c) If the cheque representing the payment of the balance referred to in point b) is disgraced by the draw bank, the serious money of THREE HUNDRED THOUSAND (Php: 300,000.00) pesos is paid to the benefit of vendOIR. The user can choose to make the payment of the loan in a lump sum (the total amount and interest payable on a date) or in installments. If the user chooses staggered payments, the user can choose to pay the same amount until the full amount is paid, or an amount equal to a lump sum at the end (for example.B. 80% are paid in equal increments and the remaining 20% are paid lump sum). 4. The holding of the property concerned is handed over by the VENDEUR/VENDOR to THE BUYER/VENDEE for payment of the entire consideration; Once completed, the document should be printed for each creditor and debtor. The parties must carefully review the document and sign it. If the document is notarized, the parties must personally go to a notary with competent proof of identity and recognize the loan agreement. If the document contains a statement under oath of good faith, the parties must sign the same thing before the notary.
There are a number of special laws that affect loan contracts, but the general right for loan contracts is in the Philippine Civil Code. In addition, if the loan agreement is secured by a Chatl mortgage, certain provisions of Law No. 1508 or the Chattel Mortgage Act should be complied with in order to hire third parties. This agreement defines all the terms of the loan, including the personal data of the creditor and the debtor (such as name, nationality, marital status and address), the amount of money borrowed and the method of payment of the loan as well as the signature of the parties. When a representative signs for one of the parties, the representative must present a special power of attorney to enter into the credit agreement on behalf of that party. 5. If the total price is paid in full, the VENDEUR/VENDOR signs and executes a DEED OF ABSOLUTE SALE for the benefit of THE BUYER/VENDEE. The VENDEUR/VENDOR also executes all documents and/or provides all documents, including, but not limited, to the original copy of the title certificate, tax return and all other documents necessary for the transfer of ownership from VENDEUR/VENDOR to BUYER/VENDEE. A loan agreement is written proof of a loan between individual persons or entities, such as Z.B, partnerships and capital companies. It includes the amount of the debt and the terms of the loan. In this loan agreement, the person or entity that lends the money is designated as a creditor, while the person or entity that lends the money is designated as a debtor.