Loan Contract Ornopia

LOAN AGREEMENT
This Loan Agreement (the “Agreement”) is entered into November 16, 2023 (the
“Effective Date”), by and between Sono Credit Collection Services, with an address of
Argawanon, San Remigio, Cebu City (the “Lender”) and Jerick A. Gurrea with an
address of Catmondaan, Catmon, Cebu City (the “Borrower”), individually referred to
as “Party”, and collectively “the Parties.”
WHEREAS, the Borrower desires to borrow a fixed amount of money; and
WHEREAS, The Lender agrees to lend a fixed amount of money;
IN CONSIDERATION of, the mutual promises, covenants, and conditions contained

herein, the Parties agree as follows:
TERMS AND CONDITIONS
1. Loan Amount. The Parties agree the Lender will loan the Borrower Php 5,000.00
(the “Loan”).
2. The Parties agree the Interest Rate for this loan shall be 10% to be accrued
monthly.
3. Loan Term. This Loan shall be for a period of 1 month/s.
4. Fee(s). Processing fee is 1% which is based on the principal (Loan Amount).
5. Loan Payment. Payment shall be made through over-the-counter in the office of
Sono Credit Collection Services or by such other mode(s) of payment as may be
allowed or authorized by the Sono.
6. Repayment. The Parties agree that the Borrower shall pay the Lender Php
28,750.00 in full amount on November 9, 2023. Payment shall be applied as
follows:
Due Date Interest Principal Total Payment
December 1, 2023 Php 250.00 Php 2,500.00 Php 2,750.00
December 15, Php 250.00 Php 2,500.00 Php 2,750.00

2023
7. Late Payments. Payment shall be considered late if received by the Lender 2 day/s
after its due date. The Lender will have the option to charge a late fee of PHP
50.00. Borrower/s agree/s to pay late payment fee on any overdue sum at the rate
and in accordance with the schedule of penalties set out below. The late payments
penalty shall be added to each unpaid amortization computed from the due date
until full paid.
Payment Schedule Late Payment Penalty
Bi-monthly 5% every two weeks
Weekly 2.5% weekly
8. Payments shall be applied in the following order of priority: (a) expenses for
referral/legal course, which include but are not limited to, cost of suit, litigation
expenses and attorney’s fee; (b) any advances made by the Sono; (c) late payment
penalty, if any; (d) interest; and (e) principal of the Loan.
9. Prepayment. The Borrower will not be penalized for early payment.
10. Representations and Warranties. Both Parties represent that they are fully
authorized to enter into this Agreement. The performance and obligations of either
Party will not violate or infringe upon the rights of any third party or violate any
other agreement between the Parties, individually, and any other person,
organization, or business or any law or governmental regulation.
11. Any collateral which may now or in the future to secure the loan of the
Borrower/s with any member of the Sono, their Management shall likewise secure
this Loan to the extent applicable and allowed by the law, and all acts and deeds
performed or executed by the Sono in furtherance of or give effect to the foregoing
are hereby fully an unconditionally authorized and ratified by the Borrower/s.
12. Severability. In the event any provision of this Agreement is deemed invalid or
unenforceable, in whole or in part, that part shall be severed from the remainder of
the Agreement and all other provisions shall continue in full force and effect as
valid and enforceable.
13. Waiver. The failure by either party to exercise any right, power, or privilege
under the terms of this Agreement will not be construed as a waiver of any
subsequent or future exercise of that right, power, or privilege or the exercise of
any other right, power, or privilege.
14. Default. If the Borrower defaults on its payments and fails to cure said default
within a reasonable amount of time, the Lender will have the option to declare the
entire remaining amount of principal and any accrued interest immediately due
and payable. The SONO will issue a Demand Letter to the Borrower/s after 1 month
of the due date of the Loan.
15. Legal and Binding Agreement. This Agreement is legal and binding between the
Parties as stated above. This Agreement may be entered into and is legal and
binding throughout the Philippines. The Parties each represent that they have the
authority to enter into this Agreement.
16. Entire Agreement. The Parties acknowledge and agree that this Agreement
represents the entire agreement between the Parties. In the event that the Parties
desire to change, add, or otherwise modify any terms, they shall do so in writing to
be signed by both parties.
The Parties agree to the terms and conditions set forth above as demonstrated by
their signatures as follows:
BORROWER
Signature:
Name: Jerick A. Gurrea
Date: November 16, 2023
WITNESS
Signature:
Name: Sono Credit Collection Services Representative(s)

Date: November 16, 2023

Loan Contract Ornopia

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LOAN AGREEMENT

WHEREAS, the Borrower desires to borrow a fixed amount of money; and

WHEREAS, The Lender agrees to lend a fixed amount of money;

IN CONSIDERATION of, the mutual promises, covenants, and conditions contained

TERMS AND CONDITIONS

Due Date Interest Principal Total Payment

December 1, 2023 Php 250.00 Php 2,500.00 Php 2,750.00

December 15, Php 250.00 Php 2,500.00 Php 2,750.00

Payment Schedule Late Payment Penalty

Bi-monthly 5% every two weeks

Weekly 2.5% weekly

Name: Jerick A. Gurrea

Date: November 16, 2023

Name: Sono Credit Collection Services Representative(s)

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