PROMISSORY NOTE
ONE MILLION FIVE HUNDRED THOUSAND PESOS May __, 2014
(P1, 500 ,000.00)
FOR VALUE RECEIVED, I, ___________________, of legal age, Filipino and a
resident of ____________________, Zamboanga City, by these presents hereby
PROMISE TO PAY to __________________, of legal age, Filipino and a resident of
Zamboanga City, the sum of One Million Five Hundred Thousand
(P1,500,000.00), Philippine currency, on or before ___________________.
In case of default, the total outstanding amount shall earn Two Percent (2%)
interest per month until fully paid. Additionally, I, the maker shall pay by way of
penalty and/or liquidated damages an amount equal to One And A Half Percent
(1.5%) a month of the balance due plus the stipulated interest until fully paid.
In case an Event of Default shall occur, this Note shall be declared immediately due
and payable in the manner provided in the agreement. Presentment, demand,
protest or notice of any kind is hereby expressly waived.
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 of any of her rights. All other rights and remedies under the applicable law
may be exercised by the Lender singly or concurrently and shall be cumulative and
not exclusive of any rights or remedies provided under this Note.
All expenses for the preparation of this agreement shall be borne by the maker.
All legal action arising from this Note shall be brought solely in the proper courts of
Zamboanga City, Philippines, to the exclusion of all other courts.
This Note shall be governed by and construed in accordance with the laws of the
Republic of the Philippines.
IN WITNESS WHEREOF, the parties hereto have hereunto affixed their signatures
on this ______ day of _____, 2014 at Zamboanga City, Philippines.
__________________________
Promissor
SIGNED IN THE PRESENCE OF :
_______________________ ______________________
Page Two of Two
Promissory Note
ACKNOWLEDGEMENT
REPUBLIC OF THE PHILIPPINES)
CITY OF ZAMBOANGA )S.S.
X - - - - - - - - - - - - - - - - - - - - - - - - X
BEFORE ME, a Notary Public for and in the above jurisdiction, this ____ day
of _____________, 2014, personally appeared:
who is/are personally known to me.
Identified through the following competent evidence of identity duly recorded
in my notarial register:
Photo and Signature I.D. No. ____________________________
On oath or affirmation of a credible witness pursuant to Sec. 12(b), Rule II,
2004 Rules on Notarial Practice;
On oath or affirmation of two credible witnesses pursuant to Sec. 12(b),
Rule II. 2004 Rules on Notarial Practice.
to be the person who executed the foregoing instrument known as Promissory Note,
and she acknowledged to me that the same is her free and voluntary act and deed.
This instrument, consisting of two pages including the page on which this
acknowledgement (or the continuing portion of this acknowledgement) is written,
has been signed by the parties and their witnesses on each and every page thereof.
WITNESS MY HAND AND NOTARIAL SEAL on the date and at the place
above written.
DOC. NO. ____ ;
PAGE NO. ____ ;
BOOK NO. ____;
SERIES OF 2014.
