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CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This Contract To Sell made and executed on this ____ day of ________ 2020 at City
of Naga, Cebu, Philippines by and between:

JESSICA PAHINADO, Filipino, of legal age, widow, and a resident

of Tungkil, Minglanilla, Cebu, Phils.,

LINA Y. LIM, Filipino, of legal age, single, and a resident of

Tungkil, Minglanilla, Cebu, Phils.;

hereinafter referred to as the SELLER;

-and–

FLORECITA A. SAYCON and REYNALDO B. GENESE, Filipinos, of

legal ages and residents of Tungkil, Minglanilla, Cebu, hereinafter referred to
as the BUYER;

WITNESSETH;

WHEREAS, the SELLER are the rightful owners of two parcels of land and two
commercial building located at Tungkil, Minglanilla, more or less and more particularly as
follows;

Land: Portion of Lot covered by TCT No. T-126582

with an area of 102 square meters:

Portion of Lot covered by TCT No. T-126582

with an area of 98 square meters:

Commercial Building: Unit 23 with an area of 102 square meters

covered by Tax Declaration No. 28-0019-60772;

Unit 24 with an area of 98 square meters

covered by Tax Declaration No. 28-0019-37778;

WHEREAS, the Certificate of Title and Tax Declarations of the above-mentioned

properties is in the name of 8990 Housing Development Corporation;

WHEREAS, the SELLER had acquired from 8990 Housing Development

Corporation the aforesaid properties and has yet to transfer the Certificate of Title and Tax
Declaration unto their name;

WHEREAS, the BUYER had agreed to purchase from the SELLER, and the
SELLER had agreed to sell to the BUYER the aforesaid PORTIONS of a parcel of land
covered by TCT No. T-126582 and two commercial building thereon covered by Tax
Declaration No. 28-0019-60772 consisting an area of ONE HUNDRED TWO (102)
SQUARE METERS for UNIT 23 and Tax Declaration No. 28-0019-37778 consisting an
area NINETY EIGHT (98) square meters for UNIT 24 for the price and under such terms
and conditions stipulated herein;
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NOW, THEREFORE, for and in consideration of the foregoing premises and of the
other covenants herein contained, the SELLER hereby cede, transfer and convey unto the
BUYER, their heirs, successors or assigns, aforesaid PORTIONS of a parcel of land covered
by TCT No. T-126582 and two commercial building thereon covered by Tax Declaration No.
28-0019-60772 consisting an area of ONE HUNDRED TWO (102) SQUARE METERS
for UNIT 23 and Tax Declaration No. 28-0019-37778 consisting an area NINETY EIGHT
(98) square meters subject to the following terms and conditions:

I. PRICE AND PAYMENT.

1.1. The selling price for the aforesaid PORTIONS of a parcel of land covered by TCT No.
T-126582 and two commercial building thereon covered by Tax Declaration No. 28-0019-
60772 consisting an area of ONE HUNDRED TWO (102) SQUARE METERS for UNIT
23 and Tax Declaration No. 28-0019-37778 consisting an area of NINETY (98) SQUARE
METERS for UNIT 24 shall be TWO MILLION FIVE HUNDRED THOUSAND
PESOS (P 2,500,000.00) and shall be payable as follows:

a) The amount of ONE MILLION FIVE HUNDRED THOUSAND PESOS (P

1,500,000.00), representing as DOWN PAYMENT shall be paid by the
BUYERS to the SELLER upon signing of this agreement;

b) The amount of ONE MILLION, representing FULL PAYMENT shall be paid

by the BUYER to the SELLER upon presentment of the Deed of Conveyances
from 8990 Housing Development Corporation;

II. TRANSFER OF TITLE

2.1) Upon payment of the FULLPAYMENT, the SELLER shall execute a Deed of
Absolute Sale in favor of the BUYER, the SELLER shall likewise execute and/or
deliver any and all documents necessary for the transfer of ownership from the
SELLER to the BUYER;

2.2) Capital Gains Tax, Documentary Stamp Tax, Registration Fee, Transfer Tax and all
other miscellaneous fees and expenses for the transfer of ownership of the aforesaid
properties from the SELLER to the BUYER shall be for the account of the BUYER;

 
III. UNDERTAKINGS

3.1) The SELLER hereby represent and guarantee to the BUYER that she is the absolute
exclusive owner of the aforesaid PORTION of a parcel of land covered by TCT No. T-
126582 and a commercial building thereon covered by Tax Declaration No. 28-0019-60772
consisting an area of ONE HUNDRED TWO (102) SQUARE METERS more or less and
that her title and ownership thereof is without any liens or encumbrances. The SELLER shall
likewise warrant to defend the ownership of the BUYER against any third person
whomsoever claiming ownership thereof;

3.2) The SELLER shall turn-over the possession of the aforesaid property unto the BUYER
after full payment;

3.3) In case the SELLER could not fulfil any of the obligations stated in this Contract to
Sell, the BUYER shall be entitled to a full refund less the reasonable amount of lease for the
use of property by the BUYER;
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3.4) In case the BUYER could not fullfill their obligations to the SELLER in the event the
SELLER could secure her proof of ownership over the aforesaid properties, the SELLER
may forfeit the DOWN PAYMENT stated in this Contract To Sell;

  IN WITNESS WHEREOF, the parties hereto set their hand on these presents on the
date and at the place hereinabove indicated.

_____________________________ ___________________________
JESSICA PAHINADO LINA LIM
SELLER SELLER

________________________________ ________________________
FLORECITA A. SAYCON REYNALDO B. GENESE

BUYER BUYER

SIGNED IN THE PRESENCE OF:

______________________ ________________________

REPUBLIC OF THE PHILIPPINES)

CITY OF NAGA, CEBU                 ) S.S.

ACKNOWLEDGMENT

 
 BEFORE ME, a Notary Public, this ____________ at City of Naga, Cebu, Philippines,
personally appeared the following:

            Name :                     Proof of Competent Identity 

JESSICA PAHINADO
FLORECITA A. SAYCON
REYNALDO B. GENESE

AILEENBLETH A. ALIA

all known to me and to me known to be the same persons who executed the foregoing
instrument which they acknowledged to me to be their free and voluntary act and deed,
consisting of only THREE (3) pages, including this page in which this Acknowledgement is
written, duly signed by them and their instrumental witnesses on each and every page hereof.
IN WITNESS WHREOF, we have hereunto set our hands the day, year and place above
written.

Doc. No.___
Page No.___
Book No.___
Series of 2020