MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

That this AGREEMENT is executed by and between:

AMIE LESCANO ASOY, of legal age, Filipino, separated-in-fact,

and a resident of Blk 4, Lot 7, Nuevo Homes Subd., Loyola Village,
Zone I, Digos City, Davao del Sur, Philippines, hereinafter referred to
as the FIRST PARTY.

- and -

ERIC GALLA CUILO, of legal age, single, Filipino and a resident

of Purok Lumboy, Lapu-Lapu Extension, Brgy. San Miguel, Digos
City, Davao del Sur, Philippines, hereinafter referred to as the
SECOND PARTY.

WITNESSETH THAT:

WHEREAS, the FIRST PARTY is the lawful owner of a motor

vehicle registered under CR No. 10340884-1 , OR No. 1116-000000101106
identified as one Kawasaki Motorcycle, and described as follows:

MV File: 1230-00000072377 Engine No.: BC175AEA65796

Plate No.: QN2560 Chassis No.: BC175A-B44241

Make: Kawasaki Year model: 2007

Denomination: TRICYCLE Body type: TC hire

WHEREAS, THE FIRST PARTY’S ownership of the above-

described motor vehicle is evidenced by a Deed of Sale of Motor vehicle
docketed as Doc. No. 151, Page No. 32, Book No. IV, Series of 2020 in the
Notarial Registry of ATTY. GLADYS A. RAZONABLE-GASCON, hereto
attached and marked as Annex “A” to “A-1”;

WHEREAS, the FIRST PARTY and the SECOND PARTY agreed

that the latter shall be the Tricycle driver of the above-described motorcycle
which shall be used for public transportation, and shall pay the FIRST
PARTY a daily rental of Two Hundred Pesos (Php 200.00) with privilege to
own the above-said Motorcycle and sidecar upon a remittance of a total

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amount equivalent to One Thousand Ninety-Five (1,095) rentals in a period
of three (3) years, subject to the following obligations, terms and conditions:

1. That in order to avail the privilege of owning the above-described

Tricycle, the SECOND PARTY must have paid a total of One
Thousand Ninety-Five (1,095) daily rentals within a period of three
(3) years;

2. That as a privilege for keeping the tricycle in good condition and

for remitting the rentals on time, the FIRST PARTY hereby grants
the SECOND PARTY the privilege of taking and parking the
tricycle at the place desired by the SECOND PARTY, but this
privilege is lifted once the SECOND PARTY fails to keep the
tricycle in good condition and/or fails to remit daily rental of at
least three (3) days, in which case the FIRST PARTY may take the
tricycle from the custody of the SECOND PARTY and may
exercise her option to hire other tricycle driver to drive the above-
tricycle for public transportation, however, the SECOND PARTY
is given at least thirty (30) days within which to comply his
obligation to keep the tricycle road worthy and in good condition
and/or pay all rental in arrears due to the FIRST PARTY;

3. That as a consideration for agreeing to a very minimal daily rental

of Two Hundred Pesos (Php 200.00) per day, both the FIRST
PARTY and SECOND PARTY agreed that the SECOND PARTY
shall be responsible to keep the motorcycle in good running
condition and shall be further responsible to shoulder the expenses
for the accessions and accessories of the above-said tricycle as well
as application and/or renewal of all pertinent documents necessary
for the continuous legal operation of the above-tricycle as a public
utility tricycle, in case of liability to property and/or life of third
persons or to the passengers of the tricycle or to the government
for any traffic violations, the SECOND PARTY hereby undertakes
to shoulder all the expenses and relieved the FIRST PARTY from
any liability thereof;

4. That after the SECOND PARTY shall have remitted a total of One
Thousand Ninety-Five (1,095) days rental within a period of three
(3) years, the FIRST PARTY, hereby undertakes to transfer
ownership of the tricycle to the SECOND PARTY, as an act of
gratitude for the loyalty, faithfulness and good performance of the
SECOND PARTY, and further undertakes to execute all pertinent
documents necessary to transfer ownership of the tricycle to the
SECOND PARTY;

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 5. However, should the SECOND PARTY violate any of his
obligations hereto imposed in this AGREEMENT, the FIRST
PARTY, as the owner, has the authority to temporarily take
custody of the herein tricycle and allow other drivers to drive the
tricycle within the period it is in the possession of the FIRST
PARTY, and for his continuous failure to comply his obligation for
a period of thirty (30) days, the FIRST PARTY has the option to
permanently disallow the SECOND PARTY to continue driving
the herein subject Tricycle without refunds for all exepenses he
incurred for the maintenance and enhancement of the tricycle and
expenses for all pertinent documents necessary for the continuous
operation of the tricycle.

IN WITNESS WHEREOF, the parties hereby affixed their

signatures this ____ day of ________ at Digos City, Davao del Sur,
Philippines.

AMIE LESCANO ASOY

First Party
TIN No. 424-890-353-000

ERIC GALLA CUICO

Second party
D/L No. M06-12-004845

Signed in the presence of:

______________________ ___________________

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 ACKNOWLEDGMENT

Republic of the Philippines)

Province of Davao del Sur :S.S.
City of Digos )
x- - - - - - - - - - - - - - - - - -/

BEFORE ME, a Notary Public for and in the Province of Davao del
Sur, appeared the parties, persons known to me and to me known to be the
same persons who executed the foregoing instrument and acknowledged to
me that the same are their free act and voluntary deed.

This deed denominated as Memorandum of agreement consisting of

four (4) pages including this page whereon this acknowledgment is written,
has been signed by the parties above their name and in each and every page
hereof.

WITNESS MY HAND AND SEAL on this______________ at

Digos City, Davao del Sur, Philippines.

Doc. No. __;

Page No. __;
Book No.
__;
Series of
2023.