HQP-HLF-523

For Unilateral (V03, 07/2022)

DEED OF ASSIGNMENT OF CONTRACT-TO-SELL WITH

SPECIAL POWER OF ATTORNEY
(With Borrower-Buyer/s’ Conformity)

KNOW ALL MEN BY THESE PRESENTS:

That this Deed of Assignment of Contract-to-Sell with Special Power of Attorney

made and executed by and among:

, a
corporation duly organized and existing under and by virtue of the Philippine
laws, with principal office at_
_,
represented in this Act by its
,
, hereinafter referred to as the
“ASSIGNOR”.

- and -

The HOME DEVELOPMENT MUTUAL FUND (otherwise known as Pag-IBIG

FUND), a government financial institution organized and existing under and
by virtue of Republic Act No. 9679, with principal office at the Petron
MegaPlaza, No. 358 Sen. Gil Puyat Avenue, Makati City, represented in this Act
by its ,
, hereinafter referred to as the “ASSIGNEE”.

- With the conformity of -

, of legal age,
Filipino, single/married to and with
residence and postal address at
, hereinafter referred to as the “BORROWER-
BUYER”.

(IF WITH CO-BORROWER-BUYER/S)

- and -

, of legal age, Filipino, single/married to

with residence and postal address at
, hereafter referred to as
the “CO-BORROWER-BUYER”.

- and -

, of legal age, Filipino, single/married to

with residence and postal address at
, hereafter referred to as
the “CO-BORROWER-BUYER”.

WITNESSETH:

WHEREAS, the PARTIES hereto have entered into a Memorandum of Agreement

(MOA) dated more particularly referred to as Doc. No.
, Page No. , Book No. , Series of of the Notarial
Register of Notary Public, , whereby the ASSIGNEE has
accredited
, a project of the ASSIGNOR, for participation under
the ASSIGNEE’S Regular End User Home Financing Program and/or Affordable Housing
Program;

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WHEREAS, all the condominium units/individual lots including the improvements

thereon situated in the Project are owned by and registered in the name of the ASSIGNOR who
has full authority to mortgage, to enter into Conditional Purchase or Contract-to-Sell (CTS) with
Pag-IBIG borrower-buyer/s and/or to assign said CTS;

WHEREAS, the BORROWER-BUYER/S was/were among those whose housing loan

applications were approved by the ASSIGNEE under the prevailing Guidelines of its Housing
Loan Program;

WHEREAS, pursuant to the aforesaid Memorandum of Agreement, the PARTIES have

agreed that upon loan takeout, the amount equivalent to the loan value of the residential
property subject of the CTS executed between the ASSIGNOR and the BORROWER-
BUYER/S shall be released by the ASSIGNEE to the ASSIGNOR and the payment thereof
shall be secured by an assignment of the aforesaid CTS in favor of the ASSIGNEE.

NOW, THEREFORE, for and in consideration of the foregoing premises and as security for the
payment of the housing loan of the BORROWER-BUYER/S in the amount of
(P )
, Philippine Currency, as well as the covenants, agreements and stipulations hereinafter
provided, the ASSIGNOR by these presents does hereby assign, transfer, and convey unto said
ASSIGNEE, its successor-in-interest and assigns, all its rights, interest and participation in and
to, but excluding its obligations, under the Contract-to-Sell dated , executed
between the ASSIGNOR and the BORROWER-BUYER/S, specifically referred to as Doc. No.
, Page No. , Book No. , Series of of the Notarial Register
of Notary Public , a copy of which is hereto attached and made an
integral part hereof, as Annex “A” involving a parcel of land together with the housing unit
constructed thereon or that condominium unit situated in the Project,
more particularly described as follows:

TECHNICAL DESCRIPTION

as well as all the receivables appertaining thereto, under the following terms and conditions:

1. The BORROWER-BUYER/S shall pay and remit the monthly amortizations directly to the
ASSIGNEE or through its accredited collecting banks/agents in accordance with the terms
and conditions of the CTS mentioned above; or if there is a Collection Servicing
Agreement (CSA) executed between the ASSIGNOR and the ASSIGNEE, all monthly
amortizations paid to the ASSIGNOR shall be accounted and remitted to the ASSIGNEE
pursuant to the provisions of the said CSA, for application to the obligation of the
BORROWER-BUYER/S with the ASSIGNEE. The ASSIGNOR shall keep the proceeds of
the sale collected separate from its own funds or properties and in trust for the ASSIGNEE
with the obligation to remit/deliver the same to the ASSIGNEE within the period provided
in the CSA;

2. It is expressly agreed that this Assignment shall not produce the effect of payment except
in respect of and only to the extent of the amount collected or received by the ASSIGNEE
and actually applied to the obligations of the BORROWER-BUYER/S with the ASSIGNEE,
by virtue of or in relation to the rights and authority established in favor of the ASSIGNEE
under this Deed;

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3. The ASSIGNOR hereby undertakes to convert the CTS covering the above-described
residential property into a Real Estate Mortgage (REM) within the prescribed period but
prior to the lapse of the validity period of the Certificate Authorizing Registration
(CAR/eCAR) and all expenses for the conversion of the CTS to REM which includes
payment of all taxes as well as expenses for the execution of the Deed of Absolute Sale
in favor of the BORROWER-BUYER/S shall be for the account of the ASSIGNOR, and
that non-payment of equity and other obligations due by the developer shall not be
grounds for non-conversion of CTS accounts;

4. This Assignment shall be subject to the terms and conditions of the Memorandum of
Agreement mentioned in the first WHEREAS clause hereof or any other documents which
the ASSIGNEE may require the ASSIGNOR/BORROWER-BUYER/S to execute as
evidence of the aforementioned obligation, which shall form an integral part of this Deed
by reference;

5. In the event the ASSIGNOR violates any of the terms or stipulations of or commits a
breach of warranties under the Memorandum of Agreement mentioned above or fails to
convert the CTS herein mentioned to Real Estate Mortgage within the prescribed period,
the ASSIGNOR shall pay the corresponding buyback value of the CTS account subject of
this Deed to the ASSIGNEE pursuant to the buyback guaranty provisions of the said
Memorandum of Agreement;

6. Effective upon the occurrence of any of the following circumstances:

6.1 Full payment of the housing loan amortizations of the borrower and the ASSIGNOR is
no longer existing or in operation; or

6.2 Breach of any of the warranties under the aforesaid Memorandum of Agreement by
the ASSIGNOR, specifically the failure or refusal of the ASSIGNOR to buyback the
account subject of this Deed, as a result of the said breach; or

6.3 In the event the BORROWER-BUYER/S default/s in the payment of the monthly
amortizations in accordance with the terms of the CTS subject of this Deed,

the ASSIGNEE or its successors and assigns, through its authorized representatives,
is/are hereby appointed Attorney-In-Fact of the ASSIGNOR, with full power and authority
to do and perform the following acts:

a. To cause the cancellation of the above-mentioned CTS executed by and between the
ASSIGNOR and the BORROWER-BUYER/S covering the above-described property;

b. The exclusive right to sell, convey, deliver and in any manner dispose of the above-
described property covered by Transfer/Condominium Certificate of Title No.
; and for this purpose sign, execute and deliver the Deed of
Absolute Sale or any documents of whatever kind or nature in favor of the borrower-
buyer/s, which may be necessary or proper in connection with the power herein
granted;

c. To receive payments from the borrower-buyer/s in whatever form acceptable to the

Fund, such that, if the payments are in checks, there is included herein the power to
encash the same, and to issue receipts for such payments;

d. To apply these payments to the obligations of the ASSIGNOR with the ASSIGNEE;
and

e. To file appropriate action in court against illegal occupants on the subject property.

The ASSIGNOR hereby ratifies and confirms any and all acts that may be done by the
ASSIGNEE or its successors and assigns by virtue hereof as fully to all intents and
purposes as the ASSIGNOR might or could lawfully do if personally present. This power of
attorney is hereby declared to be coupled with interest arising from this Deed and the
Memorandum of Agreement mentioned herein and as such, is exclusive and irrevocable
until all the obligations secured hereby are fully paid.

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7. It is the essence of this Contract, that if the ASSIGNOR buys back the CTS account herein
assigned or upon conversion of the said CTS account into a Real Estate Mortgage (REM)
account then this Deed of Assignment of Contract-to-Sell with Special Power of Attorney
shall become null and void and of no effect;

8. The rights and remedies of the ASSIGNEE set forth in this Deed of Assignment are in
addition to and not in substitution of any other rights or remedy provided by existing laws
and the covering Memorandum of Agreement; and

9. Should any of the foregoing provisions be declared unconstitutional, illegal or

unenforceable by any competent court, such declaration shall not in any way affect the
constitutionality, legality or enforceability of the other provisions of this Deed not affected
thereby.

IN WITNESS WHEREOF, the ASSIGNOR, through its authorized representative, has

signed this presents this day of _,
at
, Philippines.

ASSIGNOR

By:

No.
Date of Issue
Expiry Date
Place of Issue

CONFORME:

BORROWER-BUYER CO-BORROWER-BUYER CO-BORROWER-BUYER

No. No. No.

Issued on Issued on Issued on
Expiry Date Expiry Date Expiry Date

With my/our marital consent:

SPOUSE SPOUSE SPOUSE

INDICATE IF APPLICABLE ONLY

REPRESENTED BY:

ATTORNEY-IN-FACT OF ATTORNEY-IN-FACT OF ATTORNEY-IN FACT OF

BORROWER-BUYER CO-BORROWER-BUYER CO-BORROWER-BUYER
AND/OR SPOUSE AND/OR SPOUSE AND/OR SPOUSE

No. No. No.

Issued on Issued on Issued on
Expiry Date Expiry Date Expiry Date

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 HQP-HLF-523
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SIGNED IN THE PRESENCE OF:

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

) S.S.

BEFORE ME, A Notary Public for and in the ,

Province of , this day of , 20
personally appeared the above-named persons, who has satisfactorily proven to me their
identity through their identifying documents written below their names and signatures, that they
are the same persons who executed and acknowledged before me as their free and voluntary
act and deed. That he/she is acting as the representative of
and that he/she has the authority to sign in
such capacity by virtue of a Board Resolution / Secretary’s Certificate.

The foregoing instrument which relates to a Deed of Assignment of Contract-to-Sell with

SPA consisting of ( ) pages including the page on which this acknowledgment is
written has been signed on the left margin of each and every page by the parties and the
witnesses.

WITNESS MY HAND AND NOTARIAL SEAL.

Doc. No. ;
Page No. ;
Book No. ;
Series of .