___________________

CONTRACT OF LOAN

KNOW ALL MEN BY THESE PRESENTS:

This Memorandum of Agreement is entered into and executed by BAGORATO

M. BALABAGAN and SAIMA S. PULUA, both Filipino, of legal age, married to each
other and a resident of Broce, Datu Odin Sinsuat, Maguindanao, hereinafter referred to
as the FIRST PARTY/DEBTOR;

IN FAVOR OF

DATU L. ABUBACAR, Filipino, of legal age, married to YASMIN A.

ABUBACAR and a resident of Mother Barangay Tamontaka, Balabaran, Cotabato City,
hereinafter referred to as the SECOND PARTY/CREDITOR.

WITNESSETH:

WHEREAS, the FIRST PARTY has borrowed money from the SECOND PARTY
with the amount of FOUR HUNDRED TEN THOUSAND PESOS (Php 410,000.00), in
cash and the same was received in full upon execution of this contract;

WHEREAS, the SECOND PARTY agreed to give the borrowed money to the
FIRST PARTY, under the following conditions hereunder.

WHEREAS, the FIRST PARTY agreed to pay the borrowed amount in cash
within a period stipulated hereunder. Any changes, extension of the period to pay and
increase in the principal amount through additional loan and re-loan will be subjected to
the execution of a new promissory note and contract of loan.

NOW THEREFORE, for and in consideration of the foregoing premises and of

mutual covenants and stipulations hereinafter set forth, the parties hereby mutually
agreed as follows;

1. That the FIRST PARTY shall pay the total amount of FOUR HUNDRED
TEN THOUSAND PESOS (Php 410,000.00), in cash and without need
for oral or written demand, upon the release of his retirement claims.
2. That should the FIRST PARTY fail to pay any two successive monthly
installments, as herein above stipulated, he/she is given a grace period
of thirty (30) days, otherwise the whole unpaid obligation shall become
immediately due and demandable.
3. That in case of judicial or extrajudicial execution/enforcement of this
obligation, the FIRST PARTY shall be held liable for Attorney’s fees at
the rate of at least ten percent (10%) of the total demandable amount;
4. That FIRST PARTY shall likewise be held liable to pay the costs and
expenses incurred in the litigation in the amount of not less than
Twenty Thousand Pesos (P20,000.00)
5. That FIRST PARTY shall also be held liable for any other damages the
SECOND PARTY may suffer/endure as a result of a court litigation;

Finally, both parties agreed that all actions arising from this agreement shall be
brought only at the proper courts of COTABATO CITY.

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 IN WITNESS WHEREOF we have hereunto signed this _____ day of
_________________, at Cotabato City, Philippines.

BAGORATO M. BALABAGAN SAIMA S. PULUA

First Party/Debtor First Party/Debtor

DATU L. ABUBACAR
Second Party/Creditor

Signed in the Presence of:

Ret. Gen. Atty. Ukol M. Paglala Abo A. Musa

__________________
ACKNOWLEDGMENT

BEFORE ME, a Notary Public for and in the City of Cotabato, Philippines this
____ day of ___________________, both parties personally appeared, known to me
and to me known to be the same persons who executed this Contract of Loan and they
acknowledged to me that the same is their free and voluntary act and deed.

Doc. No _________;
Page No. ________;
Book No. ________;
Series of 2020.

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