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1. Parties: Identification of the Buyer and Seller, including complete legal names and addresses
2. Background: Reference to the main sale agreement, reason for the addendum, and context of the arrangement
3. Definitions: Key terms used in the addendum, including 'Property', 'Possession Period', 'License Fee' if applicable
4. Grant of License: Formal grant of permission for the seller to remain in possession, including scope and nature of the right
5. Term of Possession: Duration of the seller's right to remain in possession, including start and end dates
6. License Fee: Amount payable by the seller for continued occupation, payment terms and methods
7. Utilities and Maintenance: Responsibilities for utilities, maintenance, and repairs during the possession period
8. Insurance and Risk: Requirements for property insurance and allocation of risk during the possession period
9. Seller's Obligations: Specific responsibilities of the seller during the possession period
10. Property Condition: Requirements for maintaining the property condition and standards of use
11. Termination: Circumstances under which the license can be terminated and the process for termination
12. Vacation of Property: Process and requirements for final vacation of the property
13. Governing Law: Confirmation of Philippine law as governing law and jurisdiction
1. Security Deposit: Required when the parties agree on a security deposit for potential damages
2. Renovation Rights: Included when the seller needs to make specific modifications during the possession period
3. Subletting Prohibition: Explicitly included when there's a need to prohibit the seller from subletting
4. Early Termination Rights: Included when parties want specific provisions for early termination
5. Inspection Rights: Details buyer's rights to inspect the property during the possession period
6. Property Management: Required when specific property management arrangements are needed
7. Force Majeure: Included when parties want specific provisions for unforeseen circumstances
1. Property Description: Detailed description of the property including address and specific areas covered by the license
2. Inventory List: List of furniture, fixtures, and equipment included in the property during possession
3. Property Condition Report: Detailed documentation of property condition at the start of the possession period
4. Payment Schedule: If applicable, detailed schedule of license fee payments
5. Utility Agreements: Details of utility payment arrangements and account transfers
6. Maintenance Schedule: Schedule of regular maintenance tasks and responsibilities
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