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    Cathay Land Inc. and Masa Homes Wholesale Partnership Term Sheet

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    Mitz Ceriales
    Cathay Land Inc. and Masa Homes Wholesale have agreed to a term sheet outlining the principal terms of a proposed partnership. The term sheet details the sale of 100 lots in Phase 2B of Mallorca Villas to Masa Homes for 960,000 PHP per unit, to be paid in installments. The transaction is subject to both parties completing due diligence, negotiating definitive agreements, obtaining necessary approvals, and delivering closing documents by September 10, 2020. The term sheet is non-binding and the transaction remains subject to completion of legal documentation.

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    Cathay Land Inc. and Masa Homes Wholesale Partnership Term Sheet

    Uploaded by

    Mitz Ceriales
    87 views2 pages
    Cathay Land Inc. and Masa Homes Wholesale have agreed to a term sheet outlining the principal terms of a proposed partnership. The term sheet details the sale of 100 lots in Phase 2B of Mallorca Villas to Masa Homes for 960,000 PHP per unit, to be paid in installments. The transaction is subject to both parties completing due diligence, negotiating definitive agreements, obtaining necessary approvals, and delivering closing documents by September 10, 2020. The term sheet is non-binding and the transaction remains subject to completion of legal documentation.

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    Term Sheet

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    Cathay Land Inc. and Masa Homes Wholesale have agreed to a term sheet outlining the principal terms of a proposed partnership. The term sheet details the sale of 100 lots in Phase 2B of Mallorca Villas to Masa Homes for 960,000 PHP per unit, to be paid in installments. The transaction is subject to both parties completing due diligence, negotiating definitive agreements, obtaining necessary approvals, and delivering closing documents by September 10, 2020. The term sheet is non-binding and the transaction remains subject to completion of legal documentation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    87 views2 pages

    Cathay Land Inc. and Masa Homes Wholesale Partnership Term Sheet

    Uploaded by

    Mitz Ceriales
    Cathay Land Inc. and Masa Homes Wholesale have agreed to a term sheet outlining the principal terms of a proposed partnership. The term sheet details the sale of 100 lots in Phase 2B of Mallorca Villas to Masa Homes for 960,000 PHP per unit, to be paid in installments. The transaction is subject to both parties completing due diligence, negotiating definitive agreements, obtaining necessary approvals, and delivering closing documents by September 10, 2020. The term sheet is non-binding and the transaction remains subject to completion of legal documentation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    CATHAY LAND INC.

    AND MASA HOMES WHOLESALE


    PARTNERSHIP TERM SHEET

    This term sheet summarizes the principal terms of a proposed transaction involving Cathay
    Land Inc. (the “Company”) and Masa Homes Real Estate Development (the “Purchaser). This
    term sheet is not legally binding and there will be no obligation to complete the proposed
    transaction as a result of the signing of this term sheet. The parties intend to enter into a legally
    binding obligation only pursuant to the definitive agreements to be negotiated and executed by
    the parties.

    Effective Date of Term Sheet. 01 July 2020

    Proposed Transaction Details. 100 lots, Phase 2B, Mallorca Villas

    The aforementioned assets intended for purchase shall hereinafter be known as the “Assigned
    Interests.”

    Proposed Purchase Price. For the sale and transfer of the Assigned Interests to the Purchaser,
    the purchase price is PhP 960,000 per unit, exclusive of VAT and miscellaneous. The terms of
    payment are as follows:
    (a) 10% downpayment – lump sum
    (b) 10% downpayment – over 18 months
    (c) 80% balance – upon turnover

    Statements and Assurances. The obligations of the Company to complete all contemplated
    transactions herein shall be subject, in conjunctions with other items, to the satisfaction of the
    following conditions:
    (a) Masa Homes to provide full sales and administrative assistance to end purchasers;
    (b) Masa Homes to be allowed a brand signage at the project site;
    (c) Satisfactory completion of all legal, accounting, tax, financial, commercial, and
    environmental due diligence, at the Company’s sole discretion;
    (d) Negotiation execution and delivery of satisfactory and mutually acceptable transaction
    documents;
    (e) Receipt of all necessary governmental, board of directors, investment committee, and
    third party approvals;
    (f) True and correct representations and warranties as of the Closing Date;
    (g) Finally, that any and all essential steps to achieve a Closing shall be completed by 10
    September 2020, the actual Closing Date. The aforementioned Closing Date may be
    subject to a mutually agreed upon extension or postponement by both parties.

    Deliverables at Closing. Below is a list of deliverables that are due at closing:


    (a) Final Agreement / Contract
    (b) 10% downpayment given to the Company by the Purchaser
    (c) Post-Dated Checks (PDCs) given to the Company by the Purchaser
    (d) Contract to Sell given by the Company to the Purchaser

    Governing Law. Any and all transaction documents, as well as this Term Sheet, shall be
    governed by the current applicable laws of the Philippines.

    Confidentiality. It is therefore agreed, that the terms and conditions contained within this Term
    Sheet shall be held in the strictest confidence by both parties.

    Legal Fees and Expenses. The Company and the Purchaser shall bear their own fees and
    expenses associated with the Closing.

    Non-Disclosure. Under no circumstances, shall the Purchaser nor the Company make any public
    disclosure regarding the pending transaction prior to or after the Closing. Both parties, the
    Company and the Purchaser, are hereby in agreement that any such decision regarding the
    disclosure of the contemplated transaction, made at or after the time of Closing, shall be made
    mutually; provided that there is no provision that would prevent the Company from their
    fulfillment of any legal disclosure obligations.

    This Term Sheet is not intended as a legally binding commitment by the Purchaser, and any
    obligation on the part of the Purchaser is subject to the following conditions precedent:
    completion of legal documentation satisfactory to the prospective Purchaser, satisfactory
    completion of due diligence by the prospective Purchaser, and delivery of all closing
    deliverables described in the definitive agreements.

    Signed:

    Emma Royo
    President, Masa Homes

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