DEED OF SALE WITH ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This Deed of Sale with Assumption of Mortgage is executed by and between:

(NAME OF SELLER), of legal age, Filipino, married to (Name of Spouse), and a resident of
(Place of Residence), hereunto referred as the “SELLER”;

-and-

(NAME OF BUYER), of legal age, Filipino, married to (Name of Spouse), and a resident of
(Place of Residence), hereunto referred as the “BUYER”;

WITNESSETH: that

WHEREAS, the SELLER is the absolute and registered owner of a parcel of land

covered by Transfer Certificate of Title No. ____________ of the Registry of Deeds of
___________ containing an area of TWO HUNDRED (200) SQUARE METERS, more or
less, located at (Place of location of property), and more particularly described as follows:

A parcel of land (Lot ___, Block ___, of the consolidation-subdivision plan, Pcs-_________,
being a portion of _______, and _______, Psd-_______), situated in the Barrio of _______, City
of _______, Island of _______. Bounded on the NW. and NE. along lines 1-2-3-4-5 by Road Lot
6, on the SE. along line 5-6 by Lot 35, Block 13, along line 6-7 by Lot 34, Block 13, on the SW.
along line 7-1 by Lot 37, Block 13, all of the consolidation-subdivision plan; containing an area
of TWO HUNDRED (200) SQUARE METERS, more or less. (A copy of TCT _______ is herein
attached as Annex “A”)

WHEREAS, the SELLER has offered to sell to the BUYER and the BUYER has agreed
to purchase from the SELLER the above-described parcel of land, and all the rights pertaining
thereto and improvements found and standing thereon which include the residential building
under Tax Declaration No. ______________;

NOW, THEREFORE, for and in consideration of the foregoing premises, and subject to
the terms and conditions hereinafter set forth, the parties have agreed as follows:
1.              SALE OF SUBJECT PROPERTY – For and in consideration of the sum of THREE MILLION
FIVE HUNDRED THOUSAND PESOS (P3,500,000.00) Philippine Currency, of which total
receipt is hereby acknowledged and confessed by the SELLER, SELLER hereby sell, cede,
convey and absolutely transfer to the BUYER, in an irrevocable and absolute manner, the above-
described parcel of land, all of SELLER’s rights and interest thereto, and with all the
improvements standing thereon.

2.              ASSUMPTION OF MORTGAGE – Whereas, the above-described property is presently

mortgaged to PRENDA SAVINGS BANK to secure the payment of a loan in the principal sum
of ______________ contracted by the SELLER from the aforenamed mortgagee under the terms
and conditions set forth in instrument of mortgage executed on ______________ and ratified
before _______________, Notary Public in and for _________, as per Doc. No. ________, Page
No. ______, Book No. ______, Series of _______ of his notarial register;

2.1.         The BUYER does hereby accept this sale and binds herself to assume as she hereby
assumes the payment of the unpaid balance of the mortgage in indebtedness of the
SELLER amounting to ______________ for the said loan as of this date in favor of
the aforenamed mortgagee and does hereby further agree to be bound by the
precise terms and conditions therein contained.

2.2.         The SELLER shall secure the approval of the Mortgagee to the assumption by the
BUYER of the mortgages over the subject parcel of land.

3.              PRESENTATIONS AND WARRANTIES – The SELLER hereby warrants and represents to the
BUYER that:

3.1.         SELLER has clean, valid, absolute and merchantable title to the subject property, and that the
same is not subject to any existing or threatened claims, suits or litigation or to any tenancy, land
transfer or agrarian reform laws;

3.2.         BUYER shall have peaceful possession of the subject property and SELLER shall defend, at their
expense, the title of the subject property against any and all claims interposed by any and all
person or persons whomsoever;

3.3.         The property is free and clear of all liens and encumbrances excepting the
mortgagee as may be subsisting in favor of PRENDA SAVINGS BANK; and

4.              TAXES – Capital Gains Tax shall be for the account of BUYER. Likewise, BUYER shall be
responsible for all other taxes and expenses necessary to transfer title of the property in
BUYER’s name;
 IN WITNESS WHEREOF, the parties have hereunto set their hand this ______ day of
___________________, in Cebu City, Philippines. 

(NAME OF SELLER)
SELLER

With my marital consent:

(SPOUSE OF SELLER)

(NAME OF BUYER)
BUYER

Witnessed by: (1) ____________________ and (2) ____________________

ACKNOWLEDGMENT

Republic of the Philippines    )

City of _______________      ) S.S.

BEFORE ME, a Notary Public for and in the city named above, this ____ day of
_________________, personally appeared the following

DATE & PLACE

NAME I.D. NO.
ISSUED

SELLER

SPOUSE OF SELLER
 BUYER

known to me and to me known to be the same persons who executed this Deed of Sale with
Assumption of Mortgage and acknowledged to me that the same is their free and voluntary act
and deed.

The foregoing document relates to a Deed of Sale with Assumption of Mortgage of a

parcel of land, consisting of ________ (___) pages including the page on which this
acknowledgment is written and has been signed on each page by the parties and their
instrumental witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND NOTARIAL SEAL on the date and place first above
written.

Doc. No. _____;

Page No. _____;
Book No._____;
Series of _____.