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Promissory Note: 13 of Rule 39 of The Rules of Court and Subjects All The DEBTOR'S | PDF | Promissory Note | Debtor
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Promissory Note: 13 of Rule 39 of The Rules of Court and Subjects All The DEBTOR'S

1. This promissory note establishes a loan from Creditor to Debtor in the amount of [AMOUNT] to be paid in 10 equal monthly installments beginning on [DATE] and ending on [DATE]. 2. Failure to make payments for 3 months gives Creditor the right to pursue criminal and civil legal action against Debtor. 3. The note details terms such as waiving rights to protest or delay payment, authorizing Creditor to deduct payments from Debtor's salary if unpaid, and penalties for non-payment including attorney's fees.

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163 views2 pages

Promissory Note: 13 of Rule 39 of The Rules of Court and Subjects All The DEBTOR'S

1. This promissory note establishes a loan from Creditor to Debtor in the amount of [AMOUNT] to be paid in 10 equal monthly installments beginning on [DATE] and ending on [DATE]. 2. Failure to make payments for 3 months gives Creditor the right to pursue criminal and civil legal action against Debtor. 3. The note details terms such as waiving rights to protest or delay payment, authorizing Creditor to deduct payments from Debtor's salary if unpaid, and penalties for non-payment including attorney's fees.

Uploaded by

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

Date: __________
Amount: ________

For value received, I ___________ (“DEBTOR”), of legal age, resident of


________________________, promise to pay to the order of ____________________
(“CREDITOR”), the sum of _______________ (P_______________). We shall pay the
said sum of money in ten (10) equal monthly installments in the amount of
F________________, beginning from _______________ until __________. The payments
shall be made every 30th of each month, without need of any demand from the Creditor.

I understand that my failure to pay the said monthly installments for a period of
three (3) months shall give __________ the right to file the appropriate criminal and civil
cases against us.

For and in consideration of the foregoing premises and of the terms and
conditions contained herein, the DEBTOR and CREDITOR hereby agree, as follows:

1. The DEBTOR waives presentment, demand, protest and/or


notice of any kind, and hereby consents to any and all extensions of time,
renewals, waivers or modifications that may be granted by the
CREDITOR with respect to the payment of the loan or other provisions of
this Promissory Note. No delay or omission on the part of the
CREDITOR in exercising any rights hereunder shall operate as waiver of
such rights or of any other rights under this Note.

2. Without need of demand, the DEBTOR shall pay and


deliver the stipulated installments to the CREDITOR when due. In case
any of the installments due remains unpaid for whatever reason, the
DEBTOR hereby expressly authorizes the CREDITOR, at the latter’s
option and without need of notice, to automatically set off or apply the
DEBTOR’S salary or income and any and all money which may be in his
hands on deposit or otherwise belonging to the DEBTOR to the payment
of any of the installments due, without prejudice to other remedies
available to the CREDITOR.

3. The DEBTOR waives the benefits and protection of Section


13 of Rule 39 of the Rules of Court and subjects all the DEBTOR’S
properties for the satisfaction/payment of the loan.

4. In the event the principal sum is not paid when the


DEBTOR is able, the DEBTOR shall be liable for the payment of a penalty
equivalent to two percent (2%) per annum on the remaining balance of the
principal.

5. In case of non-payment of this Promissory Note or if this


Promissory Note is referred to an attorney-at-law or collection agency for
collection, the DEBTOR agree to pay the further sum of twenty five
percent (25%) of the total amount outstanding as attorney’s fees, but in no
case less than Twenty Thousand Pesos (P20,000.00), exclusive of costs and
other judicial or extrajudicial expenses.

Executed this _______________, in __________________

Debtor / Maker

Signed in the presence of:

______________________ ______________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

BEFORE ME, a Notary Public, this _________________ at _________________,


personally appeared:

Name Competent Evidence Expiry Date/Place Issued


of Identity
MARISSA D. EVANGELISTA

known to me and to me known to be the same person who executed the foregoing
instrument and acknowledge to me that the same is her free act and deed.

WITNESS MY HAND AND SEAL, on the date, year and place above written.

Doc. No. ;
Page No. ;
Book No. ;
Series of 2019.

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