PROMISSORY NOTE

PHP_______ (Date)
(Place of Execution)

FOR VALUE RECEIVED, (Name of Maker), the undersigned (Maker) who is

of legal age, Filipino, with residence at
____________________________________________________, promises to pay
________________ (Lender), or order, the principal sum of -
_________________________ (PHP______________) in Philippine currency with
interest on the unpaid principal balance from the date of this Note, at the rate of 3% per
annum after the first year. Interest shall be computed on the basis of a 365-day year for
each day during which any portion of the principal amount remains unpaid. The principal
shall be payable as follows: _____________________.

Each payment shall be applied first to the payment of interest and the balance in
reduction of principal. Unless sooner paid, the entire unpaid principal balance and all
accrued interest shall be due and payable on _______________.

Maker may, without premium or penalty, at any time and from time to time,
prepay all or any portion of the outstanding principal balance due under this Note,
provided that each such prepayment is accompanied by accrued interest on the amount of
principal prepaid calculated to the date of such prepayment

Upon maturity, or if any installment under this Note remains past due for three (3)
calendar days or more, the outstanding principal balance of this Note shall bear interest
during the period in which the Maker is in default at a rate of five percent (5%) per year,
or, if such increased rate of interest may not be collected from the Maker under applicable
law, then at the maximum increased rate of interest, if any, which may be collected from
the Maker under applicable law.

If any installment under this Note is not paid within three (3) days of the date it is
due or the Maker is in default under any of the terms of this Note, and the same is not
cured within five (5) days of notice of such breach, the entire principal amount
outstanding hereunder and accrued interest thereon shall at once become due and
payable, at the option of the Lender. The Lender may exercise this option to accelerate
during any default by the Maker regardless of any prior forbearance. In the event of any
default in the payment of this Note, and if the same is referred to an attorney at law for
collection or any action at law or in equity is brought with respect hereto, the Maker shall
pay the Lender all expenses and costs, including, but not limited to, attorneys fees and
court costs. Maker shall have no right to withhold or offset against any amount due
hereunder.

From time to time, without affecting the obligation of the Maker or the successors
or assigns of the Maker to pay the outstanding principal balance of this Note and observe
the covenants of the Maker contained herein, without giving notice to or obtaining the

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consent of the Maker or the successors or assigns of the Maker, and without liability on
the part of the Lender, the Lender may, at the option of the Lender, extend the time for
payment of said outstanding principal balance or any part thereof, reduce the payments
thereon, release anyone liable on any of said outstanding principal balance, accept a
renewal of this Note, modify the terms and time of payment of said outstanding principal
balance, join in any extension or subordination agreement, take or release security
herefor, and agree in writing with the Maker to modify the rate of interest or period of
amortization of this Note or change the amount of the monthly installments payable
hereunder.

If any provision in this Note is held invalid or unenforceable by any court of

competent jurisdiction, the other provisions of this Note will remain in full force and
effect. Any provision of this Note held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or unenforceable. This
Note may not be changed or modified except by written instrument signed by the party
against whom any such change or modification is sought to be enforced.

This Note and the obligations of the Maker shall be governed by and construed in
accordance with the laws of the Philippines. For purposes of any proceeding involving
this Note or any of the obligations of the Maker, the Maker hereby submits to the
exclusive jurisdiction of the courts of the __________ City.

Presentment, notice of dishonor and protest are hereby waived. Delay or failure of
the Lender to take any action will not prevent Lender from doing so later. All rights and
remedies of the Lender under applicable law, this Note or any document in connection
with the transaction contemplated hereby or amendment thereof are cumulative and not
exclusive.

By: _____________________
Name of Maker

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