For advice on forms, you may contact J.A.B. Bulao & Associates at jabblaw@yahoo.com or send a message to  Cell No. 09155205254. Our Address is at BSA Tower, 108 Legaspi St., Makati City (in front of Greenbelt 5).

PROMISORY NOTE

Borrower Information
Name:MR. JUAN DE LA CRUZ Date:07 December 2010
Street Address:Unit 666, The Bel-Air Place 5013 P. Burgos Street Driver’s License No. :
City:Makati City Social Security No.:
Country:Philippines  

 

Lender Information
Name:MS. MARIA CLARA Email: cangelietan@yahoo.com
Street Address:Unit 9999 BSA Tower, 108 Legaspit Street Send Payment to:BPI Bank Account

Account Name: Maria Clara

Account No.: 000386-55555

Branch: Greenbelt Drive Branch

City:Makati City
Country:Philippines

 

Loan Information
Loan Amount:P127,500.00 Loan Period:4 months
Interest rate: The loan is without interest. But in case of default Borrower shall pay interest of 24% per annum on the amount/s due. Payment Schedule:Dec. 20 – P8,500.00

Jan. 20- P29,750.00

Feb. 10- P29,750.00

Feb. 28-P29,750.00

Mar. 15-P29,750.00

 

Promise to Pay. For value received, I, MR. JUAN DE LA CRUZ, promises to pay MARIA CLARA (Lender), the sum of PESOS: ONE HUNDRED TWENTY SEVEN THOUSAND FIVE HUNDRED (P127,500.00).

Installments.

 Borrower will pay aforesaid amount by instalment as follows:

Dec. 20       –        P  8,500.00

Jan. 20       –        P29,750.00

Feb. 10       –        P29,750.00

Feb. 28       –        P29,750.00

Mar. 15       –        P29,750.00

Application of Payments. Payments will be applied first to interest and then to principal.

Prepayment. Borrower may prepay all or any part of the principal without penalty.

Loan Acceleration. If borrower is more than 5 days late in making any payment, Lender may declare that the entire balance of unpaid principal is due immediately.

Security.

 Borrower agrees that until the principal owed under this promissory note is paid in full, this note will be secured by security interest in the equipment, fixtures, inventory and accounts receivable of the Borrower and/or his business.

 

 

Borrower: JUAN DE LA CRUZ          Date: _____________________

Witnessed:  ___________________        Date: _____________________

Witnessed: ____________________       Date: _____________________