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The Mortgage Contract Agreement is a crucial legal instrument in Philippine real estate financing, used whenever real property is offered as collateral for a loan. This document is essential for both residential and commercial property transactions, structured in accordance with the Civil Code of the Philippines, the Property Registration Decree, and relevant banking regulations. It serves to protect the interests of both lenders and borrowers by clearly defining the terms of the mortgage, payment obligations, and enforcement rights. The agreement must be properly executed and registered with the Register of Deeds to be legally effective. Commonly used by banks, financial institutions, and property buyers, it includes detailed property descriptions, payment terms, default provisions, and remedies. Special considerations under Philippine law include the need for spousal consent in certain cases and compliance with consumer protection regulations.

1. Parties: Identification of the Mortgagor (borrower) and Mortgagee (lender), including complete legal names, addresses, and tax identification numbers

2. Background: Context of the mortgage agreement, including the purpose of the loan and brief description of the property being mortgaged

3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terminology

4. The Mortgage: Core terms establishing the mortgage, including the principal amount, interest rate, and term of the loan

5. Property Details: Comprehensive description of the mortgaged property, including legal description, boundaries, and title information

6. Security Provisions: Details of the security interest being created, including the mortgagee's rights over the property

7. Payment Terms: Schedule of payments, payment methods, and allocation of payments between principal and interest

8. Representations and Warranties: Statements and guarantees made by the mortgagor regarding property ownership, condition, and authority to enter into the agreement

9. Mortgagor's Covenants: Ongoing obligations of the mortgagor, including property maintenance, insurance, and tax payments

10. Events of Default: Circumstances constituting default and their consequences

11. Remedies: Rights and remedies available to the mortgagee in case of default

12. Registration and Notices: Requirements for registration of the mortgage and method of serving notices between parties

13. Governing Law: Confirmation of Philippine law as governing law and jurisdiction provisions

14. Execution: Signature blocks and notarization requirements