Real Estate Mortgage Agreement

REAL ESTATE MORTGAGE AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:
This Real Estate Mortgage Agreement executed by and between:
ABC, Filipino, of legal age, married and with address at Guadalupe
Cebu City hereafter called the Debtor/Mortgagor;
– and –
CDE, Filipino, of legal age, married, and a resident of Cebu City,
hereafter called the Creditor/Mortgagee;
W I T N E S S E T H : That –
1. The Property. – The Property subject of this contract is a parcel of
land, more particularly described as follows:
Transfer Certificate Of Title No. __________
Registry Of Deeds For Cebu City
[COPY TECHNICAL DESCRIPTION FROM THE TITLE]
together with all the improvements thereon, herein collectively
referred to as the Property.
2. The Loan. – Debtor/Mortgagor has obtained a loan from
the Mortgagee in the sum of One Million Pesos (P1000000) subject
to the terms and conditions hereunder prescribed, to wit:
2.1. The loan shall be payable on or before 15 December 2019.
2.2. It shall bear interest at the rate of twelve percent (12%) per
annum payable every 15 day of the month corresponding to the
th
month for which interest is due.

2.3. The amounts due by way of interest payments shall be covered
by 4 postdated checks of P20,000 each and the principal loan of
P1,000,000 shall also be covered by a postdated check dated 15
December 2020.
2.4. Failure and/or refusal or the Debtor/Mortgagor to pay two (2)
consecutive monthly interests (or when the checks are dishonored)
shall automatically make the principal loan of P1,000,000 due and
demandable, together with the unpaid interest, if any.
3. The Mortgage. – For and in consideration of the loan stated in
paragraph 2 hereof and by way of a security therefor,
the Debtor/Mortgagor hereby constitutes a real estate mortgage on
the Property in favor of Creditor/Mortgagee, under the following terms
and conditions:
3.1. The mortgage shall secure the payment of the loan, together with
the unpaid interest, if any.
3.2. In case the maturity of the loan is extended, upon mutual
agreement in writing of the Parties, this mortgage shall be a continuing
security for the obligation/s of the Debtor/Mortgagor to
the Creditor/Mortgagee without the necessity of executing a new
contract of real estate mortgage.
3.3. If the Debtor/Mortgagor shall well pay and/or comply with his all
and every obligation under this Deed, then this mortgage shall cease
to have any force and effect. However, if the Debtor/Mortgagor shall
fail and/or refuse, for any reason whatsoever, to fully pay and/or
comply with all or any of his said obligations, then
the Creditor/Mortgagee may judicially or extrajudicially, at his option,
foreclose the mortgage on the property in accordance with law.
3.4. In case collection of any amount due under this mortgage
agreement is referred to a lawyer by the Creditor/Mortgagor,
the Debtor/Mortgagor is under obligation to pay the former twenty
percent (20%) of the amount due.
4. Expenses. – Expenses for notarial fees shall be for the account of
the Debtor/Mortgagor. All other expenses for the registration with the
appropriate office / the Register of Deeds shall be for the account of
the Creditor/Mortgagee.
5. The parties agree that all court actions concerning this Agreement
shall be brought before the proper courts of Quezon city or the city of
Makati to the exclusion of any other venue.
6. If anyone or more of the provisions of this Agreement is declared
invalid or unenforceable, in any respect under any applicable law, the
validity, legality or enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired.
IN WITNESS whereof, the Parties affixed their signatures this 1st day
of March 2020 in Cebu City.
Signed:
(Mortgagor)
(Mortgagee)
Signed in the presence of:
ABC
CDE
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)
) S.S.
x––––––––––––––––––––––x
BEFORE ME personally appeared:
PERSONS ID
ABC Driver’s License No. _1234__________
CDE Driver’s License No. _1234567__________
presenting their competent evidence of identity, known to me and to
me known to be the same persons who executed the foregoing Real
Estate Mortgage Agreement and they acknowledged to me that the
same is their knowing, free and voluntary act and deed.
This document relates to the mortgage of a parcel of land
registered under TCT No. 0987 of the Registry of Deeds for Cebu
City and consists of 23 pages, including this page, each of which had
been signed by the Parties and their instrumental witnesses.
WITNESS my signature and notarial seal this 1stday of March 5,
2020.
Doc. No. 12;

Page No. 2;
Book No. 34
Series of 2020.

Atty. Ralph Ken Bacalan

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REAL ESTATE MORTGAGE AGREEMENT

month for which interest is due.

Doc. No. 12;

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