I pass out the paper and emphasize that students can't turn over to page 2 until they finish page 1.
I usually give students 7-10 minutes to write their words on page 1 and then fill them in on page 2. After about 7 minutes, I start writing out the template on the board. After 10 minutes, I have students give me a word for each blank and write them in the template on the board, then I read it aloud and the JTE helps translate. This usually gets students laughing a lot and the process inspires them to finish if they haven't already and to use more interesting words.
Another variation is choosing the paper of one student who has already finished and using it to fill in the blanks on the board. You can have them read it aloud if they are willing to.
Depending on how much time the JTE has allowed for this activity, students can share their stories with a partner, in a group, or pass them around the class so everyone can read them. You can have them read their stories aloud or to themselves. You can also have students volunteer to share theirs with the class.
If you don't have access to a printer, it's possible to do this activity or something similar without the printouts. You can write out the parts of speech on the board and students can use their own piece of paper to write their words. Then you can write the template on the board and they can fill in the blanks with their written words when talking to a partner.
Please let me know if there are any problems with the English, the Japanese, or the formatting! Of course, feedback and advice are always welcomed.