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MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement entered into this ___ day of ____________ 2019 at


the City of Iloilo by and between:

TAYTAY SA KAUSWAGAN, INC., a corporation organized and


existing under the laws of the Republic of the Philippines, with principal office
address at TSKI Corporate Center, Maliao, Pavia, Iloilo herein represented
by its Executive Director ANGELO B. SOLARTE and hereafter referred to
as “TSKI”,
-and-
___________________________________ (complete name), of legal
age, Filipino Citizen, _____________ (civil status) and a resident of
______________________________________ and hereafter referred to as
“Employee-Borrower”

WITNESSETH-

That the TSKI and Opportunity Kauswagan Bank, Inc. (OK Bank)
executed and concurred a Memorandum of Agreement (MOA) pertaining to
the salary loan package for the purchase of a motor vehicle to be exclusively
extended by the latter to the employees of the former;

That TSKI’s employees now avail of such loan facility and the above-
named employer-borrower’s loan application has been approved with the
following details:
a) Total Loan Amount: _____________________
b) Monthly Interest Rate: ___________________
c) Loan Period: _____________________

That TSKI under the aforementioned MOA with OK Bank guarantees


payment by its employee’s loan amount and will facilitate employee’s
monthly amortization through automatic salary deduction;

NOW, THEREFORE, for and in consideration of “employee-borrower’s”


consent to act as the principal debtor with “TSKI” acting as co-obligor on its
loan with the OK Bank, the parties herein have agreed to the following
representation as well as other terms and conditions, to wit:

1. The “Employee-Borrower” agrees that monthly amortization of his/her


motor vehicle loan shall be regularly deducted by TSKI from his/her
monthly salary, the amount and covered period is stated as follows:
a) Total amount to be deducted from monthly
salary/compensation: ₱____________________; and

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b) Covered Period: ___________ to ____________.

2. The primary responsibility in the payment of the Loan solely rests on


“Employee-Borrower”;

3. “Employee-Borrower” shall immediately inform “TSKI” of any default


or non-performance in its obligation with the OK Bank, and such
matters of which the Bank may or shall consider “Employee-Borrower”
as having committed a default or non-performance of its obligations
under the Loan;

4. In the event of default by “Employee-Borrower” on the payment of the


Loan, and/or threatened foreclosure by the Bank of the the “Employee-
Borrower’s” Motor Vehicle “TSKI” may opt to fully pay the total
obligations with the Bank, and in consideration thereof, “Employee-
Borrower” shall assign all its rights, participation and interests in the
motor vehicle in favor of “TSKI”;

5. In the event of foreclosure and auction sale of motor vehicle,


“Employee-Borrower” hereby agree and grants “TSKI” full power and
authority to exercise its rights of redemption over the motor vehicle;

6. In the event that the “Employer-Borrower’s” employment with TSKI is


terminated, outstanding loan shall become immediately due and
demandable without the need for any presentment, demand, protest
or notice of any kind;

7. The “Employee-Borrower” hereby agrees that all his/her salaries,


allowances, bonuses, monetary value of accumulated leave credits,
separation/gratuity pay, retirement pay and all other benefits due to
him/her from TSKI shall be withheld by TSKI and shall be remitted to
OK Bankto be applied as payment to his/her outstanding loan
obligation;

8. In the event that the last paycheck/salary/wage of the Employee-


Borrower is insufficient to cover and fully settle his entire loan
obligation to OK Bank, the Employee-Borrower dismissed or separated
from work will automatically becomes indebted to TSKI. Henceforth,
TSKI reserves its right to demand from the employee-borrower,
immediate settlement of outstanding loan amount and to temporarily
withhold employment clearance and employment certificate;

9. “Employee-Borrower” shall hold “TSKI” free and harmless from any


and all obligations, debts, damage or prejudice, now or in the future
incurred or to be incurred by “Employee-Borrower” in connection with
or in any matter related to “TSKI” acting as co-obligors with

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“Employee-Borrower” on the latter’s Term Loan with the OK Bank, and
that “Employee-Borrower” shall fully indemnify “TSKI” in the event
“Employee-Borrower” shall or may have suffered the same under the
premises.

10. That the parties herein shall execute such documents and papers
as maybe required of each other to make effective the agreements
herein as well as the terms and conditions hereof.

IN WITNESS WHEREOF, the parties have hereunto set their hands on the
date and place above written.

ACKNOWLEDGMENT

BEFORE ME, Notary Public, in the City of Iloilo, Philippines, this ____
day of ___________ 2019 personally appeared:

Competent
Name Evidence Of Date/Place Issued
Identity
ANGELO B. SOLARTE

Known to me to be the same person who executed this Memorandum of


Agreement and that they acknowledged to me that the same is their own
free and voluntary acts and deeds.

I further certify that the foregoing instrument consist of three (3)


pages, including this page of acknowledgment and that all pages have been
signed by ANGELO B. SOLARTE, ____________________ and their
witnesses.

IN WITNESS WHEREOF, I have hereunto set my hand at the place and


date first above-written.

Doc. No. _____;


Page No. _____;
Book No.:_____;
Series of 2019.

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