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. ____
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
That KLDI reserves the right of enforce compliance of the Promissory Note.
IN WITNESS WHEREOF, I have hereunto fixed my
signature this ________________________ at
Signed in the presence of : _______________________ & ________________________
Republic of the
BEFORE ME, A Notary Public for and in the City of
WITNESS MY HAND AND SEAL.
Doc. No. ________;
Page No. ________;
Book No. _______;
Series No. _______.