Baldo bought a residential house and lot from Tierra Madre Realty for

P250,000.00 giving a down payment of P10,000.00 and promising to pay the

balance of P240,000.00 in 20 years in monthly installments of P1,000.00. After

paying 72 installments Baldo defaulted in the payment of the 73rd

installment and subsequent ones. Despite the grace period he had earned

he was not able to make any further payments. Accordingly, Tierra Madre

Realty cancelled the sale.

How much cash surrender value is Baldomero entitled to receive?