Antichresis sample

KNOW ALL MEN BY THESE PRESENTS: This ANTICHRESIS CONTRACT is made and executed at the City of Manila, this 13th day of August, 2014, by and between: ANNIE BATUNGBAKAL, of legal age, single, Filipino, and with residence and postal address at UNIT 701 THE HILTON TOWERS, BONIFACIO GLOBAL CITY, TAGUIG, hereinafter referred to as the DEBTOR. -ANDTOTOY BIBO, of legal age and with residence and postal address at 1620 THE WALLED CITY EXECUTIVE SUBDIVISION, INTRAMUROS, MANILA, hereinafter referred to as the CREDITOR. WITNESSETH; That WHEREAS, the DEBTOR is the owner of a residential property situated at 1611 Cancer St., Loyola heights Subdivision, Pasig City; WHEREAS, the CREDITOR acquires the right to receive the fruits of this property of his debtor, with the obligation to apply them to the payment of the interest, if owing, and thereafter to the principal of his credit. NOW THEREFORE, for and in consideration of the foregoing premises, the DEBTOR and CREDITOR hereby accepts this arrangement subject to the following: PRINCIPAL: Below are the PRINCIPAL amounts owed by debtor to the corresponding creditor respectively, P1,695,000.00 (ONE MILLION SIX HUNDRED NINETY FIVE PESOS). ANNUAL INTEREST: Shall be 5% of the principal amount. CREDITORS RIGHT OF ENTRY OR ABODE: The CREDITOR has the right of entry or to live in this property with or without consent of the DEBTOR unless CREDITOR has been fully paid by the DEBTOR. CONTRACT CHANGES OR EXPIRY: The stipulations of this contract shall only expire or be changed upon mutual written agreement of both contracting parties. This contract of Antichresis shall be valid and binding between the parties, their successors-ininterest, and assigns.

IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place above written.

ANNIE BATUNGBAKAL

TOTOY BIBO

Signed in the presence of:

ENTENG KABISOTE

PEDRO PENDUKO

ACKNOWLEDGEMENT

Republic of the Philippines) _________________________) S.S BEFORE ME, personally appeared: Name ANNIE BATUNGBAKAL TOTOY BIBO

CTC Number 10308090 18009060

Date/Place Issued May 07, 2012/ Manila City March 08, 2014/ Pasig City

Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed. This instrument consisting of 2 page/s, including the page on which this acknowledgement is written, has been signed on each and every page thereof by the concerned parties and their witnesses, and sealed with my notarial seal. WITNESS MY HAND AND SEAL, on the date and place first above written.

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