DEED OF REAL ESTATE MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
This contract of REAL ESTATE MORTGAGE made and executed by
ROYCE MAE M. GEAMALA, Filipino, of legal age, single, with residence and
postal address at Blk. 17, Mareena Subdivision, Brgy. Buri, Palo, Leyte, hereinafter
called and referred to as MORTGAGOR, in favor of RUSSELL N. BALDEVIA,
Filipino, of legal age, single and with residence and postal address at Zone 3, Brgy.
Salvacion, Palo, Leyte, hereinafter called and referred to as MORTGAGEE,
WITNESSETH:
THAT the mortgagor is the true, lawful and registered owner of a parcel of
land together with all the improvements therein, covered by and registered under
Transfer Certificate Title No. 344066 of the Registry of Deeds of Tacloban City, and
which property is particularly described as follows:
TRANSFER CERTIFICATE OF TITLE # 344066
A parcel of land ( Lot 6-B, of the subd. plan Psd-00-052587, being a
portion of Lot 6, R.P. No. 32, Psd-47, L.R.C. Record No. 3969),
situated in the Municipality of Palo, Province of Leyte, Island of
Visayas. Bounded on the SE., along line 1-2 by Lot 3 R.P. No. 32; on
the SW., along line 2-3 by Lot 5, R.P No. 32; on the NW., along lines 3-
4-5 by Lot 18 (Road), R.P. No. 32, all of Psd-47; and on the NE., along
line 5-1 by Lot 6-A of the Subd. plan.…… …………..containing an area
of ONE HUNDRED NINETY SQUARE METERS and SEVENTY
SQUARE DECIMETERS (190.70), more or less.
THAT this real estate mortgage is given as security for the payment of the
mortgagee of a certain promissory note dated February 14, 2018 for the sum of ONE
MILLION TWO HUNDRED FIFTY THOUSAND PESOS (₱ 1,250,000), with
EIGHT PERCENT (4%) interest payable every month starting October 31, 2018, as
stipulated by the parties, provided that the said amount with accrued interest is paid on
or before October 31, 2022, according to the terms thereof and in the words and
figures as follows:
1. The term of this Mortgage shall be for a period of FORTY-EIGHT (48)
months starting from October 31, 2018 to October 31, 2022 with an
interest of EIGHT PERCENT (8%) annually, renewable upon mutual
agreement of both parties.
2. THAT upon full payment of the principal obligation including interests in
the total sum of ONE MILLION TWO HUNDRED FIFTY
THOUSAND PESOS (₱ 1,250,000), Philippine Currency within agreed
term of FORTY-EIGHT (48) months, this MORTGAGE shall be
discharged and of no more force and effect, the MORTGAGEE shall then
execute a Deed of Cancellation of this Mortgage and return to the
MORTGAGORS the original copy of above Transfer Certificate of Title #
344066;
3. THAT during the existence of this Mortgage, the MORTGAGORS do
hereby undertake not to assign, mortgage or otherwise encumber the
subject property in favor of any third person;
4. THAT in the event of any violation of any of the terms and conditions of
this Mortgage, the MORTGAGEE may foreclose the subject property
even before the expiry date of this Contract, judicially or extra-judicially
and in either case, the MORTGAGOR hereby bind themselves to pay the
MORTGAGEE not only the principal obligation and all accrued
interests and charges, if any but also the equivalent of FIFTEEN
PERCENT (15%) of the total obligation due to the MORTGAGEE as
actual and liquidated damages plus the cost of foreclosure proceeding,
sheriff’s fees, publication fees, the same rules shall be followed in any
form of foreclosure of said property and in any event of such foreclosure,
the MORTGAGOR do hereby appoint the MORTGAGEE as their
Attorney-in-Fact to sell the property at public auction, the proceeds of
which shall be first applied to the payment of the loan and its interest.
IN WITNESS THEREOF, the parties have caused these presents to be signed
on October 31, 2018 at Palo, Leyte.
Mortgager Mortgagee
SIGNED IN THE PRESENCE OF:
ACKNOWLEDGEMENT
Republic of the Philippines )
Municipality of Palo ) S. S.
BEFORE ME, a Notary Public in the Municipality of Palo, personally
appeared Kevin James P. Gonzaga with SSS ID No. 04-0123456-0 issued at Tacloban
City on July 24, 2005, known to me and known to be same persons who executed the
foregoing instrument, and he acknowledged to me that the same is his free act and
deed.
This instrument consists of 3 pages including this page where the
acknowledgement is written, signed by the parties and their witnesses at the left hand
margin of page 1 and at the bottom portion of page 2 and refers to a Deed of Real
Estate Mortgage executed by ROYCE MAE M. GEAMALA and RUSSELL N.
BALDEVIA.
IN WITNESS THEREOF, I have hereunto set my hand and affixed my
notarial seal on the day, year and place first above written.
ATTY. KEVIN JAMES P. GONZAGA
Notary Public
