Undertaking Profit Sharing.pdf

UNDERTAKING This Undertaking made and entered into this ___ day of _________, 2019 at ________________, by: FEMOLIE C. GUK-ONG, of legal age, Filipino, married and residing at SAN ANTONIO, SAN PASUCAL, BATANGAS, hereinafter referred to as the “FIRST PARTY” -andNAMELA B. ALAAN, of legal age, Filipino, married and residing at SAN PASCUAL, BATANGAS, hereinafter referred to as the “SECOND PARTY”; In favor of: DIOMEDES E. ALAAN, of legal age, Filipino, married and residing at SAN PASCUAL, BATANGAS, hereinafter referred to as the “FINANCER”; WITNESSETH That the FIRST PARTY and SECOND PARTY is borrowing the amount of Forty Thousand Pesos Only (P 40,000.00) while the FINANCER is willing to and able to lend said amount subject to the following terms and conditions: 1. That the FINANCER shall convey the amount of Forty Thousand Pesos Only (P 40,000.00) to the FIRST PARTY and SECOND PARTY upon execution of this contract. 2. That the FIRST PARTY and SECOND PARTY shall pay the FINANCER the principal amount borrowed and with the agreement that the net profit incurred with the business financed by the said amount will be equally divided between the FIRST PARTY and SECOND PARTY. 3. That the FIRST PARTY and SECOND PARTY shall submit weekly progress reports with complete accounting details to the FINANCER for transparency. 4. In the event that the FIRST PARTY and SECOND PARTY fails to pay the principal after a reasonable due date was set by the FINANCER, the FIRST PARTY and SECOND PARTY shall be entitled to apply for another fifteen (15) days grace period with promissory note and if fails to do so, then the FINANCER shall be entitled to demand the entire balance due immediately. 5. That the FIRST PARTY, SECOND PARTY and FINANCER agree that any suit arising from this note shall be filed with proper courts of the City of Batangas. IN WITNESS WHEROF, I have hereunto set my hand this _____ day of _______, _______ at ____________________________.

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Signed in the presence of: _____________________

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BEFORE ME, this ______ day of _________ at ______________ personally came and appeared: ________________________ ____________

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Known to me and to me known to be the same persons who executed the foregoing instrument and they acknowledged to me that the same is their free and voluntary act and deed, WITNESS MY HAND AND SEAL. Doc. No._____; Page No._____; Book No._____; Series of _____: