Irrevocable SPA - Sole Proprietorship and Partnership

NHMFC template for irrevocable SPA for sole proprietorship and partnership

Your Browser Doesn't Support Canvas. Showing the Text Content of the PDF Instead: IRREVOCABLE SPECIAL POWER OF ATTORNEY
I, Click here to enter text., of legal age, single/married, and with business address at
Click here to enter text., in my capacity as the representative of Click here to enter text., do
CORPORATION (NHMFC) or any of its duly authorized employees and representatives,
with postal address at Filomena Building III, Amorsolo Street, Legaspi Village, Makati City, to
be my true and lawful ATTORNEY-IN-FACT, for me and in my name, place, and stead, to do
and perform the following acts and things and/or in case there is failure on my part and/or the
entity/business I herein represent to comply with my/its undertakings under the Deed of
Assignment of Receivables (DARR) and/or other contracts/documents submitted in relation to
the purchase by NHMFC of the CTS/loan subject of the DARR, namely:
(1) To collect from the buyer, Click here to enter text. (TCT/CCT No(s).Click
here to enter text.), all amortizations and receivables covered by the Contract
to Sell and/or other loan obligations when due;
(2) To execute/serve the Notice of Cancellation of Contract to Sell in the event
the buyer fails to comply with his/ their obligations under the said Contract
to Sell and to cancel and annul, the Contract To Sell, in the event any or all,
of the abovementioned buyer/s fails to perform any of his/ their obligation
in the Contract To Sell or commit a breach of the conditions thereof,
warranting the cancellation and annulment of the Contract To Sell.
(3) To file the necessary legal action against the buyer in the Contract To Sell in
the event the latter refuses to surrender the subject property after
cancellation of the Contract To Sell;
(4) To sell the property covered by the Contract To Sell as cancelled, whether in
cash or installment;
(5) To collect the proceeds of the sale of the subject property and apply the said
proceeds as it may deem proper;
(6) To collect the proceeds of any insurance claim, whether under Sales
Redemption Insurance (SRI)/Mortgage Redemption Insurance (MRI) or Fire
and Lightning Insurance, and apply the said proceeds as it may deem
(7) To sign, execute and deliver the Deed of Absolute Sale to the buyer in case
of full payment;
(8) To sign, execute and deliver the Loan and Mortgage Agreement, Deed of
Sale and other contracts/documents relating to the conversion of the
Contract to Sell to Real Estate Mortgage in case of: 1) failure of the
DEVELOPER to convert he Contract to Sell to Real Estate Mortgage; 2)
Dissolution of the DEVELOPER’s business; or, 3) any other similar
instances where the cooperation/conformity of the DEVELOPER in relation
to a contract/deed/act/undertaking is required but cannot be obtained;
(9) To sign, execute and deliver all documents, papers and other instruments
that may be necessary and required to implement the above authorities.
The NHMFC is hereby given and granted full authority to do and perform any and every
act and execute any instrument/document/deed as may be requisite and/or necessary to carry
into effect the foregoing authority, as fully to all intents and purposes as I/WE/the Corporation
might or could lawfully do if personally present, and hereby ratifying and confirming, with full
power of substitution, all that the NHMFC or its substitute shall lawfully do or cause to be
done under and by virtue of this presents.
This authority is valid and existing and is still in full force and effect not having been
amended, suspended and/or revoked.
Revised 03/17/14


IN WITNESS WHEREOF, I have hereunto set my hands this Click here to enter text. day
of Click here to enter text., Click here to enter text. at Click here to enter text..

(Signature above printed name)

(Signature over printed name)

(Signature over printed name)

_________________________________) S.S.
BEFORE ME, a Notary Public for and in ___________________, on this ____th

day of

___________, 20__, personally appeared the following:

Competent Proof of Identity

Issued on/at; Valid until

known to me to be the same persons who executed the foregoing instrument consisting of Click
here to enter text. (__) pages including this page where the Acknowledgment is written, which
has been signed by the parties and their witnesses on the left hand margin of every page and
on the signature page. The parties/signatories acknowledged that this constitutes their own
free and voluntary act and deed and that of the Corporation/s represented.
WITNESS MY HAND AND SEAL, on the date and at the place first above written.

Doc. No. ______;
Page No. ______;
Book No.______;
Series of ______.

Revised 03/17/14