REPUBLIC OF THE PHILIPPINES

_____ -'-- ) SS.

~. Ai:'P!t~OVED: '!j7J.r1.!.~ .
t Date

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AFFIDAVIT OF UNDERTAKING f{CSEARDCE~lp&I' RLf\~IL;~.:r'PMENT
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I, _~ , of legal age, Filipino, single/married, and resident of

____________________ , depose and state that:

1. I am the (Position ) of ( Name of Company ), a

private corporation duly organized and existing under the laws of the Republic of the
Philippines, with principal place of business located at
___________________ , authorized by the Board of
Directors to transact, negotiate, conclude, enter into and execute agreements and
other documents with Pag-IBIG Fund regarding its approved developmental loan in
the amount of (PhP .00). This is evidenced by
the corresponding Board Resolution/Special Power of Attorney, a copy of which is
attached and made an integral part hereof.

2. That under Section 3.2 of the Loan Agreement with Promissory Note dated
_____ , (the Loan Agreement) the Pag-IBIG FUND agrees to lend to
________ (the BORROWER) the owner's duplicate copy of TCT/CCT
No. covering the land subject of the mortgage which secures the
developmental loan so that the said certificate of title may be cancelled and replaced
with individual titles corresponding to the smaller lots into which the land shall have
been subdivided in accordance with the approved subdivision plan, provided that the
annotation of the Real Estate Mortgage and Assignment of Take-Out Proceeds on
the mother title shall be reproduced and carried over on each of the said individual
certificates of title.

3. That I hereby commit to return the same within (_) days from the
date the said certificate of title was released to our company's authorized
representative for the purpose mentioned above.

4. That should our company fail to return the individual certificates of title
corresponding to the individual lots after the lapse of the period agreed upon, for
whatever reason, except Force Majeure, the same shall constitute an event of
default which shall warrant the application of Section 6.2 of the Loan Agreement. In
addition, our company shall be liable to pay a penalty of one-twentieth of one
percent (1/20 of 1%) of the gross loan vale of the unreturned CCTs or TCTs
released by the Pag-IBIG FUND per day of delay.

5. Further, our company agrees that the Pag-IBIG FUND, at its discretion, may apply
all of the take-out proceeds to the payment of the monthly installment due and to the
penalty mentioned above. Any unpaid penalty at maturity date shall be capitalized
and form part of the principal outstanding balance of the loan.

6. I am executing this undertaking to attest to the truth of the foregoing and for
whatever legal purpose this may serve.
 IN WITNESS WHEREOF, I have hereunto affixed my signature this day
of , in _

Affiant

SUBSCRIBED AND SWORN to before me this day of _

___ , by , who has satisfactorily proven to me his/her
identity through his valid until
_______ , that he is the same person who personally signed before me the
foregoing Affidavit of Undertaking and acknowledged that he/she voluntarily executed
the same for himself and that that of the business entity herein represented.

NOTARY PUBLIC

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