DEED OF REAL ESTATE MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
This Deed of Real Estate Mortgage made and executed by and between:
SOCORRO Q. MORALES, of legal age, widow, Filipino citizen and a resident
of Brgy. Natividad, Naguilian, La Union, Philippines, herein after referred to as the
“MORTGAGOR”;
-And-
NORELYN E. MAZON, likewise of legal age, Filipino, married and a resident
of Bancagan, Naguilian, La Union, Philippines, hereinafter referred to as the
“MORTGAGEE”;
Witnesseth:
1. That the MORTGAGOR is the wife of the deceased VIRGILIO MORALES who is
the registered owner of a certain parcel of land located in Brgy. Natividad,
Naguilian, La Union, more particularly described as follows:
Transfer Certificate of Title No. T-10510
Area: 272 square meters
2. That herein MORTGAGOR does hereby convey by way of Real Estate
Mortgage unto the MORTGAGEE said real property;
3. That for and in consideration of the loan of TWO MILLION PESOS, Philippine
Currency, which the said amount acknowledged by the Mortgagor to have
received from the MORTGAGEE, the MORTGAGOR hereby MORTGAGE the
above mentioned real property together with all the improvements found
thereon, if any, to answer for the above obligation to the MORTGAGEE, his
heirs and assigns;
4. The said amount shall be paid within a period of two (2) years from the time
of the execution of this instrument or on or before 25 January 2020;
5. That Mortgagor further undertakes not to constitute a second mortgage
over the above described property unless it is with the prior written consent
of the mortgagee, otherwise this shall be treated as violation of the terms
and conditions of the mortgage. In case of failure on the part of the
Mortgagor to pay any of the monthly installments plus the interest agreed
upon within the period mentioned above, the entire amount shall then
immediately become due and demandable and that the property shall be
foreclosed in which case the Mortgagor is also liable for attorney’s fees in
the amount equivalent to 10% of the total obligation;
6. That Mortgagor promise to faithfully comply the obligation under this
mortgage and failure on his part to pay the above amount together with
the interests agreed upon shall entitle the mortgagee to extra-judicially
foreclose the above mentioned property. For this pupose, the MORTGAGEE,
by way of these presents, is hereby authorized to EXTRA-JUDICIALLY
FORECLOSE THE SAID PROPERTY through a Sheriff or Notary Public San Jose
City, in case of default on the part of the MORTGAGOR and hereby ratifies
all his acts by virtue of said authority. Otherwise, this Mortgage shall become
null and void if the obligation is paid.
IN WITNESS WHEREOF, we hereunto affix our signatures this ___day of
___________ in __________, La Union, Philippines.
SOCORRO Q. MORALES NORELYN E. MAZON
Mortgagor Mortgagee
Signed in the presence of:
__________________ __________________
ACKNOWLEDGMENT
Republic of the Philippines )
Province of La Union ) S.S.
Municipality of Agoo )
x-------------------------------------------x
BEFORE ME, A NOTARY PUBLIC for and in Agoo, La Union, this 22nd day of September 2016,
personally appeared the above-named parties made known to me to be the same persons
who executed the foregoing instrument and acknowledged to me that the same is their free act
and voluntary deed.
This Real Estate Mortgage involves a parcel of agricultural land covered by TCT
NO.4378437433 issued by the Registry of Deeds, consisting of two (2) pages, including the page
in which this acknowledgment is written, has been signed by the parties, and their instrumental
witnesses on all pages and sealed with my notarial seal.
WITNESS MY HAND AND NOTARIAL SEAL.
ATTY. HAROLD PALATTAO ESTACIO
Notary Public until December 31, 2020
2ND Floor, Aspiras Bldg., Consolacion, Agoo, La Union
Roll No. 72000; 06.18.18
IBP OR No. 080293; 04.24.19
PTR No. 3314281; 04.03.19
IBP-La Union Chapter
TIN No. 217-113-135
Doc. No. _______
Page No. _______
Book No. ______
Series of 2019
