Professional Documents
Culture Documents
Assignment of Receivables
Assignment of Receivables
in favor of
Witnesseth, THAT –
Whereas, the ASSIGNEE has granted to the ASSIGNOR a loan in the principal
amount of Pesos: [amount in words] pursuant to the Loan Agreement by and
between ASSIGNOR and ASSIGNEE (the “Loan”);
a. All of the rights, title and interest of the ASSIGNOR in and under
the Contract To Sell in its capacity as the seller-owner thereof in
such a manner as to constitute the ASSIGNEE as the rightful
recipient of any and all amounts now and hereafter due and
payable by the purchaser(s) representing the purchase price of the
Lot ;
b. Any and all the sums of money constituting or equivalent to the
Outstanding Sales Proceeds on account of the sale of the Lot under
the Contract To Sell;
3. The ASSIGNOR warrants that it is the registered owner of the Lot and that
the same is free from liens and encumbrances; that its has capacity to enter
to this agreement and that it is not suffering from any restriction for the
assignment of its rights, title and interest to the Lot or its interest under
the Contract To Sell.
6. To give full force and effect to this assignment and its intent, the
ASSIGNOR confers upon the ASSIGNEE absolute, ample and sufficient
power and by these presents hereby appoints, names and constitutes the
ASSIGNEE as its attorney-in-fact coupled with interest, and in its name ,
place and stead to collect , receive and give receipt for the proceeds of the
sale of the Lot from the buyer/purchaser thereof or from any person or
entity advancing the purchase price of the Lot for and in behalf of the
buyer/purchaser under any financing arrangement granted to the
buyer /purchaser of the Lot, hereby ratifying and confirming all acts and
deeds to be done by the ASSIGNEE by virtue of the power of attorney
herein granted as if personally done by the ASSIGNOR. Further, the
ASSIGNOR shall secure the conformity hereto of the buyer/purchaser
which conformity hereto shall bind buyer/purchaser to pay the remaining
balance of the purchase price to ASSIGNEE.
In Witness Whereof, the parties hereto have caused this assignment to be signed
this day of May, 2003 at _____________________ .
<NAME>.
President
CONFORME:
[name/s of buyer/s]
__________________________________ _______________________________
ACKNOWLEDGMENT
BEFORE ME, a Notary Public for and in the above jurisdiction, personally
appeared, to wit –
Notary Public