BANG BANK Bang Bank Square Justice Romualdez St. Tacloban City LOAN AGREEMENT WITH SURETYSHIP
KNOW ALL MEN BY THESE PRESENT: This Loan Agreement, duly executed on this 5 th day of March at Tacloban City by and between: GALE GLENN CORPORATION duly organized and existing under Philippine laws with principal address at 143 Real st., Tacloban City (hereinafter referred to as the “BORROWER”, irrespective of number.) -andRICH MOND CORPORATION duly organized and existing under Philippine laws with principal address at 14344 Real St., Tacloban City (hereinafter referred to as the “SURETY”, irrespective of number.) -andBAN BANK, a banking institution duly organized and existing under Philippine laws with principal address at Bang Bank Square Justice Romualdez St. Tacloban City, Leyte (hereinafter referred to as the “LENDER”. ) WITNESESS: THATWHEREAS, at the request of the BORROWER and the SURETY, the LENDER has agreed to extend to the borrower the amount for a loan of P 50 million (Php 50, 000, 000) Philippine currency which shall be repayable in installments as specified hereunder with interest at the rate of 12% per annum.
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AND WHEREAS the SURETY has agreed to give security for the above loan and the LENDER has agreed to advance the loan on such security. NOW THIS BOND WITNESSES AS UNDER: 1. That in pursuance of the said agreement the LENDER has advanced a sum of P 50 million to the BORROWER. The BORROWER and SURETY have jointly and severally agree with the LENDER as under. 2. That the BORROWER and SURETY are jointly and severally responsible for repayment of the above amount in four equal installments with interest on half yearly basis as under. INSTALLMENTS DUE PRINCIPAL AMOUNT Amount
Date
1st installment
P 12,500,000
June 5, 2016
2nd installment
P 12,500,000
September 5, 2016
3rd installment P 12,500,000 4th installment
P 12,500,000
December 6, 2017 March 6, 2017
TERMS AND CONDITIONS 3. That in case of failure to pay any installment or part thereof with interest, the debt amount along with interest shall become payable at once and the BORROWER and SURETY shall be jointly and severally liable to pay the same. 4. That for the consideration aforesaid and in further pursuance of the aforesaid agreement the BORROWER and SURETY grants and transfer by way of simple mortgage to the LENDER. All that property described in the shall remain and be charged by way of simple mortgage as security for the payment to the creditor of the said principal amount along with interest in accordance with the covenants herein contained. 5. The BORROWER and SURETY hereby declare that the said property is free from all encumbrances. 2
6. That it is hereby agreed and declared that in cases of failure of the part of BORROWER to pay the installment in time, the LENDER shall be entitled to dispose the mortgage property in part or full to recover the principal amount and interest. This agreement shall be binding upon and inure to the benefit of the BORROWER and LENDER and their respective successors and assigns, except that the BORROWER may not assign or transfer it rights hereunder without the prior consent of the LENDER. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands on the date and place first above written. BANG BANK (LENDER) BY: ___Pol Ano
_____Po
____Pol Ana_________
La___________ MR. POL ANO MR. PO LA President Vice President
MS. POL ANA Vice-President
Senior Executive
(Duly Authorized for the purpose) (Duly Authorized for the purpose) Authorized for the purpose)
(Duly
GALE GLENN CORPORATION (BORROWER) BY:
_______Ghi Ya____________ GHI YA Director (Duly Authorized for the purpose)
RICH MOND CORPORATION (SURETY) BY:
__________Blan Che_____________ BLAN CHE Chairman (Duly Authorized for the purpose)
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Signed in the presence of: _____Hap Py_________ Tik__________ HAP PY LISH TIK PRC ID No.1231-4 A89674048
_______Lish
Passport No.
ACKNOWLEDGMENT
Republic of the Philippines) City of Tacloban ) S.S BEFORE ME, this 5th day of M a r c h 2016 in the City o f Ta c l o b a n , Philippines, personally appeared: Name
Valid Identification Place of issue
Date of issue
POL ANO LTO Driver’s License No. H00-11234 September 7, 2006 Tacloban City PRC ID No.12 November 25, 2014 Tacloban City POL ANA
LTO Driver’s License No. H00-11234 July 21, 2009 Tacloban City PRC ID No.123 March 25, 2015 Tacloban City
PO LA 31, 2011
LTO Driver’s License No. H00-11234 August Tacloban City PRC ID No.1234 May 9, 2014 Tacloban City
GHI YA LTO Driver’s License No. H00-11234 September 7, 2008 Tacloban City PRC ID No.12345 November 15, 2015 Tacloban City
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RICH MOND
Passport No. A89674047 October 15, 2015 Tacloban City TAX ID No. 123456 April 17, 2010 Tacloban City
All known to me to be the same persons who executed the foregoing instrument and who acknowledged to me that the same is their free and voluntary act and deed. This instrument entitled “LOAN AGREEMENT WITH SURETY” consisting of four (4) pages, including the page on which this acknowledgment is written, has been duly signed by the parties and their instrumental witnesses. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal, the day and place above written. BGL ATTY. BLANCHE GHIA L. LIM Notary Public until Dec. 31, 2016 Tacloban City, Leyte / NC 2016-
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06-75 City
Brgy. Picas, Sagkahan, Tacloban Roll of Atty.’s No. 64934 / May 6,
2015
PTR No. 785558 /01-05-16/ TaclobanCity IBP No. 955524 /01-2-16/Tacloban City MCLE Compliance No. 12468
Doc No. 2 ; Page No. 1 ; Book I;
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