OPTION CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

This OPTION CONTRACT is made and entered into this ___ day of
_____________, 2018 by and between the following:

_____________, all Filipino, of legal age, and with residences

at _________________________, hereinafter referred to as
“SELLER/S” for brevity;

- and –

______________, Filipino, of legal age, married, and with

residence at ____________, hereinafter referred to as
“BUYER”.

WITNESSETH:

WHEREAS, the SELLERS are the absolute and registered owners of a parcel of
land consisting of land area _______ square meters, more or less, covered by Transfer
Certificate of Title No. ______ of _________, and bounded and particularly described as
follows:

WHEREAS, the BUYER has offered to buy the said parcel of land and the
SELLERS agreed to accept the said offer and grant the BUYER the exclusive right to buy
the same within the agreed period at a fixed price.

NOW, THEREFORE, for and in consideration of the total sum of _______

(PhP___) and of the covenants hereinafter set forth, the SELLERS agree to grant to the
BUYER the exclusive right to buy the aforesaid parcel of land and the BUYER agrees to
pay the said sum as Option Money, subject to the following terms and conditions:

1. OPTION MONEY. Upon execution of this Option Contract, the BUYER shall
pay the SELLER the amount of ______ (PhP____) as “Option Money”. It is
understood that this amount is given as a distinct consideration for this Option
Contract and not part of the selling price. However, in the event that the BUYER
exercises her option to purchase the aforesaid parcel of land within the period
provided herein, the SELLER agrees to apply and deduct the same from the
total selling price thereof.

2. EXERCISE OF OPTION. The option to buy must be exercised by the BUYER

within TEN (10) DAYS from the date of execution of this Option Contract. It is
understood that what is meant by the exercise of the option to buy is the
subsequent execution of a Contract to Sell/Deed of Absolute Sale by and
between the parties herein.

3. SELLING PRICE. The SELLERS have agreed to sell the aforesaid parcel of
land to the BUYER at the rate of _______ PER SQUARE METER.

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 4. FORFEITURE OF THE OPTION MONEY. In the event that the BUYER fails to
exercise his option to buy the aforesaid parcel of land within the said period,
the Option Money shall be forfeited in favor of the SELLERS and all rights of
the BUYER under this Option Contract shall be deemed terminated. The
SELLERS shall thereafter have the right to offer and sell the aforesaid parcel
of land to another buyer.

5. INTERPRETATION. This Option Contract constitutes an accepted unilateral

promise to buyl the aforesaid parcel of land for a price certain and shall in no
way be interpreted as constituting a perfected contract of sale between the
parties. Furthermore, the agreeability of the SELLERS to apply the amount paid
as Option Money to the selling price shall in no way be interpreted as
constituting earnest money as defined under the law and jurisprudence.

6. ENTIRETY AND AMENDMENTS. The foregoing provisions of this Option

Contract constitutes the plenary covenant and entire agreement between the
parties and supersedes any and all prior agreements made orally or in writing
among them. No amendment, modification or addition to this Option Contract
shall be binding upon either party unless reduced in writing and duly signed by
each of the parties in the same manner as the execution of this Option Contract.

IN WITNESS WHEREOF, the parties have executed this Option Contract on this
____ day of __________, 2018 at ________________.

Signed in the presence of:

______________________________ ______________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

___________________________ ) S.s.

BEFORE ME, a Notary Public in and for the above jurisdiction this _____ day of
__________________ personally appeared the following persons and presented to me
the foregoing as competent proof of their identities:

Name Government Issued ID No. Expiry Date

all known to me and to me known to be the same persons who executed the foregoing
instrument and they acknowledge the same to be their free and voluntary act and deed.

This instrument, consisting of THREE (3) PAGES, including this page on which
this acknowledgement is written, has been signed by the parties on the signature page
thereof and relates to an Option Contract.

WITNESS MY HAND AND SEAL on the date and in the place first written above.

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Doc No.: ____
Page No.: ____
Book No.: ____
Series of 2018.