Promissory Note Ver 1.2 2021 With Version

PROMISSORY NOTE
PN NO.: _____________________
Orient Asia Lending, Inc.
For value received, the undersigned borrower/s and co borrower/s jointly and severally promise to pay
to the order of ORIENT ASIA LENDING, INC. (the “LENDER”), at its Head Office, 2 nd Flr., Cebu Long Se Temple
Building, Osmena Blvd., cor. Jasmin St., Cebu City or its branch office at _______________________________,
the principal amount of ________________________________________ (Php ________________________)
Philippine currency, plus ________ percent (________%) interest per month, payable within ______________
(_______) months at Php ___________ monthly. Interest not paid when due shall be added to and become
part of the principal and shall likewise bear interest at the same rate subject to the following terms and
conditions:
The amount contracted herein is based on the value of the peso at the time of the execution of this
Promissory Note. Should there be any sudden decrease in the value thereof due to extraordinary inflation or
any other cause, the value of the peso at the time of the execution of this Promissory note shall be the basis of
payment. For this purpose, “extraordinary inflation” takes place when so declared by the Bangko Sentral ng
Pilipinas (“BSP”) or in the event of an increase in any given year of 50% in the prices of prime commodities
based on the consumer index for Metro Manila as announced by the BSP.
The total amount of loan contracted under this Promissory Note is to be paid in full within the agreed
term of ______ months through monthly payments. In case of Pre-termination of this Promissory Note,
Borrower and Co-Borrowers expressly agreed to pay in full and clear up the remaining Outstanding Balance of
this Promissory Note plus a Termination Fee equivalent to _____ % of the outstanding Principal Balances of all
active accounts.
Time is of the essence hereof and upon default or non-payment when due of at least 2 consecutive
monthly installments, all other installments shall become due and payable at once, and if this Promissory Note
is placed in the hands of lawyer for collection, the undersigned shall in addition to the amount due pay Twenty
Five percent (25%) of the amount unpaid as attorney’s fees which shall in no case be less the P2,000.00 plus
expenses for litigation and other fees. In case of litigation, venue of actions shall be filed in the regular courts
of _________________, to the exclusion of all other courts elsewhere situated.
Presentment for payment, demand, and notice of dishonor are hereby waived by borrower/s.
Delay in the payment of any installments shall be subject the borrower/s pay a Past Due Charge of Five
percent (5%) per month based on the balance of the principal loan amount.
The books and records of the Lender shall be conclusive evidence of the amount of principal, interest,
penalties and other fees and charges due under this Promissory Note.
In case two (2) or more borrowers, their liability to the Lender under this Promissory Note shall be
solidary.
In case of execution, I/We, hereby expressly WAIVE the benefits of SECTION 13, RULE 39, of the Rules
of Court.
That any of the conditions of this Promissory Note is held invalid or contrary to Law, the validity of the
other conditions shall not be affected thereby, that any liability arising from this Promissory Note shall be
shouldered by the borrower/s.
And for this purpose to give assurance to the above payments, I/We hereby endorse to the Lender
my/our_____________________________ Account ATM (Automated Teller Machine) Card of
___________________________ bank for the Lender to effect withdrawal from my/our account. In the event
that I/we will transfer my/our account to other banks, change my/our PIN (Personal Identification Number),
change my/our account number or any other similar incident that will render said ATM card invalid, Lender
REVISED PN 1.2-AUG2021
shall be notified to that effect. As such, I/We shall immediately surrender my/or new valid ATM Card as
replacement of the old ATM Card. Failure on my/our part to do the same, Lender will hold me/us criminally
liable due to this fraudulent action that I/We have initiated.
In case I/We default in the discharge of any of the obligations herein stipulated, I/We hereby
authorized Lender at its sole option and without prior notice, to apply to the payment of this Promissory Note
any and all of my/our money’s, securities, things of value, and belongings, which maybe in the possession of
the Lender on deposit or otherwise and for this purpose, I/We jointly, severally and irrevocably, constitute and
appoint the Lender to be my/our attorney-in-fact with full power and authority for me/us and in my/our
name and behalf, to negotiate, sell and transfer any and all of the said money’s, securities, things of value and
belongings by public or private sale and apply the proceeds thereof to the payment of this promissory Note.
No failure or delay on the part of the Lender in exercising any right, power or remedy upon any breach
or default of Borrowers under this Promissory Note shall impair any such right, power or remedy, nor shall it
be construed as a waiver of any such breach or default thereafter occurring, nor shall a waiver of any single
breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring, nor
shall any single or partial exercise of any other right or power hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy or action hereunder. All remedies either under this
Promissory Note or by law or otherwise, afforded to Lender shall be cumulative and not alternative.
For and in consideration of Php _________________________ to be paid by borrower/s to Lender
upon availment of the Loan, Lender shall ensure that this Promissory Note is covered and protected against
the death of, or permanent total disability and/or injury to, borrower/s, so much so that if borrower/s will die
or become physically incapacitated to work or perform any productive endeavor during the term of this
Promissory Note, then any and all of borrower’s outstanding and unpaid amounts under this Promissory Note
shall then be considered and deemed fully paid and completely settled, without recourse against the co-
borrowers and the estate of borrower/s. Furthermore, all payments previously made by the borrower/s to
Lender during the lifetime or productive years of borrower/s in connection with this Promissory Note shall be
returned in full (without interest) by Lender to borrower/s of his/their estate. In this connection, borrower/s
hereby authorizes Lender to deduct the above aggregate monetary considerations from the loan proceeds of
borrower/s.
This Promissory Note shall be binding upon and shall be enforceable against borrower/s and Lender
and their respective successors and assigns, except that borrower/s shall not have the right to transfer their
rights or obligations hereunder without prior written consent of Lender.
SIGNED this _____________ day of ______________, 20 ____ at _________________

City,____________________ Philippines.
__________________________________
Borrower’s Signature Over Printed Name
________________________________________
1. Co-Borrower’s Signature Over Printed Name
________________________________________
2. Co-Borrower’s Signature Over Printed Name
REVISED PN 1.2-AUG2021

Promissory Note Ver 1.2 2021 With Version

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PROMISSORY NOTE

Orient Asia Lending, Inc.

SIGNED this _ day of , 20 at _______

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