Professional Documents
Culture Documents
This Car Loan Agreement is made and entered into this _____ day of _________, 2018
by and between:
-AND-
FREDDIE C. REYES, of legal age, married, Filipino, and with residence and postal
address at #0310 Rosas St., Muntingpulo, Lipa City, Philippines, hereinafter referred to as the
BORROWER;
WITNESSETH;
WHEREAS, the BORROWER is an employee of the LENDER as a _________________;
WHEREAS, the LENDER as number one agricultural-based cooperative in the Philippines, its
aim is to attract and retain highly qualified workforce, thus is offering Car Plan to the
BORROWER;
WHEREAS, the BORROWER has found it necessary to purchase a car vehicle in order to
perform efficiently its marketing duties and responsibilities;
WHEREAS, the LENDER and BORROWER desire that the LENDER lend to BORROWER
the sum of _____________________ Philippine Currency, to assist the Borrower in purchasing or
loan a __________________________.
.
NOW, THEREFORE, for and in consideration of the foregoing, this Agreement is entered by and
between the LENDER and the BORROWER with the following covenants, to wit:
II. CONDITIONS PRECEDENT: The LENDER’S obligation to extend the Car Loan
to BORROWER pursuant to this Agreement is expressly conditioned upon the
satisfaction of or waiver by the LENDER of all of the following conditions precedent,
each of which is exclusively for the benefit of the LENDER:
BORROWER shall have delivered to the LENDER each of the following (herein
referred to as “CAR LOAN DOCUMENTS”
a. One (1) original promissory note in the amount of ________________ Philippine
Currency (Php____________________) in substantially the same form as attached
hereto, with all uncompleted information fully completed;
b. One (1) fully executed, validly acknowledged Car Loan Agreement, in
substantially the same form, with all uncompleted information fully completed;
c. Certificate of Employment (COE) from the Human Resource(HR) Department
signed by the HR Manager;
d. Car Plan for Sales Personnel (Application Form);
e. Statement of Accounting Computation (Acquisition cost and Amount of Salary
Deduction);
f. Memorandum of Car Plan for Sales Personnel from HR and Admin Division; and
g. Photocopy of Recent Company (SIDC) Identification Card.
LENDER shall have received from _______________________________ a title
insurance policy insuring the Deed of Car Sale in the amount of the Note as a second
lien on the _____________________________ subject only to the exceptions to title
described in _____________ of that certain Preliminary Report prepared by the Title
Company, dated ______________, 200__, and bearing Order No.
_________________, and including the following title insurance endorsements:
______________________.
VI. MATURITY EVENT: The Promissory Note shall immediately become due and
payable, without notice or demand, upon the earlier to occur of _________________
or the occurrence of any “Maturity Event” as defined in the Promissory Note.
VII. INTEREST PAYABLE BY BORROWER: Interest shall accrue on the unpaid
principal amounts of the Promissory Note at the rate specified in the Promissory Note.
VIII. ENTIRE AGREEMENT: This Agreement, together with the Car Loan Documents,
constitutes the full and entire understanding and agreement between the parties hereto
with regard to the subject matter hereof.
XIV. INSOLVENCY: The full balance of the capital and interest shall become payable
immediately if the Borrower becomes Insolvent.
XV. COUNTERPARTS: This Agreement may be executed in one (1) or more separate
counterparts, each of which, when so executed, shall be deemed to be an original. Such
counterparts, together, shall constitute one and the same instrument.
XVI. MISCELLANEOUS: Time is of the essence of this Agreement, the Car Loan
Documents, and any other document executed by BORROWER in connection
therewith. If any action shall be commenced between the parties with respect to the
Car Loan Agreement, the prevailing party shall be entitled to recover its reasonable
attorneys’ fees and expenses from the non-prevailing party or parties. Liability
hereunder shall be joint and several among BORROWER and all other persons and
entities now or hereafter liable for all or any part of the Car Loan. Notwithstanding any
provision above to the contrary, the LENDER may waive in writing or by notation
initialed hereon any obligation of BORROWER provided for herein
XVII. EFFECTIVITY
This CAR LOAN AGREEMENT shall take effect upon signing by the Parties
to the Agreement.
By:
________________________ ______________________
HON. RICO B. GERON FREDDIE C. REYES
LENDER BORROWER
SIGNED IN THE PRESENCE OF:
_________________________ _________________________
ACKNOWLEDGEMENT
BEFORE ME, this _______ day of ________ 20____ in the __________________, Philippines
personally appeared the following:
Know to me to be the same persons who executed the foregoing instrument, and they acknowledged
to me the same is their free act and deed.
This Car Loan Agreement consisting of _______ ( ) pages, including the page on which this
acknowledgement is written, has been signed in each and every page thereof by the herein parties
and their witnesses, and sealed with my notarial seal.
IN WITNESS WHEREOF, I have hereto set my hand on the day, year and place above the written.
NOTARY PUBLIC