MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This contract is entered into by and between:

Sps. MELODINA V. GAYARES and RIC V. GAYARES, both of legal age,

Filipinos, and residents of Greenplains Subd, Singcang, Bacolod City,
Philippines, hereinafter referred to as the “FIRST PARTY”;

-and-

Sps. ED MICHAEL M. VERZOSA and AILEEN VERZOSA y Borromeo,

both of legal age, Filipinos, and residents of Easthomes Subd. 2, Estefania,
Bacolod City hereinafter referred to as the “SECOND PARTY”.

W I T N E S S E T H:

WHEREAS, the FIRST PARTY, are the registered owners of a parcel of

land located at Brgy. Daan Banwa (Brgy. Estefania) Bacolod City with a total
land area of ONE HUNDRED SEVENTY FIVE square meters (175 sq.m.) more
or less with no improvements, of the Registry of Deeds for the City of Bacolod
particularly described as:

Transfer Certificate of Title

No. T-315243

A parcel of land (Lot 19, Blk. 17 of the subdivision

plan Pcs-06-003739, being a portion of Lots 8-C & 8-
D, (LRA) Psd-370559 situated in the Brgy. Daan
Banwa, City of Bacolod, Island of Negros xxxxx.

WHEREAS, the FIRST PARTY desire to sell all their rights and interest
in the parcel of land described above and the SECOND PARTY are willing to
buy the same subject to certain terms and conditions mutually acceptable to
the parties;

WHEREAS, the SECOND PARTY will secure a loan from the BDO for the
acquisition of the above-described property;

NOW, THEREFORE, for and in consideration of the foregoing and the

mutual covenants and stipulations hereinafter set forth, the parties hereto
have agreed, stipulated and covenanted and hereby agree, stipulate and
covenant as follows:

Section 1. Purchase Price. – The agreed purchase price shall be ONE

MILLION THREE HUNDRED THIRTY THOUSAND PESOS (P 1,330,000.00)
Philippine Currency.

Section 2: Payment Terms – Upon signing of this agreement, the

SECOND PARTY shall pay to the FIRST PARTY the amount of P 300,000.00 as
partial payment. The balance of P 1,030,000.00 shall be paid by the SECOND
PARTY upon release of the loan proceeds.

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 Section 3. Taxes, Registration and Transfer Expenses – The SECOND
PARTY agrees to pay for all expenses and charges for the transfer of the title to
the SECOND PARTY’S name (such as documentary stamp tax, registration
costs with the Registry of Deeds of Bacolod City, transfer tax, notarization, etc.)
except the capital gains tax being assumed to be paid by the FIRST PARTY.

IN WITNESS WHEREOF, the parties have hereunto affixed their

signatures this ______________ at the City of Bacolod, Philippines.

Sps. MELODINA V. GAYARES/ RIC V. GAYARES

Sellers

Sps. ED MICHAEL M. VERZOSA/ AILEEN VERZOSA y Borromeo

Buyer

Signed in the presence of:

___________________________ ______________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF BACOLOD )S.S.
x---------------------------------------x

BEFORE ME, this _________________________________ at the City of

Bacolod, Philippines, personally appeared the following persons with their
respective IDs, each date and place of issue, to wit:

NAME VALID Identification

MELODINA V. GAYARES ___________________________________

RIC V. GAYARES ___________________________________
ED MICHAEL M. VERZOSA ___________________________________
AILEEN VERZOSA y Borromeo, ___________________________________

known to me and to me known to be the same persons who executed the

foregoing instrument and they acknowledged to me that the same is their free
and voluntary act and deed.

This instrument consists of only three (3) pages including this page in
which the acknowledgment is written, duly signed by the parties and their
instrumental witness on each and every page hereof and refers to Deed of
Absolute Sale of a Real Property described above, which the property is located
in Bacolod City.

WITNESS MY HAND AND SEAL on the date and place first above written.

Doc. No. ________;

Page No. ________;
Book No. ________;
Series of 2017.

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