WAIVER WITH UNDERTAKING

We, SPOUSES RAMIL V. SAN ROQUE AND AILENE G. SAN ROQUE, Filipinos,
both of legal age, and residents of #68 Brgy. Manggahan, Mataas na Kahoy Batangas, after
having been duly sworn to in accordance with law, hereby voluntarily depose and say:

1. We are borrowers from Mount Carmel Rural Bank Inc in the amount of
TWELVE MILLION PESOS (P 12,000,000.00) with an interest rate of 12% per
annum with a term of 5 years which was released on 17 November 2019.

2. We executed a Contract to Sell in favor of Mount Carmel Rural Bank Inc. dated
17 October 2019 in Lipa City with Doc No. 162; Page No. 33; Book No. LXXXIII;
Series of 2019 notarized by Atty. Erwin M. Layog.

3. The aforesaid Contract to Sell contains a provision regarding the rescission of the
said contract in case of failure to settle any installment due, to wit:

THAT in the event of non-payment of any of the amortization

when due, the VENDEES shall be given a grace period of not
less than thirty (30) days from the date the installment becomes
due and payable. If the VENDEES fail to pay the installment
due, the VENDOR may cancel this contract thru notice of
cancellation or demand for rescission of the contract by notarial
act. In case this contract is rescinded, the VENDEES shall
immediately vacate the property without the necessity of any
demand or any legal action. Further, this contract shall be
covered by R.A. No. 6552.

4. We hereby waive the requirement of notice of cancellation or demand for

rescission as mentioned in the aforementioned provision upon our failure to pay.

5. We hereby undertake that in case of our failure to settle any of the installments
due, with the automatic rescission of the Contract to Sell and the waiver of the
requirement of notice of cancellation or demand for rescission, we shall
immediately vacate the property without need of any demand or legal action.

6. That we are executing this affidavit to attest to the truth to all the above facts.

IN WITNESS WHEREOF, we have hereunto set my hand this __________ at Lipa City,
Batangas.

AILENE G. SAN ROQUE RAMIL V. SAN ROQUE

Affiant Affiant
ID: ID:
Valid Until Valid Until

SUBSCRIBED AND SWORN to before me on __________ at Lipa City, Batangas with

Affiant exhibiting his valid government issued ID with No. as stated above.

Doc No.
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Series of 2022