Promissory Note 474s2e

PROMISSORY NOTE

AMOUNT: P30,000.00 I, ROGELIO DE GALA, JR., with postal address at _________________________________, promise to pay to the order of ROWELL GARCIA (hereinafter referred to as the CREDITOR) with postal address at ________________________________________, the amount of THIRTY THOUSAND PESOS (P30,000.00), on or before August ____, 2015, with interest at the rate of 3.5% per month until fully paid in case of failure to pay within the prescribed period. In case of my failure to pay when due and payable, any amount which I am obligated to pay under this Note, the entire amount outstanding under this Note shall immediately become due and payable without need of further demand. I hereby agree that upon such failure to pay, any and all civil or criminal case(s) to which I may be held to be liable to the creditor herein shall be filed and/or revived without prejudice to such other rights or actions as the creditor may pursue. I further agree that if upon such default, attorney’s services are availed of, an additional sum equivalent to twenty five percent (25%) of the total sum due thereon, which shall not be less than Twenty Five Thousand Pesos (P25,000.00 ), shall be paid to the holder hereto for attorney’s fees. Acceptance by the creditor of payment of any part thereof after due date shall not be considered as extending time for the payment as modification of any of the conditions hereof. Any increase in interest rate, amortization or extension of the term in accordance with the foregoing shall not in any way be deemed as a novation or amendment of the obligations under this Note, or prejudice the creditor’s rights or remedies hereunder. In the event that the obligation covering this Promissory Note has been paid in full this Promissory Note is therefore discharged and without any legal effect whatsoever.

I HEREBY AFFIRM AND ACKNOWLEDGE THAT I HAVE CAREFULLY READ AND HAVE UNDERSTOOD ALL THE FOREGOING STIPULATIONS.

ROGELIO DE GALA, JR. Maker

Conforme: ROWEL GARCIA Creditor

SIGNED IN THE PRESENCE OF: _________________________

_________________________

ACKNOWLEDGMENT

2

REPUBLIC OF THE PHILIPPINES) QUEZON CITY )s.s. BEFORE ME, a Notary Public for and in ______________, this _______________, personally appeared the maker of the promissory note, Mary C. Cabochan, exhibiting to me his valid government identification card containing _____________________________________ as sufficient evidence of her identity in compliance with the requirements of law and who represented to me to be the same person who executed the foregoing PROMISSORY NOTE and acknowledged to me that the same is her true and voluntary act and deed. This PROMISSORY NOTE WITH REAL ESTATE MORTGAGE consisting of two (2) pages, including this page whereon this acknowledgment is written, duly signed and his instrumental witnesses on each and every page hereof. WITNESS MY HAND AND NOTARIAL SEAL on the date and place first abovewritten.

Doc. No. ______; Page No. ______; Book No. ______; Series of 2015.

Notary Public