Assumption of Mortgage

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 ______, _____ by and between:
______________________, of legal age, married to _____________________,

Filipino, and with residence and postal address at
______________________________________________________________, hereinafter
referred to as the "SELLER/VENDOR";
-AND-
_________________________________, of legal age, married to
__________________________________ and with residence and postal address at
__________________________________, hereinafter referred to as the
"BUYER/VENDEE".
WITNESSETH:
WHEREAS, the SELLER/VENDOR is the registered owner of a motor vehicle
which is more particularly described as follows:
MAKE :
SERIES :
MODEL :
COLOR :
BODY :
ENGINE NO :
CHASSIS NO :
PLATE NO :
CONDUCTION STICKER:
WHEREAS, the BUYER/VENDEE has offered to buy and the SELLER

/VENDOR has agreed to sell the above mentioned motor vehicle under the terms and
conditions herein below set forth;
WHEREAS, the SELLER/VENDOR hereby warrant that said motor vehicle is

still mortgaged with BANCO DE ORO, with remaining balance of
__________________________________________________ PESOS (P________),
with monthly amortization amounting to ___________________________________
( P_____ ) payment due every ___th of the month starting ______________ up to
_____________ and that will defend the title and rights of the VENDEE from any claims
of whatever kind or nature from third persons.
NOW THEREFORE, for and in consideration of the sum of
_____________________________________ (Php:____________) Philippine
Currency as ASSUMPTION FEE, the SELLER/VENDOR hereby SELLS,
1
TRANSFERS AND CONVEYS and by these presents have SOLD, TRANSFERRED
AND CONVEYED unto said BUYER/VENDEE who likewise agree to buy the aforesaid
property the of the covenants hereinafter set forth, as follows:
1. ______________________________________________________________
(P_____________) Philippine Currency, payable as follows:
a) The amount of
______________________________________________________
________ (P_____________), shall be paid in fifty-seven (56)
monthly installment in equal amount of
z_____________________________________________________
_________ (P_____________) PESOS starting on ____________
and to be paid in full on or before _______________;
b) Monthly installment payment shall be made by issuing post-dated
checks equivalent to ___ months until fully paid on ______________;
c) In the event that the BUYER/VENDEE fails to pay two (2)
consecutive monthly installments, the SELLER/VENDOR has the right
to immediately take possession of the motor vehicle and rescind this
contract without reimbursement to the BUYER.VENDEE any amount
paid relative to this contract after oral or written demand for payment
shall be exhausted first by SELLER/VENDOR.
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 BUYER/VENDEE;
3. Possession to the subject property shall be delivered by the

SELLER/VENDOR to the BUYER/VENDEE on or before _______________;
4. Upon full payment of the total price, the SELLER/VENDOR shall sign and
execute a DEED OF ABSOLUTE SALE in favor of the BUYER/VENDEE.
The SELLER/VENDOR shall likewise execute and/or deliver 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 BUYER/VENDEE. Expenses paid for the transfer of ownership of the
subject motor vehicle shall be borne by the BUYER/VENDEE.
5. The BUYER/VENDEE will submit the remaining number of PDCs equivalent

to ____ Cheques to the SELLER/VENDOR ON or BEFORE _____________.
IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this
_____day of ___________, ______ at ____________City, Philippines.
BUYER/VENDEE SELLER/VENDOR
2
SIGNED IN THE PRESENCE OF:
__________________________ ____________________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)

CEBU CITY ) SS.
BEFORE ME, a Notary Public, this __ day of __________ ,______ personally

appeared the following:
Name ID Number Date/Place Issued
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 20___.

Assumption of Mortgage

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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

__, of legal age, married to _,

WHEREAS, the BUYER/VENDEE has offered to buy and the SELLER

WHEREAS, the SELLER/VENDOR hereby warrant that said motor vehicle is

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

5. The BUYER/VENDEE will submit the remaining number of PDCs equivalent

REPUBLIC OF THE PHILIPPINES)

BEFORE ME, a Notary Public, this day of __ , personally

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