CONTRACT TO SELL WITH ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This Contract to Sell with Assumption of Mortgage is entered into this

_______________ in ____________________________, Philippines, by and between:

CARLO BRYAN A. IBO, of legal age, Filipino, single and a

resident of T2 Unit 909 Casamira Towers, Labangon, Salvador Street,
Cebu City, hereinafter referred to as the SELLER;
-and–

SPOUSES APPLE JAY DELA PENA and LEOPOLDO

DELA PENA JR., both of legal age, Filipinos, and current residents of
#88 Unit 1 Tandang Sora St., Kasambagan, Cebu City, hereinafter
referred to as the BUYER.

WITNESSETH

WHEREAS, the BUYER is interested in buying and assuming the mortgage of

certain properties previously availed by the SELLER, a house and lot, located in
Labangon, Cebu City, more particularly described as follows to wit:

“Project Name: Casamira Towers Labangon, Location: Labangon, Cebu City,

Cebu, Unit: 909, Area: 20 sq mtrs”

WHEREAS, the SELLER hereby agrees to the sale and assumption subject to the
following terms and conditions to wit;

1.) The BUYER shall pay to the SELLER the total amount of P400,000.00 as a
consideration of the sale and assumption;

2.) The BUYER shall make an initial payment to the SELLER in the amount of
P250,000.00 upon the signing of this Contract to Sell with Assumption of
Mortgage, receipt of which is herein acknowledged by the SELLER;

3.) The BUYER shall pay the remaining balance of P150,000.00 for a period of 3
months starting October 2022 to be paid thru bank transfer;

4.) The BUYER shall be allowed to occupy the subject properties on or before
September 30, 2022. Hence, the SELLER shall directly surrender the house
keys to the BUYER on or before that date;

5.) The BUYER shall shoulder the monthly amortization under PN#
529219030594 in the amount of P15,895.00 to the bank (BDO) starting
October 22, 2022 until full payment and shall not hold the SELLER liable of
any unpaid installments;

6.) All unpaid monthly amortizations, unpaid utility bills and unpaid dues before
the signing of this Contract to Sell with Assumption of Mortgage shall be
settled or paid by the SELLER on or before September 30, 2022;

7.) Once full payment shall have been made, the SELLER undertakes that he shall
execute the necessary documents needed for the transfer such as but not
limited to Deed of Absolute Sale, Acknowledgement Receipt, Deed of
Conveyance and all other relevant and related documents required for the sale
transaction. The expenses for the notarization of the Deed of Absolute Sale and
all other related documents shall be paid by the BUYER;
 2

8.) All the processing fees and payment of taxes such as but not limited to Capital
Gains Tax, Documentary stamps, Transfer taxes shall be under the sole
obligation of the BUYER once the property shall be transferred to the latter’s
name;

9.) Real Property Taxes and all other related expenses until this year shall be paid
by the SELLER while for the succeeding years, all will be shouldered by the
BUYER;

10.)This agreement is valid and binding to all the heirs and successors-in-interest
of both parties.

IN WITNESS WHEREOF, the parties have hereunto affixed their respective

signatures this _______________________ in _______________________, Philippines.

CARLO BRYAN A. IBO

SELLER

SPOUSES APPLE JAY DELA PENA and LEOPOLDO DELA PENA JR.
BUYER

Signed in the presence of:

______________________ _______________________

REPUBLIC OF THE PHILIPPINES )

CITY/PROVINCE OF _______________) S.S.

ACKNOWLEDGMENT
I certify that on this ________________, before me, a Notary Public duly
authorized in the city named above to take acknowledgments, personally appeared
CARLO BRYAN A. IBO being the seller with his valid id details
______________________________________and APPLE JAY DELA PENA and
LEOPOLDO DELA PENA JR. being the buyer with their valid id details
____________________________________________________ respectively, who are
identified by me through their competent evidences of identity to be the same persons
described in the foregoing instrument, who acknowledged before me that their signatures
and their witnesses were voluntarily affixed by them for purposes stated therein, and who
declared to me that they have executed the instrument of their free and voluntary act.
IN WITNESS WHEREOF, I hereunto set my hand and affix my notarial seal on
the date and at the place above written.

Doc. No.________;
Page No.________;
Book No._______ ;
Series of 2022.