PROMISSORY NOTE

PHP 15,000.00

PN Number:______________________ Maturity Date: July 15, 2012 Date of Execution:June 15, 2012

On or before _______________________ for the value received, I/We jointly and severally promise to pay Ms. CELERIS S. SAPITER , the sum of PESOS: FIFTEEN THOUSAND PESOS ONLY(Php_15,000.00), Philippine Currency with interest thereon at the rate of ________________________(_____%) in accordance with the following schedule: PRINCIPAL: P15,000.00 INTEREST:_ 1,500 -Ten Percent (10 %) OTHER CONDITIONS: Payment every quincena of HP 8,250.00 ________________________________________________________________________________________________ The interest rate shall be subject to review and may be increased or decreased by the company considering among others the prevailing financial and monetary conditions or the rate of interest and charges which other banks or financial institutions charge or offer for similar accommodations; and/or the resulting profitability to the company after due consideration of all dealings with the BORROWER. If this note is not fully paid when due or upon failure to pay amortizations on due date. I/we shall pay, in addition to the stipulated interest, a penalty charge of 2 percent [2%] of the total principal and interest due and unpaid. In case of judicial or extra-judicial enforcement of this obligation or any part of if, I/We agree to pay an additional sum equivalent to twenty percent (20%) of the outstanding principal amount due on the note as attorneys fees which shall not be less than ONE THOUSAND PESOS (Php1,000.00), plus other incidental expenses and cost of collection. In the event of default in the payment of principal or interest, or both, or upon failure to pay amortizations on due date, the entire obligation shall become due and demandable. The PAYEE may likewise offset the amount under this note against my/our deposits, placement or other property in the control and possession of the PAYEE, without need of notice to or consent of the undersigned BORROWER.
Upon the happening of any of the following events (herein after referred to as events of default), the whole sum remaining unpaid under this NOTE shall thereupon become immediately due and payable without demand and notice: a.) Failure to pay any principal and/or interest amortization/s on due date thereof; b.) Attachment or garnishment of any property, death dissolution, receivership, insolvency, suspension of payment, reorganization or similar proceedings, or suspension of the usual business. c.) Any of the cases mentioned in Article 1198 of the Civil Code and Sections 76and 77 of General Banking Act; d.) Default in payment of any other present or future loan or other obligation for borrowed money or any obligation guarantee by any of the promissory/s; and e.) Any act or event which, in PAYEEs opinion, results in the impairment of the financial responsibility of any of the promissory/s That I/We expressly agree that any court action arising under or by virtue of this note shall be instituted in the proper court of the place of the PAYEE.

VIRGINIA LAGUMBAY QUILLANO SIGNATURE OVER PRINTED NAME of the Borrower

_________________________________ SIGNATURE OVER PRINTED of the SPOUSE

CTC#______________ISSUED ON:_________AT:_____________ CTC#_______________ISSUED ON:_________AT:______________

SIGNED IN THE PRESENCE OF:

DUTCH CHRISTIN L. BAISAC Signature Of CO-MAKER Over Printed Name

MA. LUISA B.FAUNILLAN Witness Signature Over Printed Name