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Promissory Note for Loan Agreement

This promissory note details a loan of PHP 200,000 from a lender to a borrower, to be paid back in full by December 30, 2023 along with monthly interest payments of PHP 8,100. As collateral, the borrower offers the title to their Crosswind Sportivo vehicle. The note also specifies that if the borrower fails to repay the loan, the lender may claim the collateral, and the borrower will be responsible for legal fees if the lender pursues collection in court.

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Irene Quimson
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171 views1 page

Promissory Note for Loan Agreement

This promissory note details a loan of PHP 200,000 from a lender to a borrower, to be paid back in full by December 30, 2023 along with monthly interest payments of PHP 8,100. As collateral, the borrower offers the title to their Crosswind Sportivo vehicle. The note also specifies that if the borrower fails to repay the loan, the lender may claim the collateral, and the borrower will be responsible for legal fees if the lender pursues collection in court.

Uploaded by

Irene Quimson
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PROMISSORY NOTE

WE. BORROWER _______________________________, both of


legal age, Filipino citizen and respectively residents
__________________________, promise to pay the LENDER,
____________________, of legal age, Filipino citizen and resident of Pogo,
Mangaldan, Pangasinan the sum of TWO HUNDRED THOUSAND PESOS
(P200,000.00), secured this day 24th of January 2023.

We promise to pay the said amount on or before December 30, 2023, with
the obligation to pay interest of EIGHT THOUSAND ONE HUNDRED PESOS
(P8,100.00) monthly until it is paid.

As a security to protect the lender, _______________________ hereby


tender the OR and CR of Crosswind Sportivo with Plate No.
_______________, registered under the name of ____________________,
as collateral of our indebtedness.

We, ________________ hereby authorized ______________, to get the


_______________________, in case on our failure, our heirs, assign and/or
successor to pay the foregoing amount on said due date.

Further, should the Lender file any suit viewed from this agreement, the
Borrower will be bond to pay and/or answer all expenses relative to the institution for
the collection of the herein borrowed amount including the Attorney’s fee thereof.

Done this January 24, 2023.

____________________ _____________________
Borrower Borrower
Valid ID:________________ Valid ID:________________

Signed in Presence of:

______________________ ______________________

Republic of the Philippines )


Province of Pangasinan )
Municipality of ____________) S.S

SUBSCRIBED AND SWORN to before me, this _____ day of


_______________, 2023 at __________________________ by the affiant, who
exhibited to me competent proof of their Identity, the particulars are indicated below
their names and signatures.

NOTARY PUBLIC

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