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Collateral Agreement: % Per Month

This document is a collateral agreement between Jose Navarro Taroma as the debtor and Princess Kaye M. Lim as the creditor. Taroma owes Lim 350,000 Philippine pesos, payable within 6 months at 4% interest per month. As collateral, Taroma agrees to provide Lim full ownership of a 2018 Toyota Fortuner SUV with the listed details. The agreement stipulates that Taroma warrants being the legal owner and will not sell the vehicle until the debt is paid, and allows Lim to seize the vehicle if Taroma defaults on the debt. Both parties signed the agreement on April 21, 2021 in Casili, Anao, Tarlac, Philippines.

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73% found this document useful (11 votes)
8K views2 pages

Collateral Agreement: % Per Month

This document is a collateral agreement between Jose Navarro Taroma as the debtor and Princess Kaye M. Lim as the creditor. Taroma owes Lim 350,000 Philippine pesos, payable within 6 months at 4% interest per month. As collateral, Taroma agrees to provide Lim full ownership of a 2018 Toyota Fortuner SUV with the listed details. The agreement stipulates that Taroma warrants being the legal owner and will not sell the vehicle until the debt is paid, and allows Lim to seize the vehicle if Taroma defaults on the debt. Both parties signed the agreement on April 21, 2021 in Casili, Anao, Tarlac, Philippines.

Uploaded by

Glaiza Flores
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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COLLATERAL AGREEMENT

THIS AGRREMENT, made this 21st day of April, 2021 in the year 202, by and between
JOSE NAVARRO TAROMA of legal age, with postal address at POBLACION ANAO, TARLAC
hereinafter known as the DEBTOR and PRINCESS KAYE M. LIM of legal age, with postal address
at CASILI ANAO, TARLAC hereinafter known as the CREDITOR, witnesseth:

That the DEBTOR is indebted unto the CREDITOR in the sum of (THREE HUNDRED
FIFTY THOUSAND PESOS) (350,000.00), Philippine Currency, receipt of which is
acknowledged by the CREDITOR upon the signing of this instrument, payable within a period of
6 months, with interest thereon at the rate of 4 % per month;

COLLATERAL

The hereby agrees to provide the Secured Party with full right and title of ownership to
the following property as collateral to secure the debt listed above:

MAKE: TOYOTA
ENGINE NO: 2GDC373850
SERIES: FORTUNER 2.4L4
CHASIS NO. MHFGB8GS0J0874949
TYPE OF BODY: SUV
PLATE NO: CAM5849
YEAR MODEL: 2018
FILE NO: 0301-00000805189

TERMS
1. The Debtor warrants that no other Creditor has right to ownership of the listed
collateral that may interfere with the Secured Party’s ability to take and profit from
the sale of said property in the event that the above listed debts are not repaid.

2. The Debtor warrants that they are the rightful legal owner of the listed collateral.

3. The Debtor agrees to notify the Secured Party of any changes to their contact
information or physical address.

4. The Debtor agrees not to sell or transfer ownership of the property listed in this
collateral agreement until their debt to the Secured Party has been fully resolved.

5. Should the Debtor default on the above listed debt, the Secured Party shall have the
right to seize the listed collateral and resell it to recoup their lost investments.
ACCEPTANCE

IN WITNESS WHEREOF, the parties have hereunto set their hands, this 21 st day of April
2021 at Casili, Anao, Tarlac, Philippines.

JOSE NAVARRO TAROMA PRINCESS KAYE M. LIM


DEBTOR CREDITOR

IN THE PRESENCE OF:

_______________________________ _______________________________

ACKNOWLEDGEMENT

Republic of the Philippines)


________________________) S.S

BEFORE ME, personally appeared:

Name CTC Number Date/Place Issued


JOSE N. TAROMA _____________________ ___________________________
PRINCESS KAYE M. LIM 00675610 01-26-21/Anao, Tarlac

Known to me and to me known to be the same persons who executed the foregoing instrument
and acknowledged to me that the same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL, on the date and place first above written.

Notary Public
Doc. No.______;
Page No. ______;
Book No.______;
Series of 20____.

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