D ASIAN HILLS BANK, INC.

(A Rural Bank)
Making a Difference Through Generations
Tel No. (088) 221-4697/ Telefax (088) 813-3990
asianhillsbank@yahoo.com
www.asianhillsbank.com

June 17, 2015

MS. MARIA TERESA V. SORIANO
Chairman of the Board
Emcovel Corporation
357 CM Recto St., Davao City
Good day Ms. Soriano,
This is to acknowledge the receipt of your letter dated May 04, 2015 in response to our
intention to pre-terminate the Contract of Lease.
The Contract of Lease expires on September 16, 2015 and the Bank still has three (3)
postdated checks in your possession supposedly for payments of monthly rentals for the
following dates:
Inclusive Period

Amount

1. June 17 July 16, 2015

2. July 17 August 16, 2015
3. August 17 September 16, 2015
Total

P 31, 920.00
P 31, 920.00
P 31, 920.00
P 95, 760.00

The Bank has a cash deposit equivalent to two (2) months rental amounting to P 63, 840.00.
Also, the Bank has never been delinquent in its rental payments to your company but it is
highly unfortunate that we cannot continue our branch operation at C.M. Recto St. in view of the
fact that all branch transactions in C.M. Recto St., Davao City will be transferred to another
branch at Ulas, Davao City. We were constrained to close the C.M. Recto Branch in order to
lessen the Banks expenses.
We understand that we are bound by our contract with your company but we are forced to
pre-terminate our lease contract to ensure that there will be no interruption in the flow of rental
from Doors 29, 30 and 31 of EC Business Center and in order for the Bank not to incur
duplititious expenses. Our proposal is that the Bank be allowed to locate for a NEW LESSEE
who will rent the property in order to avoid any economic loss on your part. The Bank will pay
the monthly rental over the commercial space within the contractual term until a new lessee will
occupy and rent the same. As a sign of our sincerity, we will deposit the amount of P31, 920.00
on or before the due date of the postdated check as payment of the June 17 July 16, 2015.
To discuss this matter further, may we request a dialogue with your authorized
representative as soon as possible.
The Bank hopes to maintain our good relationship with your company before we
terminate our Contract of Lease hence this letter.
The Bank may be contacted through the undersigned for queries. Thank you and have a
good day.
Noted by:
ROY C. BUNA
Vice President Operations
D Asian Hills Bank, Inc.
Fortich St., Malaybalay City, Bukidnon

ATTY. RIA FAITH N. BISAHAN, REB

Legal Counsel - D Asian Hills Bank, Inc.