LOAN AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This AGREEMENT made and entered into this ______________ at

_____________ by and between:

XXX, of legal age, Filipino citizen, single, with address at

______________________________________, and hereinafter
referred to as the “BORROWER”,

-and-

YYY, of legal age, Filipino citizen, single, with address at

______________________________________, and hereinafter
referred to as the “CREDITOR”.

W I T N E S S E T H:

WHEREAS, the BORROWER proposed that the CREDITOR extend

a loan to the former and the latter accepted the proposal;

NOW, THEREFORE, in view of the foregoing, the parties agreed to

the following terms and conditions:

1. The CREDITOR will lend to the BORROWER the amount of PESOS:

FIVE MILLION (PHP 5,000,000.00).

2. The loan shall be payable thru monthly installments for twelve (12)
months with interest computed at two percent (2%) a month. The
BORROWER shall pay the CREDITOR in the following manner:

For the first 11 months: BORROWER shall pay the interest on the
first 11 months.

On the 12th and final month: BORROWER shall pay the last month
interest and the principal amount.

3. The BORROWER shall issue thirty-six (13) postdated checks

(PDC’s) in favor of the CREDITOR to cover the payments for the
loan upon release of the total loan amount.

4. As security to the payment of the loan, the BORROWER shall also

surrender to the CREDITOR the Transfer Certificated of Title
identified and listed under Annex “A” hereof which covers a house
and lot unit with the same value as the amount of loan.

5. Upon full payment by the BORROWER, the CREDITOR shall

immediately release and return the above mentioned title issued by
the BORROWER.

Page 1 of 2
 6. In case the BORROWER fails to pay any outstanding installment
on due date for any reason, BORROWER is liable for additional
penalty of one percent (1%) based on the outstanding obligation on
a particular month unless CREDITOR waives such penalty upon
request of the BORROWER.

7. In case of litigation, the parties agree to file the appropriate legal

action in the courts of Quezon City only.

IN WITNESS WHEREOF, the parties have hereunto signed these

presents on this _________________ at _______________________.

SIGNED IN THE PRESENCE OF:

______________________________ ________________________

Page 2 of 2