This 3-year memorandum of agreement is between Erlinda Beri Celiz as the first party and [Client Name] as the second party. The first party owns a motorcycle that the second party wishes to acquire through a "lease to own" arrangement. Under the terms, the second party will make daily payments over 3 years to eventually own the motorcycle. The agreement outlines payment amounts by year and penalties for late or missed payments, including potential confiscation of the motorcycle. It also specifies responsibilities for maintenance and allows for finding a successor to assume the remaining balance if terminating early.
This 3-year memorandum of agreement is between Erlinda Beri Celiz as the first party and [Client Name] as the second party. The first party owns a motorcycle that the second party wishes to acquire through a "lease to own" arrangement. Under the terms, the second party will make daily payments over 3 years to eventually own the motorcycle. The agreement outlines payment amounts by year and penalties for late or missed payments, including potential confiscation of the motorcycle. It also specifies responsibilities for maintenance and allows for finding a successor to assume the remaining balance if terminating early.
This 3-year memorandum of agreement is between Erlinda Beri Celiz as the first party and [Client Name] as the second party. The first party owns a motorcycle that the second party wishes to acquire through a "lease to own" arrangement. Under the terms, the second party will make daily payments over 3 years to eventually own the motorcycle. The agreement outlines payment amounts by year and penalties for late or missed payments, including potential confiscation of the motorcycle. It also specifies responsibilities for maintenance and allows for finding a successor to assume the remaining balance if terminating early.
This 3-year memorandum of agreement is between Erlinda Beri Celiz as the first party and [Client Name] as the second party. The first party owns a motorcycle that the second party wishes to acquire through a "lease to own" arrangement. Under the terms, the second party will make daily payments over 3 years to eventually own the motorcycle. The agreement outlines payment amounts by year and penalties for late or missed payments, including potential confiscation of the motorcycle. It also specifies responsibilities for maintenance and allows for finding a successor to assume the remaining balance if terminating early.
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MEMORANDUM OF AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Agreement, entered into this _____ th day of __________, 2020 in _______________, Philippines, by and between:
ERLINDA BERI CELIZ, of legal age, married to________, Filipino and with residence and postal address located at _____________________________, hereinafter referred to “FIRST PARTY”;
- and –
(COMPLETE NAME OF CLIENT), of legal age, single/married, Filipino and with
residence and postal address located at _____________________________, hereinafter referred to ”SECOND PARTY”;
WITNESSETH, THAT:
WHEREAS, the FIRST PARTY is the registered owner of transport/cargo motorcycle
units duly registered with the local Government Unit of Passi City;
WHEREAS, the SECOND PARTY wanted to acquire a motorcycle unit on a “lease to
own” basis from the FIRST PARTY, under the following terms and conditions;
NOW, THEREFORE, above premises considered, the parties jointly agree and be legally bound, as follows:
1. Upon signing of this Agreement, the parties agree that the term shall be for three (3) years to start thirty (30) days after turn-over of the unit. This is inclusive of a motor cycle, side ca with accessories and ready-to-use franchise. After the end of the period and upon full payment, the registration shall be transferred in the name of the SECOND PARTY;
2. The parties agree that the SECOND PARTY shall remit on a daily basis (calendar days) the amount of:
PRINCIPAL AMOUNT YEAR
TWO HUNDRED PHILIPPINE PESOS (Php 1ST 200.00) ONE HUNDRED FIFTY PHILIPPINE PESOS 2ND (Php 150.00) ONE HUNDRED TWENTY PHILIPPINE 3RD PESOS (Php 120.00)
3. In the event that the SECOND PARTY failed to remit the amount daily, he shall be penalized with five (5%) plus the prevailing principal amount on that year however, after five (5) calendar days and the SECOND PARTY failed to remit the payment, the unit shall be confiscated by the FIRST PARTY as the lawful and legal owner thereof, in the presence of the Barangay officials. Right after, the unit shall be open for assume balance of any interested third party, without prejudice to the SECOND PARTY, so that the FIRST PARTY can recover whatever damages it sustained. The offer price to the third party shall cover both the remaining principal amount plus the penalty (subject to waive at the discretion of the FIRST PARTY, if ever);
1 4. All maintenance and repair expenses (either it is his fault or otherwise) shall be shouldered by the SECOND PARTY until the duration of this Agreement. This includes any untoward accident and the level or degree of negligence of the SECOND PARTY is immaterial and irrelevant, the same shall be charged to his account;
5. In the event that the SECOND PARTY would like to pre-terminate this Agreement, he shall find a successor to assume the remaining balance. This duty is for the SECOND PARTY to fulfil;
IN WITNESS WHEREOF, the parties have hereunto set their hands this ____th day of ______ 2020 in Passi City, Philippines.
______________________ ERLINDA BERI CELIZ
FIRST PARTY SECOND PARTY
Signed in the presence of:
_______________________ ________________________
ACKNOWLEDGEMENT Republic of the Philippines ) ______________ City ) s.s.
BEFORE ME a Notary Public personally appeared the following:
Name Competent evidence of Place and date issued
identity
ERLINDA BERI CELIZ
all known to me and by me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed.
This instrument consisting of two (2) pages including the page where this acknowledgement has been written, has been signed by the parties and their instrumental witnesses on each and every page hereof and refers to a Memorandum of Agreement.
IN WITNESS WHEREOF, I have hereunto set my hand and notarial signature on the date and place first above written.
