ASSUMPTION OF AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This ASSUMPTION OF AGREEMENT is made and entered into this _______ day of
____________ by and between:
NAME, of legal age, Filipino citizen, and residing at Zamboanga City,
Philippines, hereinafter referred to as the “ASSIGNOR”.
- AND -
NAME, of legal age, Filipino citizen, and residing at Zamboanga City,
Philippines, hereinafter referred to as the “ASSIGNEE”.
WITNESSETH:
WHEREAS, the Assignor agrees to transfer, and the Assignee agrees to purchase
and pay the motor vehicle described as:
Plate No. :
Chassis No. :
Engine No. :
Year Model :
MV File No. :
Series No. :
Make :
WHEREAS, the parties wish to establish the terms and conditions of payment for
the transfer of the motor vehicle.
NOW THEREFORE, the parties agree as follows:
1. Payment Terms
a. The Assignee agrees to pay a down payment of ONE HUNDRED
THOUSAND PESOS (P100,000.00) upon receiving the motor vehicle.
b. The Assignee will pay an additional FIFTY THOUSAND PESOS
(P50,000.00) in the month of December 2024, and another FIFTY
THOUSAND PESOS (P50,000.00) in the month of January 2025.
2. Total Purchase Price
a. The total agreed price for the motor vehicle is
______________________ (P____________________). The Assignee
has agreed to pay this amount according to the payment schedule above.
3. Failure to Pay
a. If the Assignee fails to pay the agreed total price of the motor-vehicle
within three (3) months. The Assignor has the right to reclaim the motor
vehicle from the Assignee.
b. The Assignee acknowledges and agrees that failure to complete the
payments within the specified period will result in the Assignor
reclaiming ownership of the motor vehicle, and any payments made
prior to such reclaim will be forfeited.
4. Transfer of Ownership
a. Upon receipt of the full payment of the agreed total price, the Seller
agrees to transfer the title and ownership of the motor vehicle to the
Assignee. This transfer will occur once all payments have been made in
full.
5. Miscellaneous
a. Any amendments to this Agreement must be made in writing and signed
by both parties.
b. This Agreement represents the entire understanding between the
Assignee and Assignor concerning the Sale and transfer of the motor
vehicle.
IN WITNESS WHEREOF, we have hereunto signed this Assumption of
Agreement, this ______________ day of __________________, in the City of
Zamboanga, Philippines.
NAME NAME
Seller Buyer
Signed in the presence of:
________________________ ________________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)
CITY OF ZAMBOANGA )S.S.
BEFORE ME, a Notary Public in the City of Zamboanga, Philippines this
___________ day of ____________________, personally appeared the following:
Name Proof of Identification Place of Issue
NAME Zamboanga City
NAME Zamboanga City
known to me and to me known to be the same persons through their Competent Evidence
of Identity to be the same persons who executed the foregoing Assumption of
Agreement consisting of two (2) pages including this page where the acknowledgment is
written, and they acknowledged to me that the same is their free and voluntary act and
deed.
IN WITNESS WHEREOF, I have hereunto set my hand the day, year, and place
above written.
NOTARY PUBLIC
Doc. No. _____;
Page No. _____;
Book No. _____;
Series of 2024.
