of Promissory Notes and Debts and Collateral

[swordsman]

AFAIK, PN's need not be notarized.

Also, in order for a real estate mortgage to be enforceable, dapat may separate real estate mortgage (REM) agreement, which should be notarized. Also, the original TCT and other pertinent documents should be surrendered to the creditor, for proper annotation.

From what you posted,I don't think there is a valid ground for repossession in case the loan becomes delinquent.

Thanks. BTW, what do you mean by proper annotation? Isn't keeping the pertinent documents and having the REM enough? How would they go about properly annotating the docs?

Been looking for that REM template, is this the real estate mortgage agreement:

[SIZE="1"]"KNOW ALL MEN BY THESE PRESENTS:



This REAL ESTATE MORTGAGE, made executed by and between:



______________________________ (mortgagor), Filipino of legal age, single

(or married to __________________________), with postal address at ______________;

and ________________________ (mortgagee), Filipino, of legal age, single (or married to __________________________), with postal address at ________________________.



WITNESSETH:



That the MORTGAGOR does hereby convey by way of REAL ESTATE MORTGAGE unto the MORTGAGEE the following described real property, situated in_________________________, together with all the improvements, to wit:



(DESCRIPTION)



of which real property, the MORTGAGOR is the registered owner in accordance with the provisions of the Land Registration Act, his title thereto being evidenced by Transfer Certificate of Title No. __________, of the Registry of Deeds of ___________________.



That this real estate mortgage is given as security for the payment to the mortgagee of a certain promissory note, dated _______________ for the sum of ______________ PESOS (P________) with interest thereon at the rate of ________________per centum (____%) per annum, according to the terms thereof and in the words and figures as follows:



(copy important details of promissory note)



That the conditions of the REAL ESTATE MORTGAGE are such that if the mortgagor shall well and truly pay or cause to be paid unto by the mortgagee the aforesaid sum with accrued interest, then this mortgage shall be of no further force and effect, otherwise, the same shall remain in full force and effect and shall be enforceable in the manner provided by law.



IN WITNESS WHEREOF, the mortgagor has hereunto set his hands this _______day of ____________, 20____ in ___________________, Philippines.







_________________________ _________________________

(Mortgagor) (Mortgagee)







SIGNED IN TIHE PRESENCE OF:





________________________ ________________________

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