DEED OF MORTGAGE OF BUSINESS
KNOW ALL MEN BY THESE PRESENTS:
I, ____________ of all legal age, Filipino, and a resident of 286 Cogon Housing
Bibincahan, Sorsogon City, for and in consideration of a loan of FOUR HUNDRED
THOUSAND PESOS (Php400,000.00), Philippine currency, to me in hand paid by
_______________________, Filipino, married to ___________________ and a resident of Blk
2 Lot 9 Jimenez Tan Subdivision Burabod, Sorsogon City, do hereby convey, by way
of MORTGAGE, unto the said _______________, my business restaurant with the
conditions in the subsequent paragraphs, a business particularly described as
follows:
Name of Business
: ___________________
Owner/Proprietor: ____________
Address
: MAGSAYSAY AVENUE COGON, BIBINCAHAN SORSOGON CITY
Business Tools and Equipment: Resto Kitchen utensils, catering equipment, 1
Split Type aircon, 2 Fujidenzo refrigerator, 1 chest type freezer and all other
properties inside the business place and area which are part and being used
for business operation.
That, I have the obligation to pay a 2.5% interest rate every month and if I am
unable to pay the said principal amount of Php400,000.00 and parts of interest for
the period of one (1) year, I will voluntarily transfer the ownership and possession
thereof in her favor.
That if I shall pay or cause to be paid to said ___________, before or within ONE
(1) YEAR from execution of this contract then this MORTGAGE shall be discharged
and of no effect. OTHERWISE, it shall remain in full force and effect and shall be
enforceable in the manner stated in the preceding condition;
I, the MORTGAGOR shall remain the possessor of the subject property and have
an absolute right of ownership within the duration of this contract. The right to its
profit, management, and liabilities for any business obligation still remain on my part
exclusively.
That, furthermore I the MORTGAGOR undertake not to mortgage, sell nor
transfer its management to any person without the consent of the Mortgagee and
whenever I decided to dispose the same within the duration of contract, I will make a
first offer to the Mortgagee;
That I, the MORTGAGEE, voluntarily agreed with the aforementioned terms and
conditions and any subsequent offer to contract or agreement which may possibly
arise in the future will be directly deal with me and any intervening third-party should
not be entertained by the Mortgagor.
IN WITNESS WHEREOF, we have hereunto set our hand this 26TH day of March
2022 at Sorsogon City, Philippines.
________________________
Mortgagor
Page 1 of 2
______________________
Mortgagee
Signed in the presence of:
___________________
_____________________
ACKNOWLEDGMENT
Republic of the Philippines)
Province of Sorsogon
)
City of Sorsogon
)ss
BEFORE ME, Notary Public for and in the City of Sorsogon, personally
appeared ______________________ with competent proof of identity, known to me to be
the same persons who executed the foregoing DEED OF MORTGAGE OF BUSINESS,
and who acknowledged to me that the same is their true and voluntary act and deed.
WITNESS MY HAND AND SEAL, this 26th
City, Philippines.
Doc No. ___
Page No. ___
Book No. ___
Series of 2022
Page 2 of 2
day of March, 2022 at Sorsogon