DEBT ACKNOWLEDGEMENT AGREEMENT

PART A : BORROWER
I____________________________, holder of ID NO___________________ and of P.O Box
______________ do hereby acknowledge being indebted to JAMES NYORO NG'ANG'A of
ID 33345191 of P.O Box 1423-60200 Meru to the tune of One Hundred Thousand Kenya
Shillings (Ksh 100,000)=, being loan amount arising from a request done by writing by the
borrower to the lender on Friday 15th October 2021.

It is now hereby agreed by both parties as below:

1. The amount shall earn an interest rate of 8%.

2. The amount (principal plus interest so accrued) is to be paid as one installment by date
Monday, 25th October 2021.
3. The amount to be paid as above will be One hundred and eight thousand Kenya Shillings.
(KES 108,000=)

Borrower Acknowledgment:

I hereby agree and undertake to repay the total debt plus interest in the sum One hundred and
eight thousand Kenya Shillings. (KES 108,000=) in one Installment on or before 25th
October 2021. In case of default, I hereby authorize my lender to enter and take possession of
my households and any other stocks in my possession as the immediate remedy.

I further agree that failure to repay the Loan plus the interest amount on or before the stipulated
timeline/deadline; I undertake to pay a penalty of 3% of the loan amount of each day of default.
Moreover, the said lender shall also have the right to take any other legal action acceptable and
recognized by law and pass the burden to the guarantor.

PHONE NUMBER…………………………..WORK STATION…………………………

RESIDENCE………………………………BUILDING NAME…………………………
KRA PIN NO…………………………..

HOUSE NUMBER………………SIGN……………………… DATE………………….…

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PART B: GUARANTOR 1

I………………………………………………………………Holder of ID………………and of
P.O Box………………………….in consideration of _______________________________ of
P.O Box __________________ offers to guarantee the aforementioned loan and interest being a
sum total of One Hundred Thousand Kenya Shillings (Ksh 100,000)= I do hereby bind
myself to guarantee the former full payment of the debt by the latter on or before the said date
and in case of default I hereby agree and undertake to repay the debt myself as a guarantor and to
the same degree of liability on joint and several basis within the principle debtor herein.

PHONE NUMBER…………………………..WORK STATION…………………………

RESIDENCE………………………………BUILDING NAME…………………………

HOUSE NUMBER………………SIGN……………………… DATE………………….…

PART C: FOR OFFICIAL USE ONLY

Lender: Sign ……………………………………….. Date……………………………….

ID:……………………………………………..Tel no…………………………………...

Witness/Advocate……………………..

Advocates signature & Stamp…………………………..

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