DEED OF ABSOLUTE SALE

WITH ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This DEED OF SALE WITH ASSUMPTION OF MORTGAGE made and

executed in Butuan City, Philippines, by and between:

MICHELLE GALVEZ BENOYA, of legal age, Filipino, single, and a resident of

Butuan City, Philippines, (VENDOR, for brevity);

- and -

DEVELYN CHU CHEQUITO, of legal age, single, Filipino, and a resident of

Butuan City, Philippines, (VENDEE, for brevity),

WITNESSETH:

WHEREAS, the VENDOR is the owner of a parcel of land with improvements

located at Horizon Subdivision, Barangay San Vicente, Butuan City, particularly described as
Block 2, Phase 2, Lot 14 with a lot area of SEVENTY FOUR (74) square meters and floor
area of FORTY SIX (46) square meters;

WHEREAS, the above-described property is presently mortgaged to secure the

payment of a housing loan;

WHEREAS, the VENDOR has offered to sell and the VENDEE has agreed to buy
the above-described subject property for the total price of THREE HUNDRED
THOUSAND PESOS (Php300, 000.00);

NOW, THEREFORE, FOR AND IN CONSIDERATION of the foregoing premises

and of the following mutual covenants, undertaking, obligations, terms and conditions, the
parties hereto have agreed, as follows:

1. PURCHASE PRICE. The VENDOR sells to the VENDEE the above-

described subject property for THREE HUNDRED THOUSAND PESOS
(Php300, 000.00) to be paid upon execution of this Deed;

2. The VENDEE 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 VENDOR 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.

3. The VENDOR shall secure the approval of the Mortgagee to the

assumption by the VENDEE of the mortgage over the subject property.

4. The VENDEE shall hold the VENDOR free and harmless from any
claims or liability which may arise from the sale of the said subject property.

5. All actions, remedies, equities, as well as any other rights of recourse

enforceable by the BANK against the VENDOR and his co-borrowers shall
now and hereafter be enforceable against the VENDEE.

IN WITNESS, WHEREOF, the PARTIES have hereunto affixed their signatures on

this ____________________.
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 MICHELLE GALVEZ BENOYA DEVELYN CHU CHEQUITO

Witnesses:
____________________________ ___________________________

ACKNOWLEDGMENT

Republic of the Philippines)

City of Butuan )S.S.

Before me, a notary public for Butuan City this__________________, personally

appeared the following with their competent evidence of identity:

Name Competent Evidence of Identity

MICHELLE GALVEZ BENOYA TIN ID No. 445-996-431-000
DEVELYN CHU CHEQUITO Passport ID No. P8245592B

both known to me and to me known to be the same persons who executed the foregoing
DEED OF ABSOLUTE SALE WITH ASSUMPTION OF MORTGAGE, and they
acknowledged to me that the same was executed by them freely and voluntarily.

This instrument consists of two (2) pages including this page on acknowledgment.

WITNESS MY HAND AND SEAL on the day and place above written.

Doc. No. _____;

Page No. _____;
Book No. _____;
Series of 2024.

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 ACKNOWLEDGMENT RECEIPT

DATE: ___________________

THIS IS TO ACKNOWLEDGE RECEIPT OF THREE HUNDRED

THOUSAND PESOS (PHP300,000.00) FROM DEVELYN CHU
CHEQUITO AS FULL PAYMENT FOR THE PURCHASE OF A
PARCEL OF LAND WITH IMPROVEMENTS LOCATED AT
HORIZON SUBDIVISION, BARANGAY SAN VICENTE, BUTUAN
CITY, PARTICULARLY DESCRIBED AS BLOCK 2, PHASE 2, LOT 14.

MICHELLE GALVEZ BENOYA

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