MORTGAGE AGREEMENT

KNOW ALL MEN BY THESE PRESENTS: 

 
This Mortgage Agreement executed by and between:

I, -------------------------, of legal age, married to MANUELA DELOS SANTOS with

postal address at Landubuay, San Pablo, Zamboanga del Sur, hereinafter known as the
MORTGAGOR; and

---------------------, of legal age, married with postal address at Tugas, Balangasan Dist.,
Pagadian City, hereinafter known as the MORTGAGEE.

WITNESSETH:

WHEREAS, the MORTGAGOR is indebted unto the MORTGAGEE in the sum of

Forty Thousand Pesos (P40,000.00), Philippine Currency, receipt of which is acknowledged by
the MORTGAGOR upon the signing of this instrument, and payable within a period of One (1)
year, with interest thereon at the rate stated below;

WHEREAS, the Mortgagor is the registered owner of the Pump boat (sakayan) used
and/or designed for fishing, herein collectively referred to as the” Property”;

WHEREFORE, for and in consideration of this indebtedness, and to assure the

performance of said obligation to pay, the MORTGAGOR hereby conveys by way of CHATTEL
MORTGAGE unto the MORTGAGEE, his heirs and assigns, the Pump boat (sakayan) in favor
of Mortgagee, under the following terms and conditions:

1. The Mortgagor, for value received, promise to pay to the Mortgagee, on the maturity
date and/or on demand, the Principal Amount, interest and all fees on the terms set out
in this Mortgage agreement.

2. The Mortgagor agrees to pay the whole Principal amount within One (1) year from the
execution of this agreement unless it is renewed or extended.

3. The interest of the principal amount shall be paid by the Mortgagor, his heirs, or
assignee in every arrival from fishing or unloading of the fishing boat (sakayan)
throughout Pagadian City, Province Zamboanga del Sur or within the near Provinces,
equivalent to 50% of the income earned by the Mortgagor less the necessary expenses
incurred during the time of fishing.

4. 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 Mortgagor to the Mortgagee without the necessity of executing a new contract of
real estate mortgage.

5. If the Mortgagor shall 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 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 Mortgagee shall have the right to
continue to receive any interest from the said loan until the payment thereof.

6. In case the collection of any amount due under this mortgage agreement is referred to a
lawyer by the Mortgagee, the Mortgagor is under obligation to pay the former twenty
percent (20%) of the amount due.
 7. The parties agree that all court actions concerning this Agreement shall be brought
before the proper courts of Pagadian city 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 ______ day of

________________ 2020 in ___________ City.
                

SANTOS SON
Mortgagor Mortgagee

WITH MARITAL CONSENT:

-------------------SANTOS ___________________

SIGNED IN THE PRESENCE OF:

_______________________ ________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

_____________________________ ) SS.

BEFORE ME, a Notary Public for and in the City of ___________________, this
___________________, the following personally appeared with their competent evidence, to
wit:

NAME: EVIDENCE OF IDENTITY DATE/PLACE OF ISSUE

----------------------------------- ---------------------------------
----------------------------------- ---------------------------------

Who are known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged to me that the same is their own free act and voluntary act and
deed.

WITNESS MY HAND AND SEAL, at the place and date above-written.

Doc. No. _____

Page No._____
Book No._____
Series of 2020