Memorandum of Agreement (sample)

MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This MEMORANDUM OF AGREEMENT made and executed this 27^th day of April, 2016, at Makati City by and between:

SO FINE-ANCIAL AND LENDING CORP., a domestic corporation organized and existing under the laws of the Philippines with principal address at 217 General Luna St. Intramuros, Manila, hereinafter referred to as the “FIRST PARTY”

and

PIA ALONZO WURTZBACH, Filipino, of legal age, and permanently residing at 1007 P. Ocampo St. Malate, Manila, hereinafter referred to as the

“SECOND PARTY”

WITNESSETH THAT:

WHEREAS, FIFTY SHADES OF PINK CORPORATION, a company organized and existing under the laws of the Philippines, hereinafter referred to as the “FIFTY SHADES CORP”, is indebted to the FIRST PARTY in the amount of TWO MILLION PESOS (P2,000,000.00);

WHEREAS, such debt is now due and demandable but has not been settled yet;

WHEREAS, the FIRST PARTY has consistently demanded for the payment of such obligation but the said party encountered difficulties in securing full settlement of the said indebtedness from the FIFTY SHADES CORP;

WHEREAS, the SECOND PARTY, upon its own initiative, with his own resources and due to his association with the FIFTY SHADES CORP, has offered to the FIRST PARTY to assume the payment of the aforesaid indebtedness, upon certain terms and conditions, which offer, the FIRST PARTY has accepted;

WHEREAS, the parties herein have come to an agreement on the nature, form and extent of their mutual prestations which they now record herein with the express conformity of the third parties concerned;

NOW, THEREFORE, for and in consideration of the foregoing and the mutual covenants stipulated herein, the FIRST PARTY and the SECOND PARTY have agreed, as they do hereby agree, as follows:

1. The SECOND PARTY hereby undertakes to pay the FIRST PARTY the amount of two million pesos (P2,000,000.00) on or before May 31, 2016.

For this purpose, the SECOND PARTY shall execute and deliver a non negotiable promissory note, bearing the aforesaid material consideration in favor of the FIRST PARTY upon execution of this MEMORANDUM OF AGREEMENT, which promissory note shall form part as “ANNEX A” hereof.

2. For and in consideration of the obligation of the SECOND PARTY, the FIRST PARTY does hereby;

a.     Sell, assign, transfer and set over unto the SECOND PARTY that certain debt now due and owing to the FIRST PARTY by the FIFTY SHADES CORP, to the amount of two million pesos (P2,000,000) plus interest due and accruing thereon;

b.     Grant the SECOND PARTY the full power and authority, for his own use and benefit, but at his own cost and expense, to demand, collect, receive, compound, compromise and give acquittance for the same or any part thereof, and in the name of the FIRST PARTY, to prosecute, and withdraw any suit or proceedings therefor;

c.      Agree and stipulate that the debt assigned herein is justly owing and due to the FIRST PARTY from the said FIFTY SHADES CORP, and that the FIRST PARTY has not done and will not cause anything to be done to diminish or discharge said debt, or to delay or prevent the SECOND PARTY from collecting the same; and;

d.     At the request of the SECOND PARTY and the latter's own cost and expense, to execute and do all such further acts and deeds as shall be reasonably necessary for proving said debt and to more effectually enable the SECOND PARTY to recover the same in accordance with the true intent and meaning of the arrangements herein.

IN WITNESS WHEREOF, the parties have caused this MEMORANDUM OF AGREEMENT to be signed on the date and place first written above.

_______________________                     ____________________

So Fine-ancial and Lending Corp               Pia Alonzo Wurtzback

(Signed thru its President,                          “SECOND PARTY”

Geoff Eigenmann)

“FIRST PARTY”

WITH OUR CONFORME:

FIFTY SHADES OF PINK CORPORATION

(Signed by its President, Anna Grey)

SIGNED IN THE PRESENCE OF:

_________________                        __________________________

MARY GRACE POE                       MIRIAM DEFENSOR-SANTIGO

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES  )

CITY OF MANILA             )  S.S.

          BEFORE ME, this 27th day of April, 2016 in the City of Manila, personally appeared:

Name                              Competent Evidence of Identity                  Place and

                                                                                      Date of Issue

Geoff Eigenmann           Philippine Passport                                             Manila,

                                                                                                  11/2011

Pia Alonzo Wurtzbach      Philippine Passport                        Manila,

                                                                                                11/2014

Mary Grace Poe                    Driver’s License                           Manila,

                                                                                                09/2015

Miriam Defensor-Santigo         Driver’s License                     Antipolo,

                                                                                                09/2013

known to me be the same person who executed the foregoing instrument, and acknowledged that the same are their free act and deed.

         

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal on the date and place above written.

Doc. No.___________;                                              Carl Fredson Au

Page No.___________;                                              NOTARY PUBLIC for Manila

Book No.__________;                                               Commission Serial No.______

Series of 2016.                                                            Until December 31, 2016

Roll of Attorney_______

IBP  No.________

PTR No._______