CONTRACT OF LOAN WITH SURETYSHIP

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Loan, made and entered into this 9th day of October,
2020 in Makati City, Philippines, by and between:

        KFD Bank, a banking institution organized and existing under

Philippine laws with principal address at JMT Building, Makati City hereinafter
referred to as the CREDITOR;

- AND -

        RPD SURETY, chosen by the principal as surety, a corporation duly

organized and existing under Philippine laws, with principal address at RPD
Building, Makati City, hereinafter referred to as the SURETY;
- AND -
Juan Miguel D. Perfecto, Filipino, of legal age, and with address at
17 Highland St. Barangay Concepcion Dos, Marikina City, hereinafter
referred to as the DEBTOR;

WITNESSETH:

WHEREAS, at the request of the GUARANTOR SURETY and

DEBTOR, the CREDITOR has agreed to extend to the DEBTOR the amount
of TEN MILLION PESOS (P10,000,000.00) with 10% interest per annum
payable in 4 years in installment, Philippine currency as a loan for the
payment of which principal and surety jointly and severally bind themselves.

WHEREAS, the installment will be 2,500,000.00 per annum per year.

WHEREAS, the PRINCIPAL and SURETY have given real security

evidenced by the papers attached herein.

WHEREAS, the SURETY has agreed to give security for the loan, and
the CREDITOR has agreed to advance the loan on such security.

NOW THEREFORE, the parties agree to execute the loan subject to

the terms and conditions given below.

TERMS AND CONDITIONS

 1. Pursuant to said agreement, the CREDITOR has given the sum of
TEN MILLION PESOS (P10,000,000.00) Philippine currency to the
DEBTOR.

2. Both the DEBTOR and SURETY have agreed to be jointly and

severally liable for the payment of the loan to CREDITOR.

3. In case of delay or failure to pay any installment or part thereof, with

the stipulated interest, the remaining balance, as well as the interest
due thereon, shall become immediately demandable, and the DEBTOR
and SURETY shall be jointly and severally liable to pay the same.

4. All the property described shall be transferred by the DEBTOR and

SURETY to the CREDITOR by way of real mortgage. The same shall
remain during the duration of the agreement as security for payment
to the borrower of the said principal amount along with the interest it
may accrue in accordance with the agreement.

5. The BORROWER DEBTOR 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 the 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.
7. The SURETY may terminate its obligation by giving written notice to
the CREDITOR along with its consent, but such notice shall not affect
any obligation which may have arisen prior to the receipt of such
notice by the CREDITOR.
8. Should any provision or provisions of this agreement be declared
invalid or unenforceable by competent public authority, all other
remaining provisions herein contained shall remain in full force and
effect.
9. In case the DEBTOR and/or the SURETY violate any undertaking in
this agreement, the sum loaned or the balance thereof shall become
immediately demandable, in line with the aforestated stipulations in
case of delay.

This agreement shall be binding upon and inure to the benefit of the
DEBTOR and CREDITOR and their respective successors and assigns, except
that the DEBTOR may not assign or transfer it rights hereunder without the
prior consent of the CREDITOR.
 IN WITNESS WHEREOF, parties herein affixed their signatures on
the 9th of October 2020 in Makati City.

KFD BANK
Creditor

Juan Miguel D. Perfecto RPD SURETY

Debtor Surety

  

ACKNOWLEDGMENT

Republic of the Philippines)

City of Makati ) S.S.

BEFORE ME a notary public for and in the City of Makati this 9 th day of
October 2020 personally appeared the above signatories who exhibited to
me their identification card above-mentioned, 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 2020.