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Lisa bought a residential condominium unit from Ayala Land Properties for P2,000,000. She paid P200,000 upon execution and agreed to pay P50,000 for 36 months

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Lisa bought a residential condominium unit from Ayala Land Properties for P2,000,000. She paid P200,000 upon execution and agreed to pay P50,000 for 36 months to complete the remaining balance. After religiously paying for 20 months, Lisa defaulted. On August 25, 2021, Ayala Land Properties sent a demand letter to Lisa to settle his obligation within 30 days from the notice. When she failed to settle the entire obligation within the given time, Ayala extrajudicially cancelled the contract and sold the unit to Jennie. Who is correct? Why

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