DEED OF ASSIGNMENT

KNOW ALL MEN BY THESE PRESENTS:

This Deed of Assignment (“Deed”) is made and entered into on ______________________

in ______________________, by and among:

A. ___________ Filipino, of legal age with address at __________________________,

Marikina City of the Philippines, (hereinafter referred to as the “FIRST PARTY”)

B. ______________ all married, of legal age, and residing _________________ respectively.

(hereinafter referred to as the “SECOND PARTY”)

-AND-

C. _________________all married, of legal age, and residing at _________________________

respectively. (hereinafter referred to as the “THIRD PARTY”)

(herein collectively referred to as the “PARTIES”)

RECITALS:

WHEREAS, the PARTIES are the beneficial and rightful owner of a vehicle (“Subject Motor
Vehicle”) more particularly described in Section 1 below.

WHEREAS, the SELLER has agreed to sell, transfer and convey to the BUYER, and the
BUYER has agreed to purchase and acquire from the SELLER the Subject Motor Vehicle subject to
the terms and conditions of this Agreement.

NOW THEREFORE, for and in consideration of the foregoing premises and of the covenants
and stipulations herein contained, the parties have hereunto agreed as follows:

SECTION 1. SUBJECT MATTER

1.1 The SELLER do hereby sell, cede, convey and transfer by way of absolute sale unto herein
BUYER the Subject Motor Vehicle more particularly described as follows:

SECTION 2. PURCHASE PRICE AND TERMS OF PAYMENT

1.1 For and in consideration of ____________________ Pesos (P________.00) (the “Purchase

Price”), the SELLER hereby sell, transfer, and convey to the BUYER, their successors and
assigns, the Subject Motor Vehicle, free and clear from any and all liens or encumbrances.

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1.2 The BUYER shall pay a down payment of _____________ Pesos and shall pay the balance to
the SELLER in ___ months in equal installments at ____________ Pesos, per installment on
every _____ of the month.

1.3 The BUYER, if unable to pay ____ consecutive equal installments, shall turnover possession
of the subject motor vehicle to the SELLER immediately and all the installments already made
shall be considered as mere rentals for the use of the subject motor vehicle.

SECTION 3. POSSESSION OF THE SUBJECT MOTOR VEHICLE

2.1 Upon the execution of this Agreement, the SELLER shall deliver the Subject Motor Vehicle
and the BUYER, shall take possession of it in the same condition as when last inspected by
BUYER (or as it is on the date of the execution of this Agreement).

2.2 The risk and benefit in the vehicle shall pass to the BUYER on date of delivery who shall have
the right to possess and use the Subject Motor Vehicle, free from any disturbance or
interference from any party, and the SELLER agrees to indemnify and hold the BUYER free
and harmless from and against any action or liability in respect of any loss, damage or expense
it shall sustain or incur as a consequence of any disturbance or interference of its peaceful
possession of the Subject Motor Vehicle.

SECTION 4. REPRESENTATIONS, WARRANTIES AND COVENANTS

3.1 The SELLER hereby represent, warrant and covenant to the BUYER as follows:

a. The SELLER is the absolute, exclusive, lawful, and beneficial owner of, and have all the
rights, title and interests in and to, the Subject Motor Vehicle and the BUYER will acquire
the Subject Motor Vehicle completely free from and clear of all claims, liens,
encumbrances, preferential rights or security interest of whatever kind and nature;

b. The SELLER is authorized to sell the Subject Motor Vehicle and has the capacity to
transfer the same to the BUYER;

c. The SELLER have not and shall not sell, cede, encumber, mortgage, lease or transfer the
Subject Motor Vehicle to any third party or in any manner that may affect the BUYER’s
rights, title and interests to the Subject Motor Vehicle under this Agreement;

d. There are no actions, suits or proceedings existing, pending or, threatened against or
directly affecting the Subject Motor Vehicle before any court, arbitrator governmental or
administrative body or agency;

e. There are no accounts payable that pertain or accrue to, nor any outstanding obligation in
respect of any deed pertaining to, nor any outstanding liability to any third party in respect
of, the Subject Motor Vehicle by virtue of which statutory liens or other encumbrances
may be imposed or attached thereto.

f. Upon full payment of the aforesaid purchase price, the SELLER shall provide the BUYER
all documents in its possession or control or within their ability to procure, that may be
necessary to transfer the registration of the Subject Motor Vehicle in the name of the
BUYER.

g. Upon full payment of the aforesaid purchase price, the SELLER shall execute such
documents and instruments that may be necessary to transfer the title over the Subject
Motor Vehicle in the name of the BUYER.

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SECTION 5. TAXES, FEES AND EXPENSES

5.1 All expenses arising out of or incidental to the execution of the corresponding Deed of
Absolute Sale, the documentary stamp tax, local transfer tax, as well as the registration fees or
the registration of the sale of the Subject Motor Vehicle and the fees required to transfer from
the name of the SELLER to the name of the BUYER shall be for the exclusive account of the
BUYER

5.2 Any other taxes, fees or impost that are necessary to transfer the registration of the Subject
Motor Vehicle in the name of the BUYER shall be for the account of the BUYER.

5.3 All fuel expenses as well as expenses for the maintenance, repairs, future insurance and
registration fees of the Subject Motor Vehicle shall, starting from the date of delivery thereof
to the BUYER, shall be borne by the BUYER.

SECTION 6. FURTHER ACTS

6.1. Each of the parties hereto shall use all reasonable efforts to take, or cause to be taken, all
appropriate action, do or cause to be done all things necessary, proper, or advisable under
applicable laws, rules and regulations, and execute and deliver such documents and other
papers, as may be required to carry out the provisions of this Agreement and to consummate
and make effective the transactions contemplated by this Agreement.

SECTION 7. MISCELLANEOUS PROVISIONS

7.1 If any of the provisions contained in this Agreement shall be declared invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions hereof shall not in any way be affected or impaired.

7.2 This Agreement represents the entire agreement between the SELLER and the BUYER and
supersedes all previous oral or written communications, representations or agreements
between the SELLER and the BUYER hereto, and with respect to the subject matter hereof
and shall not be deemed amended unless in writing and signed by both the SELLER and the
BUYER.

7.3 This Agreement shall be governed by and construed in accordance with the laws of the
Republic of the Philippines.

7.4 In case of dispute, the parties will try to settle it amicably before resorting to other legal
remedies. Exclusive jurisdiction over and venue of suits arising from this Agreement shall be
with the proper courts of _________ to the exclusion of other courts or tribunals.

7.5 The failure of either party to enforce any provision of this Agreement shall not be construed
as a waiver or limitation of that Party's right to subsequently enforce and compel strict
compliance with every provision of this Agreement.

7.6 This Agreement may be executed in any number of counterparts, each of which when executed
and delivered shall constitute a duplicate original but all counterparts together shall constitute
a single agreement.

SECTION 8. DEFAULT

8.1 In the event that the SELLER shall fail to comply with its obligation to the BUYER, hereunder,
then the BUYER shall have the right either to compel the performance by the SELLER of its
obligations under this Agreement or, upon prior written notice to the SELLER, to rescind this
Agreement. In case of rescission of this Agreement by the BUYER, the SELLER shall have
the obligation to return to the BUYER that what is due them under the law.

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8.2 Should the BUYER fail to pay the down payment, any installment, or balance of payment
punctually or/ on due date thereof or is in breach of any terms and conditions contained
herein, then the SELLER shall have the right to either claim for specific performance thereof,
without prejudice to any other rights which the SELLER may have by action; or the SELLER
may cancel this Agreement, take possession of the vehicle and claim such damages as he may
have suffered in which event any amount paid by the BUYER shall be forfeited by the
SELLER

IN WITNESS WHEREOF, the parties have hereunto signed this Agreement on the date and place
above-written.

SELLER BUYER

______________ ______________________

By: By:

_________________ _____________________

WITNESSES

________________________________________ ________________________________________
_ _

ACKNOWLEDGMENT

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 REPUBLIC OF THE PHILIPPINES )
) S.S.

BEFORE ME, a Notary Public for and in the above jurisdiction, this ____________,
personally appeared:

Competent Evidence
Name ID Details
of Identity
__________________
SELLER

______________________
BUYER

______________________
Witness

_______________________
Witness

known to me and to me known to be the persons who executed the foregoing instrument and they
acknowledged to me that the same is their free and voluntary act and deed in the capacities in which
they appear.

WITNESS MY HAND AND SEAL on the date and at the place first above written.

Doc. No. _________;

Page No. _________;
Book No. _________;
Series of 2019.