This document relates to the hypothec of property registered under the number TCT ____ that the condition of this hypothec is that if the hypothecary debtor fulfills the obligation to pay the aforementioned debt of ______ as well as the accrued interest within the agreed period, this immovable hypothec will be satisfied and will immediately become null and void and will have no effect, Otherwise, it will remain in force and in full force and will be subject to execution in the manner and form prescribed by law. [NAME], Filipino, of full age, married and domiciled in ______, hereinafter referred to as debtor/mortgagee; 3.1.The mortgage must ensure payment of the loan with unpaid interest, if any. 3.3.If the debtor/mortgage debtor pays well and/or fulfills all his obligations under this deed, then this mortgage loses all force and effect. However, if the debtor/mortgagee fails and/or refuses, for any reason, to pay and/or perform all or part of his obligations, the mortgagee/creditor may, at his option, enforce the mortgage on the property before the courts or amicably in accordance with the law. 3.2.In the event of an extension of the term of the loan, this mortgage constitutes, by mutual written agreement between the parties, a continuous guarantee for the obligations of the debtor/mortgagee towards the mortgagee/creditor, without the need to conclude a new mortgage contract in immovable property. 6. If one or more provisions of this Agreement are held to be invalid or unenforceable in any respect under applicable law, the validity, legality or enforceability of the remaining provisions contained herein shall not be affected or affected in any way. 3.4.In the event that the collection of an amount due under this mortgage agreement is referred by the mortgagee/debtor to a lawyer, the debtor/mortgage debtor is required to pay twenty percent (20%) of the amount due. This BILL OF SALE WITH MORTGAGE, made and executed by and between (seller`s full name), Filipino, of full age, single (or married to ______), domiciled and mailing address at _____ Witnesses: Discussed in: Understanding Mortgage Contracts in the Philippines NOW, THEREFORE, for and taking into account the above debts and in order to ensure the satisfaction of this payment obligation, the MORTGAGE DEBTOR hereby transfers and delivers to the MORTGAGEEES, (his) heirs, successors and, by way of indication, the following assets as well as any improvements found and on them, have described more precisely the following: 3. The mortgage. â For and taking into account the loan referred to in paragraph 2 and as security therefor, the debtor / hypothecary debtor hereby constitutes a mortgage on the property in favour of the creditor / mortgagee under the following conditions: that the SELLER`S MORTGAGEE owns a particular piece of land with all the buildings and improvements made thereto, in ______ free and voluntary action and action.
1. Ownership. – The real estate subject to this contract is a plot of land described in particular as follows: The mortgagee owes the mortgagee a debt of ____ (P__________), Philippine currency, the receipt of which is confirmed by the mortgagee upon signing this deed, payable by order of MORGAGEE without request or prior notification within ____ (years/months/weeks/days), to ___ (P__________) (monthly/weekly/daily) from ____ and thereafter for each ____ until full payment, with interest at the rate of ____ WITNESS my signature and my notarized seal on this day ___th of ______ 2017. 2.2. It bears interest at the rate of twelve percent (12%) per annum per annum, payable on the 15th day of the month corresponding to the month for which interest is due. 2 (hypothekengläubiger) 2 Das Darlehen. â The debtor/mortgage debtor of the mortgage holder a loan in the amount of ______P________________P___________ as well as unpaid interest, if any. 2.3.Amounts due as interest payments are covered by [number](__) backdated cheques of P__________ each, and the principal loan of P_____________ is also covered by a backdated cheque dated December 15, 2019. 5. The parties agree that all legal proceedings relating to this Agreement shall be brought before the competent courts of the City of Quezon or the City of Makati, to the exclusion of any other jurisdiction. _____________________________ _____ Notary fees are the responsibility of the debtor/mortgage debtor.
All other costs of registration with the competent authority/register of deeds are borne by the creditor/mortgagee. Sorry, the preview is currently not available. You can download the document by clicking on the button above. as well as any improvements made thereto, collectively referred to herein as these Properties. This immovable mortgage contract is issued by and between: 2.1. The loan is payable no later than December 15, 2019. IN WITNESS WHEREOF, the parties shall sign ______th the date of __P_________P_______EÂ__.