DEED OF REAL ESTATE MORTGAGE
KNOW ALL MEN BY
THESE PRESENTS:
This
Real Estate Mortgage made and executed by and between:
(NAME OF MORTGAGOR), of legal age, Filipino, married to (Name
of Spouse), and a resident of (Place of Residence), hereinafter referred to as
the “MORTGAGOR”;
-and-
(NAME OF MORTGAGEE), of legal age, Filipino, married to (Name
of Spouse), and a resident of (Place of Residence), hereinafter referred to as
the “MORTGAGEE”.
WITNESSETH: That –
WHEREAS, the MORTGAGOR is the absolute
and registered owner of a parcel of land situated at (Barangay,
City/Municipality, Province), Philippines, covered by (Transfer/Original Certificate
of Title Number) of the Registry of
Deeds for (Place) / (Tax Declaration Number) of the Municipal/City Assessor of
(Place);
WHEREAS, the MORTGAGOR is indebted to
the MORTGAGEE in the principal sum of (AMOUNT IN WORDS) PESOS (Amount
in Figures), Philippine Currency, under and by virtue of a Promissory Note attached
herewith and made an integral part hereof as Annex “B”;
WHEREAS, the MORTGAGOR agrees to secure
the payment of the Note to the MORTGAGEE by means of a good and valid mortgage
upon the property herein described below;
NOW, THEREFORE, for and in consideration
of the foregoing premises and as security for payment of the aforesaid debt,
the MORTGAGOR has transferred and conveyed, and by these presents TRANSFERS and
CONVEYS by way of MORTGAGE, unto the MORTGAGEE, his/her heirs, successors or
assigns the aforesaid parcel of land [with/without improvements] situated at (Barangay,
City/Municipality, Province), Philippines, and more particularly described as
follows:
TRANSFER CERTIFICATE OF TITLE NO. __________
A parcel of land (Lot ___, Block ___, of the
consolidation-subdivision plan, Pcs-_________, being a portion of _______, and
_______, Psd-_______), situated in the Barrio of _______, City of _______,
Island of _______. Bounded on the NW. and NE. along lines 1-2-3-4-5 by Road Lot
6, on the SE. along line 5-6 by Lot 35, Block 13, along line 6-7 by Lot 34,
Block 13, on the SW. along line 7-1 by Lot 37, Block 13, all of the
consolidation-subdivision plan; containing an area of TWO HUNDRED (200) SQUARE
METERS, more or less. (A copy of TCT _______ is herein attached as Annex “A”)
All the obligations of the MORTGAGOR
secured by this Mortgage shall immediately become due and payable and defaulted
and the MORTGAGEE may immediately foreclose this mortgage judicially, or
extra-judicially pursuant to Act No. 3135, as amended, if any of the following happens:
1.) At any time the MORTGAGOR fails or
refuses to pay the obligation herein secured;
2.) MORTGAGOR defaults in any of the installments
and/or amortizations of such indebtedness or of the principal obligation when
due;
3.) MORTGAGOR fails to comply with any of
the conditions and stipulations herein agreed or in the separate instruments
evidencing the obligations hereby secured;
4.) If during the time this mortgage is in
force, MORTGAGOR institutes insolvency, suspension of payment or similar
proceedings, or MORTGAGOR be involuntary declared insolvent or writ of
garnishment and/or attachment be issued against any of the assets or income of
the MORTGAGOR or if this mortgage cannot be recorded in the Registry of Deeds;
The MORTGAGEE is hereby appointed Attorney-in-Fact
of the MORTGAGOR, with full power and authority to take actual possession of
the mortgaged property at once, and to forthwith foreclose this mortgage
judicially, or to sell the above-described properties extra-judicially in
accordance with Act No. 3135, as amended, and to take such other action(s) as
he may be deem necessary to recover the amount due;
In the event of such judicial or extra-judicial
foreclosure or other legal actions, the MORTGAGEE shall be entitled to
compensation for expenses, attorney’s fees and costs of collection, which is
stipulated to be twenty percent (20%) of the indebtedness then unpaid but not
less than (Amount in Figures).
The condition of this mortgage is such
that if the MORTGAGOR shall pay or cause to be paid to the MORTGAGEE the
obligation in the principal sum with accrued interest, according to the terms
and tenor hereof, then this mortgage shall thereby be fully discharged and
without further effect;
OTHERWISE, this shall remain in full
force and effect and shall be enforceable in the manner provided by law.
IN WITNESS WHEREOF, the parties have
caused these presents to be signed on (Date) at (Place).
(NAME OF MORTGAGOR)
Mortgagor
With my marital consent: (NAME OF SPOUSE
OF MORTGAGOR)
(NAME OF MORTGAGEE)
Mortgagee
Witnesses:
______________________ ______________________
ACKNOWLEDGMENT
Republic of
the Philippines )
City of
_______________ ) S.S.
BEFORE ME, a Notary Public
for and in the city named above, this ____ day of _________________, personally
appeared the following
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NAME
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I.D. NO.
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DATE & PLACE ISSUED
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MORTGAGOR
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SPOUSE OF MORTGAGOR
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MORTGAGEE
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known to me and to me known to be the
same persons who executed this Deed of Real Estate Mortgage and acknowledged to
me that the same is their free and voluntary act and deed.
The foregoing document
relates to a Deed of Real Estate Mortgage, consisting of ________ (___) pages
including the page on which this acknowledgment is written and has been signed
on each page by the parties and their instrumental witnesses, and sealed with
my notarial seal.
WITNESS MY HAND AND NOTARIAL
SEAL on the date and place first above written.
Doc. No. _____;
Page No. _____;
Book No._____;
