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TERMINATION OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS

This Termination of Memorandum of Agreement is entered on this ______ day of


_____________,2015 at Cebu City by and between :

BASILIDEZ P. CABALLERO, Filipino, of legal age, and a resident of 272-I


Gorodo Avenue, Kamputhaw, Cebu City, hereinafter referred to as the FIRST PARTY ;
-andMARCELYN C. BISNAR, Filipino, of legal age, and a resident of Gorodo
Avenue, Kamputhaw, Cebu City, hereinafter referred to as the SECOND PARTY ;
-andJONATHAN T. CABALLERO, Filipino, of legal age, and a resident of Gorodo
Avenue, Kamputhaw, Cebu City, hereinafter referred to as the THIRD PARTY ;

WITNESSETH :

Whereas, the First and Second Parties operate a business of a bar known as
Golden Ruby Japanese Karaoke Bar which is located in J. Bernss Bldg, 19N Escario St.,
Camputhaw, Cebu City ;
Whereas, the Third Party upon agreement with the First and Second Party to
become an investor of the said business had invested money in the amount of TWO
HUNDRED SIXTY-THREE THOUSAND EIGHT HUNDRED EIGHTEEN PESOS
AND FIFTY CENTAVOS (P263,818.50) which includes the purchase of the items
necessary for the operation of the business in a total amount of ONE HUNDRED ONE
THOUSAND THREE HUNDRED SEVENTEEN PESOS (P101,317.00).
Whereas , the Third Party has decided to pre-terminate the agreement effective
October 14,2015 by way of a Notice to Pre-Terminate the Memorandum of Agreement
after learning of some practices in the operation and management of the said business by
the First and Second Parties which are prejudicial to his business interest;
Whereas, the First and Second Parties duly accepted and acknowledged the
Notice of Pre-termination of the Memorandum of Agreement furnished to them by the
Third Party.
NOW THEREFORE, for and in consideration of the foregoing premises, the
parties hereby agree, as follows :

I.

TERMINATION OF THE MEMORANDUM OF AGREEMENT. The


First and Second Parties hereby agrees that effective October 15, 2015,
The Memorandum of Agreement is terminated and the Third Party is
divested of any share of the profits of the business and is no longer an
investor nor connected of whatever capacity in the said business.

II.

RETURN OF THE ITEMS INVESTED BY THE THIRD PARTY.


The First and Second Parties shall return the items owned by the Third
Party

III.

INSTALLMENT PAYMENT OF THE MONEY INVESTED BY THE


THIRD PARTY. The First and Second Parties agrees to return the money
invested by the Third Party amounting to ONE HUNDRED SIXTY
TWO THOUSAND FIVE HUNDRED ONE AND FIFTY CENTAVOS
(P162,501.50) which is the remaining balance of the total amount invested
TWO HUNDRED SIXTY-THREE EIGHT HUNDRED EIGHTEEN PESOS
AND FIFTY CENTAVOS (P263,818.50) less the value of the items
returned amounting to ONE HUNDRED ONE THOUSAND THREE
HUNDRED SEVENTEEN PESOS (P101,317.00) by way of installment
starting
on
______________________
in
an
amount
of
___________________ per month to be fully paid on
_____________________________.

IV.

FAITHFUL COMPLIANCE. The parties agree to strictly and faithfully


comply with the terms and conditions of this agreement.

V.

PENALTY FOR NON-COMPLAINCE. The First and Second Parties


agree to pay ____% interest of the unpaid amount of the money invested
by the Third Party without prejudice to any action in court to collect the
unpaid amount..

VI.

VENUE. In case of disagreement on any of the terms and conditions of


this agreement, the action against any party can ONLY be filed in the
courts of Cebu City, Philippines.

IN WITNESS WHEREOF, we have hereunto affixed our signatures this ________day


of ____________2015, at Cebu City, Philippines.

_________________________
BASILIDEZ P. CABALLERO
FIRST PARTY

______________________
MARCELYN C. BISNAR
SECOND PARTY

________________________
JONATHAN T. CABLLERO
THIRDA PARTY
SIGNED IN THE PRESENCE OF :

1.____________________________

2.____________________________

ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES}
CEBU CITY
} S.S.
x------------------------------------------------/
BEFORE ME, a notary public of Cebu City, on the date and place above-stated,
personal appeared the following persons with their competent evidence of identity :
Names :
Identification Cards :
Date of Issue/Expiry:
___________________________________________________________________
Basilidez Caballero
___________________________________________________________________
Marcelyn Bisnar
Jonathan Caballero
known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged to me that the same is their free and voluntary act and
deed. This instrument, consisting of three (3) pages, including this page upon which
this Acknowledgment is written has been signed by the parties and their witnesses at
each and every page and sealed with my notarial seal.
WITNESS MY HAND AND SEAL on the date and in the place first above
written.

Doc No. :__________


Page No:__________
Book No. _________
Series of 2015

Notary Public