DEED OF SALE OF MOTOR VEHICLE WITH ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This DEED OF SALE OF MOTOR VEHICLE WITH ASSUMPTION OF

MORTGAGE is made and executed this ___th day of ______, 2018 by and between:

ANNA MARIE PARAS, of legal age, married to ALEXANDER V. PARAS,

Filipino and with residence and postal address at 111 Lot 2, Phase 1 Softouch
Subdivision, Upper Calajoan, Minglanilla, Cebu, hereinafter referred to as the FIRST
PARTY";
-AND-
PAULINO M. RUIZ, of legal age, married, Filipino and with postal address at
Brgy. Tutay Pinamungajan, Cebu, hereinafter referred to as the "SECOND PARTY".
WITNESSETH:
WHEREAS, the FIRST PARTY is the mortgagee of a motor vehicle which is more
particularly described as follows:
MAKE : HYUNDAI
SERIES : EON 0.8L GLS MT
MODEL : 2016
COLOR : MIDAS GOLD
BODY : SUB COMPACT
ENGINE NO : G3HAFM394464
CHASSIS NO : MALA351AAGM434230
PLATE NO : MP 0704
T. PLATE : ADM 9317

WHEREAS, the SECOND PARTY has offered to assume the afore-described

vehicle and the FIRST PARTY has agreed of the assumption of the above mentioned
motor vehicle under the terms and conditions herein below set forth;
WHEREAS, the FIRST PARTY hereby warrant that said motor vehicle is still
mortgaged with BANK OF THE PHILIPPINE ISLANDS, with monthly
amortization amounting to TEN THOUSAND NINE HUNRED NINETY EIGHT PESOS
payment due every 13th of the month starting July 13 2018 up to July 13, 2021 and that
will defend the title and rights of the SECOND PARTY from any claims of whatever
kind or nature from third persons.
NOW THEREFORE, for and in consideration of the sum of FIFTY-THOUSAND
PESOS (Php: 50,000.00) Philippine Currency as ASSUMPTION FEE, the FIRST
PARTY hereby TRANSFERS AND CONVEYS by way of assumption of mortgage
and by these presents have TRANSFERRED AND CONVEYED said SECOND PARTY
who likewise agree to assume the mortgage of the said of the aforesaid vehicle and will
perform the covenants hereinafter set forth, as follows:

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 1. The total consideration shall be FOUR HUNDRED SIX THOUSAND AND
EIGHT HUNDRED EIGHTY-NINE PESOS (P406,889.00) Philippine
Currency, payable as follows:

a) The amount of FOUR HUNDRED SIX THOUSAND AND EIGHT

HUNDRED EIGHTY-NINE PESOS (P406,889.00) Philippine
Currency, shall be paid in thirty-seven (37) monthly installment in
equal amount of TEN THOUSAND NINE HUNDRED NINETY-
EIGHT PESOS (P10,998.00) PESOS starting on July 13, 2018 and to
be paid in full on or before July 13, 2021;
b) In the event that the SECOND PARTY fails to pay two (2)
consecutive monthly installments, the FIRST PARTY has the right to
immediately take possession of the motor vehicle and rescind this
contract without reimbursement to the SECOND PARTY any amount
paid relative to this contract after oral or written demand for payment
shall be exhausted first by FIRST PARTY.
2. During the tenure of the foregoing instrument and before the full payment of
the total price, the registration of the motor vehicle unless still covered by the
Car Dealer Company, insurance fees and other expenses for the maintenance
of the motor vehicle shall be borne by the SECOND PARTY;

3. Possession to the subject property shall be delivered by the FIRST PARTY to

the SECOND PARTY on or before July 13, 2018;

4. Upon full payment of the total price, the FIRST PARTY shall cause the
signing and execution of a DEED OF ABSOLUTE SALE in favor of the
SECOND PARTY. The FIRST PARTY shall likewise casue the execution
and/or delivery any and all documents, including but not limited to the original
copy of Certificate of Registration, and all other documents necessary for the
transfer of ownership to the SECOND PARTY. Expenses paid for the transfer
of ownership of the subject motor vehicle shall be borne by the SECOND
PARTY.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this
____ day of _______, 2018 at Cebu City, Philippines.

ANNA MARIE PARAS PAULINO RUIZ

FIRST PARTY SECOND PARTY

SIGNED IN THE PRESENCE OF:

__________________________ ____________________________

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 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

CEBU CITY ) SS.

BEFORE ME, a Notary Public, this ____ day of ______ ,2018 personally
appeared the following:
Name ID Number Date/Place Issued
ANNA MARIE PARAAS G06-94-034438 July 21, 2015/Cebu City
PAULINO RUIZ _________________ ________________________
This instrument, consisting of three (3) pages, 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 WHEREOF, I have hereunto set my hand the day, year and place
above written.

Notary Public
Doc. No. ........;
Page No. .......;
Book No. .......;
Series of 2018.