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Capital Project Promissory Note
NEA promissory note for capital project
Your Browser Doesn't Support Canvas. Showing the Text Content of the PDF Instead: PROMISSORY NOTE
(STILL TO BE PAID BY EC)
CAPITAL PROJECTS
P____________________
On or before _________________________________, for value received I/we jointly and
severally, promise to pay the NATIONAL ELECTRIFICATION ADMINISTRATION, or order at
its Office at Quezon City, Philippines, the sum of __________________________________
_________________________________________________(P_________________)
Philippines Currency, representing principal plus interest at the rate of ___% per annum based on
the amortization schedule. All unpaid amortizations shall earn penalty rate of __ % per annum.
In case of non-payment of the amount of this note or any portion of it on demand, when
due, or any other amount or amounts due on account of this note, the entire obligation shall
become due and demandable, and if for the enforcement of the payment thereof, the NATIONAL
ELECTRIFICATION ADMINISTRATION is constrained to entrust the case to its attorney’s, I/we
jointly/severally, bind myself/ourselves to pay for attorneys, as provided for in the mortgage
contract, in additional to the legal fees and other incidental expenses. In the event of foreclosure
of the mortgage securing this note, I/we further bind myself/ourselves jointly and severally, to
pay, the deficiency if any.
ELECTRIC COOPERATIVE, INC.
By:
________________________
President
IN THE PRESENCE OF:
SONIA B. SAN DIEGO
Director
Finance Services Department
_______________________
General Manager
