PRLD.NPPB.010.00
Republic of the Philippines
Office of the President
HOUSING AND LAND USE REGULATORY BOARD
Lupong Nangangasiwa sa Pabahay at Gamit ng Lupa
Northern Luzon Regional Field Office - Baguio City
__________________________
__________________________
__________________________
__________________________
__________________________
Name of Project :
Location :
Remaining Development Cost :
Processing Fee :
Dear __________:
Reference is made to your application for ___________________________ I, _________ _
for
the above-mentioned project:
Please be informed that in addition to the requirements enumerated in our previous letter(s) and
consequent to the inspection of the project, a Performance Bond is required. You shall strictly
follow the specifications in Annex “A” hereof. This bond may be in any one of the three (3)
following forms:
1. A Surety Bond equivalent to __
% of the computed development cost shown above,
issued preferably by the Government Service Insurance System, or a private bonding
company duly accredited with the Insurance Commission; or
2. Cash Bond equivalent to ten percent (10%) of the development cost which may be in the
form of any of the following:
Fiduciary Deposit made with the cashier and/or disbursing officer of the Board;
A Certificate of Guaranty Deposit issued by any bank or financing institution of a good
standing in favor of the Board.
A letter from any bank of recognized standing certifying that so much has been set aside
from the bank account of the applicant in favor of the Board which amount may be
withdrawn by the Chief Executive Officer of the Board or by its duly authorized
representative at anytime the principal fails to comply with his duties and obligations under
the bond contract.
Any irrevocable credit line to be utilized in the development of the project from any bank of
recognized standing and a refinancing program indicating sources of funding from duly
accredited funding institution.
For pre-existing projects, any of the forms of Performance Bond enumerated above
may be availed of.
3. Real Estate Mortgage to be executed by the applicant as mortgagor in favor of the Republic
of the Philippines as mortgagee, the latter as represented by and acting through the HLURB
over a property other than that subject of the application, free from any liens and
encumbrances and provided, that the value of the property, computed on the basis of zonal
valuation schedule of the Bureau of Internal Revenue, shall be at least twenty percent (20%)
of the total development cost.
The processing fee indicated above shall be paid either in cash, Manager’s Check or
Cashier’s Check only.
Very truly yours,
_______________________
Regional Officer