Promissory Note & Loan Agreement FORM

PROMISSORY NOTE
& LOAN AGREEMENT

Note’s Due Date: _________
Date: __________
No. PN – 01
Php ______________
FOR VALUE / LOAN RECEIVED, I, _______________________________________ (herein after referred to

as the “Debtor” for brevity) solely (for single Debtor) promise/s to pay to the Order of
____________________________________ (herein after referred to as the “Lender”) in her/their designated
address at _____________________________________________________________, the sum of money
amounting to ______________________________ PESOS, Philippine Currency (Php___________________),
together with the interest thereon at the rate of _________ Percent ( ___%) per month until fully paid for every
_____________ (_____) Months.
The Personal LOAN AMOUNT together with the accrued interest, if any, shall be paid in _____ (___)
monthly installments. The monthly amortization for the loan shall be: ___________________________PESOS,
Philippine Currency, (Php______________), commencing on ___________________________ 20_____.
In the event that the loan or any of the amortization is not paid on due date, the Debtor shall be declared
in default without the need of any demand from the Lender and the entire obligation, at the option of the Lender
and without prior notice, shall immediately becomes due and payable.
Moreover, effective upon non-payment of the loan or any of its amortizations thereof when due, I hereby
authorize the Lender to apply to the payment of this Note, any and all securities, collaterals, or things of value
which may be in the hands or custody on deposits, safekeeping, or as a guarantee for the payment of the foregoing
obligation, and for this purpose, I hereby irrevocably constitute and appoint the said Lender to be my true and
lawful attorney-in-fact with full power and authority for me and in my name, place and stead or on my behalf, but
without prior notice, to negotiate, foreclose, sell or transfer any of said securities, collaterals, or things of value
which it may hold, by public or private sale and apply the proceeds thereof to the payment of this Note.
It is likewise understood that any partial payment or performance on this Note or any extension thereof
granted by the Lender will neither alter or vary the terms of the original conditions of the loan obligation, nor
discharge the same, and such partial payment or performance shall be considered as written acknowledgment of
this obligation which shall interrupt the period of prescription.
Should it becomes necessary to collect this Note through an attorney-at-law, I hereby agree to pay not
less than Ten Percent (10%) of the total amount due on this Note as attorney’s fees exclusive of legal expenses and
all costs and fees allowed by law.
Demand and dishonor requirement is hereby waived. Holder may accept partial payment and grant
renewals or extensions of payment reserving his/her/their right of recourse against each and all endorsers to this
Note.
In case of judicial execution of this obligation or any part of it, I hereby waive all my rights under the
provisions of Section 13, Rule 39 of the 1997 Rules of Civil Procedure.
Furthermore, I hereby acknowledge that the foregoing Promissory Note supersedes and/or revokes any
Promissory Note executed by me in connection with the subject loan.
_________________________________________
Debtor
Address: _____________________________________________________
Promissory Note
Page 2
SIGNED IN THE PRESENCE OF:
_________________________ _________________________
ACKNOWLEDGMENT
Republic of the Philippines )

______________________ ) S.S.
BEFORE ME, a NOTARY PUBLIC for and in ____________________________, this ____ day of
_________________________ 20____, personally appeared the following person showing me his Competent
Evidence of Identity indicated herebelow and who represented, declared and affirmed before me that he is the
same person who executed the foregoing instrument and acknowledged to me that the same is his/her/their true,
free and voluntary act and deed:
Name of Executing Party Competent Evidence of Identity/ Date/Expiry Date and Place
Government-Issued ID of Issuance
This instrument relating to a Promissory Note and Loan Agreement consisting of Two (2) Pages has been
signed by the executing party/ies and his/her/their respective instrumental witnesses and has been sealed with my
notarial seal.
WITNESS MY HAND AND SEAL, this ___________________________ at

_____________________________________.
Doc. No. __________;

Page No. __________;
Book No. __________;
Series of 2018.

Promissory Note & Loan Agreement FORM

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Promissory Note & Loan Agreement FORM

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PROMISSORY NOTE

& LOAN AGREEMENT

FOR VALUE / LOAN RECEIVED, I, _______________________________________ (herein after referred to

SIGNED IN THE PRESENCE OF:

Republic of the Philippines )

WITNESS MY HAND AND SEAL, this ___________________________ at

Doc. No. __________;

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