WHEREAS, the FIRST PARTY agrees to sell out the

VEHICLE to the SECOND PARTY who is willing to buy the

same;
NOW, THEREFORE, for and in Consideration of the
foregoing premises, the FIRST PARTY sell unto the
SECOND PARTY who hereby accepts from the FIRST PARTY
the sold vehicle, subject of the fallowing terms and
conditions, to wit:
ASSUMPTION OF MORTGAGE: THE VEHICLE sold is still the
subject of a contract of loan with Chattel Mortgage
constituted over the same vehicle in favor of _________
Bank which shall be assumed by the SECOND PARTY for the
same terms and conditions with that of the FIRST PARTY,
particularly, the remaining balance.
Upon signing of this Agreement, the VENDEE agrees to
pay the Down Payment of One Hundred Five Thousand
(105,000) in Philippine Currency and assume the balance
of 563,200. The balance shall be paid every 12th of the
Month without Demand until fully paid.
It is stipulated that the Vendor shall retain title to
the vehicle sold until the full payment of the agreed
price is paid. In case to failure to pay in (2)
succeeding Monthly installments, the full balance of
the agreed price shall become due and payable and the
VENDEE shall pay all the reasonable attorney’s fees and
cost of collection. Upon default, VENDOR may reclaim
the vehicle, hold and dispose of same, and collect
expenses, together with any deficiency due from VENDEE.
IN WITNESS THEREOFF, I have hereunder affixed hand this
day of _______________ at ____________________________,
Philippines.

___________________
VENDEE
_____________________
VENDOR

SIGN IN THE PRESENCE OF:

___________________________ ___________________________