ORDINANCE NO: 2010-302 "AN ORDINANCE AMENDING PARAGRAPH "A" SECTION 1 OF ARTICLE VI; SECTION 7 OF ARTICLE VII; PARAGRAPH "O", SECTION 1 OF ARTICLE VIII AND PARAGRAPH "B", SECTION 4 OF ARTICLE IX, ALL OF CITY ORDINANCE 2009-288, OTHERWISE KNOWN AS "AN ORDINANCE ESTABLISHING THE GUIDELINES AND POLICIES GOVERNING THE OPERATION AND MANAGEMENT OF THE CITY COMMERCIAL CENTER OF THE CITY GOVERNMENT OF PAGADIAN AND IMPOSING PENALTIES FOR VIOLATION THEREOF" Be it ordained by the Sangguniang Panlungsod (9th City Council) of Pagadian City in session assembled, that: SECTION 1 - Article VI- AWARDING OF STALLS, Section 1 sub paragraph (a) is hereby amended by inserting the phrase: "provided, that the said awardee in case of absolute ownership is not allowed to convey/transfer said stall to any person or entity only until one (1) year after full payment had been achieved.", which shall now be read as follows: Priority consideration in the awarding of stalls is to be extended to applicants who have been demolished of where the C3 is constructed/erected and do not have back accounts with the Office of the City Treasurer and are not habitual delinquent taxpayers; Provided, that the said awardee in case of absolute ownership shall be allowed to convey/transfer said stall to any person or entity only after one (1) year when full payment shall have been achieved. SECTION 2. Section 7 under Article VII-Composition of C3 Board, shall be amended, to read as follows: "SECTION 7. - Payments Scheme for Stall for Sale. The awardees of the stall/s for sale will be allowed to occupy the stall upon compliance of the required fee thereof based on the option they prefer in the schedule of payments as enumerated hereunder: Option Monthly Equal Balloon Balance Discount From Downpayment Amortizations Payment Payment The total cost 1. 20% in 1 month 60% in 42 months - 20% upon occupancy 3.50% 2. 20% in 1 month 60% in 48 months - 20% upon occupancy 2.75% 3. 20% in 1 month 70% in 48 months - 10% upon occupancy 3.50% 4. 30% in 1 month 60% in 48 months - 10% upon occupancy 4.50% 5. 40% in 1 month 58% in 48 months - 2% upon occupancy 6.50% 6. 98% in 6 months - 2% upon occupancy 11.00% 7. 98% in 1 month - 2% upon occupancy 12.00% SECTION 3. Sub-paragraph "O" Section 1 of Article VIII-Standard Terms and Conditions on the Sale of Stall of Section, shall be amended in the herein manner, to wit: "O). The client acknowledges that in the event the sale of said stall is subject for Expanded Value Added Tax (EVAT), the client is liable/obliged for such payment as the total contract price of the stall shall be exclusive of Twelve (12%) Percent Expanded Value Added Tax (EVAT); In case, however, of any increase in the VAT rate, or new/additional taxes, fees or other government charges levied after the signing of the award, the same shall be for the account of the client, and it is agreed that the final contract price and/or any amount indicated herein shall be correspondingly adjusted. SECTION 4. There shall be included among the items under Paragraph B, Section 4 of Article IX, the following provision: 1. Ground Floor Class "AA" P52,000.00 per square meter SECTION 4. - EFFECTIVITY. This Ordinance shall take effect upon approval. ENACTED AND APPROVED by the 9th City Council of Pagadian City during its 110th Regular Session held on January 5, 2010 at the Sangguniang Panlungsod Session Hall.