Promissory Note - Template, Sample Form to Fill out Pro · PH-law

PROMISSORY NOTE

________

KNOW ALL MEN BY THESE PRESENTS:

This Promissory Note (the “Note”) is executed by ________, of legal age, Filipino, with residence and postal address at ________ and bearing Tax Identification Number ________ (the “Maker”), in favor of ________, of legal age, Filipino, with residence and postal address at ________ (the “Payee”).

§ 1. Promise to Pay. FOR VALUE RECEIVED, the Maker hereby unconditionally and irrevocably promises to pay the Payee, or order, the principal sum of ________ PESOS (₱________), Philippine currency, on or before ________.

§ 2. Place of Payment. All payments under this Note, whether for principal, interest, penalties or other charges, shall be made at:

________

or at such other place as the Payee may designate in writing.

§ 3. Interest. The Maker further promises to pay, at the aforesaid place of payment, interest on the outstanding principal amount at the rate of ________ PER CENT (________%) per month. Interest shall accrue from the date hereof and shall be computed on the basis of a thirty (30)-day month for the actual number of days elapsed. The parties expressly stipulate that the foregoing rate of interest is freely agreed upon in writing in accordance with Article 1956 of the Civil Code of the Philippines, and that the same is not unconscionable, iniquitous or contrary to morals, good customs or public policy.

§ 4. Penalty Charges. In case of default in the payment of the principal amount or any interest due thereon, the Maker agrees to pay, by way of liquidated damages and as a penalty clause under Articles 1226 and 2226 of the Civil Code of the Philippines, an additional sum equivalent to ________ PER CENT (________%) per month, computed from the date of default until the full amount due is paid.

§ 5. Attorney’s Fees and Costs of Collection. Should this Note be referred to a lawyer or collection agency for collection, the Maker further agrees to pay attorney’s fees equivalent to ________ PER CENT (________%) of the total amount due, but in no case less than ________ PESOS (₱________), plus costs of suit and all other reasonable expenses of collection.

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§ 7. Application of Payments. All payments received shall be applied first to penalties and charges, then to accrued interest, and finally to the outstanding principal, in accordance with Articles 1252 to 1254 of the Civil Code of the Philippines.

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§ 9. Venue. Any action arising from or in connection with this Note shall be brought exclusively before the proper courts of ________, to the exclusion of all other venues.

§ 10. Governing Law. This Note shall be governed by and construed in accordance with the laws of the Republic of the Philippines.

§ 11. Severability. Should any provision of this Note be declared invalid or unenforceable, the remaining provisions shall continue in full force and effect.

IN WITNESS WHEREOF, the Maker has signed this Promissory Note on this ________ day of ________, at ________, Philippines.

________
Maker

SIGNED IN THE PRESENCE OF:

________        ________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )
________ ) S.S.

BEFORE ME, a Notary Public for and in the above jurisdiction, on this ________ day of ________, personally appeared ________, who proved to me his/her identity through the competent evidence of identity described as ________, known to me and to me known to be the same person who executed the foregoing Promissory Note, and who acknowledged to me that the same is his/her free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the date and at the place first above written.

______________________________
NOTARY PUBLIC

Doc. No. ________;
Page No. ________;
Book No. ________;
Series of ________.