This Agreement executed this 31st day of October, 2013 at Makati, Metro Manila, by and between:
PEDRO PENDUKO, Filipino, of legal age with address at 222 Montclair Street, Merville Park, Parañaque, Metro Manila, represented herein by Atty. Juan Dela Cruz (hereinafter referred to as “the plaintiff”).
ENTENG KABISOTE, Filipino, of legal age with address at No. 11 Gold Loop Street, Ortigas Center, Pasig, Metro Manila, represented herein by Atty. Maria Makiling (hereinafter referred to as “the defendant”).
WITNESSETH: That -
WHEREAS, the plaintiff PENDUKO and defendant KABISOTE have instituted several actions against each other in the past.
WHEREAS, the plaintiff PENDUKO instituted the present action for reconveyance of real property, annulment of deed of sale and accounting of income of property.
WHEREAS, the parties desire to buy peace and wish to avoid a protracted litigation in this case.
NOW THEREFORE, in consideration of the foregoing and the further covenants hereinafter set forth, the parties agree as follows:
1. Plaintiff shall be paid the sum of FOUR MILLION PESOS (P4,000,000.00) in accordance with the following schedule:
a. Initial payment - TWO MILLION PESOS (P2,000,000.00) shall be paid to the plaintiff by defendant KABISOTE upon the signing and due execution of this Compromise Agreement, Provided, however, that the initial payment by defendant KABISOTE shall be delivered into the custody and possession of a third party, Atty. Maria Mercedes, who shall act as escrow-trustee of the parties and who shall only deliver the said initial payment to the plaintiff through plaintiff’s counsel upon the filing in Court of this Compromise Agreement.
b. The balance of TWO MILLION PESOS (P1,000,000.00) shall be paid by defendant Kabisote as follows:
Second payment - ONE MILLION PESOS (P1,000,000.00) within sixty (60) days after the date of the first payment.
Third payment - ONE MILLION PESOS (P1,000,000.00) within forty-five (45) days after the date of the second payment.
2. The initial payment by defendant KABISOTE shall be made in cash. The two payments on the balance shall be covered by post-dated checks drawn by defendant KABISOTE as payable to ATTY. JUAN DELA CRUZ who shall hold and account for said payments in trust for plaintiff PENDUKO.
3. This Compromise Agreement shall not affect nor prejudice any case or cases between the parties not specifically referred to herein.
4. Upon delivery of the initial payment made by defendant KABISOTE and delivered to the escrow-trustee of the parties, the parties shall seek Court approval of this Compromise Agreement and the cancellation or lifting of the notice of lis pendens issued by the Court over the property subject of the action.
5. The signatories to this Agreement hereby represent and warrant that they are duly authorized to execute this Agreement.
6. The parties or their assigns hereby waive, renounce and forever quitclaim all their respective claims and counterclaims subject of the instant action as well as those that may arise therefrom, in connection therewith or in relation thereto.
7. The foregoing covenants are not contrary to law, morals, or public policy and the parties bind themselves to comply strictly with their undertakings.
IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place above written.
Signed in the presence of: