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REAL ESTATE MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
This Real Estate Mortgage made and executed by and between:
_________________________, of legal age, Filipino, single / married to
___________________, with residence at ________________________, and
hereinafter referred to as the “MORTGAGOR”,
-and-
_________________________, of legal age, Filipino, single / married to
___________________, with residence at ________________________, and
hereinafter referred to as the “MORTGAGEE”.
.
WITNESSETH: That –
WHEREAS, the MORTGAGOR is the absolute and registered owner of a parcel of
land situated at ______________________________________, covered by Transfer
Certificate of Title No. ____________ of the Registry of Deeds for _________________;
WHEREAS, the MORTGAGOR is indebted to the MORTGAGEE in the principal sum
of _____________________________ (Php__________), Philippine currency, under and by
virtue of a Promissory Note (“Note”) attached herewith and made an integral part hereof as
Annex “A”;
WHEREAS, the MORTGAGOR has agreed to secure the payment of the Note to the
MORTGAGEE by means of a good and valid mortgage upon the property herein described
below;
NOW, THEREFORE, for and in consideration of the foregoing premises and as
security for payment of the aforesaid obligation, the MORTGAGOR has transferred and
conveyed, and by these presents transfer and convey by way of MORTGAGE, unto the
MORTGAGEE, his/her heirs, successors or assigns the aforesaid parcel of land [with/without
improvements] situated at _________________________________, and more particularly
described as follows:
TRANSFER CERTIFICATE OF TITLE NO. _____________
Registry of Deeds for ____________________
[Insert technical description here]
It is agreed and understood that if at any time the MORTGAGOR shall fail or refuse to
pay the obligations herein secured, or default in any installment(s) and/or amortization(s) of
such indebtedness or the principal obligation when due, or to comply with any of the
conditions and stipulations herein agreed or in the separate instruments evidencing the
obligations hereby secured or shall, during the time this mortgage is in force, institute
insolvency, suspension of payment or similar proceedings, or be involuntary declared
insolvent or writ of garnishment and/or attachment be issued against any of the assets or
income of the MORTGAGOR or if this mortgage cannot be recorded in the Registry of
Deeds, then all the obligations of the MORTGAGOR secured by this Mortgage shall
immediately become due and payable and defaulted and the MORTGAGEE may
immediately foreclose this mortgage judicially, or extra-judicially pursuant to Act No. 3135, as
amended. The MORTGAGEE is hereby appointed attorney-in-fact of the MORTGAGOR,
with full power and authority to take actual possession of the mortgaged property at once,