Promissory Note With Chattel Mortgage

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 terms 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 account 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 terms 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/MORTGAGEEs opinion, any appreciable decline in
value, or
(e) The security interest of the CREDITOR/MORTGAGEE over
mortgaged property, in CREDITOR/MORTGAGEEs 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/MORTGAGORs 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/MORTGAGEEs 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/MORTGAGEEs 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 terms 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.

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PROMISSORY NOTE WITH CHATTEL MORTGAGE

__________________________________________________ (Name of Borrower) with

7. The BORROWER/MORTGAGOR is in default within the meaning and

10. Acceptance by the holder thereof of payment of any installment

Valid Id. No.

known to me to be the same persons who executed the foregoing instrument

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