MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This deed, executed by and between:

CLAIRE FLORCY , of legal age, a resident of Bulawan, Guihulngan City, hereinafter referred to as the MORTGAGOR,

-and-

RANDY SAO, of legal age, a resident of Guihulngan City, hereinafter referred to as the MORTGAGEE,

WITHNESSETH:

That herein parties are the signatories of the Motor Vehicle Mortgage dated March 21, 2014.

That the full consideration of the mortgage is One Hundred Sixty Five and Six Hundred (Php 165,600.00) Pesos, payable for a period of Forty Two (42) months, to be paid in monthly instalments of Three Thousand Nine Hundred Forty Three (Php 3,943.00) due every 20th of the forty two (42) months covered thereof, plus interest on the unpaid balance at the rate of 1.3% per month based on the principal amount of loan;

The first payment to be made on April 21, 2014;

An additional fine of 2% of the accumulated unpaid amortization due shall be imposed for failure to pay on time;

That the MORTGAGOR fails to pay and the MORTGAGEE opted to foreclose the mortgaged vehicle, he can do so;

IN WITNESS WHEREOF, the parties herein have set their hands this 21th day of March 2014 in the City of Guihulngan.

CLAIRE FLORCYRANDY SAO

Mortgagor Mortgagee

TIN ID CARD NO. 940-948-000 PRC ID # 54307

Issued July 1, 2010

SIGNED IN THE PRESENCE OF: