This document is a voluntary surrender with undertaking agreement between a vendor and vendee for the transfer of a motor vehicle. The vendor agrees to surrender possession of the vehicle, providing its details. The vendor warrants that the vehicle and documents presented are genuine and that payments to the mortgagee bank are up to date. If any documents are found to be fraudulent or payments are in default, the vendee reserves the right to impound the vehicle until sums received are returned, including a 30,000 termination fee. Both parties agree to submit to the courts of the specified city if seeking judicial relief.

1. Voluntary Surrender with
Undertaking
I, _________________________________, of legal age, Filipino, with postal address
at _______________________________________________________________________,
Philippines, referred to as (Vendor/Assignor), hereby undertake, and guarantee for the
purposes of assumption of mortgage, hereby voluntary surrender to
____________________________________, referred to as (Vendee/Assignee), the
possession of my motor vehicle with details as follows:
Make : ________________________________
Type : ________________________________
Year : ________________________________
Model : ________________________________
Serial No. : ________________________________
Motor No. : ________________________________
Plate No. : ________________________________
File No. : ________________________________
C.R, No. : ________________________________
Body Color. : ________________________________
The seller warrants that the said vehicle is in good condition and that the presented
required documents are genuine and is a faithful reproduction of the original, and that said
vehicle is updated with its monthly payments with its mortgagee bank, and that the said
vehicle is registered under his/her name.
In the event that the presented required documents are found to be spurious and /or
bank payments are already in default, or mortgagee bank refuses any redress and the same
cannot be remedied, or the vendor causes false reports that the said vehicle is car-napped,
the Vendee reserves the right to enforce a lien on said vehicle and cause it to be impounded
and or foreclosed until the seller returns all sums received from vendee including processing
costs, and any related sum received from this transaction to the financier and a termination
fee of 30,000 shall be imposed. Should the parties seek judicial relief they have agreed to
submit themselves to the proper courts of _________________________ City.
__________________________ __________________________
VENDOR / Assignor VENDEE / Assignee
Signed in the Presence of:
Witness
Doc. No.
Book. No.
Page No.
Series of 2017