Contract of Antichresis

CONTRACT OF ANTICHRESIS KNOW ALL MEN BY THESE PRESENTS: I, YDREL OBSIOMA, Filipino, of legal age, single, and a resident of Gun-ob, Lapu-Lapu City, (hereafter referred to as “DEBTOR”) am the absolute owner of the following described parcel of land, as evidenced by Transfer Certificate of Title No. 12345 of the Registry of Deeds of Lapu-Lapu City: Lot Location

: 3425-A, Psd-04-03 1391 : Brgy. Gun-ob, Lapu-Lapu City, Cebu

Boundaries

:

S., along lines 1-2-3 ….Lot 3629, Cad-534-D, LapuLapu Cadastre SW., along line 3-4 ….Lot 3420, Cad-534-D, Lapu-Lapu Cadastre NW., along line 4-5 ….Lot 5693, Cad-534-D, Lapu-Lapu Cadastre NE., along line 5-1 ….Lot 3425-B, Psd 05-041391 Beginning at a point marked “1” on the plan being S., 65 deg. 4’ E., 5865.25m from BLLM No.1, Cad-534-D, City of Lapu-Lapu, Cebu, hence; 1-2 2-3 3-4 4-5 5-1

S, N. S. N. S.

28 83 76 13 30

deg. deg. deg. deg. deg.

52’ 14’ 38’ 34’ 08’

W., W., W., E., E.,

285.75m 33.63m 9.48m 38.73m 336.98m

Area: Eight Thousand Eight Hundred ( 8,800 ) Square Meters That for and in consideration of the loan of One Hundred Fifty Thousand Pesos (Php 950,000.00), with an interest rate of three percent (3%) per annum (by virtue of a Promissory Note attached herewith and made an integral part hereof as Annex “A”), which is extended to me by DAN OLIVER CARREON, Filipino, of legal age, single and a resident of Basak, Lapu-Lapu City (hereafter referred to as “CREDITOR”), I the said DEBTOR, in order to secure payment of said loan and its interest do hereby grant in favor of CREDITOR, the right to receive the fruits of, the above-mentioned land, with the obligation of applying them to the payment of the interest, if owing, and thereafter to the principal of his credit; the actual market value of the fruits obtained or harvested at the time of the application thereof to the interest and principal shall be the measure of such application. That the parties hereby agree that I, the DEBTOR cannot not reaquire the enjoyment of the above-described property, without first having totally paid what I owe to the CREDITOR. However, in case of default, the CREDITOR does not acquire ownership of the real estate for non-payment of the debt, but he may bring an action for specific performance; or petition for the sale of the real property in a foreclosure of mortgages under rules 68 of the Rules of Court, or extrajudicially foreclose the security, as agreed upon by the parties (in order to effect the foregoing extra-judicial foreclosure, a Special Power of Attorney is attached herewith and made an integral part hereof as Annex “B”). IN WITNESS WHEREOF, we have hereunto affixed our signatures

this 30th day of June 2014 in the City of Lapu-Lapu, Philippines.

YDREL OBSIOMA CARREON Debtor

DAN

OLIVER

Creditor

SIGNED IN THE PRESENCE OF: _______________________

_____________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES CITY OF LAPU-LAPU

} } s.s

BEFORE ME this 30th day of June, 2014 in the City of Lapu-Lapu, personally appeared YDREL OBSIOMA, exhibiting his Community Tax Certificate Number 12895671 issued in Gun-ob, Lapu-Lapu City on January 5, 2014, and DAN OLIVER CARREON exhibiting his Community Tax Certificate No. 7891011 issued in Basak, Lapu-Lapu City on February 3, 2014, known to me to be the same persons who executed the foregoing Contract of Antichresis and they acknowledged that the same is their free and voluntary act and deed. This document consists of two (2) pages including the page on which this acknowledgment is written, all signed by the parties and the instrumental witnesses on every page thereof. WITNESS MY HAND AND NOTARIAL SEAL.

CONCHITA R. PO Notary Public

My commission expires on December 31, 2015 PTR No. 906760 issued Jan. 3, 2014 IBP No. 918300 Roll No. 13466

Doc. No. ____ Page No. ____ Book No. ____ Series of 2014