REPUBLIC OF THE PHILIPPINES)

____________________________) SS
AFFIDAVIT OF RESCISSION
I,
_______________________,
of
legal
age,
with
office
address
at
______________________________________________________________________, after having
been duly sworn in accordance with law, depose and state that:
1.
I
am
one
of
the
VENDORS
in
_________________________________________________________________________________
_____________ and I (the VENDORS) agreed to _____________________________ Common
____________________________
for
the
amount
of
________________________
to__________________ ________________________________ (the VENDEE), as represented
by Mr.__________ ______________________, its President and Chief Executive Officer.
2.
I am also the attorney-in-fact of all my co-VENDORS and act on their behalf in this
Affidavit of Rescission.
3.
Pursuant to aforecited MOA, the VENDEE issued and delivered five (5) Promissory
Notes (PNs) with an aggregate face value of -____________________________ in favor of the
VENDORS.
4.
The VENDEE is obligated to promptly remit its initial payment of the principal on
__________________,
and
its
interest
payments
on
______________________,
____________________, ________________________, and ____________________ to the
VENDORS in accordance with the Schedule of Payments attached to MOA and the PNs. To date, all
VENDORS have not received any single payment from the VENDEE.
5.
The continuing failure/refusal of the VENDEE to remit its payment to the
VENDORS on the scheduled dates undoubtedly constitutes an event of default under +of the MOA
as well as a violation of the terms and conditions of the PNs, particularly those pertaining to payment
or delivery of principal, interest, and security. This warrants an extra-judicial rescission of the MOA
by the VENDORS pursuant to Clause 11.1 of the MOA.
6.
Thus, in light of continuing failure/refusal of the VENDEE to remit its payment to the
VENDORS, I and on behalf of my co-VENDORS hereby rescind the MOA extra-judicially effective
upon five (5) days notice to the VENDEE pursuant to __.1 of the MOA.
7.
I am executing this affidavit to attest to the truth of the foregoing and for the purpose
of rescinding the aforementioned MOA.
AFFIANT FURTHER SAYETH NAUGHT.
++++++++++++++++
_________________________
Affiant
++++++++++++++++++++++++ affiant exhibiting to me his Community Tax Certificate
No. 0_______________ issued on ______________________ at ________________.
Doc. No._____
Page No._____
Book No._____
Series of 2002.