De bt Set t lem ent Agr eem ent

This Debt Settlement Agreement, hereinafter known as the “Agreement”, is between

MON-MICHAEL MADRID of Calamagui, Solana,Cagayan , hereinafter known as the “Creditor”, and
ESTER MABBORANG of Calamagui, Solana, Cagayan, hereinafter known as the “Debtor”. When
mentioned jointly shall be the “Parties”.

I. Effective Date. November 09, 2021 shall be the effective date of this Agreement with the
Parties agree to the following:

II. Present Debt. The Parties agree that there is a current debt owed by the Debtor in the amount
of Seven Thousand Eight Hundred Sixty Pesos Only (P 7,860.00) hereinafter known as the
“Present Debt.”

III. Settlement Debt. The Creditor agrees as part of this Agreement they shall be accepting the
payment for the satisfaction of the Present Debt, hereinafter known as the “Settlement Debt”.
This Settlement Debt shall be in the amount of Five Hundred Pesos (P500.00) Weekly.

IV. Payment. Payment for the Settlement Debt shall be made every week thereafter until the full
amount has been paid.

V. Binding Effect. This Agreement shall be binding on all Parties involved.

VI. Modification. No modification to any provisions contained in this Agreement shall be binding
upon any party unless made in writing and signed by both Creditor and Debtor.

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

Ester Mabborang Mon-Michael D. Madrid

Debtor Creditor
Date: ____________ Date: ____________

Witnesses:

IN WITNESS WHEREOF, I have hereunto set my hands at _____, this ________ day of _________, 2021.

NOTARY PUBLIC
Doc. No.
Page No.
Book No.
Series of 2021