The pawner hereby accepts the pawnshop’s appraisal as proper.
The pawner agrees on the interest rates imposed in this contract of pledge. In case of dispute, the regular courts of law have the vested power to determine the reasonableness and legality of interest rates. The pawnshop hereby agrees not to collect advance interest for a period of more than one (1) year.
The service charge is equivalent to one percent (1%) of the principal loan, but shall not exceed to five pesos (P5.00). No other charges shall be collected.
This loan is renewable for such amount and period as may be agreed upon between the pawnshop and the pawner subject to the same requirements for a new loan.
Upon maturity of this loan, as indicated on the face of this pawn ticket, the pawner has ninety (90) days from maturity date within which to redeem the pawn by paying the principal loan plus the interest that shall have accrued thereon.
The amount of interest due and payable after the maturity date of the load up to the redemption period shall be computed upon redemption at the rate of provided above based on the sum of principal loan and interest earned as of the date of maturity.
The pawnshop shall notify the pawner of any change in its business address/location through: (1) publication in English and in Filipino or in the local dialect in two (2) daily newspapers of general circulation in the city or municipality where the pawnshop is closing business and (2) posting in English and Filipino or in the local dialect for one (1) month after the date of publication in a conspicuous place in the premises to be vacated and to be transferred to.
The pawner and pawnshop agree that the notice of auction shall be delivered via e-mail, SMS, or ordinary mail at_______________________ (check box of agreed mode and indicate the email address, mobile phone no., or complete residential address as may be appropriate, in the space provided). In case no mode of notification is agreed upon, the default shall be via ordinary. The pawnshop shall have the right to sell or dispose of the pawn in public auction if the pawner fails to redeem the pawn within the (90) day grace period. The pawnshop shall send the reminder on or before the expiration of the ninety (90) day grace period.
The pawner shall advise the pawnshop of any change of address/mobile phone number/e-mail address.
This ticket shall be surrendered at maturity date upon payment of the loan. In case of loss or destruction of this ticket, the pawner hereby undertakes to personally present an affidavit to the pawnshop before the redemption period expires. The pawnshop has two (2) days whether to accept: (1) the affidavit in place of the original pawn ticket, or (2) to issue a substitute pawn ticket, thereby cancelling the original.
In case of pre-payment of this loan by pawner, the interest collected in advance shall accrue in full to the pawnshop.
The pawner shall not be entitled to the excess of the public auction sale price over the amount of principal, interest and service fee: neither shall the pawnshop be entitled to recover the deficiency from the pawner.
The pawner declares under the Anti-Fencing law that he is the owner of the property subject of this contract.
The pawnshop shall excercise reasonable care and caution that an ordinary prudent person would as to his own property over the thing pawned in accordance with Republic Act No. 386 (Civil Code of the Philippines) as amended. Accordingly, the pawnshop shall insure all pawned items, except those which are kept inside a fireproof vault, in accordance with the pertinent regulations of the Bangko Sentral ng Pilipinas. Claims for restitution by pawners in case of loss, destruction or defect of the pawn due to robbery, fire and other fortuitous event, with or without the fault or negligence of the pawnshop, its owner, managing partner, directors and officers are cognizable by the regular courts.
The pawnee shall not be liable for all the loss or damage of the article pawned due to fortuitous events or force mejure. When the loss is due to the fault and/or negligence of the pawnee, the amount of its liability, if any, shall be limited to the appraised value appearing on the face hereof.
In case this loan is not paid on maturity date, the pawner herby agrees to pay in addition to accrued interest, 2 percent per month of principal, as liquidated damages. For purposes of computing the amount of liquidated damages, a fraction of the original term of the loan agreed upon as indicated at the face of the pawn ticket shall be considered as one full term.
Venue of all judicial and administrative cases or proceedings with this contract shall solely and exclusively be brought before appropriate courts, departments, offices or agencies of the government situated in Parañaque City, Metro Manila.
Reference: https://www.cebuanalhuillier.com/pawning/#termsandconditions