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The Deed of Sale With Assumption of Mortgage Motorcycle is a specialized legal instrument used in the Philippines when transferring ownership of a mortgaged motorcycle to a new owner who agrees to take over the existing loan obligations. This document is particularly relevant when the original owner wishes to sell their motorcycle before fully paying off their motorcycle loan, and the buyer agrees to assume the remaining mortgage payments. The document must comply with Philippine civil law, banking regulations, and Land Transportation Office (LTO) requirements. It includes comprehensive details about the motorcycle, the outstanding mortgage balance, payment terms, and the specific obligations being transferred. The document serves to protect all parties' interests by clearly defining the transfer of both ownership rights and financial responsibilities.

1. Parties: Identifies and provides complete details of the Seller, Buyer, and Original Mortgagee

2. Background: Outlines the current ownership of the motorcycle, existing mortgage details, and intention to transfer both ownership and mortgage obligations

3. Definitions: Defines key terms used throughout the document including 'Vehicle', 'Original Mortgage', 'Outstanding Balance', and other relevant terms

4. Sale and Purchase: Details the transfer of ownership, purchase price, and payment terms for any equity payment to the seller

5. Description of the Vehicle: Comprehensive details of the motorcycle including make, model, year, engine number, chassis number, plate number, and registration details

6. Assumption of Mortgage: Specifies the terms and conditions of the mortgage being assumed, including outstanding balance, interest rate, and payment schedule

7. Representations and Warranties: Seller's warranties regarding ownership, condition of the motorcycle, and existing encumbrances

8. Buyer's Obligations: Details the buyer's responsibilities regarding mortgage payments, maintenance, and compliance with mortgage terms

9. Transfer of Registration: Process and requirements for transferring the motorcycle's registration to the buyer

10. Costs and Taxes: Allocation of expenses related to the transfer, including registration fees, taxes, and documentary requirements

11. Governing Law: Specifies that Philippine law governs the agreement

12. Execution: Signature blocks for all parties, including notarization requirements