Pag-ibig Letter of Intent to Replace Buyer/Lessee

April 25, 1992

Dear Sir/Madam:

I would like to express my intention to replace Mr. Juan Ongkingco as buyer/lessee of the property located at Calagara, Sta. Rosa, Laguna with TCT/CCT Property No. 12511 with an outstanding balance/monthly rental in the amount of ten thousand pesos (Php10,000.00).

I understand and agree to be bound by the terms and conditions of the Deed of Conditional Sale/Contract of Lease with Option to Purchase executed by the original buyer/lessee with Pag-ibig Fund.

Furthermore, please find enclosed with this letter of option to purchase are pertinent documents which I am here by submitting in compliance with all your documentary requirements.

I am aware that the Pag-ibig Fund reserves the right to reject my offer.

Very truly yours,

Jc R. Mendoza