For End-User Home Financing Program and

Affordable Housing Program HQP-HLF-161

(V04, 12/2020)

CONTRACT-TO-SELL

KNOW ALL MEN BY THESE PRESENTS:

This Agreement made and executed by and between:

VESTER CORPORATION, a corporation duly organized and existing under and by virtue of the laws of the
Philippines, with principal office at #10 Montinola Subdivision, Kisad Road, Baguio City, represented in this
Agreement by its authorized signatory, Shandelle M. Sabado, now and hereinafter referred to as the
"VENDOR";

- and -

MARK JON A. GAZZINGAN, of legal age, Filipino, single and with residence and postal address at Zone 7,
Centro Norte, Sto. Niño, Cagayan hereinafter referred to as the “VENDEE.”

(IF WITH CO-VENDEE/S)

- and -

________________________________________________, of leg al age, Filipino, single/married to

_______________________________ and with residence and postal address at
_____________________________________________________, hereinafter referred to as the “CO-
VENDEE.”

- and -

________________________________________________, of legal age, Filipino, single/married to

_______________________________ and with residence and postal address at
_____________________________________________________, hereinafter referred to as the “CO-
VENDEE.”

WITNESSETH:

WHEREAS, the VENDEE/S offers to buy from the VENDOR a certain condominium unit / parcel of land and a
residential unit standing thereon including all the improvements thereto using his/her housing loan privilege as a Pag-
IBIG Fund member to finance the purchase of said housing unit through the Pag-IBIG Fund Housing Loan Program.

WHEREAS, the VENDEE/S is a Pag-IBIG Fund member in good standing, has remitted the required monthly savings
and is currently an active member.

WHEREAS, the VENDOR has agreed to sell to the VENDEE/S, subject to the approval and final release of the
latter’s housing loan application with Pag-IBIG Fund, a certain condominium unit / parcel of land and a residential unit
with all the improvements existing thereon situated at Lecaros Street, Ugac Sur, City/Municipality of Tuguegarao City
Province of Cagayan, covered by Condominium / Transfer Certificate of Title No. 032-2022000064 of the Register of
Deeds of Tuguegarao City, and more particularly described and bounded as follows:

TECHNICAL DESCRIPTION

Unit No. 008

Floor 3rd Floor
Unit Type Studio Type
Area 20 sq.m.
Title No. 032-2022000064

of which condominium unit / parcel of land and residential unit together with all improvements existing thereon, the
VENDOR is the absolute owner.

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NOW, THEREFORE, for and in consideration of the foregoing premises and the sum of
_______________________________________________________________ PESOS (P ____________________)
Philippine Currency, payable in the manner stated below, the VENDOR hereby agrees to SELL, CEDE, TRANSFER,
and CONVEY to the VENDEE/S, his successor/s-in-interest, and assigns the above-described condominium unit /
parcel of land and residential unit together with all improvements existing thereon, subject to the following terms and
conditions:

SECTION 1. CONSIDERATION

Section 1.1 Amount. The VENDEE/S undertake and agree to pay to the VENDOR at its office at
____________________________________________________________ or to its successor-in-
interest or assignee the following:

a.) EQUITY in the amount of

____________________________________________________________________________
PESOS (P______________________) plus legal and miscellaneous fees in the amount
of_____________________________________________________________________________
______________ PESOS (P _________________) all in Philippine Currency, pursuant to the terms
and conditions of the Reservation Agreement executed between the VENDOR and the VENDEE/S;

b.) And the BALANCE in the amount of ____________________________________________

(P_____________) Pesos, Philippine Currency, shall be paid through a housing loan with Pag-IBIG
Fund. Pending the approval of the loan and the eventual assignment of this Contract to Sell in favor
of the Pag-IBIG Fund, the VENDEE/S agrees to comply strictly with the terms and conditions of this
Contract and to pay to Pag-IBIG Fund the aforesaid balance in accordance with the projected
monthly installments in the amount of_____________________________
______________________________________________ PESOS (P _____________________)
Philippine Currency, over a period of __________ months.

Monthly payments shall commence on ___________________________________ with subsequent

payment beginning on ________ and every _____________ day of each month thereafter over the
contract term.

Payments in excess of the actual monthly installment upon take out shall be credited to the account of
the VENDEE/S while deficiency, if any, shall be billed and collected together with the regular monthly
installments.

Section 1.2 Interest. The VENDEE/S shall pay interest on the loan at a rate of six point three hundred seventy five
percent (6.375%) per annum. Pag-IBIG Fund shall re-price the interest rate of the loan every three
year/s based on prevailing market rate in the Fund’s Full Risk-Based Pricing Framework at point
of re-pricing. Adjustments to the interest, if any, shall take effect immediately upon repricing with
notice to the VENDEE/S. (Include this statement only if the housing application is under Pag-IBIG
Fund End-User Housing Loan Program)

The VENDEE/S shall pay interest on the loan at rate of six point three hundred seventy five percent
(6.375%) per annum. Pag-IBIG Fund shall re-price the interest rate of the loan at the end of the
three year and every three (3) years thereafter based on the prevailing interest rate in the Fund’s
Full Risk-Based Pricing (FRBP) Framework. For borrowers opting for a 3-year or 5-year fixing
period, the interest rate shall be repriced based on the prevailing interest rate in the FRBP
Framework or an additional two percent (2%) shall be added to the existing interest rate,
whichever is lower. Upon re-pricing, the monthly amortization shall accordingly be adjusted
based on outstanding balance of the loan at point of re-pricing. Adjustments to the interest, if any,
shall take effect immediately upon repricing with notice to the VENDEE. (Include this statement
only if the housing application is under Pag-IBIG Fund Affordable Housing)

Section 1.3 Penalty. In case the VENDEE/S fails to pay the full monthly amortization and/or other loan obligations
when due, a penalty of one-twentieth of one percent (1/20 of 1%) of the amount due shall be imposed for
every day of delay until full settlement thereof.

SECTION 2. DEFAULT PROVISIONS

Section 2.1 If for any reason whatsoever, the VENDEE/S fails to pay three (3) monthly amortizations and other
obligations on the loan, fails to submit proof of payment of the real estate taxes for the year, and/or
violates or fails to perform any of the obligations in the contracts entered into with Pag-IBIG Fund,
the VENDEE/S shall be considered in default.

In such a case, the VENDOR may cancel this Contract and the cancellation shall be effective after thirty
(30) days from receipt by VENDEE/S of the notice of cancellation. Thereafter, the VENDOR or its assignee

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may dispose of the property covered by this Contract in favor of other persons as if this Contract has never
been entered into.

Notwithstanding the previous paragraph, if for any reason, the Notice of Cancellation is not received by
the VENDEE/S due to reasons or fault attributable to the VENDEE/S, the established fact that a Notice of
Cancellation was sent by registered mail or personal delivery to the VENDEE’s last known address shall
not relieve the VENDEE/S from the effects of such notice. Provided further, that it is satisfactorily
established that Pag-IBIG Fund observed due diligence in serving the said notice.

Section 2.2 The provision herein contained shall be without prejudice to the right of the VENDEE/S to sell and transfer
his/her rights and interest under this Contract to other qualified Pag-IBIG Fund member before actual
cancellation of this Contract. Provided, however, that the transferee or assignee is, as stated, qualified to
acquire the housing unit under existing policies, rules and regulations of Pag-IBIG Fund in whose favor
the house and lot, subject of this Contract, is assigned.

Section 2.3 Should the VENDEE/S, after the housing loan has been taken out, refuses or fails to comply with other
terms and conditions stipulated herein, this Contract shall be deemed cancelled or rescinded. A thirty (30)
day notice from receipt of the demand for rescission or cancellation of the Contract by Notarial Act, shall
be sufficient and in such case, the VENDOR or its assignee may dispose of the property covered by this
Contract in favor of other persons as if this Contract has never been entered into. Thereafter, the
VENDEE/S shall be treated as tenant holding the premises without permission and shall peacefully vacate
the same and the VENDOR or its assignee may immediately repossess the premises. Should it become
necessary to resort to any legal action to recover possession of said property, the VENDEE/S hereby
obligates himself to pay the costs and attorney's fees, which shall constitute as liens on all real and
equitable rights thereto. The remedy provided under this Contract shall not, however, be exclusive of any
other remedy that the VENDOR or its assignee may avail of.

Section 2.4 Failure of the VENDOR, or its assignee to enforce strictly the provisions of this contract or to exercise any
power, privilege or right granted to the VENDOR or its assignee with respect to any violation of the terms
and conditions of this Contract, or with respect to any of the above-mentioned default, shall in no case be
interpreted as a relinquishment by the VENDOR or its assignee of any of its other rights herein contained
in case of any subsequent default on the part of the VENDEE/S.

SECTION 3. PAYMENT OF TAXES

The VENDEE/S binds himself to pay the real estate taxes and special taxes levied or that may be levied on the property
subject of this Contract during the time the same is in force, when they become due and payable, or within the period
provided by laws including the corresponding surcharges and penalties in case of delinquency. The VENDEE/S shall
submit to the VENDOR or its assignee the Official Receipt as proof of payments not later than June 30 of each year.

The VENDOR or its assignee may make the payments, but in which case, the latter has the right to charge on any
amount it has paid the same rate of interest as stipulated in Section 1.2 herein, from the time said payments were made,
until the same is reimbursed by the VENDEE/S. If the VENDEE/S fails to satisfy the same, the VENDOR shall have
the right to cancel this Contract. It is understood that failure of the VENDEE/S to submit to the VENDOR or its assignee
the Official Receipt for said payment on or before June 30 of each year, shall be prima facie evidence that the
VENDEE/S failed to pay the taxes on or before the due date thereof.

SECTION 4. OCCUPANCY AND POSSESSION

Occupancy and possession by the VENDEE/S of the housing unit shall be made within seven (7) days after written
notice thereof has been served. Failure thereof after the lapse of the agreed period shall be deemed and considered
as constructive acceptance of the housing unit. In such event, the VENDEE/S shall hold the VENDOR and its assignee
free and harmless from any and all liabilities arising from any loss, damage or deficiency occasioned by theft/robbery
and the like including construction defects of the unit.

SECTION 5. MANAGEMENT AND ADMINISTRATION

The VENDEE/S shall manage and administer the property subject of this Contract, for all intents and purposes as if he
is the owner thereof and his right to the possession thereof shall continue as long as the terms and conditions of this
Contract are faithfully complied with by the VENDEE/S. The VENDEE/S agrees to keep all the improvements existing
on the land in good condition and in order during the lifetime or term of this Contract. Should the VENDEE/S fail to
keep the existing improvements on the land in good conditions during the lifetime or term of this Contract, the VENDOR
or its assignee or their duly authorized agent shall have the right to enter upon the property and make all necessary
repairs, and the total cost of the same, as certified by the VENDOR or its assignee, plus ten percent (10%) cost of
supervision, shall be charged against the VENDEE/S which shall be paid within thirty (30) days from date of demand;
and if the said amount, including the ten percent (10%) cost of supervision is not paid within the said period, the same
shall be charged interest at the same rate as stipulated in Section 1.2 herein until fully paid and shall be considered as
part of the purchase price and subject to all provisions pertaining thereto.

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SECTION 6. INSURANCE COVERAGE

The VENDEE/S shall be covered by the following insurances:

1. Sales Redemption Insurance (SRI) – This insurance, which covers risk in case of death or permanent total
disability of the VENDEE/S, is subject to the schedule of insurance in the Pag-IBIG Fund Master Policy.

2. Non-Life Insurance – The VENDEE/S shall obtain non-life insurance on the property for an amount equivalent to
the appraised value of the housing component of the residential unit or the loan amount, whichever is lower.

The premiums for the first year of the aforesaid coverages shall be prepaid which shall be deducted from the loan
proceeds, whereas the prepaid premiums for the succeeding years shall be collected together with the monthly
installment payments. Premiums for non-life and SRI which may be paid on a monthly basis by the VENDEE/S over the
Contract term shall not be refunded in the event of default.

SECTION 7. HOUSE ACCEPTANCE

The VENDEE/S, prior to his/her occupancy of the housing unit (house and lot) and as a condition to the turn over and
delivery of the keys of the house, shall execute and sign the checklist of the house, as proof of satisfactory acceptance
thereof. Any claim for defects in the construction or deviation from plan and specifications shall be made within thirty
(30) days from date of occupancy of the housing unit; failure to notify the VENDOR or its assignee in writing of the
aforesaid defect within the said period shall constitute waiver and shall be understood and considered to have been
caused after occupancy of the said housing unit;

SECTION 8. WATER AND POWER DISTRIBUTION SYSTEM

Section 8.1 Water Distribution System. The water distribution system in this subdivision is owned and operated by
a corporation separate and distinct from that of VESTER COPORATION.

The water system is being metered for the account and expense of the VENDEE/S, whether at the outset
or subsequently after actual occupancy; hence, the VENDEE/S agrees and binds himself to pay his/her
monthly water bills at the rates approved or authorized by the METROPOLITAN TUGUEGARAO
WATER DISTRICT. The owner and operator or the water system shall have the right to enter the
premises anytime during office hours in the exercise of its right to enforce compliance by the VENDEE/S
with the foregoing conditions and to disconnect the water service in case of failure of the VENDEE/S to
timely pay the water bills.

Section 8.2 Power Distribution System. Should the housing unit purchased under this Contract be located in the
portion of the subdivision where regular power is still not available and the VENDOR or its assignee
provides temporary electrical power and facilities, the VENDEE/S agrees to pay in advance to the said
VENDOR or its assignee a flat rate of ____________________________________________ (P
__________________________) per month or through metering until power lines have been fully
installed.

SECTION 9. EXECUTION OF DEED OF ABSOLUTE SALE (DOAS) AND

CONVERSION TO REAL ESTATE MORTGAGE (REM)

Section 9.1 The VENDOR shall execute in favor of the VENDEE/S or his/her heirs, successor/s or assigns a Deed
of Absolute Sale (DOAS) of the aforementioned land and dwelling/improvements at point of conversion
of CTS to Real Estate Mortgage. Thus, the Loan and Mortgage Agreement (LMA) shall be duly signed
and executed by the VENDEE/S in favor of the Assignee. Such DOAS shall contain the conditions in
Sections 10.1 to 10.5 of this Contract. The DOAS and LMA shall be annotated in the corresponding
Transfer Certificate of Title/Condominium Certificate of Title (TCT/CCT) as encumbrances of the
property.

Section 9.2 The VENDOR shall convert this Contract to Real Estate Mortgage prior to the lapse of the one (1)
year validity of the Certificate Authorizing Registration (CAR). Upon expiration of the CAR and
the CTS accounts are not yet converted to REM, the VENDOR shall be liable for all the expenses
incurred in securing a new CAR. Processing of the annotation of the REM shall be undertaken by the
VENDOR.

SECTION 10. MISCELLANEOUS PROVISIONS

Section 10.1 Benefit. The VENDEE/S shall purchase the subject property with all improvements thereon for his own
use, occupancy, and benefit and not for speculation or use, occupancy, and benefit of any other party.
The VENDEE/S shall use the property herein described for residential purposes only and no business
or industry shall be allowed thereon except home industries which do not cause any noise, or emit smoke
or offensive odor. Work animals, exotic animals, whether endangered or not, pig, goat, sheep or fowl
shall not be kept and/or raised on the premises.

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Section 10.2 Permission required. The VENDEE/S shall not cut down, damage, injure or remove any tree or shrub,
either ornamental or fruit bearing and already existing at the time of occupancy, or remove or quarry any
stone, rock or earth within the lot described in this Contract without obtaining the prior written consent of
the VENDOR or its assignee. The lot shall be kept clean by the VENDEE/S at all times.

The VENDEE/S shall not make or permit any construction or alteration on the premises, subject of this
Contract, unless prior written consent has been obtained from the VENDOR or its assignee. The building
plans of the house or additional construction to be made by the VENDEE/S in the premises shall be
subject to the prior written approval of the VENDOR or its assignee.

Section 10.3 Membership in HOA. The VENDEE/S shall, upon acceptance of the housing unit, automatically become
a member of the Homeowners Association, a non-stock, non-political organization, organized purposely
for the proper operation and maintenance of community facilities, sanitary collection of garbage, security,
fire protection, enforcement of restrictive easements and in general, for promoting the common benefit
of the residents therein, and to remain as such while in possession of the property;

The VENDEE/S agree/s to be bound by the Articles of Incorporation and By-Laws of the Association
and such other reasonable rules and regulations promulgated or which may be promulgated from time
to time by the Association or its governing body. However, the Buyer’s unpaid association due and other
lawful assessments shall not prejudice the Pag-IBIG Fund’s rights and interests in the property.

Section 10.4 Free Access. The VENDEE/S shall not obstruct or interfere with the inspection or survey of the property
which VENDOR or its assignee or any of its duly authorized representatives may conduct from time to
time.

Section 10.5 Warranty. The VENDEE/S warrant/s in full the truth of the representation made in the application for the
purchase of the property subject hereof, and any falsehood stated therein shall be sufficient ground for
the cancellation or rescission of this Contract.

Section 10.6 Notice. Notice to the VENDEE/S sent by registered mail or by personal delivery to the postal address of
the property subject of this contract or to the VENDEE/S’s address as stated in this contract, if the
property is lot only, shall be considered as sufficient compliance with all requirements of notice for
purposes of this contract.

Notice of the VENDEE/S sent by registered mail to the aforementioned addresses shall be deemed
received on the 15th day from date of mailing, unless the actual date of receipt is known.

Section 10.7 Deed of Assignment of Contract-to-Sell. This Contract-to-Sell is subject to the provisions of the Deed
of Assignment with Special Power of Attorney which shall be executed by the VENDOR in favor of Pag-
IBIG Fund, and that the VENDEE/S has given his expressed consent to said assignment by virtue of
this Contract-to-Sell.

SECTION 11. REPEALING CLAUSE

Should any of the terms and conditions stipulated on the Contract-to-Sell previously executed between the VENDEE/S
and the VENDOR be not consistent or in conflict with this Contract, the same shall be deemed repealed or modified
accordingly provided that the remaining terms and conditions not inconsistent or in conflict shall continue to be in full
force and effect.

IN WITNESS WHEREOF, the PARTIES hereto have hereunto affixed their signatures this __________
day of ___________________________ at ___________________________.

MARK JON A. GAZZINGAN N/A N/A

VENDEE CO-VENDEE CO-VENDEE

No. B13-20-000172 No. No.

Issue on Issue on Issued on
Expiry Date Sept, 09, 2024 Expiry Date Expiry Date

With my marital consent:

NA N/A N/A
SPOUSE SPOUSE SPOUSE

INDICATE IF APPLICABLE ONLY

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REPRESENTED BY:

N/A N/A N/A

ATTORNEY-IN-FACT OF ATTORNEY-IN-FACT OF ATTORNEY-IN-FACT OF
VENDEE AND/OR SPOUSE CO-VENDEE AND/OR SPOUSE CO-VENDEE AND/OR SPOUSE

No. No. No.

Issue on Issue on Issued on
Expiry Date Expiry Date Expiry Date

VESTER CORPORATION
VENDOR

By:
SHANDELLE M. SABADO

No. P5394949A
Issue on Dec. 20, 2017
Expiry Date Dec. 19, 2022

SIGNED IN THE PRESENCE OF:

_________________________________ ______________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

PROVINCE/CITY OF ____________) S.S.

BEFORE ME, A Notary Public for and in the _________________________________, Province of _________________,
this _________ day of ___________________, 20____ personally appeared the above-named persons, who have satisfactorily
proven to me their identity through their identifying documents written below their names and signatures, that they are the same
persons who executed and voluntarily signed the foregoing Contract to Sell which they acknowledged before me as their free and
voluntary act and deed. That ___________________________ represents that he/she is acting as the authorized representative
and has authority to bind the latter in this Contract.

The foregoing instrument relates to a Contract-to-Sell consisting of ________ (_____) pages including the page on which
this acknowledgment is written, which has been signed on the left margin of each and every page by the parties and the witnesses.

WITNESS MY HAND AND NOTARIAL SEAL.

NOTARY PUBLIC

Doc. No. _________;

Page No. _________;
Book No._________;
Series of _________.