COMPROMISE AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This instrument made and executed by:
DELTA AGRIVET COMMERCIAL INC., a corporation duly
organized and existing under Philippine law, with postal address at Unit
1106 Prestige Tower Condominium, Emerald Avenue, Ortigas Center,
Pasig City, represented in this agreement by its duly authorized officer,
NESTOR M. DE JESUS, hereinafter referred to as the "FIRST PARTY";
- and -
PETER JOHN FLORES, Filipino, of legal age, and a resident of
#54 P. Burgos St., Mabalacat, Pampanga, hereinafter referred to as the
"SECOND PARTY".
W I T N E S S E T H : That
WHEREAS, SECOND PARTY hereby acknowledges that he is indebted to the
FIRST PARTY in the principal sum of FOUR HUNDRED TWENTY TWO
THOUSAND ONE HUNDRED FIFTY PESOS (P422,150.00), exclusive of interests,
representing the total amount of unpaid veterinary products supplied by the FIRST
PARTY to the SECOND PARTY;
NOW, THEREFORE, for and in consideration of the foregoing premises,
SECOND PARTY acknowledges to be indebted to FIRST PARTY in the principal sum
of FOUR HUNDRED TWENTY TWO THOUSAND ONE HUNDRED FIFTY PESOS
(P422,150.00), and promises to pay the said sum to FIRST PARTY, its successors and
assigns, in monthly installments of not less than Fifteen Thousand Pesos (P15,000.00) in
cash or worth of veterinary products commencing on _____________ until the principal
sum is settled. For payments made, the FIRST PARTY shall issue official receipts in the
name of the SECOND PARTY.
In case SECOND PARTY satisfies the monthly installments through delivery of
veterinary products, costs of such delivery shall be for the account of the SECOND
PARTY who warrants that the same are in good and marketable condition. Valuation of
the veterinary products shall be in accordance with their current market value.
To facilitate the payment of the principal sum, SECOND PARTY shall issue in
favor of, and deliver to, FIRST PARTY post-dated checks upon execution of this
instrument which checks, SECOND PARTY represents, shall be fully funded upon their
respective due dates.
It is agreed that in the event SECOND PARTY defaults in the payment of any of
the monthly installments, the entire unpaid balance of the obligation shall become
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immediately due and demandable and the same shall earn interest at the rate of 24% per
annum from date of default until the whole amount is fully paid.
In the event a court action shall become necessary to enforce collection of this
obligation, SECOND PARTY agrees to submit himself to the exclusive jurisdiction of
the proper court of Pasig City and to pay the costs of litigation and attorney's fees in an
amount equivalent to at least thirty percent (30%) of the obligation due and demandable,
but in no case less than Fifty Thousand Pesos (P50,000.00).
This Compromise Agreement embodies all the terms and conditions of the
agreement between the parties concerning the payment of the obligation subject matter
hereof, and, therefore, cancels and supersedes any and all other agreements, written or
verbal, between the parties concerning the said obligation. Parties may claim
modification of any provision set forth herein only when such modification is in writing
and signed by both parties.
In the event that any of the terms contained in this Agreement shall be declared
invalid, illegal or unenforceable, the validity, legality and enforceability of the rest of the
terms of this Agreement shall not in any way be affected or impaired.
The parties hereby warrant that this Agreement shall be binding upon and shall be
enforceable against the parties and their respective assigns and successors. Any
assignment by the SECOND PARTY of this Agreement, as well as the obligations and
benefits derived herefrom, shall be made only with the prior written consent of the
FIRST PARTY.
IN WITNESS WHEREOF, this instrument has been signed on this ____ day of
August 2002, at Pasig City, Metro Manila, Philippines.
DELTA AGRIVET PETER JOHN FLORES
COMMERCIAL INC. Second Party
First Party
by:
NESTOR M. DE JESUS With my marital consent:
Debtor
___________________
SIGNED IN THE PRESENCE OF:
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_______________________ ______________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)
) S.S.
BEFORE ME, a Notary Public, for and in the above jurisdiction this ___ day of
August 2002, personally appeared the following persons with their Community Tax
Certificates Nos.:
Name Com. Tax Cert. No. Date/Place of Issue
Peter John Flores
Nestor M. De Jesus
all known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged the same as their own free will and deed and the free and
voluntary act and deed.
WITNESS MY HAND AND SEAL on the date and at the place first above
written.
Doc. No. _____; Notary Public
Page No. _____;
Book No. _____;
Series of 2002.
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