JUDICIAL COMPROMISE
To put an end to the litigation already commenced in the above-entitled case, the undersigned principal parties thereto and the Lanao Agro Industrial Corporation, which voluntarily appears herein as additional respondent, have arrived at a fair compromise, as follows:
1. The petitioner, Misamis Lumber Co., Inc., hereby transfers all rights under its timber license No. 124-71, to the Lanao Agro Industrial Corporation, of which respondent Mohamad Ali Dimaporo is the President, for and in consideration of the price of THREE HUNDRED THOUSAND PESOS (P300,000.00) Philippine currency, to be paid jointly and severally by the transferee and Mohamad Ali Dimaporo, in the following manner:
a. P100,000.00 (by check) — down payment at the signing of this compromise;
b. P100,000.00 at the office of the Misamis Lumber Co., Inc., Suite 603, Don Santiago Building, 1344 Taft Avenue, Ermita, Manila, on or before January 31, 1971, without the necessity of a demand;
c. P100,000.00 at the office of the Misamis Lumber Co., Inc., Suite 603, Don Santiago Building, 1344 Taft Avenue, Ermita, Manila, on or before February 28, 1971 without the necessity of a demand.
This transfer of rights is hereby approved by the official respondents, the Secretary of Agriculture and Natural Resources and the Director of Forestry.
2. In case of delay in the fulfillment of the obligation to pay, the Misamis Lumber Co., Inc., may secure from the Court a writ of execution against the properties of the solidary debtors. In event the writ of execution is returned unsatisfied, the transfer of rights under timber license No. 124-71 shall be deemed rescinded and the said timber license shall be considered reconveyed to the Misamis Lumber Co., Inc., with the approval of the official respondents, the Secretary of Agriculture and Natural Resources and the Director of Forestry. The Misamis Lumber Co., Inc., may then secure from the court a writ of execution for recovery of the possession of the Kapatagan forest concession from the Lanao Agro. Industrial Corporation and respondent Mohamad Ali Dimaporo, without obligation to make reimbursement of any kind.
3. This compromise shall be submitted to the Court for approval and judgment in accordance with its stipulations.
Manila, October 30,1970.
MISAMIS LUMBER CO., INC. Petitioner
By:
(Sgd.) FERNANDO LOPEZ (Sgd.) FRANSISCO R. CAPISTRANO
Respondent Secretary of Vice-Prsident For Legal Agriculture and Natural Affairs Resources Acting President
JOSE VIADO (Sgd.) DIONISIO N. CAPISTRANO Respondent Director Attorney for the Petitioner of Forestry
SOLICITOR GENERAL (Sgd.) MOHAMAD ALI DIMAPORO By: Respondent
(Sgd.) CONRADO T. LIMCAOCO
Counsel for Official LANAO AGRO. INDUSTRIAL Respondents CORPORATION Assistant Solicitor General Voluntary Additional Respondent
By:
(Sgd.) MOHAMAD ALI DIMAPORO President