MEMORANDUM OF AGREEMENT

KNOWN TO ALL MEN BY THESE PRESENTS:

This agreement is entered to this day of

________________ at Bacolod City, Philippines by and
between the following persons:

_________________________, of legal age, married,

Filipino, and residing at ____________________ with
principal place of business located at ________________,
hereinafter referred to as the LENDER;

-and-

(Name), (age), (civil status), (nationality), residing

at (address0, hereinafter referred to as the BORROWER;

WITNESSETH:

WHEREAS, for value received the BORROWER promises to

pay the LENDER the principal amount of
_________________________ (P______) payable in equal
monthly installments for a period of _____________(__)
months with monthly interest on the principal amount at the
rate of _________(___%) starting on ________________ until
fully paid subject to the following conditions:

1. All payments under this Agreement are applied first

to accrued interest and then to the balance of the
outstanding principal;

2. Monthly payments under this agreement shall be done

on or before the ____th day of the month;

3. To secure the payment of the loan under this

agreement, the LENDER shall hold as security the
Automated Teller Machine (ATM) card of the BORROWER.
The BORROWER shall authorize the LENDER to withdraw
from the said ATM card the agreed amount of monthly
installment with interest, and as such provide the
LENDER with his/her ATM PIN number. The BORROWER
likewise promises the LENDER that his/ her account
for which the said ATM Card was issued shall contain
sufficient amount to pay the BORROWER’s monthly
obligation at the agreed date of monthly payment ;

4. In the event that the BORROWER will be required to

surrender the ATM Card at the possession of the
 LENDER to the Bank which issued the same for
replacement of a new one, he/she may retrieve the
same from the LENDER provided that the BORROWER
shall give the new ATM Card to the LENDER within
five (5) days from the time the old and replaced ATM
Card was received from the LENDER. Failure to do so,
the LENDER will be constrained to file appropriate
criminal, civil, and administrative charges against
you without need of demand.

IN WITNESS WHEREOF, parties herein affixed their

signatures on the date and place above written.

____________________ ____________________
Lender Borrower

Signed in the presence of:

____________________ _____________________

ACKNOWLEDGMENT

Republic of the Philippines)

City of Bacolod ) S.S.

BEFORE ME, this _____ day of ________ 2018 personally

appeared:

Name Competent Proof of Identity

1.
2.

all known to me to be the same persons who executed the

foregoing instrument and hereby acknowledged to me that the
same is their free and voluntary act and deed.

This instrument consisting of three (3) pages, including

this page on which this acknowledgment is written and has
been signed by the parties and their witnesses and sealed
with my notarial seal.

WITNESS MY HAND AND NOTARIAL SEAL.

Doc. No. ____

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