In case this loan is not paid on maturity date, the pawner hereby agrees to pay in addition to accrued interest, 2% per month of the principal, as liquidated damages
9. The pawner and the pawnshop agree that the notice of auction sale shall be delivered via ?? email, ?? SMS, ?? fax or ?? registered mail or courier at _________________ (check box of agreed mode and indicate the email address; mobile phone no.; fax no,; or complete residential address, as maybe appropriate in the space provided). In case no mode of notification is agreed upon, the default shall be via ordinary mail. The pawnshop shall have the right to sell or dispose of the pawn in public auction if the pawner fails to redeem it within the ninety (90) day grace period. The pawnshop shall send the reminder to the pawner on or before the expiration of the ninety (90) day grace period.
10. 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 of loss to the pawnshop before the redemption period expires.
The pawnshop has two (2) days to decide whether to accept; (1) the affidavit in place of the original payday loans in Covington pawn ticket; or (2) to issue a substitute pawn ticket, thereby canceling the original.
11. In case of pre-payment of this loan by pawner, the interest collected in advance shall accrue in full to the pawnshop.
12. 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.
13. The pawnshop shall exercise 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 regular courts.
14. The pawnshop/pawnee shall not be liable for loss or damage of the pawn due to fortuitous events or force majeure, 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.
15. For purposes of computing the amount of liquidated damages, a fraction of a month shall be considered as one (1) full month. The pawnshop may at its sole option allow redemption of pawn after expiration of the 90-day grace period upon payment by the pawner of the loan principal plus interest due and liquidated damages at the rates and manner of corruption herein prescribed.
17. Venue of all judicial and administrative cases or proceedings and other legal incidents arising out of or in connection with this contract shall solely and exclusively be brought before appropriate courts, departments, offices or agencies of the government situated in Cebu City or Makati City.
Frequently Asked Questions #
7. The pawnshop shall notify the pawner of any change of 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 in Filipino or in the local dialect for one (1) month after date of publication in a conspicuous place in the premises to be vacated and to be transferred to.