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 DUE DATE AMOUNT
Months
1. July 20, 2018 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
2. August 17, 2018 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
3. September 21, 2018 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
4. October 19. 2018 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
5. November 16, 2018 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
6. December 21, 2018 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
7. January 18, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
8. February 22, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
9. March 22, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
10. April 19, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
11. May 24, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
12. June 21, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
13. July 19, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
14. August 23, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
15. September 20, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
16. October 18, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
17. November 22, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
18. December 20, 2019 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
19. January 17, 2020 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
20. February 21, 2020 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
21. March 20, 2020 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
22. April 17, 2020 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
23. May 22, 2020 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)
24. June 19, 2020 Twelve Thousand Seven Hundred Sixty Nine Pesos and
Fifty Nine Centavos (₱12,769.59)