Sample Promissory Note

For value received, I/We promise to pay jointly and severally to the order of the

ABC Multi-Purpose Cooperative

At its office located in Loyola Heights Quezon City.

The sum of _______________ Pesos (Php_________ ) Philippine Currency, with the interest at the rate of __________ per centum  ( ___ %) per month, from date hereof until paid, according to the following loan schedule:

Mode of Payment: ______________
Amortization: __________________
Type of Loan: __________________
Term: _________________________

In case of default in payment of any of the above stated installments shall be immediately become due and payable.

I/We bind myself/ourselves to ay ABC Multi-Purpose Cooperative , a sum equivalent one per centum (1%) per month of the outstanding balance of loan as penalty for inexcusable neglect to pay any amount of the loan when due,

In case of judicial or extra-judicial enforcements of this obligation or any part of it, the debtors waive all their rights under the provisions of Rule 39, Section 12 of the Rules of Court, and the borrower(s), co-maker(s) and indorser(s) shall pay jointly and severally ten percent (10%)  of the amount due on the note as attorney’s fees which in no case shall be less than Fifty Pesos (Php 50) exclusive of all costs and fees followed by law and as stipulated in the mortgage contract, if any.

DEMAND and DISHONOR WAIVED.  Holder may accept partial payment reserving his right of Resource against each and all indorsers.

I/We hereby agree and authorize ABC Mult-Purpose Cooperative to encumber, assign or sell to any person or entity any right, which may have under this NOTE and or any assignment, mortgage, lien, or other encumbrances constituted in favor of ABC Multi-Purpose Cooperative pursuant to the provisions of the Loan agreement and this Note if any.  The consent herein granted, recognized and acknowledged by me/us as a waiver to all intents and purposed, of whatever right I/we may have to notice of actual encumbrances or assignment.

___________________
Name of Borrower

___________________
Name of the Co-Maker