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Real Estate Mortgage Contract
"I need a Real Estate Mortgage Contract for a commercial building in Makati City, Philippines, involving multiple co-mortgagors and a syndicate of three banks as mortgagees, with the principal loan amount of 50 million pesos to be disbursed by March 2025."
1. Parties: Identification of the Mortgagor and Mortgagee with complete details including names, addresses, and legal capacity
2. Background: Context of the mortgage agreement, including brief description of the property and purpose of the mortgage
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the mortgaged property, including location, boundaries, and certificate of title number
5. Loan Details: Specifics of the loan secured by the mortgage, including principal amount, interest rate, and payment terms
6. Security Interest: Creation and extent of the mortgage security interest over the property
7. Representations and Warranties: Mortgagor's declarations regarding ownership, authority to mortgage, and property condition
8. Covenants: Ongoing obligations of the Mortgagor regarding property maintenance, insurance, and payment of taxes
9. Events of Default: Circumstances constituting default and consequences thereof
10. Remedies: Rights and remedies of the Mortgagee upon default, including foreclosure rights
11. Registration and Notarization: Requirements for registration with the Registry of Deeds and notarization
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and notarial acknowledgment
1. Construction Provisions: Used when the property is under construction or development, specifying completion requirements and related obligations
2. Environmental Matters: Required for properties with potential environmental issues or compliance requirements
3. Co-Mortgagor Provisions: Included when there are multiple owners or co-mortgagors of the property
4. Assignment and Transfer: Details on the ability to assign or transfer the mortgage, particularly relevant for commercial properties
5. Insurance Requirements: Detailed insurance provisions beyond standard coverage, needed for high-value or special-use properties
6. Property Management: Required for income-generating properties or when specific maintenance standards must be met
7. Subordination Provisions: Needed when there are multiple mortgages or liens on the property
1. Property Description Schedule: Detailed technical description of the property, including lot plans and boundaries
2. Payment Schedule: Amortization table showing payment dates, principal and interest breakdowns
3. Insurance Requirements Schedule: Detailed list of required insurance coverage, terms, and conditions
4. Title Documents: Copies of property title and other ownership documents
5. Property Valuation Report: Professional appraisal or valuation of the mortgaged property
6. Permits and Licenses: Copies of relevant permits, licenses, and certificates affecting the property
7. Photos and Plans: Visual documentation of the property, including photographs and architectural plans
Authors
Banking & Financial Services
Real Estate
Construction & Development
Legal Services
Insurance
Property Management
Commercial Property
Residential Property
Agriculture (for agricultural land mortgages)
Industrial & Manufacturing
Legal
Real Estate
Credit Risk
Loan Operations
Compliance
Property Management
Documentation
Business Development
Mortgage Processing
Due Diligence
Legal Counsel
Real Estate Lawyer
Bank Manager
Loan Officer
Real Estate Broker
Property Manager
Mortgage Specialist
Credit Risk Officer
Legal Documentation Officer
Compliance Officer
Real Estate Developer
Property Appraiser
Banking Executive
Notary Public
Title Examiner
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