SURETYSHIP AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

LEAH A. PAPALLATOC whose address is Gulf View, Bago Aplaya, Davao City and
MYLA A. ANGELES, whose address is at 114-A Gladiola St., Buhangin, Davao City, jointly and
severally bind themselves to pay the amount of Php 6,000.00 to Ralph James G. Laman,
resident of 15-1 Guerrero St. Davao City, due under a contract of loan between the debtor and
the creditor in the amount of Php 5,000.00, such amount having been delivered by the Creditor
and received by the Debtor on July 9, 2015, payable without demand on August 1, 2015.
1. The condition of this obligation is such, that if above bonded Debtor perform the covenants,
conditions and agreements in said contract, then this obligation shall become null and void,
otherwise it shall be and remain in full force.
2. Neither the Contract nor this Agreement shall be assigned, changed or modified without the
written consent of Surety.
3. Surety is responsible to pay amount due under Contract including loss, damages and interests
not exceeding above-mentioned amount.
4. Payments due under this Agreement shall be paid upon written notice of Creditor supported
by evidence of Debtors default.
5. The Surety shall pay amount due no later than five (5) days after the giving notice of default.
6. Upon and to the extent the Surety has made payment under this Agreement, the Surety shall
be subrogated to all of the Creditor's rights against the Debtor and collateral and any other
person liable to Creditor as a result of the default by Debtor. The execution by the Creditor of a
release or waiver of the right to collect liabilities shall equally release the Surety from any further
obligation under this Agreement.
7. The Creditor shall upon and to the extent of payment execute all documents required to assign
the Contract rights and collateral to the Surety.
8. This suretyship agreement shall be construed and enforced under the laws of the Republic of
the Philippines.
IN WITNESS WHEREOF, the parties as well as their instrumental witnesses, have
hereunto affix their respective signatures this _______________ at Davao City, Philippines.

LEAH A. PAPALLATOC
Debtor

MYLA A. ANGELES
Surety
ACKNOWLEDGMENT

BEFORE ME a notary public for and in the City of Davao this _________________
personally appeared the above signatories who exhibited to me their identification card abovementioned, and who represented to me to be the same person who executed the foregoing
Memorandum of Agreement and who acknowledged that the same is their free and voluntary act
and deed.
WITNESS MY HAND AND SEAL.
Doc. No. __;
Page No. __;
Book No. __;
Series of 2015.