06 MARCH 2020

LYDIA B. MACASADDU
28 Antonio Street, Caggay
Tuguegarao City, Cagayan 3500

RE: FINAL DEMAND WITH NOTICE OF DISHONOR

This is in response to the Final Demand Letter you sent me on

February 28, 2020, which I only just received on March 02, 2020.

First and foremost, I am recognizing the fact that I am indebted to

you but only up to the extent of the amount of the checks I issued you. In
total, the checks I issued amount to Forty-Nine Thousand and Seven
Hundred Pesos only (PHP 49,700.00).

Second, I promise to pay the amount above-stated up until the end

of the month which is March 31, 2020. In case of non-payment, shall be
given at least five (5) days as grace period within which to pay such
indebtedness.

Third, in case of my failure to pay within the stipulated period, I

propose that the following be paid in three monthly equal installments
with the simple legal interest of 12% per annum counted from the time
the Final Demand was made.

Fourth, I wish to point out that the amount contained in the Final
Demand Letter which is Two Hundred and Eighty-Three
Thousand and Four Hundred and Fifty Pesos (PHP
283,450.00) is excessive, exorbitant, oppressive, iniquitous and
unconscionable.

Therefore, I am willing to pay in the following terms:

1. Payment shall be made personally with at least two witnesses

and an acknowledgement receipts signed by you, the creditor,
and the two witnesses who are both present during the
payment of loan;

1
 2. In case of the third paragraph, the following shall be the terms
of the schedule of payment:

a. Payments shall be paid every fifteenth (15 th) of the month

beginning with this April, then May and, lastly, on June,
2020;

b. The payments shall be made in the place of business of the

debtor with at least two witnesses who shall signify in the
Acknowledgement Receipt the fact that payment was made;

c. The amount due, including the interest of Four Hundred

and Ninety-Seven Pesos (PHP 497.00) per month
shall be Seventeen Thousand and Sixty-Four Pesos
(PHP 17,064.00);

d. The creditor shall give the debtor a grace period of three (3)
days from the due date to settle before demanding payment
thereof.

I hope these terms and proposals are acceptable to you so that we

can move past any bad blood we have for each other due to the stress and
anxiety brought about by this contract of loan. Thank you,

Respectfully,

JULIET TAPPA MABBORANG