1. AUTHORITY TO SECURE INSURANCE COVERAGE AND ADVANCE PREMIUMS

1.1. Insurance Requirement

1. Once the loan application is approved, the Applicant must maintain adequate insurance coverage for the loan and any property used as collateral. This includes:

• Credit life, mortgage redemption, life or personal accident insurance coverages, as applicable or required by LANDBANK; and/or
• If applicable, insurance coverages against fire, earthquake, flood, own damage, theft, acts of God, and other risks as required by LANDBANK for any personal or real property offered as security/collateral.

2. An insurance policy must be obtained through Land Bank Insurance Brokerage Inc. (LIBI), LANDBANK Bancassurance, or an insurance company accredited by the Lender’s Financial Institution Department (FID). The coverage must be at least equal to the outstanding loan balance.
3. Said policy shall include a mortgage/secured creditor clause or a loss payable clause in favor of LANDBANK, or an insurer’s endorsement with LANDBANK as the beneficiary or assignee.

1.2. Payment of Costs

1. All insurance costs (including premiums, taxes, fees, penalties, and other expenses related to obtaining and maintaining the required insurance cover) shall be paid by the Applicant.
2. LANDBANK may choose to deduct the insurance costs from the loan proceeds.
3. If the Applicant fails or delays in submitting the renewal or new policy within thirty (30) calendar days before the expiry date of the original policy or as required in the loan and collateral documents, LANDBANK has the option to secure the renewal or new insurance coverage through its Bancassurance partners or accredited insurance companies, with the insurance costs payable by the Applicant.
4. If the Applicant does not make sufficient payment after the first notice and/or demand from LANDBANK, LANDBANK is authorized to:

• Debit any deposit or fund that the Applicant has with LANDBANK; or
• Make advances to pay for the insurance costs, which the Applicant must reimburse.

5. Any amount advanced or expended by LANDBANK must be reimbursed immediately by the Applicant upon demand. These advances will be subject to interest and penalties at the same rate imposed on the principal amount of the loan, starting from the first demand until paid.
6. The unpaid advances, interests, and penalties will be secured by the same collaterals as the loan.
7. The Applicant remains solely liable and responsible for securing and complying with the insurance requirements.
8. LANDBANK is not obligated to exercise the authority granted herein and will not incur any liability for not doing so.

2. AUTHORITY AND CONSENT ON USE, PROCESSING AND TRANSFER OF DATA AND INFORMATION

2.1. LBP Customer Privacy and Data Protection Notice

The Applicant acknowledges and agrees to the following:

1. The Applicant has read and understood the LBP Customer Privacy and Data Protection Notice (the “Privacy Notice/Statement”) provided with this Application or upon opening a deposit, and/or service facility account with LBP.
2. The Privacy Notice/Statement is accessible online at www.landbank.com (or another platform utilized by LBP).
3. The Applicant consents to LBP collecting, processing, profiling, and using Customer Information as stated in the Privacy Notice, including sharing, transferring, and receiving information within the Authorized Data Recipients defined therein.
4. The Applicant agrees that any personal, sensitive personal, or confidential information provided will be processed in accordance with Data Privacy and Banking Laws and Regulations.
5. The Applicant acknowledges reading and understanding Republic Act No. 10173 (Data Privacy Act) and its Implementing Rules and Regulations, available on the National Privacy Commission’s website at https://privacy.gov.ph.

2.2. Authorization for Verification and Inquiry

The Applicant authorizes LANDBANK to:

1. Verify the authenticity of income, tax returns, financial statements, and other credit and financial data submitted to LANDBANK, by contacting internal revenue or taxing authorities, government agencies, or third parties.
2. Inquire about the Applicant's deposits, funds, or assets held by LANDBANK and its Subsidiaries (as defined in the Privacy Notice/Statement) or other entities for the purpose of verifying this information or implementing security agreements, assignments of funds/deposits, debit authorizations, or set-off provisions required under the Application and Loan Documents.

2.3. Consent and Confirmation

1. The Applicant gives consent and confirmation as required by applicable data privacy and confidentiality laws, including but not limited to:

• BSP Circular Nos. 622 and 855
• Republic Act No. 9510 (Credit Information System Act)
• Republic Act No. 1405 (Law on Secrecy of Deposits)
• Republic Act No. 6426 (The Foreign Currency Deposit Act)
• Republic Act No. 8791 (The General Banking Law of 2000)
• Republic Act No. 10173 (Data Privacy Act of 2012)

2. The Applicant agrees to the terms and conditions of the Data Privacy Notice/Statement as currently or subsequently implemented and as amended by LANDBANK from time to time.

3. PERSONAL PROPERTY SECURITY

To comply with the requirements for creating, perfecting, and preserving the security interest under applicable laws, including Republic Act No. 11057 (Personal Property Security Act) and its implementing rules and regulations (“RA No. 11057”), the Applicant agrees to the following once the Loan is approved:

1. Any security agreement or other written document, such as mortgages and pledges, executed by the Applicant will serve as the control agreement between the parties, with the Applicant as grantor and LANDBANK as secured creditor. The Applicant agrees to follow LANDBANK’s instructions under this agreement.
2. LANDBANK shall have the authority to:

1. File, refile, and/or register the security agreements or notices of security interest and other related documents with the appropriate offices, including the Registry of Deeds, and take other necessary actions as deemed appropriate by LANDBANK or as required by applicable laws.
2. Effect the sale of the property in one or more transactions in accordance with applicable laws, including the direct private sale of the property without public auction, on terms determined by LANDBANK.

3. Security agreements over motor vehicles shall be perfected either by registration or possession.
4. When necessary under RA No. 11057, these agreements will serve as the control agreement with the Applicant as grantor and LANDBANK as secured creditor, and the Applicant agrees to follow LANDBANK’s instructions.
5. Any security agreement or notice related to LANDBANK’s security interest over the property shall be made in English.
6. For compliance with Republic Act No. 9510 and its Implementing Rules and Regulations, the Applicant acknowledges that signing the Application serves as Notice that their basic credit data, as defined under the laws and regulations, will be reported and disclosed to the Credit Information Corporation.
7. The Applicant confirms and ratifies all actions taken by LANDBANK and the Authorized Data Recipients under the above consent and authority.
8. The Applicant agrees to hold LANDBANK, its directors, employees, stockholders, and agents harmless from any liability incurred in connection with the consent and authority granted, and agrees to reimburse them for any such liability.

4. CERTIFICATION AND SIGNATURES

The Applicant acknowledges, certifies, and warrants the following:

1. The Applicant has read and understood the terms of this Application, the Data Privacy Notice/Statement provided with this Application, and the terms and conditions of LANDBANK’s Products and Services available on LANDBANK’s website (currently www.landbank.com). The Applicant agrees to be bound by these terms.
2. All data, information, supporting documents, and updates provided to LANDBANK in this Application, or submitted under the authority granted by this Application, were collected with relevant consent and are true, complete, and accurate as of the date hereof. Such information is deemed the property of LANDBANK.
3. The Applicant undertakes to provide LANDBANK with material updates to all data and information, and any additional documents deemed necessary by LANDBANK.
4. LANDBANK is authorized to conduct an inspection and/or appraisal of any property offered by the Applicant or required by LANDBANK as security/collateral for the Loan. The appraisal and related reports shall be the property of LANDBANK and for its exclusive use.
5. This Application is subject to LANDBANK’s credit approval processes and guidelines. LANDBANK may reject this Application or cancel any approval already made and is not obligated to disclose the reasons for such actions.
6. Any material misrepresentation, falsity, or omission in this Application will be considered an attempt to defraud LANDBANK and may lead to civil or criminal liability actions by LANDBANK.
7. If approved, the Loan will be used exclusively for the purposes stated in this Application.
8. LANDBANK may impose additional terms, conditions, and requirements deemed necessary or appropriate in relation to the Loan and any LANDBANK products, services, facilities, and channels.
9. Any consent and authorization given in this Application remain valid until otherwise indicated or revoked in writing.
10. This Application and its provisions will be deemed incorporated into the Loan Documents executed in connection with the Loan, except as otherwise provided or agreed upon in writing by LANDBANK and the Applicant.

Note: The term “Applicant” shall refer to one or more Applicants whose liability to LANDBANK shall be joint and several, and shall also include the agents and/or authorized representative of the Applicant, if a juridical person.