8990 - Addendum To Moa

FLH-213
ADDENDUM TO THE
MEMORANDUM OF AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Agreement made and executed by and between:
The HOME DEVELOPMENT MUTUAL FUND (otherwise known as the

Pag-IBIG FUND), a government financial institution organized and
existing under and by virtue of Republic Act No.9679, with principal
office at , Makati City, represented in this Act by its Vice President,
Home Lending Operations VisMin Group, FERMIN A. STA. TERESA,
JR., hereinafter referred to as the “HDMF”;
- and -
8990 HOUSING DEVELOPMENT CORPORATION, a corporation duly organized and existing under and
by virtue of the Philippine laws, with principal office at 8990 Corporate Center for Mindanao, Quirino
Avenue, Davao City represented in this Act by its, General Manager, MARY ANN T. CHUA , hereinafter
referred to as the “DEVELOPER”.
8990 MINDANAO HOUSING DEVELOPMENT CORPORATION, a corporation duly organized and

existing under and by virtue of the Philippine laws, with principal office at 8990 Corporate Center for
Mindanao, Quirino Avenue, Davao City represented in this Act by its, General Manager, MARY ANN T.
CHUA , hereinafter referred to as the “DEVELOPER”.
8990 DAVAO HOUSING DEVELOPMENT CORPORATION, a corporation duly organized and existing
under and by virtue of the Philippine laws, with principal office at 8990 Corporate Center for Mindanao,
Quirino Avenue, Davao City represented in this Act by its, General Manager, MARY ANN T. CHUA ,
hereinafter referred to as the “DEVELOPER”.
HDMF and the DEVELOPER are hereinafter collectively known and

referred to as the “PARTIES”.
WITNESSETH: That-
WHEREAS, the DEVELOPER has been granted a Budget Allocation by the
HDMF subject to the terms and conditions of the Memorandum of Agreement executed
between the PARTIES and acknowledged on January 28,2015 before Atty.Gaudencio A.
Barboza, Jr., Notary Public for Pasig City, and docketed as Doc. No. 348 Page No. 67,
Book No. 24, Series of 2015.
WHEREAS, the HDMF and the Land Registration Authority (hereinafter referred
to as the LRA) have entered into a Memorandum of Agreement (MOA) dated May 18,
2011, in order to address the pressing requirement of the National Shelter Program of
the Government and as an interim measure to address the delays being experienced by
developers in the actual annotation of transactions affecting land with the Registry of
Deeds until such time that the LRA has fully computerized the land registration system.
WHEREAS, under the said MOA the concerned Registry of Deeds (RDs) shall
prioritize the registration of the Deed of Assignment with Special Power of Attorney
(DOA with SPA) or the Loan and Mortgage Agreement (LMA) with complete
documentary requirements presented for registration by qualified accredited developers
of HDMF insofar as this pertains to transactions under the National Shelter Program of
the Government.
WHEREAS, the HDMF Board of Trustees, during the 274 th Regular Board
Meeting held on May 27, 2011, approved the policies which will govern the Takeout of
Accounts with Titles Still Being Processed by the Registry of Deeds covering Contract to
Sell accounts to be delivered by developers qualified to participate under the above
mentioned MOA as embodied in the Memorandum issued by the Chief Executive Officer
of the HDMF dated June1, 2011.
WHEREAS, the DEVELOPER has passed the accreditation criteria under
Window 1 or Window 2, whichever is applicable, in its latest quarterly evaluation
which made it eligible to avail of the remedial measures provided in the above-
mentioned MOA subject to the terms and conditions provided hereunder.
NOW, THEREFORE, for and in consideration of the foregoing premises, and of

the mutual covenants and stipulations herein set forth, the PARTIES hereto have
agreed and entered into this Agreement as an Addendum to the Memorandum
Agreement mentioned in the first Whereas Clause providing for the following terms and
conditions:
Section 1. ELIGIBLE ACCOUNTS
The DEVELOPER may avail of the remedial measure granted by HDMF under
this Agreement only for accounts with Electronic Primary Entry Book (EPEB) reference
numbers issued by the concerned Registry of Deeds(RDs) until January 31,2017.
Section 2. ROLE AND RESPONSIBILITIES OF HDMF
The HDMF shall:
2.1 Facilitate the takeout of CTS accounts with Transfer/Condominium

Certificates of Title (TCT/CCT) that are still with the RDs for the annotation of the
DOA with SPA delivered by the DEVELOPER, provided said DEVELOPER is
able to submit the following documents along with the standard documents for
takeout, except for the owner’s duplicate copies of the TCTs/CCTs that are still
with the RD, to wit:
2.1.1 List of TCTs/CCTs submitted to the RD and the corresponding

Electronic Entry Book (EPEB) Reference Numbers;
2.1.2 Original duplicate copy of Notarized Deed of Assignment with

SPA;
2.1.3 Certified true copy of TCTs/CCTs in the name of the

DEVELOPER; and
2.1.4 Original copy of the Electronic Receipt.
2.2 Unless there are negative findings on the loan application or the borrower,
release the takeout proceeds to the DEVELOPER (under Window 1) within
fifteen (15) working days from submission of the required takeout documents;
or if under Window 2, release the loan proceeds of accounts with issued
Notice of Approval to the DEVELOPER within seven (7) working days
from submission of the required takeout documents.
2.3 An HDMF representative shall accompany the DEVELOPER in retrieving the

TCTs/CCTs and annotated Deeds of Assignment with SPA from the RD.
Section 3. ROLE AND RESPONSIBILITIES OF THE DEVELOPER.

The DEVELOPER shall:
1. Submit to HDMF the original of the owner’s duplicate copies of the

TCTs/CCTs with the DOA with SPA duly annotated thereon and the copy of
the annotated DOAs with SPA duly stamped and signed by the RD on the
details of the entry of the transaction in the Electronic Primary Entry Book
(EPEB), within twenty (20) calendar days from the date of said entry in the
EPEB.
2. Notify HDMF in writing prior to the expiration of the 20-day period if there will
be further delays in the annotation of the DOAS with SPA on the TCTs/CCTs
due to the fault of the electronic registration system of the LRA and not
through any fault of the DEVELOPER (such as missing papers, defect in the
document/s, etc.). In such a case, the DEVELOPER shall be given a 10-
calendar day extension period to turn over the TCTs/CCTs and the
corresponding DOAs with SPA to HDMF.
3. In case the RD disapproves the annotation of the Deed of Assignment with

SPA on the TCT/CCT due to the fault of the DEVELOPER or in case of
breach of warranty/ies, buyback the affected accounts, within fifteen (15)
calendar days from receipt of Notice of Buyback.
Under any of the foregoing instances, the takeout of all pending and subsequent
accounts shall revert to the standard processing of loan applications immediately
upon expiration of the 20-day period, the 10-day extension period, disapproval of
registration or discovery of the breach, whichever is applicable.
Section 4. EFFECTS OF FAILURE TO BUYBACK
4.1 In case of failure of the DEVELOPER to buyback the account, HDMF

shall automatically offset the total amount due, inclusive of interest and
penalties, if any, against the loan proceeds of any pending accounts for
takeout or from any amount due the developer, if any, within five (5)
calendar days from the date the 15-day grace period expires, the
amount of which shall be computed in accordance with the
prevailing policies on buyback of accounts.
4.2 If the DEVELOPER still fails to buyback the affected account and there
is no pending account for takeout, the following sanctions shall be
imposed singly or collectively, without prejudice to other legal remedies
or actions which HDMF may take against the DEVELOPER:
4.2.1 The DEVELOPER shall continue to incur penalties for the

account subject of buyback until date of settlement.
4.2.2 The existing Approved Budget Allocation shall be

suspended.
4.2.3 In case the existing Budget Allocation has already expired,

application for new budget allocation shall not be
processed until settlement of buyback obligation.
4.3.3. The DEVELOPER and its key officers shall be blacklisted

from availing or participating under any Pag-IBIG Fund
lending program.
Section 5. OTHER PROVISIONS
5.1 The failure of any party to insist upon the strict performance of any of the terms,
conditions and covenants hereof shall not be deemed as relinquishment or waiver of
any right or remedy granted to such Party.
5.2 In case of conflict between the MOA mentioned in the first WHEREAS
clause hereof and this Agreement, the provisions of this Agreement shall
prevail.
5.3 All terms and conditions of the MOA mentioned above which are not
inconsistent herewith shall remain in full force and are hereby ratified
and made integral part hereof by reference.
IN WITNESS WHEREOF, the PARTIES, through their respective authorized

representatives, have hereunto set their hands this __________ day of _____________
at ___________________, Philippines.
HOME DEVELOPMENT MUTUAL FUND DEVELOPER
By: FERMIN A. STA TERESA, JR. By: MARY ANN T. CHUA
VP- HLOS Vismin Group General Manager
(Designation) (Designation)
TIN: 116-633-816 TIN: _________________________

_______________ No. ______________ _______________No.______________
Issued on ______________________ Issued on ________________________
Expiry Date ______________________ Expiry Date _______________________
SIGNED IN THE PRESENCE OF :
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )

____________________________) S.S.
BEFORE ME, A Notary Public for and in the

_________________________________, Province of _________________, this
_________ day of ___________________, 20____ personally appeared the above-
named persons, who have satisfactorily proven to me their identity through their
identifying documents written below their names and signatures, that they are the same
persons who executed and voluntarily signed the foregoing Addendum to Funding
Commitment Agreement, which they acknowledged before me as their free and
voluntary act and deed. That they are acting as the representatives of the Home
Development Mutual Fund and
_____________________________________________________, respectively, and
that they have the authority to sign in such capacity by virtue of a Board Resolution/
Secretary’s Certificate.
The foregoing instrument which relates to Addendum to Funding Commitment

Agreement consisting of _______(_____) pages including the page on which this
acknowledgment is written, has been signed on the left margin of each and every page
by the parties and the witnesses.
WITNESS MY HAND AND NOTARIAL SEAL.
NOTARY PUBLIC
Doc. No. _______;

Page No. _______;
Book No. _______;
Series of _______.

8990 - Addendum To Moa

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FLH-213

KNOW ALL MEN BY THESE PRESENTS:

This Agreement made and executed by and between:

The HOME DEVELOPMENT MUTUAL FUND (otherwise known as the

8990 MINDANAO HOUSING DEVELOPMENT CORPORATION, a corporation duly organized and

HDMF and the DEVELOPER are hereinafter collectively known and

NOW, THEREFORE, for and in consideration of the foregoing premises, and of

Section 1. ELIGIBLE ACCOUNTS

Section 2. ROLE AND RESPONSIBILITIES OF HDMF

The HDMF shall:

2.1 Facilitate the takeout of CTS accounts with Transfer/Condominium

2.1.1 List of TCTs/CCTs submitted to the RD and the corresponding

2.1.2 Original duplicate copy of Notarized Deed of Assignment with

2.1.3 Certified true copy of TCTs/CCTs in the name of the

2.1.4 Original copy of the Electronic Receipt.

2.3 An HDMF representative shall accompany the DEVELOPER in retrieving the

Section 3. ROLE AND RESPONSIBILITIES OF THE DEVELOPER.

1. Submit to HDMF the original of the owner’s duplicate copies of the

3. In case the RD disapproves the annotation of the Deed of Assignment with

Section 4. EFFECTS OF FAILURE TO BUYBACK

4.1 In case of failure of the DEVELOPER to buyback the account, HDMF

4.2.1 The DEVELOPER shall continue to incur penalties for the

4.2.2 The existing Approved Budget Allocation shall be

4.2.3 In case the existing Budget Allocation has already expired,

4.3.3. The DEVELOPER and its key officers shall be blacklisted

IN WITNESS WHEREOF, the PARTIES, through their respective authorized

HOME DEVELOPMENT MUTUAL FUND DEVELOPER

By: FERMIN A. STA TERESA, JR. By: MARY ANN T. CHUA

VP- HLOS Vismin Group General Manager

TIN: 116-633-816 TIN: _________________________

SIGNED IN THE PRESENCE OF :

REPUBLIC OF THE PHILIPPINES )

BEFORE ME, A Notary Public for and in the

The foregoing instrument which relates to Addendum to Funding Commitment

WITNESS MY HAND AND NOTARIAL SEAL.

Doc. No. _______;

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