Escrow Agreement

ESCROW AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Deed executed this 17th day of June 2003 by and among;
SPOUSES GAUDIOSO B. BAUTISTA and MILAGROS P.

BAUTISTA, both of legal age, Filipino citizens, and residents of 197
Capt. Roja St., Brgy. Addition Hills, San Juan, Metro Manila,
Gaudioso B. Bautista being represented herein by Milagros P. Bautista
by virtue of a Special Power of Attorney dated 20 May 2003 notarized
before Notary Public Edna Jocson Moya of the County of Fresno, State
of California U.S.A. and authenticated by the Philippine Consulate in
San Francisco (hereinafter called the "ASSIGNORS"),
- in favor of -
ANTONIO L. TAN, JR., of legal age, Filipino with address at

56 Cardiz Street, Banawe, Quezon City, (hereinafter called the
"ASSIGNEE"),
- and -
_____________________________________________, of
legal age, married, with address c/o Allied Bank, Shaw Blvd., Branch
_______ "AGENT".
ACKNOWLEDGES: That
WHEREAS, the parties entered into a Deed of Assignment dated 17 June 2003
by virtue of which the ASSIGNORS for the aggregate amount of P3,000,000.00, sold,
conveyed and transferred in favor of the ASSIGNEE that certain option/right of first
refusal granted by Philippine Bank of Communications (the "Option") to purchase the
real property and all its improvements located at 197 Capt. Roja St., Barangay
Addition Hills, San Juan, Metro Manila, covered by TCT No. 478217 in the name of
PBCom (the "Property") as well as all of ASSIGNORS' rights interests and
participation on and to the Property, more particularly described as follows:
TCT No. 478217
A parcel of land (Lot 12-A, of the subdivision plan (LRC) Psd-

_19919, being a portion of Lot 12, Block 254, Psd-4271, LRC Record
Nos. 699, 875 & 917), situated in the Municipality of San Felipe Neri,
before, San Juan, now, Province of Rizal, Island of Luzon. Bounded on
the NE., points 3 to 4, by Road Lot No. 2; on the SE., points 4 to 1, by
Lot 13; on the SW., points 1 to 2, by Lot 14, both of Block 254; Psd-
4271; and on the NW., points 2 to 3; by Lot 12-B, of the subdivision
plan...... containing an area of ONE HUNDRED AND FORTY ONE
(141) SQUARE METERS, more or less.
WHEREAS, the ASSIGNEE still has a balance left of P1,200,000.00 (the

"Balance") payable to the ASSIGNORS pursuant to the terms of the Deed of
Assignment.
WHEREAS, the parties have agreed to place in Escrow the original Owner's
copy of TCT No. 478217 as well as other documents including the pertinent Deed of
Absolute Sale executed by PBCom (collectively the "Documents") until after the
Balance has been paid.
NOW, THEREFORE, for and in consideration of the covenants made to each

other as set forth in this Agreement the parties hereby agree:
1. DEPOSIT WITH THE AGENT. Contemporaneously with the

execution of this Agreement, the parties shall deposit the Documents with the
AGENT.
2. CONDITIONS OF THE ESCROW. -- Release of the Documents to

the ASSIGNEE shall be made upon the ASSIGNEE's presentation to the AGENT
either of a receipt signed by the ASSIGNORS acknowledging receipt of the Balance
or the original copies of the following Allied Bank cancelled checks in the name of the
ASSIGNORS, to wit: ___________________, ___________________, and
___________________.
3. LIABILITY OF THE AGENT. -- The ASSIGNEE and the

ASSIGNORS agree that the AGENT assumes no liability for and is expressly released
from any claim or claims in connection with the deposit of the Documents to the
AGENT under and pursuant to the terms of this Agreement except to comply its terms.
IN ATTESTATION OF THE ABOVE, this Agreement has been executed

in ____________ on the date first above written.
SPOUSES GAUDIOSO B. BAUTISTA and ANTONIO L. TAN, JR.

MILAGROS P. BAUTISTA (Assignee)
(Assignors)
By:
MILAGROS P. BAUTISTA
_________________________
Escrow Agent
By:
______________________
SIGNED IN THE PRESENCE OF:
______________________ ______________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)

CITY OF ) S.S.
BEFORE ME, a Notary Public, for and in the above jurisdiction, this ___ day
of ____ May 2003 personally appeared:
Name Comm. Tax Cert. No. Date/Place Issued
Milagros P. Bautista 19194864 January 21, 2003/San Juan,

MM
Antonio L. Tan, Jr. 15538708 January 14, 2003/Quezon
City
_____________________
known to me and to me known to be the same person who executed the foregoing
Agreement, which consists of ___ ( ) pages signed by the parties thereto and their
witnesses in every page thereof and they acknowledged to me that the same as their
free and voluntary act and deed, and of the corporation herein represented.
WITNESS MY HAND AND SEAL on the date and at the place first above
written.
Doc. No. ____;

Page No. ____;
Book No. ____;
Series of 2003.
/conversion/tmp/activity_task_scratch/553131243.doc-9-01
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ESCROW AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

SPOUSES GAUDIOSO B. BAUTISTA and MILAGROS P.

ANTONIO L. TAN, JR., of legal age, Filipino with address at

TCT No. 478217

A parcel of land (Lot 12-A, of the subdivision plan (LRC) Psd-

WHEREAS, the ASSIGNEE still has a balance left of P1,200,000.00 (the

NOW, THEREFORE, for and in consideration of the covenants made to each

1. DEPOSIT WITH THE AGENT. Contemporaneously with the

2. CONDITIONS OF THE ESCROW. -- Release of the Documents to

3. LIABILITY OF THE AGENT. -- The ASSIGNEE and the

IN ATTESTATION OF THE ABOVE, this Agreement has been executed

SPOUSES GAUDIOSO B. BAUTISTA and ANTONIO L. TAN, JR.

SIGNED IN THE PRESENCE OF:

REPUBLIC OF THE PHILIPPINES)

Name Comm. Tax Cert. No. Date/Place Issued

Milagros P. Bautista 19194864 January 21, 2003/San Juan,

Doc. No. ____;

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