Loan Agreement With Real Estate Mortgage [PDF]

Zitiervorschau

LOAN AGREEMENT WITH REAL ESTATE MORTGAGE

KNOW ALL MEN BY THESE PRESENTS: This Agreement entered into by and between: CANAYA INC., a corporation organized and existing under the laws of the Philippines, with office at Canaya Bldg. San Rafael Iloilo City (hereinafter referred to as the "FIRST PARTY", - and – Rachel Zane, of legal age, Filipino, with residence at San Rafael Mandurriao, Iloilo City, (hereinafter referred to as the "SECOND PARTY"). WITNESSETH; That – THE LOAN 1. At the request of the SECOND PARTY, the FIRST PARTY had extended a loan to the SECOND PARTY in the principal sum of PESOS: TEN MILLION PESOS (P 10,000,000.00) (the "LOAN"), the full amount of which is acknowledged to have been received by the SECOND PARTY. The SECOND PARTY promises to repay the LOAN to the FIRST PARTY within ninety (90) days from date hereof, together with interest at Two Per Cent (2%) per month on said amount from date hereof until full payment thereof. In the event the DEBTOR shall fail to pay the LOAN as it falls due, the unpaid principal and accrued interest thereon shall, in addition to the stipulated interest, be subject to penalty interest at the same rate as the stipulated interest commencing on the date immediately following the due date of the LOAN until full payment of the entire outstanding amount of the LOAN. REAL ESTATE MORTGAGE 2. As security for the repayment of the LOAN and the interest and other charges thereon, and the due faithful performance by the SECOND PARTY of his obligations under this Agreement, the SECOND PARTY hereby transfers and conveys by way of first real estate mortgage in favor of the FIRST PARTY, the property described below, with all its increments and accessories (the "PROPERTY"):

DESCRIPTION OF PROPERTY 3. All documentary stamps due on this Agreement as well as all expenses for the registration of the Mortgage, and other government fees and charges imposed on the in connection with this Mortgage shall be for the account of the SECOND PARTY. 4. The SECOND PARTY during the life of this mortgage shall not sell, lease, mortgage, encumber, or otherwise dispose of the PROPERTY without the consent of the FIRST PARTY being first obtained. 5. If the SECOND PARTY shall fail to comply with any of the terms and conditions of this Agreement, the PROPERTY shall be delivered on demand, to the FIRST PARTY, and the FIRST PARTY shall have the right to immediately foreclose this mortgage, judicially or extra-judicially under Act 3135, as amended. In addition to its remedies herein or elsewhere under the law, the FIRST PARTY of its lawful representative is hereby appointed as the Attorney-in-Fact of the SECOND PARTY with full power and authority to take actual possession of the PROPERTY without the need of any judicial order, and to remove, sell or dispose of the same; make any and pay for repairs and perform any other act which the FIRST PARTY may deem convenient to maintain and preserve the PROPERTY and all expenses incurred/advanced by the FIRST PARTY shall be charged against the SECOND PARTY and likewise secured by this mortgage. The SECOND PARTY waives all the rights under the provisions of Rule 39, Section 12 of the Rules of Court. 6. The parties agree that all actions under this Agreement shall be brought before the proper courts of Iloilo City, each party hereby waiving any other venue. 7. The condition of this Mortgage is that if the SECOND PARTY, his heirs, executors or administrators shall well and truly perform the full obligations herein, then this mortgage shall be null and void, otherwise it shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed on the date and at the place first above set forth.

By: _________________________

________________________

(FIRST PARTY)

(SECOND PARTY)

IN THE PRESENCE OF

Jenny Griffith

Trevor Evan

AFFIDAVIT OF GOOD FAITH We severally swear that the foregoing Mortgage is made for the purpose of securing the LOAN specified and defined in this instrument and for no other purpose; that the LOAN is a just and valid obligation; and that this Mortgage is not entered into for the purpose of fraud.

Rachel Zane

Gene Rose C. Canaya

Mortgagor

President, ABC INC.

ACKNOWLEDGMENT AND CERTIFICATE OF OATH REPUBLIC OF THE PHILIPPINES) ILOILO CITY) S.S. BEFORE ME this day personally appeared: Rachel Zane- 3648697 8/02/2018 Iloilo City, Gene Rose Canaya 8462448 8/03/2018 Iloilo City to me known and known to me to be the same person/s who signed and executed the foregoing Agreement and each acknowledged to me that the same is executed as his free and voluntary act and

deed and that of the entity represented, if any, for the uses and purposes therein set forth. The aforesaid persons likewise made oath as to the truth of the Affidavit of Good Faith. I further certify that said document consists of FOUR (4) pages including this acknowledgement page, and signed by the abovenamed parties and the witnesses on page 3 and on the left margin on each and every other page thereof, and refers to a mortgage of a parcel of land located at Cordova Norte Tigbauan, Iloilo. IN WITNESS WHEREOF, I have hereunto affixed my signature and notarial seal in , this 7th of April 2018. NOTARY PUBLIC Until December 31, 2018 Doc. No. _____ Page No. _____ Book No. _____ Series of 20__.

LOAN AGREEMENT Dated: April 6, 2018

FOR VALUE RECEIVED, the undersigned, Rachel Zane(the "Borrower"), resident ofSan Rafael, Madurriao Iloilo City, hereby promises to pay to the order of Mike Ross (the "Lender"), resident of Brgy.Calumpang Molo Iloilo City, the principal sum of Php 1,500,000,000.00 together with interest on the principal balance, and in accordance with the terms set forth below.

Payment. The principal amount of this Loan together with accrued and unpaid interest and all other charges, costs and expenses, is due and payable on or before October 20, 2018. All payments under this Agreement are applied first to accrued interest and then to the balance of the outstanding principal.

Prepayment. The Borrower has the right to prepay all or any part of the principal amount of this Loan, together with accrued and unpaid interest thereon, at any time without prepayment penalty or premium of any kind.

Costs and Fees. In the event of default, the Borrower shall pay to the Lender all costs of collection including reasonable attorney's fees.

Waiver. The Borrower and all sureties, guarantors and endorsers hereof, waive presentment, protest and demand, notice of protest, demand and dishonor and nonpayment of this Loan.

Successors and Assigns. This Loan will inure to the benefit of and be binding on the respective successors and permitted assigns of the Borrower. The Borrower may not assign its rights or delegate its duties under this Loan without the Lender’s prior written consent.

Joint and Several Liability. If there is more than one Borrower of this Loan, the obligation of each Borrower shall be joint and several under this Loan.

Amendment. This Loan may be amended or modified only by a written agreement signed by the Borrower and Lender.

Severability. In the event that any of the provisions of this Loan are held to be invalid or unenforceable in whole or in part, the remaining provisions shall not be affected and shall continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Loan.

Notifications. Any notice or communication under this Loan must be in writing and sent via one of the following options:

Governing Law. This Loan shall be governed by and construed in accordance with the laws of the Philippines.

IN WITNESS WHEREOF , WE HAVE HEREUNTO SET OUR HANDS THIS 6th DAY OF April 2018, at Iloilo City.

Rachel Zane

Mike Ross

Barrower

Lender

Signed in the presence of: Jenny Griffith

Trevor Evan

ACKNOWLEDGMENT

BEFORE ME, personally appeared: Name Rachel Zane

Mike Ross

CTC Number

Date/Place Issued

12345678 87654830

02/28/2018 04/03/2018

Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed. WITNESS MY HAND AND SEAL, on the date and place first above written.

ATTY. GENE ROSE CANAYA NOTARY PUBLIC Doc. No.______; Page No. ______; Book No.______; Series of 20___.

RELEASE, WAIVER AND QUITCLAIM

KNOW ALL MEN BY THESE PRESENTS: I, Michael Ross, of legal age, married, resident of Calumpang Molo Iloilo City for and in consideration of the sum of Pesos: One million pesos(P1,000,000.00), receipt whereof in full is hereby acknowledged from CANAYA INC. with principal place of business at 123 Canaya Bldg San Rafael Iloilo representing full payment of the Mutual Retirement Benefit System (MRBS) under Policy No. 6216516, hereby declare and accept that I have no more right or interest of any kind whatsoever from the Association arising from the said policy and I further state that: 1. I release, remiss and forever discharge the corporation, its successors-ininterest, from any action, sum of money, damages, claims and demands whatsoever, which in law or equity I ever had, now have, or which I, my successors and assigns hereafter may have by reason of any matter, cause or thing whatsoever, up to the time of these presents, the intention hereof being to completely and absolutely release the corporation, its successors-in-interest, from any and all liabilities arising wholly, partially or directly from my said transaction with the corporation; 2. I finally declare that I have read and understood this document of Release Waiver and Quitclaim which is hereby given and made willingly and voluntarily and with full knowledge of my rights under the law.

IN WITNESS WHEREOF, I have hereunto affixed my signature on this 6th day of April, at Iloilo City

Michael Ross Affiant

Signed in the presence of:

Rachel Zane

o0o

Donna Specter

ACKNOWLEDGMENT BEFORE ME, personally appeared: Name Michael Ross

CTC Number 87654321

Date/Place Issued 04/03/2018/Iloilo City

Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed. WITNESS MY HAND AND SEAL, on the date and place first above written.

ATTY. GENE ROSE CANAYA NOTARY PUBLIC Doc. No.______; Page No. ______; Book No.______; Series of 20___.