COMPROMISE AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This AGREEMENT is made and entered into by and between Mr. Rodrigo S. Riola, in his capacity as City Treasurer of the City of Davao, Philippines, hereinafter referred to as the PARTY OF THE FIRST PART and ___________________, of ____________________, Philippines, of Filipino nationality, of legal age, married and a resident of and with postal address at ______________, hereinafter referred to as the PARTY OF THE SECOND PART.

WITNESSETH:
That the PARTY OF THE FIRST PART is the City Treasurer of the City of Davao whose office address is located at the City Hall of Davao, City Hall Drive, Davao City; That the PARTY OF THE SECOND PART is the owner of the real property delinquent on realty tax located at _____________________, City of Davao which property is described as follows:
C.T No. ________ ________ TAX DEC. NO. ______________ ______________ LOT No. ________ ________ LOCATION ________________ ________________ ASSESSED VALUE __________________ __________________

That the taxpayer has been duly notified and hereby acknowledged that the aforedescribed Real Property incurred a total real property tax delinquency amounting to _____________________ (P_____________) covering the period ____________________, __________________ up to ________________;

That the PARTY OF THE SECOND PART voluntarily agreed to pay the delinquent taxes on the above-described property upon the execution of the contract without the necessity of demand to the PARTY OF THE FIRST PART by paying a down payment of Twenty Five (25%) percent out of the total tax due. Thus, said payment is considered as initial and the remaining balance shall be in a monthly term commencing on ______________ until __________________ but not to go beyond One (1) year from the date hereof in the following manner of amortizations by way of issuance of post-dated checks with the corresponding schedules to wit:
Due Date Bank Check No. Amount

That in case of default in the payment of at least two (2) successive equal installments based on the above schedule, the whole unpaid real property tax obligation shall become due and demandable at once with an additional charge of Two (2%) interest per month pursuant to Section 10, Article One, Chapter 2 of

Ordinance No. 158-05 series of 2005 and the same shall be included in the auction sale of delinquent real properties; That the PARTY OF THE FIRST PART hereby reserves its right to file a civil action in courts of justice should the PARTY OF THE SECOND PART failed to fulfill its obligation as stipulated; That this agreement shall extend and be binding upon the parties hereto, to the PARTY OF SECOND PARTS administrators, executors, heirs and assigns. IN WITNESS WHEREOF, We have hereunto set our hands and affixed our signatures this ____ day of __________, at the City of Davao, Philippines. CITY GOVERNMENT OF DAVAO As Represented by:

RODRIGO S. RIOLA Party of the First Part

_____________________ Party of the Second Part

SIGNED IN THE PRESENCE OF:

________________________ ________________________

ACKNOWLEDGEMENT
Republic of the Philippines) City of Davao )s.s x----------------------------------x

BEFORE ME, a notary public and in the City of Davao, personally appeared Mr. Rodrigo S. Riola, in his capacity as City Treasurer with CTC No. _____________ issued on _____________ at Davao City and __________________, with CTC No. ___________ issued on ________________at _______________, the herein parties known to me to be the same persons who executed the foregoing instrument and they acknowledged that the same is their own free and voluntary act and deed. The foregoing instrument which is referred to as the Compromise Agreement consist of two (2) pages are written and has been signed at the bottom and on the left hand margin herewith by the parties and the instrumental witnesses. Witness my hand and seal on the date and place first above written.

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Book No. _____; Series of 2008.