CONTRACT TO SELL

 
KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT TO SELL is made and executed this 24th day of May 2016 by
and between:
 
        EDIZA NANELL A. CAGAS, of legal age, single, Filipino, and with residence and
postal address at Trillum Street, Sunrise Village, Kauswagan, Cagayan de Oro City,
Misamis Oriental, Philippines, hereinafter referred to as the "SELLER / VENDOR";
 
-AND-
 
        REYMUNNETH FRANCES M. GOMEZ, Filipino and with residence and postal
address at Block 54, Lot 4, Xavier Heights Subdivision, Upper Balulang, Cagayan
de Oro City, Misamis Oriental, Philippines, hereinafter referred to as the "BUYER /
VENDEE".
 
WITNESSETH;
 
        WHEREAS, the SELLER / VENDOR is the absolute and registered owner of the
following motor vehicle, more particularly described as follows:

MODEL : ___________________
MAKE : ___________________
COLOR : ________________________
BODY : ________________________
YEAR MODEL:
MOTOR NO. : ____________________
SERIAL / CHASSIS NO. : ____________
PLATE NO. : _____________________
FILE NO. : ___________________
C.R. NO. : ___________________
 

NOW THEREFORE,  for and in consideration of the total sum of Two Hundred
Fifty Thousand Pesos only (Php 250,000.00) Philippine currency, and of
the covenants herein after set forth, the SELLER / VENDOR  agrees to sell and
the BUYER / VENDEE agrees to buy the aforesaid motor vehicle subject to the
following terms and conditions: 

1. The BUYER / VENDEE shall pay a downpayment of Five Thousand Two

Hundred Eight and 33 / 100 (Php 5, 208.33) Philippine currency, upon execution
of this Contract to Sell;

2. Possession to the aforesaid motor vehicle shall be delivered by the SELLER /

VENDOR to the BUYER / VENDEE upon the downpayment referred to herein;

3. The balance of Two Hundred Thirty Nine Thousand Five Hundred Eighty
Three and 34 / 100 (Php 239, 583.34) Philippine currency, shall be paid by the
BUYER / VENDEE to the SELLER / VENDOR in 48 months consecutive equal
installments at Four Thousand Nine Hundred Ninety One and 32 / 100 (Php 4,
991.32) Philippine currency, per installment on every 30th of the month.
Otherwise, the BUYER / VENDEE, if unable to pay two consecutive equal
installments, shall immediately turnover possession of the subject motor vehicle
 to the SELLER / VENDOR immediately and all the installments already made
shall be considered as mere rentals for the use of the subject motor vehicle;

4. Upon full payment of the aforesaid purchase price, the SELLER / VENDOR shall
sign and execute a DEED OF ABSOLUTE SALE in favor of the BUYER /
VENDEE for the aforesaid motor vehicle, free from all liens and encumbrances
whatsoever;

5. All expenses arising out of or incidental to the execution of the corresponding

Deed of Absolute Sale, as well as registration fees required to transfer ownership
to the BUYER / VENDEE’s name shall be for the exclusive account of the
BUYER / VENDEE;

6. 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 / VENDEE, shall be borne by the
BUYER / VENDEE.
 

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures, this

24th day of May 2016 at Cagayan de Oro City, Misamis Oriental, Philippines.
 
 

EDIZA NANELL A. CAGAS                                REYMUNNETH FRANCES M. GOMEZ

Seller / Vendor Buyer / Vendee 

WITH MARITAL CONSENT:

CHRISTOPHER L. GOMEZ
Name of Buyer / Vendee's Spouse

SIGNED IN THE PRESENCE OF:

 

__________________________               ____________________________
 

 
 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

_____________________________ )  SS.

BEFORE ME, a Notary Public, this 24th day of May 2016, personally appeared the
following:
 
Name                               CTC Number                Date/Place Issued
 
Ediza Nanell A. Cagas                 10000000                Cagayan de Oro City
Reymunneth Frances M. Gomez     10000000              Cagayan de Oro City
 
This instrument, consisting of three (3) pages, including the page on which this
acknowledgment is written, has been signed on the left margin of each and every page
thereof by the concerned parties and their witnesses, and sealed with my notarial seal.
 

IN WITNESS WHEREOF, I have hereunto set my hand the day, year and place
above written.

Notary Public

Motorcycle Installment Sale

1. THE PARTIES TO THIS MOTORCYCLE INSTALLMENT SALE AND SECURITY AGREEMENT

ARE:

1.1    THE SELLER:

Full Names:

Identity / Social Security or Other number (Specify):

Physical Address:

1.2    THE BUYER:

Full Names:

Identity / Social Security or Other number (Specify):

Physical Address:

2. THE OBJECT OF THE SALE IS:

Type of Motorcycle:____________________________

Make and Color:________________________________

Model:_________________________ Year___________

Registration Number:___________________________

Vehicle Identification Number (VIN):____________________________

Odometer Reading:____________________________

3. PURCHASE PRICE AND PAYMENT TERMS:

Purchase Price: $__________ (__________________________dollars)

Less Deposit Paid: $_________ (__________________________dollars)

Outstanding Balance: $________ (__________________________dollars)

Interest Charges: Interest shall accrue at the rate of _____percent(_____%) per year on

any unpaid balance.
Late Payment Fees: An additional late payment fee in the amount of $_______
(________________dollars)shall be payable by the Buyer if payment is not made within
_____days as stipulated in the payment terms.

The Buyer will pay to the Seller ______payments of $________

(_____________________dollars) each at consecutive monthly intervals on the ________day
of each month, starting on the ___________day of ___________________20____ until the
Outstanding Balance and accrued interest is paid in full. All payments shall first be
applied to outstanding late payment fees, then to accrued interest and thereafter to the
Outstanding Balance.

4. PREPAYMENT:
The Buyer may prepay the Outstanding Balance in full or in part at any time without
premium or penalty. All prepayments shall first be applied to outstanding late payment
fees, then to accrued interest and thereafter to the Outstanding Balance.

5. PLACE OF PAYMENT:
Payment in terms of this motorcycle installment sale agreement shall be made at the
above stated address of the Seller or at such place as may be designated from time to
time in writing by the Seller or assignee of this agreement, or as mutually agreed by
the parties.

6. ACCELERATION OF DEBT UPON DEFAULT:

If the Buyer fails to make any payment when due for whatever reason and the Seller
provides notice of such failure, the Buyer must effect payment of the amount due
within ____ days, failing which the Seller can demand immediate payment of the entire
outstanding balance and accrued interest.

7. COLLECTION FEES:
In the event of default this motorcycle installment sale agreement may be turned over
for collection and the Buyer agrees to pay all reasonable legal fees, collection and
enforcement charges to the extent permissible by law, in addition to other amounts
due.

8. OWNERSHIP:
The Seller guarantees that he/she is the true and lawful owner of the above described
motorcycle and that it is free of all encumbrances and any and all legal claims.

9. WARRANTY:
The Seller warrants that at the date of signature of this motorcycle installment
agreement there are no licensing fees or fines or other penalties outstanding against
the registration of the motorcycle sold in terms of this agreement.

10. NO WARRANTIES OR GUARANTEES:

The Seller or his/her agent gives no warranty or guarantee other than those specified
in 8.
11. DISCLAIMER:
The motorcycle is sold "As-Is" and the seller shall not be liable for any defects, patent,
latent or otherwise. The Buyer admits to having inspected the motorcycle to his/her
satisfaction and that no guarantees or warranties of any nature were expressed or
implied by the Seller or his/her agent regarding its condition or quality.

12. SECURITY INTEREST:

12.1 A lien shall be recorded on the title of the motorcycle and the Seller shall retain a
perfected security interest in the motorcycle until all installment payments and all
other amounts under this agreement have been paid in full.

12.2 The Buyer shall effect at his/her cost the filing of a financing statement at the
relevant public offices within 5 (five) days of signing this agreement and shall furnish
proof of such filing to the Seller.

12.3 The Seller shall issue a lien release within 5 (five) days of receiving full and final
payment of all monies due under this agreement, where after the onus shall be on the
Buyer to file the lien release with the relevant public offices.

13. TRANSFER OF OWNERSHIP AND COSTS:

The Buyer shall be liable for all costs relating to the registration of the motorcycle into
his/her name and all costs relating to the Roadworthy Certificate.

14. POSSESSION AND TRANSFER OF RISK:

14.1 The Risk passes to the Buyer once the Buyer or his/her agent receives the keys to
the motorcycle or takes possession of the motorcycle.

14.2 Loss of or damage to the motorcycle will not release the Buyer from his/her
obligations under the terms of this agreement.

14.3 The Buyer shall insure the motorcycle against all risks with a recognized
insurance company acceptable to the Seller at his/her cost. The Buyer shall furnish
proof of such an insurance policy to the Seller and assign to the Seller all rights to
receive proceeds of insurance to the value of the Outstanding Balance.

14.4 The Buyer shall effect all maintenance and repairs to the motorcycle at his/her
cost where necessary in order to keep it in the condition at which it was sold and any
improvements to or accessories placed on the motorcycle shall become inherent
components thereof.

14.5 The Buyer will keep the motorcycle free from any other liens or security interests
and will promptly pay all statutory fees.

14.6 The Buyer agrees not to sell, dispose of or transfer the rights to the motorcycle to
another party without the prior written consent of the Seller until such time as all
monies have been paid under this agreement.
15. TRANSFER:
15.1 The Buyer may not assign his obligations under this agreement to a third party
without prior written permission by the Seller.

15.2 The Seller may assign this motorcycle installment sale and security agreement to
a third party without notice to the Buyer and the Buyer agrees to remain bound to any
subsequent holder of this agreement under the terms of this agreement.

16. DEFAULT:
16.1 Upon default by the Buyer under the terms of this agreement and within 3 (three)
days of demand by the Seller, the Buyer shall deliver the motorcycle to the Seller,
failing which the Seller my enter any premises where the motorcycle is being held with
or without legal process and take possession of the motorcycle.

16.2 The Seller shall then have the right to sell the motorcycle in any manner which
he/she may deem fit and to apply the proceeds to the repayment of monies due under
the agreement.

16.3 The Buyer agrees that proceeds from the sale of the motorcycle shall first be
applied to repayment of monies due under the agreement and that any surplus money
shall be transferred to the Buyer.

16.4 The Buyer agrees that he/she shall remain liable for any shortfall if the proceeds
from the sale of the motorcycle are not sufficient to repay all monies due under the
agreement.

16.5 No relaxation, indulgence, waiver, release or concession extended to the Buyer by

the Seller and no delay or omission in the enforcement or exercising of the Seller's
right under the agreement shall affect the rights of the Seller under this agreement.

17. JOINT AND SEVERAL LIABILITY:

Should there be more than one signatory to this motorcycle installment sale and
security agreement, their obligations shall be joint and several and each specifically
agree to be bound by all the provisions as set out in this agreement.

18. BUYER'S WAIVER:

18.1 The Buyer waives demand and presentment for payment, notice of non-payment,
off-set, protest and notice of protest and agrees to remain fully bound until all monies
are paid in full.

18.2 The Buyer waives all defenses based on suretyship or impairment of collateral.

19. SELLER'S INDULGENCE:

No relaxation, indulgence, waiver, release or concession of any terms of this
agreement by the Seller on one occasion shall be binding unless in writing and if
granted shall not be applicable to any other or future occasion.
20. BINDING EFFECT:
This agreement shall be binding upon and accrue to the benefit of the parties, their
successors, legal representatives and assigns.

21. GENERAL:

Should any provision of this agreement be judged by an appropriate court of law as

invalid, it shall not affect any of the remaining provisions whatsoever.

22. JURISDICTION:
The parties consent to the jurisdiction of the
magistrate's (other ________________________) court for the district of

__________________________________

Signed at ______________________on this ______day of _________________20____

SELLER: ______________________________

1. WITNESS____________________________

2. WITNESS____________________________

BUYER: _______________________________

1. WITNESS____________________________

2. WITNESS____________________________

Acknowledgement

This document was acknowledged before me on this ______day of

____________________20____

Signature of Notary Public ______________________

Full legal Name ______________________________

My commission expires ________________________

State of ________________________
County of ______________________