INSTALLMENT PAYMENT AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Installment Payment Agreement (IPA) is made and executed this ____ day of
January 2023 by and between:

Kamaal Khatumal, Single/Married, of legal age, and a resident of New Jersey, United
States of America, hereinafter referred to as the “FIRST PARTY”;
-And-
Kenneth A. Galola, single, of legal age, and a resident of Block 1A Lot 5, Grande Vita
Subd., Bignay, Valenzuela City hereinafter referred to as the “SECOND PARTY”;

-WITNESSETH-

WHEREAS the FIRST PARTY is offering an installment payment term to the SECOND
PARTY;

WHEREAS the SECOND PARTY acknowledges and admits that he is delinquent in paying
the FIRST PARTY his obligation in the amount of ONE THOUSAND US DOLLARS ($1,000.00)
which is equivalent to FIFTY-FIVE THOUSAND SIX HUNDRED EIGHTY (P 55,680.00) Philippine
currency following the latest exchange rate. Attached herewith marked as Annex “A” is the
proof that the FIRST PARTY has sent $1,000.00 thru Paypal to the SECOND PARTY with the
promise of the latter to pay the former but failed to do so;

WHEREAS the SECOND PARTY agrees to comply with all the terms and conditions of this
IPA;

NOW THEREFORE, for and in consideration of the above premises, the parties have
agreed and hereby voluntarily agree as follows:
 A. The SECOND PARTY is delinquent in paying the FIRST PARTY his obligation in the
amount of ONE THOUSAND US DOLLARS ($1,000.00) which is equivalent to FIFTY-
FIVE THOUSAND SIX HUNDRED EIGHTY (P 55,680.00) Philippine currency following
the latest exchange rate;

B. The SECOND PARTY agrees to settle his obligation within a period of SIX (6) months
starting on February to July 2023;

C. The SECOND PARTY will pay the amount of ONE HUNDRED US DOLLAR ( $100.00) on
February 15, 2023 as an initial payment;

D. The SECOND PARTY will pay ONE HUNDRED EIGHTY US DOLLARS ($180.00) on the
succeeding months after February 2023 until fully paid;

E. In case of default by the SECOND PARTY of ONE (1) monthly installment and/or non-
compliance with the obligations stated above, a penalty of 30% of the total amount
due as interest shall be added to the total obligation in favor of the FIRST PARTY.
IN WITNESS WHEREOF, the parties have hereunto affixed their respective signatures this __day
of January 2023.

KAMAAL KHATUMAL KENNETH A. GALOLA

First Party Second Party