La Vista Association, Inc. vs. Estate of Atty. Jose R. Siopongco, et al.

[SEC-SICD * CASE NO. 06-94-4814. June 7, 1995.] LA VISTA ASSOCIATION, INC. , petitioner , vs . ESTATE OF ATTY. JOSE R. SIOPONGCO, ET AL. , respondents . JUDGMENT BY COMPROMISE Before this Commission is a Compromise Agreement executed by the parties in the aforecaptioned case, the important terms and conditions of which are cited hereinbelow, as follows: "WHEREAS: LA VISTA ASSOCIATION is the complainant in the suit filed before the Securities Investigations and Clearing Department. Securities and Exchange Commission entitled "LA VISTA ASSOCIATION, INC. VS. ESTATE OF ATTY. JOSE R. SIOPONGCO, ET AL., and docketed as SEC CASE NO. 06-94-4814; LA VISTA ASSOCIATION in the said suit, is collecting from the Estate of Atty. Jose R. Siopongco and the NAZALS the total amount of PESOS: EIGHTY-EIGHT THOUSAND FIVE HUNDRED SIXTY FOUR AND 21/100 (P88,564.21), representing the accrued membership dues and interest charges from the third (3rd) quarter of 1984 up to the first (1st) quarter of 1994 and subsequent monthly dues of PESOS: FIVE HUNDRED EIGHT and 92/100 (P508.92) plus interest of two and a half percent (2.5%) per month from January 1994 up to the present; The NAZALS have acquired ownership of Lot No. 12, Block No. 6, located at No. 10 Ifugao Street, La Vista Subdivision, Quezon City, and recognize the authority and power of LA VISTA ASSOCIATION INC., to collect the foregoing charges and fees and therefore assume responsibility for all membership dues, garbage service fees and penalties imposed on the said property, already due and payable to the LA VISTA ASSOCIATION and wish 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 consideration of the foregoing, the parties agrees as follows: 1. The NAZALS agree to pay all accrued membership dues from the third (3rd) quarter of 1984 up to the fourth (4th) quarter of 1994 amounting to PESOS ONE HUNDRED THREE THOUSAND SEVEN HUNDRED THIRTY TWO and 35/100 (P103,732.35), plus PESOS TEN THOUSAND (P10,000.00) by way of attorney's fees the signing of this Agreement less the condoned interest described in paragraph 2 hereof; 2. LA VISTA ASSOCIATION on the other hand agrees by way of compromise to condone half of the interest charges from the third (3rd) quarter of 1984 up to the fourth quarter of 1994 amounting to PESOS TWENTY-FIVE THOUSAND SIX HUNDRED NINETY-TWO and 99/100 (P25,692.99); 3. In consideration of the foregoing, the NAZALS undertake to pay all future collectible membership dues, garbage service fee and charges assessed by LA VISTA ASSOCIATION on the said property. In the event that the NAZALS should fail to pay the assessed membership dues when due and demandable, the NAZALS agree to pay all interest charges imposed on the accrued membership dues from third (3rd) quarter of 1984 until the date of default, immediately without further demand; 4. The NAZALS likewise acknowledge the annotations of the liens and restrictions on the Transfer Certificate of Title of the subject property and confirms their assumption of responsibilities to comply faithfully with them; 5. In the event that NAZALS should fail to pay and remit the foregoing obligation to the LA VISTA ASSOCIATION when due, or violates any provisions of this agreement, the NAZALS agree to allow immediate execution of the Decision based on this Compromise Agreement without prejudice to other suits that may be filed against the NAZALS; 6. In addition to the foregoing, and in the event that the NAZALS should violate any provisions of this Agreement, the NAZALS agree to pay LA VISTA ASSOCIATION the amount of PESOS TWENTY THOUSAND (20,000) as agreed liquidated damages in addition to whatever expenses and attorney's fees the latter will have to incur to collect from NAZALS' 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 adhere to the terms and conditions of the Compromise Agreement. dctai SO ORDERED. (SGD.) EDUARDO P. BAROT Hearing Officer