Promissory Note With Chattel Mortgage m711s

PROMISSORY NOTE WITH CHATTEL MORTGAGE __________________________________________________ (Name of Borrower) with address at __________________________________________________. FOR VALUE RECEIVED, the undersigned, BORROWER/MORTGAGOR, promised to pay to the order of PRIORITY1 LENDING CORP. (CREDITOR/MORTGAGEE) at its office located at Unit 1-Zee Bldg., 1325N.Armstrong Avenue, Brgy. Moonwalk Phase 2 Paranaque City, Metro Manila, Philippines under the following and conditions: 1. PROMISE OF PAYMENT FOR VALUE RECEIVED, The Borrower hereby promises to pay PRIORITY1 LENDING CORP the sum of _____________________________________________________________ (PHP _____________________________), on or before _____________________________. 2. INTEREST RATE The stipulated interest rate is _____________________________ (__________ %) payable (Daily/Weekly/Semi-monthly/Monthly) basis including its principal loan. 3. SCHEDULE OF PAYMENTS The note is due and payable with _____ equal consecutive installments/payments of _____________________________ (PHP _____________________________) in cash or check deposited (Daily/Weekly/Semi-monthly/Monthly). 4. Upon failure or default of any payment of any installment due, all unpaid installments shall become due and demandable. Unpaid installments/payments shall bear interest rate of _____________________________ PERCENT (__________ %) compounded (Daily/Weekly/Semi-monthly/Monthly). 5. All taxes, assessments, fees and other dues, due the government or any of its instrumentalities on the transaction covered by this note, whether the same is based on laws, rules and regulations existing at the time of execution or subsequently imposed during the effectivity of this note shall be for the of borrower(s). 6. To secure the payment of all obligations under this Note, I/We hereby transfer and convey by way of first mortgage to the Mortgagee, its successors, and assigns, the properties subject of this Mortgage, together with all the equipment, accessories, substitutions or attachments which may now or from time to time be used in connections with or attached to the said properties described, hereinafter collectively referred to as “Mortgaged Properties” and now in the possession of the MORTGAGOR. Make: Series:

Motor No.: Serial/Chassis No.:

Type of Body: Year Model:

Plate No: File No.:

7. The BORROWER/MORTGAGOR is in default within the meaning and contemplation of this Note, without need for a notice or any other act or deed, in case the BORROWER/MORTGAGOR: (a) Fails to pay any of the installment payments as and when the same fall due or to pay the interest and/or compounded interest that may be due hereunder, or (b) Violates any of the and conditions of this agreement, or (c) In the event of bankruptcy, insolvency, receivership, levy on execution of his/its property, garnishment or attachment, or in case of conviction or a criminal offense by final judgment carrying with it the penalty of civil interdiction or any cases covered by Article 1198 of the New Civil Code, or (d) Should the mortgage property be lost, destroyed, or damaged from any cause whatsoever including fortuitous event (it being considered lost to all intents and purpose, if the BORROWER/MORTGAGOR shall fail to produce the same or any part thereof, on demand by the CREDITOR/MORTGAGEE) or suffers, in the CREDITOR/MORTGAGEE’s opinion, any appreciable decline in value, or (e) The security interest of the CREDITOR/MORTGAGEE over mortgaged property, in CREDITOR/MORTGAGEE’s opinion, is threatened or contested or in any manner put in jeopardy, or (f) Any adverse circumstance occurs which, in the reasonable opinion of the CREDITOR/MORTGAGEE, materially or adversely affects BORROWER/MORTGAGOR’s ability to perform the obligations under this Note. The CREDITOR/MORTGAGEE shall have the right, at its option, to declare the entire amount of all the obligation due and payable, and likewise at its option, either cancel the sale or foreclose this mortgage or file an ordinary civil action for the collection and/or such other action or proceedings as may be allowed under the law. 8.

The BORROWER/MORTGAGOR irrevocably appoints the CREDITOR/MORTGAGEE, effective upon the nonpayment of this Note on demand at maturity or upon the happening of any of the Events of Default, but without any obligation on the CREDITOR/MORTGAGEE’s part should it choose not to perform this mandate, as the attorney-in-fact of the BORROWER/MORTGAGOR, to sell and dispose of any property of the BORROWER/MORTGAGOR which may be in the CREDITOR/MORTGAGEE’s possession by public or private sale, and to apply the proceeds thereof to the payment of this Note. The BORROWER/MORTGAGOR, however, shall remain liable for any deficiency

9. Any legal action arising out of this note shall be brought in the proper courts of the City of Paranaque or any place where the holder has any branch office, at the option of the holder hereof.

10. Acceptance by the holder thereof of payment of any installment or any part thereof after due date shall not be considered as extending the time for the payment of any of the installments aforesaid or as a modification of any and conditions thereof and shall in no case release the makers of this note from liability for the payment of the herein obligation. 11. Should the BORROWER/MORTGAGOR perform the obligation to pay hereinabove cited indebtedness of _____________________________________________________________ (PHP _____________________________) together with accrued interest thereon, this chattel mortgage shall at once become null and void of no effect whatsoever, otherwise, it shall remain in full force and effect. 12. Any delay or failure in the performance by the BORROWER/MORTGAGOR shall not be excused by the occurrence of a Force Majeure. 13. In case any provision in this Note shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. IN WITNESS WHEREOF, the parties have hereunto set their hands, this _____ day of ___________________________ 20 ___ at ___________________________ Philippines. _____________________________________ _____________________________________ BORROWER/MORTGAGOR CREDITOR/MORTGAGEE SIGNED IN THE PRESENCE _____________________________________ _____________________________________ AFFIDAVIT OF GOOD FAITH I/We severally swear that the foregoing Chattel Mortgage is made for the purpose of securing the Obligations specified and defined in this instrument and for no other purpose; that the Obligations are just and valid obligations; and that this Chattel Mortgage is not entered into for the purpose of fraud. _____________________________________ _____________________________________ BORROWER/MORTGAGOR CREDITOR/MORTGAGEE SIGNED IN THE PRESENCE

_____________________________________ _____________________________________ ACKNOWLEDGEMENT REPUBLIC OF THE PHILIPPINES ) _________________________ ) S.S. BEFORE ME A NOTARY PUBLIC for and in ____________, this ____________ personally appeared to me the following: Names Date/Place Issued

Valid Id. No.

known to me to be the same persons who executed the foregoing instrument and who acknowledged to me that the same is their voluntary act and deed. WITNESS MY HAND AND SEAL on the day and place first above written. Doc. No. _____; Page No. _____; Book No. _____; Series of 2015.