CONTRACT OF ANTICHRESIS

KNOW ALL MEN BY THESE PRESENTS:

I, YDREL OBSIOMA, Filipino, of legal age, single, and a resident of

Gun-ob, Lapu-Lapu City, (hereafter referred to as “DEBTOR”) am the
absolute owner of the following described parcel of land, as evidenced
by Transfer Certificate of Title No. 12345 of the Registry of Deeds of
Lapu-Lapu City:

Lot : 3425-A, Psd-04-03 1391

Location : Brgy. Gun-ob, Lapu-Lapu City, Cebu
Boundaries :

S., along lines 1-2-3 ….Lot 3629, Cad-534-D, Lapu-

Lapu Cadastre
SW., along line 3-4 ….Lot 3420, Cad-534-D, Lapu-Lapu
Cadastre
NW., along line 4-5 ….Lot 5693, Cad-534-D, Lapu-Lapu
Cadastre
NE., along line 5-1 ….Lot 3425-B, Psd 05-041391

Beginning at a point marked “1” on the plan being S., 65 deg. 4’ E.,
5865.25m from BLLM No.1, Cad-534-D, City of Lapu-Lapu, Cebu,
hence;

1-2 S, 28 deg. 52’ W., 285.75m

2-3 N. 83 deg. 14’ W., 33.63m
3-4 S. 76 deg. 38’ W., 9.48m
4-5 N. 13 deg. 34’ E., 38.73m
5-1 S. 30 deg. 08’ E., 336.98m

Area: Eight Thousand Eight Hundred ( 8,800 ) Square

Meters

That for and in consideration of the loan of One Hundred Fifty

Thousand Pesos (Php 950,000.00), with an interest rate of three percent (3%)
per annum (by virtue of a Promissory Note attached herewith and made an integral
part hereof as Annex “A”), which is extended to me by DAN OLIVER CARREON,
Filipino, of legal age, single and a resident of Basak, Lapu-Lapu City (hereafter
referred to as “CREDITOR”), I the said DEBTOR, in order to secure payment of
said loan and its interest do hereby grant in favor of CREDITOR, the right to
receive the fruits of, the above-mentioned land, with the obligation of
applying them to the payment of the interest, if owing, and thereafter to the
principal of his credit; the actual market value of the fruits obtained or
harvested at the time of the application thereof to the interest and principal
shall be the measure of such application. That the parties hereby agree that I,
the DEBTOR cannot not reaquire the enjoyment of the above-described
property, without first having totally paid what I owe to the CREDITOR.
However, in case of default, the CREDITOR does not acquire ownership of the
real estate for non-payment of the debt, but he may bring an action for
specific performance; or petition for the sale of the real property in a
foreclosure of mortgages under rules 68 of the Rules of Court, or extra-
judicially foreclose the security, as agreed upon by the parties (in order to
effect the foregoing extra-judicial foreclosure, a Special Power of Attorney is
attached herewith and made an integral part hereof as Annex “B”).

IN WITNESS WHEREOF, we have hereunto affixed our signatures

this 30th day of June 2014 in the City of Lapu-Lapu, Philippines.
 YDREL OBSIOMA DAN OLIVER
CARREON
Debtor Creditor

SIGNED IN THE PRESENCE OF:

_______________________ _____________________
ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES }

CITY OF LAPU-LAPU } s.s

BEFORE ME this 30th day of June, 2014 in the City of Lapu-Lapu,

personally appeared YDREL OBSIOMA, exhibiting his Community Tax
Certificate Number 12895671 issued in Gun-ob, Lapu-Lapu City on
January 5, 2014, and DAN OLIVER CARREON exhibiting his Community
Tax Certificate No. 7891011 issued in Basak, Lapu-Lapu City on
February 3, 2014, known to me to be the same persons who executed
the foregoing Contract of Antichresis and they acknowledged that the
same is their free and voluntary act and deed.

This document consists of two (2) pages including the page on

which this acknowledgment is written, all signed by the parties and the
instrumental witnesses on every page thereof.

WITNESS MY HAND AND NOTARIAL SEAL.

CONCHITA R. PO
Notary Public
My commission expires
on December 31, 2015
PTR No. 906760 issued Jan. 3, 2014
IBP No. 918300 Roll No. 13466

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