DACION EN PAGO

KNOWN ALL MEN BY THESE PRESENTS;

___________________________________________, of legal age/s, Filipino,

and resident/s of _________________________________________________
hereinafter / referred to as the VENDOR;

-AND-

SECURITY PILLARS CREDIT CORPORATION, a corporation duly organized and

existing in accordance with Philippine laws, with office address at #251 Brgy..
Pagdalagan Sur Bauang, La Union

WITHNESSETH:

WHEREAS, the vendor secured a loan from the vendee in the principal
amount of P ________________ dated ______________________.

WHEREAS, the VENDOR failed to settled their obligation to the

VENDEE on the date of its maturity;

WHEREAS, as of _____________________ the total amount due on

vendors above-mentioned obligation is P _________________ which shall bear an
interest of four (4%) percent and surcharge of four (4%) percent per month from
_______________________ until the obligation shall have been fully paid.

WHEREAS, in order to avoid litigation expenses the VENDOR has

Opted to surrender to the VENDEE_______________________________________
______________________________________________________________________
_________________________ as a security for the loan.

NOW THEREFORE, for and in consideration of the full satisfaction of the

obligation of the VENDOR to the VENDEE by these present the VENDOR hereby
cedes, sells, transfer and conveys by way of DACION IN PAYMENT unto the
VENDEE the above, described vehicle together with all its accessories.
 In WITNESS WHEREOF, we have affixed our signature this __________
day of _________________ hereat ____________________________________.

________________________
SECURITY PILLARS
Vendor CREDIT CORPORATION
Vendee

CTC No. ______________

Date Issued ____________ By:
Place Issue ___________________

______________________

________________________ CTC No. ____________

Vendor Date Issued __________
Place Issue _____________
CTC No. ______________
Date Issued ____________
Place Issue ___________________

REPUBLIC OF THE PHILPPINES)

) S.S.
x---------------------------------------------x

BEFORE ME, Notary Public for the Province of ____________________

__________________, this _____ day of ___________ hereat _____________________
personally came and appeared above-named persons, indicated under their names is their
Community Tax Certificate together with their signatures known to me and to me known
to be same persons who executed the foregoing instrument and who acknowledge to me
that the same is their free and voluntary act and deed.

This instrument consisting of two (2) pages including his page upon which
this acknowledge written, has been signed of the left margin of each and every page
thereof by the parties and their instrument witness and sealed with any notarial seal.

IN WITNESS WHEREOF, I have hereunto set my hand, this __________

day of __________________ hereat _______________________.

Doc. No. ______

Page No. ______
Book No. ______
Series of _______