MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Memorandum of Agreement (hereinafter referred to as Agreement) made and
entered into by and between:

(FULL NAME OF PARTY A), of legal age, with residential address

located at (insert complete address here), hereinafter called PARTY A
(PAKIPALITAN PO ANG “PARTY A” ng last name);

-and-

(FULL NAME OF PARTY B), of legal age, with residential address

located at (insert complete address here), hereinafter called PARTY B
(same po pakipalitan ang “PARTY B” ng last name).

PARTY A and PARTY B are collectively referred to as “PARTIES”.

WITNESSETH:

That sometime in 2019, Party A is indebted unto the Party B in the sum of TWO
HUNDRED THOUSAND PESOS (Php 200,000.00), receipt of which was
acknowledged by Party B;
That for and in consideration of the aforementioned indebtedness to assure the
performance of the said obligation to pay, the Party A conveyed by way of collateral
unto the Party B, a house and lot property with the following personality:

 Land Title with TCT no. ______ under the ownership of (insert name)
 Land area: _______
 Located at: _________
 That on (insert date of discussion), Party A brought upon Party B his/her desire
to occupy the property in question due to (insert reason of desire to occupy the
property);

NOW, THEREFORE, for and in consideration with the foregoing premises by the
mutual covenants, stipulations, and agreements, the Parties have agreed, as they do
hereby agree, and contracted as follows:

1. Party A shall pay fifty percent (50%) of the total indebted balance
amounting to ONE HUNDRED THOUSAND PESOS (Php
100,000.00) upfront, upon occupancy;
2. Party A shall pay the remaining indebted balance of ONE HUNDRED
THOUSAND PESOS (Php 100,000.00) within six (6) months;
3. Party A shall vacate the property should he/she fail to pay the
remaining balance within the prescriptive period indicated in this
agreement;
4. The property in question shall be reinstated to Party B as collateral
for the outstanding balance, until such time that the said balance is
paid in full.

IN WITNESS WHEREOF, the parties have hereunto set their hands, this _____
day ____________________ at (insert name of city) City, Philippines.

_____________________ __ _______________________
PARTY A PARTY B

Signed in the presence of:

___________________________ and _____________________________

 ACKNOWLEDGEMENT

Republic of the Philippines)

INSERT CITY City) s.s

BEFORE ME, personally appeared

Valid Identification ID and Number Date and Place Issued

Known to me and to me known to be same person who executed the foregoing

instrument and acknowledged to me that the same is their free and voluntary act and
deed.

Further the above parties subscribed and sworn to before me that the affidavit of
good faith as hereto incorporated in the Mortgage Contract is true and correct of their
personal knowledge.

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

Doc. No. ____;

Page No.____;
Book No. ___;
Series of 2020.