14. The promissory note between Jhosep and Mario states: “Jhosep agrees and understands that upon failure on his part to pay the amount of One Hundred Thousand Pesos (₱100,000) on December 31, 2015, he agrees to pay the sum equivalent to six percent (6%) interest monthly from the date of default until the entire obligation is fully paid for.” Jhosep failed to pay on the stipulated date. On March 1, 2016, Mario filed a collection suit against Jhosep. In his defense, Jhosep stated that he was not yet in legal delay, as Mario had not made a demand against him. Is the contention of Jhosep correct? Explain.