CONTRACT TO SELL RESTAURANT BUSINESS

KNOW ALL MEN BY THESE PRESENTS: THIS CONTRACT TO

SELL, entered into this 1st day of October 1, 2022 at Iligan City, Philippines, by
and between: 
___________________, married, of legal age, Filipino citizen, with
residence and postal address at
________________________________________ hereinafter referred to as the
SELLER, - and - ____________________________________, single/married,
of legal age, Filipino citizen, with residence and postal address at
______________________________, hereinafter referred to as the BUYER.

- WITNESSETH -

That for and in consideration of the sum of Ninety Thousand Pesos

(Php90,000.00), Philippine currency, which the BUYER has bound
herself/himself to pay in the manner herein specified, the SELLER
has agreed and contracted to sell to the BUYER her restaurant business, located
at ________________, registered under a sole proprietorship under the business
name ________________. This contract includes the sale of all the business
properties / assets used for its operation including but not limited to such as
tables, chairs, plates, utensils.

THE CONDITIONS OF THIS CONTRACT ARE AS FOLLOWS:

1. The BUYER hereby agrees to pay the purchase price stipulated above to
the SELLER at its above-stated address, in three instalment basis, and
without the necessity of demand, in the following manner:
 a. FIFTY THOUSAND PESOS (Php 50,000.00) upon the execution of
this contract as down payment;
b. TWENTY THOUSAND PESOS (Php 20,000.00), after the four
weeks from the execution of this contract, as the second payment;
c. TWENTY THOUSAND PESOS (Php 20,000.00), after eight-week
from the execution of this contract, as the third and last payment.

2. The BUYER, in connection with the business name and taxes, shall be
obligated to pay the quarterly sales tax up until March, 2022 (end of the
business permit), then may proceed to transfer the name of the business to
his name or changed it entirely if he so desires;

3. The SELLER and the BUYER shall both be obligated to pay any
remainder of other taxes that may occur at the end of the Business Permit,
in a pro-rated division of computation. (SELLER from March, 2022 to
September. 2022 – 7 months; BUYER October. 2022 to March, 2023 – 5
months);

4. The BUYER is hereunto also obligated to abide by the rules and follow
the laws and city ordinances to protect the business name and avoid any
legal issues. Penalties and/or fines as a result of violations in any of the
aforementioned, shall be bore by the BUYER. (eg: Selling liquors during
liquor-ban, closing the store during curfew hours);

5. Delay on the second and third payment without notice and justifiable
reason will result to legal actions available to the BUYER against the
SELLER, and continued non-payment will result to the cancellation of
this contract with the forfeiture of the down payment.
 6. The sale of the restaurant business is effective upon full payment of the
contract price, whereas as a Deed of Absolute Sale contract shall be
executed.

IN WITNESS WHEREOF, we have here unto affixed our hands this

____day of October, 2022 at __________________.

__________________ ________________
Danice Ila Tupaz-Laja ________________
SELLER BUYER

ACKNOWLEDGEMENT
 
Republic of the Philippines)
Province of ____________)
Iligan City               ) S.S
 

BEFORE ME, personally appeared:

 
              Name             ID Number            Date/Place Issued
 
__________________ ______________ ________________
__________________ ______________             ________________
    

Known to me and to me known to be the same persons who executed the

foregoing instrument and acknowledged to me that the same is their free and
voluntary act and deed.
 
WITNESS MY HAND AND SEAL, on the date and place first above written.
                                                                  

                                                              Notary Public

 
Doc. No.______;
Page No. ______;
Book No.______;
Series of 20___.