This MEMORANDUM OF AGREEMENT is made and executed in Quezon City, Metro Manila, Philippines this day of __________________ by and between:
__________________, of legal age, Filipino citizen, single
and with residence and postal address at ______________________________, hereinafter referred to as the FIRST PARTY;
-and-
_________________________, of legal age, Filipino, single,
with residence and postal address at __________________________________________Philippines, hereinafter referred to as the SECOND PARTY;
WITNESSETH; That
WHEREAS, THE FIRST PARTY is the registered owner of the
MOTOR VEHICLE, subject of this MEMORANDUM OF AGREEMENT particularly described as follows:
MAKE & TYPE : ___________
SERIES : ___________ ENGINE NO. : ___________ CHASSIS NO. : ___________ MV FILE NO. : ___________ OFFICIAL RECEIPT : ___________ CERTIFICATE OF REGISTRATION: ___________
WHEREAS, THE FIRST PARTY agrees to sell out the MOTOR
VEHICLE to the SECOND PARTY who is willing to buy the same;
NOW, THEREFORE, for and in consideration of the foregoing
premises, the FIRST PARTY sell unto the SECOND PARTY who hereby accepts from the FIRST PARTY the sold motor vehicle, subject of the following terms and conditions, to wit:
ASSUMPTION OF MORTGAGE: The MOTOR VEHICLE sold is still the
subject of a Contract of Loan with Chattel Mortgage constituted over the same vehicle in favor of _____________ Bank which shall be assumed by the SECOND PARTY for the same terms and conditions with that of the FIRST PARTY, particularly, the remaining balance of __________________________________, with monthly amortization amounting to _________________________, payment of which due every ___th of the month;
RIGHT OF REPOSSESSION: In case the SECOND PARTY fails to pay
two consecutive installments of the monthly amortization of the Contract of Loan with Chattel Mortgage, the FIRST PARTY shall have the right to repossess the said Motor Vehicle from who may be in possession thereof and that the SECOND PARTY shall surrender to the FIRST PARTY the Official Receipt and Certificate of Registration thereof;
FORCE MAJEURE: If whole or any part of the subject MOTOR
VEHICLE shall be destroyed or damaged by accident, robbery without fault of the FIRST PARTY, ITS EMPLOYEE OR ANY OF ITS AUTHORIZED AGENT, fire, flood, lightning, typhoon, earthquake, storm, riot or any other unforeseen disabling cause of acts of God, as to render the LEASED MOTOR VEHICLE during the term substantially unusable the FIRST PARTY shall not be liable for any compensation and damages to the SECOND PARTY, EXCEPT HOWEVER, both parties shall coordinate for the insurance claim;
NECESSARY REPAIRS: All repairs and maintenance, whether
ordinary or extraordinary, for the subject Motor Vehicle, shall be borne by the SECOND PARTY other than those may be embraced in the insurance policy covering the Motor Vehicle;
LIABILITIES FOR 3rd PARTY DAMAGES AND JUDICIAL RELIEF: The
SECOND PARTY shall be solely liable THIRD PARTY DAMAGES after the execution of sale between herein parties;
This MEMORANDUM OF AGREEMENT shall be valid and binding
between the parties, their successors-in-interest and assigns.
IN WITNESS WHEREOF, parties herein affixed their signatures
Known to me and to me known to be the same persons who
executed the foregoing instrument and acknowledged to me that the same are their free act and voluntary deed.
This instrument, consisting of THREE (3) PAGES, including
the page on which this acknowledgment is written, has been signed by the parties and of their witnesses on the left margin of each and every page thereof and above their names on page two (2) thereof, and sealed with my notarial seal.
WITNESS MY HAND AND SEAL on this __th day of _____________,
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