SURETYSHIP AGREEMENT

This Agreement executed at1 Sta Maria St., Marikina, Philippines on 4 June 2016
by CC Cruz, Filipino, of legal age, single, with residence and postal address at 1 Sta
Maria St., Marikina, Philippines, hereinafter referred to as Surety, in favor of BB Jose,
with principal office at 12 Mary St., Marikina, Philippines, hereinafter referred to as
Head Office;
WHEREAS, AA Santos (hereinafter referred to as Principal), executed the
attached Loan Agreement with BB Jose (Creditor) on 3 June 2016, to which
this Suretyship Agreement is attached as Annex A;
WHEREAS, BB Jose requires that the due and faithful performance of the
provisions of the said Loan be underwritten by a Surety;
NOW, THEREFORE, for and in consideration of the foregoing, the undersigned
Surety, jointly and severally with the Principal, hereby guarantees and warrants to BB
Jose that the Principal shall comply with and perform all the stipulations contained in
the Loan, and that if for any reason the Principal fails to comply therewith, the Surety
binds himself jointly and severally with the Principal:
To reimburse the BB Jose twice the full of such amount/s as may
have been defrayed for the Principals loan, with interest at the
prevailing legal rate at the time of the breach of the aforesaid
Loan.
The liability of the Surety under this Agreement shall be solidary, direct and
immediate and not contingent upon the enforcement by BB Jose of whatever
remedies it may have against the Principal, and the Surety shall at anytime on
demand, pay to BB Jose whatever amount is owing from the Principal to BB Jose to
the extent stated above.
This instrument is intended to be a complete and free indemnity to BB Jose for
any indebtedness or liability of the Principal arising from the RSA. It shall be valid and
binding without further notice to the Surety, until the Principal has complied with all
his/her obligations under the said RSA.
IN

WITNESS

WHEREOF,

the

representative to set his/her hand

Surety
th

has

caused

this 4 Day of June 2016.

its

authorized

CC Cruz
SURETY

Signed in the presence of:

DD de Leon

EE Estrada

ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )
) S.S.

BEFORE ME, a Notary Public, for and in the above jurisdiction personally
appeared the following persons, with their Community Tax Certificates, to wit:

1.
2.
3.
4.
5.

NAME
AA Santos
BB Jose
CC Cruz
DD de Leon
EE Estrada

CTC/PASSPORT #
AA-12345
AA-14122
SS-23112
AA-09213
DD-23123

DATE/PLACE OF ISSUE
12/1/10 Pasay
03/10/10 Pasay
12/12/12 Pasay
7/09/10 Pasay
08/9/13 Pasay

Known to me and to me known to be the same persons who executed the foregoing
instrument and they acknowledged to me that the same is their free and voluntary act.
This instrument consist of two (2) pages including this page where the acknowledgment
is written, signed on the appropriate spaces provided above and on the left hand
margins of all other pages, and is a Suretyship Agreement.
WITNESS MY HAND AND SEAL this 4th day of June 2016.

Doc. No. ________

Page No. ________
Book No. ________
Series of ________

ANNEX A
PROMISSORY NOTE

FOR VALUE RECEIVED, the undersigned Maker, promises to pay to the order of
BB Jose, (hereinafter referred to as "Payee"; Payee together with any subsequent holder hereof
or any interest herein being hereinafter referred to as "Holder") at
Head Office, Marikina, or at such other place as the Holder may from time to time designate in
writing, without grace, except as may be otherwise expressly provided for herein, the principal
sum of 500,000 PESOS, together with interest from the date hereof at a rate of twelve percent
(12%) per annum on the unpaid principal balance from time to time outstanding in accordance
with the following provisions:
(a)

Commencing 2 June 2016, and on the 3rd day of each and every month thereafter until 3 June
2018, the undersigned shall pay t o Holder equal installments, including principal and accrued
interest on the unpaid principal balance. The entire outstanding principal balance shall be due
and payable in full on or before 3 June 2018. Any default or delay in the payment of any
installment shall bear a penalty interest of three percent (3%) per month.
(b)
This Note is secured by a Mortgage of even date herewith executed by the
undersigned in favor of the Payee herein, which is a lien on certain collateral security as described
therein.

(c)

The Maker shall have the right at any time or from time to time to pay all or a portion of the principal
without premium or penalty.

(d)

Should suit be brought to recover on this Note, or should the same be placed in the hands of an
attorney for collection, Maker promises to pay Holder attorney fees equal to fifteen percent (15%)
of the outstanding amount and costs incurred in connection therewith. This Note shall be
governed and construed accordance with the laws of the Philippines, and suit hereon may only
be brought before the Regional Trial Court of Marikina City, Metro Manila, to the exclusion of
all other venues.
(e)
Failure of Holder to exercise any option hereunder shall not constitute a waiver of
the right to exercise the same in the event of any subsequent default or in the event of the
continuance of any existing default after demand for strict performance hereof.

(f)

Maker hereby waives demand, diligence, presentment for payment, protest or notice of demand
and exercise of any option hereunder. Maker or each individual and entity signing this note,
whether or not as a Maker, agree that the granting of any extension or extensions of time for
payment of any sum or sums due hereunder, or under any other instrument securing this note, or
for the performance of any covenant, condition or agreement hereof or thereof or the release of
other or additional security shall in no way release or discharge the liability the Maker or any
signor or any guarantor hereof.
(g)
Time is of the essence of this note and each and every term and provision herein
is intended to insure the prompt payment of the obligation.

IN WITNESS WHEREOF,
2 June 2016, at Marikina.

the parties hereto

have

executed

this Note

_______________________
AA Santos
Maker/Borrower

DD de Leon

EE Estrada

this