Downpayment. The BUYER shall pay the Downpayment within thirty (30) calendar days from the Date of Reservation; otherwise, the reservation shall automatically be deemed withdrawn, with no further notice to the BUYER, written or otherwise, and the SELLER shall then have the absolute right to cancel this Agreement, forfeit the Reservation Fee and offer the Property to other interested parties; unless, the BUYER, prior to the lapse of the aforesaid 30-day period, requests for an extension of the period within which to pay the Downpayment, not exceeding fifteen (15) calendar days, and pays an amount equivalent to three percent (3%) of the Downpayment due, reckoned from the Due Date, as and by way of late payment penalty.

No extension of the period within which to pay the Downpayment shall be deemed to have been made if the requisite late payment penalty is not paid simultaneously with the submission of the written request for extension. The late payment penalty, if any, shall not form part of the Downpayment.

Failure of the BUYER to pay the Downpayment at the end of the 15-day extension period shall entitle the SELLER to cancel this Agreement, forfeit the Reservation Fee and offer the Property to other interested parties with no further notice to the BUYER, written or otherwise. On the date the Downpayment is due, the BUYER shall submit to the SELLER the requisite number of post-dated checks covering the monthly installment payments, all balance due.

Contract To Sell. The BUYER shall execute the Contract To Sell and return all copies thereof, duly signed, to the SELLER within seven (7) days from the BUYER’s receipt thereof. Until such time as the Contract To Sell is executed, this Agreement shall be deemed and remain valid and binding between, and shall govern the relations of, the BUYER and the SELLER.

Transferability. This Agreement as well as the rights and obligations connected thereto may not be transferred or assigned to another person or entity without the prior written approval of the SELLER; otherwise, the transfer or assignment shall be deemed void and of no effect as regards the SELLER and shall be cause for the cancellation of this Agreement and the forfeiture of the Reservation Fee.

If the written request for transfer or assignment is made subsequent to the execution of the Contract To Sell, a service fee of Pesos: One Hundred Fifty Thousand (P150,000.00) shall be remitted to the SELLER together with the written request.

Once approved by the SELLER, the transferee or assignee shall be automatically bound by the terms and conditions of this Agreement and the Contract To Sell, as the case may be.

Cancellation of the Agreement. The SELLER shall also have the right to cancel this Agreement, after due notice, and forfeit the Reservation Fee and whatever other payments the BUYER may have made, as and by way of liquidated damages, in the event the BUYER fails, despite due notice, to comply with any covenant or obligation required to be performed or undertaken hereunder including, but not limited, to the return to the SELLER of the duly executed Contract To Sell, or to comply with the covenants and restrictions under the Master Deed with Declaration of Restrictions, or the concealment of material facts or the provision of false or misleading information in any of the documents signed by the BUYER.

In any event, provided there is no contributory fault or gross negligence on the part of the SELLER, the SELLER reserves the right to rescind this Agreement and cancel this Agreement at any time before the Contract To Sell is executed, for any reason whatsoever, by giving the BUYER a written notice of its intention to do so and after refunding all payments made by the BUYER, without interest.