REAL ESTATE MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
This Real Estate Mortgage made and executed by and between:
______________-., of legal age, Filipino, married to ________________, with
residence at _______________________, and hereinafter referred to as the
“MORTGAGOR”,
-and-
____________________, of legal age, single, Filipino, with residence at
______________________________and hereinafter referred to as the
“MORTGAGEE”.
WITNESSETH: That –
WHEREAS, the MORTGAGOR is the absolute and registered owner of a parcel
of land situated at ______________________-, covered by Tax Declaration No..
WHEREAS, for value received, the Mortgagor Promises to pay the Mortgagee
the sum of PESOS: FIFTY THOUSAND (50,000.00) within two (2) years from date, with
interest thereon of two (2) sacks of rice of what may be gathered, reaped, or picked
from each harvest of the said land within the year, until the principal is fully paid.
WHEREAS, the MORTGAGOR has agreed to secure the payment of the said
loan 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 obligation, the MORTGAGOR has transferred and
conveyed, and by these presents transfer and convey by way of MORTGAGE, unto the
MORTGAGEE, his/her heirs, successors or assigns the aforesaid parcel of land
[with/without improvements] situated at _____________________________, and more
particularly described as follows:
“A certain agricultural land located in Tagbong Pili, Camarines Sur
designated as Lot No. with an area of Four Thousand Two Hundred
Nine Point Eighty-Six (4,209.86 sq. m.) square meter and declared for
taxation purposes under Tax Declaration No. in the name
___________Bounded on the North by Lot No. 15-G, on the East by
Lots No. 451 & 25, on the South by 15, and on the West by 14-E.
It is agreed and understood that if at any time the MORTGAGOR shall fail or
refuse to pay the obligations herein secured, or default in any installment(s) and/or
amortization(s) of such indebtedness or the principal obligation when due, or to comply
with any of the conditions and stipulations herein agreed or in the separate instruments
evidencing the obligations hereby secured or shall, during the time this mortgage is in
force, institute insolvency, suspension of payment or similar proceedings, or 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, then 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. 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; and in the event of such judicial or extra-judicial
foreclosure or other legal action, the MORTGAGEE shall be entitled to compensation
for expenses, attorney’s fees and costs of collection, which is stipulated to be twenty
five percent (25%) of the indebtedness then unpaid but not less than Php20,000.00.
The condition of this mortgage is such that if the MORTGAGOR shall well and
truly 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 fully discharge and without further effect; OTHERWISE, it 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 _____________________, 20____ at _______________________________.
______
_______________________ _____________________________
Mortgagor Mortgagee
With Marital Consent
___________________________
SIGNED IN THE PRESENCE OF:
______
______________________ _____________________________
ACKNOWLEDGMENT
BEFORE ME, a Notary Public for and in ________________________ this
___________________________, personally came and appeared:
Name Competent Evidence of Identity Place Issued/Validity Period
_______________________ _____________________ ______________________
_______________________ ______________________ ______________________
_______________________ ______________________ ______________________
known to me and to me known to be the same persons who executed the foregoing
Real Estate Mortgage and they acknowledged to me that the same is their free and
voluntary act and deed. WITNESS MY HAND AND SEAL, at the date and place first
above written.
Doc. No. ______;
Page No. ______;
Book No. ______;
Series of ______.
