Common Contracts
1 similar Contract to Sell contracts
THE FACTSContract to Sell • September 10th, 2012
Sometime in August 2002, Union Bank, as seller, and respondent Maunlad Homes, Inc. (Maunlad Homes), as buyer, entered into a contract to sell3 involving the Maunlad Shopping Mall. The contract set the purchase price at P151 million, P2.4 million of which was to be paid by Maunlad Homes as down payment payable on or before July 5, 2002, with the balance to be amortized over the succeeding 180-month period.4 Under the contract, Union Bank authorized Maunlad Homes to take possession of the property and to build or introduce improvements thereon. The parties also agreed that if Maunlad Homes violates any of the provisions of the contract, all payments made will be applied as rentals for the use and possession of the property, and all improvements introduced on the land will accrue in favor of Union Bank.5 In the event of rescission due to failure to pay or to comply with the terms of the contract, Maunlad Homes will be required to immediately vacate the property and must voluntarily turn p
