Memorandum of Agreement

That this memorandum of agreement is made and entered into by and between CHRISTIAN A. RAFAEL married to CHEYENNE G. RAFAEL, with residence and postal address at Lot 18 Block 14 NHA Phase 2, Mandurriao, Iloilo City and the buyer ANTHONY T. SANCHEZ, of legal age, Filipino, married to ARWEN ROSE B. SANCHEZ and LYNEETE D. BINOBO as their Attorney In Fact both with residence and postal address at Banate, Iloilo City for the sale of Two-Storey House located at Lot 39, 40 & 41 Blk. 58 Monterosa Subd ., Hibao-an Mandurriao, Iloilo City under the following price and conditions of the sale:

Property Description:

Location: Lot 39, 40 & 41 Blk. 58 Monterosa Subd.., Hibao –an Mandurriao, Iloilo City

Lot Area: Two Hundred Sixteen (216) Square Meters

Floor Area: One Hundred Sixty (160) Square Meters more or less

Two-Storey House and Lot covered by TCT No.

House Features:

GROUND FLOOR:

HIGH CEILING

LIVING ROOM Includes Chandelier

DINING ROOM Includes Chandelier

BEDROOM 1 with Common Toilet & Bath

FORMAL KITCHEN Includes Lower Kitchen Cabinet; Range Hood & Range Hob

STORAGE ROOM

DIRTY KITCHEN

LANAI

GARAGE

2ND FLOOR

MASTER’S BEDROOM with Private Toilet & Bath (includes Shower Inclosure)

BEDROOM 2

BEDROOM 3 with Common Toilet & Bath

LOBBY

BALCONY

SPECIFICATION:

CEILING Drop Ceiling with lights for Living & Dining

Flat Ceiling for All Rooms (Pocket Curtain)

Gypsum Board or Hardiflex or Smart Flex

1 LIVING CHANDELIER Brand: Luci

1 DINING CHANDELIER Brand: Luci

1 RANGE Brand: Aria

1 RANGE HOB Brand: Aria

TELEPHONE SHOWER W/MIXER FAUCET Brand: Bon Giorno / Klasse

KITCHEN & BATHROOM FAUCET Bon Giorno / Klasse

KITCHEN SINKS Double Bowl; Brand: Klaren

WATER CLOSET American Standard (Simplicity Package)

HINGES Brand: Hafele

DOOR KNOBS Lever Type Door Knob; Hafele Brand

(does not included Dead Bolt)

DOORS D’ Design or Carpenters

WINDOWS, ENCLOSURES, GLASS SLIDING DOORS 1/4 annealed; analoc glass

ROOFING 0.4mm Long Span

OUTLETS Brand: Omni

CFL BULBS Brand: Firefly

LIVING ROOM, DINING, KITCHEN TILES Glazed Matte/ Ceramic Tiles

STAIRS Glazed Matte/ Ceramic Tiles

BEDROOM TILES Laminates or Ceramic Tiles

LANDSCAPE Bermuda Grass

GARAGE Stamp Concrete (matte/gloss painted)

STAIR RAILINGS Stainless or Flat Bar with woods handle 1/4

ADDITIONAL IMPROVEMENT: (Note, this shall be paid in cash prior to installation/construction and is not included as part of the contract price)

Selling Price: Ten Million Five Hundred One Thousand Six Hundred Ninety Six Pesos & Ninety Two

Centavo (Php 10,501,696.92) only.

Total Loanable Amount: Four Million Two Hundred Thirty Three Thousand Two Hundred Pesos

(Php 4,233,200.00) only.

Buyer’s Equity: Six Million Two Hundred Sixty Eight Thousand Four Hundred Ninety Six Pesos

& Ninety Two Centavo (Php 6,268,496.92) only

Add Ons Payable: SEE ATTACHMENT

TOTAL EQUITY PAYABLE:

Procedures and Schedule of Payments :

Equity amounting to Six Million Two Hundred Sixty Eight Thousand Four Hundred Ninety Six Pesos & Ninety Two Centavo (Php 6,268,496.92) only shall be payable as follows:

1. Payment of Earnest Money amounting to Fifty Thousand Pesos (Php 50,000.00) Only

*Start of processing and submission of loan documents required by the bank

* Forms part of the Purchase Price and shall be deductible from total equity payable.

2.Down Payment amounting to Three Hundred Thousand Pesos (Php 300,000 .00) only

*Transfer title under Buyer’s Name

* Approval of Loan Application

* Issuance of Bank Guarantee in favor of the SELLER

* Signing of Loan Documents

3.Equity Balance amounting to Five Million Nine Hundred Eighteen Thousand Four Hundred Ninety Six Pesos & Ninety Two Centavos (Php 5,918,496.92) shall be payable in full payment upon construction.

* Start of Construction

That the sale of this property is an “As is, where is condition”. That any changes or revisions the buyer will make or introduce beyond whatever existing package or conditions of the property, including that of the existing facilities & improvements shall be deemed as ADDITIONAL IMPROVEMENTS. Costs of which shall be quoted and paid separately in cash prior to construction/installation and shall be for the account of the BUYER.

Upon execution of the DEED OF ABSOLUTE SALE, the SELLER shall undertake the payment of the Capital Gains Tax. Documentary Stamps Tax, Transfer Tax, Registration Fee, and all other expenses to transfer the title of the property under Buyer’s name including Bank Mortgage fees and other expenses related to Loan Availment shall be for the account of the BUYER.

BUYER shall initially pay CONSTRUCTION BOND required by the subdivision. The BUYER has right over this Bond and at any time construction is finished and cleared shall be refunded to them in cash by the SUBDIVISION upon presenting Official Receipt to support such claim.

In case of voluntary cancellation of this agreement by the BUYER without any cause on the part of the SELLER or if the BUYER fails to comply with his obligations mentioned, then the SELLER shall have the right to terminate this agreement in which case the EARNEST MONEY, DOWNPAYMENT and EQUITY PAYMENTS made shall be forfeited in favor of the SELLER as liquidated damages.

Warranty Provisions:

1.)House Warranty is good for One (1) week period only upon turn over and inspection of the administrator. It shall cover replacement of defective items/units found in One week period related to defective craftsmanship only. Defects caused by misuse of client shall not be considered.

2.)House Equipment Service Warranty provisions:

Roofing 3 months

Gas Range 1 year

Range Hood 1 year

Water Heater 1 year

That the Seller and the Buyer hereby agreed to the above stated price, payment and conditions of the Sale.

Done this __ 2018, Iloilo City, Philippines.

With our Conformity:

CHRISTIAN A. RAFAEL LYNEETE D. BINOBO SELLER/ OWNER ATTY. IN FACT

Witnesseth:

CHEYENNE RAFAEL

SPOUSE

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF ILOILO )S.S.

X X

BEFORE ME, Notary Public for and in the City of Iloilo, Philippines, this, personally appeared

Name: I.D Number

Christian A. Rafael 934-622-262 (TIN)

Cheyenne G. Rafael 255-429-842 (TIN)

Anthony T. Sanchez

Arwen Rose B. Sanchez

Lyneete D. Binobo (Atty. In Fact) 289-114-444 (TIN)

Known to me to be the same person who executed the foregoing Memorandum of Agreement consisting of five (5) pages including the page whereon this acknowledgement is written in that day acknowledged before me that the same is his free and voluntary act and deed.

WITNESS MY HAND AND SEAL

NOTARY PUBLIC

Doc. No. ;

Page No. ;

Book No. ;

Series of 2018.

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