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XIII NEGOTIABLE INSTRUMENT
A. PROMISSORY NOTES
Form No. 2--Promissory
Note for Commercial Lending Financing
(Promissory Note for Commercial Lending Financing)
PROMISSORY NOTE
P_____________
FOR VALUE RECEIVED,
I/We jointly and severally promise to pay without need of demand to
the order of __Name
of Payee__, at its
office at _____________, Philippines,
the sum of PESOS: __________________________
(P_____________), payable in
installment for a period of _____________
months at the rate of
__________________________ (P_____________)
per _____________, starting on
_____________ until fully and
completely paid.
Time is declared of the
essence hereof and in case of default in the payment of any
installment due, all the other instalments shall automatically
become due and demandable together with all interest that may have
accrued and shall make me liable for the additional sum equivalent
to _____________ (____%)
percent per month based on the total amount due and demandable as
penalty, compounded
monthly until fully paid; and in case it becomes necessary to
collect this note through any Attorney-at-Law, the further sum of
_____________ (____%)
percent thereof as and for
attorney's fees, which shall not be less than P_____________
in any event, exclusive of costs and
judicial/extra-judicial expenses; Moreover, I further empower the
holder or any of his authorized representative(s), at his option, to
hold as security therefore any real or personal property which may
be in my possession or control by virtue of any other contract.
In case of extraordinary
change in value of the peso due to extraordinary inflation or
deflation or any other reason, the basis of payment for this note
shall be the value of the peso at the time the obligation was
incurred as provided in Article 1250 of the New Civil Code.
DEMAND AND NOTICE OF DISHONOR
WAIVED. I hereby waive any diligence, presentment, demand, protests
or notice of non-payment or dishonor pertaining to this note, or any
extension or renewal therefore. Holder(s) may accept partial
payment(s) and grant renewals or extensions of payment reserving
its/their rights against each and all indorsers, and all parties to
this note. Acceptance by holder(s) of any partial payment(s) after
due date shall not be considered as extending the time for payment
or as a modification of any conditions hereof.
All actions arising from or
connected with this note shall be brought exclusively in the proper
courts of Bacolod City, Philippines; and in case of judicial
execution of this obligation or any part of it, the debtor waives
all rights under the provisions of Rule 39 Sec. 13, of the Rules of
the Court.
__Date__,
_____________, Philippines.
MAKER
SIGNED IN THE PRESENCE OF:
__________________ __________________
Form
No. 3--Promissory
Note Joint or Multiple Makers
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