DEED OF ASSIGNMENT
KNOW ALL MEN BY THESE PRESENTS:
This Deed of Assignment is made and executed by and between:
GT ABOVE AND BEYOND, a corporation
duly organized and existing under Philippine Laws,
with address 407 Pantabangan St., Ayala Alabang
Village, Alabang, Muntinlupa, represented by
EVANGELINE TENCHAVEZ, hereinafter referred
to as the ASSIGNOR;
- and -
HUAYORK INCORPORATED, a
corporation duly organized and existing under
Philippine Laws, with office address at Unit 201
World Trade Exchange Bldg, No. 215 Juan Luna
St., Binondo, Manila, represented by FEINA
DAVID WANG, hereinafter referred to as the
ASSIGNEE.
The ASSIGNOR and ASSIGNEE shall collectively be referred to as the PARTIES.
WITNESSETH:
WHEREAS, the ASSIGNOR is an operator of a commercial store located at The
Village Square Alabang, La Fuerza Compound, Alabang Zapote Road Corner Concha
Cruz, Alamanza Uno, Las Pinas City (the “STORE”), formerly Rustic Box.
WHEREAS, the ASSIGNOR hereby assigns to the ASSIGNEE all its rights and
business interests over the said STORE.
NOW, THEREFORE, the parties hereby agree, as follows:
1. ASSIGNMENT – The ASSIGNOR hereby assigns all its rights
and business interests over the STORE in favor of the ASSIGNEE, its assigns and
successors in interest.
2. PAYMENT - The ASSIGNEE previously agreed to pay the ASSIGNOR
the total sum of THREE MILLION THREE HUNDRED FIFTY THOUSAND PESOS
(Php 3, 350, 000.00).
HOWEVER, considering the crisis brought about by the COVID-19
pandemic, ASSIGNEE requested and ASSIGNOR agreed that FOUR HUNDRED FIFTY
THOUSAND PESOS (Php 450,000.00) of the above-mentioned amount shall be
considered as a discount, thereby reducing the total consideration to TWO MILLION
NINE HUNDRED THOUSAND PESOS (Php 2,900,000.00)
Such discounted amount shall be paid as follows: (a) DOWN PAYMENT
of TWO HUNDRED THOUSAND PESOS (Php 200, 000.00), which has already been
paid; (b) SECOND PAYMENT of ONE MILLION PESOS (Php 1,000,000.00) upon
turnover of the STORE on July 11, 2020.; and (c) THIRD AND FULL PAYMENT of
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ONE MILLION SEVEN HUNDRED THOUSAND PESOS (Php 1,700,000.00) by
December 2020.
Failure of the ASSIGNEE to pay any portion of the consideration, in
accordance with the above-stated schedule, shall constitute a default on its part, which
shall render the whole outstanding amount due and demandable. An event of default shall
also entitle the ASSIGNOR to collect monthly interest on the total outstanding amount,
and to institute the appropriate legal action/s against the ASSIGNEE without need for
further notice.
3. ASSUMPTION AND PERFORMANCE OF RESPONSIBILITIES - The
ASSIGNEE shall perform and assume all the responsibilities and obligations of the
ASSIGNOR as STORE operator in dealing with customers, lessor of the building,
government agencies, private entities and other entities in connection with the operation
and management of the STORE.
4. WAIVER; QUITCLAIM - It is understood that, by virtue of this
Assignment, the ASSIGNOR shall be relieved and absolved from any and all liabilities
arising from and/or in connection with the operation and management of the STORE.
5. WARRANTIES – The ASSIGNOR warrants (a) that it has
valid, legal, genuine and subsisting rights, claims and authority to enter into this
transaction with the ASSIGNEE; and (b) that its rights, interest and claims over the
STORE has not been the subject of any previous assignment in favor of other individual
or entity.
6. OTHERS - This Deed shall supersede any and all previous
agreements between the PARTIES.
IN WITNESS WHEREOF, we have hereunto affixed our signatures this ____ day
of July 2020 in ___________________.
GT ABOVE AND BEYOND HUAYORK INCORPORATED
Assignor Assignee
By: By:
EVANGELINE TENCHAVEZ FEINA WANG
Signed In The Presence of:
___________________ ____________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)
__________________________ )S. S.
BEFORE ME, a Notary Public for and in __________________, personally
appeared this ____th day of July 2020, the following persons:
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Name Government Issued ID
Evangeline Tenchavez _________________________________
Feina Wang _________________________________
known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged to me that the same are their free and voluntary act and
deed.
WITNESS MY HAND AND SEAL, at the place and on the date first above–
written.
Doc. No. _____;
Page No. _____;
Book No. _____;
Series of 2020.
