BANG BANK

Bang Bank Square

Justice Romualdez St.
Tacloban City
LOAN AGREEMENT WITH SURETYSHIP

KNOW ALL MEN BY THESE PRESENT:

This Loan Agreement, duly executed on this 5 th day of March
at Tacloban City by and between:
GALE GLENN CORPORATION duly organized and
existing under Philippine laws with principal address at
143 Real st., Tacloban City (hereinafter referred to as
the BORROWER, irrespective of number.)
-andRICH MOND CORPORATION duly organized and
existing under Philippine laws with principal address at
14344 Real St., Tacloban City (hereinafter referred to as
the SURETY, irrespective of number.)
-andBAN BANK, a banking institution duly organized and
existing under Philippine laws with principal address at Bang
Bank Square
Justice Romualdez St.
Tacloban City, Leyte (hereinafter referred to as the
LENDER. )
WITNESESS: THATWHEREAS, at the request of the BORROWER and the
SURETY, the LENDER has agreed to extend to the borrower
the amount for a loan of P 50 million (Php 50, 000, 000)
Philippine currency which shall be repayable in installments
as specified hereunder with interest at the rate of 12% per
annum.

AND WHEREAS the SURETY has agreed to give security for

the above loan and the LENDER has agreed to advance the
loan on such security.
NOW THIS BOND WITNESSES AS UNDER:
1. That in pursuance of the said agreement the LENDER has
advanced a sum of P 50 million to the BORROWER. The
BORROWER and SURETY have jointly and severally agree
with the LENDER as under.
2. That the BORROWER and SURETY are jointly and
severally responsible for repayment of the above amount in
four equal installments with interest on half yearly basis as
under.
INSTALLMENTS DUE PRINCIPAL AMOUNT
Amount

Date

1st installment

P 12,500,000

June 5, 2016

2nd installment

P 12,500,000

September 5, 2016

3rd installment P 12,500,000

4th installment

P 12,500,000

December 6, 2017
March 6, 2017

TERMS AND CONDITIONS

3. That in case of failure to pay any installment or part
thereof with interest, the debt amount along with interest
shall become payable at once and the BORROWER and
SURETY shall be jointly and severally liable to pay the same.
4. That for the consideration aforesaid and in further
pursuance of the aforesaid agreement the BORROWER and
SURETY grants and transfer by way of simple mortgage to
the LENDER. All that property described in the shall remain
and be charged by way of simple mortgage as security for
the payment to the creditor of the said principal amount
along with interest in accordance with the covenants herein
contained.
5. The BORROWER and SURETY hereby declare that the
said property is free from all encumbrances.
2

6. That it is hereby agreed and declared that in cases of

failure of the part of BORROWER to pay the installment in
time, the LENDER shall be entitled to dispose the mortgage
property in part or full to recover the principal amount and
interest.
This agreement shall be binding upon and inure to the
benefit of the BORROWER and LENDER and their
respective successors and assigns, except that the
BORROWER may not assign or transfer it rights hereunder
without the prior consent of the LENDER.
IN WITNESS WHEREOF, the parties hereto have hereunto
set their hands on the date and place first above written.
BANG BANK
(LENDER)
BY: ___Pol Ano

_____Po

____Pol Ana_________

La___________
MR. POL ANO
MR. PO LA
President
Vice President

MS. POL ANA

Vice-President

Senior Executive

(Duly Authorized for the purpose) (Duly Authorized for the purpose)
Authorized for the purpose)

(Duly

GALE GLENN CORPORATION

(BORROWER)
BY:

_______Ghi Ya____________
GHI YA
Director
(Duly Authorized for the purpose)

RICH MOND CORPORATION

(SURETY)
BY:

__________Blan Che_____________
BLAN CHE
Chairman
(Duly Authorized for the purpose)

Signed in the presence of:

_____Hap Py_________
Tik__________
HAP PY
LISH TIK
PRC ID No.1231-4
A89674048

_______Lish

Passport No.

ACKNOWLEDGMENT

Republic of the Philippines)

City of Tacloban
) S.S
BEFORE ME, this 5th day of M a r c h 2016 in the City o f
Ta c l o b a n , Philippines, personally appeared:
Name

Valid Identification
Place of issue

Date of issue

POL ANO
LTO Drivers License No. H00-11234
September 7,
2006 Tacloban City
PRC ID No.12
November 25, 2014
Tacloban City
POL ANA

LTO Drivers License No. H00-11234

July 21, 2009
Tacloban City
PRC ID No.123
March 25, 2015
Tacloban City

PO LA
31, 2011

LTO Drivers License No. H00-11234

August
Tacloban City
PRC ID No.1234
May 9, 2014
Tacloban City

GHI YA
LTO Drivers License No. H00-11234
September 7, 2008
Tacloban City
PRC ID No.12345
November 15, 2015
Tacloban City

RICH MOND

Passport No. A89674047

October 15, 2015
Tacloban City
TAX ID No. 123456
April 17, 2010 Tacloban City

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

foregoing instrument and who acknowledged to me that the same is
their free and voluntary act and deed.
This instrument entitled LOAN AGREEMENT WITH SURETY
consisting of four (4) pages, including the page on which this
acknowledgment is written, has been duly signed by the parties and
their instrumental witnesses.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my notarial seal, the day and place above written.
BGL
ATTY. BLANCHE GHIA L. LIM
Notary Public until Dec. 31, 2016
Tacloban City, Leyte / NC 2016-

Doc No. 2 ;
Page No. 1 ;
Book I;
Series of 2016

06-75
City

Brgy. Picas, Sagkahan, Tacloban

Roll of Atty.s No. 64934 / May 6,

2015

PTR No. 785558 /01-05-16/

TaclobanCity
IBP No. 955524 /01-2-16/Tacloban
City
MCLE Compliance No. 12468

Doc No. 2 ;
Page No. 1 ;
Book I;