MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement made and entered into by and between:
________________________________, of capable mind and state during the
writing of this agreement; twenty-five (25) years of age and a citizen of the
Republic of Philippines hereinafter referred to as the LESSEE;
and
__________________________, of capable mind and state during the writing of
this agreement; twenty-three (23) years of age and a citizen of the Republic of
Philippines hereinafter referred to as the LESSOR.
WITNESSETH, that:
WHEREAS, the LESSOR is lending the LESSEE money amounting to
_________________ (principal amount) on __________________________;
WHEREAS, the LESSEE assures the LESSOR of his capability to pay the
principal amount added with its corresponding interest;
WHEREAS, the LESSOR and the LESSE understand that non-compliance
with the TERMS AND CONDITIONS stipulated under this agreement shall be
mutually solved by both parties and that solution for compromise shall be
mutually agreed on by concerned parties;
NOW, THEREFORE, for and in consideration of the foregoing premises, the
LESSOR and the LESSEE agree and stipulate the following:
A. The LESSOR SHALL;
1. Provide the LESSEE with two (2) separate proof of receipt of payment
(original): one stating the current balance of the LESSEEs money as
reflected in his ATM card and another one stating the amount of
withdrawal done.
2. Keep a photocopy of the proof of receipt of payment affixed with the
LESSEEs signature;
3. Withdraw all the current savings amount of the LESSEE during the first
payment.
4. Withdraw with the minimum amount equal to the payment amount
during the succeeding payments, unless otherwise instructed by the
LESSEE for a greater amount;
5. Return ATM card back to the LESSEE upon receipt of the last amount for
full payment.
6. Lend the LESSEE money with the maximum amount of until five
thousand Philippine pesos (Php5,000.00) only.
B. The LESSEE SHALL;
1. Surrender, on his own will, his ATM card to the LESSOR as a proof of his
capability to pay the lent amount;
2. Receive two (2) proof of receipt of payment (original copies) from the
LESSOR;

3. Automatically authorize the LESSOR to withdraw all of the savings

amount as reflected on his ATM card during the first payment;
4. Inform the LESSOR of any additional withdrawal amount for the second
and succeeding payments;
5. Receive his ATM back upon giving the amount for full payment.
C. Under this Agreement, the following TERMS AND CONDITIONS are likewise
included;
1. The agreed interest rate is equal to ten percent (10%);
2. The computation for the payment amount shall be based on the
calculation below:
Interest = Principal x Interest Rate
Payment Amount = (Principal + Interest)/ (number of
separate payments)
3. The number of separate payments shall be determined according to
the following conditions:
a. Maximum of two (2) separate payments in one (1) month:
If principal (P) amount is less than or equal to two
thousand five hundred Philippine pesos only (PPhp2,500)
First payment on the 15th of the month and the second on
the 30th of the month; and
b. Maximum of four (4) separate payments in two (2) months:
If principal (P) amount is greater than two thousand five
hundred Philippine pesos but less than or equal to five
thousand Philippine pesos only (Php2500<PPhp5000)
First and third payments on the 15th of the month and the
second and fourth on the 30th of the month.
4. The number of separate payments as determined by the above
mentioned conditions shall take effect immediately upon signing of this
document.
D. Duration;
This Agreement shall take effect immediately upon signing hereof and
shall be effective only for one lending transaction. If ever another
transaction shall be made, another Agreement shall be furnished
containing the same terms and conditions.
E. Miscellaneous
In case any one or more of the provisions contained herein shall, for any
reason, be held to be invalid, illegal, or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any of the
provisions of this Agreement. In such event, the parties shall consult each
other as to the manner by which their original intention can be fulfilled as
closely as possible and they will amend this Agreement accordingly.

IN WITNESS WHEREOF, the parties hereof have signed this Agreement on

this ______________________ in _______________________.

_ __________________________
__________________________
LESSEE

LESSOR