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
attorneys 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__
.