Moa Loan

MEMORANDUM OF AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Agreement is made and entered by and between:
______________, of legal age, Filipino, with address at _________________, now

and hereinafter called as the “CREDITOR”.
and
__________, of legal age, married to ______________________________, now and

hereinafter called as the “DEBTOR”;
who hereby stipulate, agree and bind themselves upon these terms and
conditions:
1. On the part of the CREDITOR:
(a.) That the CREDITOR lends money to the DEBTOR in an amount

stated below;
(b.) That the CREDITOR shall release the security given by the
DEBTOR upon payment of the full amount of loan;
(c.) That the CREDITOR acknowledges the fact the DEBTOR is
borrowing money in her personal capacity.
2. On the part of the DEBTOR:
(a.) That the DEBTOR agrees to the terms and conditions of the loan
stated below;
(b.) That the DEBTOR enters this agreement in her personal
capacity;
(c.) That in case the DEBTOR failed to comply with the terms of
payment of the loan and the conditions of the DEED OF REAL
ESTATE MORTGATGE, the DEBTOR shall voluntarily
abandon and transfer the ownership of the property subject of
the DEED OF REAL ESTATE MORTGAGE in favor of the
CREDITOR free from all encumbrances.
3. Common and mutual terms and conditions, following:
(a.) That the PARTIES agree to incorporate this MEMORANDUM

OF AGREEMENT as an integral part of the DEED OF REAL
ESTATE MORTGAGE on the subject property;
(b.) That the PARTIES agree that failure to comply with the terms
and conditions of this agreement shall result to automatic
rescission of this MEMORANDUM OF AGREEMENT and all
obligations shall be due and demandable without the need for
demand.
(c.) That the PARTIES agree that upon execution of the
CONTRACT TO SELL or DEED OF ABSOLUTE SALE,
whichever comes first, the DEBTOR shall execute a DEED OF
Page 1 of 4
REAL ESTATE MORTGAGE in favor of the CREDITOR
covering the property described below:
Registry of Deeds for the __________

Transfer Certificate of Title No. __________
4. Now, therefore, for in and consideration of the foregoing conditions

and the mutual covenants hereinafter, both parties herein mutually
agree as follows;
(a.)That the CREDITOR lends PHILIPPINE PESO: ONE MILLION

FIVE HUNDRED THOUSAND ONLY (PhP 1,500,000.00) in
favor of the DEBTOR;
(b.)That the DEBTOR agrees to pay the loan amount in CASH or
through SALARY DEDUCTION for ONE HUNDRED TWENTY
(120) MONTHS in equal monthly installment of PESOS:
SEVENTEEN THOUSAND ONLY (PhP 17,000.00), including
interest, starting ____________, 2015 and 120 months of every 15th
of the month thereafter;
(c.) That the DEBTOR voluntarily agrees that in case of failure to pay
the monthly installment of TWO (2) MONTHS, the whole
amount shall be due and demandable without the need for
further demand with TWO PERCENT (2%) interest per month
from the time of failure to pay;
(d.) That in case the DEBTOR defaulted in payment for TWO (2)
MONTHS, the CREDITOR may extra-judicially foreclose the
property subject of the DEED OF REAL ESTATE MORTGAGE;
(e.) That the DEED OF REAL ESTATE MORTGAGE is to be
executed by the DEBTOR voluntarily and without the need for
the demand to execute from the creditor, within FIFTEEN (15)
DAYS from the execution of the CONTRACT TO SELL or DEED
OF ABSOLUTE SALE between the DEBTOR and MONTEREY
FARMS CORPORATION, whichever is executed first;
(f.) That the DEBTOR agrees that in case the DEBTOR decides to sell
the property subject of the DEED OF REAL ESTATE
MORTGAGE, the CREDITOR shall have the right of FIRST
REFUSAL before it can be offered to any other buyer by the
DEBTOR. The CREDITOR agrees to communicate his decision
on the RIGHT OF FIRST REFUSAL within SIXTY (60) DAYS
from the notice of the DEBTOR of her intention to sell the subject
property;
(g.)That after the loan has been fully paid by the DEBTOR including
interests and costs therein, this agreement will be terminated and
will be considered null and void and the DEED OF REAL
ESTATE MORTGAGE shall be cancelled in favor of the
DEBTOR;
(h.) That any PARTY who will violate any of the considerations
contained in this agreement will be held liable for damages;
(i.) That any, and all, part of this agreement shall be deemed private
and confidential by both PARTIES herein, and should not be
disclosed to anybody, specifically to any personnel, staff, or
officers of any bank and Financing Institution;
Page 2 of 4
(j.) That no modification, alteration or amendments to this
undertaking shall be made valid if not made in writing and duly
signed by both PARTIES herein;
(k.)That this agreement is made and executed by both PARTIES
herein willingly and voluntarily.
IN WITNESS WHEREOF we have hereunto affixed our signatures this

_______ day of _______ 2015 at __________________, Philippines.
_________________________ _________________________
CREDITOR DEBTOR
Page 3 of 4
SIGNED IN THE PRESENCE OF:
_________________________ _________________________
ACKNOWLEDGEMENT
REPUBLIC OF THE PHILIPPINES) S.S.

________________________________)
BEFORE ME, Notary Public for and in the _______________________,

personally appeared the following persons who exhibited to me their respective
government-issued identification cards as follows,
Name Government Issued Place of Issue/Expiry

ID No. Issuance Date
---known to me and to me known to be the same persons who executed the

foregoing instrument, and acknowledged that they executed the same as their
free act and deed.
This instrument consisting of four (4) pages, including this page whereon
the acknowledgment is written, has been signed by the parties and their witness
on all the pages thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my

official seal on this ___ day of ___________ at __________________, Philippines.
NOTARY PUBLIC
Doc. No. _______;

Page No. _______;
Book No. _______;
Series of 2015
Page 4 of 4

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MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement is made and entered by and between:

______________, of legal age, Filipino, with address at _________________, now

__________, of legal age, married to ______________________________, now and

1. On the part of the CREDITOR:

(a.) That the CREDITOR lends money to the DEBTOR in an amount

2. On the part of the DEBTOR:

3. Common and mutual terms and conditions, following:

(a.) That the PARTIES agree to incorporate this MEMORANDUM

Registry of Deeds for the __________

4. Now, therefore, for in and consideration of the foregoing conditions

(a.)That the CREDITOR lends PHILIPPINE PESO: ONE MILLION

IN WITNESS WHEREOF we have hereunto affixed our signatures this

REPUBLIC OF THE PHILIPPINES) S.S.

BEFORE ME, Notary Public for and in the _______________________,

Name Government Issued Place of Issue/Expiry

---known to me and to me known to be the same persons who executed the

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my

Doc. No. _______;

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, of legal age, Filipino, with address at ___, now

, of legal age, married to ____________________, now and