Scribd Logo
Upload

Welcome to Scribd!

  • 1K views

    Promissory Note Sample Format

    Uploaded by

    Marc Alquiza
    This document is a promissory note between a lender and borrower for a principal sum of Philippine pesos to be paid back in installments over a set number of months at a fixed interest rate. The borrower promises to pay penalties for late payments or failure to pay. If legal action is required, the borrower will pay attorney's fees of 20% of the outstanding amount plus costs. The note is governed by Philippine law and any suits must be brought in Davao City. Both parties have signed the note in the presence of a notary public.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    Promissory Note Sample Format

    Uploaded by

    Marc Alquiza
    1K views2 pages
    This document is a promissory note between a lender and borrower for a principal sum of Philippine pesos to be paid back in installments over a set number of months at a fixed interest rate. The borrower promises to pay penalties for late payments or failure to pay. If legal action is required, the borrower will pay attorney's fees of 20% of the outstanding amount plus costs. The note is governed by Philippine law and any suits must be brought in Davao City. Both parties have signed the note in the presence of a notary public.

    Original Description:

    Legal Forms

    Copyright

    © © All Rights Reserved

    Available Formats

    DOC, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document is a promissory note between a lender and borrower for a principal sum of Philippine pesos to be paid back in installments over a set number of months at a fixed interest rate. The borrower promises to pay penalties for late payments or failure to pay. If legal action is required, the borrower will pay attorney's fees of 20% of the outstanding amount plus costs. The note is governed by Philippine law and any suits must be brought in Davao City. Both parties have signed the note in the presence of a notary public.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    1K views2 pages

    Promissory Note Sample Format

    Uploaded by

    Marc Alquiza
    This document is a promissory note between a lender and borrower for a principal sum of Philippine pesos to be paid back in installments over a set number of months at a fixed interest rate. The borrower promises to pay penalties for late payments or failure to pay. If legal action is required, the borrower will pay attorney's fees of 20% of the outstanding amount plus costs. The note is governed by Philippine law and any suits must be brought in Davao City. Both parties have signed the note in the presence of a notary public.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    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__
    .

    You might also like