DOWN PAYMENT AGREEMENT

This DOWN PAYMENT agreement made on the _______________________ entered into by and
between

JANNEL R. VELASCO, legal age and a resident of 424 Panahon St., Caloacan, San Jose City, Nueva
Ecija.

-And-

Dr. Lany Baquiran / Fredisminda V. Gatchalian of legal age with the residence address at Brgy.,
12 A. Castro Avenue, Laoag City, Ilocos Norte.

1. That Dr. Lany Baquiran / Fredisminda V. Gatchalian is selling Ylocos Hilot MOVABLE ITEMS & FIX
IMPROVEMENTS to Jannel R. Velasco located at _____________________.
2. Whereas Jannel R. Velasco will convert the said establishment to Northern Spa – Laoag City Branch.
3. That Jannel R. Velasco will deposit an amount of 40,000.00 (Forty Thousand Pesos Only) as DOW
PAYMENT for the said MOVABLE ITEMS and FIX IMPROVEMENTS of Ylocos Hilot.
4. That the said MOVABLE ITEMS will be checked and confirm upon turnover of the establishment.
5. Any MOVABLE ITEMS that is not in the list will be added in the computation.
6. Any MOVABLE ITEMS in the list that is not in the vicinity will be deducted to the computation.
7. That the amount of MOVABLE ITEMS & FIX IMPROVEMENTS lists as follows:

BREAKDOWN

FIXED ASSETS (Final Computation) = 198,500 (less 20%) 158,800

MOVABLE ASSETS (Subject for confirmation of the items upon turnover) 41,750

_________________
TOTAL AMOUNT 200,550

_______________________________ _____________________________

Dr. Lany Baquiran Jannel R. Velasco

_______________________________ _____________________________

Fredisminda V. Gatchalian Joseph B. Lindain

WITNESSED BY:
_______________________________ ____________________________