LOAN AGREEMENT WITH CHATTEL MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This LOAN AGREEMENT AND PROMISSORY NOTE (“Agreement”) is made

and entered into this ___ day of _____________, 2018 by and between the following:

_____________, Filipino, of legal age, married, and with

residence at __________________, hereinafter referred to as
“LENDER”;

-and-

_____________________________, Filipino, of legal age,

single/married, and with residence at _________________,
hereinafter referred to as “BORROWER”.

(BORROWER and LENDER shall collectively be referred

herein as “the Parties”.)

WITNESSETH: That --

WHEREAS, for value receive, the BORROWER promises to pay to the order of
the LENDER the sum of ____________________ (PhP_________) Philippine currency,
with an interest rate of ________ PERCENT (__%) per month, within a period of
______________ (_____) months/years, payable without the need of notice of demand.

NOW, THEREFORE, for and in consideration of foregoing, the parties hereby

agree to be legally bound by the following terms and conditions:

A. PRINCIPAL LOAN AMOUNT. ____________ (PhP ________).

B. LOAN PAYMENT TERMS. BUYER shall pay the LENDER the total amount of
_______________ (PhP _______), inclusive of the principal loan amount and
____% interest, in ______ monthly instalments, amounting to __________
(PhP ______) per month, according to the following schedule:

AMOUNT DATE
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2
3

C. MODE OF PAYMENT. BORROWER shall issue ________ (__) post –dated

checks payable to the LENDER, each of which shall cover the amount of the
instalment payment for the month.

BUYER warrants that upon presentment for payment of the check, the checking
account is existing and that there are sufficient funds to cover the amount of
the check.

In the event that the BORROWER requests to pay in cash, the amount due
must be deposited to the BANCO DE ORO (BDO) account of the LENDER,
with the following details, on the due date of payment thereof, pursuant to the
abovementioned schedule of payment:

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 BDO SAVINGS ACCOUNT
Account Name: _____________
Account Number: ___________
Branch: BDO Walmart Sucat

D. PENALTY. In case of default, there shall also be imposed upon the

BORROWER a penalty of FIVE (5%) percent per month computed upon the
total overdue amount and shall continue to accrue penalty and interest until
such time that the total amount shall be fully paid.

The occurrence of any of the following events shall constitute a default by the
BORROWER:

1. Failure to pay the amount due on the due date of payment pursuant to the
abovementioned schedule of payment;
2. Dishonor of the check upon presentment for payment; or
3. Requesting to defer the encashment of the check to a later date than the
scheduled due date of payment.

E. CHATTEL MORTGAGE. To secure the performance of said obligation to pay,

the BORROWER hereby conveys by way of Chattel Mortgage unto the
LENDER, her heirs, successors and assigns, free from all liens and
encumbrances, the following motor vehicle:

MAKE: MOTOR NO.

SERIES: SERIAL/CHASIS NO:
TYPE OF BODY: PLATE NO.
YEAR MODEL: FILE NO.

BORROWER shall remain to in possession of the described motor vehicle but

shall surrender the original Official Receipt (OR) and Certificate of Registration
(CR) of the same to the LENDER upon execution of this Agreement.

BORROWER warrants that he/she is the true and absolute owner by title of the
described motor vehicle and that until such time that BORROWER has fully
paid his/her obligation to the LENDER, BORROWER shall not transfer, sell,
convey, or alienate the described motor vehicle to a third person.

Upon full payment, the original OR/CR shall be returned by the LENDER to the
BORROWER and this Chattel Mortgage shall become null and void. Wanton
failure on the part of the BORROWER to comply with his/her obligation to pay
under this Agreement shall give rise to the right of the LENDER to foreclose
the forgoing Chattel Mortgage in accordance with law.

AFFIDAVIT OF GOOD FAITH: BORROWER and LENDER warrants under

oath that the foregoing Chattel Mortgage of the described vehicle is made and
executed for the purpose of securing the obligation of the BORROWER as
specified in this Agreement and for no other purpose, and that the same is a
just and valid obligation and not one entered into for purposes of fraud.

F. WAIVER. The failure to collect by the LENDER on the due date shall not be
construed as a waiver of its right to collect later on. The waiver by the LENDER
of a breach, default, delay or omission of any of the provisions of this
Agreement committed by the BORROWER will not be construed as a waiver
of any subsequent breach of the same or other provisions.

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 G. ENTIRETY AND AMENDMENTS. The foregoing provisions of this Agreement
constitutes the plenary covenant and entire agreement between the Parties and
supersedes any and all prior agreements made orally or in writing among them.
No amendment, modification or addition to this Agreement shall be binding
upon either party unless reduced in writing and duly signed by each of the
parties in the same manner as the execution of this Agreement.

H. VENUE OF ACTION. The Parties, by entering into this agreement, submit to

the exclusive jurisdiction of the courts of Paranaque City, to the exclusion of all
other courts, for the adjudication of any disputes and/ or claims between the
Parties under this Agreement.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures on

this ____ day of __________, 2018 at ____________, Philippines.

______________________ ___________________________
Lender Borrower

SIGNED IN THE PRESENCE OF:

__________________________ __________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

___________________________ ) S.s.

BEFORE ME, a Notary Public this _____ day of ___________, personally

appeared the following:

Name Govt-issued I.D. Number Date/Place Issued

all known to me and to me known to be the same persons who executed the foregoing
instrument and they acknowledge the same to be their free and voluntary act and deed.

This instrument consisting of ___ page/s, including the page on which this
acknowledgment is written, has been signed on the signature page as well as on the left
margin of each and every page thereof by the concerned parties and sealed with my
notarial seal.

IN WITNESS WHEREOF, I have hereunto set my hand the day, year and place
above written.

Doc No.: ____

Page No.: ____
Book No.: ____
Series of 2018.