La Vista Association, Inc. v. Mayo

[SEC-SICD * CASE NO. 06-94-4813. January 10, 1995.] LA VISTA ASSOCIATION, INC. , complainant , vs . CESAR MAYO , respondent . JUDGMENT BY COMPROMISE Before this Commission is a Compromise Agreement executed by the parties in the instant case the salient terms and conditions of which are quoted hereinbelow, to wit: xxx xxx xxx WHEREAS: LA VISTA ASSOCIATION is the complainant in the suit filed before the Securities Investigation and Clearing Department, Securities and Exchange Commission entitled "La Vista Association, Inc. vs. Cesar Mayo", and docketed as SEC Case No. 06-94-4813: LA VISTA ASSOCIATION in the said suit, is collecting from MAYO the total amount of PESOS THIRTY THOUSAND THREE HUNDRED FORTY SIX and 88/100 (P30,346.88) representing the accrued membership dues and interest charges from the fourth (4th) quarter of 1990 up to the second (2nd) quarter of 1994 and likewise the monthly dues of PESOS FIVE HUNDRED (P500.00) plus interest of two and a half per cent (2.5%) per month from April 1994 up to the present; MAYO acknowledges the foregoing obligation to LA VISTA ASSOCIATION and wishes to enter into a compromise with LA VISTA ASSOCIATION; LA VISTA ASSOCIATION agrees to Compromise under the following terms and conditions: NOW THEREFORE. for and in consideration of the foregoing, the parties agree as follows: 1. MAYO agrees to pay all the accrued membership dues from fourth (4th) quarter of 1990 up to the fourth (4th) quarter of 1994 and half of the interest charges from the fourth (4th) quarter of 1990 up to the second (2nd) quarter of 1994 amounting to PESOS THIRTY THOUSAND EIGHT HUNDRED FORTY-EIGHT & 44/100 (P30,848.44) upon the signing of this Agreement: 2. LA VISTA ASSOCIATION on the other hand agrees by way of Compromise to condone half of the interest charges from the fourth (4th) quarter of 1990 up to the second (2nd) quarter of 1994 and the whole of the interest charges from the third (3rd) quarter of 1994 up to the fourth (4th) quarter of 1994: 3. In consideration of the foregoing, MAYO undertakes to religiously pay when due the membership dues levied by LA VISTA ASSOCIATION. In the event that MAYO fails to pay the assessed membership dues when due and demandable, MAYO agrees to pay all interest charges imposed on the accrued membership dues immediately without further demand: 4. In the event that MAYO fails to pay and remit the foregoing obligation to LA VISTA ASSOCIATION when due, or violate any provisions of this Agreement, MAYO agrees to allow immediate execution of the Decision based on this Compromise Agreement without prejudice to other suits that may be filed against MAYO: 5. In addition to the foregoing, and in the event that MAYO agrees to pay LA VISTA ASSOCIATION the amount of PESOS TWENTY THOUSAND (P20,000.00) as agreed liquidated damages in addition to whatever expenses and attorney's fees the latter will have to pay to recover the payment of MAYO's aforestated obligations. WHEREFORE, finding the foregoing Compromise Agreement to be not contrary to law, morals, good customs, public order or public policy, the same is hereby APPROVED and JUDGMENT is hereby rendered in accordance therewith. The parties are hereby enjoined to faithfully comply with the terms and conditions of the said Compromise Agreement. prcd SO ORDERED. (SGD.) EDUARDO P. BAROT Hearing Officer