Republic of the Philippines)

Province of Quirino)
Municipality of Diffun)s.s.

Loan Agreement
Dated: July 01, 2019

FOR VALUE RECEIVED, the undersigned, OFELIA BINWAG-BONIFACIO married

to JEFFREY BONIFACIO, (“the borrower”), both of legal age, Filipino, and with
residence and postal address at Isidro, Diffun, Quirino, hereby promises to pay to
the order of MARICEL L. ELARDO married to JIMMY VIC A. ELARDO , (the
"Lender") both of legal age, Filipino, and with residence at Malvar, Santiago City ,
the principal sum of TWO HUNDRED FIFTY THOUSAND PESOS (P 250,000.00)
accordance with the terms set forth below.

Payment: 1 MONTHS (on or before August 01, 2019)

Collateral: PARCELL OF LAND

Interest. 8% PERCENT within the ONE MONTH ONLY

Conditions. That when the borrower fail to complete the payment within one month , the
lender have the right to claim the above mention collateral together the house founded at the
parcel of land mention above.

IN WITNESS WHEREOF, the undersigned and lender has executed this Loan
Agreement as of the date first stated above.

OFELIA BINWAG-BONIFACIO MARICEL L. ELARDO

Borrower Lender
DRVER’S LICENSE NO. B07-17-000459 ID NO. ___________________________

With marital consent:

JEFFREY BONIFACIO JIMMY VIC A. ELARDO

Borrower Lender
ID NO. ______________________ ID NO. _________________________
 SIGNED IN THE PRESENCE OF:

ROSELYN S. BIAY ________________________________________

SUBSCRIBED and SWORN TO before me on the date and at the

place indicated below. The affiant exhibited to me his competent
evidence of identity as indicated above.

Signed this 01st day of July 2019 at Diffun, Quirino.

WITNESS MY HAND AND SEAL.

Doc. No.: ______; Atty. MA. KAREN A. BALDONADO-GUILLERMO

Page No.: ______; Notary Public
Book No.: ______; Until December 31, 2019
Series of 2019 PTR No. 27033522/ 01-03-2019
Lifetime IBP No. 17396/05-20-2017
ROLL No. 67812/05-26-2017
MCLE Compliance No. VI-0013817
Diffun, Quirino
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 Loan Agreement (Rev. 1339ED7)

GENERAL INSTRUCTIONS - If you borrow money from an individual lender or a

business and you want to document the terms and
If you are on either end of a loan, you should conditions of the loan in writing.
consider creating a Loan Agreement to document - If you plan to loan any amount of money to
the loan transaction. Before doing so, you may want another individual or entity and you want to create a
to find out more information about what a Loan formal record of the transaction and specify the
Agreement is and what it can do for you. terms of repayment.
- If you are either the borrower or lender in a loan
WHAT IS A LOAN AGREEMENT? transaction which involves interest on the principal
amount of the loan.
A Loan Agreement is a written contract between two - If you are either the borrower or lender and want
parties — a lender and a borrower — that can be a written record defining the loan repayment
enforced in court if one party does not hold up their schedule.
end of the bargain.
SITUATIONS IN WHICH A LOAN AGREEMENT IS
The borrower understands that the money being COMMONLY USED
borrowed will be repaid to the lender at a future date
and possibly with interest. Similarly, the lender - Private or personal lending between friends, family
cannot change their mind and decide to not lend the members, neighbors or colleagues.
borrower money, especially if the borrower relies on - Down payments on property
that promise and makes a purchase with the - Mortgages or real estate loans
expectation that they will receive money soon. - Student or educational loans
- Commercial or business loans
A Loan Agreement protects the rights of both the - Loans for car or vehicle purchases
borrower and the lender. Reducing the terms
and conditions to writing helps make the parties In addition to the situations listed above, there are
address and discuss the important terms of the loan many other circumstances in which a Loan
transaction ensuring that they are clear and fair to Agreement would be useful and appropriate.
both parties. The document can prevent the lender
from taking advantage of the borrower in relation to WHAT TO INCLUDE
the repayment of the loan and it can serve to protect
the money loaned by the lender. When creating a Loan Agreement, it is important to
include certain information. To make sure the
While the existence of the Loan Agreement itself document is complete, you should include the
does not necessarily guarantee that the borrower following:
will repay the money back in a timely manner, the - Full details of the lender including the name and
presence of such a document can help to support address
the lender's claim if legal action has to be taken to - Full details of the borrower including the name and
reclaim any money. At a minimum, the parties have address
a written agreement evidencing that a loan has - Principal amount of the loan
taken place. - Any interest accrued on the loan and the rate of
interest
WHEN SHOULD ONE BE USED? - Repayment options
- Repayment schedule
- Any additional stipulations relating to the loan such
There are a number of different scenarios in which as prepayment or default of the loan
a Loan Agreement should be used. If any of
the following circumstances apply, you should REPAYMENT OPTIONS
consider using a Loan Agreement to protect your
interests: The Loan Agreement should clearly set out the
repayment schedule so that there is no question as

Loan Agreement (Rev. 1339ED7) 5/6


- If you borrow money from an individual lender or a
business and you want to document the terms and
conditions of the loan in writing.
- If you plan to loan any amount of money to another
individual or entity and you want to create a formal
record of the transaction and specify the terms of
repayment.
Loan Agreement (Rev. 1339ED7)
Loan Agreement (Rev. 1339ED7)
to how and when the borrower must repay the
principal amount of the loan and interest (if
applicable) to the lender. The most common types of
repayment options are lump sum payments,
installment payments and "due on demand"
payments.
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