PROMISSORY NOTE

KNOW ALL MEN BY THESE PRESENTS:

FOR VALUE RECEIVED, I xxx, Filipino, of legal age, married to xxx, and residing at
xxx, hereinafter “Maker” promises to pay xxx, hereinafter “Payee” or order at
Davao City, or other such place as may be designated by the Holder from time to
time, the principal sum of ONE HUNDRED THOUSAND PESOS (P 100,000.00),
with interest thereon at the rate of FIVE PERCENT (5%) per month on the unpaid
balance form time to time outstanding with the following provision:

DUE DATE: The entire balance of this Note together with any and all interest
accrued thereon shall be due and payable in full, within the period of one (1) month
from and after the execution of this PROMISSORY NOTE;

DEFAULT INTEREST: After maturity, or failure to make any payment, any unpaid
balance shall accrue interest at the rate of five percent (5%) per month during such
period of Maker’s default under this Note;

THIS NOTE IS SECURED BY A REAL ESTATE MORTGAGE OF EVEN DATE

herewith executed by the undersigned in favor of the Payee herein, which is a
lien on certain collateral security as described therein.

INTEGRATION: There are no verbal or other agreements, which modify or affect

the terms of this Note. This Note may not be modified or amended except by written
agreement signed by Maker and Payee;

CONFLICTING TERMS: In the event of any conflict between the terms of this Note
and the terms of any Deeds or other instruments securing payment of this Note, the
terms of this Note shall prevail;

DEFINITIONS: The word Maker shall be construed interchangeably with the words
Borrower or Payer and the word Payee shall be construed interchangeably with the
words Lender or Holder. In this Note, singular and plural words shall be construed
interchangeably as may be appropriate in the context and circumstances to which
such words apply;

LEGAL CHARGES: Should suit be brought to recover on this Note, or should the
same be placed in the hands of an attorney for collection, Maker promises to pay
Payee attorneys fees equal to Fifteen Percent (15%) of the outstanding balance and
costs incurred in connection therewith;

ESSENCE: Time is of the essence of this note and each and every term and
provision herein is intended to insure prompt payment of the obligation.
IN WITNESS WHEREOF, I have hereunto set my hands this _____ day of
__________in Davao City, Philippines.

xxx
Maker
Competent Evidence of Identity TIN No.____________

xxx
Payee
Marital consent:

xxx