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Contact of Loan

1) Andrew Balbedina borrowed PHP 300,000 from Reynaldo Fernandez and agreed to repay the principal plus PHP 15,000 in interest by December 31, 2022. 2) If Balbedina fails to repay the full amount by the due date, Fernandez has the right to claim any of Balbedina's property to apply to the loan. 3) The contract also specifies that if legal action is required, Balbedina will be liable for 30% of litigation and attorney fees on top of the total owed.

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155 views2 pages

Contact of Loan

1) Andrew Balbedina borrowed PHP 300,000 from Reynaldo Fernandez and agreed to repay the principal plus PHP 15,000 in interest by December 31, 2022. 2) If Balbedina fails to repay the full amount by the due date, Fernandez has the right to claim any of Balbedina's property to apply to the loan. 3) The contract also specifies that if legal action is required, Balbedina will be liable for 30% of litigation and attorney fees on top of the total owed.

Uploaded by

Rose DS
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Republic of the Philippines)

Sorsogon City )S.S


x------------------------------------------x

CONTACT OF LOAN
KNOW ALL MEN BY THESE PRESENTS;

This Deed is made and executed by and between:

REYNALDO N. FERNANDEZ, Filipino, of legal age, single and a resident of KM24,


Brgy. San Rafael, Sorsogon City, hereinafter referred to as CREDITOR, and;

ANDREW M. BALBEDINA, Filipino, of legal age, married and a resident of Brgy. San
Rafael, Sorsogon City, hereinafter referred to as DEBTOR;

WITNESSETH

That the DEBTOR is desirous of borrowing the amount of THREE HUNDRED


THOUSAND PESOS (Php300,000.00), Philippine Currency while the CREDITOR is willing
and able to lend the said amount, subject to the following terms and conditions:

1. That the CREDITOR shall convey the amount of THREE HUNDRED THOUSAND
PESOS (Php300,000.00) to the DEBTOR upon execution of this Contract;
2. That the DEBTOR shall pay the CREDITOR the aforementioned amount loaned plus
Fifteen Thousand Pesos (Php15,000.00) as interest thereon on or before December 31,
2022;
3. That in case of failure on the part of the DEBTOR to pay the amount loaned in full at
its aforementioned maturity date, then the CREDITOR shall have the right to choose
any of the DEBTOR’S property to apply to his loan;
4. That in case the court intervention should become necessary and inevitable, the
DEBTOR shall be liable for litigation expenses and attorney’s fees amounting to thirty
percent (30%) of the total amount due and demandable;
5. That the parties herein hereby commit to fully observe the terms and conditions as
embodied in this contract and are fully aware that any violation of the same shall
expose such erring party to the corresponding criminal and civil liabilities.

IN WITNESS WHEREOF, the parties have hereunto set their hands this ______ day of
November 2019 at Sorsogon City, Philippines.

REYNALDO N. FERNANDEZ ANDREW M.


BALBEDINA
Creditor Debtor
Valid ID No._______________ Valid ID No._______________
Issued on:________________ Issued on:________________
Issued at:_________________ Issued at:_________________

Signed in the presence of

_____________________________ ___________________________

ACKNOWLEDGMENT
Republic of the Philippines)
Sorsogon City )S.S
x------------------------------------------x

BEFORE ME, this this ______ day of November 2019 in Sorsogon City, Philippines,
personally appeared REYNALDO N. FERNANDEZ with Valid ID ______________________
issued on____________________ Issued at ___________________ and ANDREW M.
BALBEDINA with Valid ID_____________________ issued on____________________
Issued at ___________________ known to me to be the same persons who executed the
foregoing instrument and they acknowledged that the same is their own free, voluntary act and
deed.

WITNESS MY HAND AND SEAL this ______ day of November 2019 at Sorsogon
City, Philippines.

Doc No.______;
Page No._____; NOTARY PUBLIC
Book No.______;
Series of 2019.

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