Republic of the Philippines)

Province of Isabela ) S.S

Ilagan City )

 
COMPROMISE AGREEMENT
 

KNOW ALL MEN BY THESE PRESENTS:

This Compromise Agreement executed this ____day of December 2015 at Ilagan

City, Isabela, by and between:

EDUARDO PUA, of legal age, Filipino and a resident of #27 Pilar St., Cauayan
City, Isabela, hereinafter referred to as the FIRST PARTY;

SPOUSES ANGELITO PEREZ and JOCELYN PEREZ, of legal ages, Filipinos

and residents of Prenza National Highway Cauayan City, Isabela, and
hereinafter referred to as the SECOND PARTY;

 WITNESSETH:

WHEREAS, the FIRST PARTY as a former employee represents the other

employees in seeking payment of their separation claims from sole proprietor
Kim Uy;

WHEREAS, the FIRST PARTY likewise made an investment in the business of

said sole proprietor;

WHEREAS, the death of the sole proprietor created an issue as to the payment
of creditors as well as to their preference;

WHEREAS, the FIRST PARTY and the SECOND PARTY are desirous of settling
amicably their differences in order to avoid a serious dispute entail more delays
on their part.

NOW, THEREFORE, in consideration of the foregoing premises, the parties

hereby undertake as follows:

1. The parties agreed to liquidate the remaining assets of the sole proprietor
Kim Uy, requiring the presence of one another during such liquidation;

2. The parties agreed that whatever proceeds from the sale of the assets,
the same will be used to pay all the creditors in the following manner:

a. The amount of TEN THOUSAND PESOS (P10,000) shall be paid to

FOURTEEN (14) employees or a total amount of ONE HUNDRED
FOURTY THOUSAND PESOS (P140,000);

b. The amount of THREE HUNDRED THOUSAND PESOS (P300,000)

shall be paid to the FIRST PARTY representing the return of his
investment;
 c. The amount of FOUR HUNDRED EIGHTY THOUSAND PESOS
(480,000) shall be paid to the SECOND PARTY representing the
amount of unpaid rentals from NOVEMBER 2016 up to present.

3. That whatever amount or proceeds remaining after payment of all

creditors, the parties have agreed that the same shall be divided between
them in a 70%:30% share ratio;

4. In case of disagreements, the parties should discuss the matter together;

5. Any modification of this agreement may be made with the conformity of

both parties;

6. This compromise agreement shall serve as a waiver of any claim by each

party to on another arising from the issue of creditor preference and the
payment thereof but in no case be construed as a waiver of any future
claims that may arise from other issues;

7. That any violation of the provisions of this compromise agreement shall

entitle the other party to file the appropriate case in Court for the
enforcement of the rights arising from this agreement as well as rights
from existing laws.
8.

IN WITNESS WHEREOF, the parties have hereunto set their hands this ____
day of __________, 2017 at Ilagan City, Isabela. 

EDUARDO PEREZ
First Party

ANGELITO PEREZ JOCELYN PEREZ

Second Party Second Party

 
Witnessed By:

__________________________   __________________________
 

ACKNOWLEDGMENT

BEFORE ME, a Notary Public for and in Province of Isabela, personally

appeared:
 Name              I.D                     I.D No. 

EDUARDO PUA
ANGELITO PEREZ
JOCELYN PEREZ

And that they acknowledge to me that they are the same persons who executed
the foregoing instrument, consisting of three (3) pages, including this page and
that they executed the foregoing instrument as their own free and voluntary act
and deed.

Doc. No. ____;

Page No. ____;
Book No. ____;
Series of 2017.