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Php100,000 Promissory Note Details

This promissory note outlines a loan of PHP 100,000 from a creditor to a maker. The note was issued on June 1, 2015 in Butuan City. It carries an interest rate of 5% per month on the principal for the first 15 days, and 8% per month on any unpaid amounts thereafter. The maker agrees to repay the principal and interest without need for demand from the creditor. The creditor's books will be considered conclusive evidence of any amounts due. The note is governed by Philippine law and disputes must be resolved in courts in Butuan City.

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214 views2 pages

Php100,000 Promissory Note Details

This promissory note outlines a loan of PHP 100,000 from a creditor to a maker. The note was issued on June 1, 2015 in Butuan City. It carries an interest rate of 5% per month on the principal for the first 15 days, and 8% per month on any unpaid amounts thereafter. The maker agrees to repay the principal and interest without need for demand from the creditor. The creditor's books will be considered conclusive evidence of any amounts due. The note is governed by Philippine law and disputes must be resolved in courts in Butuan City.

Uploaded by

quail090909
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

PROMISSORY NOTE

Face Value :
Date Issued :
Place Issued :

Php100,000.00
June 1, 2015
Butuan City

For value received, I (the Maker) hereby unconditionally promise to


pay to the order of ________________________ (the Creditor) the principal
amount of Philippine Pesos: ONE HUNDRED THOUSAND PESOS
(Php100,000.00), representing the amount advanced by the Creditor for the
and interest at the rate of 5% per month within a period of fifteen days.
After the Payment Period shall have expired, the Maker shall pay
interest on any unpaid amount due hereunder at the rate of eight percent [8%]
per month until the same shall have been paid in full. Any payment then shall
first be applied on the interest or penalty charges due, if any, before crediting
the balance thereof to the principal amount due.
Any and all amounts due hereunder are payable, without need of
demand. As such, presentment, notice of dishonor, protest or further notice of
any kind is hereby expressly waived by the Maker.
The books and records of the Creditor or holder shall be conclusive
evidence of the amount of principal, interest, penalties and other fees and
charges due under this Note.
No failure or delay on the part of the Creditor or holder in exercising
any right, power or remedy under this Note and the applicable law shall impair
any such right, power or remedy, nor shall it be construed as a waiver of any
breach or default thereafter occurring, nor shall a waiver of any single breach
or default be deemed a waiver of any other breach or default theretofore or
thereafter occurring, nor shall any single or partial exercise of any such right
or power preclude any other or further exercise thereof or the exercise of any
other right or power hereunder. All remedies, either under this Note or by law
or otherwise, afforded to the Creditor or holder shall be cumulative and not
alternative.
This Note shall be governed by and construed in accordance with the
laws of the Republic of the Philippines. Venue of actions arising from or
incident to this Note shall exclusively be filed in the proper courts of Butuan
City, Philippines.
If any one or more of the provisions contained in this Note shall be
invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired.
This Note shall be binding upon and shall be enforceable against the
Creditor or holder/s and the Makers respective successors and assigns,
except that the Maker shall not have the right to transfer her rights or
obligations hereunder without the prior written consent of the Creditor or the
holder.
The Maker shall hold strictly in confidence this Note, including all its
terms and provisions, and shall safeguard, preserve and not disclose its
contents to any other person or entity, directly or indirectly, whether orally or in

writing.
This Note constitute the entire agreement of the parties with respect to
the subject matter hereof and shall supersede any prior expressions of intent
or understanding with respect to this transaction.
______________________
Maker
Witnesses:
_____________________

_________________________

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