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    Mortgage Contract: JOSEPH DUMULONG, Filipino, of Legal Age, Residing at 16 Property ST., GSIS Village

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    Ralph Carlo Sumaculub
    This mortgage contract outlines the terms of a loan between Joseph Dumulong (the mortgagor) and John Kyle Estaro (the mortgagee). The mortgagor borrows 20,000 pesos from the mortgagee and pledges his Toyota Vios vehicle as collateral. The loan must be repaid within one week, along with 20% interest for the first week and 10% interest for any subsequent weeks. If the mortgagor fails to repay the loan on time, he must pay an additional 3,000 pesos penalty and the mortgagee can seize the vehicle. The contract details the rights and responsibilities of both parties regarding repayment terms and liability.

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    © All Rights Reserved
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    Mortgage Contract: JOSEPH DUMULONG, Filipino, of Legal Age, Residing at 16 Property ST., GSIS Village

    Uploaded by

    Ralph Carlo Sumaculub
    103 views2 pages
    This mortgage contract outlines the terms of a loan between Joseph Dumulong (the mortgagor) and John Kyle Estaro (the mortgagee). The mortgagor borrows 20,000 pesos from the mortgagee and pledges his Toyota Vios vehicle as collateral. The loan must be repaid within one week, along with 20% interest for the first week and 10% interest for any subsequent weeks. If the mortgagor fails to repay the loan on time, he must pay an additional 3,000 pesos penalty and the mortgagee can seize the vehicle. The contract details the rights and responsibilities of both parties regarding repayment terms and liability.

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    CONTRACT EXAMPLE

    Original Title

    Mortgage Contract

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    This mortgage contract outlines the terms of a loan between Joseph Dumulong (the mortgagor) and John Kyle Estaro (the mortgagee). The mortgagor borrows 20,000 pesos from the mortgagee and pledges his Toyota Vios vehicle as collateral. The loan must be repaid within one week, along with 20% interest for the first week and 10% interest for any subsequent weeks. If the mortgagor fails to repay the loan on time, he must pay an additional 3,000 pesos penalty and the mortgagee can seize the vehicle. The contract details the rights and responsibilities of both parties regarding repayment terms and liability.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    103 views2 pages

    Mortgage Contract: JOSEPH DUMULONG, Filipino, of Legal Age, Residing at 16 Property ST., GSIS Village

    Uploaded by

    Ralph Carlo Sumaculub
    This mortgage contract outlines the terms of a loan between Joseph Dumulong (the mortgagor) and John Kyle Estaro (the mortgagee). The mortgagor borrows 20,000 pesos from the mortgagee and pledges his Toyota Vios vehicle as collateral. The loan must be repaid within one week, along with 20% interest for the first week and 10% interest for any subsequent weeks. If the mortgagor fails to repay the loan on time, he must pay an additional 3,000 pesos penalty and the mortgagee can seize the vehicle. The contract details the rights and responsibilities of both parties regarding repayment terms and liability.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    MORTGAGE CONTRACT

    KNOW ALL MEN BYTHESE PRESENT:

    This MORTGAGE made and executed by:

    JOSEPH DUMULONG, Filipino, of legal age, residing at 16 Property St., GSIS Village,

    Brgy. Sangandaan, Project 8, Quezon City herein called the MORTGAGOR

    And

    JOHN KYLE ESTARO, Filipino, of legal age, residing at 51 Branches St., GSIS Village,
    Brgy. Sangandaan, Project 8, Quezon City herein called the MORTGAGEE

    WITNESSETH:

    That the Mortgagor borrows from the Mortgagee the amount of TWENTY
    THOUSAND PESOS (Php20,000) which was accepted and handed over by the
    mortgagee today (September 22, 2021) as evidenced by his signature hereof. Such
    debt shall be repaid after ONE (1) Week (September 29, 2021).

    As security for such indebtedness, the mortgagor mortgages the vehicle


    described below:

    Brand: Toyota
    Model: Vios 1.3 E Gas
    Plate Number: XCZ2854
    Color: Gray

    The said vehicle is the real property of the mortgagor and has no other debt,
    legal case or, mortgage liability.

    As interest on said indebtedness, the mortgagor authorizes the mortgagee to (1)


    use the vehicle, (2) impose 20% interest in the first week and 10% interest in each
    week that passes. The interest shall be paid every week.
    In case of non-compliance with the payment of interest, the Mortgagor will be
    required to repay all of the outstanding debt.

    In case of non-compliance with the payment of the debt within ONE (1) Week,
    the Mortgagor will be required to pay additional THREE THOUSAND PESOS
    (Php3,000)

    The mortgagor has agreed that if such events happen, such as typhoons,
    earthquakes, and other natural disasters, the mortgagee WILL NOT BE LIABLE for any
    loss or damage brought by any of the said events.

    In the event that the mortgagor pays the said debt within the stipulated time, this
    deed will become invalid and void. but if it is unable to pay, this document shall take
    effect and be enforced in the manner prescribed by law.

    As to amendment, the mortgagor may request a legal document that changes the
    terms of this contract (in accordance with the agreement of the mortgagee and
    mortgagor) by modifying the terms and conditions in case the said terms in this contract
    cannot be complied with by the mortgagor.

    This agreement was signed and dated on the 22nd day of September, 2021

    Signed and dated by both parties; each party receives a signed original

    MORTGAGOR MORTGAGEE

    SIGNED IN THE PRESENCE OF:

    Signature over Printed Name Signature over Printed Name

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