DOWNPAYMENT RECEIPT AGREEMENT

Received from MICHELLE TENG, married to MARC TENG, with residence at

Rosemont Towers Panay Avenue, Quezon City, Philippines, the amount of TWO
MILLION PESOS (Php 2,000,000.00), as DOWNPAYMENT MONEY for payment of the
townhouse located at 52 Valencia Street, Quezon City.

This DOWNPAYMENT MONEY forms part of the purchase price of TWENTY-FIVE

MILLION FIVE HUNDRED THOUSAND PESOS (P25,500,000.00). This amount is also
part of the initial payment of the 20% down payment of FIVE MILLION ONE HUNDRED
THOUSAND (P5,100,000.00). The remaining 80% balance of TWENTY MILLION
FOUR HUNDRED THOUSAND (P20,400,000.00) will be settled thru bank financing.
The EARNEST MONEY is non refundable.

The VENDEE/BUYER hereby reserves the exclusive right to purchase the

aforementioned property and the VENDOR/SELLER cannot offer the aforementioned
property to any third party.

Date: August 26, 2019

SUSANA LU VELASCO MICHELLE TENG

VENDOR VENDEE

MARC TENG
VENDEE