MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This instrument is made, entered and executed by and between:

FLORENCIA A. ABALO, of legal age, Filipino, and a resident of Sitio Sambag,

Bulacao, Cebu City, hereinafter referred to as the “FIRST PARTY”;
- and -

DELFIN M. NACION, of legal age, Filipino, married to ROSEMARIE NACION,

and a resident of Sto. Niño, Cogon, Pardo, Cebu City hereinafter referred to as the
SECOND PARTY;

WITNESSETH:

WHEREAS, the FIRST PARTY is one of the heirs of the registered owners of Lot
4076, covered by OCT No. 8579, located in Bulacao, Cebu City, more particularly;

“ A parcel of land (Lot No. 4076 of the Cadastral Survey of Cebu) with all the
buildings and improvements except those herein expressly noted as belonging to
other persons, situated in the Municipality of Cebu. Bounded on the NE., by
Lots Nos. 4905, 4154, xxxx containing an area of Seven Thousand Eight
Hundred Eleven (7,811) more or less”

WHEREAS, the said parcel of land was the subject matter in Civil Case NO.
CEB-32112 which was pending before the Regional Trial Court of Cebu City, which
said case was successfully prosecuted by their lawyer Atty. Francis George F. Dinopol
and Atty. Ronald Guaren, the above mentioned case;

WHEREAS, by agreement of the heirs of the registered owners of the subject

parcel of land, a 500 sq. meter portion is allotted to the heirs of the late Benita Abasolo;

WHEREAS, the FIRST PARTY is duly authorized by her co-heirs to look for
potential buyers with respect to a 500 sq. meter portion allocated to the heirs of the late
Benita Abasolo;

NOW THEREFORE, the heirs of late Benita Abasolo and the SECOND PARTY
has offered to purchase a 64 sq. meter portion or the above-described parcel of land to
which the first party has agreed, under the following terms and conditions:

1. That the contract price of said 64 sq. meter portion shall be in the amount of
P224,000.00;

2. That upon the execution of this agreement, the second party shall pay to the
FIRST PARTY a down payment of P52,500.00;

3. That the remaining balance of P171,500.00 shall be paid in monthly

installments of P7,200.00 per month, until the remaining balance shall have been fully
paid;
 4. That the upon payment of the down payment mentioned above, the second
party is already allowed to take possession of the subject portion, and she may
introduce improvement of whatever nature;

5. That as soon as the contract price has been fully paid, the first party shall then
execute a Deed of Absolute Sale in favor of the second party and the first party;

IN WITNESS WHEREOF, the parties hereby affixed their respective signature

this 1st day of July 2019 at Cebu City, Philippines.

FLORENCIA ABALO DELFIN M. NACION

First Party Second Party
Competent proof of identity: Competent Proof of Identity:
Voter’s ID No. VIN 2217-13454A- SSS ID NO. 06-1570825
G2553FAD20000-03

Signed in the presence of:

___________________________ & __________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

City of Cebu ) S.S.
x----------------------------------------/

BEFORE ME, this 1ST day of July 2019, in the City of Cebu, Philippines,
personally appeared the above-named parties with their respective competent proofs
of identities below their names, known to me and to me known to be the same persons
who represented themselves to have executed the foregoing instrument and they
acknowledged before me that the same is their free and voluntarily act and deed.

This instrument consisting of two (2) pages including the page where the
acknowledgment is written is signed by the parties and their witnesses on each and
every page hereof.

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

Doc. No 31
Page No. 7
Book No. V
Series of 2019