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MyLegalWhiz - Real Estate Mortgage Land With Improvements
MyLegalWhiz - Real Estate Mortgage Land With Improvements
MyLegalWhiz - Real Estate Mortgage Land With Improvements
This REAL ESTATE MORTGAGE, made and entered into in Lipa City, Batangas,
Philippines, by and between:
– and –
WITNESSETH:
“DESCRIPTION OF LAND.”
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 MORTGAGOR’s 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;
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
Mortgagor 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 WITNESS WHEREOF, the parties hereto have hereunto set their hands
on this 20th day of April, 2022 on the place first above written.
BEFORE ME, a Notary Public in and for the City of Lipa, Philippines, on
this 20th day of April, 2022, personally appeared:
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.
WITNESS MY HAND AND SEAL on the date and place first mention
above written.