Reliance Feeds Milling Corp., Inc. v. Chan

[SEC-SICD * CASE NO. 10-94-4891. March 27, 1995.] RELIANCE FEEDS MILLING CORPORATION, INC. , plaintiff, vs . MARTIN CHAN , defendant . O R D E R Submitted for approval of this Office of this parties' Compromise Agreement, dated March 24, 1995. The parties in their subject Compromise Agreement allege that: 1. They hereby agree to settle the above entitled case amicably in order to avoid a tedious and protracted court litigation; 2. The parties hereby agree to the following terms and conditions: a. The parties agree to sell the property embraced in T.C.T. No. 13788 (45683) of the Registry of Deeds for Kaloocan to prospective buyers at the price of P20,000,000.00 negotiable, the selling time shall be a maximum of two (2) weeks from Compromise Agreement, defendant shall have the right of pre-emption. b. The agent responsible for the sale shall be entitled to 3% commission of the contract price. c. Upon the execution of the sale, the defendant and all persons claiming rights under him shall be given one (1) month to vacate the subject premises if the deposit/downpayment is at least 10 %, three (3) months if the deposit/downpayment is only P100,000.00 or none. 3. The proceeds of the sale shall be placed in a trust fund wherein the signatories shall be Chua Pek Ki and defendant Martin Chan. 4. The plaintiff and defendant hereby mutually waive any and all claim, counterclaims, demands, rights and causes of action of whatever kind and nature that one has or may have against the others, with respect to any and all actions or matters related to, arising from the or incident to SEC Case No. 10-94-4891, all of which shall be deemed as fully satisfied, discharged and settled for all intents and purposes. 5. This Agreement shall be binding on and shall inure to the mutual benefit of the parties and their respective legal representatives, successors and assigns. After a careful examination of the parties' aforementioned Compromise Agreement and finding the same to be not contrary to law, moral, good custom, public order and public policy, this Hearing Officer approves the same and judgment is hereby rendered in accordance therewith. The parties are directed to comply in good faith the terms and conditions of their aforementioned Compromise Agreement. prLL SO ORDERED. (SGD.) ROGELIO C. SESCON Hearing Officer