Compromise Agreement Morales
Compromise Agreement Morales
Compromise Agreement Morales
COMPROMISE AGREEMENT
-and-
WITNESSETH:
TERMS OF AGREEMENT
1. That BOTH PARTIES agree that the term property as stated in the above-
stated Information is their common properties, the ones located at Can-ayan,
Malaybalay City, Bukidnon, consisting of the following:
2. That BOTH PARTIES agree that House No. 1 – where the sari-sari store is
located shall belong exclusively to the FIRST PARTY including the sari-sari
store, the same shall be left as is for the benefit and use of the FIRST PARTY;
3. That, the SECOND PARTY undertakes to vacate House No. 1 – where the
sari-sari store is located on or before December 31, 2022;
4. That, BOTH PARTIES agree that House No. 2 – adjacent to the sari-sari
store shall be razed by the SECOND PARTY and all the materials from the
demolition shall be for the benefit of the SECOND PARTY;
5. That, BOTH PARTIES agree that the warehouse shall also be razed by the
SECOND PARTY and all the materials from the demolition shall be for the
benefit of the SECOND PARTY;
6. That, BOTH PARTIES agree that the fences shall also be razed by the
SECOND PARTY and all the materials from the demolition shall be for the
benefit of the SECOND PARTY;
7. That, BOTH PARTIES agree that all materials and personal belongings of the
SECOND PARTY shall be left in the warehouse at the back of the house and
shall be gathered/removed by the SECOND PARTY on or before December
31, 2022;
8. That, the FIRST PARTY has an existing loan obligation with the BUGEMCO
in the total amount of TWO HUNDRED THOUSAND (P200,000.00)
PESOS;
9. That the SECOND PARTY undertakes to pay one-half of the said loan in the
amount of ONE HUNDRED THOUSAND (P100,000.00) PESOS. The
SECOND PARTY shall pay the said amount directly to BUGEMCO in behalf
of the FIRST PARTY;
10.The remaining ONE HUNDRED THOUSAND (P100,000.00) PESOS of the
said loan shall be for the account of the FIRST PARTY;
11.That BOTH PARTIES shall faithfully comply the terms and conditions
embodied in this agreement;
12.That the SECOND PARTY knows that any breach of his financial obligations
and undertakings sans any justifiable cause will give rise to a right of action for
the FIRST PARTY to bring the matter to the proper forum.
ACKNOWLEDGMENT
BEFORE ME, a Notary Public for and in the Province of Bukidnon this
____ day of September 2022, personally appeared the parties with their
identification documents written below their respective names, both known to me
to be the same persons who executed the foregoing instrument and who
acknowledged the same as their free and voluntary act.
This Compromise Agreement consists of three (3) pages including the page
this Acknowledgment is written and signed by the parties in every page.
Doc. No.
Page No.
Book No.
Series of 2022