Loan Restructuring Agreement

LOAN RESTRUCTURING AGREEMENT KNOW ALL MEN BY THESE PRESENTS: This Agreement is executed this ________________, Daet, Camarines Norte, by and between the following parties, to wit: GRECON MULTIPURPOSE COOPERATIVE (CN-GRECON MPC), a duly registered cooperative existing under Philippine laws with office at J. Lukban St., Daet, Camarines Norte, herein represented by ________________________________, hereinafter referred to as the FIRST PARTY; and __________________________________, of legal age, married/single/widow/er, Filipino citizen, and a resident of _________________________________________________, hereinafter referred to as the SECOND PARTY; WITNESSETH: That the SECOND PARTY expressly acknowledges that he/she is indebted unto the FIRST PARTY in the total amount of Php___________________, including the principal amount, interest, and other fees and charges arising from a previous loan transaction/agreement entered into by the above parties; That the SECOND PARTY had failed to comply with the terms and condition of the original loan agreement and has thus requested for the restructuring of the existing loan agreement of the herein parties; That the FIRST PARTY for humanitarian consideration has agreed to allow the restructuring of the loan of the SECOND PARTY under the new terms and conditions herein set forth; NOW, WHEREFORE, for and in consideration of the foregoing premises, that parties have agreed, as they hereby agree as follows: 1. That the amount of Php__________________ shall become the new 2. 3.

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principal obligation of the SECOND PARTY; That the SECOND PARTY shall pay the aforementioned amount within a period of _________ days/months/years; That the said new principal shall bear interest at the rate of _____ per annum/per month, or in the amount of Php________ per day, payable every ___________________; That in the event that the SECOND PARTY fails to pay the principal obligation and/or interest, he shall be liable for penalty/surcharge in the amount of Php________ per day; Payments shall be applied first to penalties, then to interest, and finally to the principal;