Debt Settlement Agreement: Know All Men by These Presents

Republic of the Philippines)
_____________________________)s.s
DEBT SETTLEMENT AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Debt Settlement Agreement (the “Agreement”) states the terms and conditions that
govern the contractual agreement between:
REYLAND REQUINO, legal age, married, Filipino and with residence at

______________________________________, hereinafter referred to as the DEBTOR,
-and-
PROBIO Feedmill Inc., a domestic corporation duly organized and existing under the laws
of the Republic of the Philippines with principal address at Balagtasin 1, San Jose, Batangas,
represented by Mr. Alberto Culanag, President, hereinafter referred to as the
“CREDITOR”.
-WITNESSETH-
WHEREAS, the Debtor is indebted to the Creditor in the amount of THREE

MILLION ONE HUNDRED TWENTY FOUR THOUSAND AND NINE (Php 3,124,009.00)
PESOS (the “Debt”); and
WHEREAS, the Debtor wishes to settle the Debt in full according to the terms of this
Debt Settlement Agreement.
NOW, THEREFORE, In consideration of the mutual covenants and promises made

by the parties hereto, the Debtor and the Creditor (individually, each a “Party” and
collectively, the “Parties”) covenant and agree as follows:
1. ACKNOWLEDGMENT OF DEBT.
The Debtor agrees and acknowledges that it is indebted to the Creditor in the full amount of
the Debt of THREE MILLION ONE HUNDRED TWENTY FOUR THOUSAND AND NINE
(Php 3,124,009.00) PESOS.
2. SETTLEMENT AMOUNT.
The Creditor agrees to accept from the Debtor, payment amount of THREE MILLION ONE
HUNDRED TWENTY FOUR THOUSAND AND NINE (Php 3,124,009.00) PESOS as full
payment of the Debt outstanding to the Creditor at the date hereof, subject to the terms and
conditions of this Agreement.
3. TIME IS OF THE ESSENCE.

The Parties agree and acknowledge that time is of the essence with regard to the Debt
Settlement Payments.
4. METHOD OF DEBT PAYMENT.

The DEBTOR shall make all payments called for under this DEBT AGREEMENT by sending
check or other negotiable instrument made payable to the PROBIO Feedmill Inc. at the
address indicated:
A. DEBT PAYMENT TERMS.
DEBTOR will make payment(s) to CREDITOR in three (3) separate payments according to
the following schedule:
1. P7,500.00 on or before October 1, 2010,
2. P7,500.00 on or before November 25, 2010,
3. P7,500.00 on or before January 15, 2011,
4. Final interest payment to be calculated as of final payment and due immediately
thereto.
B. COLLATERAL.
As collateral for payment of DEBT, DEBTOR agrees to put forth a total of FIVE THOUSAND
(5,000) SHARES issued under his name by PROBIO Feedmill Inc as partial payment for the
DEBT.
5. This compromise is expressly conditioned upon the payment being received by PROBIO
Feedmill Inc., on date that payment is to be made. If the DEBTOR fails to pay the
compromised amount by on the date that payment is to be made, the original amount owed
by the DEBTOR will be reinstated in full, and immediately due.
6. This Agreement shall be binding upon and inure to the benefit of the parties, their
successors and assigns.
7. FULL INTEGRATION. This Debt Settlement Agreement supersedes any prior agreements,
understandings, or negotiations, whether written or oral.
IN WITNESS WHEREOF and acknowledging acceptance and agreement of the

foregoing, DEBTOR and CREDITOR affix their signatures hereto.
REYLAND REQUINO PROBIO Feedmill Inc.

DEBTOR CREDITOR
Represented by:
ALBERTO CULANAG
President PROBIO Feedmill Inc.
SIGNED IN THE PRESENCE OF:
__________________________ ____________________________
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)

Sto. Tomas, Batangas) SS.
BEFORE ME, a Notary Public for and in the Sto. Tomas, Batangas, personally
appeared:
Name Competent Proof of Identity Date/Place Issued

REYLAND REQUINO
ALBERTO CULANAG SSS ID 03-8293174-5
_____________________________________ __________________________________
_____________________________________ __________________________________
known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged to me that the same are their free act and voluntary deed.
This instrument, A DEBT SETTLEMENT AGREEMENT, consisting of THREE (3) pages,
including the page on which this acknowledgment is written, has been signed on the left
margin of each and every page thereof by the concerned parties and their witnesses, and
sealed with my notarial seal.
WITNESS MY HAND AND SEAL on this ___day of __________________20__ at_______________.
Doc. No. ........;

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Republic of the Philippines)

DEBT SETTLEMENT AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

REYLAND REQUINO, legal age, married, Filipino and with residence at

WHEREAS, the Debtor is indebted to the Creditor in the amount of THREE

NOW, THEREFORE, In consideration of the mutual covenants and promises made

3. TIME IS OF THE ESSENCE.

4. METHOD OF DEBT PAYMENT.

IN WITNESS WHEREOF and acknowledging acceptance and agreement of the

REYLAND REQUINO PROBIO Feedmill Inc.

SIGNED IN THE PRESENCE OF:

REPUBLIC OF THE PHILIPPINES)

Name Competent Proof of Identity Date/Place Issued

WITNESS MY HAND AND SEAL on this _day of 20 at_.

Doc. No. ........;

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