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2/10/2018 SUPREME COURT REPORTS ANNOTATED VOLUME 035
REYES,J.B.L., J.:
“3. In the event that the payments called for in Nos. 1 and 2 of
this paragraph are not sufficient to liquidate the foregoing
indebtedness of the DEBTOR in favor of the CREDITOR, the
balance outstanding after the said payments have been applied
shall be paid by the DEBTOR in full no later than June 30, 1965;
“xxx xxx xxx
“5. In the event that the DEBTOR fails to comply with any of
its promises or undertakings in this document, the DEBTOR
agrees without reservation that the CREDITOR shall have the
right and the power to consider the Logging Agreement dated
December 2, 1960 as rescinded without the necessity of any
judicial suit, and the CREDITOR shall be entitled as a matter of
right to Fifty Thousand Pesos (P50,000.00) by way of and for
liquidated damages;”
105
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2/10/2018 SUPREME COURT REPORTS ANNOTATED VOLUME 035
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1 Ocejo, Perez & Co. vs. International Banking Corp., 37 Phil. 631;
Republic vs. Hospital de San Juan de Dios, et al., 84 Phil. 820.
108
109
Writ granted.
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2/10/2018 SUPREME COURT REPORTS ANNOTATED VOLUME 035
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