LOAN AGREEMENT WITH CHATTEL MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This Agreement is entered into this November 7, 2019 at the City of Paranaque, Metro Manila,
Philippines, by and between:

CHRISTIAN PAUL BARCOMA, Filipino, of legal age, with address at No. 2 Benedictine St.,
Sta. Ana Subdivision, Sun Valley, Paranaque City, hereinafter referred to as the “CREDITOR”;

-and-

MARK ANTHONY C. TIMAJO, of legal age, with address at Unit 110 Dolphin Bldg., Lions
Park Residences, Sun Valley, Paranaque City, hereinafter referred to as the “DEBTOR’.

WITNESSETH:

WHEREAS, the Debtor has requested a loan of One Million Philippine Pesos (Php
1,000,000.00) (the “Loan”) from the Creditor

WHEREAS, the Creditor has agreed to extend loan to the Debtor subject to the terms and
conditions set forth herein;

NOW THEREFORE, for and in consideration of the foregoing and of the mutual
covenants and agreements hereinafter stated, the Parties agree as follows:

1. Loan- The Creditor has extended the loan to the Debtor, the full amount of which is
acknowledge to have been received by the Debtor.

2. Interest- The Debtor shall pay interest on the Loan at the rate of Two Per Cent (2%)
per annum on the outstanding balance and any due and unpaid interest. All payments
 for interest shall be computed daily on the basis of a 365-day year for the actual day
elapsed. Interest shall accrue from the date hereof until full payment thereof.

3. Penalty- if the Debtor fails to pay the Loan as it falls due, the unpaid principal shall,
in condition to the stipulated interest which shall continue to accrue on such unpaid
amounts, be subject to a penalty rate of Five Per Cent (5%) per annum, computed
daily on a 365-day year basis, commencing on the date immediately following the
due date of the Loan until full payment of the entire outstanding amount, including
interest and penalty, of the Loan.
4. Payment- the Debtor shall fully pay the Loan and any accrued interest to the Creditor
as follows:

a. Loan- Within 2 years over Twelve (12) equal installments of Eighty-Three

Thousand Three Hundred Thirty-Three Philippine Pesos and Thirty-Three
Sentimos (Php 83,333.33) payable every 15th of the month

b. Interest- Any accrued interest shall likewise be paid, in addition to the loan, on
the Payment Dates described above.

If any Payment Date would fall on a day which is not a business day, the Loan
shall be payable on the next succeeding business day and the interest shall be
paid accordingly.

5. Application of Payment- All payments shall be applied first against penalties; then
against interest due on the loan; then against the principal amount of the Loan then
due and payable.
6. Security
A. The Debtor hereby creates, establishes and constitutes in favor of the Creditor
a chattel mortgage over the following property with all its increments and
accessories to secure the payment of the Loan and interest and other charges
thereon, and to assure the prompt and faithful performance by the Debtor of
all its obligation in this Agreement;

2017 Toyota Fortuner with a Chassis No. SV-2019293, Engine No.

VC123456, Plate No. PMD 339

B. The Debtor states that it is the Sole and Beneficial owner of the Property free
from any lien, encumbrance or other security interest of any other person, and
that there is no legal or contractual impediment which would in any way
impair the validity or enforcement of this Agreement
 C. The Debtor Agrees and Undertakes to execute and deliver to the Creditor
such documents as said Creditor may reasonably request from the Debtor
from time to time in connection of the mortgage

D. The Debtor may not, during the existence of the pledge, mortgage, or sell the
property nor shall the Debtor undertake or cause any major repairs or
modification on the property if said repairs or modification will alter or
change the original appearance, operation and/ or condition of the Property
without the consent of the Creditor, which consent shall not be unreasonably
withheld.

E. The Debtor shall immediately notify the Creditor of Damage, loss or

destruction of the Property.

F. The Creditor shall have right to judicially or extra-judicially foreclose this

mortgage in accordance with Act 1508, as amended. Otherwise known as the
Chattel Mortgage Law, and/or any other applicable law, and the proceeds of
such sale shall be applied in accordance with this agreement upon the failure
of the Debtor to pay the Loan secured by this mortgage, or any part thereof
when due, or is in default within the meaning of this Agreement.

G. After the breach of any Condition of this mortgage and in addition to the
remedies stipulated herein, the Debtor irrevocably appoints the Creditor as
attorney-in-fact with full power and authority to seize and take actual
possession of the Property without the necessity of any judicial order or any
other permission or power than herein granted; to sell, remove or dispose of
the Property or take any other legal action that it may deem necessary; to
execute bills of sale or agreements that it may deem convenient for the proper
administration of the Property and all expenses incurred/ advanced by the
Creditor shall be charged to the Debtor and likewise secured by this
mortgage. Any and all acts done in conformity with powers herein granted
and hereby confirmed and ratified.

7. Taxes and Fees- All documentary stamps due on this Agreement as well as all
expenses for the Registration of the Mortgage and other government fees and charges
imposed on or in connection with this Mortgage shall be for the account of the Debtor
8. Waiver and Cumulative Rights- Failure or delay of the Creditor in exercising any
right, power, or remedy upon any breach or default of the Debtor under this
Agreement shall thereafter not be construed as a waiver, abandonment or
cancellation nor shall it impair any such right, power, or remedy, Any waiver on the
part of the Creditor shall be in writing. All remedies afforded the Creditor under this
Agreement, by law or otherwise, shall be cumulative and not alternative.

9. Governing Law- This Agreement and all other documents pertaining hereto shall be
governed and construed in accordance with the laws of the Republic of the
Philippines.

10. Assignment- This Agreement shall be binding upon and enforceable on the Debtor
and the Creditor and their respective successors and assigns. The Debtor shall not
assign or transfer its rights or obligations hereunder without the prior consent of the
Creditor, which consent shall not be unreasonably withheld.

CHRISTIAN PAUL BARCOMA MARK ANTHONY C. TIMAJO

CREDITOR DEBTOR

SIGNED IN THE PRESENCE OF:

________________________ ___________________________
 ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES )

PARANAQUE CITY ) SS.

BEFORE ME, a Notary Public for and in the place above stated, appeared:

CHRISTIAN PAUL BARCOMA MARK TIMAJO

ID: Driver’s License ID: Passport
ID No. ABC 1234 ID No: DEF 456
Valid Until: December 13,2021 Valid until: January 6, 2022

Known to me and to me known to be the same persons who executed the foregoing loan agreement
with Chattel Mortgage and they acknowledged to me that the same are their free act and voluntary
deed. This instrument, consisting of four (5) pages, including the page on which this
acknowledgement is written, has been signed on the left margin of each and every page thereof by
the concerned parties and their witnesses, and sealed with my notarial seal.

WITNESS MY HAND AND SEAL on this _____ day of __________________ at

Paranaque City.

NOTARY PUBLIC

Doc No: _____;

Page No._____;
Book No._____;
Series of 2018