CONTRACT OF LOAN WITH SURETYSHIP

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Loan, made and entered into this 9th day of October,
2020 in Makati City, Philippines, by and between:

        KFD Bank, a banking institution organized and existing under

Philippine laws with principal address at JMT Building, Makati City hereinafter
referred to as the CREDITOR;

- AND -

        RPD SURETY, duly organized and existing under Philippine laws, with
principal address at RPD Building, Makati City, hereinafter referred to as
the SURETY;
- AND -
Juan Miguel D. Perfecto, Filipino, of legal age, and with address at
17 Highland St. Barangay Concepcion Dos, Marikina City, hereinafter
referred to as the DEBTOR;

WITNESSETH:

WHEREAS, at the request of the GUARANTOR and DEBTOR, the

CREDITOR has agreed to extend to the DEBTOR the amount of TEN
MILLION PESOS (P10,000,000.00) Philippine currency as a loan.

WHEREAS, the SURETY has agreed to give security for the loan, and
the CREDITOR has agreed to advance the loan on such security.

NOW THEREFORE, the parties agree to execute the loan subject to

the terms and conditions given below.

TERMS AND CONDITIONS

1. Pursuant to said agreement, the CREDITOR has given the sum of

TEN MILLION PESOS (P10,000,000.00) Philippine currency to the
DEBTOR.
2. Both the DEBTOR and SURETY have agreed to be jointly and
severally liable for the payment of the loan to CREDITOR.
 3. In case of delay or failure to pay any installment or part thereof, with
the stipulated interest, the remaining balance, as well as the interest
due thereon, shall become immediately demandable, and the DEBTOR
and SURETY shall be jointly and severally liable to pay the same.
4. The BORROWER and SURETY hereby declare that the said property is
free from all encumbrances.
5. That it is hereby agreed and declared that in cases of failure of the
part of the 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
DEBTOR and CREDITOR and their respective successors and assigns, except
that the DEBTOR may not assign or transfer it rights hereunder without the
prior consent of the CREDITOR.

IN WITNESS WHEREOF, parties herein affixed their signatures on

th
the 9 of October 2020 in Makati City.

KFD BANK
Creditor

Juan Miguel D. Perfecto RPD SURETY

Debtor Surety

  
 ACKNOWLEDGMENT

Republic of the Philippines)

City of Makati ) S.S.

BEFORE ME a notary public for and in the City of Makati this 9 th day of
October 2020 personally appeared the above signatories who exhibited to
me their identification card above-mentioned, and who represented to me to
be the same person who executed the foregoing Memorandum of Agreement
and who acknowledged that the same is their free and voluntary act and
deed.

WITNESS MY HAND AND SEAL.

Doc. No. __;

Page No. __;
Book No. __;
Series of 2020.