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ACKNOWLEDGMENT OF PAYMENT OF

INDEBTEDNESS WITH CANCELLATION OF REAL


ESTATE MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This Instrument, made and executed this ______of __________, 2013


by and between:

, of legal age, Filipino, and with residence at San Roque.


Zamboanga City, hereinafter referred to as the MORTGAGOR;

-AND-

, of legal age, married, Filipino and with residence at Kalawit,


Zamboanga del Norte, hereinafter referred to as the MORTGAGEE:

WITNESSETH,

WHEREAS, parties executed an Acknowledgment of Payment of


Indebtedness with Real Estate Mortgage dated 17 February 2009
enrolled in the Notarial Register of;

WHEREAS, MORTGAGOR acknowledges his indebtedness to the


MORTGAGEE in the amount of which he promised to pay to the
latter without interest on or before the month of;

WHEREAS, the MORTGAGOR offered his three-hectare inherited


portion of lot declared under ________________ by way of mortgage as
security to his indebtedness with the condition that the mortgagee
shall be the one to receive all benefits over the subject property
which the MORTGAGOR has been receiving prior to the mortgage;

NOW THEREFORE, the MORTGAGOR offers to redeem the property


prior to the date due and pay the obligation of THOUSAND
(P0,000.00) PESOS secured by the said mortgage, and the
MORGAGEE accepts the offer and that the MORTGAGEE upon receipt
of the full amount of the obligation of ONE HUNDRED FIFTY
THOUSAND (P150,000.00) PESOS, waives all the right as
MORTGAGEE over the subject property;

That the parties agree that upon the cancellation of the Real Estate
Mortgage, the tenant will deliver the proceeds and/or whatever
benefits that accrue over the property back to the MORTGAGOR;
That the Acknowledgement of Payment of Indebtedness with Real
Estate Mortgage dated _________________ ceases to have full force
and effect.

IN WITNESS WHEREOF, the parties have hereunto affixed their


signatures, this ___ of April 2013 at Zamboanga City, Philippines.

Mortgagor Mortgagee

SIGNED IN THE PRESENCE OF:

__________________________ ____________________________

ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES)
Zamboanga City ) SS.

BEFORE ME, a Notary Public, this ____ day of April, 2013, personally
appeared the following:

Name ID Number Date/Place


Issued
This instrument, consisting of 2 pages, including the page on which
this acknowledgment is written, has been signed on the left margin
of each and every page thereof by the concerned parties and their
witnesses, and sealed with my notarial seal.

IN WITNESS WHEREOF, I have hereunto set my hand the day, year


and place above written.

Doc. No. ........;


Page No. .......;
Book No. .......;
Series of 2013.