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    Real Estate Mortgage

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    Lab Lee
    1. Mr. A mortgaged a parcel of land to Mr. B as security for a loan of 100,000 pesos at an interest rate of 18% per annum. 2. The mortgage stipulates that if Mr. A defaults on payment or violates the terms, Mr. B can judicially or extra-judicially foreclose on the property to satisfy the debt. 3. The document was signed by Mr. A as mortgagor and Mr. B as mortgagee, with witnesses Mr. X and Mr. Y, and notarized on October 2, 2008 in Cebu City, Philippines.

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    Real Estate Mortgage

    Uploaded by

    Lab Lee
    93 views2 pages
    1. Mr. A mortgaged a parcel of land to Mr. B as security for a loan of 100,000 pesos at an interest rate of 18% per annum. 2. The mortgage stipulates that if Mr. A defaults on payment or violates the terms, Mr. B can judicially or extra-judicially foreclose on the property to satisfy the debt. 3. The document was signed by Mr. A as mortgagor and Mr. B as mortgagee, with witnesses Mr. X and Mr. Y, and notarized on October 2, 2008 in Cebu City, Philippines.

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    1. Mr. A mortgaged a parcel of land to Mr. B as security for a loan of 100,000 pesos at an interest rate of 18% per annum. 2. The mortgage stipulates that if Mr. A defaults on payment or violates the terms, Mr. B can judicially or extra-judicially foreclose on the property to satisfy the debt. 3. The document was signed by Mr. A as mortgagor and Mr. B as mortgagee, with witnesses Mr. X and Mr. Y, and notarized on October 2, 2008 in Cebu City, Philippines.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    93 views2 pages

    Real Estate Mortgage

    Uploaded by

    Lab Lee
    1. Mr. A mortgaged a parcel of land to Mr. B as security for a loan of 100,000 pesos at an interest rate of 18% per annum. 2. The mortgage stipulates that if Mr. A defaults on payment or violates the terms, Mr. B can judicially or extra-judicially foreclose on the property to satisfy the debt. 3. The document was signed by Mr. A as mortgagor and Mr. B as mortgagee, with witnesses Mr. X and Mr. Y, and notarized on October 2, 2008 in Cebu City, Philippines.

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    REAL ESTATE MORTGAGE

    KNOW ALL MEN BY THESE PRESENTS:


    This MORTGAGE, made and executed by Mr. A,
    MORTGAGOR(S) in favor of Mr. B, called as the MORTGAGEE.

    called

    the

    WITNESSETH
    1. That at as security for the payment of the loan or advance in the
    principal sum of one hundred thousand pesos ( P 100,000.00) and such other
    loans, advances already obtained, or still to be obtained by the MORTGAGOR
    as MAKERS or GUARANTORS from the MORTGAGEE plus interest at the rate
    of 18% per annum, payable on the dates mentioned in the corresponding
    promissory notes, the MORTGAGORS hereby transfer(s) or conveys(s) to
    MORTGAGEE by the way of first mortgage the parcel(s) of land described
    hereunder, together with the improvements now existing or which may
    hereafter be made thereon, of which the MORTGAGORS represents and
    warrants that the MORTGAGORS is/are the absolute owner(s) and that the
    same is/are free from all liens and encumbrances:

    2. That in case of non-payment or violation of the terms of this


    mortgage or any of this provision, this mortgage shall be immediately
    foreclosed judicially or extra-judicially as provided by law, and MORTGAGEE is
    hereby appointed Attorney-in Fact of the MORTGAGORS with full powers and
    authority to take possession of the mortgaged property/ies without the
    necessity of any judicial order or any other permission or power, and to take
    any legal action that may be necessary to satisfy the mortgaged debt, but if
    the MORTGAGORS shall well and truly fulfill the obligation above stated
    according to the terms thereof, then this mortgage shall become null and
    void;
    3. That if by reason of incurable defects, this Mortgage cannot be
    recorded in the Register of Deeds, the Obligations therein secured shall
    immediately become due, payable and defaulted;
    4. That when the property/ies mortgaged is/are not registered under
    the Torrens System nor the Spanish mortgage law, the parties agree to
    register this instrument in the Register of Deeds of the City of Cebu in
    accordance with the provision of Act No. 3344, provided that when the
    corresponding title(s) to the property/ies is/are issued while this Mortgage
    subsist, this instrument shall serve as authority for the Register of Deeds to
    annotate this mortgage on the corresponding certificate(s) of title; and
    provided further that the Mortgagor obligates himself to notify the
    Mortgagee/Bank as soon as he receives the certificate(s) of title to the
    property/ies.
    5. That there is no other deed of instrument affecting the property
    described above pending registration in the Office of the Register of Deeds.
    6. And that in case of judicial execution of the obligation hereby
    secured or any part of it, the MORTGAGORS waives all the rights under the
    provisions of Rule 39, section 12 of the Rules of Court.

    With full knowledge of the above stipulations, I/We hereby affix my/our
    signature(s)/right thumb mark(s) on this document at Cebu City, Philippines
    this 02 of October 2008.
    Mr. A
    Mortgagor
    Mr. B
    Mortgagee
    Signed/Thumb Mark in the Presence of:
    Mr. X
    Witness
    REPUBLIC OF THE PHILIPPINES )
    CITY OF CEBU

    Mr. Y
    Witness
    ) S. S.

    At the locality above mentioned, this 02 day of October, 2008


    personally appeared the following:
    NAME
    CTC NO./IDs
    DATE and PLACE OF ISSUE
    Mr. A
    Mr. B
    Mr. X
    Mr. Y
    Known to me to be the same person(s) who executed the foregoing
    instrument(s) and acknowledge that the same is, his/their free and voluntary
    act and deed. This instrument refers to a mortgage of one (1) parcel of land
    described on the face hereof, and is/are signed by the mortgagor(s) and their
    witnesses.
    IN WITNESS HEREOF, I have set my hand and affixed my seal on the
    date and at the place above stated.

    Doc No.
    Page No.
    Book No.
    Series of 2008

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