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MOA Assumption Edited

The document is a memorandum of agreement between Juan dela Cruz and Antonio Luna where Luna will pay the down payment and assume the loan obligations for Cruz's car in exchange for taking possession of the vehicle until full payment as long as Luna pays all monthly installments, otherwise the vehicle must be returned to Cruz.

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Olezardo Jose Uy
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25 views1 page

MOA Assumption Edited

The document is a memorandum of agreement between Juan dela Cruz and Antonio Luna where Luna will pay the down payment and assume the loan obligations for Cruz's car in exchange for taking possession of the vehicle until full payment as long as Luna pays all monthly installments, otherwise the vehicle must be returned to Cruz.

Uploaded by

Olezardo Jose Uy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This MEMORANDUM OF AGREEMENT is made, executed and entered into by:


 
JUAN DELA CRUZ, of legal age, married, Filipino citizen, with residence at
1234, hereinafter referred to as the FIRST PARTY;
 
-AND-
 
ANTONIO LUNA, of legal age, single, Filipino citizen, with residence at 1234,
hereinafter referred to as the SECOND PARTY.
 
WITNESSETH; 
 
WHEREAS, the FIRST PARTY has applied for a car loan of an ABC vehicle at
5678.

WHEREAS, the FIRST PARTY hereby warrant that said motor vehicle is still
mortgaged with AAA Bank in the amount of XXXX PESOS (PXXX.00) with a monthly
installment of XXXX (PXXX.00) for a period of five (5) years or sixty (60) months from
the date of release of the vehicle.

NOW THEREFORE, for and in consideration of the above premises, the parties


hereby agree to the following terms and conditions, as follows:

1. The SECOND PARTY binds herself to pay the down payment of XXXX
PESOS (P XXX.00) to ABC and to assume as she hereby assumes the all the
duties and obligations of the FIRST PARTY imposed upon the latter in the
afore-mentioned car loan, as if the SECOND PARTY were the MORTGAGOR
in the said mortgage, including all monthly installments;

2. The SECOND PARTY shall take possession of the subject vehicle upon
payment of the down payment as mentioned in paragraph 1, until full
payment of all monthly installments. In the event that the SECOND PARTY
shall fail to pay at least two (2) monthly installments with the bank, she shall
immediately turn over the subject vehicle to the FIRST PARTY without need
of prior demand.;

IN WITNESS WHEREOF, we have hereunto affix our signatures this


_________________ in the City of Cagayan de Oro.

JUAN DELA CRUZ ANTONIO LUNA


First PArty Second Party

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