CONTRACT OF ANTICHRESIS

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT OF ANTICHRESIS made and entered into this 13 th day

of January, 2016, by and between MANUEL ROXAS, of age, single, residing at
CARLATAN, SAN FERNANDO CITY, LA UNION hereinafter called the
DEBTOR, and

ELPIDIO QUIRINO, of age, single, residing at LINGSAT, SAN

FERNANDO CITY, LA UNION hereinafter called the CREDITOR,

WITNESSETH

That the DEBTOR hereby acknowledges to be indebted to the CREDITOR

in the principal sum of TWENTY THOUSAND PESOS (Php 20,000.00) due
and payable since JANUARY 5, 2016, with interest rate of 4% from JANUARY
4, 2013, the date of the loan;

That the accrued interest alone now due and payable on the principal
amounts to ONE THOUSAND SIX HUNDRED THIRTY-TWO (Php 1,632.00) as
of JANUARY 13, 2016;

That the total amount owing by the DEBTOR to the CREDITOR,

including the interest is TWENTY-ONE THOUSAND SIX HUNDRED THIRTY-
TWO PESOS (Php 21,632.00) as of this date;

That the DEBTOR, in order to be able to pay the CREDITOR, hereby

agrees to permit and allow the latter to take possession of a certain parcel of
Riceland belonging to the DEBTOR, located in CARLATAN, SAN FERNANDO
CITY, LA UNION, and more particularly described as follows:

“A parcel of land situated at Carlatan, San Fernando City, La

Union, designated as Lot No. 1785 containing an area of ONE
HUNDRED (100) square meters more or less.”

Which land is covered by T.C.T. No. 16735 of the Register of Deeds of the
Province of LA UNION;

That the CREDITOR, by virtue hereof shall have the right to cultivate,
and receive the fruits of, the above-described land, with the obligation of
applying the net proceeds thereof to the extinguishment of the above-
mentioned loan;

That the net 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 of payments;

That the parties hereby agree that the DEBTOR shall not require the
possession and enjoyment of the above-described property without first having
totally paid what he owes the CREDITOR; Provided. However, that in no case
shall the right of possession and enjoyment on the part of the CREDITOR
continue for more than FIVE (5) years after which the right of possession and
enjoyment shall revert automatically to the DEBTOR, without prejudice on the
part of the CREDITOR to avail himself of the other remedies provided for by
existing law.

It is also agreed that while this contract is in effect, all taxes and other
charges upon the estate in question shall be for the account of the DEBTOR.

IN WITNESS WHEREOF, the parties hereto have hereunto signed this

contract the day and year first above written, in San Fernando City, La Union,
Philippines.

Sgd. MANUEL ROXAS Sgd. ELPIDIO QUIRINO

SIGNED IN THE PRESENCE OF:

JOSE RIZAL ANDRES BONIFACIO

ACKNOWLEDGMENT

Republic of the Philippines)

City of San Fernando          ) S.S.

BEFORE ME, a Notary Public, for and in the City of San Fernando, this
13th day of January 2016 personally appeared:

Name       Identification Card    IssuedOn/At

MANUEL ROXAS  SSS I.D. No. 123  1-1-11/ La Union
ELPIDIO QUIRINO SSS I.D. No. 222 2-1-11/ La Union
JOSE RIZAL SSS I.D. No. 333 3-1-11/ La Union
ANDRES BONIFACIO SSS I.D. No. 444 4-1-11/ La Union
  

All known to me to be the same persons who executed the foregoing

instrument and hereby acknowledged to me that the same is their free and
voluntary act and deed.

This instrument consisting of three (3) pages, including this page on

which this acknowledgment is written refers to a CONTRACT OF ANTICHRESIS
and has been signed by the parties and their witnesses and sealed with my
notarial seal.

               WITNESS MY HAND AND NOTARIAL SEAL.

 Atty. John de la Cruz
Doc. No. 14; NOTARY PUBLIC
Page No. 2; Commission Serial No. 554321
Book No. 2; Until December 31, 2016
Series of 2016. Roll No. 63325
IBP No. 853211 10-24-2012
PTR No. 04358211
MCLE Compliance No.
III-0032522. 05-02-14