporting requirements/ documents for the processing of my/our loan application for the purpose of causing the release of the loan proceeds to be used to finance my/our purchase of the Property within the payment period prescribed under my/our chosen payment scheme.
I/we hereby undertake to execute the Contract to Sell with the Developer/Seller upon my/our payment of the required down payment, and then execute a Deed of Absolute Sale with the Developer/Seller upon my/our full payment of the Purchase Price and all amounts due on my/our purchase of the Property, such Contract to Sell and Deed of Absolute Sale being in the form and under the terms prescribed by the Developer/Seller. Likewise, I/we hereby confirm that upon such full payment, the Developer/Seller shall have the right to execute a Deed of Absolute Sale in my/our favor.
I/We understand and agree that this Reservation Agreement only gives me/us the right to purchase the Property subject to the fulfilment of the conditions herein stated. No other right, title or ownership is vested upon me/us by the execution of the Reservation Agreement. The Developer/Seller retains title and ownership of the Property until I/we shall have fully paid all amounts due to the Developer/Seller by reason of my/our purchase of the Property.
It is understood and agreed that the Developer/Seller may, in its discretion, following my/our submission of a request in writing, allow me/us to:
1. transfer this reservation to another individual/personal or juridical entity,
2. transfer this reservation in favor of another property of the Developer/Seller (whether in the same or another project), or
3. change certain payment terms, subject to the fulfilment of the following conditions:
4. I/we am/are not in default in the performance of my/our obligations under this Reservation Agreement;
5. I/we shall pay the administrative, documentation and/or processing fees prescribed by the Developer/Seller, in connection with my request for transfer of reservation;
6. I/we shall submit and/or execute such amendatory and other documents as may be necessary or required to effect the transfer of reservation and/or change in payment terms; and
7. any and all taxes, costs, and government assessments (if any) arising or resulting from any such changes shall be for my/our sole account and for which I/we hereby undertake to indemnify the Developer/Seller.
I/We further undertake not to hold the Developer/Seller liable, and waive any claim or right that I/we may be entitled to under the law or equity to be compensated, for any damages, costs, and expenses which I/we may incur in connection with any delay that may arise in the processing of the certificate of title to the property subject of this reservation by reason of the implementation of this paragraph.
I/We warrant that the information which I/we provided herein, whether personal or corporate, is true and correct as of the date hereof and agree to directly and personally inform the Developer/Seller in writing of any changes in my/our personal or corporate data such as but not limited to name, address, and/or status. It is understood that the Developer/Seller shall have the right to solely rely on the information provided by me/us and shall not be held responsible for any error, non-communication or miscommunication in the information given by me/us.
This Reservation Agreement is made and performed in Taguig City, Philippines and shall be effective upon acceptance by the Developer/Seller of my/our offer. This Reservation Agreement shall also be governed by, and construed under Philippine Laws, regardless of the laws that might otherwise govern under applicable principles of conflicts of law. Any and all disputes in connection with or arising out of this Reservation Agreement shall be subject to the exclusive jurisdiction of the proper court of Taguig City, Metro Manila, Philippines. I/we waive any other venue and the defense of an inconvenient forum.

PLEASE ACCOMPLISH THIS FORM COMPLETELY. INCOMPLETE FORMS WILL NOT BE PROCESSED. PLEASE WRITE LEGIBLY AND USE EITHER A BLUE OR BLACK PEN. SHOULD THERE BY ANY ALTERATIONS, PLEASE INSCRIBE YOUR SIGNATURE/INITIALS ON THE ALTERED PORTION/S. PLEASE INDICATE “N/A” OR CROSS OUT THE FIELDS THAT ARE NOT APPLICABLE.

I ACCEPT THE RESERVATION AGREEMENT

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