Sample Memorandum Of Agreement 356j4i

MEMORANDUM OF AGREEMENT KNOW ALL MEN BY THIS PRESENTS: This memorandum of agreement is made and entered into on 11 October 2017, by and between: ALBANY’S ALL DAY BREAKFAST, an enterprise duly organized and existing under the laws of the Republic of the Philippines, with principal business address at 1221 V. Concepcion St., Sampaloc, Manila, herein represented by its Sole Proprietor, ANDREA P. ALBAÑA, and hereinafter referred to as FIRST PARTY; and ALBANY’S ALL DAY BREAKFAST, an enterprise duly organized and existing under the laws of the Republic of the Philippines, with principal business address at 1221 V. Concepcion St., Sampaloc, Manila, herein represented by its Sole Proprietor, ANDREA P. ALBAÑA, and hereinafter referred to as SECOND PARTY. Witnesseth: WHEREAS the SECOND PARTY desires to introduce a new food concept in the establishment of the FIRST PARTY located at its principal business address. The said food concept includes, though not limited to, Korean inspired delicacies like bingsu, ramyun, cup rice, etc. WHEREAS the SECOND PARTY desires to acquire possession and authority to use, operate, and utilize the entirety of the FIRST PARTY’S business area, all its equipment, furniture, fixtures, and everything found therein as specifically listed in the Inventory List. (attached herewith as Annex “A”) WHEREAS the SECOND PARTY shall maintain and ensure that the FIRST PARTY’S business area, all its equipment, furniture, fixtures, and everything found therein shall be kept in proper working condition upon turnover to the FIRST PARTY after the expiration of period provided for under this agreement. WHEREAS the SECOND PARTY will abide and ensure compliance with all the provisions of the Lease Contract (attached herewith as Annex “B”) executed between the FIRST PARTY and the building lessor, Maria Lourdes M. Wage (hereafter referred to as lessor) dated 15 September 2015, as part of this agreement and shall be responsible for any and all acts related thereto. Now therefore and in consideration of the above cited premises and mutual covenants herein contained, the parties do hereby bind themselves and agree on the following:

1. The FIRST PARTY will remain as the lessee of a certain property situated at 1221 V. Concepcion St., Sampaloc, Manila. The SECOND PARTY will have the exclusive right to use and enjoy possession of the property, directly, without altering the same, and with the obligation of preserving its form and substance; 2. The FIRST PARTY will remain as the owner of all the properties included in this agreement specifically listed in the Inventory List. The SECOND PARTY will have the exclusive right to use the properties, directly, without altering the same, and with the obligation of preserving its form and substance. Any damage caused other than the usual wear and tear, as well as the maintenance of the aforementioned properties, shall be at the expense of the SECOND PARTY; 3. The SECOND PARTY hereby acknowledge that it is accepting the premises and all the items included therein in its present condition as of the date of g of the agreement. The FIRST PARTY is hereby excluded from any and all liabilities that may be attributed to any variation in operational condition, structure, hidden defects, or other similar situation; 4. The SECOND PARTY shall be responsible for all permits and licenses mandated by the National and Local government in relation to their business operation; 5. As consideration, the SECOND PARTY hereby agrees to pay an amount of Eighty Five Thousand Pesos (P85,000.000) per month to the FIRST PARTY for the use and possession of the premise and all the items included therein; 6. The SECOND PARTY shall also be responsible for all the taxes due from the National and Local government in relation to their business operation; 7. Upon g of the contract, the SECOND PARTY shall pay an ADVANCE RENTAL for one (1) month to be applied to the