LOAN AGREEMENT AND PROMISSORY NOTE

THIS LOAN AGREEMENT AND PROMISSORY NOTE (the “Note”), is made this 29TH day of
OCTOBER, 2021, by and among MRS.MA TERESA DEDOMO ABARICO, (hereinafter, known as
“LENDER”) and MARK LOUIE BITSUSO, (hereinafter, known as “BORROWER”) and  KRISTELLE
JOY ACUNA as GUARANTOR .,
BORROWER and LENDER shall collectively be known herein as “the Parties”.  In determining the
rights and duties of the Parties under this Loan Agreement, the entire document must be read
as a whole.
PROMISSORY NOTE

FOR VALUE RECEIVED, BORROWER promises to pay to the order of LENDER, the sum of TWO
HUNDRED SIXTY THOUSAND PESOS (260,000) together and already included the interest for 2
years contract.
ADDITIONAL LOAN TERMS

The BORROWER and LENDER, hereby further set forth their rights and obligations to one
another under this Loan Agreement and Promissory Note and agree to be legal bound as
follows:

A.
Principal Car Loan Amount 230,000
Downpayment Received 80,000

B.
Loan Repayment Terms.
BORROWER will make payment(s) to LENDER in (24) separate payments according to the
following schedule:

EVERY 29TH DAY OF THE MONTH STARTING OCTOBER 29TH 2021 TO OCTOBER 29TH 2023.
SEVEN THOUSAND FIVE HUNDRED PESOS (7,500) EVERY MONTH.

No Collateral given.

Method of Loan Payment.

The BORROWER shall make all payments called for under this loan agreement by sending check
or other negotiable instrument made payable to the following individual or entity at the
address indicated:
 MA.TERESA ABARICO
09062823086
CENTRAL 2 BINUGAO TORIL DAVAO CITY
(GCASH) 09062823086
(ASIA UNITED BANK ACCOUNT) 318-01-001555-0

If LENDER gives written notice to BORROWER that a different address shall be used for making
payments under this loan agreement, BORROWER shall use the new address so given by
LENDER.

Default.
The occurrence of any of the following events shall constitute a Default by the BORROWER of
the terms of this loan agreement and promissory note:

BORROWER’S failure to pay any amount due as principal or interest on the date required
monthly under this loan agreement will be charged as temporary deposit for the unit that the
BORROWER is using.
ONE MONTH NO PAYMENT IS SUBJECT TO TEMPORARY DEPOSIT.
ONE MONTH ENGINE/TRANSMISSION WARRANTY UPON RELEASE.
ANY CHARGES/DEFECTS OF THE UNIT FROM THE TIME THAT IT IS ALREADY RELEASED, THE
LENDER WILL NOT BE LIABLE FOR IT.
THE UNIT WILL BE UNDER THE LENDER’S NAME UNTIL THE 24 MONTHS PAYMENTS WILL NOT
BE COMPLETE.
EXECUTE THE ABSOLUTE DEED OF SALE UPON COMPLISSION OF THE 24 MONTHS TERM.
ANY ACCIDENT THAT WILL BE HAPPEN FOR THE UNIT AFTER THE LENDER RELEASED THE UNIT
TO THE BORROWER WILL NOT ANY LONGER BE RESPONSIBLE BY THE LENDER.
ANY ACCIDENT MADE /, STILL THE BORROWER WILL CONTINUE THE PAYMENT TO THE LENDER.
ANY CHARGES WILL BE CHARGE AND RESPONSIBLE BY THE BORROWER SINCE THE BORROWER
IS ALREADY USING THE UNIT.
IF ANY CHANCES THAT THE UNIT WILL BE CHARGE AS (MISSING)/(SOMEONE STOLE IT), THE
BORROWER WILL BE THE RESPONSIBLE FOR IT AND OBLIGE TO PAY THE WHOLE AMOUNT TO
THE LENDER.
ONE MONTH ALLOWANCE GIVEN FOR THE BORROWER TO REDEEM THE UNIT WITH THE
PAYMENT FOR THE PENDING OBLIGATIONS.
NO PAYMENT MADE/NO SETTLEMENT WITHIN THE ONE MONTH ALLOWANCE WILL SUBJECT
THAT THE LENDER WILL GET THE UNIT FOR GOOD.
ANY ACTIONS TAKEN PLACE IF THE BORROWER WILL NOT HAND OVER THE UNIT TO THE
LENDER WILL AUTOMATIC PROCEEDED ON THE LEGAL DIVISION.

If BORROWER gives written notice to LENDER that a different address shall be used, LENDER
shall use that address for giving notice of default (or any other notice called for herein) to
BORROWER.
Penalty for Late Payment.  

There shall also be imposed upon BORROWER a 2% penalty for any late payment computed
upon the amount of any principal and accrued interest whose payment to fall must be every
29th of the month. THREE DAYS EXTENSION GIVEN TO THE BORROWER WILL HAVE 2% PENALTY
per day.
If the borrower will pay the unit within 12months only , there will no interest added.
TWO HUNDRED THIRTY THOUSAND PESOS (230,000) good as cash amount.

UNIT SPECIFICATION:

DA64V-140205 (CHASSIS NUMBER)

1201-00000812889 (MV FILE)

MAN2339 (PLATE NUMBER)

TINTED

MAGS

UPHOLSTERY

COMPLETE PAPERS (REGISTRATION/INSURANCE PAPERS)

AIRCONDITIONED

SEMI WAGON 4X2 MATIC

TOUCHSCREEN STEREO

BACKING CAMERA

SPEAKERS

PEARL WHITE COLOR

IN WITNESS WHEREOF and acknowledging acceptance and agreement of the foregoing,
BORROWER and LENDER affix their signatures hereto.

BORROWER:  
LENDER:

_/LENDER/ MA.TERESA ABARICO ____________

_ /BORROWER/ MARK LOUIE BITSUSO ___________

_/GUARANTOR/ KRISTELLE JOY ACUNA ___________

Dated: OCTOBER 29TH 2021

Dated: OCTOBER 29TH 2021