SPA
SPA
1. To reserve and/or purchase the property described below (hereinafter referred to as the “Property”), in cash or installment from _____________________ (“Project
Developer/Seller”) for such price, interest rate and under such terms and conditions as my/our ATTORNEY-IN-FACT may deem proper, just and reasonable and sign,
execute, endorse, negotiate, and deliver documents required by FLI such as but not limited to: Lot/House & Lot / Condominium Purchase application form, Contracts
to Sell, Deeds, Promissory Notes, Installment Contracts, Disclosure Statement, restructuring agreement and any document, instrument, in the proper cases and as may
be necessary or required for the purpose.
2. To claim and receive all documents pertaining to the purchase of the Property, and to act as my/our resident process agent in the Philippines to claim, receive any and
all demand letters, summons and other legal processes including notices of cancellation of the sale of the Property and other notices of any judicial and/or extra
judicial action as well as any and all correspondence relative to the purchase of the Property.
3. Other than payment in cash, to enter into an in-house financing arrangement with the Project Developer/Seller for the payment of the agreed purchase price for the
Property under such terms and conditions as my/our ATTORNEY-IN-FACT may deem proper, just and reasonable.
4. In case of payment through bank financing, to apply, negotiate with, and obtain a loan (the “LOAN”) from ____________________________________ (the “BANK”) in
any amount that may be approved by the BANK, subject to such interest rate and under such terms and conditions as my/our said ATTORNEY-IN-FACT may deem
proper, just and reasonable for the purpose of remitting the loan proceeds directly to the developer and/or seller and/or to me for the purpose of financing the
acquisition of the Property described above.:
5. To indicate, confirm and instruct the BANK on the mode of payment for my/our above LOAN, including without limitation, the authority to automatically debit from
my savings/current account with the BANK’s ________________ branch under Account No. ___________________ (the “Account”) for any and all payments/amounts
which may be due from me/us under the said LOAN, as my ATTORNEY-IN-FACT may deem proper and necessary.
6. To assign, transfer and convey by way of first mortgage unto the BANK, its successors and assigns, the above-described Property that will be purchased for and on
my/our behalf and that will be registered in my/our name, using the proceeds of the LOAN, including all improvements now existing and which will be constructed
thereon, such Property being free from any lien/s or encumbrance/s, and which Property are now covered by and more particularly described in TCT No/s.
________________________ / CCT No. _____________________________ ;
7. To assign my/our rights, title and/or interest in any contract to sell over the Property, in favor of the BANK to secure the full payment of the LOAN under such terms
and conditions as the BANK may reasonably require.
8. To sign, execute, endorse, negotiate, and deliver to the BANK such documents and instruments, including loan agreements, real estate mortgage, promissory notes,
automatic debit authority, checks and other negotiable instruments, deeds of assignment/conveyance/undertaking, certificates of title, contracts to sell/deeds of
conveyance, tax declarations/returns and other sale, loan, collateral and supporting documents, required, necessary and proper to implement the foregoing authority
to obtain and secure the LOAN, including renewals, increase, amendments, extensions, roll-over, restructuring thereof; and
9. To open, maintain, and operate a joint (and/or) savings or current account in the BANK in my/our name, whether in Philippine Currency or US Dollars and to pay the
agreed installments or amortizations, insurance premiums, real estate taxes, and other fees and expenses thereof as agreed upon.
10. To procure an insurance policy or coverage on my/our life to secure my/our indebtedness, designate any or all of my/our immediate family member as beneficiary/ies
and make declarations or representations as to my/our insurability and all other personal circumstances, under such terms and conditions as my/our ATTORNEY-IN-
FACT may deem proper, just and reasonable.
11. To claim and receive all documents pertaining to the LOAN and the Property, including the Owner’s Duplicate Copy of the Transfer Certificates of Title or Condominium
Certificates of Title issued in the name of __________________________________________________________________ and the Release of
Mortgage/Cancellation of Mortgagee’s Lien annotated in the title and all other documents to be released by the BANK upon full payment of the LOAN.
12. To act as my/our resident process agent in the Philippines to claim and receive any and all demand letters, summons and other legal processes in the event the LOAN
or any amortization on the purchase of the Property becomes past due, including notices of cancellation of the sale of the Property and other notices of any judicial
and/or extra judicial action as well as any and all correspondence relative to the LOAN or the contract to sell over the Property.
13. To accept the above described Property from the Project Developer/Seller; sign all necessary turn-over documents, including assent to all obligations appurtenant to
the turnover of the unit, including but not limited to the payment of association/condominium dues, utilities, real estate taxes, and all other fees; pay the necessary
turnover fees; and possess the Property as he may deem necessary to perform his/her powers and responsibilities in this document;
14. To represent me/us in the Homeowner’s Association or Condominium Corporation established or to be established within the subdivision or the condominium
project, including the right to vote in said Association or Corporation. However, I/we shall be primarily responsible for the payment of association dues, utilities, and
all other fees appurtenant to the turnover of the Property, even if the Property is under lease to or being occupied by another person;
15. To lease out the Property or any portion thereof, directly by himself/herself or indirectly through a leasing agent or broker, to any lessee or lessees for such amounts of
rental as our ATTORNEY-IN-FACT may deem proper, within such period and under such terms and conditions as he/she may consider proper, to execute the
corresponding lease contract/s therefor, and to represent me/us in any transaction or action required to implement the terms and conditions of the lease agreement;
16. To turnover possession of the Property (a) to any person pursuant to the lease agreement in the preceding paragraph or any other action, agreement, or contract
contemplated in this document or (b) to the real estate developer of the Property upon any default on my/ our part in the payment of the purchase price for the
Property.
HEREBY GIVING AND GRANTING unto the said ATTORNEY-IN-FACT full powers and authority to do and perform all and every act required or necessary to carry into
effect the foregoing SPA, as fully to all intents and purposes as I/We might or could lawfully do if personally present, including the delegation of the above powers and
authority in favor of the BANK, and hereby ratifying and confirming all that my/our said ATTORNEY-IN FACT shall lawfully do or cause to be done by virtue hereof.
I do hereby authorize the Project Developer/Seller and the BANK to rely/act upon this SPA until written notice of revocation is given to them.
Miscellaneous Terms
17. I/we acknowledge that the Project Developer/Seller of the above-described Property had no participation in the negotiation and execution of the foregoing Special
Power of Attorney and shall have no participation in the performance by my/our ATTORNEY-IN-FACT of its powers and responsibilities in this Special Power of Attorney
(“SPA”), except to recognize, rely upon, or act on such acts of my/our ATTORNEY-IN-FACT as being for all intents and purposes my/our own acts pursuant to this SPA.
18. I/we hold the Project Developer/Seller of the above-described Property free and harmless from and without any liability for any claim, damage, or injury which may
arise from (a) the performance by the ATTORNEY-IN-FACT of his/her powers and responsibilities in this SPA and (b) the negotiation, execution, consummation, and
implementation of any and all contracts or agreements contemplated in this SPA which I/we in our personal capacities or through our ATTORNEY-IN-FACT shall enter
into.
IN WITNESS WHEREOF, I have hereto set my/our hand this _____ day of ___________________ at _________________________, Philippines.
________________________________________ __________________________________________
PRINCIPAL PRINCIPAL
_____________________________________________ ________________________________________________
SPOUSE SPOUSE
Conforme:
______________________________________________
ATTORNEY-IN-FACT
______________________________________ ___________________________________________
ACKNOWLEDGMENT
) S.S.
known to me personally or through the above-identified competent evidence of identity, to be the same person/s who executed an integrally complete instrument
and acknowledged the same to be his/her/their free and voluntary act and deed having acted with authority to sign this instrument.
Said instrument refers to a Special Power of Attorney consisting of __ pages wherein the Acknowledgment is written and the annex/es thereof, signed by the party/ies
and their witnesses on all pages sealed with my notarial seal.
Version #2 04.14.2014