termination of memorandum of agreement

7/25/2019 Termination of Memorandum of Agreement

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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, Filiino, of legal age, and a resident of 2!2"#

$orodo A%enue, &amuthaw, Cebu City, hereinafter referred to as the FIRST PARTY ;

"and"

MARCELYN C. BISNAR, Filiino, of legal age, and a resident of $orodo

A%enue, &amuthaw, Cebu City, hereinafter referred to as the SECOND PARTY ;

"and"

JONATHAN T. CABALLERO, Filiino, of legal age, and a resident of $orodo

A%enue, &amuthaw, Cebu City, hereinafter referred to as the THIRD PARTY ;

WITNESSETH :

'hereas, the First and (e)ond *arties oerate a business of a bar +nown as

$olden uby -aanese &arao+e .ar whi)h is lo)ated in -/ .ernss .ldg, 1 3s)ario (t/,

Camuthaw, Cebu City 4

'hereas, the Third *arty uon agreement with the First and (e)ond *arty to

be)ome an in%estor of the said business had in%ested money in the amount of TWO

HUNDRED SIXTY-THREE THOUSAND EIGHT HUNDRED EIGHTEEN PESOSAND FIFTY CENTAVOS P!"#,$%$.&'( whi)h in)ludes the ur)hase of the items

ne)essary for the oeration of the business in a total amount of ONE HUNDRED ONE

THOUSAND THREE HUNDRED SEVENTEEN PESOS P%'%,#%).''(.

'hereas , the Third *arty has de)ided to re"terminate the agreement effe)ti%e

)tober 16,2015 by way of a oti)e to *re"Terminate the Memorandum of Agreement

after learning of some ra)ti)es in the oeration and management of the said business by

the First and (e)ond *arties whi)h are re7udi)ial to his business interest4

'hereas, the First and (e)ond *arties duly a))eted and a)+nowledged the

oti)e of *re"termination of the Memorandum of Agreement furnished to them by the

Third *arty/

NOW THEREFORE, for and in )onsideration of the foregoing remises, the

arties hereby agree, as follows :


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#/ TERMINATION OF THE MEMORANDUM OF AGREEMENT.The

First and (e)ond *arties hereby agrees that effe)ti%e )tober 15, 2015,

The Memorandum of Agreement is terminated and the Third *arty is

di%ested of any share of the rofits of the business and is no longer an

in%estor nor )onne)ted of whate%er )aa)ity in the said business/

##/ RETURN OF THE ITEMS INVESTED BY THE THIRD PARTY/

The First and (e)ond *arties shall return the items owned by the Third

*arty

###/ INSTALLMENT PAYMENT OF THE MONEY INVESTED BY THE

THIRD PARTY.The First and (e)ond *arties agrees to return the money

in%ested by the Third *arty amounting to ONE HUNDRED SIXTY

TWO THOUSAND FIVE HUNDRED ONE AND FIFTY CENTAVOS

P%"!,&'%.&'( whi)h is the remaining balan)e of the total amount in%estedTWO HUNDRED SIXTY-THREE EIGHT HUNDRED EIGHTEEN PESOS

AND FIFTY CENTAVOS (P263,818.50 less the %alue of the items

returned amounting to ONE HUNDRED ONE THOUSAND THREE

HUNDRED SEVENTEEN PESOS 8*101,91!/00 by way of installment

starting on ______________________ in an amount of

___________________ er month to be fully aid on

_____________________________/

#;/ FAITHFUL COMPLIANCE.The arties agree to stri)tly and faithfully

)omly with the terms and )onditions of this agreement/

;/ PENALTY FOR NON-COMPLAINCE/ The First and (e)ond *arties

agree to ay ____< interest of the unaid amount of the money in%ested

by the Third *arty without re7udi)e to any a)tion in )ourt to )olle)t the

unaid amount//

;#/ VENUE.#n )ase of disagreement on any of the terms and )onditions of

this agreement, the a)tion against any arty )an => be filed in the

)ourts of Cebu City, *hiliines/

IN WITNESS WHEREOF, we ha%e hereunto affi?ed our signatures this ________day

of ____________2015, at Cebu City, *hiliines/

************************* **********************

BASILIDEZ P. CABALLERO MARCELYN C. BISNAR

F#(T *AT> (3C@ *AT>

************************

JONATHAN T. CABLLERO

T#@A *AT>

SIGNED IN THE PRESENCE OF :


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1/____________________________

2/____________________________

ACKNOWLEDGMENT

3*B.=#C F T3 *#=#**#3(

C3.B C#T> (/(/

?""""""""""""""""""""""""""""""""""""""""""""""""D

BEFORE ME,a notary ubli) of Cebu City, on the date and la)e abo%e"stated,

ersonal aeared the following ersons with their )ometent e%iden)e of identity :

ames : #dentifi)ation Cards : @ate of #ssueD3?iry:

___________________________________________________________________

B+/01 C+2+034

___________________________________________________________________

M+35067 B7+3

J47+89+7 C+2+034

+nown to me and to me +nown to be the same ersons who e?e)uted the foregoing

instrument and a)+nowledged to me that the same is their free and %oluntary a)t and

deed/ This instrument, )onsisting of three 89 ages, in)luding this age uon whi)h

this A)+nowledgment is written has been signed by the arties and their witnesses at

ea)h and e%ery age and sealed with my notarial seal/

WITNESS MY HAND AND SEALon the date and in the la)e first abo%e

written/

@o) o/ :__________ otary *ubli)

*age o:__________

.oo+ o/ _________

(eries of 2015

termination of memorandum of agreement

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