tiktok���˰�

The Real Estate Mortgage Form is a crucial legal document used in the Philippines when a property owner (mortgagor) pledges real estate as collateral for a loan or obligation to a lender (mortgagee). This document is essential in secured lending transactions and must comply with stringent requirements under Philippine law, including the Civil Code, Property Registration Decree, and Act 3135 governing extra-judicial foreclosure. The form must contain specific provisions required by law, including precise property descriptions, terms of the secured obligation, and enforcement mechanisms. It requires notarization and registration with the Registry of Deeds to be enforceable against third parties. The document is particularly important in banking, real estate development, and property financing transactions, serving as a fundamental tool for securing real estate-backed loans in the Philippine jurisdiction.

1. Parties: Identification of the Mortgagor (property owner) and Mortgagee (lender), including their complete names, civil status, addresses, and citizenship as required by Philippine law

2. Background: Recitals stating the ownership of the property by the Mortgagor and the context of the loan or obligation being secured

3. Definitions: Definition of key terms used in the mortgage agreement, including 'Mortgaged Property', 'Secured Obligations', and 'Event of Default'

4. Description of Mortgaged Property: Detailed technical description of the property including lot number, survey details, TCT/CCT number, and location as registered with the Registry of Deeds

5. Secured Obligations: Details of the loan or obligation being secured, including principal amount, interest rate, and payment terms

6. Creation of Mortgage: Express provision creating the mortgage and stating that the property serves as security for the obligation

7. Representations and Warranties: Mortgagor's declarations regarding ownership, authority to mortgage, and property status

8. Covenants: Obligations of the Mortgagor regarding property maintenance, insurance, taxes, and other ongoing requirements

9. Events of Default: Specific circumstances that constitute default under the mortgage

10. Remedies: Rights and remedies of the Mortgagee upon default, including foreclosure rights

11. Special Power of Attorney: Appointment of Mortgagee as attorney-in-fact for specific purposes related to the mortgage

12. Execution: Formal closing section with signatures, notarization requirements, and witnesses as required by Philippine law