MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This MEMORANDUM OF AGGREEMENT is made and executed in
Quezon City, Metro Manila, Philippines this day of
__________________ by and between:

_________________________, legal age, Filipino Citizen,

Single and with residence and postal address at
______________________________________________________,
hereinafter referred to as the FIRST PARTY;

-And-

____________________________, legal age,

Filipino Citizen, Single/Married to
____________________, with residence and postal
address at Philippines, hereinafter referred to
as the SECONDARY PARTY;

WITHNESSETH; That

WHEREAS, THE FIRST PARTY is the registered

owner of the VEHICLE, Subject of this
MEMORANDUM OF AGGREEMENT particularly as
described as Follows:

Make: Mitsubishi Mirage GLS 1.3 Engine Number: 3A92UGCO728

Model: 2017
Type: Hatchback
Color: Sundance Orange
Assume Balance:
Monthly Due: 12,800
Next Due Date: May 12, 2019
MV File Number: 1301-00001023611
Chassis Number:
OR Number: 1279266741
CR Number:
Conduction Plate: B1N625
 WHEREAS, the FIRST PARTY agrees to sell out the
VEHICLE to the SECOND PARTY who is willing to buy the
same;
NOW, THEREFORE, for and in Consideration of the
foregoing premises, the FIRST PARTY sell unto the
SECOND PARTY who hereby accepts from the FIRST PARTY
the sold vehicle, subject of the fallowing terms and
conditions, to wit:
ASSUMPTION OF MORTGAGE: THE VEHICLE sold is still the
subject of a contract of loan with Chattel Mortgage
constituted over the same vehicle in favor of _________
Bank which shall be assumed by the SECOND PARTY for the
same terms and conditions with that of the FIRST PARTY,
particularly, the remaining balance.
Upon signing of this Agreement, the VENDEE agrees to
pay the Down Payment of One Hundred Five Thousand
(105,000) in Philippine Currency and assume the balance
of 563,200. The balance shall be paid every 12th of the
Month without Demand until fully paid.
It is stipulated that the Vendor shall retain title to
the vehicle sold until the full payment of the agreed
price is paid. In case to failure to pay in (2)
succeeding Monthly installments, the full balance of
the agreed price shall become due and payable and the
VENDEE shall pay all the reasonable attorney’s fees and
cost of collection. Upon default, VENDOR may reclaim
the vehicle, hold and dispose of same, and collect
expenses, together with any deficiency due from VENDEE.
IN WITNESS THEREOFF, I have hereunder affixed hand this
day of _______________ at ____________________________,
Philippines.

___________________
VENDEE
_____________________
VENDOR

SIGN IN THE PRESENCE OF:

___________________________ ___________________________