Antonio Conejos Legal Forms Finals

III-B Real Estate Mortgage – Taho Factory

REAL ESTATE MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

THIS MORTGAGE AGREEMENT, made on March 15, 2008, is made between

Taho Factory (the “MORTGAGOR”), a Corporation organized under the laws of
the Philippines with principal place of business at Room 105, 10 Defiance St.,
Makati City, as represented by its lawful attorney-in-fact, Wendell Holmes,
(hereinafter, known as "AGENT") and RICHARD BANK, a Corporation organized
under the laws of the Philippines with principal address at 15 Wayward Way
Wuthering Heights Makati (hereinafter, known as "MORTGAGEE") as
represented by its Vice-President, Richard Branson.

WITNESSESTH:

That the MORTGAGOR does hereby convey by way of REAL ESTATE

MORTGAGE unto the MORTGAGEE the following described real property,

located in the Kalayaan Islands, Spratlys, together with all the improvements

thereon:

A parcel of land (Lot 14, block 10 of the survery plan P-

SD-04-003374, being a portion of the land described on
Plan PCX04004451, Block 13; LRC Record Number
3734), situated in the border of Lost Island-AB. Bounded
on the SW. along line 12 by Lot 12, Block 10 on the NW
along Line 23 by the Road Lot 5 (12 m wide) on the NE
along Line 3-4 by Lot 16 and on the SW along Line 4-1 by
Lot 17 both of Block 10, all of the survey plan beginning at
a point marked “1” on Plan, being S 22 degree. 11 1’ W,
1904.04 M from Mon Number 3, Siao Estate; containing
an area of Four Hundred Fifty (450) SQ. METERS
of which real property the MORTGAGOR is the registered owner in accordance

with the provisions of the Land Registration Act, his title thereto being evidenced

by Transfer Certificate of Title No. 97153, of the land registry of Spratlys;

That this real estate mortgage has been executed in order to secure the

full and faithful payment of Tikoy & Hopia Factory’s loan agreement with the

MORTGAGEE, Until full payment of the aforementioned loan agreement, the real

estate mortgage will remain in full force and effect. Upon the full payment by

Tikoy & Hopia Factory of the obligation and any penalty or interest incurred in the

performance of the loan agreement, the real estate mortgage agreed herein shall

terminate and be extinguished.

Fees for Dispute Resolution

Should any controversy arise from this agreement, MORTGAGOR aggress to

pay for any resulting legal fees/mediation costs or other such expenses as may
be necessary to resolve the controversy.

IN WITNESS WHEREOF and acknowledging acceptance and agreement of the

foregoing, MORTAGOR and MORTGAGEE affix their signatures hereto.

MORTGAGOR MORTGAGEE

Taho Factory Richard Bank

By: William Baskerville By: Richard Branson

Title: Board Member & Attorney-in Fact Title: Vice President
Dated: January 6, 2008 Dated: January 6, 2008
 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

____________________________ ) S.S.

BEFORE ME, this 15th day of March 2008 in Makati City, personally appeared:
Taho Factory, represented by William Baskerville with CTC No. 85632 issued on
January 17, 2008 in Manila and Richard Bank, represented by Richard Branson
with CTC No. 313154 issued on January 3, 2008 in Manila and known to me to
be the same persons who executed the foregoing instrument and who
acknowledged to me that the same is of their free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the date and at the place first written above.

Doc. No. GREGOR SAMSA

Page No. Notary Public
Book No. Until 31 December 2008
Series of 2008 Atty. Roll No. 18160
IBP No. 048151 1-20-2008
PTR No. 05053 03-15-2008
MCLE Cert. No. 010718