CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This Contract to Sell is made and executed and entered into by: 

JMG REAL ESTATE AND CONSULTANCY SERVICES, represented by its President, MR. JOEL R.
GARCIA, of legal age, Filipino citizen, married, with an office address in Brgy. San Fermin, Cauayan City, Isabela,
hereinafter referred to as the SELLER;

-AND-

MICHELLE B. GATUS, of legal age, Filipino citizen, single, and a resident of Albano St., Cauayan City,
Isabela, hereinafter referred to as the BUYER;

WITNESSETH:

WHEREAS, the SELLER is the registered owner of a parcel of land located in Brgy. Bustamante, Luna,
Isabela covered under Transfer Certificate of Title No. _________ containing a land area of Twenty Nine
Thousand Twenty Seven (29,027) square meters, more or less, issued by the Registry of Deeds of the City of
Ilagan, Province of Isabela.

WHEREAS, the BUYER has offered to buy and the SELLER has agreed to sell a Two Hundred Five
(205) sq. m. portion of the abovementioned property under the terms and conditions herein below:

NOW THEREFORE, for and in consideration of the total sum of EIGHT HUNDRED TWENTY
THOUSAND PESOS (P 820,000.00) Philippine Currency, and of the covenants herein after set forth
the SELLER  agrees to sell and the BUYER agree to buy the aforesaid property subject to the following terms and
conditions:

1. TOTAL CONTRACT PRICE (TCP): The total consideration of the aforesaid property shall EIGHT
HUNDRED TWENTY THOUSAND PESOS (P 820,000.00) Philippine Currency, payable through Cash/
Issuance of Post-Dated Checks / Wire Transfer are as follows:

a. DOWNPAYMENT: The Initial Downpayment of at least SIX HUNDRED THOUSAND

PESOS (P 600,000.00) which was paid on October 21, 2021;

b. MONTHLY AMORTIZATION: The remaining balance shall be payable in TWELVE (12)

monthly installment amounting to TWENTY SIX THOUSAND EIGHT HUNDRED
SEVENTY FIVE PESOS (P 26,875.00) per month and will be paid under the following
schedule:
 November 21, 2021 P 26,875.00
December 21, 2021 P 26,875.00
January 21, 2022 P 26,875.00
February 21, 2022 P 26,875.00
March 21, 2022 P 26,875.00
April 21, 2022 P 26,875.00
May 21, 2022 P 26,875.00
June 21, 2022 P 26,875.00
July 21, 2022 P 26,875.00
August 21, 2022 P 26,875.00
September 21, 2022 P 26,875.00
October 21, 20232 P 26,875.00

2. LOT AREA: The BUYER hereby agreed to purchase a Two Hundred Five (205) square meters, more
or less, portion of the abovesaid property and is summarily stated as follows:

Block No. Lot No.       Area

      04      09 205 square meters
______________

TOTAL LOT AREA: 205 square meters

3. AUTHORIZED REPRESENTATIVE: All payments made by the BUYER shall be paid thru PILAR R.
GARCIA, the Marketing Manager;

4. ISSUANCE OF RECEIPTS: Any or all receipts issued for every payment made by the BUYER shall not
be recognized by the SELLER as payment made to the SELLER unless otherwise duly signed and issued
by an authorized representative/cashier of JMG Real Estate and Consultancy Services;

5. PENALTY: All past due accounts shall be subject to a penalty of Three Percent (3%) per month
computed on the amount due;

6. NOTICE: Upon failure to pay its obligation on its due date, the SELLER shall send a Final Notice to the
BUYER and the latter shall be given a Thirty (30) Calendar Day Grace Period. Further, all notices and
correspondence of any nature sent to the BUYER is binding upon him/her and the SELLER must be
notified of any change of address by the former;

7. OPTION TO CANCEL and FORFEITURE: The SELLER shall have the option to cancel this Contract
to Sell whenever the BUYER fails to pay its obligation after the grace period and all previous payments
made by the former shall be deemed forfeited in favor of the SELLER;

8. IMPROVEMENTS: The BUYER may introduce any improvement upon signing this Contract to Sell.
However, any improvements made on the property shall be forfeited in favor of the SELLER upon failure
of the BUYER to pay its outstanding obligation after the 30-day grace period provided thereto;
 9. RIGHTS OF BUYER: Before full payment of the property, the BUYER shall have the right to sell,
transfer, assign or convey his/her rights to another person upon proper notice to the SELLER. The Deed of
Assignment shall be done thru a notarial act;

10. FULL PAYMENT: The SELLER shall issue a Deed of Absolute Sale, a Certificate of Full Payment
and/or deliver the Tax Declaration and all other documents necessary for the transfer of ownership from
the SELLER to the BUYER;

11. TAXES: The BUYER shall shoulder the Capital Gains Tax (CGT), Real Property Tax (RPT), Assessment
Fees, Documentary Stamp Tax, Notarial Fees and all other miscellaneous fees and expenses relative to the
execution of the Contract and Transfer of Title;

12. TRANSFER OF TITLE: That the transfer of title of the property shall be for the account of the BUYER;

13. CANCELLATION OF CONTRACT: In case the BUYER manifests an unwarranted behavior that
disturbs the peace and harmony within the community, the SELLER has the authority to cancel this
Contract upon proper notice to the former. Any payments made, except for the processing fees and interests
imposed upon this Contract, will be returned to the BUYER;

14. JMG LIABILITY: That JMG merely acts as the collector of payment of the SELLER and is not liable to
any legal responsibilities of the SELLER;

15. SOLIDARY LIABILITY: Should there be two or more BUYERS under the Contract, they shall have
solidary liability; 

16. That the BUYER fully understands the terms and conditions of this Contract as it was thoroughly read and
translated to me in a language or dialect known and understood by him/her;

17. That should any provision/s of this Contract be declared null and void by the court, any other provision/s of
this Contract which is not affected thereto shall still be deemed as valid and binding between the parties.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this _____ day of
_______________________ 2020  in Brgy. Bustamante, Luna, Isabela, Philippines.

FOR THE SELLER:     FOR THE BUYER:

JMG REAL ESTATE AND CONSULTANCY

SERVICES
JOEL R. GARCIA                                MICHELLE B. GATUS

SIGNED IN THE PRESENCE OF:

 ___________________________________                 __________________________________

ACKNOWLEDGMENT
Republic of the Philippines )
Province of Isabela  ) S. S.
Municipality of Luna )
x---------------------------------x

Before me, a NOTARY PUBLIC, for and in Luna, Isabela, this ___ day of _____,
_______________, 20____, personally appeared the following:

NAME IDENTIFICATION CARD

JOEL R. GARCIA
MICHELLE B. GATUS

Known to me and to me known to be the same persons who executed the foregoing CONTRACT
TO SELL and acknowledged to me that the same is their own and free voluntary act and deed.

This instrument has been signed by the PARTIES and their instrumental witnesses.

WITNESS MY HAND AND SEAL on the date and at the place above written

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