Deed of Sale with Assumption of Mortgage

DEED OF SALE WITH ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This DEED, made and executed in ________________, Philippines, by and between:

______________________ married to __________________, of legal age, Filipino Citizens and with residence and postal address at _____________________________________________, hereinafter called the VENDOR.

– and –

_______________________, of legal age, single, Filipino Citizen, and with residence and postal address at ________________________ _______________________________________, hereinafter called the VENDEE.,

WITNESSETH: THAT-

WHEREAS, the VENDOR is the owner of certain parcels of land with all the improvements existing thereon, situated at Molino, Bacoor, Cavite, specifically described as follows:

TCT No. T- _____________

“A parcel of land . . “

TCT No. _____________

A parcel of land . . .

WHEREAS, the above-described properties are presently mortgaged to RCBC SAVINGS BANK to secure the payment of two loans: the first with an original obligation in the principal sum of P725,000.00 and the second with an original obligation of P953,000.00 contracted by the VENDOR from the aforenamed mortgagee under the terms and conditions set forth in two instruments of mortgage, the first one (Loan No. _______________) executed on __________________ and ratified before __________________________, Notary Public in and for ____________, as per Doc. No. ___________, Page No. _________, Book No. _________, Series of _______________ of his notarial register and the second one (Loan No. _________________) executed on _______________________ and ratified before __________________________, Notary Public in and for ____________, as per Doc. No. ___________, Page No. _________, Book No. _________, Series of _______________.

WHEREAS, the VENDOR has offered to sell and the VENDEE has agreed to buy the above-described parcels of land with all the improvements thereon for the total price of P3,300,000.00 payable in the manner and form set forth hereinbelow:

NOW, THEREFORE, for and in consideration of the sum of P3,300,000.00, Philippine currency, the said VENDOR does hereby sell, transfer and convey, in a manner absolute and irrevocable, unto the VENDEE, her heirs and assigns the real property above described together with all the improvements existing thereon, free and clear of all liens and encumbrances excepting the mortgagee as may be subsisting in favor of RCBC SAVINGS BANK; and

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 amounting to P335,336.26 for the first loan and P517,669.59 for the second 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.

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

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands at the place first above written, on this __________________ at ____________________________.

_____________________ _______________________

TIN: _________________ TIN: __________________

Vendor Vendee

With my marital consent:

____________________

TIN: _______________

Spouse of Vendor

SIGNED IN THE PRESENCE OF:

_____________________ _____________________

ACKNOWLEDGMENT

Republic of the Philippines)

Makati City ) SS.

BEFORE ME, a Notary Public in and for Makati City, Philippines, this ___________________ personally appeared:

Name: Res. Cert. No./ Date/Place Issued

Passport No.

___________________ _______________ _____________________

___________________ _______________ _____________________

___________________ _______________ _____________________

known to me to be the same persons who executed the foregoing instrument and she acknowledged to me that the same is their free and voluntary act and deed.

IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my notarial seal on the date and at the place first above written.

Doc. No. _______;

Page No. _______;

Book No. ______;

Series of _________.

DW1503

CONFORME: