REPUBLIC OF THE PHILIPPINES)

PROVINCE OF ____________________) S.S.

CITY OF _____________
)

DEED OF SALE WITH

ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This Deed of Sale with Assumption of Mortgage is entered into by and between:

________(Name of the Vendor)______, of legal age, Filipino and presently

residing at ______________________________________________, hereinafter
called as the VENDOR;

- and -

________(Name of the Vendee)______, of legal age, Filipino and a resident

______________________________________________, hereinafter called as the
VENDEE;

WITNESSETH:

WHEREAS, the Vendor is the owner in fee simple of a motor vehicle covered by
the Certificate of Registration No. _______________ issued by the
____________________________, which is particularly described as follows:

Make :
Series :
Body Type :
Engine No. :
Chassis No. :
MV File :

WHEREAS, the said motor vehicle is subject of a chattel mortgaged with

___________________________, due every ____ day of the month starting
______________ of (Year) up to ___(End Month and Year of Contract)__ , with a monthly
amortization of _____________(AMOUNT)______________ (PHP__________);

WHEREAS, the Vendor offered to sell and the VENDEE has agreed to buy the
above-described motor vehicle and to assume the Mortgage obligation until fully paid;

WHEREAS, the Vendor warrants valid ownership of the subject ______(Subject

Mortgaged)_____ and shall defend the rights and interests in connection therewith in
favor of the Vendee;

NOW, THEREFORE, for and in Consideration of the sum of

________________________________ (PHP__________) Philippine Currency
paid to and the receipt whereof is hereby acknowledge by the Vendor from the Vendee,
the said VENDOR does hereby SELL, TRANSFER, and CONVEY, in a manner absolute and
irrevocable, unto the VENDEE, his heirs, successors and assigns, the motor vehicle above
described, free and clear of all liens and encumbrances except the mortgage as may be
subsisting in favor of _________________, subject to the following terms and conditions:

1. That the amount of _________________ Only (PHP___________) shall be

paid by the VENDEE upon the execution of this Deed;

2. That the VENDEE shall pay the unpaid amortization for the months of _____ and
_________ amounting to ____________________________ (PHP________);

3. That the VENDEE does hereby accept this sale and binds himself to assume as
he/she assumes the payment of the unpaid monthly amortization of the mortgage
indebtedness of the VENDOR in the amount of
_____________________________________ (PHP___________), in
favor of the afore-named ______________________, mortgagee by virtue of the
mortgage instrument executed on _________, _________ and does hereby
further agree to be bound by the precise terms and conditions therein contained.

IN WITNESS WHEREOF, WE have hereunto set our hand this ______ of

_____________ ______, in the _____________, Philippines.

___________________ __________________
VENDOR VENDEE

SIGNED IN THE PRESENCE OF:

__________________________ __________________________

ACKNOWLDEGMENT

BEFORE ME, a Notary Public in and for the City of Bacolod, Philippines, personally
appeared the following:

Name Competent Evidence Date and Place

of Identity Issued
_______________________ _________________ _____________

________________________ _______________ _____________

All personally known to me to be the same persons who executed the foregoing
instrument and acknowledged to me that the same is their free and voluntary act and
deed.
This DEED consisting of two (2) pages, including this page in which this
acknowledgment is written, has been signed by the parties and their instrumental
witnesses on the signature page and on the left margins of each and every page thereof,
sealed with my notarial seal.

WITNESS MY HAND AND SEAL this ________ day of _____________, 20___.

Doc. No. _____;

Page No, _____;
Book No. _____;
Series of 20___.