DEED OF SALE OF MOTOR VEHICLE WITH ASSUMPTION OF

MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This Deed made and entered at Cotabato City, Philippines between

__________________ of legal age, Filipino, married to
__________________________ with residence and postal address at
_______________________________ Cotabato City and hereinafter called the
VENDOR,

AND

____________________________, OF LEGAL AGE, Filipino, married, with

residence and postal address at ___________________________, Cotabato
City hereinafter called the VENDEE;

WITNESSETH

WHEREAS, the VENDOR is the absolute and registered owner of a

motor vehicle, more particularly described below:

MAKE SERIAL/CHASSIS
No.
SERIES PLATE NUMBER:
TYPE OF BODY COLOR
YEAR MODEL C.P.
ENGINE No.

WHEREAS, the above-described vehicle is presently encumbered

in favor of Toyota Financing Services of the remaining balance of
(amount in words) (amount in figures) contracted by the VENDOR from
the afore-named mortgage under the terms and conditions set forth in
the said instrument of mortgage;

WHEREAS, the VENDOR has offered to sell and the VENDEE has
agreed to buy the above-described vehicle for the total price of AMOUNT
IN WORDS payable in the mannerset forth herein below;

NOW AND THEREFORE, for and in consideration of the sum

THREE HUNDRED THIRTY THOUSAND PESOS (P330,000.00) paid to
and the receipt whereof is hereby acknowledged by the VENDOR, the
said VENDOR does hereby SELL, TRANSFER and CONVEY, in a manner
absolute and irrevocable , unto the VENDEE, his heirs and assigns the
VEHICLE above-described free and clear of all liens and encumbrances
except the mortgage as may be subsisting in favor of Toyota Financing
Services, and the VENDEE does hereby accept this sale and binds
himself to assume as he assumes the payment of the unpaid balance of
the mortgage indebtedness of VENDOR amounting to_____, in favor of the
afore-named mortgagee and does hereby further agree to be bound by
the precise terms and conditions therein contained.

The VENDEE undertakes to pay the monthly payments to the

above-named financing company on or before _________day of every
month amounting to _____________________
 (P_______) which shall commence on ___________________and will end on
______________ or the remaining ____months of obligation with Toyota
Financing Services.

In case of delay in payments, the penalties and fines incurred

therein shall be borne by the VENDEE.

In case of the VENDEE defaults for two (2) consecutive months and
continues to fail to pay the same upon demand, the sum of money paid
by the VENDEE in the amount of 330,000.00 shall be forfeited in favor of
the VENDOR along with the return of the subject vehicle to the VENDOR.

The renewal of the insurance policy of the aforementioned vehicle

shall be for the account of the VENDEE.

The cost for the transfer of ownership upon full payment of the
aforementioned vehicle shall also be borne by the VENDEE.

IN WITNESS WHEREOF, the parties have hereunto set their

hands and signed these presents this _____ day of _______ 2019, at
Cotabato City, Philippines.

VENDOR VENDEE

With my conformity:

Spouse

Signed in the presence of:

Witness witness