ASSIGNMENT OF PROPERTY INSURANCE CLAIM BENEFITS
This Assignment of Insurance Claim Benefits is made and executed this ________
day of _______________ 201_ at _____________, by and between:
________________________ and ________________, both of legal age, Filipinos
and are residents of ______________________________________________, (hereinafter
referred to as the “ASSIGNOR/S”),
-and-
RADIOWEALTH FINANCE COMPANY, INC. a corporation duly organized
and existing under Philippine laws, with business address at the 8th floor, DMC Center,
Domingo M. Guevara (formerly Libertad) cor. Calbayog Street, Mandaluyong City,
represented herein by its _________________________ (hereinafter referred to as the
“ASSIGNEE”);
WITNESSETH: That
WHEREAS, the ASSIGNEE has granted financial accommodation in favor of the
ASSIGNOR as herein evidenced by a Promissory Note with Chattel Mortgage executed
by the latter in favor of the former;
WHEREAS, the said Promissory Note provides for the loan in the amount
of____________, payable for a period of ______________ and with a monthly installment
of P________________. (Copy of the said Promissory Note with Chattel Mortgage is
attached hereto as Annex “A”and “B” and are made integral part of this contract);
WHEREAS, for purposes of securing the mortgage of the said loan obligation,
the ASSIGNOR hereby assigns and conveys the insurance claim benefits under Policy
No. ________ of _____(INSURER)_____ in favor of the ASSIGNEE, and the latter
hereby accepts the same;
WHEREAS, by virtue of this Assignment, the ASSIGNEE shall have the absolute
right upon the proceeds of the insurance claim to the extent of the amount of the
outstanding obligation of the ASSIGNOR to the former at the time of the filing of the
said claim;
WHEREAS, the ASSIGNOR acknowledges that this Agreement is coupled with
interest and warrants that no attempt shall be made to revoke the same prior to full
payment of its loan obligation to the ASSIGNEE;
NOW THEREFORE, for and in consideration of the foregoing premises, the
ASSIGNOR hereby executes this Assignment of Property Insurance Claim Benefits in
favor of the ASSIGNEE through the abovementioned terms and conditions.
IN WITNESS WHEREOF, the parties hereto have set their hands this _______
day of ______________, 2017 in _______________ City.
____________________________
___________________________
(ASSIGNOR)
(ASSIGNEE)
SIGNED IN THE PRESENCE OF:
___________________________
____________________________
ACKNOWLEDGEMENT
REPUBLIC OF THE PHILIPINES) S.S
____________________ CITY
)
BEFORE ME, a Notary Public for and in ___________________this ______ day of
____________ 2016, personally appeared the following:
Name
_______________________
_______________________
_______________________
_______________________
I.D. no.
________
________
________
________
Place and Date of Issue
_________________________
________________________
_________________________
_________________________
known to me and to me known to be the same persons who executed the foregoing
instrument and they acknowledged to me that the same is their true, voluntary act and
deed and that of the corporation represented.
WITNESS MY HAND AND SEAL.
NOTARY PUBLIC
Doc No.________:
Page No.________:
Book No.________:
Series of 2016.