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Corporate Mortgage (Mortgage Deed of Trust)
Corporate Mortgage (Mortgage Deed of Trust)
This MORTGAGE DEED OF TRUST, made and executed this ______ day of
__________, 2____, in the city of_____________, Philippines, by and between
__________________________, a corporation duly organized and existing under the laws of the
Philippines with its principal office at __________________, hereinafter called the
CORPORATION, and ____________________, a trust corporation, duly organized and existing
also under the laws of the Philippines, with its principal office at _________________________,
hereinafter called the TRUSTEE,
WITNESSETH that:
WHEREAS, said bonds which are all of even date and equal denomination of P100 each,
totaling 10,000 in number, are each of the following form and tenor, to wit:
(Description of property)
in trust for and pro rata benefit and security of all the holders of the bonds issued or that may be
issued by virtue hereof, and subject to the following terms and conditions: That the
CORPORATION shall: (1) pay all taxes due or may become due on the above-described
property, (2) at all times keep and maintain said property in constant repair, working order and
first class condition; (3) keep all insurable property hereby mortgaged insured against loss or
damage from fire, in good responsible fire insurance companies for at least 60% of the values of
such insurable property, and cause all such insurance to be made payable in case of loss to the
TRUSTEE for the benefit of all the bondholders; and further covenants that it will, upon request
of the TRUSTEE, (4) do and perform all acts necessary or proper to keep valid the lien hereby
created or intended to be created, and will at all times as may be necessary, make, execute and
deliver to the TRUSTEE any such other or further deed or deeds or assurances as said TRUSTEE
may reasonably desire, advise, or require for the purpose of carrying into full effect the objects
and purposes of this DEED OF TRUST;
PROVIDED, HOWEVER, that if the said CORPORATION shall pay or cause to be paid
the said bonds and the interests thereon in the manner specified in said bonds and shall truly keep
and fully perform all the covenants and agreements hereof, then these presents and said bonds
shall cease to have any legal effect.
_____________________
(Name of Corporation)
By: (President)
By: (Secretary)
WITNESSES:
_______________________ _______________________
ACKNOWLEDGMENT