SURETY AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Surety Agreement is made and entered into by and between:
________________________, of legal age, Filipino, single/married,
with residence at _______________________________, Philippines, and
hereinafter referred to as SURETY,
-a n d -
___________________________, a One Person Corporation duly
organized under the laws of the Philippines, with principal office at
_____________________________________________, Philippines, and
hereafter referred to as BORROWER.
-i n f a v o r o f -
_______________________, a domestic corporation duly organized
under the laws of the Philippines, with principal office at
_____________________________________________, Philippines, and
hereafter referred to as CREDITOR.
WITNESSETH:
WHEREAS, the BORROWER, executed the attached CREDIT
APPLICATION FORM with CREDITOR on ___________, to which this Suretyship
Agreement is attached as Annex A;
WHEREAS the CEDITOR requires that the due and faithful performance
of the provision of the said Credit Application be underwritten by a Surety;
NOW, THEREFORE, in consideration of the above premises, parties
mutually agree on the following:
1. The undersigned Surety, jointly and severally with the Borrower,
hereby guarantees and warrants to the Creditor that the Borrower shall
comply with and perform all the stipulations contained in the Credit
Application Form, and that if for any reason the Borrower fails to
comply therewith, the Surety binds himself jointly and severally with
the Borrower, to reimburse creditor the outstanding balance of the
credit, with interest and penalties at the time of the breach of the
aforesaid Credit Application;
2. The liability of the Surety under this agreement shall be solidary, direct
and immediate and not contingent upon the enforcement by the
Creditor of whatever remedies it may have against the principal, and
the Surety shall at anytime on demand, pay to Creditor whatever
amount is owing from the Borrower to the Creditor to the extent stated
above; and
3. This instrument shall be valid and binding without further notice to the
Surety, until the Borrower has complied with all his/her obligations
under the said Credit Application Form.
IN WITNESS WHEREOF, I have hereunto set my hand this
___________________ in the City of Mandaue, Philippines.
BORROWER SURETY
CREDITOR
Signed in the presence of:
_________________________ _______________________________
REPUBLIC OF THE PHILIPPINES)
CITY OF )S. S.
x- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x
ACKNOWLEDGMENT
BEFORE ME, this ___________________________ in the City of
____________________, Philippines, personally came and appeared the
following:
Competent Evidence of
Name Date and Place of Issue
Identity
known to me and to me known to be the very same person who executed
the foregoing instrument and acknowledged to me that the same is their
own free act and voluntary deed.
This instrument refers to a Surety Agreement consisting of two (2)
pages including this page on which this acknowledgement is found written,
and the same is being signed by the parties herein and by two instrumental
witnesses on each and every page hereof.
WITNESS MY HAND AND NOTARIAL SEAL on the date, the year,
and on the place herein first above-written.
Doc. No. ___;
Page No. ___;
Book No. ___;
Series of 2023.
