REAL ESTATE MORTGAGE

This Real Estate Mortgage (the “Mortgage”) is entered between:

Juan dela Cruz, Filipino, of legal age, with address at 1234

ABC, Metro Manila.(the “MORTGAGOR”)

and

Michael Rodriguez, Filipino, of legal age, with address at

5678 DEF, Metro Manila.(the “MORTGAGEE”)

(MORTGAGOR and MORTGAGEE each also called a

“Party” and collectively referred to as “Parties”)

The Parties agree as follows:

1. GRANT OF REAL ESTATE MORTGAGE

The MORTGAGOR conveys by way of real estate mortgage unto the

MORTGAGEE the real property described as follows (the “Property”):

a. Condominium located at Unit 123 Palm Towers, Makati City, covered

by Condominium Certificate of Title (CCT) No. C-2345, with an area
of 200 sq. meters. more or less

2. PRINCIPAL OBLIGATION

The Mortgage is given as security for payment to the MORTGAGEE of a loan of

Php 100,000.00.obtained from the MORTGAGEE by the MORTGAGOR.on July
30, 2022, evidenced by a promissory note dated July 30, 2022.

The principal of the obligation is fixed at Php 100,000.00, including any interest,
penalty and expenses.(the “Principal Obligation”).

Should the Parties agree to an amendment, extension, renewal or replacement of

the Principal Obligation, the Mortgage will stand as security for the fulfillment of
the amended, extended, renewed or replaced Principal Obligation without need of
executing a new mortgage and will have the same force and effect as if the latter
were existing on the date hereof. Notwithstanding the foregoing the
MORTGAGEE may, at its sole discretion, still require the execution of an
amendment, addendum or supplement to the Mortgage or a new real estate
mortgage agreement.

The MORTGAGOR agrees the Mortgage is in addition to any other security the
MORTGAGEE may obtain now or in the future to secure the Principal Obligation.

3. REPRESENTATIONS AND WARRANTIES OF MORTGAGOR

The MORTGAGOR represents and warrants as follows:

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 a. The MORTGAGOR is the Property’s absolute owner and has free disposal
thereof

b. The Property is free from any liens, charges and encumbrances, subject only
to the liens and encumbrances annotated on the Property’s title

c. No government approval is required in connection with the legality and

enforceability against the MORTGAGOR of the Mortgage, except for the
registration of the Mortgage with the pertinent Register of Deeds which the
MORTGAGOR is obliged to do hereunder

d. The MORTGAGOR has the power to execute and perform the Mortgage and
has taken all the necessary actions to authorize the execution and
performance of the Mortgage in accordance with its terms.

4. MORTGAGOR’S OBLIGATION

The MORTGAGOR will:

a. Not sell, dispose of in any way, or mortgage the Property without first
getting the MORTGAGEE’s written consent.

b. Not assign or transfer any part of the MORTGAGOR’s rights and

obligations under the Mortgage without first obtaining the MORTGAGEE’s
written consent.

c. Keep the Property in good condition and will not do any act that will
decrease the Property’s value.

d. Take all steps necessary to preserve and defend title to and possession of the
Property and will immediately notify the MORTGAGEE of any threat
against the MORTGAGOR’s title to and possession of the Property.

e. Cause this Mortgage to be registered with the pertinent Register of Deeds.

The MORTGAGOR will furnish the MORTGAGEE a copy of the
annotation of the Mortgage upon the title.

f. Perform such other acts, registrations and formalities necessary to render the
Mortgage enforceable against the MORTGAGOR and all 3rd parties,.

g. Furnish the MORTGAGEE with satisfactory evidence that such registration

and all acts and formalities in this section have been made and performed.

5. POWER OF ATTORNEY

The MORTGAGOR appoints the MORTGAGEE as attorney-in-fact so that the

MORTGAGEE will be authorized, without need of further authorization from the
MORTGAGOR, upon default in the Principal Obligation, in preserving or
enforcing the MORTGAGEE’s rights hereunder:

a) Sale of Assets – To sell the Property in accordance with Act No. 3135, as
amended, or Rule 68 of the Rules of Court of the Philippines and to the

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 extent permitted by applicable law, in such other manner as the
MORTGAGEE may determine.

b) Possession of Assets – To take and retain actual possession and control of

the Property as receiver without bond or otherwise, for purposes of
conducting the Property’s foreclosure sale. Such possession will in no case
be for a period of more than 5 years from the actual possession.

c) Collection of Proceeds of Foreclosure Sale – To collect the proceeds of any

foreclosure sale.

d) Execution of Deeds of Sales – To execute and deliver such deeds of

conveyance or sale as may be necessary to convey full title and ownership,
free from any claims and rights of the MORTGAGEE, to the Property after
foreclosure thereof.

e) Entry of Premises – Without disturbing the peace, to enter the premises

where the Property or the documents evidencing ownership over the
Property may be located, without the need for a court order or any authority
other than that granted herein, and to transport any such documents, at the
MORTGAGOR’s expense, to the place determined by the MORTGAGEE
for turning over possession thereof.

f) Repairs, Improvements, etc. – To make any repairs, additions to, and

improvements on the Property for the MORTGAGOR’s account, as the
MORTGAGEE will reasonably deem proper or necessary.

g) Administration of the Property – To administer and manage the Property and

use the same.

h) Institution of suits – To institute and maintain such suits and proceedings as

the attorney-in-fact will deem expedient to prevent any impairment of the
Property, or to preserve and protect the MORTGAGEE’s interest therein.

i) Delegation of Rights – To delegate to another person, in substitution as

attorney-in-fact, the exercise of any right granted hereunder, under such
terms as the attorney-in-fact will deem proper or necessary.

j) Other Acts – In general to sign such agreements and perform such acts
necessary to accomplish the purpose as attorney-in-fact.

6. Foreclosure

a. Commencement of Foreclosure Proceedings

If there is default in the Principal Obligation the MORTGAGEE will have the
right to immediately commence foreclosure proceedings on the Property,
judicially or extrajudicially, at the MORTGAGEE’s option, in accordance with
the procedure laid down by law.

b. Delivery of Possession

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 Promptly upon receipt of notification that the MORTGAGEE has commenced
foreclosure proceedings, the MORTGAGOR will turn over possession of the
documents evidencing title to the Property being foreclosed. If the
MORTGAGOR will fail to turn over possession of the documents, the
MORTGAGEE will be entitled to repossess the same wherever they may be
located and by whichever means the MORTGAGEE will determine.

c. Foreclosure Sale

In case of foreclosure, whether judicially or extrajudicially, any official

conducting the sale at public auction will sell the Property. The MORTGAGEE
will apply any amount received from such sale to the Principal Obligation.

d. Recovery of Deficiency

If the sum from the judicial or extrajudicial foreclosure is insufficient to pay the
Principal Obligation, the MORTGAGOR will pay the deficiency to the
MORTGAGEE within ten (10) calendar days after the foreclosure sale, and
upon the MORTGAGOR’s failure to pay, the MORTGAGEE may immediately
pursue any other legal remedy for the collection thereof.

7. TAXES AND EXPENSES

The MORTGAGOR will, when due, pay to the government the realty taxes and
such special assessment, if any, that may be levied on the Property. The
MORTGAGOR will present to the MORTGAGEE the receipt of payment upon
demand.

In case of delinquency on the MORTGAGOR’s part the MORTGAGEE may at its

option, pay all such taxes and penalties. The amount so paid will be charged
against the MORTGAGOR and the Mortgage will likewise be deemed to guarantee
the same.

Taxes and expenses that may be imposed in connection with the preparation,
finalization and notarization of the Mortgage will be for the
MORTGAGOR’s.account.

8. DISCHARGE

The Mortgage will be valid and will not be discharged until the
MORTGAGOR.pays the Principal Obligation to the MORTGAGEE’s full
satisfaction.

The validity of the Mortgage will not be affected or impaired by any of the
following:

a. Any extension of time, forbearance or concession given to the

MORTGAGOR.

b. Any assertion of, or failure to assert, or delay in asserting, any right or

remedy against the MORTGAGOR or any other security for payment of the
Principal Obligation.

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 c. Any modification of the provisions of the Mortgage.

d. Any failure of the MORTGAGOR to comply with the requirement of any

applicable law.

e. Any other circumstance (other than complete payment to the

MORTGAGEE) that might otherwise constitute a legal or equitable
discharge of a security.

f. To the fullest extent permitted by law any voidability or unenforceability of

the Mortgage or any provision hereof.

It is the essence of the Mortgage that if the MORTGAGOR.fails to pay the

Principal Obligation, then the Mortgage will be extrajudicially or judicially
foreclosed at the MORTGAGEE’s option. The sale proceeds will be applied to the
Principal Obligation in accordance with law. But if the MORTGAGOR.repays the
Principal Obligation when due then the Mortgage will become null and void and of
no effect.

Upon full payment of the Principal Obligation the MORTGAGEE will, at the
MORTGAGOR’s request and expense, promptly execute and deliver to the
MORTGAGOR such instrument/s as the MORTGAGOR may reasonably request
acknowledging the termination of the Mortgage and release of the Property as
having not been sold or otherwise foreclosed pursuant to the Mortgage.

9. AMENDMENT

The Contract may be amended only by the Parties’ written agreement.

10.NO WAIVER

No course of dealing and no exercise or delay in the exercise of, or omission to

exercise any right or remedy accruing to the MORTGAGEE under the Mortgage
will impair any such right or remedy, or be construed as a waiver thereof or an
acquiescence thereto; nor will the MORTGAGEE’s action in respect of such
circumstance, or any acquiescence thereto, affect or impair any right or remedy of
the MORTGAGEE in respect of any other circumstance, whether similar or not.

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 IN WITNESS WHEREOF, the Parties have affixed their signatures this
_________________ in __________________________________, Philippines.

Date: _________________
Name: .Juan dela Cruz
Title: ______________________

MORTGAGOR

Date: _________________
Name: .Michael Rodriguez
Title: ______________________

MORTGAGEE