LOAN AGREEMENT KNOW ALL MEN BY THESE PRESENTS: This Loan Agreement is executed this (insert date) by and

between: (state name), of legal age, married and a resident of (insert address), hereinafter referred to as the LENDER; and

(state name), of legal age, married and a resident of (insert address), hereinafter referred to as the BORROWER. -WITNESSETHThe LENDER has sufficient cash to lend to BORROWER, and the latter has agreed to avail of a loan thereof, subject to the following terms and condition: NOW THEREFORE, the parties agree as follows: 1. LENDER shall extend to BORROWER a cash loan in the amount Pesos: (Insert amount in words), (Php__________), receipt of which is hereby acknowledged by the parties and for which the corresponding promissory note has been issued, which is made an integral part hereof. The principal amount shall bear an interest of (insert rate of interest in words) (___%) per annum. The BORRIWER shall pay the principal amount plus the interest at the rate specified under Sec. 2 according to the following schedule of payment: Due Date Xxx Xxx Xxx Interest Xxx Xxx Xxx Xxx Total Amount Due Xxx Xxx Xxx Xxx

2. 3.

Payment First Installment Second Installment Third Installment Total 4.

In case of failure to pay within the stipulated periods, the BORROWER shall be liable to pay a penalty equivalent to the rate of 1% per month of total amount due and other damages which the latter maybe entitled under the law, in addition to the above interest. This Agreement constitutes the entire understanding between the parties and may only be modified, altered or amended only with the prior written consent of

5.

the party of or parties against whom, such modification, alteration, or amendment shall take effect. IN WITNESS WHEREOF, the parties have executed this Agreement on the date and place above specified.

LENDER

BORROWER SIGNED IN THE PRESENCE OF:

________________

___________________

ACKNOWLEDGMENT REPUBLIC OF THE PHILIPPINES) )S.S. BEFORE ME, this (insert date) in (insert place), personally appeared: Name CTC No. Issued at Issued on

known to me to be the same persons who executed the foregoing instrument consisting two (2) pages including this Acknowledgment, and who acknowledged to me that the same is their voluntary and free act and deed. IN WITNESS WHEREOF, I set my hand and affix my notarial sea on the date and place above written. Doc. No. _____; Page No. _____; Book No. _____; Series of ______.

PROMISSORY NOTE

FOR VALUE RECEIVED, I promise to pay to the order of (state name of lender) the sum of (state amount of loan in words) (Php______________), Philippine Currency, on or before (state date of payment) at (state place or address where payment is to be made). Should I fail to pay on the due date, I shall pay interest at the rate of (state rate of interest) per month and should the legal counsel be retained to enforce collection, I shall further pay (state rate of penalty) of the total amount due including interest as attorneys fees. If a case for collection of sum of money is against me, I shall be liable to pay a penalty of (state rate of additional penalty) and cost of the suit and other expenses. (State date of note, and place of execution) Signature of Maker