BORROWING AGREEMENT
November 17, 2023
I, Grazel B. Elpus (Lender) lives at Blk. 12 Ipil-Ipil St., Gordon Heights Olongapo
City, Zambales, have agreed to lend my niece (Borrower) Jan Cris Elpus resides at
Blk. 12 Ipil-Ipil St., Gordon Heights, Olongapo City, Zambales, a sum of FIVE
HUNDRED FIFTY THOUSAND PESOS (Php500,000.00) in the form of cash which
will be repaid in full by DECEMBER 2027. Payment will be made over a period of
three (3) years on the date of issuance, which will be in JANUARY 2024. The interest
rate is 1% and each monthly payment will amount to _____ (P9,722.00).
Monthly payments must be made before, or on the 20th of the month. Any late
payment will result in an additional fee of FIVE HUNDRED PESOS (Php500.00).
NOTE: The agreed payment is bound between the Lender and the Borrower ONLY.
The partnership is NOT held accountable for any payment that needs to be made to
the Lender.
GRAZEL B. ELPUS
Signature over printed name
JAN CRIS ELPUS
Signature over printed name