BANK OF COMMERCE, PLAINTIFF-APPELLEE, VS. FELTMAN BROS., CORP., AND ACE APPAREL ASSOCIATES, INC., DEFENDANT-APPELLANT.

Before Us is the “Compromise Agreement” as a result of mediation, filed by herein parties through their authorized representatives and assisted by their respective counsel. The terms and conditions of the “Compromise Agreement” are quoted herein below:

“The parties, assisted by their respective counsel, unto the Honorable Court, respectfully manifest that they have agreed to amicably settle this case for their mutual satisfaction with the following terms and conditions:

1. The parties hereby fix the obligation of Defendant-Appellant to Plaintiff-Appellee in the total amount of P3,400,000.00.
2. The aforesaid obligation shall be paid by the Defendant-Appellant in Twenty-Two (22) equal monthly installments of P150,000.00 beginning June 15, 2007 and every 15th day of each month thereafter until March 15, 2009. The remaining balance of P100,000.00 shall be due on April 15, 2009.
3. In the event the Defendant-Appellant failed to pay at least thee (3) (sic) consecutive monthly installments when due, the entire remaining balance shall then become immediately due and demandable and the Plaintiff-Appellee shall then be entitles (sic) to the issuance of a Writ of Execution upon motion before the Regional Trial Court, Branch 139, Makati City.

WHEREFORE, it is most respectfully prayed of the Honorable Court that the foregoing Compromise Agreement, not be (sic) contrary to law, morals, good customs and public policy, be approved and that judgement (sic) be rendered in accordance therewith.

Manila, Philippines, June . 2006.

BANK OF COMMERCE
Plaintiff-Appellee

Assisted by:

(SIGNED)
MR. EDMUNDO B. SANTOS
Vice President

(SIGNED)
MR. RICARDO R. DIZON
Executive Vice President

Assisted by:

(SIGNED)
ATTY. RAUL B. MARIFOSQUE
Counsel for Bank of Commerce

ACE APPAREL ASSOCIATES, INC.
Defendant-Appellant

By:

(SIGNED)
MR. RUFINO M. ASI
Authorized Representative

Assisted by:

(SIGNED)
ATTY. EMMANUEL C. MAGNAYE
Counsel for Defendant-Appellant”

The Court finds that the foregoing terms of the Compromise Agreement mutually agreed upon by the parties are not contrary to law, morals, good customs, public order or public policy.

WHEREFORE, the subject Compromise Agreement between the herein parties is approved. Judgment is hereby rendered adopting the terms thereof and enjoining the parties to comply therewith in good faith. This case is now deemed CLOSED and TERMINATED.

SO ORDERED.

Sabio, Jr., (Chairman) and Asuncion-Vicente, JJ., concur.