MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This AGREEMENT is made and executed in ___ , Philippines, by and between:

______, Filipino, of legal age, married to _______and a resident of __________

Philippines, hereinafter referred to as “VENDOR”
 
– and –

___, of legal age, married, Filipino Citizen, and a resident of +___________-

City, hereinafter called the “VENDE

WITNESSETH: THAT-

WHEREAS, the VENDOR is the owner and mortgagor of certain parcels of land
with all the improvements existing thereon, situated at_______ City;
 
WHEREAS, the above-described properties are presently mortgaged to ____to
secure the payment of loan;

WHEREAS, the VENDOR has offered to sell and the VENDEE has agreed to buy
the above-described parcels of land with all the improvements thereon for the
total price of ONE HUNDRED THOUSAND PESOS (P100,000.00) ONLY;

NOW, THEREFORE, for and in consideration of the sum of ONE HUNDRED

THOUSAND PESOS (P100,000.00) Philippine currency, the said VENDOR does
hereby sell, transfer and convey, in a manner absolute and irrevocable, unto
the VENDEE, her heirs and assigns the real property above described together
with all the improvements existing thereon, free and clear of all liens and
encumbrances excepting the mortgagee as may be subsisting in favor of _____;
and

The VENDEE does hereby accept this sale and binds herself to assume as she
hereby assumes the payment of the unpaid balance of the mortgage in
indebtedness of the VENDOR in favor of the aforenamed mortgagee and does
hereby further agree to be bound by the precise terms and conditions therein
contained.

The SELLER shall secure the approval of the Mortgagee to the assumption by
the BUYER of the mortgages over the subject parcels of land.

IN WITNESS WHEREOF, the parties hereto have hereunto set their

hands at the place first above written, on this ____ day of ____________________
2018, in Davao City, Philippines
 VENDOR

-and-

VENDEE

Signed in the presence of: 

__________________________            __________________________

Doc. No. ____;

Page No. ____;
Book No. VI;
Series of 2018.