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.
A promissory note, sometimes referred to as a note payable, is a legal instrument, in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, under specific terms and conditions.