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Real Estate Mortgage dated ___ December 2002 executed by and between:
and
RECITALS
The Mortgagor has obtained a loan (the Loan) in the principal amount
of Philippine Pesos Five Million (PhP5,000,000) from the Mortgagee as evidenced
by and upon the terms and conditions set forth in the Loan Agreement dated 3
December 2002 (the Loan Agreement).
As security for the Loan and the Loan Agreement (collectively, the
Obligations), the Mortgagor has offered to mortgage Unit - Elevator Floor 25-C
of the Cleveland Tower Condominium, Brgy. Tambo, Paraaque City, Metro
Manila, with an area of three hundred sixty three and 94/100 (363.94) square
meters, and covered by, and more particularly described in, Condominium
Certificate of Title No. 2624 issued by the Paraaque Register of Deeds in the
name of the Mortgagor, and the Mortgagee is willing to accept such mortgage
under the terms and conditions of this Real Estate Mortgage (the Mortgage).
and covered by, and more particularly described in, Condominium Certificate of
Title No. 2624 issued by the Paraaque Register of Deeds in the name of the
Mortgagor, to wit:
1.02 If the Mortgagor shall pay in full all the Obligations according to
the terms of the Loan Agreement, or if the Mortgagor shall well and truly have
kept and performed all the covenants, undertakings and agreements herein and
in the Loan Agreement, then this Mortgage shall terminate; otherwise, it shall
remain in full force and effect.
2.01 To induce the Mortgagee to enter into this Mortgage and to secure
the payment of the Obligations, the Mortgagor represents and warrants to the
Mortgagee as follows:
(b) The Mortgagor has the capacity and power to enter into, and
perform the Mortgagors obligations under, this Mortgage.
other contract under which a loan outstanding as of the date hereof has
been extended to the Mortgagor and no event has occurred which with
giving of notice, lapse of time, or other condition would constitute a
default by the Mortgagor under or in respect of any such loan agreement
or other contract.
3.02 The Mortgagor shall at all times keep the Mortgaged Property in
good condition, promptly making repairs, and in general doing or causing to be
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done all such acts and things as may be reasonably necessary for the care,
preservation, and maintenance of the Mortgaged Property.
3.03 The Mortgagor shall pay and discharge on time all taxes,
assessments, and governmental charges levied or assessed on the Mortgaged
Property (except taxes, assessments, or charges contested in good faith) and,
upon request, surrender to the Mortgagee copies of the official receipts for such
payments.
3.05 In the event that the Mortgagor shall fail to comply with its
obligations under Sections 3.02, 3.03, and 3.04 and unless the Mortgagee shall
have declared the Obligations secured hereby due, payable, and defaulted in
their entirety, the Mortgagee may, in her discretion, advance all expenses
necessary to maintain the Mortgaged Property, settle taxes, and effect
registration of this Mortgage and any supplement to the extent necessary to
comply with such sections. All expenses so advanced by the Mortgagee, as well
as all costs of litigation and other proceedings in which the Mortgagee may be
involved in relation to the preservation of the Mortgaged Property and the
perfection and maintenance of the lien created by this Mortgage, shall be
reimbursed by the Mortgagor on demand with interest at the rate of thirty
percent (30%) from date of disbursement to date of reimbursement, and until so
reimbursed, shall form part of the Obligations secured hereby.
3.07 The Mortgagor shall provide the Mortgagee with such further
assurances and execute and deliver or cause the execution and delivery of such
other documents as may be necessary or desirable to effectuate the purposes and
intent of this Mortgage, including any supplement or addendum to this
Mortgage. The Mortgagor shall also provide the Mortgage with any information
pertaining to this Mortgage as may be reasonably requested by the Mortgagee.
4.01 Each of the following shall constitute an Event of Default under this
Mortgage:
(a) the Mortgagor shall fail to pay to the Mortgagee any amount
due and owing with respect to the Obligations;
The powers herein granted shall not be revoked while this Mortgage is in
force and effect, and all acts that may be executed by the Mortgagee by virtue of
said powers are hereby ratified and confirmed by the Mortgagor.
4.04 All moneys realized by the Mortgagee in the exercise of her rights,
powers, and remedies under this Mortgage shall be applied: first, to the
reimbursement to the Mortgagee of all expenses and costs of litigation, including
attorneys fees, receivership, collection, maintenance, improvements, and other
acts of administration and/or sale of the Mortgaged Property; second, to the
payment of the Obligations to the Mortgagee hereunder and under the Contract.
The balance, if any, after application as aforesaid shall be delivered and paid to
the Mortgagor or as otherwise required by law.
SECTION 5. MISCELLANEOUS
5.03 The headings in this Mortgage are inserted for convenience only
and shall be ignored in construing this Mortgage. Unless the context shall
otherwise require, words denoting the singular number shall include the plural,
and vice versa.
5.04 The written consent of the parties hereto shall be required for any
amendment or waiver of the terms and conditions of this Mortgage.
5.05 This Mortgage shall be governed in accordance with the laws of the
Republic of the Philippines.
ASIAWORLD PROPERTIES
PHILIPPINE CORPORATION
Mortgagor
By:
JESUSITO D. LEGASPI
_______________________ _______________________
ACKNOWLEDGMENT
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Asiaworld Properties
Philippine Corp.
By:
Nelia T. Gonzales, President
Erlinda B. Legaspi
Jesusito D. Legaspi
known to me to be the same persons who executed the foregoing Real Estate
Mortgage and who further acknowledged to me that the same is their free and
voluntary act and deed and that of the corporation Nelia T. Gonzales represents.
This instrument consists of eight (8) pages, including its annex and the
page on which this acknowledgement is written, and refers to a Real Estate
Mortgage, duly signed by the parties and their instrumental witnesses on the
signature pages and on the left margin of each of the other pages hereof.