COMPROMISE AGREEMENT
This Agreement is entered into this ____________________, in Iloilo City,
Philippines, by and between:
____________________, of legal age, Filipino, and residing at
__________________________, _____________, hereafter referred to as
the FIRST PARTY;
AND
____________________, of legal age, Filipino and residing at
__________________________, ____________________ Philippines
hereafter referred to as the SECOND PARY.
WITNESSETH, THAT:
WHEREAS, FIRST PARTY and SECOND PARTY are the Plaintiffs and the
Defendants in Civil Case. No. ______________ entitled _____________________ for
Partition of Property pending before the Branch 33, Regional Trial Court, Iloilo City
(hereafter the “Case”) respectively;
WHEREAS, the
WHEREAS, ;
WHEREAS, during the pendency of the Case several opportunities for
discussions and negotiations of a possible compromise on matters that are allowed to be
compromised by existing law were given to the parties by the court;
WHEREAS, after such negotiations and discussions the parties mutually realized
and deem it best and convenient to resolve the civil aspect of the case in an amicable
manner in order to avoid a protracted litigation;
WHEREAS, the SECOND PARTY had manifested its willingness by offering a
share of Six Hundred (600 sq.m.) square meters from the property owned in common by
their predessesors in interest and the FIRST PARTY accepted the offer of the SECOND
PARTY;
WHEREAS, both parties have come to a mutually beneficial arrangement as to
the mode of settlement, proportionate payment of estate tax and payment of the geodetic
survey for its convenient and immediate disposition;
NOW THEREFORE, for and in consideration of the mutual covenants and
agreements herein established, the parties hereto agree as follows:
PARTITION
OTHER MATTERS
PAYMENT OF ESTATE TAX
PAYMENT OF GEODETIC SURVEY
Both parties have executed this Agreement by their own voluntary act and deed
and in their mutually agreed terms. Both parties warrant further, that they did so with the
full understanding of its nature and its consequence to the pending Case.
_____________________ ____________________
FIRST PARTY SECOND PARTY
Assisted by: Assisted by:
ATTY. ________________ ATTY. _________________
WITNESSES:
____________________ _____________________
