PROMISSORY NOTE

Principal Amount:_______________

FOR VALUE RECEIVED, I/We________________________________, jointly and severally promise

to pay without need of demand to the order of __Name of Payee__, at its address at
______________________, Philippines, the sum of PESOS: __________________________
(P_____________), payable in installment for a period of _____________ months at the rate of
__________________________ (P_____________) per _____________, starting on _____________
until fully and completely paid.

Time is declared of the essence hereof and in case of default in the payment of any installment due, all
the other instalments shall automatically become due and demandable together with all interest that
may have accrued and shall make me liable for the additional sum equivalent to _____________ (____
%) percent per month based on the total amount due and demandable as penalty, compounded monthly
until fully paid; and in case it becomes necessary to collect this note through any Attorney-at-Law, the
further sum of _______________ (____%) percent thereof as and for attorney's fees, which shall not be
less than ____________in any event, exclusive of costs and judicial/extra-judicial expenses Moreover,
I further empower the holder or any of his authorized representative(s), at his option, to hold as security
therefore any real or personal property which may be in my possession or control by virtue of any other
contract.

In case of extraordinary change in value of the peso due to extraordinary inflation or deflation or any
other reason, the basis of payment for this note shall be the value of the peso at the time the obligation
was incurred as provided in Article 1250 of the New Civil Code.

DEMAND AND NOTICE OF DISHONOR WAIVED. I hereby waive any diligence, presentment,
demand, protests or notice of non-payment or dishonor pertaining to this note, or any extension or
renewal therefore. Holder(s) may accept partial payment(s) and grant renewals or extensions of
payment reserving its/their rights against each and all indorsers, and all parties to this note. Acceptance
by holder(s) of any partial payment(s) after due date shall not be considered as extending the time for
payment or as a modification of any conditions hereof.

All actions arising from or connected with this note shall be brought exclusively in the proper courts of
San Carlo City, Pangasinan Philippines; and in case of judicial execution of this obligation or any part
of it, the debtor waives all rights under the provisions of Rule 39 Sec. 13, of the Rules of the Court.

__Date__, _____________, Philippines.

MAKER