PROMISSORY NOTE
Philippine Peso: _____________________ ___________ (P _________________) _____________
PN No. Date:
FOR VALUE RECEIVED, the Borrower promises to pay to the order of _____________________, herein referred to as “Lender”, the principal sum of PHILIPPINE PESOS: _______________________________________ (P _________________ ), in the installment amount of PHILIPPINE PESOS: ________________________________ (P __________________) for _______ months, due and payable without need of notice or demand every _______ day of each month starting _________________ 20___, provided that a late payment penalty of Two Percent (2%) per month shall be added on each unpaid installment from due date thereof until fully paid, provided further that the entire outstanding principal balance shall be due and payable in full on or before _______________________. The Borrower promises to pay interest on this Note at the rate, time, and manner hereunder provided. The interest on this Note shall be fixed at __________ Percent ( ____%) per annum throughout the term of the Loan and shall be payable in arrears computed: [ __ ] every ______ day/s [ __ ] monthly [ __ ] quarterly [ __ ] semi-annually [ __ ] annually [ __ ] others If the Borrower fails to pay any principal and/or interest under this Note when due, the Borrower shall, on demand by the Lender, pay a penalty charge at the rate of ____________ Percent (__ %) per month, computed from the due date thereof until full payment. Acceptance by the Lender of any payment after due date shall not constitute an extension of the time of payment nor a modification of the terms of this Note. Failure or delay in exercising any right or power of the Lender shall not operate as a waiver. Rights and remedies may be exercised by the Lender singly or concurrently and shall be cumulative and not exclusive of other rights or remedies provided under this Note or by law. Should suit be brought to recover on this Note, or should the same be placed in the hands of an attorney for collection, Borrower promises to pay Lender attorney’s fees equal to twenty percent (20%) of the outstanding amount and costs incurred in connection therewith. This Note shall be governed and construed in accordance with the laws of the Philippines, and suit hereon may only and exclusively be brought before the appropriate trial courts of Davao City, to the exclusion of all other venues. Time is of the essence of this Note and each and every term and provision herein is intended to insure the prompt payment of the obligation. IN WITNESS WHEREOF, the parties hereto have executed this Note this _______________________, at __________________City, Philippines.
__________________________
__________________________
LENDER
BORROWER Signed in the presence of:
__________________________
__________________________
ACKNOWLEDGMENT REPUBLIC OF THE PHILIPPINES) CITY OF __________ )S.S X -------------------------------------X BEFORE ME, a Notary Public for and in _____________________, personally came and appeared:
___________City,
this
Name Issued/Validity Period
Competent Evidence of Identity
Place
____________________
__________________________
_______________________
____________________
__________________________
_______________________
known to me and to me known to be the same persons who executed the foregoing Promissory Note and they acknowledged to me that the same is their free and voluntary act and deed. WITNESS MY HAND AND SEAL, at the date and place first above written.
Doc. No. ____; Page No. ____; Book No. ____; Series of 20__ .
