Question

Scenario 1:

John, a tenant, signed a lease contract with his landlord for a commercial space. The lease contract stipulates that the tenant shall pay the monthly rent on or before the 5th day of each month. However, due to unforeseen circumstances, John fails to pay the rent on time for the month of July. The landlord, exercising his rights as stated in the lease contract, sends a notice of demand to John on July 10, requesting immediate payment of the overdue rent, with a warning that failure to comply may lead to legal action.

Scenario 2:

Anna took out a loan from a bank, wherein the loan agreement states that the borrower must repay the loan within 5 years. However, Anna encounters financial difficulties and is unable to fully repay the loan within the specified period. The bank, in accordance with the terms of the loan agreement, initiates legal action to collect the outstanding loan balance.

Based on the given scenarios, discuss the effect and application of legal periods as provided under Article 13 of the Civil Code, as amended by Book I, Chapter 8, Section 31 of the Administrative Code of 1987 (E.O. No. 292). Analyze the rights and obligations of the parties involved and whether they have properly complied with the legal periods stipulated in their agreements.