PROMISSORY NOTE
Philippine Peso: ONE MILLION PESOS ONLY (₱1,000,000.00)
Date:___________________________
FOR VALUE RECEIVED, the undersigned, (the "Maker"), hereby jointly and severally
promises to pay to the order of _________________________ ("Payee"), the principal sum of
Philippine Peso: ONE MILLION PESOS ONLY (₱1,000,000) pursuant to the terms and
conditions set forth herein.
PAYMENT OF PRINCIPAL. The principal amount of this Promissory Note (the "Note")
and any accrued but unpaid interest shall be due and payable in TWENTY FOUR (24) equal
monthly installments (as described below) beginning ___________________________ without
need of demand. All payments under this Note shall be applied first to accrued but unpaid
interest, and next to outstanding principal. If not sooner paid, the entire remaining
indebtedness (including accrued interest) shall be due and payable on
______________________________.
INTEREST. This Note shall bear interest, compounded annually, at SIX PERCENT
(6.0%) percent. PREPAYMENT. The Maker shall have the right at any time and from time to
time to prepay this Note in whole or in part without premium or penalty.
DEFAULT. Default in the payment of any installment due, all the other instalments shall
automatically become due and demandable together with all interest that may have accrued and
shall make me liable for the additional sum equivalent to THREE (3%) percent per month based
on the total amount due and demandable as penalty, compounded monthly until fully paid; and in
case it becomes necessary to collect this note through any Attorney-at-Law, the further sum of
Ten (10%) percent thereof as and for attorney's fees, which shall not be less than P100,000.00 in
any event, exclusive of costs and judicial/extra-judicial expenses.
REMEDIES. No delay or omission on part of the holder of this Note in exercising any
right hereunder shall operate as a waiver of any such right or of any other right of such holder,
nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the
same or any other right on any future occasion.
DEMAND AND NOTICE OF DISHONOR WAIVED. I hereby waive any diligence,
presentment, demand, protests or notice of non-payment or dishonor pertaining to this note, or
any extension or renewal therefore. Holder(s) may accept partial payment(s) and grant renewals
or extensions of payment reserving its/their rights against each and all endorsers, and all parties
to this note. Acceptance by holder(s) of any partial payment(s) after due date shall not be
considered as extending the time for payment or as a modification of any conditions hereof.
Moreover, I further empower the holder or any of his authorized representative(s), at his option,
to hold as security therefore any real or personal property which may be in my possession or
control by virtue of any other contract. In case of extraordinary change in value of the peso due
to extraordinary inflation or deflation or any other reason, the basis of payment for this note shall
be the value of the peso at the time the obligation was incurred as provided in Article 1250 of
the New Civil Code.
All actions arising from or connected with this note shall be brought exclusively in the proper
courts of _______________________, Philippines; and in case of judicial execution of this
obligation or any part of it, the debtor waives all rights under the provisions of Rule 39 Sec. 13,
of the Rules of the Court.
___________, _____________, Philippines.
________________________________ ________________________________
LENDER MAKER
SIGNED IN THE PRESENCE OF:
_________________ __________________
ACKNOWLEDGEMENT
Republic of the Philippines)
___________________ ) S.S
BEFORE ME, personally appeared on __________________ at
__________________________, Philippines the following:
Name Evidence of Identity Date/Place Issued
known to me to be the same persons who executed the foregoing Promissory Note and
acknowledged to me that the same is their free and voluntary acts and deeds and that of the
corporation/s they represent.
This Promissory Note consisting of two (2) pages, including the page on which this
acknowledgment is written, has been signed on each and every page thereof by the parties and
their witnesses and sealed with my notarial seal.
WITNESS MY HAND AND SEAL, on the date and place first above written.
Doc. No.______;
Page No. ______;
Book No.______;
Series of 2022.
