DACION EN PAGO AGREEMENT

This Dacion En Pago Agreement is made and executed this

___________ at _______________ by and between:

________________, of legal age, Filipino, with residence address at

________________, Davao City, hereinafter referred to as the DEBTOR-
VENDOR;

-and-

JOSE C. ESTRADA and TEODORO D. NANO JR., both of legal age,

Filipinos, married and residesnt of Davao City, hereinafter referred to as the
CREDITOR-VENDEES;

WITNESSETH THAT:

WHEREAS, the DEBTOR-VENDOR is/are the registered owner/s of

(2) parcels of land located at __________ covered by Transfer Certificates
of Title Nos. T-32402 and 32403 registered in the Registry of Deeds at
______________, described as follows:

TRANSFER CERTIFICATED OF TITLE NO. _________

(DESCRIPTION)

WHEREAS, the DEBTOR-VENDOR has an outstanding obligation

with the CREDITOR-VENDEES for attorney’s fees in the handling of
Civil Case No. 1555;

WHEREAS, the parties had previously agreed through Confirmatory

Contract of Professional Services that the attorey’s fees for the successful
handling of Civil Case No. 1555 shall be three (3) hectares to CREDITOR-
VENDEE, Jose C. Estrada, and two (2) hectares to CREDITOR-
VENDEE, Teodoro D. Nano, Jr;

WHEREAS, Civil Case No. 1555 was successfully handled by the

CREDITOR-VENDEES and ended in a favorable decision to the
DEBTOR-VENDOR;

WHEREAS, as full payment of said obligation, the DEBTOR-

VENDOR has offered to SELL, TRANSFER and CONVEY three (3)
hectares to CREDITOR-VENDOR, Jose C. Estrada, and two (2)
hectares to CREDITOR-VENDOR, Teodoro D. Nano, Jr, of the afore-
described real properties including the improvements thereon to the
CREDITOR-VENDEES by way of DACION EN PAGO and the latter
accept the sale, transfer and conveyance in full payment of the obligation by
way of DACION EN PAGO;

NOW THEREFORE, for and in consideration of attorney’s fees, the

DEBTOR-VENDOR hereby SELL, TRANSFER and CONVEY in a
manner of Absolute and Irrevocable unto the CREDITOR-VENDEES,
their successors, assigns the three (3) and two (2) hectare portions,
respectively, of the afore-described parcels of land by way of DACION EN
PAGO as full payment of the said obligation of the DEBTOR-VENDOR,
free from any and all liens, encumbrances and taxes;

The DEBTOR-VENDOR further warrants his ownership over the afore-

described parcels of land and shall defend the CREDITOR-VENDEES
from any and all claims and causes of action in connection with or arising
from this transaction.

IN WITNESS WHEREOF, we have hereunto set our hands this

_________________ at __________________.