If the seller is unable to meet his obligations. The buyer has the right to terminate this contract and the booking fee is NON-REFUNDABLE. JCMER Construction Firm (Seller) confirm the receipt of Fifty Thousand Pesos (Php 50,000.00) as a free reservation on Lot 06 Blk 05 Silver Land, Laloma Quezon City by Mr. Ronald D. Santos (buyer), a resident of Paglinawan St. Paranaque City on July 15, 2005. The booking is only valid for one (1) month. The total cost of this house and lot is two million eight hundred thousand (2.8M). The seller agreed to pay 50% of the total cost of one million four hundred thousand (Php 1,400,000.00) on August 14, 2005 and the remaining 50% will be payable on January 30, 2006.