Juan A. Agustin filed the petition to terminate agreement and for judgment quieting title against Sung T. Park.
Agustin is asking the court to terminate the agreement he and the defendant signed on Nov. 1, 1988.
He is also praying for judgment in his favor against Park and for an order terminating all the rights and interests Park has or may have in the lot pursuant to the lease agreement, and that he acquire fee simple to the lot free from any nuisance in the future.
In his petition, Agustin stated that he leased his lot to Park on Nov. 21, 1988 containing over 13,983 square meters under a period of 55 years.
He said under the agreement, Park was to pay $248,772.78 plus $300 a month.
The agreement further stipulated that the monthly rental will increase by $30 on every 10th year of the lease, and all monthly rental is due on the first day of each month.
The petitioner said by the signing date of the agreement, Park had given him a total of not more than $3,000 and promised to pay him the balance of $245,772.78 after.
However, the respondent failed to pay the balance and the $300 monthly rental, and continued to fail to pay up until Nov. 2008.
The petitioner said Park has not developed or improved the lot in any way or form as agreed from the signing of the agreement up until the filing of this petition.
He said Park has not communicated with him regarding the lease agreement, his rental payments or for any matter since the signing date of the agreement.
He said his attempts to communicate with Park proved futile.
As a result, he said he suffered financial hardship due to Park’s failure to pay under the lease agreement.
