Sarabia Hotel obtained a special loan package from Far East Bank and Trust

Company(FEBTC) in order to finance the construction of a five storey hotel building

(!e" Building) for the purpose of e#panding its hotel business$ %n additional credit
in addition to the loan "asapproved by FEBTC in the same year$ The foregoing
debts "ere secured by real estatemortgages over several parcels of land o"ned by
Sarabia and a comprehensive surety agreementdated September &' & signed
by its stockholders$ By virtue of a merger' Bank of the*hilippine +slands (B*+)
assumed all of FEBTC,s rights against Sarabia