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DEED OF SECOND MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This DEED, made and entered into by and among—

We, ANASTACIO M. ABILAR, JR., of legal age, Filipino, married to Nilda A.


Abilar, and a resident of Brgy. Gimarco, Tabango, Leyte; and his representative/
daughter NOREEN A. ABILAR, of legal age, Filipino, single and a resident of Tabango,
Leyte, hereinafter referred to as the MORTGAGORS,

-IN FAVOR OF-

ERLINDA ABILAR BOASE, of legal age, Filipino, married to Melville Boase,


and with postal address at Leyte, Leyte, and duly represented by her niece MA.
ERLINDA Q. ABILAR, hereinafter referred to as the SECOND MORTGAGEE,

WITNESSETH: THAT---

WHEREAS, herein mortgagor ANASTACIO M. ABILAR JR. is the


claimant/possessor of a certain area applied for fishpond permit in Sitio Palanog, Brgy.
Gibacongan, Municipality of Tabango, Province of Leyte, described as follows:

A parcel of public forest land for fishpond purposes, containing 1.0


hectares more or less, and particularly bounded on the N-upland, E-Naga
River, S-area applied by A. Gabisay, and W-by upland.

WHEREAS, a mortgage has been constituted in the above described property to


secure the fulfillment of a principal loan of P46,300.00 from Metro Ormoc Community
Cooperative (OCCCI) Leyte Sat. Office by Noreen Abilar, with an interest rate of
2.5% per semester;

WHEREAS, mortgagors are interested to secure a second mortgage to be


constituted in the above described property to secure a principal loan of P100,000.00
from herein SECOND MORTGAGEE, considering that the terms and conditions in the
first mortgage does not contain such prohibition;

NOW THEREFORE, pursuant to the third whereas clause, that IN


CONSIDERATION of the sum of ONE HUNDRED THOUSAND PESOS
(PhP100,000.00), Philippine Currency, the parties hereto do by these presents hereby
execute this SECOND MORTGAGE to be constituted on the above described real
property under the following terms and conditions:

1. THE INITIAL AMOUNT OF SIXTY THOUSAND PESOS


(P60,000.00) PHILIPPINE CURRENCY, SHALL BE RECEIVED BY
NOREEN ABILAR UPON EXECUTION OF THIS DEED to redeem the
property from OCCCI;

2. THE BALANCE OF FORTY THOUSAND PESOS


(P40,000.00) SHALL BE PAID BY SECOND MORTGAGEE after the
original documents of the property used as collateral to OCCCI are turned
over to her;

3. THE DURATION OF THIS MORTGAGE SHALL BE FOR


THREE (3) YEARS FROM DATE OF INSTRUMENT.

4. SHOULD THE MORTGAGORS PAY OR CAUSE TO BE PAID


THE AFORESAID AMOUNT OF ONE HUNDRED THOUSAND PESOS
(P100,000.00) WITH INTEREST, THEN THIS SECOND MORTGAGE
SHALL THEREBY BE DISCHARGED; OTHERWISE, IT SHALL REMAIN
IN FULL FORCE AND BE ENFORCEABLE IN THE MANNER AS
PROVIDED BY LAW.
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5. PAYMENT of the loan and/or interest shall be made thru MA.


ERLINDA Q. ABILAR, who shall serve as collector of the second
mortgagee.

6. The payment of interest shall be made in the following manner:

1. P7,500.00 for the first 3 months (Feb. 1 – Apr. 30, 2010)


2. P7,500.00 for the second 3 months (May 1 – July 31, 2010)
3. P15,000.00 for the second semester (Aug. 1, 2010 – Jan. 31,
2011)
4. P15,000.00 for the third semester (Feb. 1 – July 31, 2011)
5. P15,000.00 for the fourth semester (Aug. 1, 2011-Jan. 31,
2012)
6. P15,000.00 for the fifth semester (Feb. 1 – July 31, 2012)
7. P15,000.00 for the sixth semester (Aug. 1, 2012 – Jan. 31,
2013)

6. Non-payment of the loan and/or interest covering two semesters


shall be deemed sufficient ground for the immediate foreclosure of this
mortgage to recover the whole amount then remaining unpaid and
outstanding, the period hereinabove stipulated notwithstanding.

IN WITNESS WHEREOF, the parties hereto have hereunto affixed their


signatures this 1 February 2010 at Tacloban City, Philippines.

ANASTACIO M. ABILAR, JR. ERLINDA ABILAR BOASE

NOREEN A. ABILAR MA. ERLINDA Q.


ABILAR

SIGNED IN THE PRESENCE OF:

_______________ ______________

Republic of the Philippines )


City of Tacloban )S.S.

ACKNOWLEDGMENT

BEFORE ME , this 1 February 2010 personally appeared:

Name CTC No. Issue on/At

Anastacio M. Abilar Jr. ____________ ______________________


Noreen A. Abilar ____________ ______________________
Erlinda Abilar Boase ____________ ______________________
Ma. Erlinda Q. Abilar ____________ ______________________

all known to me to be the same persons who executed the foregoing instrument,
consisting of two (2) pages including this page whereon the acknowledgment is written
and signed by their and witnesses, and they acknowledged to me that the same is their
own free act and deed.

WITNESS MY HAND AND NOTARIAL SEAL on the date and place above
written.

Doc. No. ___


Page No. ___
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SERIES OF 2010