CONDITIONAL DEED OF SALE WITH ASSUMPTION OF MORTAGAGE

KNOW ALL MEN BY THESE PRESENTS:

This DEED OF SALE WITH ASSUMPTION OF MORTAGAGE is made, executed

and entered into by:

__________________________________ , of legal age, Filipino, _________, and

a resident of ______________________________________________________

______________________, hereinafter referred to as the VENDOR-MORTGAGOR.

-AND-

_________________________________, of legal age, _____________, and

residents of ____________________________________________________________,
_____________________________hereinafter referred to as VENDEE-MORTGAGEE.

WITNESSETH:

That the VENDOR-MORTGAGOR is the registered owner of motor vehicle,

particularly described as follows, to wit:

MAKE: MV FILE NO:

SERIES: YEAR MODEL:
BODY TYPE: CHASSIS NO:
ENGINE NO: COLOR:
DENOMINATION: CONDUCTION STICKER:
CR NO:
OR NO:

That the above-described vehicle is currently mortgaged to

____________________________________________ and shall continue paying the
mortgage of PHP ___________________________ without demand every
___________
Of the month starting _______________________ until ________________________ with
bank of _____________________with loan account number
_______________________

FAILURE OF THE VENDEE TO PAY TWO (2) CONSECUTIVE MONTHS shall give the
VENDOR the right to immediately take the possession of the motor vehicle
without court intervention, and declare this CONDITIONAL DEED OF SALE WITH
ASSUMPTION OF MORTGAGE TERMINATED WITH THE VENDEE IN DEFAULT without
the need of any demand, without regard to any civil or criminal case that the
vendor may file against the vendee.

• Vendee agrees to pay interest and penalties of the total amount due
for delayed payment.
• Obligation like periodic maintenance, insurance & registration will be
paid and executed by the vendee.
• Vendee cannot pawn or sell the vehicle while still on mortgage without
the consent of the vendor.
• That the vendor shall not be responsible for all accidents, damages or
civil/criminal liabilities involving the said vehicle during the duration of
this agreement.
• That the necessary repairs, purchase of spare parts and other materials
of the vehicle shall be shouldered by the vendee; the vendee agrees
to safely use and maintain the vehicle in good working order at his
own expense, and to keep it from other liens and encumbrances at his
above-stated address, and not to transfer the vehicle outside Luzon
without the consent of the vendor.
• That the ownership of the said motor vehicle remains with the vendor
and shall pass to and be transferred to the vendee only upon the
complete payment of the full consideration agreed upon, and upon
execution of the DEED OF ABSOLUTE SALE.
• That this agreement is binding not only upon the herein parties but also
upon the legal heirs and successors-in-interest of the said parties.
• That the vendor allows the vendee to operate the abovementioned
vehicle as Transportation Network Vehicle Service thus the vendor
commits himself to provide all the documents needed in processing
the CPC franchise at LTFRB as well as his attendance during CPC
hearings.

That only after FULL PAYMENT of the total amortization from the bank this
agreement becomes ABSOLUTE and the motor vehicle’s registration and full
ownership will be fully transferred to the vendee.

IN WITNESS WHEREOF, We have hereunto affixed our hands this ______day

of _________________ 2017 at __________________, Philippines.
 ___________________________ __________________________
Vendor Vendee

SIGNED IN THE PRESENCE OF:

and

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

PROVINCE OF _______________) S.S
CITY/MUNICIPALITY OF ______________)

Before me, A Notary Public for and in the City/Municipality of

____________________ appeared _____________________________ and
____________________________ made know to me the same person who executed
foregoing deed of sale of motor vehicle with assumption mortgage and they
acknowledge before me that the same is their free and voluntary act and
deed.

WITNESS MY HAND AND SEAL, this ______ day of _____________,_______.

Doc. No. ____

Page No. ____
Book No. ____
Series of 2017