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This document is a real estate mortgage between Mrs. Sofia B. Asenso as the mortgagor and Mr. Greg Asonion as the mortgagee. The mortgagor is transferring ownership of a parcel of land located in New City to the mortgagee to secure a loan of PHP 100,000 under a promissory note. The mortgage stipulates that if the mortgagor defaults on payments, the mortgagee can foreclose on the property judicially or extrajudicially based on Act No. 3135, as amended.
This document is a real estate mortgage between Mrs. Sofia B. Asenso as the mortgagor and Mr. Greg Asonion as the mortgagee. The mortgagor is transferring ownership of a parcel of land located in New City to the mortgagee to secure a loan of PHP 100,000 under a promissory note. The mortgage stipulates that if the mortgagor defaults on payments, the mortgagee can foreclose on the property judicially or extrajudicially based on Act No. 3135, as amended.
This document is a real estate mortgage between Mrs. Sofia B. Asenso as the mortgagor and Mr. Greg Asonion as the mortgagee. The mortgagor is transferring ownership of a parcel of land located in New City to the mortgagee to secure a loan of PHP 100,000 under a promissory note. The mortgage stipulates that if the mortgagor defaults on payments, the mortgagee can foreclose on the property judicially or extrajudicially based on Act No. 3135, as amended.
This Real Estate Mortgage made and exe!ted "# and "et$een: Mrs% So&ia B% Asenso' o& legal age' (ili)ino' single * married to +ose)h Asenso' $ith residene at ,e"! ,it#' and hereina&ter re&erred to as the -MORT.A.OR/'
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Mrs% So&ia B% Asenso ' o& legal age' (ili)ino' single * married to Mr% .reg Asonion ' $ith residene at Manda!e' ,e"!' ,it# and hereina&ter re&erred to as the -MORT.A.EE/% %
W1TNESSETH: That 2
WHEREAS' the MORT.A.OR is the a"sol!te and registered o$ner o& a )arel o& land sit!ated at Blo3 45 S)olari!m St% ,e"! ,it# '
WHEREAS' the MORT.A.OR is inde"ted to the MORT.A.EE in the )rini)al s!m o& One h!ndred tho!sand 6Ph) 477' 777%778' Phili))ine !rren#' !nder and "# 9irt!e o& a Promissor# Note 6-Note/8 attahed here$ith and made an integral )art hereo& as Annex -A/:
WHEREAS' the MORT.A.OR has agreed to se!re the )a#ment o& the Note to the MORT.A.EE "# means o& a good and 9alid mortgage !)on the )ro)ert# herein desri"ed "elo$:
NOW' THERE(ORE' &or and in onsideration o& the &oregoing )remises and as se!rit# &or )a#ment o& the a&oresaid o"ligation' the MORT.A.OR has trans&erred and on9e#ed' and "# these )resents trans&er and on9e# "# $a# o& MORT.A.E' !nto the MORT.A.EE' his*her heirs' s!essors or assigns the a&oresaid )arel o& land
t is agreed and !nderstood that i& at an# time the MORT.A.OR shall &ail or re&!se to )a# the o"ligations herein se!red' or de&a!lt in an# installment6s8 and*or amorti;ation6s8 o& s!h inde"tedness or the )rini)al o"ligation $hen d!e' or to om)l# $ith an# o& the onditions and sti)!lations herein agreed or in the se)arate instr!ments e9idening the o"ligations here"# se!red or shall' d!ring the time this mortgage is in &ore' instit!te insol9en#' s!s)ension o& )a#ment or similar )roeedings' or "e in9ol!ntar# delared insol9ent or $rit o& garnishment and*or attahment "e iss!ed against an# o& the assets or inome o& the MORT.A.OR or i& this mortgage annot "e reorded in the Registr# o& <eeds' then all the o"ligations o& the MORT.A.OR se!red "# this Mortgage shall immediatel# "eome d!e and )a#a"le and de&a!lted and the MORT.A.EE ma# immediatel# &orelose this mortgage =!diiall#' or extra0 =!diiall# )!rs!ant to At No% >4>5' as amended% The MORT.A.EE is here"# a))ointed attorne#0in0&at o& the MORT.A.OR' $ith &!ll )o$er and a!thorit# to ta3e at!al )ossession o& the mortgaged )ro)ert# at one' and to &orth$ith &orelose this mortgage =!diiall#' or to sell the a"o9e0desri"ed )ro)erties extra0=!diiall# in aordane $ith At No% >4>5' as amended' and to ta3e s!h other ation6s8 as he ma# "e deem neessar# to reo9er the amo!nt d!e: and in the e9ent o& s!h =!diial or estra0=!diial &orelos!re or other legal ation' the MORT.A.EE shall "e entitled to om)ensation &or ex)enses' attorne#?s &ees and osts o& olletion' $hih is sti)!lated to "e t$ent# )erent 6@7A8% The ondition o& this mortgage is s!h that i& the MORT.A.OR shall $ell and tr!l# )a# or a!se to "e )aid to the MORT.A.EE the o"ligation in the )rini)al s!m $ith ar!ed interest' aording to the terms and tenor hereo&' then this mortgage shall there"# &!ll# disharged and $itho!t &!rther e&&et: OTHERW1SE' it shall remain in &!ll &ore and e&&et and shall "e en&orea"le in the manner )ro9ided "# la$%
1N W1TNESS WHEREO(' the )arties ha9e a!sed these )resents to "e signed on BBBBBBBBBBBBBBBBBBBBB' @7BBBB at BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB%
(OR DALEE RE,E1DE<' the !ndersigned Ma3er' )romises to )a# to the order o& BBBBBBBBBBBBBBBBBBBBBBBBBBBBB' 6hereina&ter re&erred to as FPa#eeF: Pa#ee together $ith an# s!"seG!ent holder hereo& or an# interest herein "eing hereina&ter re&erred to as FHolderF8 at BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB' or at s!h other )lae as the Holder ma# &rom time to time designate in $riting' $itho!t grae' exe)t as ma# "e other$ise ex)ressl# )ro9ided &or herein' the )rini)al s!m o& BBBBBBBBBBBBBBBBBBBBBBBB PESOS 6Ph)BBBBBBBBBBBB8' together $ith interest &rom the date hereo& at a rate o& t$el9e )erent 64@8A )er ann!m on the !n)aid )rini)al "alane &rom time to time o!tstanding in aordane $ith the &ollo$ing )ro9isions:
6a8 ,ommening BBBBBBBBBBBBBBBB @7BBBBBB' and on the BBBBBB da# o& eah and e9er# month therea&ter !ntil BBBBBBBBBBBBBBB' @7BBBBBB' the !ndersigned shall )a# to Holder eG!al installments o& BBBBBBBBBBBBBBBBBBBBBBBBBBBBB PESOS 6Ph)BBBBBBBBBBB8' inl!ding )rini)al and ar!ed interest on the !n)aid )rini)al "alane% The entire o!tstanding )rini)al "alane shall "e d!e and )a#a"le in &!ll on or "e&ore BBBBBBBBBBBBBBBBBB' @7BBBBBB% An# de&a!lt or dela# in the )a#ment o& an# installment shall "ear a )enalt# interest o& three )erent 6>A8 )er month%
6"8 This Note is se!red "# a Mortgage o& e9en date here$ith exe!ted "# the !ndersigned in &a9or o& the Pa#ee herein' $hih is a lien on ertain ollateral se!rit# as desri"ed therein% 68 The Ma3er shall ha9e the right at an# time or &rom time to time to )a# all or a )ortion o& the )rini)al $itho!t )remi!m or )enalt#% 6d8 Sho!ld s!it "e "ro!ght to reo9er on this Note' or sho!ld the same "e )laed in the hands o& an attorne# &or olletion' Ma3er )romises to )a# Holder attorne# &ees eG!al to &i&teen )erent 645A8 o& the o!tstanding amo!nt and osts in!rred in onnetion there$ith% This Note shall "e go9erned and onstr!ed aordane $ith the la$s o& the Phili))ines' and s!it hereon ma# onl# "e "ro!ght "e&ore the Regional Trial ,o!rt o& BBBBBBBBBBBBBB ,it#' Metro Manila' to the exl!sion o& all other 9en!es% 6e8 (ail!re o& Holder to exerise an# o)tion here!nder shall not onstit!te a $ai9er o& the right to exerise the same in the e9ent o& an# s!"seG!ent de&a!lt or in the e9ent o& the ontin!ane o& an# existing de&a!lt a&ter demand &or strit )er&ormane hereo&% 6&8 Ma3er here"# $ai9es demand' diligene' )resentment &or )a#ment' )rotest or notie o& demand and exerise o& an# o)tion here!nder% Ma3er or eah indi9id!al and entit# signing this note' $hether or not as a Ma3er' agree that the granting o& an# extension or extensions o& time &or )a#ment o& an# s!m or s!ms d!e here!nder' or !nder an# other instr!ment se!ring this note' or &or the )er&ormane o& an# o9enant' ondition or agreement hereo& or thereo& or the release o& other or additional se!rit# shall in no $a# release or disharge the lia"ilit# the Ma3er or an# signor or an# g!arantor hereo&% 6g8 Time is o& the essene o& this note and eah and e9er# term and )ro9ision herein is intended to ins!re the )rom)t )a#ment o& the o"ligation%
1N W1TNESS WHEREO(' the )arties hereto ha9e exe!ted this Note this BBBBBBBBBBBBBBBBBB' @7BBBB at BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB%