AND CREDIT

DBPARTMENT OF LOANS
r 3,1999
D e c e m b e1

CORPORATION
HOUSEHOLD DEVELOPMENT
Represented bY:
urul
irrESSnS. JERRY M' NAVARETTE
MARCELINO C MEI'IDOZA
as Presideni
in theircaPacities
and Executive Vice President,respectively
-ZapoIeRoad
CamellaCenter, Alabang
Talon, Las PiflasCitY
Advnnces
Re: EmergencY

Gentletnen:
advancesobtainedb}' optimum
This has referenceto the emergency the Bangko
Bank (formerly Capitol bt"JfopT:n' tilO) from
Devetopment prr:missory notes'
and coveredby variorrs
Sentralng pilipinas (BSp) .uid.nr.d tinredespitedemands made to
have remained unpaid ior quite ;;.
which
fully settlethe same'
as
obligation under the -pgrpromissoryNotSconiputed
aforesaid
The rotar FOUR BILLION THREE
lggg amounted 'o
of 30 November FOUR
THREE HUNDRED SEVENTY
ELINDRED FORTY MILLION
THOUSANDSBVENHUNDREDSEVENTYANDTI/100
(4,340,374r770.71),exclusiveofthe,correspondingapcruedinterestandliquidated
to initiatelegal
beengiven deirniteinstruction
damages.Becauseof this, we have securing
p*.r"p*rn, tTo and the real estatemortgage
actionagainstoptimum to send you
amount. g.ro* joing so, howeve:,we deemit best
the aforesaid the amount in fuli rvithin five
you a rast opportynjty t,r settle
this letter andgive to endorse
from ieceipt of this t.ti.r. Otherwi; we witl .be constrained
(5) dnys regaiactionbe 'ndertaken
thatthe necessary
your accountto our larvyersin order
toprotecttheinteresto|theBsP,withoutfurthernoticetoyou.
'fr'e urge you, therefore'to take
Consitlerthis as our FINAL demand' '/ou
beinggivento
advantageof this last opportunity

Very tn-rlYYours,
/1
//
I

JOAN M. CORTES
Offrcgr-in-Charge
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M A Y N I L A ,P I L I P I N A S

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DEPARTVTENT

D e c e n t b e r1 3, 1 9 9 9

OPTIMUIVI DEVELOPN{trNT BI\NI(

(fornrerlyCapitolDevelopmentBarik)
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frorri
l - 5 i s 5 a s r e [ c r . e r r ct eo t h c e n r c r g e n c ya c l v A n . e su ' l t i c l t 1 ' o t to b t a i r l e d
c o v e r e c lb 1 ' r ' a r i o r s
t l r e B a r r g k o .S e r r t r a ln g p i l i l l i . a s ( g s p ) e v i c l c ' c c r la r r d
16, l99S desllite
p r - o n r i s s opr yo t e s r v l r i c l rh a v ' cr e n r a i n c du n p a i csl i t t c eS e l l t e l b c r
r r
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to
your total obligation as of 30 Novcnrbcr' 1999 atttotttttccl
NIILLION TIIREIi
PIIP FOUR BILLION 1'IIREII IIUNDR[I) I;ORTY
SE\/ENI-\'
I I U N D I 1 E D S E \ J E , N T YI T O U RT I I O U S A N D S D \ / [ N I I U N D I T I I D
7 , 7 7 0 , 7 l ) ,e x c l u s i v eo f t h c c o t ' t . e s l ) o n d i n g t t d
a c c r e irtlcrest
r \ N D 7 l l l 0 0 ( 4 , 3 -0l , 3 ' 4
g i v e n d c f i n i t ei r t s t n t c t t o t t
a . d l i q ' i d a t c c cj l a n r a g e sB c c a u i co I t l i i s ,\ \ , e h a v eb c c n
n t o r t g a g es c c t r r i n gt h e
t o i n i t i a t e I e g a l a c t i o n a q a i n s ty o L t a n c l t h e r e a l e s t a t e
bestto give yotr a last
a f o r e s a i da c c o u ' t B e f o r e c l o i ' g s o , h o i v e v e r ,\ v e c l c e u ri t
d r t l ' sf r o n r r c c e i p to f t h i s
o p p o r t u ' i t yt o s e t t l e) , o L rar c c o u n ti n f u l l u ' i t h i n l l v c ( 5 )
l e t t e r . O t l r e n v i s an, , . i v i l l b e c o n s t r a i n e ct ol e n c l o r s ey o L l l ' a c c o L l ltlot o L l rl a r i ' ; ' e r s
p r o t e c t h e i r t t e r e sot f t h e
i . o r d e rt S a tt 5 e n e c e s s a rl ye g a la c t i o nb e u n c l e r t a l < teon
I J S P ,r v i t h o t r ft i . r r t h enr o t i c et o y o i t .

t h e r e f o t ' et,o s e t t l e
C o n s i d c rt h i s a s o l l r I i l N ' { L d e t t t a t t c l \ \ / e t r l - g e) / o L l ,
v o L r ra c c o t l t t tu ' i t l i i n t l t e a [ o r e s a i ctli n r e '

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2S
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ITAGUYOD OOO M A G - I M P O IS( A B A N G I ( O