DEED OF ABSOLUTE SALE

KNOW ALL MEN BY THESE PRESENTS:

This DEED OF ABSOLUTE SALE, made and entered into this ____ day of
___________, 1999, by and between:

Spouses PROSPERO C. CASTILLO and STELA B. NANGULABAN,

both of legal age, Filipino and residents of No. 37 Rainbow Street, SSS
Village, Marikina, Metro Manila; CONSTANCIO C. CASTILLO, of
legal age, Filipino, single, and a resident of No. 7 Capt. Juan Manalo
Street, Sto. Tomas, Batangas; Spouses MA. ADORA C. DEGUITO and
FRUMENCIO F. DEGUITO, both of legal age, Filipino and residents of
No. 21 Armand Fabella Street, B. F. Homes, Parañaque City, Metro
Manila; Spouses ALELI CONCEPCION C. MALVAR and NESTOR
S. MALVAR, both of legal age, Filipino and residents of No. 7 Capt. Juan
Manalo Street, Sto. Tomas, Batangas; CARLOMAGNO R. UMINGA, of
legal age, Filipino, and resident of No. 121 Sydney Street, Pasig Greenpark
Village, Manggahan, Pasig City; herein represented by their true and
lawful Attorney-in-Fact ROSA ISABEL C. UMINGA; and ROSA
ISABEL C. UMINGA , of legal age, Filipino, and resident of No. 121
Sydney Street, Pasig Greenpark Village, Manggahan, Pasig City;
hereinafter referred to as the “SELLERS”;

and

VIRGINIA L. CO, of legal age, single, Filipino citizen, and a resident of

No. 60 West Avenue, West Triangle, Quezon City, hereinafter referred to
as the “BUYER”:

WTINESSETH : THAT

WHEREAS, the SELLERS are the the registered owners in fee simple of one (1)
parcel of land (hereinafter referred to as the “PROPERTY”) with an area of EIGHTEEN
THOUSAND SIX HUNDRED FORTY FIVE (18,645.00) SQUARE METERS, more or
less, Lot No. 1-A situated in the Barrio of San Bartolome, Sto Tomas, Batangas covered
by Transfer Certificate of Title No. T-61339 of the Registry of Deeds of Tanauan,
Batangas “the PROPERTY” hereon attached as Annex “A”.

WHEREAS, the SELLERS have offered to sell the above described parcel of
land, and the BUYER has accepted the offer, subject to the following terms and
conditions hereafter stipulated:

NOW, THEREFORE, for and in consideration of the sum of TWO MILLION

SEVEN HUNDRED NINETY SIX THOUSAND SEVEN HUNDRED FIFTY PESOS
(P2,796,750.00) Philippine currency, which the SELLERS have acknowledged receipt to
their full satisfaction, the SELLERS, by these presents, hereby irrevocably and absolutely
sell, cede, transfer and convey unto the BUYER, its successors, administrators, and
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assigns, all their rights, interest and title in and to the PROPERTY mentioned in the first
Whereas Clause.

ARTICLE I
REPRESENTATIONS AND WARRANTIES OF THE SELLERS

Section 1.01 That the PROPERTY is free and clear of all easements, liens and
encumbrances and restrictions of any nature whatsoever, nor shall be subject to any
claims, set-off or defense which will prevent the BUYER from obtaining full and
absolute ownership in fee simple over the PROPERTY covered by Transfer certificate of
Title No. T-61339.

Section 1.02 That the SELLERS are the absolute owners of the aforesaid
PROPERTY.

Section 1.03 That this Deed of Sale constitute the legal and binding obligation of
the SELLERS, enforceable against them in accordance with terms hereof.

Section 1.04 The PROPERTY covered by Transfer Certificate of Title No. T-

61339 is not subject of or not involved in any pending or threatened litigation or case,
which if adversely determined may result in the impairment of the BUYER’s right and
interest in and to the PROPERTY.

Section1.05 The SELLERS warrant that they have perfect and absolute right to
transfer, sell and convey the PROPERTY covered by Transfer Certificate of Title No. T-
61339.

Section 1.06 The PROPERTY covered by Transfer Certificate of Title No. T-

61339 is not tenanted and not covered by the Comprehensive Agrarian Reform Program
(CARP) Law.

ARTICLE II
EXPENSES FOR TRANSFER OF TITLE

Section 2.01 The capital gains tax and documentary stamp tax, transfer tax and all
other expenses related to the transfer of title including registration shall be shouldered by
the BUYER.

ARTICLE III
OTHER CONDITIONS

Section 3.01 It is agreed that upon signing of this Deed of Absolute Sale, the
SELLERS will deliver all the following enumerated documents that may be necessary for
the registration of this Deed of Absolute Sale in the name of the BUYER and to deliver
the full physical possession of the aforesaid PROPERTY to the BUYER.

I. Original Owner’s Copy of Transfer Certificate of Title No. T-61339;

II. True Copy of Tax Declaration of the PROPERTY registered in the name
of the SELLERS;
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III. Tax clearance that the PROPERTY has no real estate tax delinquency and
copies of current tax receipts.

IV. Certificate of no improvement issued by the Assessor’s Office of Sto.

Tomas, Batangas and Affidavit of No Improvement;

V. Certified Location Plan approved by the Bureau of Land or LRA.

Section 3.02 All taxes and assessments except those mentioned in Section 2.01
accruing by reason of the ownership of the PROPERTY, including the real property tax
and/or any other taxes accruing on the PROPERTY up to the signing of this Deed of
Absolute Sale shall be for the account of the SELLERS.

Section 3.03 In the event of litigation that may arise by reason of this Deed of
Absolute Sale or in connection therewith, SELLERS and BUYER have agreed that the
venue shall be in the proper courts of Quezon City.

Section 3.04 the SELLERS agree to execute with the BUYER such other
documents as maybe necessary and as may be reasonably required by the BUYER to
carry out the intention of the parties herein. The SELLERS likewise agree to cooperate
with BUYER in order that the BUYER could promptly obtain final government approval
for the conversion of the PROPERTY covered by Transfer Certificate of Title No. T-
61339.

3.05 Should there be an increase or decrease in the area as indicated on the

Transfer Certificate of Title No. T-61339 covering the PROPERTY based on actual re-
survey for any reason not attributed to the BUYER, there shall be proportionate
adjustment on the total purchase price based on the increase or decrease in the land area
at the price of P150.00 per square meter. Furthermore the SELLERS agree to return to
the BUYER whatever excess there is on the total purchase price based on the actual area
surveyed by the Surveyor.

IN WITNESS WHEREOF, we have hereunto set our hands this ___ day of July,
1999 at _______________ , Philippines.

PROSPERO C. CASTILLO CONSTANCIO C. CASTILLO

Seller/Principal Seller/Principal

ADORA C. DEGUITO ALELI CONCEPCION C. MALVAR

Seller/Principal Seller/Principal

STELA B. NANGULABAN FRUMENCIO F. DEGUITO

Seller/Principal Seller/Principal

NESTOR S. MALVAR CARLOMAGNO R. UMINGA

Seller/Principal Seller/Principal

By:

ROSA ISABEL C. UMINGA

Seller and as Attorney-in-Fact
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VIRGINIA L. CO
Buyer

SIGNED IN THE PRESENCE OF:

______________________________ _______________________________

REPUBLIC OF THE PHILIPPINES)

)S.S.

ACKNOWLEDGMENT

BEFORE ME, a Notary Public for and in __________________________

Philippines, this ___ day of July, 1999, personally appeared the following with their
respective community tax certificates:

Name C. T. C. No. Date and Place of Issue

Rosa Isabel C. Uminga
Virginia L. Co 08289508 Feb. 18, 1999 – Quezon City

known to me and to me known to be the same persons who executed the foregoing Deed
of Absolute Sale consisting of four (4) pages including this page where the
acknowledgment is written, and they acknowledge to me that the same is their free and
voluntary act and deed.

This instrument pertains to a Deed of Absolute Sale of one (1) parcel of land
situated in the Barrio of San Bartolome, Santo Tomas, Batangas, Philippines, and covered
by Transfer Certificate of Title No. T-61339 of the Registry of Deeds for Tanauan,
Batangas, Philippines, and signed by the parties concerned and their instrumental
witnesses on the space provided for at the left margin of this Deed.

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

Notary Public

Doc. No. ____;

Page No. ____;
Book No. ____;
Series of 1999.

\castillo, et al-deed of sale