Debt Compromise Agreeent Sample.docx

Debt Compromise Agreement This Debt Compromise Agreement (the “Agreement”) states the terms and conditions that govern the contractual agreement between Jie Ann Fame Cahurao having its principal address at Tigbauan, Iloilo (the “Debtor”), and City Savings Bank through its authorized representative, having its principal place of business at Gen. Luna St., Iloilo City (the “Creditor”) both agree to be bound by this Agreement. WHEREAS, the Debtor is indebted to the Creditor in the amount of Three Hundred Six Thousand Four Hundred Seventy Pesos and Ten Centavos (₱306,470.10) (the “Debt”); and WHEREAS, the Debtor wishes to settle the Debt in full according to the terms of this Debt Compromise Agreement. NOW, THEREFORE, In consideration of the mutual covenants and promises made by the parties hereto, the Debtor and the Creditor (individually, each a “Party” and collectively, the “Parties”) covenant and agree as follows: 1. ACKNOWLEDGMENT OF DEBT. The Debtor agrees and acknowledges that it is indebted to the Creditor in the full amount of the Debt. 2. SETTLEMENT AMOUNT. The Creditor agrees to accept from the Debtor, monthly payment amount of Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) as instalment payment of the Debt outstanding to the Creditor at the date hereof, subject to the terms and conditions of this Agreement. Payments shall be made according to the schedule attached hereto as Annex A (the “Settlement Payments”). 3. TIME IS OF THE ESSENCE. The Parties agree and acknowledge that time is of the essence with regard to the Debt Settlement Payments. 4. NO MODIFICATION UNLESS IN WRITING. No modification of this Agreement shall be valid unless in writing and agreed upon by both Parties. 5. FULL INTEGRATION. This Debt Settlement Agreement supersedes any prior agreements, understandings, or negotiations, whether written or oral. 6. FURTHER ASSURANCES. The Parties shall make any further assurances as may be necessary to implement and carry out the intent of this Agreement. 7. VENUE. This Debt Settlement Agreement and the interpretation of the terms herein shall be governed by and construed in accordance with the laws of the Republic of the Philippines. The Parties irrevocably submit to the exclusive jurisdiction of the trial courts located in the City and/or Province of Iloilo. IN WITNESS WHEREOF, each of the Parties has executed this Debt Settlement Agreement, both Parties by its duly authorized officer, as of the day and year set forth below. [DEBTOR’S NAME] _________________________________ ______________ JIE ANN FAME CAHURAO DATE [CREDITOR NAME] _________________________________ ______________ ____________________________ DATE AUTHORIZED REPRESENTATIVE CITY SAVINGS BANK, INC. (Attach authorization from the bank)

“ANNEX A”

PAYMENT SCHEDULE (24 Months) No. of Months 1.

DUE DATE July 20, 2018

2.

August 17, 2018

3.

September 21, 2018

4.

October 19. 2018

5.

November 16, 2018

6.

December 21, 2018

7.

January 18, 2019

8.

February 22, 2019

9.

March 22, 2019

10.

April 19, 2019

11.

May 24, 2019

12.

June 21, 2019

13.

July 19, 2019

14.

August 23, 2019

15.

September 20, 2019

16.

October 18, 2019

17.

November 22, 2019

18.

December 20, 2019

19.

January 17, 2020

20.

February 21, 2020

21.

March 20, 2020

22.

April 17, 2020

23.

May 22, 2020

24.

June 19, 2020

AMOUNT Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59) Twelve Thousand Seven Hundred Sixty Nine Pesos and Fifty Nine Centavos (₱12,769.59)