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This Mortgage of Real Estate, made, executed and entered into by and between:
- AND -
- WITNESSETH -
BOUNDARIES:
Of which the MORTGAGORS are the absolute and registered owner in feesimple in
accordance with the Land Registration Act (P.D. 1509).
That the MORTGAGORS shall duly pay or cause to be paid to the said MORTGAGEE
the said sum of THREE HUNDRED THOUSAND (PHP300,000.00) Pesos, Philippine
Currency, at any time within FIVE (5) YEARS from date of execution hereof, together with
the interest of TEN THOUSAND (Php10,000.00) Pesos, Philippine Currency, per month
beginning on ________________________ and every month thereafter until the maturity of the
term herein established, then his mortgage shall be discharged and shall become void and
of no further force and effect, otherwise it shall remain in full force and effect and be
enforceable in the manner provided by law.
It is of the essence in this contract that if the MORTGAGORS fail to pay the principal
obligation then their mortgage shall be foreclosed and the above-mentioned properties
shall be sold in a public auction thru a notary public in accordance with law.
________________________ ________________________
ACKNOWLEDGEMENT
All known to me and to me known to be the same person who executed the foregoing
instrument and acknowledged to me that the same is their free and voluntary act and deed.
This instrument refers to Mortgage of Real Estate, consisting of Three (3) Pages
including this page upon which the acknowledgement is written and signed by the parties
and their instrumental witnesses on each and every page thereof.