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LENDING AGREEMENT

This lending agreement outlines the terms between a LENDER, BORROWER, and CO-MAKER for a loan of ₱300,000.00 with an interest of ₱120,000.00, to be repaid over 12 months. The agreement includes details on payment terms, default conditions, and a mortgage clause that allows the LENDER to claim the BORROWER's property if payments are not made. The CO-MAKER is also held responsible for the debt in case of default by the BORROWER.

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3 views4 pages

LENDING AGREEMENT

This lending agreement outlines the terms between a LENDER, BORROWER, and CO-MAKER for a loan of ₱300,000.00 with an interest of ₱120,000.00, to be repaid over 12 months. The agreement includes details on payment terms, default conditions, and a mortgage clause that allows the LENDER to claim the BORROWER's property if payments are not made. The CO-MAKER is also held responsible for the debt in case of default by the BORROWER.

Uploaded by

bucormedsecampctou
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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LENDING AGREEMENT

1. PARTIES: The undersigned _________________________, Filipino Citizen, of


legal
age, single, with residence and postal address at _________________________________
hereinafter referred as the “LENDER”
-and-

The Undersigned is ________________________, Filipino Citizen, of


legal age, married to _______________________, with residence and postal address at
___________________________________ hereinafter referred as the “BORROWER”,

The Undersigned is _________________________, Filipino Citizen, of legal age,


single/married to _______________________, with residence and postal address at
___________________________________ hereinafter referred as the “CO-MAKER”.

2. DATE OF AGREEMENT: ______________________.

3. I, the BORROWER: _______________________, promise to pay the LENDER,


______________________ (₱300,000.00) Three Hundred Thousand Pesos as the CAPITAL, and
the INTEREST avowed below.

4. PROMISE TO PAY: Within 12 months or 365 days from this date.

5. ACCOUNTABILITY: This agreement signed below by more than one person, each
of the undersigned understands that they each as an individual responsible and jointly and
voluntarily executing this agreement.
6. BREAKDOWN OF DEBT:
1 Amount of debt: (₱300,000.00) Three Hundred Thousand Pesos.
2 Interest: (₱120,000.00) One Hundred Thousand Pesos.
3 Total of Payment: (₱420,000.00) Four Hundred Thousand Pesos.

7. MONTHLY PERCENTAGE RATE: 3.33%

8. PAYMENT TERMS: The borrower will pay back in the following manner:
1 The borrower will repay (₱10,000.00) Ten Thousand Pesos or 3.33%
per month from the total debt via cash or bank transfer.
2 Borrower will pay monthly interest every ____ day of the month.
3 Delay payment of the monthly interest will incur additional 1%
from the monthly percentage rate for the same month only.
4 The borrower may pay in full payment prior on the agreed time
table provide in this agreement.
4.1 In case the borrower decided to pay the total debt prior on the
agreed months provided in this agreement, the borrower shall still have to
pay the total interest covering the initial agreed months (12 months) stated
in this agreement.

9. DEFAULT: The occurrence of any of the following event shall constitute a default
upon the borrower:
9.1 The borrower failed to pay ____ months of his obligation, principal
and
interest on the date required by this agreement.
9.2 The borrower becomes insolvent or otherwise unable to pay his/her
obligation under this contract.
9.3 As the provision in 9.1 (DEFAULT) of this agreement, The CO-MAKER is
given (15) Fifteen working days to pay all the remaining balance.
9.4 Failure of either BORROWER or the CO-MAKER to settle the outstanding
payment in this contract shall constitute to “Mortgage”.

10. MORTGAGE: The Borrower as HE AFFIXED his/her signature in this contract, agreed
to surrender as mortgage his/her house and lot, sole rights, wave his/her rights to live and
possession of the property described as;

Address: ____________________________________________________________________
Lot area: ____________________________________________________________________
Length of stay/Residency: ______________________________________________________
Other details: ________________________________________________________________
Attached photos:

10.1 In case that the CO-MAKER failed to settle the remaining balance of the
BORROWER within the prescribed duration stated in this contract, Paragraph 9 ii b
(mortgage) of this contract shall prevail.
10.2 The borrower is hereby given a maximum 30 days to vacate the said
property.

11 TESTIFICATION: I, _________________________________ the BORROWER affirmed


that the house and lot brought up in this agreement as a collateral is NOT PAWNED ”HINDI
NAKASANLA” to any other public or private person, institution or organization.
9.1 CO-MAKER: By all laws existing and applicable, the co-maker is hereby obliged
to pay the full/remaining amount aforementioned in this contract.

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