DEED OF ABSOLUTE SALE OF REAL PROPERTY

KNOW ALL MEN BY THESE PRESENTS:

This Deed of Absolute Sale is made and entered into by and between:

JUAN B. RAMIREZ, of legal age, Filipino, married to MARIA JUANA

MARGATE-RAMIREZ, with residence and postal address at Barangay Dinaga,
Canaga, Camarines del Norte, by virtue of a Special Power of Attorney
dated October 12, 2018, hereto attached as Annex A and made part thereof,
hereinafter referred to as “SELLER”;
-and-
JBL ELECTRIC CORPORATION., a private entity duly organized and
existing by virtue of laws of the Republic of the Philippines, with office address
at 8th Floor KCC Financial Center, AC Cortes Avenue, Brgy. Alang-Alang, Cebu
City, Cebu 6000, represented by its President and CEO, PHILIP R. GOMEZ,
hereinafter referred to as “BUYER.”
WITNESSETH:

WHEREAS, the SELLER is the absolute and registered owner of a parcel

of land consisting an area of ONE THOUSAND SQUARE METERS (1000 SQM),
situated in the City of Masbate, Island of Luzon and more particularly described
in TCT No. 67717-Lot No. 22117-B duly registered in the Registry of Deeds for
Masbate City;
WHEREAS, the BUYER has offered to buy the aforesaid property from
the SELLER and the SELLER has agreed to the said offer for the total amount
of FOUR MILLION PESOS (PHP 4,000,000.00);
WHEREAS, a CONTRACT TO SELL was executed between the SELLER
and BUYER on 24 June 2019 which document was acknowledged before Notary
Public Mike Byrne S. Lopez and entered in his Not. Reg. as Doc. No. 252; Page
No. 58; Book No. V; Series of 2019, a copy of which is hereto attached as
Annex B;
WHEREAS, the aforesaid CONTRACT TO SELL provides that upon full
payment of the total price the SELLER and BUYER shall sign and execute a
DEED OF ABSOLUTE SALE;
WHEREAS, the aforesaid CONTRACT TO SELL was represented by
RACHEL P. SINGSON as President and CEO of the BUYER to which authority
has now ceased and a new President and CEO was elected by the BOD of the
BUYER through a Board Election held on July 18, 2020 and to which authority
is now showing in the Amended General Information Sheet of the BUYER as
validated by SEC, a copy of which is hereto attached as Annex C;
WHEREAS, PHILIP R. GOMEZ being the present and existing duly elected
President and CEO of the BUYER shall sign for the BUYER;
WHEREAS, the BUYER has satisfactorily and completely met its
obligation to the SELLER and has paid in full the total price;
NOW THEREFORE, for and in consideration of the sum of FOUR MILLION
PESOS (PHP 4,000,000.00) fully paid by the BUYER to the SELLER, the SELLER
 DO HEREBY SELL, TRANSFER, and CONVEY by way of ABSOLUTE SALE unto
the said BUYER, his heirs and assigns, the certain parcel of land together with
all the improvements found thereon, free from all liens and encumbrances of
whatever nature including real estate taxes as of the date of this sale.

For the SELLER: For the BUYER:

JUAN B. RAMIREZ PHILIP R. GOMEZ

With Marital Consent:

MARIA JUANA MARGATE-RAMIREZ

SIGNED IN THE PRECENSE OF:

____________________________ ____________________________

REPUBLIC OF THE PHILIPPINES)

CITY OF _______________) SS.

ACKNOWLEDGEMENT

BEFORE ME, personally appeared the persons of PHILIP R. GOMEZ identified

through his competent evidence of identity: TIN: 111-222-333 and JUAN B.
RAMIREZ through his competent evidence of identity: TIN: 222-111-333 and who
are known to me to be the same persons who executed the foregoing DEED OF
ABSOLUTE SALE and acknowledged to me that the same is their voluntary act and
deed.

I further certify that I have explained the foregoing instrument to them, and
its legal effects and consequences and they expressed to me that they have fully
understood the same.
WITNESS MY HAND AND OFFICIAL SEAL on this ____ day of _____________
at _________________________________.

NOTARY PUBLIC

Doc. No. _____;

Page No. _____;
Book No. _____;
Series of 2020.