AYALA CORPORATION vs. ROSA-DIANA REALTY AND DEVELOPMENT CORPORATION | G.R. No. 134284 | December 1, 2000
AYALA CORPORATION vs. ROSA-DIANA REALTY AND DEVELOPMENT CORPORATION G.R. No. 134284, December 1, 2000 Facts Petitioner Ayala Corporation was the registered owner of a parcel of land located in Alfaro Street, Salcedo Village, Makati City. On April 20, 1976, Ayala sold the lot to Manuel Sy married to Vilma Po and Sy Ka Kieng married to Rosa Chan. The Deed of Sale executed between Ayala and the buyers contained Special Conditions of Sale and Deed Restrictions. Among the Special Conditions of Sale were: a) the vendees shall build on the lot and submit the building plans to the vendor before September 30, 1976 for the latter‘s approval b) the construction of the building shall start on or before March 30, 1977 and completed before 1979. Before such completion, neither the deed of sale shall be registered nor the title released even if the purchase price shall have been fully paid and c) there shall be no resale of the property. Issue Wh...