Real Estate Mortgage Without Separate Promissory Note

KNOW ALL MEN BY THESE PRESENTS:

This Real Estate Mortgage, made by and between:

_____________, of legal age, (single / married / widow), and a resident of _____________, Philippines (hereinafter known as the MORTGAGOR);

– and –

_____________, of legal age, (single / married / widow), and a resident of _____________, Philippines (hereinafter known as the MORTGAGEE);

WITNESSETH; That:

The MORTGAGOR is indebted unto the MORTGAGEE in the sum of _____________ (P__________), Philippine Currency, receipt of which is acknowledged by the MORTGAGOR upon the signing of this instrument, payable to the order of the MORGAGEE without need of prior demand or notice within a period of _____________ (years/months/weeks/days), at _____________ (P__________) (monthly/weekly/daily) starting on _____________ and on every _____________ thereafter until fully paid, with interest thereon at the rate of _____________ (______%) percent per (month/annum).

NOW, THEREFORE, for and consideration of the afore-mentioned indebtedness, and to assure the performance of said obligation to pay, the MORTGAGOR does hereby convey and DELIVER by way of MORTGAGE unto the MORTGAGEE, (his/her) heirs, successors and as signs, the following parcel of land, together with all the improvements found and standing thereon, more particularly described as follows:

(Technical Description of Property)

That it is the condition of this Mortgage that should the MORTGAGOR perform the obligation to pay the afore-cited indebtedness of _____________ together with accrued interest thereon, within the agreed term, this Real Estate Mortgage shall be discharged and shall at once become null and void and of no effect whatsoever, otherwise, it shall subsist and remain in full force and effect and be subject to foreclosure in the manner and form prescribed by law.

IN WITNESS WHEREOF, we have have hereunto set their hands, this _____________ at _____________, Philippines.

MORTGAGOR MORTGAGEE

With my Marital Conformity:

Mortgagor’s Spouse

SIGNED IN THE PRESENCE OF:

_________________ __________________

(ACKNOWLEDGMENT)