Real Estate Mortgage Agreement
Real Estate Mortgage Agreement
MARIA ANTONETTE ROA IBALE, Filipino, of legal age, married and with address at Tayud,
Liloan, Cebu, hereafter called the Debtor/Mortgagor;
– and –
W I T N E S S E T H : That –
1. The Property. – The Property subject of this contract is a parcel of land, more
particularly described as follows:
A PARCEL OF LAND (LOT 128-A-5 OF THE SUBDIVISION PLAN, PSD 07-032839, BEING A PORTION
OF LOT 128-A, PSD-07-01-006984), SITUATED IN THE BARANGAY OF TAYUD, MUNICIPALITY OF
CONSOLACION, PROVINCE OF CEBU, ISLANDS OF CEBU; BOUNDED BY THE NE., ALONE LINE1-2 BY
LOT 128-A-4; THE SUBDIVISION PLAN; ON THE NE., ALONG LINE 2-3 BY LOT 143, ON THE SE.,
ALONG LINE3-4 BY LOT 128-A-3, ALONG LINE4-5 BY LOT128-A-2, ON THE SW., ALONG LINE 5-1 BY
LOT 128-A-5, ON POINT 1 BY LOT 128-A-6 ALL OF SUBDIVISION PLAN. BEGINNING AT A POINT
MARKED”1” ON PLAN BEING S. 52 DEG.27’W., 145S.56M., FROM MBM. NO. 2,PLS-823, TAYUD,
CONSOLACION, CEBU, THENCE;
beginning, containing an area One Hundred Eighty Five (185) square meters more or less.
2. The Loan. – Debtor/Mortgagor has obtained a loan from the Mortgagee in the sum
of ONE HUNDRED THOUSAND PESOS ONLY (P100,000.00) subject to the terms
and conditions hereunder prescribed, to wit:
a. The loan shall be payable within one year from the execution of this contract.
b. It shall bear interest at the rate of three percent (3%) per month payable
every 30th day of the month corresponding to the month for which interest
is due.
c. The rate of interest shall apply the diminishing balance method. By
Diminishing Balance Interest Rate method interest is calculated every month
on the outstanding loan balance as reduced by the principal repayment every
month.
d. First month interest shall be deducted from the principal.
e. The amounts due by way of interest payments shall be paid cash upon
collection.
f. Failure and/or refusal or the Debtor/Mortgagor to pay two (2) consecutive
monthly interests shall automatically make the principal loan of P100,000.00
due and demandable, together with the unpaid interest, if any.
5. The parties agree that all court actions concerning this Agreement shall be brought
before the proper courts.
IN WITNESS whereof, the parties affixed their signatures this ______th day of
__________________________ 2019 in _________________________________________________, Philippines.
Signed:
_____________________________ ___________________________
ACKNOWLEDGMENT
WITNESS my signature and notarial seal this ______th day of ______________________ 2019,
_______________________________, Philippines