The Truth about the Globe Asiatique Controversy
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Globe Asiatique is awarded damages against HDMF
(2 votes)

Republic of the Philippines


National Capital Judicial Region

Branch 58

Makati City


And DELFIN LEE and his capacity as President

Of the corporation


                         .             Civil Case no. 10-1120





OR PAG-IBIG FUND, its board trustees and

EMMA LINDA FARIA, officer-in-charge,



Motion for Execution

(Against Defendant Home Development Mutual Fund)

COME NOW Plaintiffs by, the undersigned counsel, unto the Honorable Court, respectfully state: That ---

  1. The Honorable Court rendered a summary judgment in the case at bar contained in the Resolution Dated January 30, 2012, the pertinent dispostive portions of which read as follows:

WHEREFORE, premises considered, a summary Judgment is hereby rendered declaring that:

1. Plaintiffs have proven their case by preponderance of evidence. As such they are entitled to specific performance and right to damages as prayed for in the Compliant…

2. Pursuant to the provisions of their MOA amending the continuing FCAs and CSAs, defendant HDMF is hereby ordered to comply faithfully and religiously with its obligations under the said contracts, including but not limited to the release of loan take-out proceed of those accounts whose Deed[s] of Assignment with special Power of Attorney have already been annotated in the corresponding Transfer Certificate of Title covering the houses and lots purchased by the PAG-IBIG member-borrowers from plaintiff GARHC as well as the evaluation of the loan applications of those who underwent or will undergo plaintiff GARHC’s loan counseling and are qualified for PAG-IBIG FUND loans under the MOA and continuing FCAs and process the approval thereof only if qualified, under the Window 1 Facility as provided for in the MOA and continuing FCAs;

3. The unilateral cancellation by defendant HDMF of the continuing FCAs specifically the latest FCAs of December 15, 2009, January 5 and March 17, 2010 and CSA dated 10 February 2009, is hereby SET ASIDE;

4. Defendants are ordered to automatically off-set the balance of those listed in Annex “B” of the Motion for Summary Judgment against the retention money, escrow money, funding commitment fees, loan take-out which are still in the control and possession of defendant HDMF;

5. Defendants are ordered to accept the replacement-buyers listed in Annex “F” of the Motion for Summary Judgment, which list is unopposed by defendants, without interest or penalty from the time of defendant HDMF’s cancellation of the Collection Servicing Agreement (CSA) resulting to the refusal to accept the same up to the time that these replacement buyers are actually accepted by defendant HDMF;

6. Defendants are ordered to release the corresponding Transfer Certificate of Titles [s] (TCT’s) of those accounts which are fully paid or subjected to automatic off-setting starting from the list in Annex “E” of the Motion for Summary Judgment and thereafter from those listed in Annex “F” thereof and cause the corresponding cancellation of the annotations in the titles thereof.


Size 2.9 MB
Downloads 103
Created 2014-08-29
Created by {delfin Lee}
Changed at 2014-09-24
Modified by {Globe Asiatique}