MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

That this Memorandum of Agreement made and executed by and between

____________________________________, single/married of legal age, Filipino citizen
with a residence and postal address at ____________________________________,
hereinafter referred to as FIRST PARTY.

-and-

____________________________________, single/married, of legal age, Filipino

citizen with a residence and postal address at
____________________________________, hereinafter referred to as SECOND
PARTY.

WITNESSETH:

WHEREAS, the FIRST PARTY is the lawful owner of a parcel of land with/without
improvements known as ____________________________________ containing an area
of ____ square meters while the SECOND PARTY is the buyer and willing to ASSUME the said
property.

NOW THEREFORE, for and in consideration of the above premises, the parties have
hereunto come to the following covenants and agreements:

1. That the CONTRACT PRICE and selling consideration for the assumption of the said
real property is ____________________________________ (Php _________);
2. That a downpayment upon execution of this agreement, the herein SECOND PARTY
shall pay the amount of Php _________;
3. That the remaining balance in the amount of Php _________ shall be paid on
________________________________.
4. That the FIRST PARTY shall relinquish, waive and cede all their rights on the subject
property in favor of the SECOND PARTY and their heirs which shall commence upon the
full payment of the assumed price. Hence, the SECOND PARTY shall be considered
owner de facto and shall have full control, possession and free disposal of the subject
property.
5. That the SECOND PARTY will shoulder all expenses for the notarial fees, transfer fees,
and other fees that may incur during the process.
6. That it is the mutual consideration of this agreement that trust and confidence extended
to one another are mutually agreed upon and understood by the herein parties.

IN WITNESS WHEREOF, We have hereunto affixed our signatures this _____ day of
______________ at Cebu, Philippines.

__________________________ __________________________
FIRST PARTY SECOND PARTY
ID No: ______________ ID No: ______________

With Marital Consent: With Marital Consent:

__________________________ __________________________
 Signed in the Presence of:

_____________________________ _____________________________

ACKNOWLEDGEMENT

Republic of the Philippines )

Cebu City ) S. S.

BEFORE ME, on this _____ day of _____ at Cebu, Philippines, personally appeared all
parties, known to me to be the same person and to me known who executed the foregoing
instrument and acknowledge to the same is their own free act and deed.

WITNESS MY HAND AND NOTARIAL SEAL.