DEBT SETTLEMENT AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement made and entered into this ____ day of ____________ at
Legazpi City, Philippines by and between:

_____________________________________, Filipino Citizen,

of legal age, with residence and postal address at
___________________________________________,
hereinafter referred to as the "DEBTOR".

-and-

_____________________________________, Filipino Citizen,

of legal age, with residence and postal address at
___________________________________________,
hereinafter referred to as the "CREDITOR".

WHEREAS, the Debtor is indebted to the Creditor in the amount of

_________________________________________________ Philippine Currency
_____________________________________________ and

WHEREAS, the Creditor wishes to settle the Debt in full according to the terms
of this Debt Settlement Agreement.

NOW, THEREFORE, In consideration of the mutual covenants and promises

made by the parties hereto, the Debtor and the Creditor covenant and agree
as follows:

ACKNOWLEDGMENT OF DEBT. The Debtor agrees and acknowledges that it

is indebted to the Creditor in the full amount of the Debt.

SETTLEMENT OF DEBT.
a. The Creditor agrees to accept from the Debtor, payment amount of
_________________________________________________ Philippine Currency
_____________________________________________ as full repayment of the
Debt outstanding to the Creditor at the date hereof, subject to the terms
and conditions of this Agreement. Payments shall be made according to
the date agreed by the parties which is due on
___________________________.
b. Non-payment of the debt in full will guarantee the Debtor the transfer of
his/her house situated in Brgy. Divino Rosto to the Creditor.

TIME IS OF THE ESSENCE. The Parties agree and acknowledge that time is of
the essence with regard to the Debt Settlement Payments.

NO MODIFICATION UNLESS IN WRITING. No modification of this Agreement

shall be valid unless in writing and agreed upon by both Parties.

FULL INTEGRATION. This Debt Settlement Agreement supersedes any prior

agreements, understandings, or negotiations, whether written or oral.

1 DEBT SETTLEMENT AGREEMENT

FURTHER ASSURANCES. The Parties shall make any further assurances as
may be necessary to implement and carry out the intent of this Agreement.

VENUE. Any dispute that might arise thereof shall be exclusively filed in the
Courts of Legazpi City to the exclusion of all other courts.

IN WITNESS WHEREOF, each of the Parties has executed this Debt Settlement
Agreement, both Parties by its duly authorized officer, as of the day and year
set forth below.

__________________________ __________________________

DEBTOR CREDITOR

SIGNED IN THE PRESENCE OF:

___________________________ __________________________

Republic of the Philippines)

_____________________ )s.s.

ACKNOWLEDGEMENT

BEFORE ME, this _____ day of _______________, 20____, at

_______________________, Philippines, personally appeared:

NAME DATE AND PLACE VALID ID

OF ISSUE
____________________ ___________________________ _______________________

___________________ __________________________ ______________________

all are known to me and to me known to be the parties who have executed this
foregoing DEBT SETTLEMENT AGREEMENT, consisting of three (3) pages
including this Acknowledgement where it is written and signed by the parties
and their instrumental witnesses on the left hand margin on each page and
further acknowledged to me that the same is their free and voluntary act and
deed.

WITNESS MY HAND AND NOTARIAL SEAL, on the date and place

above-written.

Doc No. ____;

Page No. ____; NOTARY PUBLIC
Book No. ____;
Series of 20___.

2 DEBT SETTLEMENT AGREEMENT