Common Contracts
1 similar null contracts
Title: Penta Pacific Realty Corporation vs. Ley Construction and Development CorporationApril 8th, 2024
Penta Pacific Realty Corporation (petitioner) owned the 25th floor of the Pacific Star Building in Makati City, which was initially leased to Ley Construction and Development Corporation (respondent) through Century Properties Management, Inc., the petitioner’s authorized agent. The lease agreement allowed the respondent possession with a clause for immediate repossession by the petitioner in case of default. Subsequently, the parties entered into a contract to sell for the entire floor, setting the price at US$3,420,540.00 with specified terms of payment. The respondent failed to meet the payment obligations, leading to a series of exchanges between both parties, exploring modifications to the agreements and settling dues. Eventually, after failed negotiations and the respondent’s continued default, the petitioner demanded the respondent vacate the premises and sought to cancel the agreement, thereby forfeiting the payments made by the respondent. The respondent’s failure to comply le
