MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Memorandum of Agreement, made by and between:

---_________________________,, of legal age, married to ---

_________________________, and a resident of ---
_________________________, Philippines (hereinafter known
as the FIRST PARTY);

- and -

---_________________________,, of legal age, married to ---

_________________________,, and a resident of ---
_________________________, Philippines (hereinafter known
as the SECOND PARTY);

WITNESSETH; That:

The FIRST PARTY is indebted unto the SECOND PARTY in the sum of Three
Hundred Thousand (P300,000.00), Philippine Currency, receipt of which is
acknowledged by the FIRST PARTY upon the signing of this instrument, payable to the
order of the SECOND PARTY without need of prior demand or notice on or before five
(5) years from signing of this instrument; but the interest of 3.33% of the indebted
amount or Ten Thousand P10,000.00) Philippine Currency per month shall be paid
starting on _____________ and on every _____________ thereafter until the end of the 5-
year term herein agreed upon.

NOW, THEREFORE, for and consideration of the afore-mentioned

indebtedness, and to assure the performance of said obligation to pay, the FIRST
PARTY does hereby CONVEY and DELIVER unto the SECOND PARTY, (his/her) heirs,
successors and assigns, the following parcel of land, together with all the
improvements found and standing thereon, more particularly described as follows:

XXXXXXXXXXXXXX

That it is the condition of this Agreement that should the FIRST PARTY
perform the obligation to pay the afore-cited indebtedness of Three Hundred
Thousand (P300,000.00), Philippine Currency together with accrued interest thereon,
within the agreed term. This, however, is without prejudice to the right of the FIRST
PARTY to pay the principal amount of P300,000.00 prior to the end of the 5-year term.

Should payment of the principal amount be made on or before the agreed

period of five (5) years, this Agreement shall be discharged and shall at once become
null and void and of no effect whatsoever. However, should the FIRST PARTY fail to
pay the principal amount after the lapse of the agreed period, this Agreement shall
subsist and remain in full force and effect and that the FIRST PARTY shall allow the
SECOND PARTY to assume administration of the above-described property subject to
foreclosure in the manner and form prescribed by law.

That it is also the condition of this Agreement that should the FIRST PARTY fail
to pay the monthly due for two (2) consecutive months, the same shall incur a penalty
of One Thousand Pesos (PHP1,000.00) per month of delay to be reckoned from the first
month from which such delay was incurred.

Further, that as soon as the Transfer Certificate of Title of the subject property
is transferred to the name of the FIRST PARTY, the original copy of which should be
delivered to the SECOND PARTY.

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 IN WITNESS WHEREOF, we have hereunto set their hands, this _____________
at _____________, Philippines.

SIGNED IN THE PRESENCE OF:

__________________ __________________

REPUBLIC OF THE PHILIPPINES)

CITY/MUNICIPALITY OF ______) SS.
x------------------------------------x

ACKNOWLEDGMENT

BEFORE ME, a Notary Public for and in the (Province/City/Municipality) of

_____________, personally appeared the parties

personally known to me (or whom I have identified through competent evidence of

identity) and who represented to me that his/her signature on the foregoing
instrument was voluntarily affixed by him/her for the purposes stated in the
instrument and who declared that he has executed the foregoing MEMORANDUM OF
AGREEMENT as his free and voluntary act and deed.

This Instrument consists of only THREE (3) page/s, including this page in which this
acknowledgment is written, duly signed by the parties and his instrumental witnesses
on each and every page hereof.

WITNESS MY HAND AND SEAL this _____________ at _____________, Philippines.

Doc No.
Page No.
Book No.
Series of 2020

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