LOAN AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Agreement is entered into this _________ day of _______________________, 20_______, at the City/Municipality of _______________________________ Province of _______________________________, by and between:
________, with the following nationality: Filipino, single, of legal age, and with postal address at: ________, hereinafter referred to as the "Creditor";
- and -
________, with the following nationality: Filipino, single, of legal age, and with postal address at: ________, hereinafter referred to as the "Debtor";
(Each of the Creditor and the Debtor may be referred to as a "Party" in the singular and "Parties", collectively.)
WITNESSETH: THAT
WHEREAS, the Debtor has requested a loan of ________ (₱________) (the "Loan") from the Creditor;
WHEREAS, the Creditor has agreed to extend a loan to the Debtor subject to the terms and conditions set forth herein;
NOW, THEREFORE, for and in consideration of the foregoing premises and of the mutual covenants and agreements hereinafter stated, the Parties agree as follows:
1. Loan. The Creditor has extended the Loan to the Debtor, the full amount of which is acknowledged to have been received by the Debtor.
2. Interest. The Debtor shall pay interest on the Loan at the rate of ________ Per Cent (________%) per annum on the outstanding balance. All payments for interest shall be computed daily on the basis of a 365-day year for the actual days elapsed. Interest shall accrue from the date hereof until full payment thereof.
3. Payment. The Debtor shall fully pay the Loan and any accrued interest to the Creditor on ________.
If any Payment Date would fall on a day which is not a business day, the Loan shall be payable on the next succeeding business day and the interest shall be adjusted accordingly.
4. Application of Payment. All payments shall be applied first against interest due on the Loan then against the principal amount of the Loan then due and payable.
5. Use of the Loan. The Debtor agrees that it will use the proceeds of the Loan exclusively for the following:
________
6. Taxes and fees. All documentary stamps due on this Agreement shall be for the account of the Debtor.
7. Event of Default. Each of the following shall constitute an Event of Default:
a. Failure of the Debtor to comply with any of the covenants or obligations expressed or implied in this Agreement;
b. Failure of the Debtor to pay any principal amount or interest, when due and payable in accordance with the terms of this Agreement; or with respect to any amount other than the principal or interest, failure of the Debtor to pay within thirty (30) days from receipt of payment notice for said amount;
c. Insolvency of the Debtor or the inability of the Debtor to pay its debts when due or commits any act of insolvency;
d. Where the Creditor reasonably believes that the Loan has been used by the Debtor for some purpose other than the agreed Use of the Loan;
e. An attachment or levy upon all or substantial party of the Debtor's property which would materially impair the Debtor's financial ability to perform its obligations under this Agreement;
f. Violation by the Debtor of any law, regulation, judgment, or administrative decision or decree, including non-payment of taxes, in circumstances where the Creditor reasonably believes that said violation will have an adverse effect on the Debtor's ability to meet its obligations under this Agreement.
8. Consequences 22 58222 22 8225582. If 52 58222 22 8225582 85588 5582 28855525, 252 85258225 252, 82 222882 82 8582822, 5285852 252 828225 22 82225852282 252 2252 525 522 5885525 82225282.
9. Notices. Any notice or communication sought to be made in relation to this Agreement shall be in writing and shall be deemed duly given and sufficient under the following:
a. on the date given, if by personal delivery;
b. Ten (10) business days after posting or the date of receipt, whichever is earlier, if transmitted by mail; or
c. Two (2) business days from the date of transmittal or the date of acknowledgment of transmittal, whichever is earlier, if transmitted by facsimile or email.
10. Waiver and Cumulative Rights. Failure or delay of the Creditor in exercising any right, power, or remedy upon any breach or default of the Debtor under this Agreement shall thereafter not be construed as a waiver, abandonment or cancellation nor shall it impair any such right, power, or remedy. Any waiver on the part of the Creditor shall be in writing. All remedies afforded the Creditor under this Agreement, by law, or otherwise, shall be cumulative and not alternative.
11. Governing Law. This Agreement and all other documents pertaining hereto shall be governed and construed in accordance with the laws of the Republic of the Philippines.
12. Severability. If any provision or provisions contained in this Agreement or any document executed in connection herewith shall be declared by any court of competent jurisdiction as invalid, illegal, or unenforceable in any respect under any applicable law, the validity, legality, and enforceability of the remaining provisions contained herein not otherwise so declared shall remain in full force and effect and shall be enforceable as if they had been executed subsequent to the expungement of the invalid provision.
13. Assignment. This Agreement shall be binding upon and enforceable on the Debtor and the Creditor and their respective successors and assigns. The Debtor shall not assign or transfer its rights or obligations hereunder without the prior consent of the Creditor, which consent shall not be unreasonably withheld.
14. Entirety 22 252 825222222 525 8222522228. This 825222222 5225282228 252 222852 525222222 22 252 2552828 525 8522582528 588 25825 222228528228, 522528222528228, 525 5252222228, 282525 2558 25 8582222. 5588 825222222 252 82 5222525 2282 82 5 8582222 8282552222 882225 525 525225 5222 82 588 252 2552828 22 2588 825222222.
15. Counterparts. This Agreement may be executed in any number of counterparts. Any single counterpart or a set of counterparts signed, in either case, by the Parties hereto shall constitute a full and original agreement for all purposes.
IN WITNESS WHEREOF, the Parties have hereunto affixed their signature on the date and at the place stated above.
________
Creditor
________
Debtor
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )
_______________________________, _______________________________ ) S.S.
BEFORE ME, a Notary Public for and in the above jurisdiction, this ________ day of ______________________, 20______ personally appeared:
1. ________, with the following competent proof of identification: _______________________________________________________________;
2. ________, with the following competent proof of identification: _______________________________________________________________
to me known and by me known to be the same persons who executed the foregoing Loan Agreement and they acknowledged to me that the same is their free and voluntary act and deed and that of the entity represented, if any, for the uses and purposes therein set forth.
WITNESS MY HAND AND NOTARIAL SEAL at the place and on the date first herein above written.
Doc. No. ________;
Page No. ________;
Book No. ________;
Series of ________.
LOAN AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Agreement is entered into this _________ day of _______________________, 20_______, at the City/Municipality of _______________________________ Province of _______________________________, by and between:
________, with the following nationality: Filipino, single, of legal age, and with postal address at: ________, hereinafter referred to as the "Creditor";
- and -
________, with the following nationality: Filipino, single, of legal age, and with postal address at: ________, hereinafter referred to as the "Debtor";
(Each of the Creditor and the Debtor may be referred to as a "Party" in the singular and "Parties", collectively.)
WITNESSETH: THAT
WHEREAS, the Debtor has requested a loan of ________ (₱________) (the "Loan") from the Creditor;
WHEREAS, the Creditor has agreed to extend a loan to the Debtor subject to the terms and conditions set forth herein;
NOW, THEREFORE, for and in consideration of the foregoing premises and of the mutual covenants and agreements hereinafter stated, the Parties agree as follows:
1. Loan. The Creditor has extended the Loan to the Debtor, the full amount of which is acknowledged to have been received by the Debtor.
2. Interest. The Debtor shall pay interest on the Loan at the rate of ________ Per Cent (________%) per annum on the outstanding balance. All payments for interest shall be computed daily on the basis of a 365-day year for the actual days elapsed. Interest shall accrue from the date hereof until full payment thereof.
3. Payment. The Debtor shall fully pay the Loan and any accrued interest to the Creditor on ________.
If any Payment Date would fall on a day which is not a business day, the Loan shall be payable on the next succeeding business day and the interest shall be adjusted accordingly.
4. Application of Payment. All payments shall be applied first against interest due on the Loan then against the principal amount of the Loan then due and payable.
5. Use of the Loan. The Debtor agrees that it will use the proceeds of the Loan exclusively for the following:
________
6. Taxes and fees. All documentary stamps due on this Agreement shall be for the account of the Debtor.
7. Event of Default. Each of the following shall constitute an Event of Default:
a. Failure of the Debtor to comply with any of the covenants or obligations expressed or implied in this Agreement;
b. Failure of the Debtor to pay any principal amount or interest, when due and payable in accordance with the terms of this Agreement; or with respect to any amount other than the principal or interest, failure of the Debtor to pay within thirty (30) days from receipt of payment notice for said amount;
c. Insolvency of the Debtor or the inability of the Debtor to pay its debts when due or commits any act of insolvency;
d. Where the Creditor reasonably believes that the Loan has been used by the Debtor for some purpose other than the agreed Use of the Loan;
e. An attachment or levy upon all or substantial party of the Debtor's property which would materially impair the Debtor's financial ability to perform its obligations under this Agreement;
f. Violation by the Debtor of any law, regulation, judgment, or administrative decision or decree, including non-payment of taxes, in circumstances where the Creditor reasonably believes that said violation will have an adverse effect on the Debtor's ability to meet its obligations under this Agreement.
8. Consequences 22 58222 22 8225582. If 52 58222 22 8225582 85588 5582 28855525, 252 85258225 252, 82 222882 82 8582822, 5285852 252 828225 22 82225852282 252 2252 525 522 5885525 82225282.
9. Notices. Any notice or communication sought to be made in relation to this Agreement shall be in writing and shall be deemed duly given and sufficient under the following:
a. on the date given, if by personal delivery;
b. Ten (10) business days after posting or the date of receipt, whichever is earlier, if transmitted by mail; or
c. Two (2) business days from the date of transmittal or the date of acknowledgment of transmittal, whichever is earlier, if transmitted by facsimile or email.
10. Waiver and Cumulative Rights. Failure or delay of the Creditor in exercising any right, power, or remedy upon any breach or default of the Debtor under this Agreement shall thereafter not be construed as a waiver, abandonment or cancellation nor shall it impair any such right, power, or remedy. Any waiver on the part of the Creditor shall be in writing. All remedies afforded the Creditor under this Agreement, by law, or otherwise, shall be cumulative and not alternative.
11. Governing Law. This Agreement and all other documents pertaining hereto shall be governed and construed in accordance with the laws of the Republic of the Philippines.
12. Severability. If any provision or provisions contained in this Agreement or any document executed in connection herewith shall be declared by any court of competent jurisdiction as invalid, illegal, or unenforceable in any respect under any applicable law, the validity, legality, and enforceability of the remaining provisions contained herein not otherwise so declared shall remain in full force and effect and shall be enforceable as if they had been executed subsequent to the expungement of the invalid provision.
13. Assignment. This Agreement shall be binding upon and enforceable on the Debtor and the Creditor and their respective successors and assigns. The Debtor shall not assign or transfer its rights or obligations hereunder without the prior consent of the Creditor, which consent shall not be unreasonably withheld.
14. Entirety 22 252 825222222 525 8222522228. This 825222222 5225282228 252 222852 525222222 22 252 2552828 525 8522582528 588 25825 222228528228, 522528222528228, 525 5252222228, 282525 2558 25 8582222. 5588 825222222 252 82 5222525 2282 82 5 8582222 8282552222 882225 525 525225 5222 82 588 252 2552828 22 2588 825222222.
15. Counterparts. This Agreement may be executed in any number of counterparts. Any single counterpart or a set of counterparts signed, in either case, by the Parties hereto shall constitute a full and original agreement for all purposes.
IN WITNESS WHEREOF, the Parties have hereunto affixed their signature on the date and at the place stated above.
________
Creditor
________
Debtor
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )
_______________________________, _______________________________ ) S.S.
BEFORE ME, a Notary Public for and in the above jurisdiction, this ________ day of ______________________, 20______ personally appeared:
1. ________, with the following competent proof of identification: _______________________________________________________________;
2. ________, with the following competent proof of identification: _______________________________________________________________
to me known and by me known to be the same persons who executed the foregoing Loan Agreement and they acknowledged to me that the same is their free and voluntary act and deed and that of the entity represented, if any, for the uses and purposes therein set forth.
WITNESS MY HAND AND NOTARIAL SEAL at the place and on the date first herein above written.
Doc. No. ________;
Page No. ________;
Book No. ________;
Series of ________.
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