THE REAL ESTATE MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This REAL ESTATE MORTGAGE, made and entered into in ___________,

Philippines, by and between:

_________________, Filipino of legal age, _____ (status),

residing and with postal address at _________________,
hereinafter called the MORTGAGOR;

and

_______________, ___________ citizen, of legal age, __________

(status),
residing
and
with
postal
address
at
_________________, hereinafter called the MORTGAGEE;

WITNESSETH:

WHEREAS, the MORTGAGOR is the absolute owner in fee simple

of _____ parcels of land together with the improvements thereon, situated at
________________________, described and bounded as follows:
T.C.T. No._______, _______________ Registry
DESCRIPTION OF LAND.

That for and in consideration of the sum of ___________________ (P )

Philippine Currency paid unto the hands of MORTGAGOR by the
MORTGAGEE, the MORTGAGOR, by these presents, hereby conveys, by way
of FIRST MORTGAGE, unto said MORTGAGEE, his heirs, executers,
administers and assigns, the above mentioned properties, together with all
the improvements thereon, free and clear of all liens, charges and
encumbrances particularly the taxes thereon;
PROVIDED, HOWEVER, That if the MORTGAGOR, shall pay or cause to be
paid to said MORTGAGEE, his heirs, executers, administers and assigns,
the sum of _________________ (P )Philippine Currency, ON OR BEFORE
___________ from
and after the execution of this mortgage, without
INTEREST thereon, then this MORTGAGE shall be discharged and of NO
EFFECT, otherwise, it shall be enforceable in the manner provided by the
law;
Further, violation by the MORTGAGOR of any and all of the terms and
conditions herein, will create an option in favor of the MORTGAGEE to
foreclose this Mortgage judicially or extra-judicially, and the MORTGAGOR
forfeits all her rights in this document in favor of the MORTGAGEE, and
which event, the MORTGAGOR hereby named, constituted and appointed
the MORTGAGEE, and by these presents do hereby name, constituted and
appointed the MORTGAGEE as the MORTGAGORs Attorney-in-Fact, for him
and in his name, place and stead for the said purpose, and for his use and
benefit, with full power to take all steps necessary and to execute all

documents and to receive all money realized same and apply the balance to
the herein obligation; sign the name of the MORTGAGOR in all documents,
receipts, vouchers and any other writings necessitating the signature of the
MORTGAGOR to carry the above purpose;
Expenses for the registration and cancellation of this Mortgage shall be
borne by the MORTGAGOR, that in case of foreclosure, the MORTGAGOR
hereby agrees to pay the MORTGAGEE the cost of the collection, the cost of
foreclosure proceedings, the transportation expenses in connection thereto,
the attorneys fees which shall be ____________ ( ) percent of the mortgage
amount, and all legal expenses allowed by law, that all legal notices,
summons and collection notes addressed to the MORTGAGOR at their
residence at __________________ shall be deemed sufficient legal evidence
that the same has been acknowledged by the MORGAGOR;
In the event that the amount realized from the public auction for the sale of
the aforesaid mortgaged properties exceeds the total expenses and principal
obligation and interest due the MORTGAGOR, the MORTGAGEE is a obliged
to immediately turn over the aforesaid excess amount to the MORTGAGOR,
but if the said amount realized from the public auction is short of the total
amount due, then the MORTGAGOR shall pay the shortage.
The MORTGAGOR covenants and agrees that she will cause the properties
mortgaged to be insured against theft, less or damaged by fire during the
term of this mortgage from date hereof wit an insurance company acceptable
to the MORTGAGEEE in an amount not less than the outstanding balance
of the mortgage obligations and that she will make all less, if any, under
such policy or policies, payable to the MORTGAGEE or its assigns as its
interest may appear and deliver such policy to the Mortgagee forthwith. The
said Mortgagor further covenants and agree that in default of her affecting
such insurance and delivering the policies so endorsed to the MORTGAGEE
on the day of the execution of this mortgage, the Mortgage may at its option,
but without obligation to do so, effect such insurance for the account of the
Morgagor and that any money so disbursed by the Mortgagee shall be added
to the principal indebtedness hereby secured. The Mortgagor hereby
irrevocably authorizes the Mortgagee or its assigns to procure for the
account of the Mortgagor the insurance coverage every year thereafter until
the mortgage obligation is fully paid.
In case of loss or damage, the Mortgagor hereby authorizes the MORGAGEE
to file, follow-up, prosecute, compromise or settle, insurance claims, to sign,
execute and deliver the corresponding papers and documents to the
insurance company as may be necessary to prove the claim, and to collect
from the latter the proceeds of insurance to the extent of its interest. The
Mortgagee, however, shall not incur any liability in case of non-performance
of the foregoing.
It is also understand that the insurance policy or policies or any renewal
thereof may not be cancelled without the written notification to or
conformity by the MORTGAGEE.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands on
this ____ day of _____, 20__ on the place first above written.

_________________
Mortgagor

___________________
Mortgagee

Signed in the presence of:

_______________________

_______________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES

CITY OF ________________

)
) S. S.

BEFORE ME, a Notary Public in and for the City of ________, Philippines,
on this _______ day of _____________, 20__, personally appeared:

NAMES

ID TYPE/NO.

DATE/PLACE ISSUED

All known to me to be same persons who executed the foregoing instrument and
they acknowledged to me that the same is their free and voluntary act and deed
in the capacities which they appear.
This instrument refers to a deed of real estate mortgage of _____ parcels of land
together with all the improvements found thereon situated at _______________ all
of the Registry of Deeds of _______________and consisting ________(___) pages
including this page where the acknowledgment is written.
WITNESS MY HAND AND SEAL on the date and place first mention
above written.
Notary Public
Doc. No. _______;
Page No._______;
Book No._______;
SERIES OF 20___.