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Form No. 5--Promissory Note Simple Form with Interest Penalty and Attorneys Fee
- Category: Philippines Legal Form
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(Promissory Note Simple Form with Interest Penalty and Attorneys Fee)
FOR VALUE RECEIVED, I promise to pay without need of demand to the order of __Payee__, at his office at _____________, the principal amount of PESOS: __________________________ (P_____________), on or before _____________. In addition to the foregoing, I promise to pay monthly interest at the rate of _____________ (_______%) percent, without need of demand, starting from the month of _____________ until this note is fully paid.
In case of default in the payment of this note plus interest when it becomes due and demandable, I agree to pay an additional amount equivalent to _____________ (_______%) percent per month based on the total amount due and demandable as penalty, compounded monthly until fully paid; and in case it becomes necessary to collect this note through any Attorney-at-Law, the further sum of _____________ (_______%) percent thereof as and for attorney's fees, exclusive of costs and judicial/extra-judicial expenses.
__Date__, _____________, Philippines