REAL ESTATE MORTGAGE AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Real Estate Mortgage Agreement executed by and between:
_________________________ Filipino, of legal age, and with
address at _____________________and respectively, hereafter called
the Debtor/Mortgagor;
– and –
_______________________, Filipino, of legal age, married, and a
resident of _______________________hereafter
called the Creditor/Mortgagee;
W I T N E S S E T H : That –
Whereas, First Party obtained a loan in the amount of _________________
from the Second Party;
Whereas, to secure the payment of the loan, First Party offered his property to
secure the payment of this loan, and Second Party accepted the same.
Whereas, the property securing the loan is house and lot located in
______________, particularly described as follows:
(insert description of the property)
__________________________________________________________
__________________________________________________________
__________________________________________________________
__________________________________________________________
NOW THEREFORE, for and in consideration of the foregoing premises,
parties herein agree as follows:
2. The Loan. – Debtor/Mortgagor has obtained a loan from the Creditor/Mortgagee in
the total sum of _______________________) with ____________________ interest.
The payment of said loan shall be subject to the following stipulations:
2.1. The entire loan shall be payable on or before ____________________
2.2. It shall bear interest at the rate of one percent (1 %) per month starting
_______________________
2.3. Failure and/or refusal or the Debtor/Mortgagor to pay the entire loan
obligation together with the interest on or before ________________ shall automatically
make the loan obligation 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.
3.5 Any future advances made by the Debtor/Mortgagor from the
Creditor/Mortgage shall be secured by the herein mortgage provided that an
Addendum to this agreement will be executed to establish the coverage of the
security over the future advances.
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. Power to Extra-Judicially Foreclose - In the event of non-payment of the entire
principal and accrued interest due herein parties agree to extra-judicially foreclose the
mortgaged property, to answer for the unpaid obligation.
6. Special Power or Authority to Sell - In the event of non-payment of the entire
principal and accrued interest due, herein Mortgagor specifically and expressly
empowers and authorizes the Creditor/Mortgage to sell the Property in any auction, and
the proceeds thereof be applied to her outstanding money obligation.
7. The parties agree that all court actions concerning this Agreement shall be brought
exclusively before the proper courts of Manila, to the exclusion of any other venue.
8. 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 ______th day of
________________ in ___________ City.
Signed in the presence of:
_____________________________ ___________________________
Signed:
_______________ _______________
(Mortgagor) (Mortgagee)
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)
___________________________) S.S.
BEFORE ME personally appeared:
Name Proof of Identity
___________________ Driver’s License No. ___________
___________________ Driver’s License No. ___________
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.
WITNESS my signature and notarial seal this ____________________.
Doc. No. ____;
Page No. ____;
Book No. ____;
Series of 2023.
