Professional Documents
Culture Documents
Policy On Bola
Policy On Bola
HONORARIUM
(Of the Principal Borrower and/or Co-borrower)
In case the principal fails to pay the obligation, this authority is automatically
applied to the co-borrower.
Respectfully yours,
___________________________ _______________________________
Name and Signature of Employee/ Name and signature of the Co-Borrower
Principal Borrower
Date:_________________ Date:______________________
(For the Barangay Treasurer/Cashier of the Principal Borrower)
Sincerely yours,
__________________________
Barangay Cashier/Treasurer
Date______________________
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Sincerely yours,
__________________________
Barangay Treasurer/Cashier
Date:______________________
MEMORANDUM OF AGREEMENT
WITNESSETH
That, the FIRST PARTY has granted a loan to the SECOND PARTY for the amount and
the terms and conditions contained in their Loan Agreements, copies of which are annexed
hereto and make an integral part hereof,
That, in consideration of the said loan and to secure its payments, the SECOND PARTY
hereby assigns and transfers to the FIRST PARTY the amount equivalent to the monthly
amortizations of said loan from the monthly salary/honorarium of the SECOND PARTY, and
for this purpose the latter do hereby grant the THIRD PARTY full power and authority
automatically deduct and retain the aforesaid monthly amortizations for remittance to the FIRST
PARTY;
That, in pursuance to the foregoing authority, the THIRD PARTY hereby undertakes to
make the said automatic deductions, and do hereby bind himself/herself to be severally and
solidarily liable with the SECOND PARTY, in the event of non-remittance to the FIRST
PARTY of amounts remains thus deducted and retained.
That, if the SECOND PARTY shall pay or cause to be paid to FIRST PARTY the total
amount of the aforementioned loan within the term or period above agreed together with interest
thereon and stipulated, then this Agreement shall thereby be discharged; otherwise, it shall
remain in full force and be foreceable in the manner prescribed by law.
That, in case of separation/termination from the service prior to loan maturity, the
Council shall withhold the amount due to Paglaum MPC coming from all moneys, bonuses,
retirement and other benefits accruing to the Barangay official and remit the amount collected to
Paglaum MPC.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands on
________________, at _____________________________________.
_____________________________ ______________________________
FIRST PARTY SECOND PARTY
SECOND PARTY:
NAME SIGNATURE
_____________________________ ______________________________
_____________________________ ______________________________
_____________________________ ______________________________
_____________________________ ______________________________
_____________________________ ______________________________
_____________________________ ______________________________
_____________________________ ______________________________
_____________________________ ______________________________
_____________________________ ______________________________
_____________________________ ______________________________
_____________________________ ______________________________
1._________________________________ 2.____________________________
ACKNOWLEDGMENT
known to me and to me known to be the same persons who executed the foregoing instrument
and acknowledged the same as their own free and voluntary act and deed.