Form No.

A-4 (Default in payment)

HOMEOWNERS ASSOCIATION (HOA) LETTERHEAD/ NAME
HOA Address and Contact No.

BOARD RESOLUTION NO. _____, SERIES OF 20____

A RESOLUTION APPROVING THE SUBSTITUTION OF

MEMBER-BENEFICIARY/IES

WHEREAS, the following member-beneficiary/ies (MB/s) of [Name of HOA] defaulted in the

payment of his/her/their monthly amortizations under the Community Mortgage Program (CMP) and
consequently, his/her/their Lease Purchase Agreement/s (LPA/s) was/were duly terminated:

Name of Spouse Block Lot Months in

Name of MB/s
(if applicable) No. No. Arrears

WHEREAS, the above-named MB/s was/were reminded to comply with his/her/their obligations
through demand letters dated ________________ (See attached) duly served to him/her/them but failed
to update/pay for his/her/their arrearages;

WHEREAS, the Board of Directors of [Name of HOA] decided to declare his/her/their

account/s in default and consequently terminate the Lease Purchase Agreement/s (LPA/s);

WHEREAS, the Board of Directors of [name of HOA] decided to substitute the above-named
MB/s and recommends the substitution in favor of the following who possess/es all of the qualifications
and none of the disqualifications and as to his/her/their eligibility:

Status of Substitute
Name of Substitute (ex. Sharer;
Name of Original Blk. Lot
(First, Name, Middle Age renter/boarder; relative
MB No. No.
Name, Surname) of the MB; ISF in the
barangay)

WHEREAS, the HOA affirms that the above-named substitute/s comply/ies with the following
requirements:

a. Eighteen (18) years of age but not more than sixty (60) years old except where the
rules of succession apply;
b. Filipino Citizen;
c. Not a real property owner or co-owner;
d. Not a beneficiary of any socialized housing project of the government; and
e. Not a professional squatter as defined in Republic Act No. 7279.

NOW THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, the HOA decided

to:
a) declare the foregoing MB/s as absentee/s;
b) terminate his/her/their LPA/s;
c) substitute the above-named MB/s; and
d) recommend to the Social Housing Finance Corporation (SHFC) the confirmation of proposed
substitution in favor of the afore-mentioned substitute/s;

BE IT RESOLVED FINALLY that the HOA hereby hold SHFC free and harmless from any suit,
fines, proceedings, claims, demands and actions arising out or in any way connected with the
substitution of the above-named MB/s.
 Form No. A-4 (Default in payment)
CERTIFICATION

I, [name of HOA Secretary], the duly elected Secretary of [Name of HOA], do hereby certify
that the Board of Directors in a meeting held on [date of HOA Board Meeting], approved the foregoing
resolution in favor hereof.

_________________________________
Secretary

APPROVED:

____________________________ ___________________________ ________________________

Board of Director Board of Director Board of Director

____________________________ ___________________________ ________________________

Board of Director Board of Director Board of Director

ATTESTED BY:

_________________________
President

ACKNOWLEDGMENT

Republic of the Philippines )

______________________) S.S.

BEFORE ME, a Notary Public for and in the above jurisdiction, this __ day of ______ 20__,
personally appeared:

NAME GOV’T. ISSUED ID ISSUED ON/AT

who are known to me and by me known to be the same persons who executed the foregoing Board
Resolution consisting of _____________ (____) pages including this page and they acknowledged to me
that the same is their free act and deed.
WITNESS MY HAND AND SEAL on the date and at the place above written.

Doc. No. ____;

Page No. ____;
Book No. ___;
Series of 20__.