DEED OF ASSIGNMENT AND TRANSFER OF RIGHTS

KNOW ALL MEN BY THIS PRESENTS:

This deed, made and entered into this 27th day of March, 2019 at the City of Cebu, by
and between:

_____________________, Filipino Citizen, of legal age, with residence and

postal address ___________________________________, hereinafter referred
to as the "ASSIGNOR"

-and-

________________________, Citizen, of legal age, with residence and postal

address at, hereinafter referred to as the "ASSIGNEE".

WITNESSETH that -

WHEREAS the ASSIGNOR is the owner of a motor vehicle, describes as follows:

Which is subject to a Chattel Mortgage from BANK .

WHEREAS, the ASSIGNOR has offered to assign all her rights, title and interest over
the above unit, as referred in said Contract to Sell and the ASSIGNEE hereby accepts the
assignment in accordance with the terms herein set forth;

NOW, THEREFORE, for and in consideration of the foregoing premises and the sum
of TWO HUNDRED SIXTY THOUSAND PESOS (260,000.00), PHILIPPINE CURRENCY,
which the ASSIGNOR hereby acknowledged to have received from the ASSIGNEE, the
ASSIGNOR hereby assigns, transfers and conveys unto the ASSIGNEE, all his rights, title
and interest to the aforementioned motor vehicle and appurtenant interest in the motor
vehicle pursuant to this Agreement and the ASSIGNEE by these presents hereby accepts
the assignment and agrees to be bound by the terms and conditions of the Contract to Sell
and the rules and regulations, and restrictions pertaining to the said unit. Further, to protect
the rights of the ASSIGNEE, the parties hereby agree as follows:

a) The ASSIGNOR waives his right as to the amount that he has already amortized for
the motor vehicle abovementioned in favor of the ASSIGNEE.
b) That the assignee shall continue the payment of the remaining balance starting April
4, 2019 until January 4, 2024 to be deposited in the loan account of the ASSIGNOR
until the mortgage is fully paid.
c) That the ASSIGNEE shall deposit the payments for the motor vehicle’s monthly
amortization with STERLING BANK-any branch, without the need of demand every
4th day of the month.
d) That in case there be a delay in the payment of the motor vehicle’s monthly
amortization, ASSIGNEE shall be given (15) days, counted from the last demand
 made, within which to settle the said amortization, otherwise the ASSIGNOR shall
have the right to repossess the said vehicle.
e) That upon full payment of the mortgage the ASSIGNOR also undertakes that he shall
execute a deed of absolute sale in favor of the ASSIGNEE, and transfer the
ownership of the motor vehicle registration to the names of the ASSIGNEE.
Expenses of the transfer will be shouldered by the ASSIGNEE.

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

Assignor Assignee

Signed in the presence of:

_____________________________ ______________________________
 ACKNOWLEDGEMENT

Republic of the Philippines)

Cebu City ) S.S

BEFORE ME, a notary for and in the City of Cebu, personally appeared:

Name CTC Number Date/Place Issued

Known to me and to me known to be the same persons who executed the foregoing Deed of
Assignment and transfer of Rights and acknowledged to me that the same is their free and
voluntary act and deed.

WITNESS MY HAND AND SEAL, on the date and place first above written.

Notary Public
Doc. No.______;
Page No. ______;
Book No.______;
Series of 2019.