CONTRACT TO SELL

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT TO SELL is made and executed in Cebu City,

Philippines on this 19th day of October 2019 by and between:

Leonora C. Ceballos, of legal age, Filipino citizen, and a

resident of 59 M. De la Concepcion St., Pasil, Cebu City, and
hereinafter collectively referred to as “VENDOR”

-and-

Sps. Noel T. Los Banos and Bridget V. Los Banos, of legal

ages, Filipino citizens, married to each other and both residing at
Villanueva Compound Sacris Road Extension, Tipolo, Mandaue City
Cebu and hereinafter referred to as “VENDEE”

WITNESSETH: THAT -

WHEREAS, the VENDOR is the lawful and registered owner of a

parcel of land situated at Lot 5, Block 3 of Barrio Bacayan, Cebu
City, covered by TCT No.120237 issued by the Registry of Deeds for
Cebu City.

WHEREAS, the VENDEE has offered to buy and the VENDOR has
agreed to sell the above-described parcel of land subject to the
terms and conditions hereinafter sethforth.

NOW THEREFORE, for and in consideration of the foregoing

premises and the payment of the agreed purchase price in the manner
and form herein stipulated, the VENDOR hereby agrees to SELL,
TRANSFER and CONVEY unto the VENDEE his heirs, assigns and
successors-in-interest, and the VENDEE hereby agrees to BUY the
PROPERTY subject to the following terms and conditions:

Contract Price:

The contract price for the sale of the PROPERTY shall be One
Million and Five Hundred Thousand PESOS (PhP 1,500,000.00),
Philippine Currency;

Down Payment:

Upon the execution of this Contract to Sell, the VENDEE shall

make an initial down payment of THREE HUNDRED THOUSAND PESOS
( PhP300,000.00), Philippine Currency.
Balance of Purchase Price:

WHEREAS, the BUYER/VENDEE would like to avail the said

property through PAG-IBIG;

WHEREAS, the SELLER/VENDOR is willing to grant the

BUYER/VENDEE this request;

NOW THEREFORE, for and in consideration of the foregoing

premises, the SELLER/VENDOR agrees to sell and the BUYER/VENDEE
agrees to buy the above described lot under the following terms and
conditions:

The BUYER/VENDEE shall apply for a lot purchase loan with PAG-
IBIG in the amount of EIGHT HUNDRED SIXTY THOUSAND PHILIPPINE PESOS
(PHP860,000.00) to pay the SELLER/VENDOR for the lot. The
proceeds/check of the PAG-IBIG loan shall be paid to and in the name
of SELLER/VENDOR;

For purposes of the loan, the SELLER/VENDOR shall allow the

transfer of the title in the name of the BUYER/VENDEE, but only
after the issuance of a letter of guarantee from PAG-IBIG and upon
full payment of the remaining balance;

The other remaining balance of THREE HUNDRED FORTY THOUSAND

PESOS (PhP 340,000.00) shall be paid equally in NINE (9) monthly
installments thru post dated checks (PDC’s) for and in every 2nd day
of the month from the execution of this Contract to Sell.

1st payment December 2, 2019

2nd payment January 2, 2020
3rd payment February 2, 2020
4th payment March 2, 2020
5th payment April 2, 2020
6th payment May 2, 2020
7th payment June 2, 2020
8th payment July 2, 2020
9th payment August 2, 2020

The capital gains tax and notarial fees shall be to the

account of the SELLER/VENDOR, while the transfer tax and documentary
stamp tax shall be to the account of the BUYER/VENDEE.

Execution of Absolute Deed of Sale

Upon completion of payment of the balance purchase price above

stipulated and other obligations set forth hereto, the VENDOR shall
execute and deliver to the VENDEE a final DEED OF ABSOLUTE SALE,
CONVEYING, SELLING, CEDING AND/OR TRANSFERRING the above-described
property, free and clear of all liens and encumbrances except those
found therein at the time of the execution of this document,
thereafter the VENDOR shall cause the issuance of Transfer
Certificate of Title under the name of the VENDEE covering the
subject parcel of land.

Miscellaneous

The VENDEE shall only have the right to take possession over
the property only after the execution of the Deed of Absolute Sale
by the parties.

This agreement shall inure to the benefit of, and be binding

upon the parties hereto and their respective heirs and assigns;

If any part of this agreement shall be deemed to be

unenforceable or unlawful by a court of competent jurisdiction, such
termination shall have no effect on the validity and enforceability
of the other terms and conditions of this Agreement, and the
challenged term shall be deemed deleted;

This Agreement constitutes the entire agreement between the

parties and supersedes all prior statements, representations and
agreements on this subject matter.

IN WITNESS WHEREOF, the parties have hereunto affixed their

signatures this _ day of at ___________________.

Leonora C. Ceballos
VENDOR

Noel T. Los Banos Bridget V. Los Banos

VENDEE VENDEE

SIGNED IN THE PRESENCE OF:

 ACKNOWLEDGMENT

Republic of the Philippines

CITY OF CEBU) S.S.

I certify on this date ______ _______before me, a notary

public duly authorized in the city named above to take
acknowledgments, personally appeared and valid identification with
pictures:

Valid Identification Card Date and Place of

Name
with Picture Issue
LEONORA C. CEBALOOS UMID CRN-000-6038-4292-4 CEBU CITY
NOEL T. LOS BANOS LTO ID G02-03-077363 DUMAGUETE CITY
BRIDGET C. LOS BANOS TIN No. 251-237-730-000 CEBU CITY

who are known to me/were identified by me through competent evidence

of identity to be the same persons described in the foregoing
CONTRACT TO SELL, who acknowledged before me that their respective
signatures on the instrument were voluntarily affixed by them for
the purposes stated therein, and who declared to me that they have
executed the instrument as their free and voluntary act.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my

notarial seal on the day, year and place above written.

Doc. No. ;
Page No. ; Notary Public
Book No. ;
Series of 2019.