AGREEMENT TO COMPROMISE DEBT
FOR VALUE RECEIVED, the undersigned being a creditor of _
[Company] hereby enters into an agreement to compromise and
reduce the indebtedness due the undersigned on the following
terms and conditions:
1. The Company and the undersigned acknowledge that the
present debt due is $_.
2. The parties agree that the undersigned shall accept the
sum of $_ as full and total payment on said debt and in
complete discharge of all monies presently due,
provided the sum herein shall be punctually paid in
the manner following:
3. In the event the Company fails to punctually pay the
reduced amount, the undersigned creditor shall have
full rights to prosecute it claim for the total debt
due under paragraph 1 [less payments made].
4. This agreement shall be binding upon and inure to the
benefit of the parties, their successors, assigns and
Signed under seal this _ day of _, 19_.
November 8, 2007
Sps. Juan and Maria Dela Cruz
Dear Sir and Madam.
As per your request, we are making this letter to make record that Megalopolis Properties, Inc. commits itself to finish residential house you have agreed for the company to construct located at Camp 22, Baguio City within 180 – 210 working days to commence 45 days after the completion of the requirements indicted in the lot purchase and house agreement (Art. X-b). That the target date of completion is between January to February 2008 for the term working days does not include Sundays, regular holidays and non-working days due to unfavorable weather and/or events.
We would like to thank you for your consideration much for your understanding.
Arch. Josa Adonis
November 5, 2009
CECILLE F. DIMAPAKALI
Chief Executive Officer
Wala lang realty, Inc.
San Beach City, Baguio City
My services as counsel has been retained by spouses Juan and Maria Pantig relative to your contract entitle “Lot Purchase and House Construction Agreement” dated May 25, 2007.
I was made to understand that you, up to this date, have partially constructed only the foundation of the contracted house despite compliance on the part of my clients of obligations as stipulated in paragraphs One (1), Two (2), Three (3), and Four (4) of Article II (Terms of Payment).
My clients also informed this representation that they have completed the requirements for in-house finance as listed in the said contract specifically Article X paragraph b.
As per said contract, construction work should be commenced and finished 180 – 210 days after the completion of the pre-requisites (par. 1 Article X – Construction).
Sad to say that up to this date, the only construction work done is partially laying the foundation.
To avoid any court litigation resulting from breach of your contract with my clients, kindly comply with your obligation to complete the construction of the house by January 2007 as per contract.
Kindly take heed of this demand.
SANTOS LAW OFFICE
ELIZALDE B. SANTOS
Mr. and Mrs. Juan dela Cruz
Letter Head Here
FINAL DEMAN LETTER
Juan Dela Y. Dela Cruz
#23 Dimahagilap St., Dimalaman City
Dear Mr. Juan Dela Cruz:
This refers to your contract-to-Sell (CTS) account assigned by the developer to LOVE fund to secure your housing loan.
It appears from our records that you are in arrears in your housing loan installment for fiftteen(15) consecutive months, amounting to twenty thousand seven hundred one dollars ($20,701). The total amount due, including your current installment/ underpayment/penalties, is thirty seven thousand six hundred seventeen dollars ($37, 617). Attached, for your reference, is a copy of your Statement of Account.
Please be advised that your account is already in default for failure to pay your arrearages within the 60-day grace period prescribed in your CTS. In view thereof, LAST adn FINAL DEMAND is hereby made upon you to settle your account within fifteen (15) days from receipt of this letter at any LOVE fund Branch or any of our accredited collecting agents/banks
If we do not receive your payment within the given period, we will be constrained to apply your Total Accumulated Value (TAV) to your housing loan arrearages. Also we will cancle/rescind the said CTS. In such a case, you will have to vacate your housing unit and surrender the same to the LOVE fund.
Please pay immediately attention on this matter.
If payment has been made, please disregard this notice Should you have any question/inquiry regarding this Notice/Billing Statement, you may visit our office or call us at telephone no/s . 999898908908 telefax 99898090 and look for juana de Dios.
Very trully yours,