MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This MEMORANDUM OF AGREEMENT is made, executed and entered into by:

____________, of legal age, Filipino, and with residence and postal address at
__________________________________, hereinafter referred to as the SELLER

-AND-

______________________________, of legal age, Filipino and with residence and

postal address at _____________________, hereinafter referred to as the BUYER.

WITNESSETH;

WHEREAS, the SELLER has acquired a parcel of land located at K-9th East
Kamias Central, Quezon City and covered by Transfer Certificate of Title
No__________ containing a total area of ONE HUNDRED FIFTY (50) SQUARE
METERS, more or less, and more particularly described as follows:

TRANSFER CERTIFICATE OF TITLE NO. ________

________________________________________________________________
WHEREAS, the SELLER, for the purpose of acquiring the said property, took out
a loan from the GSIS in the amount of ONE MILLION EIGHT HUNDRED THOUSAND
PESOS (Php 1,800,000.00). A copy of Guaranty Letter is hereto attached as ANNEX “A”,
and made an integral part thereof.;

WHEREAS, as of August 31, 2019, the SELLER has an outstanding balance in

the amount of ONE MILLION FIVE HUNDRED EIGHTEEN THOUSAND EIGHT
HUNDRED FORTY-NINE PESOS (Php 1,518,849.89) to the GSIS;

WHEREAS, the BUYER has offered to buy and the SELLER has agreed to sell
her rights over the abovementioned property;

NOW THEREFORE, for and in consideration of the foregoing, the parties hereby
agree as follows:

1. The BUYER shall pay in full the abovementioned outstanding balance of ONE
MILLION FIVE HUNDRED EIGHTEEN THOUSAND EIGHT HUNDRED
FORTY-NINE PESOS (Php 1,518,849.89) for the purpose of the transferring
of title of the subject property from the GSIS to the SELLER.

2. Upon the successful transfer of ownership of the said property to the SELLER
and within 15 days thereof, the BUYER shall pay the former, by way of a deed
of absolute sale, the amount of FOUR MILLION EIGHT HUNDRED
THOUSAND PESOS (Php 4,800,000.00). Attached hereto as Annex “B” and
forming an integral part hereof is a copy of the said deed of absolute sale.

3. All costs and necessary expenses incurred in connection of this Agreement and
the transactions contemplated hereby shall be paid and borne by the BUYER.

4. In the event of a breach of any of the provisions of this agreement, the guilty
party shall be liable to pay the innocent party TWO HUNDRED THOUSAND
 PESOS (Php 200,00.00) by way of penalty and liquidated damages, without
prejudice to any other rights provided for by law.

5. This agreement sets forth and constitutes the entire agreement and
understanding of the parties with respect to the subject matter hereof. This
agreement supersedes any and all prior agreements, negotiations, undertakings,
promises, communications, and warranties, whether oral or written, of any party
to this agreement. Further, this agreement shall be considered as an
independent contract and shall not in any way be affected by any agreement
previously agreed upon by the parties.

IN WITNESS WHEREOF, the parties hereto have signed these presents on this
_______ day of _____, _____, in Quezon City, Philippines.

__________________________________ __________________________________

Seller Buyer

SIGNED IN THE PRESENCE OF:

__________________________ ____________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

Quezon City ) SS.
BEFORE ME, a Notary Public for and in the City of Bacoor personally appeared:

Name Proof of Identity Date/Place Issued

_________________
_____________________

Known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged to me that the same are their free act and voluntary deed.

This instrument, consisting of three (3) pages, including the page on which this
acknowledgment is written, has been signed on the left margin of each and every page
thereof by the concerned parties and their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL on this __th day of September 2019 at Quezon
City.

Notary Public

Doc. No. ........;

Page No. .......;
Book No. .......;
Series of 2019.