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    Memorandum of Agreement - Utang

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    Pilacan Karyl

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    © All Rights Reserved
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    Memorandum of Agreement - Utang

    Uploaded by

    Pilacan Karyl
    21 views2 pages

    Original Title

    Memorandum of Agreement -utang

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    21 views2 pages

    Memorandum of Agreement - Utang

    Uploaded by

    Pilacan Karyl

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
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    1

    MEMORANDUM OF AGREEMENT

    Between:

    JOCELYN BANGTOWAN SOLIBA, of legal age, married, Filipino citizen,


    PLACIDO BANGTOWAN, of legal age, single, and LAILANIE BANGTOWAN all
    residents of San Vicente Village, Kennon Road, Baguio City, Philippines herein
    referred to as the FIRST PARTIES

    In favor of:

    JULIE BANGTOWAN UTANG, of legal age, married, Filipino citizen, with


    residence and postal address at San Vicente Village, Kennon Road, Baguio City,
    Philippines, herein referred to as the SECOND PARTY

    WITNESSETH:

    WHEREAS, the parties are siblings, being the surviving heirs of the deceased ALFONSO
    BANGTOWAN who is the absolute owner of that unregistered parcel of land situated in San Vicente
    Village and containing an area of SIX HUNDRED SIXTY SIX (666) SQUARE METERS, more or
    less;

    WHEREAS the SECOND PARTY was able to declare for tax purposes, in her name, that
    house she constructed in the south east portion of the above-stated lot and covered by ARP No. 01-
    06007-116968 and Property Index No. 102-06-007-02-L003-N001

    WHEREAS, the FIRST PARTIES hereto acknowledge the ownership of the house
    constructed over a portion of the lot owned and declared in favor of their father and hereto agree and
    give consent to the execution of Real Estate Mortgage over the same property in favor of San Vicente
    Cooperative to secure a loan application by the SECOND PARTY;

    NOW THEREFORE, to give spirit and fully realize the intents of the parties, the FIRST
    PARTIES and the SECOND PARTY hereby both agree on the following conditions:

    1. The FIRST PARTIES hereby acknowledge ownership of the SECOND PARTY of


    the house she constructed over that lot owned by their deceased father;

    2. The FIRST PARTIES hereby give their consent of the execution of a Real Estate
    Mortgage over that house and the lot where it is situated to secure a loan application
    from San Vicente Cooperative in favor of the SECOND PARTY;

    3. The SECOND PARTY binds herself to pay back the loan applied once the same is
    due plus its necessary interest and will cause the necessary cancellation of the REM;
    and

    4. That the parties hereby agree in good faith to faithfully comply with this agreement.

    IN WITNESS WHEREOF, the parties hereby set their hands this 29 th day of November,
    2008 in the City of Baguio, Philippines.

    JOCELYN BANGTOWAN SOLIBA PLACIDO BANGTOWAN


    First Party First Party
    ID No._____________________ ID No. _________________
    Issued at ___________________ Issued On. ______________
    Issued on __________________ Issued At__________________
    2
    LAILANIE BANGTOWAN JULIE BANGTOWAN UTANG
    First Party Second Party
    ID No __________________ ID No. ____________________
    Issued On _____________ Issued On _________________
    Issued At ______________ Issued At ___________________

    Signed in the Presence of:

    ________________________ ______________________

    Republic of the Philippines)


    ) S.S. ACKNOWLEDGEMENT
    Done in the City of Baguio )

    BEFORE ME, a Notary Public for Baguio City this _____ day of February
    2009, personally appeared the above named parties whose Identification Cards
    indicated below their names made known to be the same persons who executed
    this document and acknowledged to me that the same is their voluntary act and
    deed.

    This Memorandum of Agreement consists of two (2) pages including this


    page on which this acknowledgement is written signed by the parties and their
    instrumental witnesses on each and every page thereof.

    WITNESS MY HAND AND SEAL

    Doc. No.______;
    Page No.______;
    Book No. _____;
    Series of 2009.

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