MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Secondment Agreement (Agreement) made and entered by and between:

WITNESSETH:

WHEREAS, the FIRST PARTY loaned money to the SECOND PARTY last July 13,
2021, which accumulated in the principal sum of THREE HUNDRED, SEVENTY
THOUSAND, SIX HUNDRED SIXTY PESOS (Php370,660.00);

WHEREAS, the SECOND PARTY failed to pay said amount, prompting the FIRST
PARTY to send a formal demand letter on January 23, 2023;

WHEREAS, the SECOND PARTY offered to settle his debt with the FIRST PARTY
extra-judicially;

NOW THEREFORE, PARTIES hereby enter into this Agreement under the following
terms and conditions:

I. On the part of the FIRST PARTY:

1. That FIRST PARTY agrees to mitigate the total obligation of the SECOND
PARTY from THREE HUNDRED, SEVENTY THOUSAND, SIX
HUNDRED SIXTY PESOS (Php370,660.00) to TWO HUNDRED SIXTEEN
THOUSAND PESOS (Php216,000.00);

2. That FIRST PARTY shall accept the payments made by SECOND PARTY
and may only refuse said payments if not made according to herein
agreement;

3. That FIRST PARTY shall issue a corresponding acknowledgment receipt for

every payment made by the SECOND PARTY; and

4. That FIRST PARTY shall release SECOND PARTY from any obligation
after the TWO HUNDRED SIXTEEN THOUSAND PESOS (Php216,000.00)
obligation is paid fully.

II. On the part of the SECOND PARTY:

1. That SECOND PARTY shall pay the amount of TWO HUNDRED SIXTEEN
THOUSAND PESOS (Php216,000.00) to the FIRST PARTY within three (3)
years from the execution of this Agreement or until February 5, 2025;

2. That SECOND PARTY shall pay FIRST PARTY the amount of THREE
THOUSAND PESOS (Php3,000) every 5th and 20th day of every month or in a
bi-monthly basis, totaling to a monthly payment of SIX THOUSAND PESOS
(Php6,000.00);

3. That SECOND PARTY shall pay her first installment on February 20, 2023;

4. That SECOND PARTY shall sign the ledger/records of the FIRST PARTY
when payment is made; and
 5. That SECOND PARTY shall comply with the terms of this agreement without
the necessary demand from the FIRST PARTY.

This Agreement shall become effective upon execution thereof. The benefit of this
agreement may not be assigned in whole or in part by a party without prior consent from the
other.

Both parties acknowledge that this Agreement constitute the entire agreement between
them and shall completely supersede all other prior understandings, previous communications or
contracts, oral or written, between the parties relating to the subject matter hereof. Non-
compliance of the terms in this Agreement shall be ground for the parties to file the necessary
action before the court or any proper forum.

IN WITNESS WHEREOF, the parties to this Agreement have hereto set their hands on
the 7th day of February 2023 at Lapu-Lapu City.

____________ ____________
ID No. ID No.
Issued by: Issued by:

SIGNED IN THE PRESENCE OF:

___________________________ ___________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

LAPU-LAPU CITY ) S.S.

BEFORE ME, a Notary Public for and in the City of Lapu-Lapu this 7 th day of February
2023, personally appeared the above-named persons with their competent evidence of identity as
stated below their names, known to me to be the same persons who executed this document
consisting of two pages including this page, and they acknowledged to me that the same is their
free and voluntary act and deed.

IN WITNESS WHEREOF, I have hereunto affixed my hand and notarial seal on the
day, year and place above-written.

Doc. No. _______.

Page No. _______.
Book No. _______.
Series of 2023.