MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement entered this __________________ by and between:

FIRST STANDARD FINANCE CORPORATION, a domestic corporation,

with business address at ACCE Bldg. Ledesma – Mabini Street, Iloilo City
and duly represented by ______________, Officer-In-Charge as FIRST
PARTY;
-and
TIMOTHY R. ALAMPAY, of legal age, married to ELAINE JOY ALAMPAY,
and a resident of 31 – C Diversion Road, Calubihan, Mandurriao, Iloilo City
as SECOND PARTY;

WITNESSETH:

WHEREAS, THE SECOND PARTY enters into a contract of loan with

THE SECOND PARTY in the amount of THREE MILLION FOURTY
THREE THOUSAND EIGHT HUNDRED SIXTY FIVE PESOS AND
THIRTEEN CENTS (Php 3, 043, 865.13)
WHEREAS, THE SECOND PARTY fails to pay the said obligation
and the amount of loan ballooned to THREE MILLION FIVE HUNDRED
TWENTY EIGHT THOUSAND FOUR HUNDRED TEN AND TWENTY
ONE CENTS (Php 3, 528, 410.21)
WHEREAS, Due to the unfortunate turn of events that have befallen
on the physical condition of THE SECOND PARTY that impedes his
obligation in settling his outstanding accounts with THE FIRST PARTY.
WHEREAS, THE SECOND PARTY is willing and sincere to fulfil his
obligation with FIRST PARTY.

WHEREAS, both parties have come to an agreement as to the

method of payment and mode of settlement for its convenient and
immediate disposition.
 NOW, THEREFORE, in consideration of the foregoing and the further
covenants hereinafter set forth, the parties agrees as follows:
1. That the Second Party will enjoined his spouse Elaine Joy
Alampay as one of the principal for the fulfilment of obligation to the
First Party;

2. That the Second Party shall initially pay the amount of (________)
in order to show proof that he is willing to fulfil his outstanding
obligation to the Second Party;

3. That the Second Party shall remit monthly the amount of P35,

000.00 more or less, application of which are as follows:

               P16, 000.00 to be applied to principal

            P19, 000.00 more or less to be applied to interest, on a
diminishing balance of principal of P3, 000,000.00
(P3, 000,000.00 x 7.5% p.a/365 days x 30 days = P19, 000.00 more
or less)

4. That the First party agrees to the proposed proposal for a discount
and/or reduction of Second Party obligation as follows:

           a. Principal amount, representing the remaining total of post

dated checks   :   P1, 490,858.98
           b. Interest (7.5% p.a.) plus penalties (60% of P1, 877,952.73)                     
:   P1, 126,771.63
           c. Litigation and legal expenses (52% of P731, 767.33)                               
:   P   382,369.38  
                                                                 
------------------------
                                                         
TOTAL              P3,000,000.00

5. In the event of non-compliance of this agreement, The First Party

shall have the right to seek redress in courts of law.
 IN WITNESS WHEREOF, I have hereunto set my hand this ________,
2019 at _________________.

FIRST STANDARD FINANCE CORPORATION

Represented by:

_____________________________
FIRST PARTY

_________________________________________
TIMOTHY R. ALAMPAY & ELAINE JOY ALAMPAY
SECOND PARTY

SIGNED IN THE PRESENCE OF:

____________________ ______________________
 ACKNOWLEDGEMENT

Republic of the Philippines)

ILOILO CITY ) S.S.

BEFORE ME, personally appeared on this ___________, 2019 at

__________________, Philippines,

Name ID No. Issued at/on

_______________ _______________ _____________________

_______________ ________________ ____________________

_______________ ________________ _____________________

_______________ ________________ _____________________

All known to me to be the same persons who executed the foregoing

instrument and acknowledged before me that the same is their free act and
voluntary deed.

WITNESS MY HAND SEAL on the date and place above written.

Doc No._______

Page No.______

Book No.______

Series of 2019