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Secured Promissory Note Agreement

This document is a secured promissory note for a PHP 1,000,000 loan from Lender to Borrower. It outlines the following key terms: 1) The loan amount is PHP 1,000,000 at 3% monthly interest to be repaid in full by a specified date. 2) Interest payments of 3% are due monthly for 3 months. 3) If any payment is missed, the remaining balance becomes immediately due. 4) As collateral, the Borrower provides a specified motor vehicle registered under their name.

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115 views3 pages

Secured Promissory Note Agreement

This document is a secured promissory note for a PHP 1,000,000 loan from Lender to Borrower. It outlines the following key terms: 1) The loan amount is PHP 1,000,000 at 3% monthly interest to be repaid in full by a specified date. 2) Interest payments of 3% are due monthly for 3 months. 3) If any payment is missed, the remaining balance becomes immediately due. 4) As collateral, the Borrower provides a specified motor vehicle registered under their name.

Uploaded by

Patbau
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
  • Secured Promissory Note
  • Acknowledgment

Secured Promissory Note

Date: November 27, 2019

Loan Amount: PHP 1,000,000.00

Ms.__________, the Barrower, agrees and promises to pay to the order of________, the Lender,
the sum of _____________________ (PHP _____________ ) on or before _______________, at his
office at ________________________, together with a monthly interest of Three (3%) percent.

I. Terms of Repayment

The monthly interest shall be payable on the 30th day of each month, for Three (3) months
starting on ___________________ and will end on ____________.

II. Acceleration of Debt

If any of the payment obligation under this Note is not paid when due, the remaining principal
balance and any accrued interest shall become due immediately at the option of the Lender.

III. Collateral

As collateral for the repayment of the aforementioned loan, the Barrower agrees to put forth a
motor vehicle registered under his name with the following details:
Make :
Series :
Model :
Plate Number :
Engine Number :
LTO Registration :

The Barrower also agrees that upon default of any payment as stated herein, the Lender may
request release of collateral in his favor to satisfy this note.

Lender Borrower

Name: Name:
Date: Date:
Witness:

_____________________ _________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )


) S.S

Subscribed and sworn before me in ________, on ___________, affiant, who is personally


known to me and to me known the same person who executed the foregoing instrument and
who exhibited to me his ID with following details:

Name Passport No. Date of Issue

and who was identified by me through competent evidence of identity to be the same person
who executed the foregoing instrument.

NOTARY PUBLIC

Doc. No. ______


Page No. ______
Book No. ______
Series of 2019.

Secured Promissory Note Date: November 27, 2019 Loan Amount: PHP 1,000,000.00 Ms.__________, the Barrower, agrees and prom
Witness: _____________________ _________________________ ACKNOWLEDGMENT REPUBLIC OF THE PHILIPPINES ) ) S.S Subscribed and

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