BANK OF THE PHILIPPINE ISLANDS, VS. VICENTE VICTOR C. SANCHEZ, HEIRS OF KENNETH NEREO SANCHEZ, REPRESENTED BY FELISA GARCIA YAP, AND HEIRS OF IMELDA C. VDA. DE SANCHEZ, REPRESENTED BY VICENTE VICTOR C. SANCHEZ.

Ruling

WHEREFORE, judgment is hereby rendered as follows: 1. Declaring the legality and validity of the Extrajudicial Rescission effected by the plaintiffs on the Contract to Sell on the subject property, covered by TCT No. 156254 in their names; 2. Ordering the defendants and all persons acting on their behalf to return to the plaintiffs the Owners Copy of TCT No. 156254, including all the documents entrusted to them in consideration of their Contract to Sell; 3. Ordering defendants and all persons, including the intervenors and all persons claiming rights under them to return and surrender to the plaintiffs the peaceful possession of the subject property covered by TCT No. 156254 located at No. 10 Panay Avenue, Quezon City; 4. Ordering the defendants jointly and severally to pay the plaintiffs the sum of One Hundred Thousand (P100,000.00) Pesos, Philippine Currency as and by way of attorneys fees; 5. Ordering the defendants jointly and severally to pay the plaintiffs the sum of Two Hundred Thousand (P200,000.00) Pesos, Philippine Currency as and by way of moral damages; 6. Ordering the defendants jointly and severally to pay the plaintiffs the sum of Two Hundred Thousand (P200,000.00) Pesos, Philippine Currency as and by way of exemplary damages to serve as correction or example for the public good; 7. Ordering the defendants jointly and severally to pay the plaintiffs the sum of Two Hundred Ninety Thousand (P290,000.00) Pesos, representing the depreciated cost of the plaintiffs demolished building per their Agreement (Exhibit D); 8. Dismissing defendants counterclaim as well as intervenors counterclaims/complaints and answers in intervention against the plaintiffs; 9. Ordering the plaintiffs to return to the defendants, after deducting the damages herein awarded, the remaining amount on the sum paid by the defendants on the subject property; 10. Dismissing the counterclaim of plaintiffs against all intervenors; 11. Ordering the defendants to return to intervenors, Jose and Visitacion Caminas, Reynaldo Maniwang, Generoso Gener Tulagan, and VTCI, and Arturo Marquez, the following sum to wit: 1. CAMINAS - P650,000.00 (Absolute Deed of Sale dated 14 March 1989); 2. MANIWANG - P700,000.00 (Absolute Deed of Sale dated 22 February 1989); 3. TULAGAN - P1.4 Million, representing the following: 3.1 P600,000.00 (Contract To Sell dated 21 February 1989); 3.2 P800,000.00 (Conditional Deed of Sale dated 31 January 1989); 4. VTCI - P2.1 Million, representing the following: 4.1 P700,000.00 (Absolute Deed of Sale dated 30 October 1989 Lot 1-K); 4.2 P700,000.00 (Absolute Deed of Sale dated 30 October 1989 Lot 1-I); 4.3 P700,000.00 (Absolute Deed of Sale dated 30 October 1989 Lot 1-F); 5. MARQUEZ - P600,000.00 (Contract To Sell dated 8 March 1989); 6. BPI - Declaring the intervention of the Bank without merit. respectively, representing the full and/or partial purchase price of their respective units, all with six (6) percent interest per annum