CONTRACT OF LOAN

This Contract of Loan ("Contract") is entered into this 22 April 2019 (“Execution
Date”), by and between:

RANI EUSEBIO, of legal age, widow, Indian, and with residential address at #6
Clover St.. Dona Manuela Subdivision, Pamplona 3, Las Pinas City, hereinafter
referred to as the “CREDITOR”;

-and-

SPOUSES MICHAEL P. ELEP and AMALIA H. ELEP, both of legal age, married,
Filipinos, and with residential address at #16 Chrysanthemum St.. Dona Manuela
Subdivision, Pamplona 3, Las Pinas City, hereinafter referred to as the
“DEBTORS”;

Below, CREDITOR and DEBTOR may be referred to individually as a “Party,” and

collectively, as the “Parties.”

RECITALS

WHEREAS, the CREDITOR has agreed to loan out and the DEBTORS have agreed
to borrow the amount of TWO HUNDRED THOUSAND PESOS (PHP 200,000.00).

NOW, THEREFORE, in consideration of the foregoing and of the mutual

agreements and covenants contained herein, intending to be legally bound, the Parties
agree as follows:

1. That the term of the loan shall be ONE (1) YEAR from 22 April 2019 or until
21 April 2020, subject to renewal in accordance with the following
conditions: (i) the DEBTORS have not defaulted in any of the monthly
payments of the interest; and (ii) the renewal must be with written consent
of the CREDITOR.

2. That the interest rate for the said loan under this Contract is TEN PERCENT
(10%) per month payable at the end of each month, starting on 30 April 2019
and every end of the month thereafter.

3. That for purposes of this Contract and as security for the loan taken out by
the DEBTORS from the CREDITOR, the DEBTORS have given as security
Transfer Certificate of Title (“TCT”) No. 01742 of the Registry of Deeds of
Rizal, registered under Spouses Fernando Elaquil and Cresencia Elaquil,
which property is presently owned and occupied by herein DEBTORS by

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 virtue of a Deed of Absolute Sale executed by the registered owners thereof
in favor of the DEBTORS.

IN WITNESS WHEREOF, the Parties have caused this Contract to be executed this
22nd day of April 2019, in Las Pinas City.

RANI EUSEBIO SPOUSES MICHAEL P. ELEP and

AMALIA H. ELEP
CREDITOR DEBTORS

Signed in the presence of

___________________________ __________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

______________________________ ) S. S.

BEFORE ME, a Notary Public for and in _____________________________,

Philippines, personally appeared the following:

Name ID No. Date/Place Issued

who are personally known to me and identified by me through competent evidence of

identity to be the same persons described in the foregoing instrument, who
acknowledged before me that their signatures on the instrument were voluntarily affixed
by them for the purposes stated therein, and who declared to me that they have executed
the instrument as their free and voluntary act and deed and that they had the authority
to do so.

Witness my hand and seal this _________________________.

Doc. No. ____;

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Page No. ____:
Book No. ___:
Series of 2019.