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Reynold Fajardo, of legal age, single, a Filipino citizen, and with residence and
postal address at #23 Assissi St. Brgy. Kapt. Pepe Cabanatuan City, hereinafter
called the SELLER.
and
That, for and in consideration of the agreed purchase price of PESOS: Three
Hundred Fifty Thousand (P350,000), Philippines currency, of which) has been
paid by the BUYER upon the execution of this instrument, the SELLER does by
these present agree and bind himself/her-self to sell to the BUYER that certain
real estate situated at 243 Sumacab Sur, Cabanatuan City with the
improvements existing thereon, covered by Original/Transfer Certificate of Title
No.32144425 issued by the Register of Deeds of Cabanatuan City and more
particularly described as follows:
(Description of Property)
That upon payment of the total purchase price above stipulated and the other
obligations set forth hereunder, the SELLER shall forthwith execute and deliver
to the BUYER a final Deed of Absolute Sale conveying the above-described
property, free and clear of all liens and encumbrances except such as may be
subsisting by operation of law, it being understood, however, that the expenses
for the transfer of the title to the BUYER, including attorneys fees,
documentary stamps, and registration fees, shall be for the exclusive account of
said BUYER;
That the BUYER, to whom the possession of the subject property is deemed to
have been delivered by virtue of this contract, shall have the option to pay the
entire balance of the purchase price at any time before the period herein
stipulated;
That in case the BUYER shall fail to pay, when due, any of the monthly
installments herein stipulated for three consecutive months before the two-year
period from and after this date, all rights and interest of said BUYER to the
above-described property, including the improvements thereon, shall ipso
facto cease and terminate, and all payments made by him/her prior to said
default shall be deemed forfeited and waived in favor in favor of the SELLER in
settlement of rents and liquidated damages without prejudice, however, to the
rights of such BUYER under Republic Act 6552 if he/she shall have completed
to pay at least two years of installments;
That all payments due and payable under this contract shall be effected in the
place/office of the SELLER, unless another place shall have been subsequently
by him/her in writing;
That this agreement shall inure to the benefit of, and be binding upon, the
parties hereto and their respective legal representatives and assigns, but the right
of the BUYER by virtue hereof cannot be validly transferred or assigned to a
third party without the prior written consent of the SELLER; and
That in case it shall become necessary for the SELLER to resort to court for the
enforcement of his/her rights under this contract or for the repossession of the
subject property in case of termination of this agreement by reason of default or
other causes attributed to the BUYER, the said BUYER shall be liable to pay
the cost of suit, attorneys fees, and other incident expenses which in no case
shall be less the 20% of the balance of the agreed purchase price then
outstanding and other subsisting obligations arising thereunder.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands at
the place first above written, on this 21st day of April, 2001.
_____________________ _______________________
Buyer Seller