MEMORANDUM OF AGREEMENT

KNOWN ALL MEN BY THESE PRESENTS:

This MEMORANDUM OF AGREEMENT, made and executed by and between:

JOAN W. IBASCO, of legal age, Filipino married to RAMON C. IBASCO, of legal age, Filipino
and both a resident of No, 1 Rosita King St., Barangay 4, Purok 4, Daet, Camarines Norte, hereinafter
referred to as the “SELLER”.

-and-

FAUSTINO T. TESORERO, JR, single, of legal age, Filipino and a resident of Block 1 Lot 13,
Montefaro East Village, Carsadang Bago 2, Imus, Cavite, hereinafter referred to as the “BUYER”.

WITNESSETH:

        WHEREAS, the SELLER is the absolute and registered owner of a parcel of land together with the
house improvements constructed thereon located at Block 31, Lot 2, Montefaro West Village, Barangay
Bucandala, Imus, Cavite, more particularly described in TRANSFER CERTIFICATE OF TITLE No. 057-
2014046188.

WHEREAS, the BUYER has offered to buy and the SELLER has agreed to sell the above mentioned
property under the terms and conditions herein below set forth;

NOW THEREFORE, for and in consideration of the total sum of TWO MILLION EIGHT HUNDRED
THOUSAND PESOS ( Php 2,800,000.00 ) Philippine Currency, and of the covenants herein after set
forth the SELLER  agrees to sell and the BUYER agrees to buy the aforesaid property subject to the
following terms and conditions:

1. The total consideration shall be TWO MILLION EIGHT HUNDRED THOUSAND PESOS (Php
2,800,000.00) Philippine Currency, payable as follows:

A) The amount FIVE HUNDRED THOUSAND PESOS (Php 500,000.00) was already paid as Earnest
money of the BUYER to the SELLER,

B) The amount TWO MILLION TWENTY TWO THOUSAND PESOS (Php 2,022,000.00), was already
paid by the BUYER to the SELLER through PAGIBIG Housing Loan,

C) The amount FIFTY THOUSAND PESOS ( Php 50,000.00) will be paid 30 days after the turnover of
the property by the SELLER to the BUYER, and the balance in the amount of TWO HUNDRED
TWENTY EIGHT THOUSAND PESOS ( Php 228,000.00) will be paid in six (6) monthly installments
equivalent to THIRTY EIGHT THOUSAND PESOS (Php 38,000.00) per month. All payments will be
covered by post-dated checks.

2. Processing fee, MRI & Documentary Stamp tax and Non-Life Insurance amounting to ELEVEN
THOUSAND NINE HUNDRED FIFTY SIX & 60/100 PESOS (Php 11,956.60) will be paid upon
turnover of the property by the SELLER to the BUYER.

3. Retention Fee amounting to SIXTY THOUSAND SIX HUNDRED SIXTY PESOS (Php 60,660.00)
which will be refunded from PAGIBIG will be paid by the BUYER to the SELLER.
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this ___ day of
____________, 22__ at _________________________, Philippines.

JOAN W. IBASCO FAUSTINO T. TESORERO, JR.

SELLER BUYER   

RAMON C. IBASCO
SELLER/SPOUSE

SIGNED IN THE PRESENCE OF:

  __________________________               ____________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

_____________________________ )  SS.

BEFORE ME, a Notary Public, this ____________day of ________________, personally appeared the
following:

 Name                               Competent Evidence of Identity                Date/Place Issued

JOAN W. WONG PAG-IBIG LOYALTY CARD

1530-0093-6331

RAMON C. IBASCO DRIVER’S LICENSE

License No. D16-95-121207
Expiry: 2024/01/27

FAUSTINO T. TESORERO, JR. PAG-IBIG LOYALTY CARD

1210-0447-6800
               
   
This instrument, consisting of ___ page/s, including the page on which this acknowledgment is written,
has been signed on the left margin of each and every page thereof by the concerned parties and their
witnesses, and sealed with my notarial seal.

IN WITNESS WHERE OF, I have hereunto set my hand the day, year and place above written. 

Notary Public
                               
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