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Kindly check sir, if this is okay now. The bold part is the one which is being revised/corrected.
I have to go back home in the Philippines and let her again sign this revised agreement ASAP.
Thank you for your help.
LOAN AGREEMENT
THIS AGREEMENT is made on the 26th of JANUARY 2010 between:
NAME OF BORROWER, Party 1 (BORROWER) residing at (address hereinafter referred to as “the Borrower”; and
NAME OF LENDER, Party 2 (LENDER) residing at (address) hereinafter referred to as “the Lender”, and together with Borrower the “Parties.”
IN CONSIDERATION of the advancement of funds under the terms of and conditions of this Agreement and other good and valuable consideration, the Parties agree as follows:
On the execution of this agreement the Lender agrees to lend the Borrower the sum of FOUR HUNDRED THOUSAND PESOS (“the Loan”) on the terms and conditions set out in this agreement.
Interest on the Loan shall be calculated at a monthly rate of 0.5% of the total amount Loan and shall be charged on the balance of the Loan outstanding on a monthly basis. Said interest shall be payable by the Borrower to the Lender monthly in arrears.
The Borrower agrees to repay the Loan demand.
The monthly installments of 4,500.00 pesos have been calculated to allow the Loan [and interest thereon] to be repaid in full within 160 months.
The Borrower may repay the Loan (and interest accrued thereon) at any time after the date of this agreement without penalty.
The Borrower agreed to pay the LOAN [and interest thereon] through PVAO Monthly Pension ATM card and agreed to give this ATM card to the Lender until full payment of the LOAN [and interest thereon].
The Borrower agreed to give the original Certificate of Land Title to the Lender as COLLATERAL (House and Lot) until full payment of the LOAN [and interest thereon].
The Borrower and Lender agreed in case that the LOAN [and interest thereon] was not paid in full that the Certificate of Land Title may be foreclosed extra-judicially and specifically solely authorizes the lender to execute to do so.
IN WITNESS HEREOF these presents are executed on the date before written:
SIGNED by [BORROWER]
________________________________________
in the presence of
Signature of witness:
________________________________________
Name of witness: _________________________
SIGNED by [LENDER]
________________________________________
in the presence of
Signature of witness:
________________________________________
Name of witness: _________________________
I have to go back home in the Philippines and let her again sign this revised agreement ASAP.
Thank you for your help.
LOAN AGREEMENT
THIS AGREEMENT is made on the 26th of JANUARY 2010 between:
NAME OF BORROWER, Party 1 (BORROWER) residing at (address hereinafter referred to as “the Borrower”; and
NAME OF LENDER, Party 2 (LENDER) residing at (address) hereinafter referred to as “the Lender”, and together with Borrower the “Parties.”
IN CONSIDERATION of the advancement of funds under the terms of and conditions of this Agreement and other good and valuable consideration, the Parties agree as follows:
On the execution of this agreement the Lender agrees to lend the Borrower the sum of FOUR HUNDRED THOUSAND PESOS (“the Loan”) on the terms and conditions set out in this agreement.
Interest on the Loan shall be calculated at a monthly rate of 0.5% of the total amount Loan and shall be charged on the balance of the Loan outstanding on a monthly basis. Said interest shall be payable by the Borrower to the Lender monthly in arrears.
The Borrower agrees to repay the Loan demand.
The monthly installments of 4,500.00 pesos have been calculated to allow the Loan [and interest thereon] to be repaid in full within 160 months.
The Borrower may repay the Loan (and interest accrued thereon) at any time after the date of this agreement without penalty.
The Borrower agreed to pay the LOAN [and interest thereon] through PVAO Monthly Pension ATM card and agreed to give this ATM card to the Lender until full payment of the LOAN [and interest thereon].
The Borrower agreed to give the original Certificate of Land Title to the Lender as COLLATERAL (House and Lot) until full payment of the LOAN [and interest thereon].
The Borrower and Lender agreed in case that the LOAN [and interest thereon] was not paid in full that the Certificate of Land Title may be foreclosed extra-judicially and specifically solely authorizes the lender to execute to do so.
IN WITNESS HEREOF these presents are executed on the date before written:
SIGNED by [BORROWER]
________________________________________
in the presence of
Signature of witness:
________________________________________
Name of witness: _________________________
SIGNED by [LENDER]
________________________________________
in the presence of
Signature of witness:
________________________________________
Name of witness: _________________________
