Termination Of Memorandum Of Agreement 3l82f

TERMINATION OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS

This Termination of Memorandum of Agreement is entered on this ______ day of _____________,2015 at Cebu City by and between :

BASILIDEZ P. CABALLERO, Filipino, of legal age, and a resident of 272-I Gorodo Avenue, Kamputhaw, Cebu City, hereinafter referred to as the FIRST PARTY ; -andMARCELYN C. BISNAR, Filipino, of legal age, and a resident of Gorodo Avenue, Kamputhaw, Cebu City, hereinafter referred to as the SECOND PARTY ; -andJONATHAN T. CABALLERO, Filipino, of legal age, and a resident of Gorodo Avenue, Kamputhaw, Cebu City, hereinafter referred to as the THIRD PARTY ;

WITNESSETH :

Whereas, the First and Second Parties operate a business of a bar known as Golden Ruby Japanese Karaoke Bar which is located in J. Berns’s Bldg, 19N Escario St., Camputhaw, Cebu City ; Whereas, the Third Party upon agreement with the First and Second Party to become an investor of the said business had invested money in the amount of TWO HUNDRED SIXTY-THREE THOUSAND EIGHT HUNDRED EIGHTEEN PESOS AND FIFTY CENTAVOS (P263,818.50) which includes the purchase of the items necessary for the operation of the business in a total amount of ONE HUNDRED ONE THOUSAND THREE HUNDRED SEVENTEEN PESOS (P101,317.00). Whereas , the Third Party has decided to pre-terminate the agreement effective October 14,2015 by way of a Notice to Pre-Terminate the Memorandum of Agreement after learning of some practices in the operation and management of the said business by the First and Second Parties which are prejudicial to his business interest; Whereas, the First and Second Parties duly accepted and acknowledged the Notice of Pre-termination of the Memorandum of Agreement furnished to them by the Third Party. NOW THEREFORE, for and in consideration of the foregoing premises, the parties hereby agree, as follows :

I.

TERMINATION OF THE MEMORANDUM OF AGREEMENT. The First and Second Parties hereby agrees that effective October 15, 2015, The Memorandum of Agreement is terminated and the Third Party is divested of any share of the profits of the business and is no longer an investor nor connected of whatever capacity in the said business.

II.

RETURN OF THE ITEMS INVESTED BY THE THIRD PARTY. The First and Second Parties shall return the items owned by the Third Party

III.

INSTALLMENT PAYMENT OF THE MONEY INVESTED BY THE THIRD PARTY. The First and Second Parties agrees to return the money invested by the Third Party amounting to ONE HUNDRED SIXTY TWO THOUSAND FIVE HUNDRED ONE AND FIFTY CENTAVOS (P162,501.50) which is the remaining balance of the total amount invested TWO HUNDRED SIXTY-THREE EIGHT HUNDRED EIGHTEEN PESOS AND FIFTY CENTAVOS (P263,818.50) less the value of the items returned amounting to ONE HUNDRED ONE THOUSAND THREE HUNDRED SEVENTEEN PESOS (P101,317.00) by way of installment starting on ______________________ in an amount of ___________________ per month to be fully paid on _____________________________.

IV.

FAITHFUL COMPLIANCE. The parties agree to strictly and faithfully comply with the and conditions of this agreement.

V.

PENALTY FOR NON-COMPLAINCE. The First and Second Parties agree to pay ____% interest of the unpaid amount of the money invested by the Third Party without prejudice to any action in court to collect the unpaid amount..

VI.

VENUE. In case of disagreement on any of the and conditions of this agreement, the action against any party can ONLY be filed in the courts of Cebu City, Philippines.

IN WITNESS WHEREOF, we have hereunto affixed our signatures this ________day of ____________2015, at Cebu City, Philippines.

_________________________ BASILIDEZ P. CABALLERO FIRST PARTY

______________________ MARCELYN C. BISNAR SECOND PARTY

________________________ JONATHAN T. CABLLERO THIRDA PARTY SIGNED IN THE PRESENCE OF :

1.____________________________

2.____________________________

ACKNOWLEDGMENT REPUBLIC OF THE PHILIPPINES} CEBU CITY } S.S. x------------------------------------------------/ BEFORE ME, a notary public of Cebu City, on the date and place above-stated, personal appeared the following persons with their competent evidence of identity : Names : Identification Cards : Date of Issue/Expiry: ___________________________________________________________________ Basilidez Caballero ___________________________________________________________________ Marcelyn Bisnar Jonathan Caballero known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed. This instrument, consisting of three (3) pages, including this page upon which this Acknowledgment is written has been signed by the parties and their witnesses at each and every page and sealed with my notarial seal. WITNESS MY HAND AND SEAL on the date and in the place first above written.

Doc No. :__________ Page No:__________ Book No. _________ Series of 2015

Notary Public