real estate mortgage sample

February 6, 2018 | Author: Melpotter | Category: Mortgage Law, Foreclosure, Loans, Contract Law, Government Information
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legal form for real estate mortgage...


1 REAL ESTATE MORTGAGE KNOW ALL MEN BY THESE PRESENTS: This MORTGAGE made and executed by Jonathan Filipino, of legal age, married, and a resident of _ Brgy. Baguer, Libongan, North Cotabato herein called the Mortgagor -andJudith, Filipino, of legal age, single/married, and a resident of Blk 9, Lot 15, Phase II, Kalapati St. DDF Subd, Mandug, Davao City herein called the MORTGAGEE; W I T N E S S E T H: 1. That as security for the payment of the loan in the principal sum of Five Hundred Thousand Pesos (Php 500,000.00), and such other loans or advances already obtained, or still to be obtained by the MORTGAGOR(s) as MAKER(s), CO-MAKER(s), or GUARANTOR(s) from the MORTGAGEE plus interest at the rate of 4 % per month, payable on the dates mentioned in the corresponding loan agreement, the MORTGAGOR(s) by way of first mortgage, mortgages the parcel(s) of land described hereunder, together with the improvements now existing, or which may hereafter be made thereon, of which MORTGAGOR(s) represents and warrants that MORTGAGOR(s) is/are absolute owner(s) and that the said parcel of land is/are free from all liens and encumbrances. The MORTGAGOR hereby transfer and convey by way of mortgage unto the MORTGAGEE, their heirs, successors, executors, administrators or assigns the following parcel of land covered by and described in Transfer Certificate of Title No. 1234 issued by the Office of the Registry of Deeds of Kidapawan, North Cotabato which title is attached hereto as Annex 1.

2. That if the obligations herein secure, or any of the amortization of such indebtedness should be unpaid when due or upon non-compliance with any of the conditions and stipulations herein agreed, or if the MORTGAGOR or the person availing of the credit accommodations herein secured shall, during the time the mortgage is in force, instituted solvency proceedings or be involuntarily declared insolvent, or if the proceeds of this loan/credit line should be used or applied for purposes other than those specified herein, or if this mortgage cannot be recorded in the corresponding Registry of Deeds, then all the obligations secured by this mortgage and all the amortization thereof shall immediately become due, payable and defaulted and the MORTGAGEE may immediately foreclose this extrajudicially in accordance with Act No. 3135, as amended, and for the purpose, the Mortgagor hereby names, constitutes and appoints the Mortgagee as it’s Attorney-in-Fact, to enable it to extrajudicially foreclose the herein Mortgage and as well as to sign all documents and perform any act requisite and necessary to accomplish said purpose and to appoint its substitutes as such attorney-in-fact with the same powers as above-specified. In case of judicial foreclosure the MORTGAGOR hereby consents to the appointment of the MORTGAGEE and/or its duly authorized representative or of any of its designates as receiver, without any bond, to take charge of the mortgage property at once, and to hold possession of the same and the rents, benefits and profits derived from the mortgaged property before the same, less the costs and expenses of the receivership; the MORTGAGOR hereby agrees

2 further that, in all cases, attorney’s fees is hereby fixed at 25% of the total indebtedness then unpaid, which in no case shall not be less than Php 5,000.00 exclusive of all cost and fees allowed by law, and the expenses of collection shall be the obligation of the MORTGAGOR and shall with priority, be paid to the MORTGAGEE out of any sums realized from the sale of said property and this mortgage shall likewise stand as security therefor. It is hereby agreed that the period or periods granted for the payment of the amortization and/or obligations secured by this mortgage is for the mutual benefit of both MORTGAGOR and the MORTGAGEE. The MORTGAGEE may be a bidder at the sale of the properties hereby mortgage to it, whether under foreclosure proceedings, or under the powers of sale herein provided, or otherwise. The remedy of the MORTGAGEE under the powers of sale hereby conferred upon it shall be, and is in addition to and cummulative with such right of action as the MORTGAGEE may have in accordance with the present or any future laws of the Philippines. It is hereby agreed that in the case of foreclosure of this mortgage under Act No. 3135, the auction sale shall be held at the capital province; and in case of judicial execution of this obligation or any part of it, the debtor waive all their rights under the provisions of Rule 39 Section 12 of the Rules of Court, Art. 232 of Republic Act No. 386, known as the Civil Code of the Philippines, and the proper venue of the foreclosure suit thereto corresponding, where the mortgage may institute the foreclosure suit is the Court of First Instance now Regional Trial Court of Davao city or elsewhere at the election of said MORTGAGEE; 3. It is of the essence of this contract that if the MORTGAGOR fails to pay the principal obligation then this mortgage shall be foreclosed and the abovementioned property/ies shall be sold in accordance with law; but, if the MORTGAGOR pay said obligation together with the interests, then this mortgage shall become null and void and of no effect. In Witness Whereof, we have hereunto set our hands this December 18, 2015 at Davao City, Philippines. Jonathan Mortgagor

Judith Mortgagee

With my marital consent: _______________________ Husband of Mortgagor

Signed In The Presence Of: ______________ & ________________


REPUBLIC OF THE PHILIPPINES) CITY OF DAVAO )SS. X----------------------------------------X ACKNOWLEDGEMENT Republic of the Philippines) Davao City ) S.S BEFORE ME, a Notary Public for Davao City this 18th day of December 2015 personally appeared: ID Number Lorena H. Camino Judith C. Mañigo All known to me and to me known to be the same persons who executed the foregoing real estate mortgage and who acknowledged the same to be their free voluntary act and deed, and that of the entities represented. This document refers to a loan agreement which consists of three (3) pages including this page on which this Acknowledgement is written, and duly signed by the parties together with their instrumental witnesses on each and every page hereof. WITNESS MY HAND AND SEAL on the date and place first above written. Doc. No. __ Page No. __; Book No. __; Series of 2015

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