The parties hereto desire to enter into the business of Coffee and pastries selling and operating a shop. In order to accomplish their aforesaid desires, the parties hereto desire to join together in a general partnership under and pursuant to the Uniform Partnership Act, amended from time to time.
NOW THEREFORE, in consideration of their mutual promises, covenants, and agreements, and the Explanatory Statement, which Explanatory Statement is incorporated by reference herein and made a substantive part of this Partnership Agreement, the parties hereto do hereby promise, covenant and agree as follows:
Section 2. Principal Place of Business
The principal office and place of business of the Partnership (the "Office") shall be located at Wakas, Bocaue, Bulacan
Section 3. Business and Purpose
3.1. The business and purposes of the Partnership are to manage, and operate, Coffee and Pastry Shop.
Section 4. Term
The Partnership shall commence upon the date of this Agreement, as set forth above.
Unless sooner terminated pursuant to the further provisions of this Agreement, the
Partnership shall continue without defined term.
Section 5. Capital Contribution
5.1. The original capital contributions to the Partnership of each of the Partners shall be made concurrently with their respective execution, acknowledgement, sealing and delivery of this Agreement in the following Peso amounts set forth after their respective names: dela Flores, Reycia Anne: Capital contribution includes equipment valued at approximately 50,000. An additional cash capital contribution of 250,000 will also be made.
Omzar, Jenalyn May: Capital contribution is Land valued approximately 250,000, a building valued approximately 150,000 and Furniture and fixture valued approximately 100,000.
5.2. Except as specifically