DEED OF SALE WITH ASSUMPTION OF MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This DEED, made and entered at Davao City, Philippines and between:

KAYRI V. IRBING of legal age, Filipino, single, with residence and postal address at
SILTICS BUILDING, KM 7 Bangkal, Davao City and hereinafter called the VENDOR,

And

KIVIN B. DORANT of legal age, Filipino, single with residence and postal address at
BROKLYN AVENUE, Toril, Davao City and hereinafter called the VENDEE;

WITNESSETH

WHEREAS, the VENDOR is the owner of a motor vehicle with all the improvements existing
thereon, located at Lot 5, SILTIC SUBDIVISION, Bangkal, Davao City more particularly described as
follows:

MAKE : HONDA MOTOR NO. : M-TK325432

SERIES : PILOT SERIAL/CHASSIS NO.: AST-2410-2AA
YEAR MODEL : 2019 PLATE NO. : LDK 923
C.R. NO. 1295113 FILE NO. : FF-2224

WHEREAS, the above described motor vehicle is presently mortgaged in favor of GULDEN
STIT CORPORATION to secure payment of an original obligation in the principal sum of ONE
MILLION PESOS (P1,000,000.00) Philippine currency, contracted by the VENDOR from the afore-
named mortgage under the terms and conditions set forth in the said instrument of mortgage executed on
November 20, 2020 ratified before ATTY. LIBRON G. JIMS Notary Public in and for Davao City , as per
Doc. No 20, Page No. 5; Book No. 4, Series of 2019 of his notarial register, which original mortgage
obligation has been reduced to SEVEN HUNDRED THOUSAND PESOS (P700,000.00) , as of January
15, 2020.

WHEREAS, the VENDOR has offered to sell and the VENDEE has agreed to buy the above-
described motor vehicle with all the improvements thereon for the total price of FOUR MILLION PESOS
(P4,000,000.00) payable in MONTHLY INSTALLMENTS in the manner set forth herein below;

1) TWO MILLION PESOS (P2,000,000.00) will be paid by the VENDEE as down-payment

upon the execution of this deed.

2) The remaining balance of TWO MILLION PESOS (P2,000,000.00) shall be paid in

MONTHLY INSTALLMENTS by the BUYER commencing on FEBRUARY 20, 2020 at
the rate of TWO HUNDRED THOUSAND PESOS PER MONTH (P200,000.00) until the
full amount is paid.

NOW THEREFORE, for and in consideration of the sum of FOUR MILLION PESOS
(P4,000,000.00) has been paid to and the receipt whereof is hereby acknowledged by the VENDOR, the
said VENDOR does hereby SELL, TRANSFER and CONVEY, in a manner absolute and irrevocable,
unto the VENDEE, his/her heirs and assigns the real property above-described together with all the
improvements existing thereon, free and clear of all liens and encumbrances except the mortgage.

The VENDEE does hereby accept this sale and binds himself to assume as he assumes the
payment of the unpaid balance of the mortgage indebtness of the VENDOR amounting to SEVEN
HUNDRED THOUSAND PESOS (P700,000.00) in favor of the aforenamed mortgagee by virtue of the
mortgage instrument above-mentioned and does hereby further agree to be bound by the precise terms and
conditions therein contained.

IN WITNESS WHEREOF, the parties have hereunto set their hands and signed these presents on
the date and at the place first above written.

KAYRI V. IRBING
VENDOR

KIBIN B. DORANT
VENDEE

Signed in the presence of:

Name of Witness Name of Witness

REPUBLIC OF THE PHILIPPINES)

CITY OF DAVAO ) SS.

ACKNOWLEDGMENT

BEFORE ME, a Notary Public for and in the City of Davao, personally appeared
KAYRI V. IRBING with Passport number 177899 issued on May 25, 2018 at Davao City
and Tax Identification Number (TIN) 787441 and KIBIN B. DORANT with Passport
number 8889754 issued on May 25, 2018 at Davao City and Tax Identification Number
(TIN) 447891, known to me and to me known to be the same persons who executed the
foregoing instrument which they acknowledged to me to be their free and voluntary act
and deed, consisting of two (2) pages, including this page in which this
Acknowledgement is written.

WITNESS MY HAND AND SEAL this 16th of January, 2020 at Davao City,
Philippines.

Doc. No.
______;
Page No. ______;
Book No. ______;
Series of 2020;