The Deed of Real Estate Mortgage is a crucial legal instrument in Philippine property and lending transactions, used when a property owner needs to secure a loan using their real estate as collateral. This document type is governed by the Civil Code of the Philippines, Property Registration Decree (PD 1529), and various banking regulations issued by the Bangko Sentral ng Pilipinas. It must contain specific elements required by Philippine law, including detailed property descriptions, loan terms, and parties' obligations. The deed becomes effective upon proper execution and registration with the Register of Deeds, providing the mortgagee with enforceable rights over the property in case of default. This document is particularly important in banking, real estate financing, and property development sectors, offering security to lenders while allowing property owners to leverage their real estate assets.
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1. Parties: Identification of the Mortgagor (property owner) and Mortgagee (lender), including their complete names, civil status, addresses, and tax identification numbers
2. Background: Recitals explaining the context of the mortgage, including references to any loan agreement and the mortgagor's ownership of the property
3. Definitions: Definitions of key terms used throughout the deed, including 'Property', 'Secured Obligations', 'Event of Default', etc.
4. Creation of Mortgage: Express declaration creating the mortgage and charging the property as security
5. Property Details: Comprehensive description of the mortgaged property, including its location, boundaries, and title details
6. Secured Obligations: Description of the debt or obligation secured by the mortgage, including principal amount, interest rate, and payment terms
7. Representations and Warranties: Mortgagor's declarations regarding property ownership, authority to mortgage, and absence of encumbrances
8. Covenants: Ongoing obligations of the mortgagor regarding property maintenance, insurance, payment of taxes, and other responsibilities
9. Events of Default: Circumstances that constitute default and trigger the mortgagee's enforcement rights
10. Remedies: Rights and remedies available to the mortgagee upon default, including foreclosure procedures
11. Insurance: Requirements for property insurance and assignment of insurance proceeds
12. Registration and Stamp Duty: Provisions regarding registration of the mortgage and payment of associated fees
13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
14. Execution: Formal execution block including notarization requirements
1. Corporate Authority: Required when the mortgagor is a corporation, including board resolutions and secretary's certificates
2. Spousal Consent: Required when the mortgagor is married and the property is conjugal
3. Assignment and Transfer: Provisions regarding the mortgagee's right to assign or transfer the mortgage
4. Property Valuation: Details of property valuation when required by the mortgagee
5. Environmental Compliance: Required for industrial or commercial properties subject to environmental regulations
6. Construction Provisions: Required when the property includes ongoing or planned construction
7. Third-Party Consent: Required when there are existing lessees or other parties with interests in the property
1. Property Description Schedule: Detailed technical description of the property, including lot numbers, boundaries, and technical descriptions from the title
2. Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and breakdown of principal and interest
3. Title Documents: Copies of the Transfer Certificate of Title or other title documents
4. Insurance Requirements: Detailed specifications of required insurance coverage
5. Property Tax Certificates: Current tax declarations and certificates of payment of real property taxes
6. Corporate Documents: If applicable, board resolutions, secretary's certificates, and other corporate authorizations
7. Property Photographs: Recent photographs of the property showing its current condition
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