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MEMORANDUM OF AGREEMENT
This Agreement is made this ______day of _____ 2020, by and between:

______________________ Filipino, of legal age, (insert civil status), a resident of

______________________, hereinafter known as the “CREDITOR”,

-and-

______________________ Filipino, of legal age, (insert civil status), a resident of

______________________, hereinafter known as the “DEBTOR”.

WITNESSETH:

1. The DEBTOR borrowed _________ PESOS (PhP__________) from the CREDITOR

on ______________ with the ____ % (monthly/yearly interest choose one) interest;

2. The monthly payment is in the amount of _______ payable every _____th of the
month until fully paid;

3. As a collateral for the loan, the DEBTOR hereby voluntarily turn over the temporary
possession of the motor vehicle described below, to which the DEBTOR is the owner
thereof, to wit:

Make: Engine No.:

Serial Number: Chassis No.: -
Conduction Sticker No.: Plate No.: -
Year Model: - MV File No.: -
O.R. No.: - C.R. No.: -

4. In case of default of payment or failure to pay on the part of the DEBTOR, the motor
vehicle will serve as the payment for the debt;

5. The CREDITOR hereby undertakes not to use the vehicle for any illegal or criminal
purpose;
WE HAVE HEREUNTO set our hands this __________2020 at ________________,
Philippines.

__________________________
DEBTOR
ID:__________________

____________________________
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CREDITOR
ID:___________________

SIGNED IN THE PRESENCE OF:

_____________________________     ______________________________ 
Witness Witness

ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )
_____________________________ ) S.S. 

BEFORE ME, a notary public for and in ________________, this ____________

personally appeared the above-named persons made known to me  to be the same persons who
executed the foregoing Memorandum of Agreement with two (2) pages who acknowledged to
me that the same is their free and voluntary act and deed.
WITNESS MY HAND AND NOTARIAL SEAL.
Doc. No.::______;
Page No.: ______;
Book No.:______;
Series of 2020.