(Dacion en Pago with Release of Mortgage)

DEED OF TRANSFER
WITH RELEASE OF MORTGAGE


KNOW ALL MEN BY THESE PRESENTS:

This Deed of Transfer made and executed by:

MR. _______________ and ________________, both of legal
ages, both Filipino, and both a resident of ______________,
_______________, Philippines, hereinafter referred to as the
"TRANSFERORS";

- in favor of -

___________________, of legal age, Filipino, widowed, and a
resident of ______________________________, Philippines,
hereinafter referred to as the "TRANSFEREE";

WITNESSETH: That -

WHEREAS, the TRANSFERORS has secured a loan from the TRANSFEREE and as
security for the payment thereof, mortgaged their house, together with all the improvements
thereon, the property more particularly described as follows:


The house is made out of strong materials, with concrete walls. Currently used as a common
home by the transferrors.

WHEREAS, in order to settle the said loan, the TRANSFERORS has offered to transfer
by way of dation in payment the above-mentioned property in favor of the TRANSFEREE in full
acquittance of his obligation with the latter, which offer was accepted by the TRANSFEREE.

NOW THEREFORE, for and in consideration of the foregoing stipulations and
covenants and for the full acquittance of the obligation of the TRANSFEROR in favor of the
TRANSFEREE secured by the real estate mortgage aforementioned, the TRANSFEROR does
hereby CEDE, TRANSFER and CONVEY the aforementioned parcel of land together with all
the improvements found thereon in favor of the TRANSFEREE, free from all liens and
encumbrances, except those already annotated prior the registration of the mortgage as
aforementioned.

- and By Way of RELEASE OF MORTGAGE -

Considering that the loan secured by the said Agreement has been completely settled
and that TRANSFEREE would now become the absolute owner of the said parcel of land
mortgaged, herein TRANSFEREE, who is at the same time the MORTAGEE in the
aforementioned Real Estate Mortgage, does hereby RELEASE and DISCHARGE the mortgage
on the above-described parcel of land.

IN WITNESS WHEREOF, the parties have hereunto signed these presents at
_____________, Philippines, on _____________.




TRANSFEROR TRANSFEREE



SIGNED IN THE PRESENCE OF:



__________________ __________________



(ACKNOWLEDGMENT)