MEMORANDUM OF AGREEMENT, signed on 2nd May, 1998 between JOHN SMITH
(landlord) and MARY JONES (contractor). In consideration of the amount, the contractor agrees with the Landlord that, she will, within three months, provide materials to build and complete the building on the land at 41 Maltipo Ave, Woodbridge-Virginia according to the plan provided. AND THE SAID Landlord for the consideration above, agree to pay the contractor 60, 000 dollars, in the following; 20, 000 dollars after laying of foundation, 20, 000 dollars for the brick work, and the remaining 20, 000 dollars upon completion of the building and approval by Surveyor Jill Black. AND LASTLY, THE LANDLORD AND CONTRACTOR, further agree to perform this memorandum of agreement, there shall be a penalty of 500 dollars for each week, by the contractor for failing to the performance of the above agreement and in same manner , upon failure on the part of the Landlord. WHHEREFORE THE PARTIES HERETO HAVE ALREADY SET THEIR HANDS AND NAMES TO THE DATE WRITTEN ABOVE.
G.R. No. 153852 October 24, 2012 Spouses Humberto P. Delossantos and Carmencita M. Delos Santos, Petitioners, Metropolitan Bank and Trust Company, Respondent