UNION BANK

Union Bank Plaza

Leyeco Avenue cor. Real and Imelda Roads
Tacloban City, Leyte
LOAN AGREEMENT WITH SURETYSHIP

KNOW ALL MEN BY THESE PRESENT:

This Loan Agreement, duly executed on this 6 th day of March at
Tacloban City by and between:
ABBEY PAINT CORPORATION duly organized and existing
under Philippine laws with principal address at Calanipawan,
Tacloban City (hereinafter referred to as the BORROWER,
irrespective of number.)
-andYVES MOTORS CORPORATION, duly organized and
existing under Philippine laws with principal address at 218
Real St., Tacloban City (hereinafter referred to as the
SURETY, irrespective of number.)
-andUNION BANK OF
banking institution
Philippine laws with
Leyeco Avenue cor.
(hereinafter referred

THE PHILIPPINES (Union Bank), a

duly organized and existing under
principal address at Union Bank Plaza,
Real and Imelda Roads, Tacloban City
to as the LENDER. )
WITNESESS: THAT-

WHEREAS, 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 1 million (Php 1, 000, 000) Philippine currency
which shall be repayable in installments as specified hereunder
with interest at the rate of 18% 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 1 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
installment with interest on half yearly basis as under.
INSTALLMENTS DUE PRINCIPAL AMOUNT
Amount

Date

1st installment

P 250,000

August 6, 2016

2nd installment

P 250,000

December 6, 2016

3rd installment P 250,000

4th installment

P 250,000

February 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 grant
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.
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.

UNION BANK OF THE PHILIPPINES

(LENDER)
BY:
____________________
____________________
___________________
MR. KIEFER CLINT P. EAST
MS. ALICIA P. WONDER
MR. MARK R. YES
Vice President
First Vice-President
Senior Executive Vice
President
(Duly Authorized for the purpose) (Duly Authorized for the purpose)
the purpose)

ABBEY PAINT CORPORATION

(BORROWER)
BY:
___________________
JENNY L. LIM
Director
(Duly Authorized for the purpose)

YVES MOTOR CORPORATION

(SURETY)
BY:

_______________________
RICHMOND L. JAS
Chairman
(Duly Authorized for the purpose)

(Duly Authorized for

Signed in the presence of:

______________________
JILL I. FANTE
ANDRALES

____________________
JULEON I.

ACKNOWLEDGEMENT

Republic of the Philippines)

City of Tacloban
) S.S
BEFORE ME, this 26th day Fe b r u a r y 2016 in the City o f
Ta c l o b a n , Philippines, appeared personally:
Name
of issue

Valid Identification

KIEFER CLINT P. EAST

2006 Tacloban City

Date of issue Place

TAX ID No. 11234

PRC ID No.5658

September 7,

November 25, 2014

Tacloban City
ALICIA P. WONDER
Tacloban City

TAX ID No. 43435

PRC ID No.5658

July 21, 2009

March 25, 2015 Tacloban

City
MR. MARK R. YES
City

TAX ID No. 56242 August 31, 2011Tacloban

PRC ID No.5658

May 9, 2014

Tacloban City
JENNY L. LIM
2008 Tacloban City

TAX ID No. 91234

PRC ID No.05658

September 7,

November 15, 2015

Tacloban City
RICHMOND L. JAS
Tacloban City

Passport No. A89674047

valid until December 31, 2017
TAX ID No. 57538 April 17, 2010 Tacloban City

All known to me by the same persons who executed of the

foregoing loan agreement and acknowledged to me that the same
is their own free and voluntary act and deed as well as that of the
corporations herein represented
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed my notarial seal, the day and place above written.

Doc. No.
14:
MARCOS
Page No.
06;
PUBLIC
Book No.
III;
2015-01-35
Series of 2016.
01/05/16

ALDWIN ABBEY
NOTARY
Until December 31, 2016/NCPTR No. 016373,
Tacloban City