DEED OF ASSUMPTION OF MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
This Deed of Assumption of Mortgage made and executed by and
between:
EXCELYN F. CACALUAN, Filipino citizen, of legal age, married to RODEL
FILLON CACALUAN, and a resident of Sta. Cruz, Ballesteros, Cagayan,
hereinafter called the FIRST PARTY;
-AND-
ODESSA C. GABRIEL, of legal age, Filipino citizen, married, and a resident of
El Salvador St. San Jose, Baggao, Cagayan, hereinafter called the SECOND
PARTY.
-Witnesseth-
WHEREAS, herein FIRST PARTY is the owner of a parcel of land with
residential unit located at Lot 8 Block 58 Rio Del Grande Subdivision Phase 03,
Maddarulug Sur, Enrile, Cagayan, the Lot being covered by Transfer
Certificate of Title No. 032-2016002864 by virtue of a Deed of Conditional
Sale with HOME DEVELOPMENT MUTUAL FUND represented by ENGR.
CARMELITA D. MUNAR on October 18, 2016 and duly notarized by Atty.
Christopher B. Narag bearing doc no. 369, page no. 74 book no. XXIV Series of
2016. A copy of the Conditional Sale is hereto attached as ANNEX A;
WHEREAS, the above-described parcel of land with residential unit is
presently mortgaged with the HOME DEVELOPMENT MUTUAL FUND also
known as PAG-IBIG Fund, and is payable on installment for a period of twenty
(20) years starting October 2016 until October 2036;
WHEREAS, the FIRST PARTY has offered to sell and the SECOND
PARTY have agreed to buy the described parcel of land with residential unit
at a price and on such terms and conditions as hereinafter set forth;
NOW THEREFORE, for and in consideration of the foregoing premises,
both parties do hereby agree on the following terms and conditions:
i. That the agreed consideration sale is THREE HUNDRED
NINETY THOUSAND PESOS (P390,000.00) Philippine
Currency;
ii. That the initial payment of TWO HUNDRED THOUSAND
PESOS (P200,000) is hereby acknowledged by the
VENDOR upon the execution of this document, and the
remaining ONE HUNDRED NINETY THOUSAND
(P190,000) shall be paid on or before October 23, 2022;
iii. That the SECOND PARTY shall assume the balance from
HOME DEVELOPMENT MUTUAL FUND with monthly
amortization of 3,924 payable in 15 years from October
2021 until fully paid, subject to the repricing of the HOME
DEVELOPMENT MUTUAL FUND;
iv. That the said payment shall be made by the SECOND
PARTY with the diligent reminder of the FIRST PARTY
every 3rd day of October via any available and allowable
Bayad Center;
v. This Agreement shall be binding upon the PARTIES, their
successors, heirs and assigns.
WHEREAS, the SECOND PARTY shall assume the aforementioned
loan obligation with HOME DEVELOPMENT MUTUAL FUND which has been
secured by a real estate mortgage, in accordance with the terms and
conditions of the deed of conditional sale originally executed by the FIRST
PARTY with HOME DEVELOPMENT MUTUAL FUND;
WHEREAS, after the full satisfaction of the mortgage after 15
years or earlier depending on the capability of SECOND PARTY to pay, the
FIRST PARTY hereby obliges herself to initiate and process the transfer of the
Title of Ownership of the said parcel of land with residential unit in the name
and at the expense of SECOND PARTY, and at the same time, the SECOND
PARTY shall initiate the execution of the Deed of Absolute Sale concerning the
same property;
WHEREFORE, all action, remedies, equities as well as any other
right of recourse enforceable by HOME DEVELOPMENT MUTUAL FUND
against the VENDOR and shall now be enforceable against the VENDEE as of
date of signing this instrument.
IN WITNESS WHEREOF, we have hereunto set our hands this-
______________________ at Tuguegarao City, Cagayan, Philippines.
EXCELYN F. CACALUAN
First Party
With Marital Conformity:
RODEL FILLON CACALUAN
ODESSA C. GABRIEL
Second Party
Signed in the presence of:
1. _________________________________ 2. ___________________________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )
TUGUEGARAO CITY )S.S.
BEFORE ME, a Notary Public for and in the Province of Cagayan, on
________________________ personally appeared and presented a Government
issued ID as proof of identity to be the same persons who executed the
foregoing Deed of Absolute Sale and acknowledged to me that the same is
their free act and voluntary will.
WITNESS MY HAND AND MY SEAL on the date and at the place first
above-written.
ATTY. ED ARMAND T. VENTOLERO
Doc No. Notary Public
Page No. Commission Expires on Dec. 31, 2021
Book No. Commission No. RTC-TUG-2020-28
Series of 2021 PTR No. 10892832/01/01/2021
IBP No. 156036/02/04/2021
Roll No.68849
Tuguegarao City, Cagayan
Republic of the Philippines
Tuguegarao City, Cagayan
ACKNOWLEDGEMENT RECEIPT
I, ALAN A. MABBORANG, of legal age, married to SHERYLL VICTORIA
MABBORANG, with residence at Kalamansi Street, San Gabriel Village,
Tuguegarao City, Cagayan, do hereby acknowledge receipt of Two Hundred
Fifty Thousand Pesos (P250,000) paid in CASH from JOMAR VINCE P. DEL
VALLE of legal age, Filipino, single, and with residence at Santol Street, San
Gabriel Village, Tuguegarao City, Cagayan, as the last and final payment in the
Deed of Conditional Sale of Parcel of Land of Transfer Certificate of Title No.
032-2011001652 agreed by both parties on August 27, 2020. The Deed is
docketed as Document No. 457; Page No. 93; Book No. 1; Series of 2020, under
the Notarial Register of Atty. Ed Armand Ventolero.
I, JOMAR VINCE P. DEL VALLE also hereby acknowledge receipt of the
Owner’s Duplicate Copy of Transfer Certificate of Title No. 032-2011001652
and the Certificate of Redemption from the Mortgagee Bank of the
abovementioned parcel of land from ALAN A. MABBORANG.
IN WITNESS HEREOF, we have hereunto affixed our signature this 18th
day of August 2021 at Tuguegarao City, Cagayan.
ALAN A. MABBORANG JOMAR VINCE P. DEL VALLE
Vendor Vendee
Signed in the presence of:
1. ____________________________ 2. ____________________________
SUBSCRIBED AND SWORN TO BEFORE ME, this 18th day of August 2021, at
Tuguegarao City, Cagayan, by the affiant who has presented a government
issued Identification card as proof of identity.
ATTY. ED ARMAND T. VENTOLERO
Doc No. 213 Notary Public
Page No. 44 Commission Expires on Dec. 31, 2021
Book No. 5 Commission No. RTC-TUG-2020-28
Series of 2021 PTR No. 10892832/01/01/2021
IBP No. 156036/02/04/2021
Roll No.68849
Tuguegarao City, Cagayan
