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REAL ESTATE MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

This MORTGAGE made and executed by ___________, Filipino, of

legal age, married, and a resident of _________________, herein called the
Mortgagor;

-and-

______________, Filipino, of legal age, and a resident of

_______________, herein called the MORTGAGEE;

W I T N E S S E T H:

1. That as security for the payment of the loan in the principal sum of
___________ Pesos (Php____,000.00), payable on or before
___________, the MORTGAGOR by way of mortgage, mortgages the parcel of
land described hereunder, together with the improvements now existing, or
which may hereafter be made thereon, of which MORTGAGOR represents and
warrants that MORTGAGOR is the absolute owner of the parcel of land, to wit:

“Lot Description”;

2. That if the obligations herein secure, or any of the amortization of such

indebtedness should be unpaid when due or upon non-compliance with any of
the conditions and stipulations herein agreed, or if the MORTGAGOR or the
person availing of the credit accommodations herein secured shall, during the
time the mortgage is in force, instituted solvency proceedings or be involuntarily
declared insolvent, or if the proceeds of this loan/credit line should be used or
applied for purposes other than those specified herein, or if this mortgage
cannot be recorded in the corresponding Registry of Deeds, then all the
obligations secured by this mortgage and all the amortization thereof shall
immediately become due, payable and defaulted and the MORTGAGEE may
immediately foreclose this extrajudicially in accordance with Act No. 3135, as
amended, and for the purpose, the Mortgagor hereby names, constitutes and
appoints the Mortgagee as it’s Attorney-in-Fact, to enable it to extrajudicially
foreclose the herein Mortgage and as well as to sign all documents and perform
any act requisite and necessary to accomplish said purpose and to appoint its
substitutes as such attorney-in-fact with the same powers as above-specified. In
case of judicial foreclosure the MORTGAGOR hereby consents to the
appointment of the MORTGAGEE and/or its duly authorized representative or of
any of its designates as receiver, without any bond, to take charge of the
mortgage property at once, and to hold possession of the same and the rents,
benefits and profits derived from the mortgaged property before the same, less
the costs and expenses of the receivership; the MORTGAGOR hereby agrees
further that, in all cases, attorney’s fees is hereby fixed at 25% of the total
indebtedness then unpaid, which in no case shall not be less than Php 5,000.00
exclusive of all cost and fees allowed by law, and the expenses of collection shall
be the obligation of the MORTGAGOR and shall with priority, be paid to the
MORTGAGEE out of any sums realized from the sale of said property and this
mortgage shall likewise stand as security therefor. It is hereby agreed that the
period or periods granted for the payment of the amortization and/or
obligations secured by this mortgage is for the mutual benefit of both
MORTGAGOR and the MORTGAGEE. The MORTGAGEE may be a bidder at
the sale of the properties hereby mortgage to it, whether under foreclosure
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proceedings, or under the powers of sale herein provided, or otherwise. The

remedy of the MORTGAGEE under the powers of sale hereby conferred upon it
shall be, and is in addition to and cummulative with such right of action as the
MORTGAGEE may have in accordance with the present or any future laws of the
Philippines. It is hereby agreed that in the case of foreclosure of this mortgage
under Act No. 3135, the auction sale shall be held at the capital province; and in
case of judicial execution of this obligation or any part of it, the debtor waive all
their rights under the provisions of Rule 39 Section 12 of the Rules of Court, Art.
232 of Republic Act No. 386, known as the Civil Code of the Philippines, and the
proper venue of the foreclosure suit thereto corresponding, where the mortgage
may institute the foreclosure suit is the Regional Trial Court of Cabugao, Ilocos
Sur or elsewhere at the election of said MORTGAGEE;

3. It is of the essence of this contract that if the MORTGAGOR fails to

pay the principal obligation then this mortgage shall be foreclosed and the above-
mentioned property/ies shall be sold in accordance with law;

In Witness Whereof, we have hereunto set our hands this

_____________, Philippines.

MORTGAGEE MORTGAGEE

____________________ Witnesses: ___________________

(Acknowledgment)