The document is a Deed of Adjudication with Real Estate Mortgage between the heirs of Elvira C. Bangalisan and Rowena Mae Nedic Mencias. The heirs adjudicate to themselves a parcel of land registered under TCT No. T-20391. They acknowledge being indebted to Mencias in the amount of P36,000 Philippine pesos and mortgage the land to her as security for the loan, which must be repaid by March 31, 2017. Failure to repay will automatically convert the agreement to a Pacto De Retro Sale, allowing Mencias to become owner of the land but giving the heirs 3 months to redeem it.
The document is a Deed of Adjudication with Real Estate Mortgage between the heirs of Elvira C. Bangalisan and Rowena Mae Nedic Mencias. The heirs adjudicate to themselves a parcel of land registered under TCT No. T-20391. They acknowledge being indebted to Mencias in the amount of P36,000 Philippine pesos and mortgage the land to her as security for the loan, which must be repaid by March 31, 2017. Failure to repay will automatically convert the agreement to a Pacto De Retro Sale, allowing Mencias to become owner of the land but giving the heirs 3 months to redeem it.
The document is a Deed of Adjudication with Real Estate Mortgage between the heirs of Elvira C. Bangalisan and Rowena Mae Nedic Mencias. The heirs adjudicate to themselves a parcel of land registered under TCT No. T-20391. They acknowledge being indebted to Mencias in the amount of P36,000 Philippine pesos and mortgage the land to her as security for the loan, which must be repaid by March 31, 2017. Failure to repay will automatically convert the agreement to a Pacto De Retro Sale, allowing Mencias to become owner of the land but giving the heirs 3 months to redeem it.
The document is a Deed of Adjudication with Real Estate Mortgage between the heirs of Elvira C. Bangalisan and Rowena Mae Nedic Mencias. The heirs adjudicate to themselves a parcel of land registered under TCT No. T-20391. They acknowledge being indebted to Mencias in the amount of P36,000 Philippine pesos and mortgage the land to her as security for the loan, which must be repaid by March 31, 2017. Failure to repay will automatically convert the agreement to a Pacto De Retro Sale, allowing Mencias to become owner of the land but giving the heirs 3 months to redeem it.
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
You are on page 1/ 2
DEED OF ADJUDICATION
WITH REAL ESTATE MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
We, FELISICIMO G. BANGALISAN, THELMA C. BANGALISAN, MERCILITA
C. BANGALISAN, GERALDO C. BANGALISAN, MERGILYN BANGALISAN GREGORIO, all residents of Nalook, Kalibo, Aklan and LOYOLA BANGALISAN JUTIC, a resident of Mabusao, Ibajay, Aklan, all of legal ages, Filipinos, freely and spontaneously declare and make manifest:
That we are the heirs of the late ELVIRA C. BANGALISAN who died on June 7, 2016 intestate and without legal issues, being her spouse and children;
That she left upon her demise a parcel of land registered in her name under TCT No. T- 20391 described as follows:
A Parcel of Land (Lot 4892-A-1, Psd-060407-024192, being a portion of lot
4892-A, Psd-06-002467), situated in the Barangay of Pook, Mun. of Kalibo, Prov. of Aklan, Island of Panay. Bounded on the NW., along line 1-2 by lot 4894; on the NE., along line 2-3 by lot 4896 of Psc-24. Kalibo Cad.; on the SE., along line 3-4 by lot 4892-A-2 of this subd. survey; on the SW., along line 4-1 by lot 4892-B, Bsd-06-002467. Beginning at a point marked “1” on plan being, S. 27-58 E., 3606.36 meters from BLIM No. 1, Psc-36, Kalibo
That in accordance with the provision of Section 1, Rule 74 of the Philippine Rules of Court, we hereby ADJUDICATE UNTO OURSELVES the above-described parcel of land;
That this instrument may be registered in the Registry of Deeds of the Province of Aklan under Act. 496 and in this connection it is hereby stated that this land is not tenanted.
That in consideration of the foregoing, we jointly and severally enter into the following AGREEMENT as the “MORTGAGOR” with ROWENA MAE NEDIC MENCIAS, also of legal age, single, Filipino, and with residence address at Bubog, Numancia, Aklan, hereinafter referred to as the “MORTGAGEE”;
That we acknowledge our indebtedness with the MORTGAGEE in the sum of THIRTY SIX THOUSAND PESOS (P36,000.00), Philippine Currency;
That we bind ourselves to pay the said amount on or before March 31, 2017 at the office of the MORTGAGOR located in Capitol Site, Estancia, Kalibo, Aklan;
That for and in consideration of this indebtedness and to assure the performance of said obligation to pay, we hereby convey by way of REAL ESTATE MORTGAGE unto the MORTGAGEE, her heirs and assigns the above-described property. The provisions of Act 3135 shall be the governing rule in this AGREEMENT;
That for this reason, we surrender unto the MORTGAGOR the document of title of the land which shall be returned only upon extinguishment of the obligation;
That our failure to comply with our obligation to pay within the period given shall automatically convert this AGREEMENT into a PACTO DE RETRO SALE, wherein the MORTGAGEE shall become the owner of the property but we shall have the right to redeem the same within three (3) months from March 31, 2017;
SEVERABILITY CLAUSE. Wherever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid, such provision shall be ineffective to the extent of such prohibition or invalidity, without affecting the remainder of such provision or the remaining provisions of this Agreement.
IN WITNESS WHEREOF, we have hereunto set our hands on this 25th day of February at Kalibo, Aklan, Philippines.
FELISICIMO G. BANGALISAN THELMA C. BANGALISAN
I.D No______________ I.D No______________ Mortgagor Mortgagor (Thumb marked in the presence of the other parties)
We severally swear that the foregoing mortgage is made for the purpose of securing the obligation specified in the conditions thereof, and for no other purpose, and that the same is a just and valid obligation, and one not entered in for the purpose of fraud.
FELISICIMO BANGALISAN THELMA BANGALISAN
MERGILYN B. GREGORIO GERALDO BANGALISAN
MERCILITA BANGALISAN LOYOLA BANGALISAN
ACKNOWLEDGMENT
REPUBLIC OF THE PHILIPPINES )
PROVINCE OF AKLAN ) S.S. MUNICIPALITY OF KALIBO ) x--------------------------------------------x BEFORE ME, a Notary Public for and in the Province of Aklan, Philippines, personally appeared the above-named parties and they have successfully proven to me their respective identities through their identification cards, of which numbers appear below their respective names, and who are known to me and known to be the same persons who executed the foregoing instrument, and they acknowledge that the same is their voluntary act and deed.
This instrument contains 2 pages signed/thumb marked by parties in each page in the presence of each other.
WITNESS MY HAND AND SEAL this 25th day of February 2017 at Kalibo, Aklan, Philippines.
