MEMORANDUM OF AGREEMENT

This Memorandum of Agreement is made and executed as of the _____ day

of ____________, 2021 at Caloocan City, by and between:

ROBERTO BALLESTEROS, of legal age, married, Filipino, and with

residence address at 58 Luzon Bay Winnipeg, MB, R20R2, Canada,
herein represented by his Attorney-in-Fact, ROMILL BARTOLOME, of
legal age and a resident of 181 Quirino Hi-way, Baesa, Quezon City,
and hereinafter referred to as the “SELLER,”

and

ELOISA P. DE LEON, of legal age, single, Filipino, and with residence

address at 595 22nd St., Phase 5, Sto. Niño, Meycauayan, Bulacan,
hereinafter referred to as the “BUYER”

Each of the Seller and the Buyer are hereinafter individually referred to as
a “Party”, and together, as the “Parties”.

RECITALS

A. The Seller intends to sell the real property to the Buyer located at
________________________ covered by Transfer Certificate of Title No. 040-T-
86.212M containing a total area of
________________________________________________, and more particularly
described as follows:

Transfer Certificate of Title No. 040-T-86.212M

Lot No:
Plan No:
Portion:

B. The Parties’ agreed purchase price of the aforedescribed real property is

Six Million Five Hundred Thousand Pesos (P 6,500,000.00).

C. Since the Buyer has an approved housing loan from Pag-IBIG Fund
amounting to Two Million Nine Hundred Thousand Pesos (P 2,960,190.00),
the remaining balance of Three Million Six Hundred Thousand Pesos (P
3,600,000.00) will be payable by installments for three (3) consecutive years
of which is subject to negotiation.

D. Accordingly, both the Seller and the Buyer agreed that the aforesaid
remaining balance will be paid by installments for three (3) consecutive years
with an interest rate of six point five percent (6.5%) per annum.

NOW, THEREFORE, pending the completion of payment of the agreed

selling/purchase price of the aforedescribed property by the Buyer to the
Seller, the Parties wish to document their understanding of certain agreements
and arrangements they have reached in respect of the foregoing.

SECTION ONE: PURCHASE AND SALE AGREEMENT

1.1 Simultaneously with the execution of this Memorandum of Agreement,

the Parties shall execute two (2) versions of Deed of Absolute Sale.

The first one is Parties’ true agreement of which the selling/purchase price
is Six Million Five Hundred Thousand Pesos (P 6,500,000.00). The same is
based on their legal capacity, manifestation of their conformity and Parties’
conformity to the object, cause, terms and condition which is given by both
Parties intelligently, spontaneously and which is free from all vices of consent.

The second one will be their agreement solely for purposes of the Buyer’s
housing loan application with Pag-IBIG Fund and for the processing of Capital
Gains Tax Payment and/or Certificate Authorizing Registration (CAR) of which
the selling/purchase price is Three Million Pesos (P 3,000,000.00).

1.2 This Memorandum of Agreement has been duly executed and delivered
and will constitute, its legal, valid and binding obligation enforceable against
both Parties in accordance with its terms.

1.3 This Memorandum of Agreement together with Parties’ aforesaid Deed

of Absolute Sales shall not be amended without the prior written consent by
both Parties.

SECTION TWO: RIGHTS AND OBLIGATIONS OF THE PARTIES

2.1 The Seller and the Buyer shall shoulder equally the tax obligations
due to the Bureau of Internal Revenue (BIR), particularly the payment of
Capital Gains Tax relative to the aforedescribed property.

2.3 The Buyer, with respect to the remaining balance which amounts to
Three Million Six Hundred Thousand Pesos (P 3,600,000.00) based on the
Parties’ true agreement, shall pay the same by installment.
 2.4 Considering that there is no collateral being offered by the Buyer to the
Seller in order to ensure the security of the true agreement in case the Buyer
has defaulted in payment, it is agreed by both Parties that the Buyer shall
issue four (4) Post Dated Checks (PDCs) representing monthly/annually
amortization in Philippine Pesos less the amount paid by the Buyer for the
Capital Gains Tax Payment and/or CAR processing.

2.5 The Buyer shall issue a separate PDCs representing the payment on
the agreed interest rate per annum (6.5%) which will depend on the Parties’
agreed terms of payment for the remaining balance.

2.6 The Buyer shall execute a notarized Promissory Note indicating the
terms of payment for the remaining balance including the necessary details of
the abovementioned PDCs.

SECTION THREE: TERMINATION

3.1 The Parties may, by mutual agreement expressed in writing, terminate

this Memorandum of Agreement. In case of such termination, neither Party
shall be liable to the other for any amount of whatsoever nature pursuant to
this Memorandum of Agreement.

3.2 This Memorandum of Agreement shall terminate, in accordance with

the completion of payment of the agreed selling/purchase price or as may be
agreed upon by the Parties or extended, as the case may be, in accordance with
the Parties’ true agreement. In case of such termination, neither Party shall be
liable to the other for any amount of whatsoever nature pursuant to this
Memorandum of Agreement.

SECTION FOUR: FURTHER ASSURANCES

4.1 The Parties hereto agree to cooperate with each other, and execute and
deliver such other instruments and documents and take all such actions as
may be necessary or desirable to consummate the transactions contemplated
in this Memorandum of Agreement.

SECTION FIVE: ASSIGNMENT

5.1 Neither Party shall assign this Agreement or its rights hereunder without
the prior written consent of the other Party, which consent may be withheld in
the exercise of its sole discretion; provided, however, (a) notwithstanding the
foregoing provision, Buyer may, upon the consent of the Seller, which consent
shall not be unreasonably withheld, assign this Agreement in whole or in part
to Buyer’s heirs or assigns, however, that any such heir/s or assignee/s shall
agree in writing to be bound by the terms and conditions hereof, and upon
such assumption, the assignor shall be relieved of any further liability
hereunder; and,

(b) the Seller may, upon the consent of the Buyer, (i) transfer, sell, pledge,
encumber or assign this Agreement, (ii) transfer or assign this Agreement to
heirs or assigns of the Seller or (iii) transfer or assign this Agreement to any
person or entity succeeding to all; provided, further however, that in each such
case, any such assignee shall agree in writing to be bound by the terms and
conditions hereof, and upon any such assumption pursuant to (ii) or (iii) above,
the assignor shall be relieved of any further liability hereunder.”

IN WITNESS WHEREOF, the Parties have executed this Memorandum of

Agreement as of the day and year first written above.

ROBERTO BALLESTEROS ELOISA P. DE LEON

_______________________________ _______________________________
Seller Buyer

By:

ROMILL BARTOLOME
_______________________________
Attorney-in-Fact

Witnesses:

____________________________ ______________________________
 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES) SS

                      OF CALOOCAN ) SS
CITY
BEFORE ME, a Notary Public for and in the City of Caloocan, Metro
Manila, Philippines, this      day of                      2021, personally appeared
the following:
 

NAME VALID ID DATE AND PLACE OF

ISSUE

all known to me to be the same persons who executed the foregoing

MEMORANDUM OF AGREEMENT and they acknowledged to me that the same
are their free and voluntary acts to sign, execute and deliver the same.

This instrument consists of five (5)  pages including this page wherein the
Acknowledgment is written and all pages are signed/initialed by both parties
and their instrumental witnesses.

IN WITNESS WHEREOF, I hereby set my hand and affixed my notarial seal

at the plate and on the date first above written.

Notary Public

Notar

Doc. No.                 ;
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Book No.                 ;
Series of 2021.