CANCELLATION OF DEED OF ABSOLUTE SALE

KNOW ALL MEN BY THESE PRESENTS:

This Cancellation of Deed of Absolute Sale, made and entered this ________
day of ________________, by and between:

______________________________, both of legal age, Filipinos, and with

residence address at Maglasang Street, Sampaguita City, and hereinafter
referred to as the SELLER;
- AND -

_______________________________, both of legal age, Filipinos, and with

residence address at Mario Luisito Estate Park, Tubod, Naga City, hereinafter
referred to as the BUYER.

WITNESSETH: THAT

WHEREAS, on July 27, 2004, the parties executed a Deed of Absolute Sale of a
parcel of land previously situated in Barrio of Kalampukan containing an area of
TWO HUNDRED NINETY NINE SQUARE METERS (299 sqm) covered by TCT
No. 123456 in the Registry of Deeds of Cebu City (hereinafter “Property”), which
transaction was entered into in the notarial book of Notary Public Atty. Piolo F.
Pascal of Naga City as Doc. No. ___; Page No. ___; Book No. ___; Series of
2019.

WHEREAS, by virtue of the sale, the BUYERS were issued TCT No. 78910
covering the above parcel of land.

WHEREAS, upon resurvey and verification from the Bureau of Lands, BUYERS
learned that the subject parcel of land is classified as Parks and Playground.

WHEREAS, the BUYERS have filed a complaint for Specific Performance and
Damages docketed as Civil Case No. SAM-1434 before the Regional Trial Court
Branch 59, Naga City against the SELLERS.

WHEREAS, the Regional Trial Court, Branch 59, Naga City, in a Decision dated
September 18, 2019 ordered the SELLERS to pay the BUYERS, among others,
the amount of P 700, 000.00 plus interest of 6 % per annum or may replace
BUYERS with another property of similar or equal value or size of the one sold to
the BUYERS.

WHEREAS, the SELLERS have fully satisfied the Judgment award per Notice of
Satisfaction of Judgment dated January 14, 2020 and Order dated September
March 14, 2020.

WHEREAS, given the above judicial pronouncement, the consequential effect of

it is analogous to a rescission, which nullifies the contract from the very
beginning and requires a mutual restoration of benefits received.

WHEREAS, it is necessary then to bring back the parties to their original situation
prior to the commencement of contract of sale and thus wish to CANCEL,
RESCIND and ANNUL said Deed of Absolute Sale.

NOW, THEREFORE, in consideration of the foregoing premises, the parties

hereby unconditionally CANCEL, RESCIND and declare VOID AB INITIO and
without legal effect whatsoever the Deed of Absolute Sale executed by the
parties on __________.
RESOLVED FURTHER, that the parties have faithfully and fully complied each
others’ obligations and that the BUYERS have already returned all original
documents under its possession to SELLER or to SELLER’s designated
personnel and nothing was left to be done.

N WITNESS WHEREOF, the parties have hereunto signed this CANCELLATION

OF DEED OF ABSOLUTE SALE at the date and place first above mentioned.

___________________________
SELLER

___________________________
BUYER

ACKNOWLEDGEMENT

Republic of the Philippines)

_____________________) S.S.

BEFORE ME, a Notary Public for and in the City of ____________, personally
appeared:

Name CTC No. Place/Date

_________________ ____________________ _____________________

_________________ ____________________ _____________________
_________________ ____________________ _____________________
_________________ ____________________ _____________________

known to me to be the same persons who executed the foregoing document of

CANCELLATION OF DEED OF ABSOLUTE SALE, consisting of two (2) pages,
including the page on which this acknowledgment is written, and they
acknowledged to me that they executed the same as their free and voluntary act
and deed.

IN WITNESS WHEREOF, I have hereunto set may hand and affixed my notarial
seal this ____ day of ____________.

Doc. No. ___

Page No. ___
Book No. ___
Series of 2019