I, _____________________________, of legal age, Filipino citizen, single and presently residing at ___________________________________, promise to pay KISAN LU LANDS & DEV., INC.,  the sum of _______________________________________________ PESOS (P_____________.00 ), plus interest, subject to the following terms:


Location                                   :  ____________    Blk. ____ Lot ___

Term Rate                                :  20% DP 0%Int payable starting ________, 20__ to ________, 20__

Monthly Down payment             : P _________

Due Date of 1st MA on DP        : Every  __TH  of the month starting ______ 20__

Balance                                                : ______________

Term/Rate                                : 4 YEARS at 16% Interest PA

Monthly Amortization                : P ___________

1st MA on Balance Due             :_____________


I agree to bear transfer fees or any of that sort for monthly payments due that will be deposited in the account of Ramesis Michael Lu or Kristin Lu at BPI Quirino Branch, Davao City Philippines, with account number – 9443-0793-67.


            I agree that in the event of default in my payment delayed payments shall be charged three (3%) percent penalty per month (compounded).


            I understand that in case of default in the amortization payments, the payment thereof shall be applied in the following order; to wit;

a.       To the surcharge and/or penalties

b.       To the interest

c.       To the outstanding balance

d.       To the other services provided for by KLDI


If two or more installments on the note is not paid on due date, said note shall be referred to the lawyer of the collection.  That I agree to pay in addition to the aggregate amount of the principal and interest due a sum equivalent to ten (10%) percent as Attorney’s fees in case of out of court settlement and twenty five (25%) percent in case the same is filed in court.  The venue for all legal actions arising out of this Promissory Note shall be in proper court of Davao City, Philippines.


     That KLDI reserves the right of enforce compliance of the Promissory Note.


IN WITNESS WHEREOF, I have hereunto fixed my signature this ________________________ at Davao City, Philippines.



                                                                                    principal buyer


Signed in the presence of : _______________________ & ________________________




Republic of the Philippines)

City of Davao…………….)


BEFORE ME, A Notary Public for and in the City of Davao, this  _____________________, personally appeared _______________________________ with his/her Valid I.D.  (SSS/TIN/Driv. Lic./Passport,etc.) with no. _________________________ issued/expires on ________________________ issued by/at ________________________, known to me and to me known to be the same person who executed the foregoing instrument and who acknowledged to me that the same is for free act and deed.


Doc. No. ________;

Page No. ________;

Book No. _______;

Series No. _______.