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    Promissory Note

    Uploaded by

    Rico Edurese
    This is a promissory note between an individual borrower and Kabuhayan at Pabahay Tungo sa Ikauunlad Multipurpose Cooperative (KAPATIDCO) for a loan to purchase a parcel of land. The borrower promises to pay the principal sum plus 6% annual interest in equal monthly installments. The note details terms such as late fees, ability of the lender to modify interest rates, and that the loan is secured by a mortgage on the purchased land lot. It specifies that any legal action would be filed in the proper court of Santiago City.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Promissory Note

    Uploaded by

    Rico Edurese
    113 views1 page
    This is a promissory note between an individual borrower and Kabuhayan at Pabahay Tungo sa Ikauunlad Multipurpose Cooperative (KAPATIDCO) for a loan to purchase a parcel of land. The borrower promises to pay the principal sum plus 6% annual interest in equal monthly installments. The note details terms such as late fees, ability of the lender to modify interest rates, and that the loan is secured by a mortgage on the purchased land lot. It specifies that any legal action would be filed in the proper court of Santiago City.

    Original Title

    PROMISSORY NOTE (1)

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    This is a promissory note between an individual borrower and Kabuhayan at Pabahay Tungo sa Ikauunlad Multipurpose Cooperative (KAPATIDCO) for a loan to purchase a parcel of land. The borrower promises to pay the principal sum plus 6% annual interest in equal monthly installments. The note details terms such as late fees, ability of the lender to modify interest rates, and that the loan is secured by a mortgage on the purchased land lot. It specifies that any legal action would be filed in the proper court of Santiago City.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    113 views1 page

    Promissory Note

    Uploaded by

    Rico Edurese
    This is a promissory note between an individual borrower and Kabuhayan at Pabahay Tungo sa Ikauunlad Multipurpose Cooperative (KAPATIDCO) for a loan to purchase a parcel of land. The borrower promises to pay the principal sum plus 6% annual interest in equal monthly installments. The note details terms such as late fees, ability of the lender to modify interest rates, and that the loan is secured by a mortgage on the purchased land lot. It specifies that any legal action would be filed in the proper court of Santiago City.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    PROMISSORY NOTE

    FOR VALUE RECEIVED, I/we, _______________________________________,hereby unconditionally promise to pay


    without need of demand by Kabuhayan at Pabahay Tungo sa Ikauunlad Multipurpose Cooperative (KAPATIDCO), the principal
    sum of _______________________________________ (P_________). Philippine Currency, with interest thereon at the rate
    of Six percent (6%) per annum, payable in __________ equal consecutive monthly amortization as follows:

    YEAR: PERIOD: PRINCIPAL & INTEREST:

    To commence on 30th day of Sept. 2018, and every 30th day of the month thereafter (the same date of succeeding
    month), until the loan shall have been paid.

    This note represents payment of the purchase price of a parcel of land sold to the principal borrower pursuant to a
    LEASE/PURCHASE AGREEMENT (LPA) executed under the Cooperative Housing Program of the Kabuhayan at Pabahay Tungo
    sa Ikauunlad Multipurpose Cooperative (KAPATIDCO).

    The amortization mentioned above does not include payment of insurance premium and other charges due which
    shall be billed/charged separately with the regular monthly amortizations.

    The holder of this note or its assignee/transferee reserves the rights to increase, within the limits allowed by law,
    with notice to the borrower, the rate of interest on the loan as well as fees and charges on loans and advances at any time,
    depending on whatever policy it may adopt in the future during the period of the loan. Provided, that the rate of interest on
    the loan shall be correspondingly reduced in the event that the applicable maximum rate of interest is reduced by law or by
    the Monetary Board; in either case, the adjustment in the interest rate agreed upon shall take effect on or after effectivity on
    the increase or decrease in the maximum rate of interest.

    In the case of default in the payment of at least three (3) monthly amortization, the noteholder can declare the
    entire principal amount outstanding on the note and the accrued interest including charges, fees, penalties, and the
    obligation of whatever kind and nature immediately due and payable. Presentment, demand, or other notice of any kind
    being herein in expressly waived. In addition, I/we shall pay a penalty of three (3%) percent of the total amount due per
    month of delay until full payment thereof. If any action is brought to collect this note the noteholder shall further be entitled
    to collect cost and expenses of the proceedings, including but not limited to, attorney’s fees equivalent to at least 25% of the
    total amount due.

    Whether or not the insurance premium shall be billed separately or collected together with the regular monthly
    amortization, I/we agree that the final application of payment shall be based on the following policy on priority of payment:

    1. Taxes and other charges, 2. Penalties 3. Insurance, 4. Accrued Interest, 5. Principal

    I/We further agree that any suit arising from this Note shall be filed exclusively in the proper court of the City of
    Santiago. In the event of foreclosure of the mortgage securing the note, I/We further bind myself/ourselves, jointly and
    severally, to pay the deficiency, if any.

    This note shall be secured by the Cooperative Housing Loan Program constituted over Lot No. ___, Block No. _____
    Milagrosa Village, located at Sagana, Santiago City and entitled to the benefits and remedies enumerated under the
    Lease/Purchase Agreement (LPA) covering the lot awarded to borrower/s.

    ______________________________ _________________________
    Principal Borrower With marital consent
    SIGNED IN THE PRESENCE OF:

    _____________________________ ___________________________

    SUBSCRIBED AND SWORN TO BEFORE ME, a notary public for and in _________________________, this _____ day of
    ___________________, affiant exhibiting his/her Community Tax Certificate No./Government ID No. ___________________,
    issued on ____________ issued at ________________.

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

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