REAL ESTATE MORTGAGE AGREEMENT

KNOW ALL MEN BY THESE PRESENTS: 

 
This Real Estate Mortgage Agreement executed by and between:

We, -----------------------------, all of legal age, married with postal address at Sitio
Luwago, Brgy. Kiluyao, Libungon, Cotabato, hereinafter known as the
Debtor/MORTGAGOR;

- and -

-------------------------- of legal age, married with postal address at Deca homes,

Block 123, Lot 08, Phase 4, Brgy. Indangan, Davao City, hereinafter known as the
Creditor/MORTGAGEE.

WITNESSETH:

WHEREAS, Debtor/Mortgagor has obtained a loan from the Mortgagee in the

sum of Sixty Thousand Pesos (P60,000.00) and secured by a parcel of land.

WHEREAS, the Property subject of this contract is a parcel of land, more

particularly the One (1) hectare more or less agricultural land they, -------------------------,
inherited from their deceased parent Dina C. Silvano and Francisco Silvano located at
Sitio Luwago, Brgy. Kiluyao, Libungon, Cotabato ,together with all the improvements
thereon, herein collectively referred to as the ”Property”.

WHEREFORE, in consideration of the loan stated above and by way of a

security hereof, the Debtor/Mortgagor hereby constitutes a real estate mortgage on
the Property in favor of Creditor/Mortgagee, under the following terms and conditions:

1. The mortgage shall secure the payment of the loan.

2. The loan shall be payable after Three (3) harvests in the subject property.

3. 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.

4. If the Debtor/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 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 shall have the right to continue to harvest from the
said property until the payment thereof or may judicially or extrajudicially, at his
option, foreclose the mortgage on the property in accordance with law.

5. 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.

6. The parties agree that all court actions concerning this Agreement shall be
brought before the proper courts of Davao city or the city of Cotabato to the
exclusion of any other venue.
7.  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

________________ 2019 in ___________ City.
                

1.RANDY BAOY
Mortgagee
Mortgagor

WITH MARITAL CONSENT:

1. _______________________ ___________________
Name of Mortgagee’s Spouse
2. _______________________

3. _______________________
Name of Mortgagor’s Spouse

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

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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 2019