Promissory Note
Promissory Note
Promissory Note
PROMISSORY NOTE
For value received, I/We jointly and severally promise to pay to the order of BDMPC [CENTRAL
AND CREDIT & SAVINGS DIVISION]Bohol Diocesan Multi-Purpose Cooperative (BDMPC), or its order
at Tagbilaran City, Philippines the sum of
______________________________________________________________________________(P____
________),pesos, Philippine Currency, in _______equal (_______) monthly or (_____) bi-monthly,
installments ___________________________________________________(P________________)
pesos, starting on _____________ ending up _______________________ with interest rate of 2.00%
per month of unpaid balance. A member-borrower is entitled 10% discount on interest due if monthly
amortization is paid in full on or before due date to be added to his/her paid up share capital.
Should I fail to pay any monthly installment as it falls due, I shall be charged fines at the rate of
2% per month on the amount not paid, provided that should my failure to pay cover more than one
installment, te 2% fines shall be imposed on the total accumulated amounts in default each month, until
the amount is fully paid.
Time is of the essence of this note, so that, in the event that I fail to pay at least three installment
thereof, together with interest and fines I shall be in default without the need of a demand, and the whole
obligation shall become due and demandable. If this note is placed in the hands of an attorney for
collection, I/We jointly and severally agree to pay twenty percent (20%) of the total amount due on this
note, these shall be paid, in addition to the principal and accrued interest and fines, for attorney’s fees,
aside from cost and actual expenses of litigation and other fees allowed by laws.
For Chattel Mortgage, in the event the MORTGAGOR fails to pay at least three (3) consecutive
monthly amortizations of his/her obligation, the MORTGAGOR agrees to DEPOSIT the mortgaged
motorcycle/motor-vehicle/appliances/personal properties to the herein MORTGAGEE. MORGAGOR
hereby expressly authorizes MORTGAGEE and/or her authorized representatives to take and retain
possession of said motorcycle/motor-vehicle/appliances/personal properties until the delinquencies shall
have been fully paid.
The Bohol Diocesan Multi-Purpose Cooperative (BDMPC) is hereby authorized and empowered
to set off or apply without notice what is due under this Note from whatever funds one or any of us may
have with BDMPC to apply without notice and in any manner it sees fit, any of my/our deposits, share
capital and payments to any of my/our obligations whether due or not. Any application of deposits, share
capital or payments shall be conclusive and binding upon me/us.
In case of judicial or extrajudicial enforcement of this obligation or any part thereof, I/We hereby
waive all our rights under Rule 39, Section 13 of the Revised Rule of Court.
That the venue of any court action arising from this note shall be in the City of Tagbilaran.
Pursuant to the Regulation No. 39, Letter of Implementation (LOI) No. 23, I herebly authorize the
BOHOL DIOCESAN MULTI-PURPOSE COOPERATIVE, to collect from my paymaster, out of my salary
every payday the sum of
_________________________________________________________(P___________________) as
payment of the monthly installment excluding interest and other charges of my loan.
__________________________ _______________________
Witness Witness
(Signature over printed name) (Signature over printed name)
For value received, I/We jointly and severally promise to pay to the order of BDMPC [CENTRAL
AND CREDIT & SAVINGS DIVISION]Bohol Diocesan Multi-Purpose Cooperative (BDMPC), or its order
at Tagbilaran City, Philippines the sum of
______________________________________________________________________________(P____
________),pesos, Philippine Currency, in _______equal (_______) monthly or (_____) bi-monthly,
installments ___________________________________________________(P________________)
pesos, starting on _____________ ending up _______________________ with interest rate of 2.00%
per month of unpaid balance. A member-borrower is entitled 10% discount on interest due if monthly
amortization is paid in full on or before due date to be added to his/her paid up share capital.
Should I fail to pay any monthly installment as it falls due, I shall be charged fines at the rate of
2% per month on the amount not paid, provided that should my failure to pay cover more than one
installment, te 2% fines shall be imposed on the total accumulated amounts in default each month, until
the amount is fully paid.
Time is of the essence of this note, so that, in the event that I fail to pay at least three installment
thereof, together with interest and fines I shall be in default without the need of a demand, and the whole
obligation shall become due and demandable. If this note is placed in the hands of an attorney for
collection, I/We jointly and severally agree to pay twenty percent (20%) of the total amount due on this
note, these shall be paid, in addition to the principal and accrued interest and fines, for attorney’s fees,
aside from cost and actual expenses of litigation and other fees allowed by laws.
For Chattel Mortgage, in the event the MORTGAGOR fails to pay at least three (3) consecutive
monthly amortizations of his/her obligation, the MORTGAGOR agrees to DEPOSIT the mortgaged
motorcycle/motor-vehicle/appliances/personal properties to the herein MORTGAGEE. MORGAGOR
hereby expressly authorizes MORTGAGEE and/or her authorized representatives to take and retain
possession of said motorcycle/motor-vehicle/appliances/personal properties until the delinquencies shall
have been fully paid.
The Bohol Diocesan Multi-Purpose Cooperative (BDMPC) is hereby authorized and empowered
to set off or apply without notice what is due under this Note from whatever funds one or any of us may
have with BDMPC to apply without notice and in any manner it sees fit, any of my/our deposits, share
capital and payments to any of my/our obligations whether due or not. Any application of deposits, share
capital or payments shall be conclusive and binding upon me/us.
In case of judicial or extrajudicial enforcement of this obligation or any part thereof, I/We hereby
waive all our rights under Rule 39, Section 13 of the Revised Rule of Court.
That the venue of any court action arising from this note shall be in the City of Tagbilaran.
Pursuant to the Regulation No. 39, Letter of Implementation (LOI) No. 23, I herebly authorize the
BOHOL DIOCESAN MULTI-PURPOSE COOPERATIVE, to collect from my paymaster, out of my salary
every payday the sum of
_________________________________________________________(P___________________) as
payment of the monthly installment excluding interest and other charges of my loan.
__________________________ _______________________
Witness Witness
(Signature over printed name) (Signature over printed name)
For value received, I/We jointly and severally promise to pay to the order of BDMPC [CENTRAL
AND CREDIT & SAVINGS DIVISION]Bohol Diocesan Multi-Purpose Cooperative (BDMPC), or its order
at Tagbilaran City, Philippines the sum of
______________________________________________________________________________(P____
________),pesos, Philippine Currency, in _______equal (_______) monthly or (_____) bi-monthly,
installments ___________________________________________________(P________________)
pesos, starting on _____________ ending up _______________________ with interest rate of 2.00%
per month of unpaid balance. A member-borrower is entitled 10% discount on interest due if monthly
amortization is paid in full on or before due date to be added to his/her paid up share capital.
Should I fail to pay any monthly installment as it falls due, I shall be charged fines at the rate of
2% per month on the amount not paid, provided that should my failure to pay cover more than one
installment, te 2% fines shall be imposed on the total accumulated amounts in default each month, until
the amount is fully paid.
Time is of the essence of this note, so that, in the event that I fail to pay at least three installment
thereof, together with interest and fines I shall be in default without the need of a demand, and the whole
obligation shall become due and demandable. If this note is placed in the hands of an attorney for
collection, I/We jointly and severally agree to pay twenty percent (20%) of the total amount due on this
note, these shall be paid, in addition to the principal and accrued interest and fines, for attorney’s fees,
aside from cost and actual expenses of litigation and other fees allowed by laws.
For Chattel Mortgage, in the event the MORTGAGOR fails to pay at least three (3) consecutive
monthly amortizations of his/her obligation, the MORTGAGOR agrees to DEPOSIT the mortgaged
motorcycle/motor-vehicle/appliances/personal properties to the herein MORTGAGEE. MORGAGOR
hereby expressly authorizes MORTGAGEE and/or her authorized representatives to take and retain
possession of said motorcycle/motor-vehicle/appliances/personal properties until the delinquencies shall
have been fully paid.
The Bohol Diocesan Multi-Purpose Cooperative (BDMPC) is hereby authorized and empowered
to set off or apply without notice what is due under this Note from whatever funds one or any of us may
have with BDMPC to apply without notice and in any manner it sees fit, any of my/our deposits, share
capital and payments to any of my/our obligations whether due or not. Any application of deposits, share
capital or payments shall be conclusive and binding upon me/us.
In case of judicial or extrajudicial enforcement of this obligation or any part thereof, I/We hereby
waive all our rights under Rule 39, Section 13 of the Revised Rule of Court.
That the venue of any court action arising from this note shall be in the City of Tagbilaran.
Pursuant to the Regulation No. 39, Letter of Implementation (LOI) No. 23, I herebly authorize the
BOHOL DIOCESAN MULTI-PURPOSE COOPERATIVE, to collect from my paymaster, out of my salary
every payday the sum of
_________________________________________________________(P___________________) as
payment of the monthly installment excluding interest and other charges of my loan.
__________________________ _______________________
Witness Witness
(Signature over printed name) (Signature over printed name)