MEMORANDUM OF AGREEMENT Employee Tski

MEMORANDUM OF AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Agreement entered into this ___ day of ____________ 2022 at

Purok 3 Bacood Bypass, Brgy. Tiaong Guiguinto, Bulacan by and between:
BONO DE LUXE PHILIPPINES INC., a corporation organized and

existing under the laws of the Republic of the Philippines, with principal
office address at 21 Mindanao Avenue Brgy. Bagong Pag-asa, Quezon City
herein represented by its CEO, GOOK GALAM and hereafter referred to as
“Employer”,
-and-
___________________________________ (complete name), of legal age,
Filipino Citizen,_____________ (civil status) and a resident of
______________________________________ and hereafter referred to as
“Employee-Borrower”
WITNESSETH-
That the Bono De Luxe Philippines Inc. executed and concurred a

Memorandum of Agreement (MOA) pertaining to the car loan package for
the purchase of a ___________________ (vehicle type and model) to be
exclusively extended by the latter to the employees of the former;
That Bono De Luxe Philippines Inc. employees now avail of such

loan facility and the above-named employer-borrower’s car loan application
has been approved with the following details:
a) Total Loan Amount: _____________________

b) Monthly Amortization: ___________________
c) Loan Period: ___________________________
That Bono De Luxe Philippines Inc. under the aforementioned MOA

with _____________________ (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 “Bono De Luxe Philippines Inc.”
acting as co-obligor on its loan with the _________________ (Bank), the
parties herein have agreed to the following representation as well as other
terms and conditions, to wit:
1. The “Employee-Borrower” agrees to pay the fifty percent (50%) of

the total downpayment of the selected unit with amount of:
Page 1 of 4
__________________________________________________(₱____
__________)
2. The “Employee-Borrower” agrees that fifty percent (50%) of the

monthly amortization of the car loan shall be regularly deducted by
Bono De Luxe Philippines Inc. from his/her salary in semi-monthly
basis, the amount and covered period is stated as follows:
a) Total amount to be deducted from semi-monthly
salary/compensation:
__________________________________________________
(₱______________); and
b) Covered Period: ________________ to ________________.
3. “Employee-Borrower” shall immediately inform “Bono De Luxe

Philippines Inc.” of any default or non-performance in its obligation in
the form of promissory note indicating the reason of delays and the
date of
4. In the event of default by “Employee-Borrower” on the payment of
the Loan, and/or threatened payment 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-
Page 2 of 4
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
“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.
Page 3 of 4
Doc. No. _____;
Page No. _____;
Book No.:_____;
Series of 2019.
Page 4 of 4

MEMORANDUM OF AGREEMENT Employee Tski

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MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement entered into this ___ day of ____________ 2022 at

BONO DE LUXE PHILIPPINES INC., a corporation organized and

That the Bono De Luxe Philippines Inc. executed and concurred a

That Bono De Luxe Philippines Inc. employees now avail of such

a) Total Loan Amount: _____________________

That Bono De Luxe Philippines Inc. under the aforementioned MOA

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

1. The “Employee-Borrower” agrees to pay the fifty percent (50%) of

2. The “Employee-Borrower” agrees that fifty percent (50%) of the

3. “Employee-Borrower” shall immediately inform “Bono De Luxe

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

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

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

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

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

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

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

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

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This Agreement entered into this _ day of __________ 2022 at