CONDITIONAL DEED OF SALE

WITH TRANSFER OF RIGHTS AND

ASSUMPTION OF MORTGAGE

This Deed of Assignment with Transfer of Rights (the “Agreement”) executed this ___
day of _______________, 2023 in _______________, Philippines by and between:

________________________________________________________, Filipino, of legal age and

with residence address at
_________________________________________________________________ Philippines
(“VENDOR”).
z
and

________________________________________________________, Filipino, of legal age with

and with residence address at
_____________________________________________________________, Philippines
(“VENDEE”).

WHEREAS, the ASSIGNOR is the registered owner of a certain Motor Vehicle which is
more particularly described as follows:

Make Engine No.

Series Serial/Chasis No.
Type of Plate No.
Body
Year Model MV File No.
OR No. CR No.

WHEREAS, That the above-described vehicle is currently mortgaged to

________________ Branch and the ASSIGNEE shall continue payment of the
ASSIGNOR’s monthly mortgage in the amount of
______________________________________________________ (__________________) without
demand every ____ DAY OF THE MONTH, starting _____________________ until full
payment thereof.

WHEREAS, The ASSIGNOR has offered to assigned all his rights, title and interest
over the above-mentioned motor vehicle as referred to the Contract to Sell between the
ASSIGNOR, and the ASSIGNEE hereby accepts the ASSIGNMENT in accordance with
terms herein set forth;

NOW THEREFORE, for and in consideration of the mutual agreements, covenants and
stipulations hereinafter set forth, the ASSIGNOR hereby transfers and conveys unto
the ASSIGNEE the aforedescribed motor vehicle, subject to the following terms and
conditions:

1. The ASSIGNEE shall pay for the ASSIGNOR an amount of

____________________________________________ (___________________) representing
payment for the assumption of the abovementioned vehicles, as well as
assignment of the ASSIGNORS rights, title and interest over the above-
mentioned motor vehicle.

2. FAILURE OF THE VENDEE TO PAY TWO (2) CONSECUTIVE MONTHS shall

give the VENDOR the right to immediately take the possession of the motor
vehicle without giving back any amount of money, without court intervention,
and declare this DEED OF ASSIGNMENT WITH TRANSFER OF RIGHTS AND
ASSUMPTION OF MORTGAGE TERMINATED WITH THE VENDEE DEFAULT
without the need of any demand. Without regard to any civil or criminal case
that the vendor may file against the vendee.

3. The ASSIGNEE shall be in default if the (i) ASSIGNEE fails to pay any amount
when due, in addition to the imposition of penalties, or (ii) to comply with any of
the terms, restrictions or obligations of this Agreement. In such an event of
 default, the ASSIGNEE shall solely bore the penalty and interest thay may
accrue therein until payment has been made;
4. The ASSIGNEE shall pay and be liable for all transfer fees, registration fees,
insurance, taxes, licenses, permits, duties, levies and such other charges as the
Government or any of its instrumentalities and agencies may impose by reason
of the use and operation of the motor vehicle and/or arising out of this
agreement and its implementation;

5. The ASSIGNEE shall not sell or assign the motor vehicle without the express
consent of the ASSIGNOR;

6. The ASSIGNOR hereby covenants with the ASSIGNEE that the latter shall
peaceably hold and enjoy the full use and possession of the motor vehicle afore-
described during the period of this AGREEMENT;

7. During the effectivity of this Agreement or during the entire time that the
ASSIGNEE has material possession and/or control of the vehicle, the
ASSIGNEE shall assume any and all claims or liabilities in connection with any
injury or wrongful death inflicted on any person or for any damage to property
caused by or arising out of the operation or use of the motor vehicle, holding
the GRANTOR free and harmless from any liability thereby. Should a claim be
filed against the ASSIGNOR, the ASSIGNEE undertakes that (he/she) shall
immediately intervene and assume all liabilities or claims in behalf of the
ASSIGNOR in the event that the claimant is justly entitled to his claim;

8. Upon full payment of the amount stated in Paragraph 1 hereof, the ASSIGNOR
and ASSIGNEE shall execute a formal Deed of Absolute Sale or any other legal
documents that may affect full transfer of legal ownership from the VENDOR to
the VENDEE

9. Both parties acknowledge that this agreement is entered into in good faith and
shall require the faithful compliance of the respective obligations of the parties
concerned and respect of each other’s rights as contained in this Deed. Any
party who shall, by its action or omission, directly or indirectly be responsible
for the non-implementation of any provision of this agreement shall be liable for
actual, moral and exemplary damages.
10. Failure to settle the comprehensive insurance within 45 days shall give Vendor
the right to immediately take the possession of motor vehicle.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures this
____________________ in ______________________, Philippines.

Assignor Assignee

Signed in the presence of:

 ACKNOWLEDGEMENT
REPUBLIC OF THE PHILIPPINES ) S. S.
CITY OF )

BEFORE ME, personally appeared the following persons:

Name Competent Evidence of Identity

Known to me and to me known to be of the same persons who executed the foregoing
Agreement, and that they acknowledged to me that the same is their free and
voluntary act and deed as well as the voluntary act and deed of the entity represented.
WITNESS MY HAND AND SEAL on date and place above written.
Doc. No. ;
Page No. ;
Book No. ;
Series of 202_;