PROMISSORY NOTE
I promise to pay JUAN DELA CRUZ, or order, the amount of PESOS: FIVE HUNDRED THOUSAND (Php 500,000.00), at 3% monthly interest, after 90 days from the execution hereof. Should I fail to satisfy the payment at maturity, additional 10% of the total balance shall be due to answer for attorney’s fees.
Signed this 30th day of June 2008 in Davao City, Philippines.
PEDRO SANTOS
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October 15, 2008
MR. PEDRO SANTOS
123 1st Street Sweetville
Lanang, Davao City
Dear Mr. Santos,
I write to you in behalf of our client, JUAN DELA CRUZ, for possible filing of a criminal and/or civil case against you.
Records would show that you have executed a promissory note in favor of our client in the amount of FIVE HUNDRED THOUSAND PESOS (Php 500,000.00), at 3% monthly interest. That same obligation has become due and demandable on September 29, 2008 but despite repeated oral demands, you have failed and refused to pay your obligations.
In view thereof, FORMAL DEMAND is hereby made for you to pay our client the aforementioned amount plus 3% monthly interest and 10% as attorneys fees within ten (10) days from receipt hereof. Otherwise, we will be constrained to file the appropriate criminal and/or civil case/s against you in order to protect the rights of our client.
Should you wish to settle this amicably, please come to our office, by appointment, and we will be glad to assist you in order to arrive at an acceptable compromise with our client.
Out of court settlement of this case will prove more beneficial and less cumbersome on your part.
We expect that you will give this matter your prompt and preferential attention.
Truly yours,
BALUCANAG LAW OFFICES
Counsel for Mr. Juan dela Cruz
By:
ATTY. SUZETTE B. BALUCANAG, CPA
