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XIII NEGOTIABLE INSTRUMENT
Form No. 5--Promissory
Note Simple Form with Interest Penalty and Attorneys Fee
(Promissory Note Simple Form with Interest Penalty and
Attorneys Fee)
PROMISSORY NOTE
P_____________
FOR VALUE
RECEIVED, I promise to pay
without need of demand to the order of
__Payee__,
at his office at _____________,
the principal amount of PESOS:
__________________________ (P_____________),
on or before _____________.
In addition to the foregoing, I promise to pay monthly interest at
the rate of _____________
(_______%)
percent, without need of demand, starting from the month of
_____________
until this note is fully paid.
In case of default
in the payment of this note plus interest when it becomes due and
demandable, I agree to pay an additional amount 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, exclusive of costs and
judicial/extra-judicial expenses.
__Date__,
_____________, Philippines
Maker
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