Real Estate Mortgage

May 19, 2019 | Author: Ragdoll Sparrow | Category: Mortgage Law, Contract Law, Natural Resources Law, Real Property Law, Government
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KNOW ALL MEN BY THESE PRESENTS: THIS CONTRACT, made and entered into by and between: GREGORIA A. GALARRITA, of legal age, Filipino, surviving spouse of

the late Dominador Galarrita and a resident of Alubijid, Misamis Oriental, hereinafter referred to as the MORTGAGOR; and ATTY. ADRIAN L. BARBA, of legal age, Filipino, married and a resident

of Apovel Subd., Bulua, Cagayan de Oro City, hereinafter referred to as the MORTGAGEE. Witnesseth:

That the MORTGAGOR does hereby convey by way of REAL ESTATE MORTGAGE unto the MORTGAGEE, for an in consideration of a loan in the sum of TWO HUNDRED THOUSAND (Php 200,000.00) PESOS, the following described real property, situated in Loguilo, Alubijid, Misamis Oriental, containing an area of 1,471 sq. m. and denominated as Lot 11294-G under Tax Declaration No. 0817000703848 of the Municipal Assessor of Alubijid, Misamis Oriental, more particularly described as: “Boundaries:

North: Lot No. 04, 05 East: Lot No. 05

South: Prov’l Road West: Lot No. 07”

of which real property the Mortgagor is the successor-in-interest, being the surviving spouse of late Dominador Galarrita, the registered owner of the untitled agricultural land; That this real estate is given as security for the payment of the mortgage within a period of three (3) years from the execution hereof; By these presents, the PARTIES hereby covenant and agree that the loan shall bear no interest during the three (3) year period; HOWEVER, the mortgagee shall assume and take over the enjoyment and possession of the agricultural land subject of the real estate mortgage and until the amount of the loan shall have been fully paid and settled; That the conditions of the real estate mortgage are such that if the Mortgagor shall well and truly pay or cause to be paid unto the Mortgagee the aforesaid amount, then this mortgage shall be of no further force and effect; OTHERWISE, the same shall remain in force and in effect and shall be enforceable in the manner provided by law.


That further, this real estate mortgage shall prevail over a previous real estate mortgage docketed as Doc. No. 20, Page No. 4, Book No. 2 Series of 2013 and notarized by Atty.Erwin B. Bucio, MSCRIM, executed by the same parties and witnesses to the said previous real estate mortgage. IN WITNESS WHEREOF, the Parties have hereunto affixed their signatures this ___________ day of _________ 2013 at Cagayan de Oro City, Philippines.





Signed in the presence of:



Republic of the Philippines) City of Cagayan de Oro )S.S. BEFORE ME, this __________ day of __________ 2013 at the City of Cagayan de Oro, appeared Gregoria A. Galarrita, with CTC No. _____________ issued on ___________ at _________________________ and Atty. Adrian L. Barba, with CTC No. ____________ issued on _____________ at  __________________________; known to me known to be the same persons who executed the foregoing Real Estate Mortgage, consisting of two (2) pages, including this page, and they acknowledged to me the foregoing agreement is their voluntary act and free deed. WITNESS MY HAND AND SEAL, the date, place aforegiven. Doc No. _____. Page No. ____. Book No. ____. Series of 2013.

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